APPRAISAL OF:
AGRICULTURAL PROCESSING FACILITY AT
1275 HANSEN STREET
SALINAS, MONTEREY COUNTY
REQUESTED BY: Patrick Dobbins
Public Works Director
City of Gonzales
147 Fourth Street
Gonzales, CA 93926
APPRAISAL AS OF: June 1, 2025
APPRAISED BY: John W. Piini, MAI
Chad Piini
Piini Realty Inc.
263 Lincoln Avenue
Salinas, CA 93901
225 ELKO STREET
GONZALES, MONTEREY COUNTY, CA
PORTION OF APN 020-111-022
June 9, 2025
Patrick Dobbins
Public Works Director
City of Gonzales
Gonzales, Ca 93926
Sent via email: [email protected]
Re: Restricted Appraisal Report 225 Elko Street
Gonzales, California
Dear Mr. Dobbins:
Upon your authorization, we conducted the investigations and analyses necessary to form an opinion as to the present-day range in the fee simple market value for the day care center located at 225 Elko Street, Gonzales.
The day care center is a part of Monterey County Assessor Parcel Number (APN) 020-111-022, which is a
1.62-acre parcel, owned by the City of Gonzales and improved with a public swimming pool (Gonzales Community Pool) and the day care center. The day care center occupies approximately 0.47 acres of the larger parcel and this appraisal is predicated upon the extraordinary assumption that the Day Care Center is a separate and legal parcel.
This report is presented as a Restricted Appraisal Report that is intended to comply with USPAP Standards Rule 2-2(b). As such, use of this report is limited to the client and named intended users because it may not contain supporting rationale for all of the opinions and conclusions that are set forth. Based on the inspection of the property and the investigations and analyses undertaken, we have formed the opinion that as of June 1, 2025, the market value range for the fee simple interest in the subject property is $500,000 to $550,000.
The restricted appraisal report that follows sets forth the identification of the property, the assumptions and limiting conditions, a summary description of the subject property, and summaries of the valuation approaches utilized.
Respectfully submitted,
John W. Piini, MAI Chad Piini
Certified General Real Estate Appraiser Certified General Real Estate Appraiser State of California, BREA No. AG005214 State of California, BREA No. AG005214 Restricted Appraisal Report – 225 Elko Street Page 2
GENERAL INFORMATION
Subject Address: 225 Elko Street, Gonzales, Ca 93926
Identification: The property being appraised is a part of Monterey County Assessor Parcel Number (APN) 020-111-022. APN 020-111-022 is a 1.62-acre parcel that is owned by the City of Gonzales and improved with a public swimming pool (Gonzales Community Pool) and a day care center. The image below shows the approximate boundaries of APN 020-111-022 and the portion of that parcel that is the subject of this appraisal.
Extraordinary
Assumptions This appraisal is predicated upon the extraordinary assumption1that the area depicted above and containing 0.47± acres is a separate and legal parcel.
Client: City of Gonzales.
Intended Users: The client is the only intended user of this Restricted Appraisal Report. No other users of this report are intended by the appraiser. 1
Extraordinary assumption is defined as “An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser’s opinions or conclusions” Dictionary of Real Estate Appraisal – 6th Edition. (Chicago: Appraisal Institute, 2015) p. 83.
Restricted Appraisal Report – 225 Elko Street Page 3
Intended Use: To assist the client in making future decisions regarding a possible sale of the property. This report is not intended for review by the Department of General Services.
Property Rights: Fee simple interest2. Ownership Interest Appraised: 100% undivided ownership interest.
Type of Value: Market Value3. Date of the Report: The report was prepared in May and June 2025. Exposure Time: An exposure time of 3 to 6 months is considered reasonable and applied in this analysis.
Effective Date of Value: June 1, 2025.
Appraisal Conditions: The subject property is appraised under the extraordinary assumption that the property is free and clear of any environmental, hazardous, or toxic contamination that would adversely impact value.
Property History: There were no transfers of ownership within the past three years. We are not aware of any purchase options/agreements affecting the subject property.
