Integra Realty Resources
Sacramento
Valuation Consultation
Point Molate
Redevelopment Project
Western Dr.
Richmond, Contra Costa County, California 94801
Prepared For:
City of Richmond
Date of the Report:
December 20, 2021
Report Format:
Appraisal Report
IRR – Sacramento
File Number: 193‐2021‐0618
1 Integra Realty Resources 590 Menlo Drive T 916.436.3883 Sacramento Suite 1 F 916.435.4774
Rocklin, CA 95765 www.irr.com
December 20, 2021
Belinda Brown, Finance Director/Treasurer
City of Richmond
450 Civic Center Plaza
Richmond, CA 94804
SUBJECT: Valuation and Consulting
Point Molate Project
Western Dr.
Richmond, Contra Costa County, California 94801
IRR ‐ Sacramento File No. 193‐2021‐0618
Dear Ms. Brown:
Thank you for considering Integra Realty Resources – Sacramento for your real estate valuation and consulting needs. To follow is our findings as it relates to the market data and analyses for the purposes of aiding in the formation of a proposed Community Facilities District (CFD) to assist in the redevelopment of Point Molate. This consulting assignment includes our preliminary analysis of current home pricing and annual rental rates for non‐residential development within the boundaries of the proposed CFD.
This report is intended to comply with the requirements for a Restricted Appraisal Report contained in Standards Rule 2‐2 (b) of the Uniform Standards of Professional Appraisal Practice (USPAP). As such, it presents limited discussions of the data, reasoning and analysis used in the appraisal process to develop the opinions herein.
According to the Richmond Point Molate Fiscal and Economic Impact Analysis, prepared by Economic & Planning Systems, Inc. (EPS), dated June 17, 2020, The Point Molate Project is proposed and entitled for between 1,260 and 2,040 residential dwelling units, approximately 625,000 square feet of nonresidential development and 15,000 square feet of civic/community uses. The present proposed
2 land use for Point Molate, which is excerpted from the Total Tax Rate Analysis, prepared by DPFG, calls for 1,160 for‐sale residential dwelling units and 292 for‐rent dwelling units, for a total of 1,452 residential dwelling units, and 390,774 square feet of mixed‐use restaurant/retail and office/R&D development.
Presented below is an exhibit of the Point Molate Project:
The use of public, land‐secured financing mechanisms like community facilities districts (CFDs) and assessment districts (ADs) are often used as part of the development of public infrastructure for master planned communities throughout the State of California. In fact, most new developments and redevelopments throughout the San Francisco Bay Area are encumbered by community facilities districts to aid in the financing of public improvements. Interviews with both land developers and merchant homebuilders in emerging areas and infill locations with onerous infrastructure costs, affirm land‐secured financing is necessary for residential development, and several merchant builders we’ve interviewed confirm land‐secured financing must be in place prior to acquiring developable residential lots/land for home development.
For instance, the following developments, which contain single‐family, multifamily and non‐residential (office, retail and industrial) land uses, are encumbered by a CFD for the purposes of funding public improvements:
3 Treasure Island (City and County of San Francisco) East Garriso n (County of Monterey) Mission Rock (City and County of San Francisco) Oyster Point (C ity of South San Francisco) Alameda Landing (City of Alameda) University District (City of Rohnert Park) Warm Springs (City of Fremont) Napa Pipe Redevelopment (City of Napa) Dublin Crossing (City of Dublin)
In an interview with a land developer of master planned communities, he noted land developers (sellers) will typically insist on using land‐secured financing, especially in a market where most, if not all, of the competition has it, in order to remain competitive of land prices; without the ability to transfer land‐secured debt to a buyer (in this case, a merchant homebuilder), the land prices will necessarily be higher and less appealing to a buyer. Similarly, for homebuilders, not having a CFD may seem favorable from a marketing standpoint (think sales banner out front: “NO MELLO‐ROOS”), but shoppers see the corresponding higher home prices for that builder’s homes when compared to the competition and often don’t spend enough time in the sales office to understand that the cost of ownership is the same.
For‐Sale Residential Analysis
According to the information provided and available for this analysis, the proposed Point Molate Project will include three for‐sale residential product lines: 185 single‐family homes (3,500 square foot average unit size), 173 low rise apartment and townhomes (1,800 square foot average unit size) and 802 mid‐rise condominiums (1,500 square foot average unit size). In the collection of market data we surveyed the local Multiple Listing Service (MLS) for recent resales of homes proximate to former or existing refineries, similar to the subjects location proximate to the Chevron refinery. In addition, we utilized The Gregory Group, who surveys active new home projects in California and Nevada, to analyze current base prices of active projects in the surrounding market area.
We surveyed four areas proximate to former or existing refineries, which included the neighborhood immediately south of the Chevron Richmond Refinery, as well as the area east of the Chevron Richmond Refinery, neighborhoods adjacent to the Phillips 66 San Francisco Refinery and the NuStar Energy within Hercules and Rodeo, and the neighborhoods adjacent to the Shell Martinez Refinery.
A summary of detached single‐family home resales within each of these queried locations since January 1, 2021 is provided in the table below. Further detail of these quires as provided by the MLS are provided at the end of this letter.
4 There is also one active detached project within Richmond, developed by William Lyon Homes; this is a small lot (2,000 sf) subdivision of 95 homes. The project summery as provided by The Gregory Group is shown on the following page; this project is located at the southeast quadrant of Marina Way S. and Wright Avenue, south of Interstate 580. It is east of the Harbor Channel and north of the Inner Harbor Basin, approximately 0.8 miles north of the waterfront.
