March 13, 2025
City of Anaheim Re: 703 & 705 S. Anaheim Blvd.
Housing & Community Development Dept. Anaheim (City-Owned Property) 201 S. Anaheim Blvd., Suite 1003
Anaheim, CA 92805
Attn: Jeanett Carabez
Dear Ms. Carabez:
In accordance with your request, I have completed an appraisal of the above-referenced City-owned property. This property consists of two contiguous vacant lots comprising a total of 13,627 s.f., with a zoning designation of General Commercial, an overlay zone of South Anaheim Boulevard Corridor, and a General Plan designation of Low-Medium Density Residential (up to 18.0 dwelling units per acre).
The City has received an offer to purchase this property for the purpose of developing a 6- unit townhome project on the site, including 1 unit designated as affordable for moderate income buyers. This development would be in conjunction with a planned 28-unit townhome project on a 1.222-acre site on the west side of Anaheim Blvd., the second property north of Stueckle Ave., extending north to Water St.
Per your direction, the purpose of this appraisal is to estimate the range of market value of the fee simple interest in the subject property based on a highest and best use as per the proposed development, or 6 townhome units including 1 unit designated as affordable for moderate income. This use conforms to the General Plan designation, and the indicated density of 19.2 units per acre reflects a density bonus for the inclusion of an affordable unit.
As a result of the inspections of the property and analysis of matters pertinent to value, the following conclusion of market value has been arrived at, subject to the Assumptions and Limiting Conditions, and as of March 13, 2025:
$1,110,000 to $1,230,000
(ONE MILLION ONE HUNDRED TEN THOUSAND TO
ONE MILLION TWO HUNDRED THIRTY THOUSAND DOLLARS)
2 MS. JEANETT CARABEZ
MARCH 13, 2025
PAGE 2
The following is the balance of this 20-page Appraisal Report, which includes the Certification, Assumptions and Limiting Conditions, definitions, exhibits, and a summary of the pertinent data and analysis.
Sincerely,
Stephen G. White, MAI (State Certified General Real Estate Appraiser No. AG013311)
SGW:sw
Ref: 25005
CERTIFICATION
I certify that, to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved.
I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in 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 the appraisal.
I have made a general inspection of the property that is the subject of this report.
No one provided significant real property appraisal assistance to the person signing this Certification, except for data research by my associate, Kirsten Patterson.
I have performed no services, as an appraiser or in any other capacity, regarding the subject property within the three-year period prior to accepting this assignment.
The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
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, I have completed the continuing education program for Designated Members of the Appraisal Institute.
Stephen G. White, MAI (State Certified General Real Estate Appraiser No. AG013311)
4 ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal has been based upon the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.
5. All engineering studies, if applicable, are assumed to be correct. Any plot plans or other illustrative material in this report are included only to help the reader visualize the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them.
7. It is assumed that the property is in full compliance with all applicable federal, state and local environmental regulations and laws unless the lack of compliance is stated, described and considered in the appraisal report.
8. It is assumed that the property conforms to all applicable zoning and use regulations and restrictions unless a nonconformity has been identified, described and considered in the appraisal report.
9. It is assumed that all required licenses, certificates of occupancy, consents and other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in the report is based.
10. It is assumed that the use of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report.
11. Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser.
However, the appraiser is not qualified to detect such substances. The presence of such substances may affect the value of the property, but the value estimated in this 5 ASSUMPTIONS AND LIMITING CONDITIONS, Continuing
appraisal is based on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them.
The client should retain an expert in this field, if desired.
12. Possession of this report, or a copy thereof, does not carry with it the right of publication.
13. This appraisal is of the real property only, and does not include any items of personal property, such as furniture, fixtures, equipment, business, inventory, goodwill or going concern value. A separate appraisal by a specialist in that field would be necessary if those values are desired.
14. The appraiser, by reason of this appraisal, is not required to give further consultation or testimony or to be in attendance in court with reference to the property in question unless arrangements have previously been made.
15. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or firm with which the appraiser is connected) shall be disseminated to the media without the prior written consent and approval of the appraiser.
6 PURPOSE AND INTENDED USE/USER OF THE APPRAISAL
The purpose of this appraisal is to estimate the range of market value of the fee simple interest in the subject property based on the parameters as discussed. This Appraisal Report is intended to be used by the client and appropriate persons at the City of Anaheim in the consideration of a possible sale of the property.