Scope of Work: The subject was inspected by Greg and Chad Piini on May 1, 2024 for a previous market rent appraisal. This appraisal is based on the extraordinary assumption that there have been no physical changes since the last inspection. We have reviewed parcel maps, aerial photographs, topography maps, flood maps, soil maps, and zoning maps.
The valuation of the property is predicated on market data collected specifically for this assignment and prior appraisal assignments. The market data is derived from a variety of sources including County records and Multiple Listing Service (MLS) data. 2
Fee simple interest is defined as “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.
Dictionary of Real Estate Appraisal – 6th Edition. (Chicago: Appraisal Institute, 2015) p. 90. 3 Market value is defined as “The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available” (California Code of Civil Procedure §1263.320).
Restricted Appraisal Report – 225 Elko Street Page 4
PROPERTY DESCRIPTION
Location: The property address is 225 Elko Street, Gonzales, California. This location is within the center of Gonzales and the land uses along Elko Street, between 7th Street to the north and Fairview Road to the south include the La Gloria Elementary School, Fairview Middle School and Gonzales High School. Outside the public serving facilities, the predominate land use is residential, consisting mostly of single-family residential homes
Site: The subject property is part of a larger parcel; however, for the purpose of this appraisal, it is assumed to be a separate and legal 0.47-acre, irregular shaped parcel as depicted in the prior image.
Improvements: This site is improved with a single story 2,780 square foot commercially operated day care center. The building has a concrete block foundation, stucco siding with dual pane windows and the front and rear entrances are equipped with ADA ramps. Current layout provides for two large rooms, an office, a kitchen and three bathrooms. Overall, the property is in good condition. There is an enclosed 4,700 square foot yard area in the back composed mostly of a concrete patio and small lawn area, and seven parking spaces along Elko Street.
Lease: The property is leased to the Mexican American Opportunity Foundation (MAOF). The Lease is for two years and terminates on October 31, 2027. There is an option for another two-year extension. Currently the tenant is paying $1,569 per month and there is a 3% increase each year. The tenant is responsible for utilities, maintenance, janitorial, personal property fire insurance and public liability and damage insurance. The City of Gonzales is responsible for major repairs, property fire insurance and property taxes.
Land Use Policies: The property is zoned Open Space (OS). For valuation purposes, it is assumed that the current use is a permitted use and that property could also be utilized for an office use.
Restricted Appraisal Report – 225 Elko Street Page 5
Highest & Best Use: The subject is used as a day care center, which would be categorized as a commercial office. The highest and best use is the current use or as a commercial office. Valuation Comments: The valuation of the subject property is predicated upon the sales comparison approach and the income approach. The cost approach is not applied due to the lack of commercial office land in the market area.
Sales Comparison Approach:
The sales that provide the greatest comparability are summarized below. Due to the lack of comparable sales in the city of Gonzales, sales in South Monterey County and Salinas are considered. The selected sales are summarized below:
Sale 1: Sale 1 is located in Soledad and situated on an interior lot fronting the east side of Front Street, which is the main commercial arterial for Soledad. This property is improved with a two-story, unreinforced mixed-use building that has a 2,297 square foot retail space on the ground level and a two-bedroom apartment on the second floor.
At the time of sale, the ground floor was occupied by an auto parts store that was paying $1,900 per month ($0.83/SF) on a month-to-month tenancy, and the apartment unit was vacant.
An income analysis of the sale indicates an overall rate of about 5.8 % on first year income at market rent.
Sale 2: Sale 2 is located on south Main Street in Salinas near Salinas High School. This property shares a common parking lot with the adjoining properties and is improved with a 5,473 square foot commercial building that is divided into two rental units. Each unit is utilized for hair salons. The building is an average quality single-story building that was constructed in 1975.