Nighborhood:
South of Chevron
Richmond Refinery
East of Chevron
Richmond Refinery
Adjacent to Phillips 66
San Francisco Refinery &
NuStar Energy
Adjacent to Shell
Martinez Refinery
No. of Sa l es Si nce 1/2021 2 19 42 32
Home Price
Minimum $1,575,000 $490,000 $750,000 $385,000
Maximum $1,800,000 $805,000 $1,425,000 $1,125,000
Avera ge $1,687,500 $622,833 $1,032,448 $774,154
Home Size
Minimum 2,300 991 2,053 1,231
Maximum 3,161 2,869 4,200 3,118
Avera ge 2,731 1,814 2,856 1,890
Price per SF
Minimum $569.44 $263.03 $277.38 $298.27
Maximum $684.78 $600.40 $488.00 $564.13
Avera ge $627.11 $356.39 $365.89 $425.56
Days on Market
Minimum 4 2 0 3
Maximum 41 163 92 68
Avera ge 23 26 19 17
Year Bui l t
Minimum 2006 2001 2000 2002
Maximum 2014 2020 2021 2019
Avera ge 2010 2006 2007 2011
5 The homes within this project are smaller than the average single‐family home (detached) proposed for the subject (3,500 square feet). Further, given its location further removed from the waterfront, a base price for the subject above this project is reasonable.
Of the recent single‐family home resales (detached) within the immediate area of the Chevron Richmond Refinery, the homes located to the south, most proxima te to the water are considered most similar to the subject. Two homes sold within this surveyed area:
Address Year Built Bed / Bath Home Size Sales Price 500 Tremont Avenue 2014 3 bed/3 bath 2,300 SF $1,575,000 531 Santa Fe Avenue 2006 4 bed/ 4 bath 3,161 SF $1,800,000
Considering the subject would be new construction, and considering its hillside location, based on the data herein a base price for the average 3,500 square foot home within the range of $1,800,000 and $2,000,000 is considered reasonable (approximately $514 to $571 per square foot).
6 As for the attached for‐sale product, there was limited resales within the queried areas. Specifically, there were five attached resales within a project in Martinez, adjacent to the Shell Martinez Refinery, which ranged from $650,000 and $714,688. These homes were constructed in 2016 and were between 1,874 and 2,074 square feet in size.
There are two active attached projects located in El Cerrito and Martinez. Again, given the inland location of Martinez, limited reliance is given to the active project in this market area. El Cerrito is located southeast of Richmond, east of Interstate 80. While this project does not feature a waterfront location, or close proximity to the waterfront, we have considered the current base pricing of this project in order to estimate the base price of the subject’s attached for‐sale product types (low rise apartments and townhomes, and mid‐rise condominiums).
The low‐rise apartments and townhomes are proposed to have an average unit size of 1,800 square feet, and mid‐rise condominiums 1,500 square feet. Based on the subject’s location and development along the hillside of Point Molate, it is reasonable to expect base prices towards the upper end of the range indicated by the Village 29 project (excluding the smallest (410 sf units)), which range from $928,952 to $1,598,499). Therefore, a base price for the average 1,800 square foot townhome unit within the range of $1,377,000 and $1,440,000 is considered reasonable (approximately $765 to
7 $800 per square foot), and for the 1,500 square foot condominium unit a price between $1,425,000 and $1,485,000 is reasonable (approximately $950 to $990 per square foot).
Finally, we will examine the ability to pay among prospective buyers for the highest estimated price points concluded for each of the for‐sale residential components. First, we will estimate the required annual household income based on typical mortgage parameters in the subject’s market area.
Specifically, we will employ a loan‐to‐value ratio of 80% (down payment of 20%), mortgage interest rates of 3.00%, 360 monthly payments, and a 40% ratio for the housing costs as a percent of monthly income (inclusive of principal, interest, all taxes and insurance). As alluded to above, property tax payments are accounted for in the analysis. Total taxes (ad val orem taxes, direct charges and bond payments) of 2.0% of assessed value, which includes future prop osed CFD Special Taxes, is utilized for this analysis.
The following table shows the estimate of the annual household income that would be required to afford homes priced at the estimated price points.
In the following table we show the income brackets within a seven‐mile radius of the subject along with estimates of the percentage of households able to afford the low rise townhomes priced at $1,440,000 within each income bracket. Although, a representative area of typical buyers for the subject property would likely characterize a broader area.
8 For‐Rent Residential
The for‐rent residential component is proposed to include three product lines: 68 low rise apartments and townhomes (1,500 square foot average unit size), 157 mid‐rise apartments (1,000 square foot average unit size) and 67 affordable units (800 square foot average unit size).
In the collection of market data we searched for multifamily properties have sold since January 1, 2020 within market areas surrounding Richmond, which included, but not limited to, Oakland, Berkley, Martinez, San Pablo, El Cerrito and Alameda. We compiled 21 sales; although, a majority of these properties were constructed between 1960 and 2000. Only four sales were of newer construction, between 2003 and 2020, and are summarized in the following table:
Considering the sales above, the estimated value of $400,000 per low rose apartment/townhome unit as shown in the finance place is supportable, as well as the $450,000 per mid‐rise apartment unit.
Due to the limited information available related to the affordable for‐rent units (i.e., very low, low, moderate income restrictions, etc.), it is difficult to opine on the anticipated sale price, as affordable housing transactions can be influenced by deed restrictions, housing assistance programs and whether low‐income housing tax credits (LIHTC) are available. Thus, a value to some degree less than the market rate units is probable.
Non‐Residential
Address City Specific Use Sale Date
Effective
Sale Price Occupanc
Gross
Building
Area SF
GLA/
Rentable
Area
No.
of
Units Price/Units
Year
Built
1401 Jackson St. Oakland Multifamily-Retail 2/24/2020 $20,500,000 100% 39,0 41 39,041 45 455,556$ 2009 334 Main St. Martinez Garden/Low Rise 4/2/2020 $1,500,000 100% 2,530 2,530 4 375,000$ 2003 625 16th Street Oakland Mid/High-Rise 6/2/2020 $77,900,000 0% 130,00 09 6 , 0 0 5 1 4 0 5 5 6 , 4 2 9$ 2020 4901 Broadway Oakland Multifamily-Retail 3/31/2020 $80,995,000 94% 9 8,618 98,618 130 623,038$ 2018
9 The non‐residential component is proposed to include approximat ely 55,000 square feet of rentable restaurant/retail space, 304,580 square feet of rentable mixed use office R&D space, and 31,194 square feet of rentable office space.