SCOPE OF THE APPRAISAL
It is the intent of this appraisal that all appropriate data considered pertinent in the valuation of the subject property be collected, confirmed and reported in an Appraisal Report, in conformance with the Uniform Standards of Professional Appraisal Practice. This has included an inspection of the subject property; a general inspection of the surrounding properties; obtaining of pertinent property data from various sources; obtaining of pertinent sales data of comparable properties from a variety of sources; analysis of the data to the conclusion of a range of market value; and preparation of the Appraisal Report.
DATE OF VALUE
The date of value for this appraisal is March 13, 2025.
PROPERTY RIGHTS APPRAISED
This appraisal is of the fee simple interest in the subject property.
DEFINITION OF MARKET VALUE
The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. (The Dictionary of Real Estate Appraisal, Seventh Edition)
DEFINITION OF FEE SIMPLE INTEREST (ESTATE)
Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (The Dictionary of Real Estate Appraisal, Seventh Edition)
OWNERSHIP/SALES HISTORY
Per Assessor data, the current owner of the property is the Anaheim Redevelopment Agency. The Agency acquired the property by deed recorded on March 29, 2001.
7 EXPOSURE TIME
This is the amount of time that the property interest being appraised would have been offered on the market prior to a consummation of a sale at market value on the effective date of the appraisal. Assuming a reasonable marketing effort and with a listing price of at or reasonably near market value, I have concluded that the exposure time for the subject property would have been within 6 months for a sale to be negotiated, and reflecting a lengthy escrow during which the buyer would process the entitlements for the proposed development.
8 ASSESSOR MAP
9 PROPERTY DATA
LOCATION
The subject property is located at the southwest corner of Anaheim Blvd. and Stueckle Ave., with addresses of 703 & 705 S. Anaheim Blvd., in the City of Anaheim.
SURROUNDINGS
The subject property is located in a mixed commercial and residential area along this section of Anaheim Blvd. that is within several blocks to the south of the Anaheim Packing District, and this area has been undergoing transition and redevelopment for a number of years.
Across Stueckle Ave. to the north is an old commercial building occupied by a grocery/market, with a small old auto service building on the rear of the lot. Farther north is an older auto service building, a small commercial building, and then a used car dealership at the southwest corner with Water St., and these three properties comprise the site that is planned to be redeveloped with the 28-unit townhome project in conjunction with the proposed 6-unit townhome project on the subject property.
Across Anaheim Blvd. to the east and northeast are two smaller older commercial buildings, one of which includes a residential unit on the rear. North of that is a U- Haul property that extends north to Water St. and includes vehicle/equipment rentals and self-storage units. To the east and southeast is a ±14,500 s.f. vacant lot, and south of that is a small older auto service building with a small used car lot, and then a small older commercial building at the northeast corner with South St.
To the south of the subject property is an old house that has been converted to commercial use, then three older commercial buildings, and then a small used car lot at the northwest corner with South St. South of South St. is a relatively newer 42- unit townhome project that extends south to MacArthur Manor and extends west along South St. for a distance.
To the west of the subject property is a residential area that includes a mix of old homes and middle-age to relatively newer apartments.
ASSESSOR DATA-2024/25
The subject property comprises Assessor Parcel Nos. 251-092-13 & 14. The current assessed values total $559,965 for land and $0 for improvements. The tax rate area is 01-212 with a current tax rate of 1.09914%, and no property taxes are indicated due to the exempt status as a result of the City ownership.
10 LEGAL DESCRIPTION
The subject property is described as Lots 1 and 2 of Stueckle Subdivision Tract, in the City of Anaheim, County of Orange, State of California, as per map recorded in Book 8, Page 43 of Miscellaneous Maps, in the Office of the County Recorder.
LAND SIZE AND SHAPE
Per dimensions on the Assessor map, the overall site comprising both parcels measures 100’ by 136.75’ less a 15’ radius rounded corner, or a size of 13,627 s.f.
The shape is rectangular with a rounded northeast corner.
STREETS AND ACCESS
Anaheim Blvd. is mostly a 94’ right-of-way and a major arterial through this area.