Resume of Sales and adjustments
Sale No Subject 1 2 3 4 5 6
Sale Date N/A 10/30/2024 6/28/2023 4/30/2025 2/16/2024 2/29/2024 10/11/2023 City Gonzales Soledad Salinas Salinas Soledad Soledad Salinas Location 225 Elko street 415-417 Front St 843-847 S. Main 92 La Mesa Dr 1040 State St 515 Front St 1119-1121 Pajaro St APN 020-111-022 022-014-011 002-534-033 016-101-029 022-037-003 022-026-018 002-671-043 Year built No Record 1929 1975 1978 1963 1988 1958
Lot size 11,761 3,750 5,473 9,300 6,098 6,750 7,552
Building size 2,780 3,632 5,473 5,630 3,145 3,046 2,988 Floor area ratio 23.6% 96.9% 100.0% 60.5% 51.6% 45.1% 39.6% Zoning Public C-1 CR CR C-2 C-1 RL 5.5
Sale price N/A $550,000 $910,000 $975,000 $570,000 $605,000 $850,000 Price per sq. ft. N/A $151 $166 $173 $181 $199 $284
Restricted Appraisal Report – 225 Elko Street Page 6
The property was offered for sale in May 2023 at an asking price of $900,000 and sold within 30 days to one of the tenants at a sale price of $910,000.
Market rent for the two units was about $1.30 per square foot and the sale indicates a first-year rate of return of about 6.5%.
Sale 3: Sale 3 is located in south Salinas, behind the Star Market Shopping Center and one-half block from the Pajaro Street and Blanco Road intersection. This property has a 9,300 square foot lot and is improved with a single story, 5,630 square foot, wood frame commercial building that was constructed in 1963.
The property was acquired by the tenant who had a three-year lease that included an option to purchase the property for $975,000 at the end of the lease. The contract rent for the three years was at $5,000 per month ($0.89/SF) on a modified gross basis. The tenant, who operates a veterinarian clinic, exercised the option to purchase in April 2025.
An income analysis of the sale indicates an overall rate of about 5.3% on first year income. Sale 4: Sale 4 is located on State Street in Soledad, in an area composed mostly of commercial industrial and storage warehouses. The property is improved with a single story, low-cost commercial building and an attached 2-bed and 1-bath apartment unit. The commercial building is 2,600 square feet and divided into two units.
The property was offered for sale in May 2023 at an asking price of $598,000 and sold in February 2024 for $570,000. At the time of sale, the commercial building was vacant.
Sale 5: Sale 5 is another improved commercial sale located at 515 Front Street in Soledad. The property is improved with a two-unit, unreinforced masonry retail building that was constructed in 1928.
The property was offered for sale in January 2024 at an asking price of $575,000 and sold within one month for $605,000. At the time of sale, the retail units included a barber shop and an ice cream parlor. The units were rented at a below market rent of $0.44 per square foot.
Sale 6: Sale 6 is located in south Salinas in a mixed-use area of multi-family residential and several former residences and duplexes converted to offices. This property is a former duplex building that was converted to a two-unit office building. At the time of sale, the property was owner-occupied and used for a chiropractic business. One of the units continues to be used for a chiropractic office and the second unit for skin care. Market rent for the units is $2.25 per square foot and the sale indicates a first-year rate of return of about 7.0%.
Restricted Appraisal Report – 225 Elko Street Page 7
Sale Adjustments: The sale adjustment grid summarizes the various adjustments applied in comparing the sales to the subject property:
In comparing the sales to the subject, quantifying adjustments is difficult due to the limited number of commercial sales in the market area and the sales that occurred do not necessarily provide a consistent pattern. For instance, Sales 2 and 3 are considered superior to Sales 4 and 5 and yet Sales 4 and 5 sold for a higher per square foot price. The difference in size would account for some of that, but not all.
In review of the above, Sale 1 is considerably inferior to the subject and that sale brackets the low end of value at $160 per square foot. Sale 6 is considerably superior and based on that sale, the value of the subject is less than $215 per acre.