According to CompStak, a nationwide commercial real estate data platform, the average commercial (office, retail and industrial) lease rate over the past six months in the Richmond/San Pablo submarket was $35.40 per square foot and an average net effective lease rate of $37.68 per square foot. The average lease term was four years and six months, while the ave rage tenant improvement allowance was $3.47 per square foot and average free rent was 2.3 months.
For purposes of analyzing non‐residential land uses encumbered by a CFD, we identified the Pacific Commons Power Center, which is part of the City of Fremont Comm unity Facilities District (CFD) No. 1 (Pacific Commons). This project was predominately constructed between 2004 and 2006. We queried CoStar Property Analytics for recent leasing activity of commercial properties (office, retail, R&D) within the Pacific Commons Power Center and the surrounding properties within the boundaries of the City of Fremont CFD No. 1 (Pacific Commons), a map of which is provided on the following page (CFD boundary lines are approximate).
10 Address Property Type Tenant/Occupant
Building
Class
Rentable
Building Area
(SF)
CoStar Estimated
Rent ($/SF/Yr.)*
Current Asking
Rent ($/SF/Yr.)
43950 Pacific Commons Blvd. Department Store Target B 138,000 $20.00 ‐ 25.00 43923 Pacific Commons Blvd. Freestanding Dick's Sporting Goods B 46 ,000 $22.00 ‐ 26.00 43917 Pacific Commons Blvd. Freestanding Century Theaters C 60,000 $ 21.00 ‐ 25.00 43621 Pacific Commons Blvd. Freestanding Costco B 119,118 $28.00 ‐ 3 4.00 43612 Pacific Commons Blvd. Freestanding B 168,593 $25.00 ‐ 31.00 43349 Pacific Commons Blvd. Fast Food In‐N‐Out Burger B 3,160 $30.00 ‐ 37.00 43330 Pacific Commons Blvd. Restaurant B 14,300 $31.00 ‐ 38.00 43810 Cushing Pky. Freestanding B 22,718 $15.00 ‐ 19.00 5318‐5338 Curie St. Freestanding B 6,680 $27.00 ‐ 33.00 43960‐43986 Christy St. Freestanding B 12,000 $20.00 ‐ 25.00 43810 Christy St. Freestanding B 7,539 $31.00 ‐ 38.00
43782 Christy St. Freestanding Kohl's B 98,888 $28.00 ‐ 35.00 43706‐43756 Christy St. Freestanding B 92,077 $22.00 ‐ 27.00 43522‐43598 Christy St. Freestanding B 78,247 $29.00 ‐ 35.00 43405‐43425 Christy St. Freestanding B 8,906 $29.00 ‐ 36.00 43316 Christy St. Restaurant B 6,603 $31.00 ‐ 37.00
* The CoStar Estimated Rent™ is CoStar’s estimated starting rent for new leases in a building. Estimated Rents are determined through a proprietary algorithm that includes several key data points, such as current historical asking rents, historical lea se transactions, market submarket trends, and more.
11 According to CoStar, the market retail lease rate for the city of Fremont is $33.40 per square foot and the market industrial lease rate is $16.53 per square foot. Based on the market averages for the city of Fremont as reported by CoStar, the data for commercial properties encumbered by a CFD (Pacific Commons) are generally consistent, if not slightly less than lease rates of unencumbered commercial properties.
In the collection of market data we searched for new lease comparable for commercial properties (office, retail, R&D) within market areas surrounding Richmond, which included, but not limited to, Oakland, Berkley, El Cerrito and Alameda. Our query identified six full service leases, three triple net leases and two modified gross leases. A majority of the comparables are of newer construction, or renovated within the last 20 years. The comparables are summarized in the following table by lease reimbursement method.
Address Property Type
Building
Class
Rentable
Building Area
(SF)
CoStar Estimated
Rent ($/SF/Yr.)*
Current Asking
Rent ($/SF/Yr.)
44320 Nobel Dr. Light Distribution B 105,700 $14.00 ‐ 17.00 44259 Nobel Dr. R&D C 60,000 $13.00 ‐ 16.00
44235 Nobel Dr. R&D B 74,166 $21.00
44217 Nobel Dr. Light Manufacturing B 65,332 $15.00 ‐ 18.00 44201 Nobel Dr. Light Manufacturing B 129,931 $15.00 ‐ 18.00 44091‐44131 Noebl Dr. Light Manufacturing B 187,298 $10.00 ‐ 12.00 44051‐44061 Nobel Dr. Light Manufacturing B 53,250 $11.00 ‐ 13.00 6700 Automall Pky. Warehouse B 474,454 $10.00 ‐ 12.00
44509 Pacific Commons Blvd. Warehouse B 178,910 $10.00 ‐ 12.00 44508 Pacific Commons Blvd. Warehouse B 104,399 $10.00 ‐ 12.00 44109 Pacific Commons Blvd. Warehouse B 369,180 $10.00 ‐ 12.00 44108 Pacific Commons Blvd. Manufacturing B 101,191 $14.00 ‐ 17.00 5588 Cushing Pky. Warehouse A 814,852 $10.00 ‐ 12.00
5567 Cushing Pky. Warehouse A 163,193 $10.00 ‐ 12.00
44307 Christy St. R&D B 88,246 $15.00 ‐ 19.00
44300 Christy St. R&D B 42,604 $10.00 ‐ 12.00
44200 Christy St. R&D B 42,515 $15.00 ‐ 19.00
5210 Bunche Dr. R&D B 35,109 $15.00 ‐ 18.00
5165‐5177 Brandin Ct. R&D B 15,112 $9.00 ‐ 11.00
5121‐5127 Brandin Ct. Manufacturing B 21,619 $13.00 ‐ 16.00 5120 Brandin Ct. Warehouse B 15,400 $13.00 ‐ 16.00
5071‐5087 Brandin Ct. Light Manufacturing B 32,626 $15.00 ‐ 18.00 5070 Brandin Ct. Manufacturing B 56,257 $12.00 ‐ 15.00
5020 Brandin Ct. R&D B 76,599 $12.00 ‐ 14.00
5005‐5055 Brandin Ct. Light Manufacturing B 70,074 $12.00 ‐ 14.00 * The CoStar Estimated Rent™ is CoStar’s estimated starting rent for new leases in a building. Estimated Rents are determined through a proprietary algorithm that includes se veral key data points, such as current historical asking rents, historical lease transactions, market submarket trends, and more. 12 Focusing on the newer construction, or properties renovated within the last 20 years, the market suggests a commercial lease rate within the following ranges: $62.28 to $68.88 per square foot, full service, and $45.00 to $65.00 per square foot, triple net. The modified gross lease comparables are of older construction (1962 and 1987); thus, limited reliance is placed on these comparables.