It is improved as a four-lane street with a left turn lane to Stueckle Ave. for northbound traffic, curb parking on both sides, and a raised center median to the south. Along the subject frontage is curb, gutter, sidewalk and a driveway at the southerly end of the site.
Stueckle Ave. is a short street that only extends between Anaheim Blvd. and Lemon St. to the west. It is a 60’ right-of-way that is improved with two lanes and curb parking on both sides. Along the subject frontage is curb, gutter, dirt parkway and sidewalk, with one driveway at the center of the subject site.
Along the west side of the subject property is an alley which varies from a 15’ to
17.5’ right-of-way, and it is improved as a narrow two-lane roadway that provides vehicular access to the rear of the subject property.
UTILITIES
All utilities are available in the streets and were previously connected to the subject property.
ZONING AND GENERAL PLAN
The subject property is zoned C-G which designates General Commercial and permits a wide range of commercial uses. There is also an overlay zone of South Anaheim Boulevard Corridor with Residential Opportunity which provides for supplemental land use options and development standards for the improvement of this portion of Anaheim Blvd. and surrounding properties. The General Plan designation is Residential-Low Medium Density which permits residential development at a density of up to 18.0 dwelling units per acre.
11 AERIAL PHOTO
12 SOIL, TOPOGRAPHY & DRAINAGE
Soil tests have not been reviewed on the subject property. Thus, this appraisal assumes that there are no toxic or hazardous waste materials on the subject site or adjacent sites, or any other abnormal soil conditions which would negatively impact the property value.
The subject site is mostly flat, approximately at grade with the streets and the adjacent properties, and the area has a gradual slope down to the south and west.
The subject property appears to drain to the streets and alley. Per FEMA Flood Insurance Rate Map No. 060213-0133J dated 12/3/09, the subject property is located in Zone X500, which designates areas inundated by 100-year flooding with average depths of less than 1 foot or with drainage areas less than 1 square mile, or areas protected by levees from 100-year flooding. It is also out of the Special Flood Hazard Area.
CURRENT USE AND IMPROVEMENTS
The subject property consists of vacant land with chain-link fencing along the north, west and east sides and a concrete block wall along the south side.
TITLE REPORT
A title report has not been reviewed on the subject property. Thus, is has been assumed that there are no pertinent exceptions to title which would have an effect on the use or valuation of the property.
HIGHEST AND BEST USE
The term highest and best use is defined as the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Furthermore, the highest and best use of land or a site as though vacant is defined as among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination.
As previously indicated, client direction is to consider the highest and best use as proposed for development with the 6-unit townhome project including 1 unit designated as affordable for moderate income buyers, in conjunction with the proposed 28-unit townhome project on the nearby site. This proposed development conforms to the General Plan designation for the subject property, and reflects a density bonus due to inclusion of the affordable unit.
13 VALUATION
METHOD OF ANALYSIS
The pertinent method of valuation in the analysis of land value is the Sales Comparison Approach, which compares recent sales of reasonably similar properties to the subject property. Thus, a search was made over a widespread area for recent sales of reasonably similar multi-family residential land. The data is first summarized in the following table, followed by discussion and analysis of the data and the conclusion of value.
TABULATION OF SALES DATA
The sales data is shown as follows ordered by sale date, with the pertinent units of comparison being the price per s.f. of land and the price per planned dwelling unit:
Sale Land No. Price/S.F.