After adjusting the remaining four sales for differences in location and building size the adjusted range from these four sales is between $190 per square foot and $200 per square foot. Hence,
Resume of Sales and adjustments
Sale No Subject 1 2 3 4 5 6
Sale Date N/A 10/30/2024 6/28/2023 4/30/2025 2/16/2024 2/29/2024 10/11/2023 City Gonzales Soledad Salinas Salinas Soledad Soledad Salinas Location 225 Elko street 415-417 Front St 843-847 S. Main 92 La Mesa Dr 1040 State St 515 Front St 1119-1121 Pajaro St APN 020-111-022 022-014-011 002-534-033 016-101-029 022-037-003 022-026-018 002-671-043 Year built No Record 1929 1975 1978 1963 1988 1958
Lot size 11,761 3,750 5,473 9,300 6,098 6,750 7,552
Building size 2,780 3,632 5,473 5,630 3,145 3,046 2,988 Floor area ratio 23.6% 96.9% 100.0% 60.5% 51.6% 45.1% 39.6% Zoning Public C-1 CR CR C-2 C-1 RL 5.5
Sale price N/A $550,000 $910,000 $975,000 $570,000 $605,000 $850,000 Price per sq. ft. N/A $151 $166 $173 $181 $199 $284
Location Comparable Superior (-) Superior (-) Inferior (+) Comparable Superior (-) Bldg Size (per unit comparison) Inferior (+) Inferior (+) Inferior (+) Comparable Comparable Comparable Overall percentage adjustment 5.0% 15.0% 15.0% 10.0% 0.0% -25.0% Adjusted price per sq. ft. (rnd.) $160 $190 $200 $200 $200 $215 Age and Condition Inferior (++) Comparable (=) Inferior (+) Inferior (+) Inferior (+) Comparable (=) Income potential Inferior (+) Comparable (=) Comparable (=) Inferior (+) Inferior (+) Superior (-) Square footage 2,780 2,780
Price per square foot $190 $200
Market value $528,200 $556,000
Rounded to $530,000 $560,000
Restricted Appraisal Report – 225 Elko Street Page 8
Income Approach:
FEE SIMPLE MARKET VALUE RANGE CONCLUSION
Income approach - fee simple value range
Gross monthly rent Unit Size $/SF Totals
2,780 $1.30 $3,614
Gross annual income $43,368
Less: Vacancy and collection loss 3.0% $1,301
Effective gross income $42,067
Operating Expenses
Fire insurance 2,780 $0.65 $1,807
Utilities Paid by tenant $0
Repairs & reserves 5.0% $2,103
Professional services 5.0% $2,103
Total expenses $6,014
Net income $36,053
Value ranged based on the capitalization rate
Capitalization rates 6.00% 5.50%
Estimated tax rate 1.15% 1.15%
Overall capitalization rate 7.15% 6.65%
Capitalized value $504,241 $542,154
Rounded to $500,000 $540,000
Sales comparison approach - fee simple value range $530,000 to $560,000 Income approach - fee simple value range $500,000 to $540,000 Market value conclusion $500,000 to $550,000
Restricted Appraisal Report – 225 Elko Street Page 9
CERTIFICATION – JOHN PIINI
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 properties that are the subject of this report, and no personal interest with respect to the parties involved. • I have performed appraisal services regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. • I have no bias with respect to the properties that are 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 this appraisal. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute.
• I have made a personal inspection of the properties that are the subject of this report. • No one provided significant real property appraisal assistance to the person signing this certification.
• 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, John W. Piini, MAI has completed the requirements of the continuing education program of the Appraisal Institute.
John W. Piini, MAI
Certified General Real Estate Appraiser
State of California, BREA Number AG005214
Restricted Appraisal Report – 225 Elko Street Page 10
CERTIFICATION – CHAD PIINI
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 appraised the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
• 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 this appraisal.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. • I have made a personal inspection of the property that is the subject of this report. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
Chad Piini
Certified General Real Estate Appraiser
State of California, BREA No. 3012020
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LIMITING CONDITIONS
ASSUMPTIONS AND LIMITATIONS OF APPRAISAL
This appraisal is for no purpose other than property valuation, and the appraiser(s) is neither qualified nor attempting to go beyond that narrow scope. The reader should be aware that there are also inherent limitations to the accuracy of the information and analyses contained in this appraisal. Before making any decision based on the information and analysis contained in this report, it is critically important to read this entire section to understand these limitations.
APPRAISAL IS NOT A LEGAL OPINION
No opinion is intended to be expressed for legal matters or that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers, although such matters may be discussed in the report.
No opinion as to title is rendered. Data on ownership and the legal description were obtained from sources generally considered reliable. Title is assumed to be marketable and free and clear of all liens and encumbrances, easements, and restrictions except those specifically discussed in the report. The property is appraised assuming it to be under responsible ownership and competent management and available for its highest and best use.