Considering the lease data presented herein, the estimated market lease rate for the subject’s non‐ residential components in the range of $60.00 to $70.00 per square foot, full service, is considered reasonable given the subject will be of new construction, but also considers the additional CAM related to special taxes (proposed CFD).
Sara Gilbertson
Certified General Real Estate Appraiser
California Certificate # 3002204
Eric Segal, MAI
Certified General Real Estate Appraiser
California Certificate # AG026558
Address City Start Date
Rentable Area
(Lease)
Lease
Term
Lease
Reimbursement
Method Lessee
Effective Rental
Rate ($/SF/Yr)
Effective Rental
Rate ($/SF/Mo)
Property
Class
Year
Built
Year
Renovated Stories
1221 Broadway Oakland 12/1/2021 79,357 126 Full Service Fivetran $65.04 $5.42 A 1976 24 1300 Clay St. Oakland 11/15/2021 9,441 128 Full Service Terrphase Engineering $62.28 $5.19 A 1990 2002 11 501 14th St. Oakland 10/1/2021 8,448 64 Full Service Allied Administrators $51.84 $4.32 B 1990 3 426 17th St. Oakland 9/1/2021 9,243 84 Full Service Haley & Aldrige $63.48 $5.29 B 1927 2001 7 1111 Broadway Oakland 9/1/2021 14,647 91 Full Service Gibbs Law Group $68.88 $5.74 A 1990 2002 24 1999 Harrison St. Oakland 5/1/2021 9,106 39 Full Service Husch Blackwell $64.20 $5.35 A 1985 2006 27 Minimum 8,448 39 $51.84 $4.32
Maximum 79,357 128 $68.88 $5.74
Av erage 21,707 89 $62.62 $5.22
2580 Bancroft Way Berkeley 8/1/2021 3,400 180 Triple Net Raising Cane's $65.00 $5.42 A 2021 8 11720-11760 San Pablo Ave. El Cerrito 7/19/2021 898 36 Triple Net Gangnam Tofu $27.00 $2.25 B 1977 4 2450 Valdez St. Oakland 7/1/2021 4,123 120 Triple Net Limon Rotisserie $45.00 $3.75 A 2019 7 Minimum 898 36 $27.00 $2.25
Maximum 4,123 180 $65.00 $5.42
Av erage 2,807 112 $45.67 $3.81
3017 Telegraph Ave. Berkeley 8/1/2021 2,462 120 Modified Gross Yip, P. $37.76 $3.15 B 1987 3 396-398 Colusa Ave. Kensington 1/1/2021 1,075 36 Modified Gross Natura Health & Wellness $30.00 $2.50 B 1962 1 Minimum 1,075 36 $30.00 $2.50
Maximum 2,462 120 $37.76 $3.15
Av erage 1,769 78 $33.88 $2.82
MLS Resale Data
Map Report
Listings
#Listing #StatusAddress City ZIP CodeArea TypePrice BedsBathsSq FtAcres 140950983Closed500 Tremont Ave Richmond94801 Richmond-Point Richm RESI$1,575,0003 3 23000.1492 240954299Closed531 Santa Fe Ave Richmond94801 Richmond-Point Richm RESI$1,800,0004 4 31610.1376 Presented By: Eric Segal Lic: AG026558 / Seevers Jordan Ziegenmeyer Phone: 415-435-3883 Lic:Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from various sourcesand has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045 Map data ©2021 Google
Statistical Summary
Criteria
Map Draw 1 Shape Property Types RESI, RESL, INCP Status Closed (1/1/2021 or after) Year Built 2000 or more Listing Statuses
Active Pending Closed Other Total
0 0 2 0 2
Aggregate Statistics
Minimum Average Median Maximum Tot. Val.