No. Location Date (Acres) DU Density Price/DU Remarks
1 SWC Lincoln Ave. & Laxore 4/3/24 1.678 44 26.2 $88.93 To be continuation of Nolin townhome St., Anaheim $147,727 project to north; incl. 5 affordable units
2 NEC Katella Ave. & Cambridge 8/1/24 2.710 49 18.1 $103.77 Former AT&T building; project to be St., Orange $250,000 paired & detached homes; no affordable
3 NWC Brea Blvd. & Fir St., 9/30/24 .995 32 32.2 $100.42 Older retail building; project to be town- Brea $136,016 homes incl. 3 live-work & 4 affordable
4 E/S Goldenwest St., 213’ N/O 9/30/24 1.289 25 19.4 $89.05 Part of larger church property; project is Fenway Dr., Westminster $200,000 townhomes incl. 2 affordable units
5 8892 Lampson Ave. 2/7/25 .386 6 15.5 $83.33 Two older houses; buyer plans 6-unit Garden Grove $233,333 apartment building, no affordable units
6 NWC Maureen Dr. & Barclay 2/26/25 .251 4 15.9 $91.45 Vacant lot; plans submitted for a 4-unit Dr., Garden Grove $250,000 apartment building, no affordable units
7 NWC Yorba Linda Blvd. & Pending 1.90 40 21.1 $105.12 Part of larger church property; project is Liverpool St., Yorba Linda $217,500 townhomes incl. 8 affordable units
8 E/S Harbor Blvd., ±270’ S/O 1st Pending ±1.46 36 24.7 ±$83.34 Old auto uses and open storage; project is St., Santa Ana ±$147,222 townhomes incl. 4 affordable units
Subject .313 6 19.2 Part of 1.535-acre, 34-unit project
DISCUSSION AND ANALYSIS OF SALES DATA
Data No. 1 is located at the southwest corner of Lincoln Ave. and Laxore St. in the West Anaheim area, in a mixed commercial and residential area and across Lincoln Ave. from the planned 39 Commons mixed use project. It is a 1.678-acre rectangular-shaped site that was improved with the remaining portion of an older multi-tenant retail building, plus remaining slab and asphalt areas. The buyer had recently completed the 3-story townhome project called Nolin across Lincoln Ave. to 14 DISCUSSION AND ANALYSIS OF SALES DATA, Continuing
the north (part of 39 Commons), and entitlements were processed during escrow for a 44-unit continuation of that product on this sale site, indicating a density of 26.2 units per acre. Of the 44 units, 5 units (11.4%) were to be affordable for moderate income, including two 1-bedroom units and three 2-bedroom units. The sale to Landsea Homes of California, LLC closed in April 2024 at the price of $6,500,000, which is $88.93 per s.f. of land or $147,727 per unit.
In comparison to the subject, the date of sale/market conditions is considered to be fairly similar; the location is considered to be similar; the size is similar to the larger project of which the subject is a part; the rectangular shape is similar; the higher density is superior on a price per s.f. basis and inferior on a price per unit basis (higher density typically results in smaller/lower-priced units on average); the demolition burden is inferior; the lack of entitlements included in the sale price is similar; and the lower percentage of affordable units (11.4% vs. 16.7%) is slightly superior.
On a price per s.f. basis, downward adjustments for the superior factors of density and the percentage of affordable units are partially offset by an upward adjustment for the inferior factor of demolition burden, resulting in a firm upper limit indication of value for the subject at $88.93 per s.f. On a per unit basis, due to the higher density as well as the other factors, the indication at $147,727 per unit supports a firm lower limit indication of value for the subject.
Data No. 2 is located at the northeast corner of Katella Ave. and Cambridge St. in Orange, in a commercial area along Katella Ave. and a residential area to the north along Cambridge St. It is a 2.710-acre irregular-shaped site that was improved with an older ±20,000 s.f. commercial building that was formerly occupied by AT&T.
The buyer had entitled the site during escrow for a 49-unit residential project of 34 paired homes and 15 detached homes, 2 and 3-story plans, indicating a density of
18.1 units per acre, with no affordable units. The sale to Katella RE, LLC (Intracorp Homes) closed in August 2024 at the price of $12,250,000, which is $103.77 per s.f. of land or $250,000 per unit.
In comparison to the subject, the date of sale/market conditions is considered to be similar; the location is superior; the size is fairly similar; the irregular shape is reasonably similar; the slightly lower density is slightly inferior on a per s.f. basis and slightly superior on a per unit basis; the demolition burden is inferior; the lack of entitlements included in the sale price is similar; and the lack of affordable units is superior.
On a price per s.f. basis, downward adjustments for the superior factors of location and lack of affordable units are only slightly offset by downward adjustments for the slightly lower density and the demolition burden, resulting in a far upper limit indication of value for the subject at $103.77 per s.f. On a per unit basis, due to the 15 DISCUSSION AND ANALYSIS OF SALES DATA, Continuing
slightly lower density as well as the other factors, the indication at $250,000 per unit supports a far upper limit indication of value for the subject.