It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. A comprehensive examination of laws and regulations affecting the subject property was not performed for this appraisal.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non-conformity has been stated, defined and considered in the appraisal report. Information and analysis shown in this report concerning these items is based only on a rudimentary investigation.
Any significant question should be addressed to local zoning or land use officials and/or an attorney.
It is assumed that all required licenses, consents or 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 this report is based. Appropriate government officials and/or an attorney should be consulted if an interested party has any questions or concerns on these items since the appraiser(s) has not made a comprehensive examination of laws and regulations affecting the subject property.
Testimony or attendance in court or at any other hearing is not required by reason of rendering this appraisal unless a signed contract has been executed prior to the date of this report.
APPRAISAL IS NOT A SURVEY
No engineering survey has been made by the appraiser, and no responsibility is assumed in connection with such matters. Except as specifically stated, data relative to size and area were taken from sources considered reliable, and no encroachment of real property improvements is assumed to exist.
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It is assumed that the utilization of the land and improvements is within the boundaries of the property lines of the property described and that there is no encroachment or trespass unless noted in the report.
All maps, plats and exhibits included herein are for illustration only, as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, and the reliability of the information contained on such is assumed by the appraiser(s) and cannot be guaranteed. A surveyor should be consulted if there is any concern on boundaries, setbacks, encroachments, or other survey matters.
APPRAISAL IS NOT AN ENGINEERING OR PROPERTY INSPECTION REPORT AND IS MADE UNDER CONDITIONS WITH
LIMITED DATA
This appraisal should not be considered a report on the physical items that are a part of this property.
Although the appraisal may contain information about the physical items being appraised (including their adequacy and/or condition), it should be clearly understood that this information is only to be used as a general guide for property valuation and not as a complete or detailed physical report. The appraiser(s) is not a construction, engineering, environmental, or legal expert, and any statement given on these matters in this report should be considered preliminary in nature.
The appraiser(s) has inspected as far as possible, by observation, the land and the improvements; however, it was not possible to personally observe conditions beneath the soil or hidden structural or other components
The appraisal is based on the assumption that there are no hidden, unapparent, or apparent conditions of the property site, sub-soil, or structures or toxic materials which would render it either less or more valuable. The appraiser(s) is not an environmental nor health expert. No responsibility is assumed for any such condition or for any expertise or engineering to discover them.
No opinion is expressed as to the value of subsurface oil, gas or mineral rights and that the property is not subject to surface entry for the exploration or removal of such materials except as is expressly stated.
No chemical or scientific tests were performed by the appraiser(s) on the subject property, and it is assumed that the air, water, ground and general environment associated with the property present no physical or health hazard of any kind unless otherwise noted in the report. It is further assumed that the lot does not contain any type of dump site and that there are no underground tanks (or any underground source) leaking toxic or hazardous chemicals into the groundwater or the environment unless otherwise noted in the report. If any problems of this nature are known to the appraiser(s) which, in the appraiser's opinion would create a significant problem, they are disclosed in this report.
Nondisclosure should not be taken as an indication that such a problem does not exist, however. An expert in the field should be consulted if any interested party has questions on environmental factors. If it is found that any of the aforementioned is present, the value of the property may be adversely affected and a re-appraisal at additional cost will be necessary to estimate the effects of such.
Because no detailed inspection was made, and because such knowledge goes beyond the scope of this appraisal, any observed condition or other comments given in this appraisal report should not be taken as a guarantee that a problem does not exist. Specifically, no guarantee is made as to the adequacy or Restricted Appraisal Report – 225 Elko Street Page 13
condition of the foundation, roof, exterior walls, interior walls, floors, heating system, air conditions system, plumbing, electrical service, insulation, or any other detailed construction matters. If any interested party is concerned about the existence, condition or adequacy of any particular item, we would strongly suggest that a construction expert be hired for a detailed investigation.