Bedrooms 3 4 4 4
Bathrooms 3 3 3 4
Square Feet 2,300 2,731 2,730 3,161
Approx Lot Size Acres 0.14 0.14 0.14 0.15
Approx Lot Size SqFt 5,996 6,248 6,248 6,500
Year Built* 2006 2010 2010 2014
Listing Price $1,699,000 $1,699,500 $1,699,500 $1,700,000 Listing Price Per Sq. Ft. $537.49 $638.31 $638.31 $739.13 Lot Size Listing Per Acre $11,392,615.38$11,867,792.02$11,867,792.02$12,342,968.65 Closed Price $1,575,000 $1,687,500 $1,687,500 $1,800,000 $3,375,000 Closed Price Per Sq. Ft. $569.44 $627.11 $627.11 $684.78 Lot Size Closed Price Per Acre$10,554,923.08$11,815,820.44$11,815,820.44$13,076,717.81 DOM 4 22 22 41
CDOM 4 22 22 41
*Calculations for this field only use listings with valid values; listings with blank or zero values are excluded DOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 1 50 105.94
31-60 Days 1 50 92.65
61-90 Days 0 0
91-120 Days 0 0
120+ Days 0 0
# of Listings % of Total SP % LP
Totals/Averages 2 100 99.30
CDOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 1 50.00 105.94
31-60 Days 1 50.00 92.65
61-90 Days 0 0.00
91-120 Days 0 0.00
120+ Days 0 0.00
Totals/Averages 2 100 99.30
Eric Segal
Seevers Jordan Ziegenmeyer
Phone: Primary:415-435-3883 Office: 415-435-3883 Email: [email protected] Lic: AG026558 Office Lic.:
Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from varioussources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045Generated: 12/13/2021 10:35 AM Map Report
Listings
#Listing #StatusAddress City ZIP CodeArea TypePrice BedsBathsSq FtAcres 140915899Closed642 5th N St Richmond 94801Richmond-North & WesRESI$545,00042 20720.1993 281807312Closed11 Willard Ave Richmond 9480120803 RESI$490,00043 13610.0574 340922734Closed1541 Giaramita St Richmond 94801Richmond-North & WesRESI$629,00042 16860.1148 440926889Closed535 Marina Bay Pkwy PkwyRichmond 94804Richmond-South INCP$1,050,000 0 41580.1256 540929019Closed145 Ellison Ln Richmond 94801Richmond-North & WesRESI$608,00043 20550.0597 640942310Closed1318 York St Richmond 94801Richmond-North & WesRESI$520,00033 15800.0574 740946808Closed116 Spears Cir Richmond 94801Richmond-North & EasRESI$805,00053 24010.0597 840947576Closed481 Metro Walk Way Richmond 94801Richmond-North & EasRESI$581,00044 17600.0293 940946807Closed1533 Hoffman Blvd Richmond 94804Richmond-South RESI$775,00042 28690.2009 1040949853Closed251 S 3rd St Richmond 94804Richmond-South RESI$600,00033 16310.0646 11421561858Closed479 Metro Walk Way Richmond 94801Richmond/San Pablo RESI$585,00044 16490.0253 1240954442Closed140 Spears Cir Richmond 94801Richmond-North & EasRESI$720,00043 24010.0551 1340955718Closed407 Malcolm Dr Richmond 94801Richmond-North & WesRESI$750,00033 20670.0590 1440956997Closed310 Village Ln Richmond 94801Richmond-North & WesRESI$590,00044 17600.0325 1540960863Closed580 Sanford Ave North Richmond94801Richmond-North & WesRESI$595,00032 9910.1148 1681856442Closed272 Malcolm Dr Richmond 94801Richmond-North & WesRESI$675,00033 18290.0823 1781859461Closed465 Metro Walk Way Richmond 94801Richmond-North & WesRESI$595,00044 16660.0300 1840966470Closed448 Marina Way Richmond 94801Richmond-North & WesRESI$608,00034 16400.0224 1940970459Closed1344 Battery St Richmond 94801Richmond-North & WesRESI$540,00032 12260.0574 Presented By: Eric Segal Lic: AG026558 / Seevers Jordan Ziegenmeyer Phone: 415-435-3883 Lic:Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from various sourcesand has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045 Map data ©2021 Google
Statistical Summary
Criteria
Contains selected listings. Map Draw 1 Shape Property Types RESI, RESL, INCP Status Closed (1/1/2021 or after) Year Built 2000 or more Listing Statuses
Active Pending Closed Other Total
0 0 19 0 19
Aggregate Statistics
Minimum Average Median Maximum Tot. Val.
Bedrooms 0 3 4 5
Bathrooms 0 2 3 4
Square Feet 991 1,937 1,760 4,158
Approx Lot Size Acres 0.02 0.08 0.06 0.20
Approx Lot Size SqFt 975 3,318 2,570 8,750
Year Built* 2001 2006 2006 2020
Listing Price $449,999 $614,505 $575,000 $1,098,000
Listing Price Per Sq. Ft. $236.21 $333.18 $335.44 $552.98 Lot Size Listing Per Acre $2,760,138.25$11,388,236.95$9,234,720.00$25,689,230.77 Closed Price $490,000 $645,316 $600,000 $1,050,000 $12,261,000 Closed Price Per Sq. Ft. $252.53 $350.92 $354.76 $600.40 Lot Size Closed Price Per Acre$2,735,046.08$11,983,802.70$9,408,960.00$27,163,569.23 DOM 2 25 16 163
CDOM 2 27 17 163
*Calculations for this field only use listings with valid values; listings with blank or zero values are excluded DOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 15 78 105.82
31-60 Days 3 15 99.89
61-90 Days 0 0
91-120 Days 0 0
120+ Days 1 5 108.89
# of Listings % of Total SP % LP
Totals/Averages 19 100 104.87
CDOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 14 73.68 105.81
31-60 Days 4 21.05 101.31
61-90 Days 0 0.00