Data No. 3 is located at the northwest corner of Brea Blvd. and Fir St. in Brea, in a mixed commercial and residential area, and with other nearby new mixed-use developments including live-work units along Brea Blvd. It is a 0.995-acre rectangular-shaped site that was improved with an older 6,592 s.f. retail building.
Entitlements were processed during escrow for redevelopment of the site with a 32- unit 3-story townhome project including 3 live-work units and 4 affordable units (12.5%) for moderate income, indicating a density of 32.2 units per acre. The sale to Brea 1 Inv LLC (City Ventures) closed in September 2024 at the price of $4,352,500, which is $100.42 per s.f. of land or $136,016 per unit.
In comparison to the subject, the date of sale/market conditions is considered to be similar; the location is superior; the size is similar; the shape is similar; the much higher density is far superior on a per s.f. basis and far inferior on a per unit basis; the demolition burden is inferior; the lack of entitlements included in the sale price is similar; and the slightly lower percentage of affordable units (12.5% vs. 16.7%) is slightly superior.
On a price per s.f. basis, downward adjustments for the superior factors of location, density and the percentage of affordable units are only slightly offset by an upward adjustment for the inferior factor of demolition burden, resulting in a far upper limit indication of value for the subject at $100.42 per s.f. On a per unit basis, due to the much higher density as well as the other factors, the indication at $136,016 per unit supports a far lower limit indication of value for the subject.
Data No. 4 is located on the east side of Goldenwest St., 213’ north of Fenway Dr. in Westminster, in a mixed residential and commercial area along Goldenwest St. It is a 1.289-acre rectangular-shaped site that was improved with playground and partial paved parking area as part of a larger church facility. The buyer processed entitlements during escrow for a 25-unit townhome project with 2 and 3-story plans, 1,200 s.f. to 1,775 s.f. in size, including 2 affordable units (8%) for very-low income, and indicating a density of 19.4 units per acre. The sale to Westminster 25, LLC (Brandywine Homes) closed in September 2024 at the price of $5,000,000, which is $89.05 per s.f. of land or $200,000 per unit.
In comparison to the subject, the date of sale/market conditions is considered to be similar; the location is considered to be fairly similar; the size is fairly similar; the shape is similar; the density is similar; the minimal demolition burden is fairly similar; the lack of entitlements included in the sale price is similar; and the lower percentage of affordable units is considered to be offset by the inferior very-low income category.
16 DISCUSSION AND ANALYSIS OF SALES DATA, Continuing
On a price per s.f. basis, this sale is fairly similar to the subject and supports a close indication at $89.05 per s.f. of land. Similarly, on a price per unit basis, this sale is fairly similar to the subject and supports a close indication at $200,000 per unit.
Data No. 5 is located on the south side of Lampson Ave., the second property west of Magnolia St. in Garden Grove, in a residential area with a mix of apartments, townhomes and single-family homes. It is a 0.386-acre rectangular-shaped lot that is improved with two old houses. At the end of February 2025 a preliminary plan was submitted to the City to redevelop the site with a 6-unit apartment building with no affordable units, indicating a density of 15.5 units per acre. The sale to Tony Lam (developer of the 9-unit apartment project to the west) closed in February 2025 at the price of $1,400,000, which is $83.33 per s.f. of land or $233,333 per unit.
In comparison to the subject, the date of sale/market conditions is similar; the location is considered to be fairly similar; the size is similar to the subject site; the shape is similar; the lower density is inferior on a per s.f. basis and superior on a per unit basis; the minor demolition burden is slightly inferior; the lack of entitlements included in the sale price is similar; and the lack of affordable units is superior.
On a price per s.f. basis, upward adjustments for the inferior factors of density and demolition burden are mostly offset by a downward adjustment for the lack of affordable units, resulting in a close indication of value for the subject at $83.33 per s.f. On a per unit basis, due to the lower density as well as the other factors, the indication at $233,333 per unit supports a far upper limit indication of value for the subject.
Data No. 6 is located at the northwest corner of Maureen Dr. and Barclay Dr. in Garden Grove, in a mostly apartment area but with single-family homes to the north.