APPRAISAL REPORT LIMITATIONS
Appraisal reports are technical documents addressed to the specific technical needs of clients. Casual readers should understand that this report does not contain all of the information we have concerning the subject property or the real estate market. While no factors we believe to be significant but unknown to the client have been knowingly withheld, it is always possible that we have information of significance which may be important to others but which, with our limited acquaintance of the property and our limited expertise, does not seem to be important. On the other hand, appraisal reports are performed with a limited amount of data. Data limitations result from a lack of certain areas of expertise by the appraiser (that go beyond the scope of the ordinary knowledge of an appraiser), the inability of the appraiser to view certain portions of the property, the inherent limitations of relying upon information provided by others, etc.
Before relying on any statement made in this appraisal report, interested parties should contact the Appraiser(s) for the exact extent of the data collection on any point which they believe to be important to their decision making. This will enable such interested parties to determine whether they think the extent of our data gathering process was adequate for their needs or whether they would like to pursue additional data gathering for a higher level of certainty.
Opinions and estimates expressed herein represent the appraiser's best judgment but should not be construed as advice or recommendation to act. Any actions taken by you, the client, or any others should be based on your own judgment, and the decision process should consider many factors other than just the value estimate and information given in this report.
Appraisal reports made for lenders are technical documents specifically made to lender requirements.
Casual readers are cautioned about their limitations and cautioned against possible misinterpretation of the information contained in these reports.
Neither all nor any part of the contents of this report, especially any conclusions as to value or the identity of the appraiser or the firm to which appraiser is connected, shall be disseminated to the public for public communication purposes through advertising media, public relations media, news media, sales media or any other public means of communication, without the prior written consent and approval of the author.
The estimated market value, which is defined in the report, is subject to change with market changes over time. Value is highly related to exposure, time, promotional effort, terms, motivation, and conditions. The value estimates consider the productivity and relative attractiveness of the property physically and economically in the marketplace as of the date of value.
The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised.
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ACCEPTANCE OF APPRAISAL REPORT
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
This appraisal is an estimate of value based on an analysis of information known to the Appraiser(s) at the time the appraisal was made. We do not assume any responsibility for incorrect analysis because of incorrect or incomplete information. If new information of significance comes to light, or if any conditions become apparent not previously known to the appraiser(s) which would affect the value of the property, the value given in this report is subject to change without notice and a re-appraisal at additional cost will be necessary.
Acceptance and/or use of this appraisal report by the client or any third party constitutes acceptance of the above conditions. Appraiser liability extends only to the stated client and not to subsequent parties or users, and the liability is limited to the amount of fee received by the appraisers(s).
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QUALIFICATONS OF THE APPRAISER
JOHN W. PIINI, MAI
John W. Piini, MAI has been engaged in the real estate business since 1975. From 1975 to 2008 the majority of real estate activity was in appraising and since 2008 he has been active in both real estate appraisals and brokerage. The majority of appraisal assignments involve acreage and agricultural properties prepared for attorneys, land trusts and property owners throughout Monterey, San Benito, and southern Santa Cruz and southern Santa Clara Counties. He is qualified as an expert witness in the Superior Courts of Monterey, San Benito, Santa Cruz and Santa Clara Counties.
Academic Background
Formal Education
University of California, Los Angeles, BA degree -1974
Appraisal Education
John Piini obtained his MAI designation from the American Institute of Real Estate Appraisers in 1983 after completing the required courses, examinations and experience review requirements.
Since 1983, John Piini has completed a number of appraisal courses and seminars and is current with the BREA continuing education requirements and has completed the continuing education program for Designated members of the Appraisal Institute.
Professional Experience
1975 - 1983 Associate appraiser with Joe Piini, MAI
1983 - 2008 Part owner of Piini Realty, a family owned and operated real estate firm involved in appraising, brokerage, development and management. 2008 - present In 2008 John Piini became the sole owner of Piini Realty and obtained his California Brokers license. For the past decade, real estate activities focus primarily on appraising and marketing agricultural properties.
Appraisal Assignments
The majority of assignments pertain to the valuation of agricultural and acreage properties for a variety of purposes including estate planning, conservation easements, trust management and financial lending. Valuations of commercial, industrial special-use, residential and development properties are also performed.
Professional affiliation and memberships
MAI Designation with the Appraisal Institute – Certification Number 6708 California Certified General Real Estate Appraiser – BREA # AG005214 California Licensed Real Estate Broker – BRE # 00542238 Monterey County Board of Realtor