91-120 Days 0 0.00
120+ Days 1 5.26 108.89
Totals/Averages 19 100 105.34
Eric Segal
Seevers Jordan Ziegenmeyer
Phone: Primary:415-435-3883 Office: 415-435-3883 Email: [email protected] Lic: AG026558 Office Lic.:
Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from varioussources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045Generated: 12/13/2021 10:39 AM Map Report
Listings
#Listing #StatusAddress City ZIP CodeArea TypePrice BedsBathsSq FtAcres 122029852Closed163 Trestle Cv Hercules94547 21137 RESI$945,0005 4 31700.1295 222030132Closed160 Watermark Ter Hercules94547-265821137 RESI$1,085,0004 3 30270.1605 340914545Closed701 San Pablo Ave Rodeo94572 Rodeo INCP$2,400,000 0 176520.6200 440913953Closed172 Watermark Ter Hercules94547 Hercules-1301 RESI$1,100,0005 4 32390.1753 540925020Closed181 Copper Beech Gln Hercules94547 Hercules-1301 RESI$750,0004 3 21230.0959 640928942Closed512 Laurelwood Dr Hercules94547 Hercules-1302 RESI$830,0005 3 27030.1104 740932406Closed163 Trestle Cv Hercules94547 Hercules-1302 RESI$945,0005 4 31700.1295 840933373Closed160 Maritime Ter Hercules94547 Hercules-1302 RESI$1,135,0004 5 34890.2689 940934253Closed139 Dockside Bay Hercules94547 Hercules-1302 RESI$1,040,0006 4 36340.2302 1040933007Closed1042 Gardenia Loop Hercules94547 Hercules-1302 RESI$920,0005 4 28030.0803 1140935034Closed121 S Arbor Bay Hercules94547 Hercules-1302 RESI$1,125,0005 5 34890.1287 1240936703Closed1975 Vista Del Rio St Crockett94525 Crockett/Port CostaRESI$1,165,0004 4 42000.3444 1340937534Closed124 Jacaranda Ct Hercules94547 Hercules-1301 RESI$810,0004 3 21080.1031 1440937502Closed1045 Rock Harbor Pt Hercules94547 Hercules-1302 RESI$1,270,0005 4 34100.1399 1540938177Closed118 Hidden Cove Hercules94547 Hercules-1302 RESI$1,200,0005 4 32280.1661 1640938875Closed1159 Lantern Bay Hercules94547 Hercules-1301 RESI$950,0004 3 24590.1060 17221017058Closed1942 Tioga Loop Hercules94547-2793Hercules-1302 RESI$910,0004 4 24190.0538 18221021129Closed1851 Shasta Ln Hercules94547-2748Hercules-1302 RESI$855,0003 3 25550.0501 1940940532Closed121 Watermark Ter Hercules94547 Hercules-1302 RESI$1,250,0004 4 33890.1519 2040943741Closed181 Trestle Cv Hercules94547 Hercules-1301 RESI$1,128,8884 3 25060.1440 21321021922Closed2009 Shasta Ln Hercules94547-2788Hercules-1301 RESI$920,0004 4 24410.0451 22321022611Closed1045 S Shelter Bay Hercules94547-2633Hercules-1301 RESI$1,005,0005 3 31700.1148 23321027090Closed1012 N Shelter Bay Hercules94547-2617Hercules-1302 RESI$1,264,0005 4 34100.1449 2440948399Closed1039 Regatta Pt Hercules94547 Hercules-1302 RESI$1,425,0005 5 38320.1545 25321027921Closed759 Edward Werth Dr Rodeo94572-1458Rodeo RESI$769,9995 3 2300 2640949943Closed112 White Cap Cv Hercules94547 Hercules-1302 RESI$1,200,0004 3 24590.1014 2781845098Closed2007 Tioga Loop Hercules94547 Hercules-1301 RESI$922,5004 4 24190.0433 2840948082Closed1060 Victoria Park Hercules94547 Hercules-1301 RESI$1,310,0005 4 34100.1391 2940951906Closed169 Trestle Cv Hercules94547 Hercules-1302 RESI$1,275,0004 4 29370.1430 3040950434Closed154 Driftwood Cv Hercules94547 Hercules-1302 RESI$1,050,0004 3 24590.1165 3140953674Closed1009 Gardenia Loop Hercules94547 Hercules-1301 RESI$1,078,0004 3 30340.0781 32421564184Closed1066 Gardenia Loop Hercules94547-2621Hercules-1301 RESI$1,104,0005 4 28030.0871 3340955207Closed115 Boxwood Ln Hercules94547 Hercules-1302 RESI$960,0004 3 21080.1258 3440958189Closed130 Copper Beech Gln Hercules94547 Hercules-1302 RESI$860,0004 3 22570.0792 3540958929Closed169 Copper Beech Gln Hercules94547 Hercules-1302 RESI$990,0005 3 24180.0890 3681855250Closed1150 Waverly Cir Hercules94547 Hercules-1301 RESI$870,0004 3 24000.0933 3781857555Closed1970 Tioga Loop Hercules94547 Hercules-1301 RESI$901,0004 4 24190.0444 3840962687Closed515 Laurelwood Dr Hercules94547 Hercules-1302 RESI$900,0004 3 24000.1088 3940963160Closed202 Stone Pine Ct Hercules94547 Hercules-1302 RESI$845,0003 3 20530.0997 Map data ©2021 Google
#Listing #StatusAddress City ZIP CodeArea TypePrice BedsBathsSq FtAcres 4040965281Closed1027 Gardenia Loop Hercules94547 Pinole RESI$1,017,0004 3 30340.0781 4140966833Closed145 Driftwood Cv Hercules94547 Hercules-1302 RESI$1,000,0005 3 27300.0918 42321088115Closed109 Watermark Ter Hercules94547-2648Hercules-1301 RESI$1,250,0005 5 34890.1301 Presented By: Eric Segal Lic: AG026558 / Seevers Jordan Ziegenmeyer Phone: 415-435-3883 Lic:Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from various sourcesand has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045 Statistical Summary
Criteria
Contains selected listings. Map Draw 1 Shape Property Types RESI, RESL, INCP Status Closed (1/1/2021 or after) Year Built 2000 or more Listing Statuses
Active Pending Closed Other Total
0 0 42 0 42
Aggregate Statistics
Minimum Average Median Maximum Tot. Val.