It is a 0.251-acre rectangular-shaped lot consisting of vacant land. In early March 2025 a preliminary plan was submitted to the City to develop the site with a 4-unit apartment building with no affordable units, indicating a density of 15.9 units per acre. The sale to 9701 Maureen LLC closed in February 2025 at the price of $1,000,000, which is $91.45 per s.f. of land or $250,000 per unit.
In comparison to the subject, the date of sale/market conditions is similar; the location is considered to be fairly similar; the size is similar to the subject site; the shape is similar; the lower density is inferior on a per s.f. basis and superior on a per unit basis; the lack of demolition burden is similar; the lack of entitlements included in the sale price is similar; and the lack of affordable units is superior.
On a price per s.f. basis, a downward adjustment for the lack of affordable units is partially offset by an upward adjustment for the lower density, resulting in a firm upper limit indication of value for the subject at $91.45 per s.f. On a per unit basis,
17 DISCUSSION AND ANALYSIS OF SALES DATA, Continuing
due to the lower density as well as the other factors, the indication at $250,000 per unit supports a far upper limit indication of value for the subject.
Data No. 7 is located at the northwest corner of Yorba Linda Blvd. and Liverpool St. in Yorba Linda, with a mix of commercial properties and single-family residential neighborhoods along this area of Yorba Linda Blvd. It is a 1.90-acre slightly irregular-shaped site improved with parking and landscaped areas, that is a portion of a larger church property. The buyer is processing entitlements for a 40-unit townhome project indicating a density of 21.1 units per acre, and including 8 affordable units (20%) for moderate income. There is a pending sale to the Olson Company at a price of $8,700,000 which indicates $105.12 per s.f. or $217,500 per unit.
In comparison to the subject, the date of sale/market conditions is similar; the location is far superior; the size is fairly similar; the shape is fairly similar; the slightly higher density is slightly superior on a price per s.f. but slightly inferior on a price per unit; the minimal demolition burden is fairly similar; the lack of entitlements included in the sale price is similar; and the slightly higher percentage of affordable units is slightly inferior.
On a price per s.f. basis, a significant downward adjustment for the far superior location and a minor downward adjustment for the slightly superior density, are only slightly offset by an upward adjustment for the higher percentage of affordable units, resulting in a far upper limit indication of value for the subject at $105.12 per s.f. On a per unit basis, due to the higher density as well as the other factors, the indication at $217,500 per unit supports a firm upper limit indication of value for the subject.
Data No. 8 is located is located on the east side of Harbor Blvd., ±270’ south of 1st St. in Santa Ana, in a mostly commercial area along Harbor Blvd. It is a ±1.46-acre rectangular-shaped site that is improved with an older auto service building, an old house converted to commercial use as part of a small used car lot, and much open storage area. Entitlements are being processed for a 36-unit 3-story townhome project including 4 affordable units for moderate income, which indicates a density of 24.7 units per acre. There is a pending sale to City Ventures at a price of ±$5,300,000, which indicates ±$83.34 per s.f. of land or ±$147,222 per unit.
In comparison to the subject, the date of sale/market conditions is similar; the location is inferior; the size is fairly similar; the shape is similar; the higher density is superior on a per s.f. basis and inferior on a per unit basis; the demolition burden is slightly inferior; the lack of entitlements included in the sale price is similar; and the slightly lower percentage of affordable units is slightly superior.
On a price per s.f. basis, upward adjustments for the inferior factors of location and demolition burden are mostly offset by downward adjustments for the higher density 18 DISCUSSION AND ANALYSIS OF SALES DATA, Continuing
and lower percentage of affordable units, resulting in a close indication of value for the subject at ±$83.34 per s.f. On a per unit basis, due to the higher density as well as the other factors, the indication at $147,222 per unit supports a firm lower limit indication of value for the subject.