Bedrooms 0 4 4 6
Bathrooms 0 3 3 5
Square Feet 2,053 3,208 2,803 17,652
Approx Lot Size Acres 0.04 0.13 0.11 0.62
Approx Lot Size SqFt 1,885 5,839 4,905 27,007
Year Built* 2000 2007 2004 2021
Listing Price $750,000 $1,005,729$936,250 $2,450,000
Listing Price Per Sq. Ft. $138.79 $339.05 $352.95 $427.00 Lot Size Listing Per Acre $2,889,480.00$9,335,088.98$8,226,635.60$20,279,174.34 Closed Price $750,000 $1,065,009$1,011,000$2,400,000 $44,730,387 Closed Price Per Sq. Ft. $135.96 $360.41 $369.76 $488.00 Lot Size Closed Price Per Acre$3,383,160.00$9,900,954.44$8,834,288.25$21,317,824.93 DOM 0 22 10 151
CDOM 0 23 10 151
*Calculations for this field only use listings with valid values; listings with blank or zero values are excluded DOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 33 78 107.52
31-60 Days 5 11 99.10
61-90 Days 2 4 109.63
91-120 Days 1 2 101.01
120+ Days 1 2 97.96
# of Listings % of Total SP % LP
Totals/Averages 42 100 103.04
CDOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 31 73.81 107.86
31-60 Days 7 16.67 99.87
61-90 Days 2 4.76 109.63
91-120 Days 1 2.38 101.01
120+ Days 1 2.38 97.96
Totals/Averages 42 100 103.27
Eric Segal
Seevers Jordan Ziegenmeyer
Phone: Primary:415-435-3883 Office: 415-435-3883 Email: [email protected] Lic: AG026558 Office Lic.:
Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from varioussources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045Generated: 12/13/2021 10:29 AM Map Report
Listings
#Listing # StatusAddress City ZIP Code Area TypePrice BedsBathsSq FtAcres 140903570 Closed14 Goree Ct Martinez94553 MartinezRESI$640,000 3 2 16790.2124 240934620 Closed1241 Santa Fe Ave Martinez94553 MartinezRESI$540,000 2 2 0.0918 340935099 Closed113 Tierney Pl Martinez94553 MartinezRESI$650,000 4 4 2065 440935929 Closed516 Falling Star Dr Martinez94553 MartinezRESI$670,000 3 3 15160.0644 5421516446Closed965 Shadow Hill Martinez94553-4849MartinezRESI$718,000 3 3 17260.0672 640938863 Closed221 Tierney Pl Martinez94553 MartinezRESI$710,000 4 4 1874 740939073 Closed4472 Actriz Pl Martinez94553 MartinezRESL$3,100 4 3 17720.1377 840939250 Closed527 Falling Star Dr Martinez94553 MartinezRESI$775,000 4 3 21460.0682 940939485 Closed12 Emshee Ln Martinez94553 MartinezRESI$925,000 4 3 26610.1808 1040941621 Closed1147 Vine Ave Martinez94553 MartinezRESI$850,000 4 3 21770.1217 1140942523 Closed117 Tierney Pl Martinez94553 MartinezRESI$701,000 4 4 2074 1281837268 Closed810 Waterbird Pl Rio Vista94571 Rio vistaRESI$385,000 2 2 12310.1211 1340944787 Closed800 Little Valley Rd Martinez94553 MartinezRESL$3,000 3 3 15160.0683 1440944298 Closed258 Ladybug Ln Martinez94553 MartinezRESI$760,000 3 3 15160.0483 1540945544 Closed602 Falling Star Dr Martinez94553 MartinezRESI$698,000 3 3 15160.0681 1640945771 Closed1131 Vine Ave Martinez94553 MartinezRESI$830,000 3 3 20550.1217 1740945340 Closed16 Emshee Ln Martinez94553 MartinezRESI$975,000 5 3 29760.1808 1840946705 Closed836 Little Valley Rd Martinez94553 MartinezRESI$725,000 3 3 15810.0593 1940947505 Closed2220 Pomona Ave Martinez94553 MartinezRESI$735,000 3 3 17260.1012 2040948938 Closed4424 Actriz Pl Martinez94553 MartinezRESI$777,000 4 3 17720.1395 2140952119 Closed1355 Plaza Dr Martinez94553 MartinezRESI$762,500 3 2 16470.2553 22421553575Closed1161 Plaza Dr Martinez94553 MartinezRESI$720,390 3 2 12770.1138 2340952443 Closed129 Ladybug Ln Martinez94553 MartinezRESI$790,000 3 3 15160.0731 2440951478 Closed611 Falling Star Dr Martinez94553 MartinezRESI$700,000 3 3 15720.0526 2540954999 Closed977 Shadow Hill Dr Martinez94553 MartinezRESI$840,000 3 3 17260.1001 2640955800 Closed1040 Delacy Ave Martinez94553 MartinezRESI$852,000 5 3 25840.1851 2740957266 Closed808 Little Valley Rd Martinez94553 MartinezRESI$740,000 3 3 15810.0647 2840959638 Closed140 Silva Ct Martinez94553 MartinezRESI$1,125,0004 3 29290.2904 2940960558 Closed4536 Actriz Pl Martinez94553 MartinezRESI$785,148 4 3 17710.1907 3040961212 Closed801 Tierney Pl Martinez94553 MartinezRESI$714,688 4 4 2073 3140961273 Closed4456 Actriz Pl Martinez94553 MartinezRESI$930,000 5 4 31180.2134 3240961835 Closed926 Shadow Hill Dr Martinez94553 MartinezRESI$815,000 4 3 21460.0715 3340962370 Closed615 Falling Star Dr Martinez94553 MartinezRESI$735,000 3 3 15720.0526 3440962970 Closed301 Tierney Pl Martinez94553 MartinezRESI$710,000 4 4 2073 3540964907 Closed177 Ladybug Ln Martinez94553 MartinezRESI$725,000 3 3 15160.0445 3640965107 Closed1035 Sierra Ave Martinez94553 MartinezRESI$795,000 3 3 18250.1205 3740967558 Closed252 Explorer Way Martinez94553 MartinezRESI$910,000 4 3 23710.2787 3840967896 Closed29 Ladybug Ct Martinez94553 MartinezRESI$749,900 3 3 15820.0480 3940969379 Closed157 Ladybug Ln Martinez94553 MartinezRESI$795,000 3 3 15820.0552 Map data ©2021 Google
Presented By: Eric Segal Lic: AG026558 / Seevers Jordan Ziegenmeyer Phone: 415-435-3883 Lic:Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from various sourcesand has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045 Statistical Summary
Criteria
Map Draw 1 Shape Property Types RESI, RESL, INCP Status Closed (1/1/2021 or after) Year Built 2000 or more Listing Statuses
Active Pending Closed Other Total
0 0 39 0 39
Aggregate Statistics
MinimumAverage Median Maximum Tot. Val.
Bedrooms 2 3 3 5
Bathrooms 2 3 3 4
Square Feet 1,231 1,896 1,726 3,118
Approx Lot Size Acres 0.04 0.12 0.07 0.29
Approx Lot Size SqFt 1,938 5,205 3,184 12,651
Year Built* 2002 2011 2011 2019
Listing Price $3,000 $695,218 $699,950 $979,000
Listing Price Per Sq. Ft. $1.75 $375.48 $388.02 $508.22 Lot Size Listing Per Acre $22,506.00$7,657,069.93$5,880,600.00$15,731,498.45 Closed Price $3,000 $724,737 $740,000 $1,125,000 $28,264,726 Closed Price Per Sq. Ft. $1.75 $392.50 $403.89 $564.13
Lot Size Closed Price Per Acre$22,506.00$7,991,060.32$6,331,757.14$16,295,665.63 DOM 3 16 11 68
CDOM 3 16 11 68
*Calculations for this field only use listings with valid values; listings with blank or zero values are excluded DOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 35 89 104.70
31-60 Days 3 7 99.34
61-90 Days 1 2 98.39
91-120 Days 0 0
120+ Days 0 0
# of Listings % of Total SP % LP
Totals/Averages 39 100 100.81
CDOM Statistics for Closed Listings
# of Listings % of Total SP % LP
0-30 Days 34 87.18 104.80
31-60 Days 4 10.26 99.53
61-90 Days 1 2.56 98.39
91-120 Days 0 0.00
120+ Days 0 0.00
Totals/Averages 39 100 100.91
Eric Segal
Seevers Jordan Ziegenmeyer
Phone: Primary:415-435-3883 Office: 415-435-3883 Email: [email protected] Lic: AG026558 Office Lic.:
Copyright: 2021 by San Francisco Assoc of REALTORS - All data, including all measurements and calculations of area, is obtained from varioussources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Copyright ©2021 Rapattoni Corporation. All rights reserved. U.S. Patent 6,910,045Generated: 12/13/2021 11:05 AM
Appraiser Qualifications
Eric Segal, MAI
Integra Realty
Resources ‐ Sacramento
irr .com
T 916‐435‐3883
F 916‐435‐4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Experience
Mr . Segal is a Certified General real estate appraiser and holds the Appraisal Institute's MAI designation. In 1998, Mr . Segal began his career in real estate as a research analyst/appraiser trainee for Richard Seevers and Associates. By 1999, he began writing narrative appraisal reports covering a variety of commercial properties, with an emphasis on residential master planned communities and subdivisions. Today, Mr . Segal is a partner in the firm and is involved in appraisal assignments covering a wide variety of properties including office, retail, industrial, multifamily housing, master planned communities, and specializes in the appraisal of Mello‐Roos Community Facilities Districts and Assessment Districts for land‐secured municipal financings, as well as multifamily developments under the U.S. Department of Housing and Urban Development’s Multifamily Accelerated Processing (MAP) Guide. He has developed the experience and background necessary to deal with complex assignments covering an array of property types, with a particular focus on urban redevelopment in the cities of San Francisco, Monterey, Alameda and San Mateo. He has developed the experience and background necessary to deal with complex assignments covering an array of property types. Eric is currently Managing Director of the Integra‐San Francisco office and Senior Managing Director of the Integra‐Sacramento office.
Professional Activities & Affiliations
Appraisal Institute, Member (MAI) Appraisal Institute, January 2016 Licenses
California, Certified General, AG026558, Expires February 2023 Nevada, Certified General, A.0207666‐CG, Expires January 2023 Arizona, Certified General, CGA ‐ 1006422, Expires January 2022 Washington, Certified General, 20100611, Expires June 2023 Education
Academic:
Bachelor of Science in Business Administration (Concentrations in Finance and Real Estate & Land Use Affairs), California State University, Sacramento
Appraisal and Real Estate Courses:
Uniform Standards of Professional Appraisal Practice
Appraisal Principles
Basic Income Capitalization
Highest & Best Use and Market Analysis
Advanced Income Capitalization
Report Writing and Valuation Analysis
Self‐Storage Economics and Appraisal Seminar
Appraisal Litigation Practice and Courtroom Management
Hotel Valuations: New Techniques for today’s Uncertain Times Computer Enhanced Cash Flow Modeling
Advanced Sales Comparison & Cost Approaches
Advanced Applications
Supervisor‐Trainee Course for California
[email protected] ‐ 916‐435‐3883 x228
Sara Gilbertson
Integra Realty
Resources ‐ Sacramento
irr .com
T 916‐435‐3883
F 916‐435‐4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Experience
Ms. Gilbertson is a licensed appraiser with Integra Realty Resources, a real estate appraisal firm that engages in a wide variety of real estate valuation and consultation assignments. She joined the firm in April 2011 after completing her bachelor's degree at California State University, Sacramento and has been writing narrative appraisal reports for a variety of commercial properties. She has experience in writing narrative appraisal reports covering a variety of commercial properties, as well as special use properties including self storage facilities, hotels and mobile home parks. She also specialized in the appraisal of residential master planned communities and subdivision, as well as Mello Roos and Assessment Districts for land secured municipal financings. Ms. Gilbertson has developed the experience and background necessary to deal with complex assignments covering an array of property types.
Licenses
California, Certified General Real Estate Appraiser, 3002204, Expires May 2022 Education
Academic:
Bachelor of Science in Business Administration (Concentration in Real Estate and Land Development), California State University, Sacramento
Appraisal Institute Courses:
Basic Appraisal Principles
Basic Appraisal Procedures
Uniform Standards of Professional Appraisal Practice
Real Estate Finance and Statistics and Valuation Modeling Sales Comparison Approach
Report Writing and Case Studies
Market Analysis and Highest and Best Use
Site Valuation and Cost Approach
Basic Income Capitalization
4‐Hour Federal and California Statutory and Regulator Laws Quantitative Analysis
Business Practices and Ethics
Advanced Market Analysis and Highest and Best Use
Advanced Income Capitalization
Advanced Concepts and Case Studies
7‐Hour National USPAP Update Course
[email protected] ‐ 916‐435‐3883 x248
About IRR
Integra Realty Resources, Inc. (IRR) provides world‐class comme rcial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean.
IRR offices are led by MAI‐designated Senior Managing Directors , industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions.
Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market.
Local Expertise...Nationally!
irr.com