On a per s.f. basis, a summary of the foregoing analysis of the data is shown in the following tables:
Data No. 1 2 3 4
Price/S.F. Land $88.93 $103.77 $100.42 $89.05
Prop. Rights Conveyed Similar Similar Similar Similar
Financing Similar Similar Similar Similar
Conditions of Sale Similar Similar Similar Similar
Date of Sale/Mkt. Cond’s Similar Similar Similar Similar
Location Similar Superior Superior Similar
Size Similar Similar Similar Similar
Shape Similar Similar Similar Similar
Density Superior Slight Inferior Far Superior Similar
Imps./Demo. Burden Inferior Inferior Inferior Similar
Entitlement Status Similar Similar Similar Similar
% Affordable Slight Superior Superior Slight Superior Similar
Overall
Comparability Superior Far Superior Far Superior Similar
Indication Firm Upper Far Upper Far Upper Close
for Subject Limit Limit Limit Indication
Data No. 5 6 7 8
Price/S.F. Land $83.33 $91.45 $105.12 ±$83.34
Prop. Rights Conveyed Similar Similar Similar Similar
Financing Similar Similar Similar Similar
Conditions of Sale Similar Similar Similar Similar
Date of Sale/Mkt. Cond’s Similar Similar Similar Similar
Location Similar Similar Far Superior Inferior
Size Similar Similar Similar Similar
Shape Similar Similar Similar Similar
Density Inferior Inferior Slight Superior Superior
Imps./Demo. Burden Slight Inferior Similar Similar Slight Inferior Entitlement Status Similar Similar Similar Similar
% Affordable Superior Superior Slight Inferior Slight Superior
Overall
Comparability Similar Superior Far Superior Similar
Indication Close Firm Upper Far Upper Close
for Subject Indication Limit Limit Indication
19 DISCUSSION AND ANALYSIS OF SALES DATA, Continuing
On a per unit basis, a summary of the foregoing analysis of the data is shown in the following tables:
Data No. 1 2 3 4
Price/Unit $147,727 $250,000 $136,016 $200,000
Prop. Rights Conveyed Similar Similar Similar Similar
Financing Similar Similar Similar Similar
Conditions of Sale Similar Similar Similar Similar
Date of Sale/Mkt. Cond’s Similar Similar Similar Similar
Location Similar Superior Superior Similar
Size Similar Similar Similar Similar
Shape Similar Similar Similar Similar
Density Inferior Slight Superior Far Inferior Similar
Imps./Demo. Burden Inferior Inferior Inferior Similar
Entitlement Status Similar Similar Similar Similar
% Affordable Slight Superior Superior Slight Superior Similar
Overall
Comparability Inferior Far Superior Far Inferior Similar
Indication Firm Lower Far Upper Far Lower Close
for Subject Limit Limit Limit Indication
Data No. 5 6 7 8
Price/Unit $233,333 $250,000 $217,500 ±$147,222
Prop. Rights Conveyed Similar Similar Similar Similar
Financing Similar Similar Similar Similar
Conditions of Sale Similar Similar Similar Similar
Date of Sale/Mkt. Cond’s Similar Similar Similar Similar
Location Similar Similar Far Superior Inferior
Size Similar Similar Similar Similar
Shape Similar Similar Similar Similar
Density Superior Superior Slight Inferior Inferior
Imps./Demo. Burden Slight Inferior Similar Similar Slight Inferior Entitlement Status Similar Similar Similar Similar
% Affordable Superior Superior Slight Inferior Slight Superior
Overall
Comparability Far Superior Far Superior Superior Inferior
Indication Far Upper Far Upper Firm Upper Firm Lower
for Subject Limit Limit Limit Limit
20 CONCLUSION OF VALUE
In summary, on a per s.f. basis, the analysis of the data results in close indications from $83.33 to $89.05; firm upper limit indications at $88.93 and $91.45; and far upper limit indications from $100.42 to $105.12. The most supportable range for the subject is concluded to be $83.00 to $87.00 per s.f. which results in the following:
13,627 s.f. @ $83.00 to $87.00/s.f. = $1,131,041 to $1,185,549
On a per unit basis, the analysis of the data results in a far lower limit indication at $136,016; closer but firm lower limits at ±$147,222 and $147,727; a close indication at $200,000; a firm upper limit indication at $217,500; and far upper limit indications from $233,333 to $250,000. The most supportable range for the subject is concluded to be $185,000 to $205,000 which results in the following:
6 units @ $185,000 to $205,000 = $1,110,000 to $1,230,000
Thus, as the result of this analysis, I have arrived at the following conclusion of market value, subject to the Assumptions and Limiting Conditions, and as of March 13, 2025:
$1,110,000 to $1,230,000
(ONE MILLION ONE HUNDRED TEN THOUSAND TO
ONE MILLION TWO HUNDRED THIRTY DOLLARS)