Eden Housing
11 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Crescent Grove 2025 72 Castro Valley
The Riveter 2025 41 San Rafael
Light Tree Apartments 2024 128 East Palo Alto
Blue Oak Landing 2024 75 Vallejo
Solaire Apartments 2023 130 San Jose
Vivalon Healthy Aging Campus 2023 67 San Rafael
Mesa Terrace 2023 46 San Jose
The Randall 2023 41 Healdsburg
Granite Ridge 2022 73 Fremont
Walnut Grove 2022 50 Los Gatos
Loro Landing 2022 62 San Leandro
The Starling 2022 70 Alameda
Reilly Station 2021 61 Fremont
Corsair Flats 2020 60 Alameda
Hana Gardens 2018 63 El Cerrito
Pauline Weaver 2018 100 Fremont
Miraflores 2018 80 Richmond
Valor Crossing 2017 66 Dublin
Cranes Landing 2017 80 Lodi
Alta Mira 2016 151 Hayward
Camphora Apartments 2016 44 Soledad
Studio 819 Apartments 2015 49 Mountain View
Weinreb Place 2015 22 Hayward
Eden Housing
12 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Recent Public Disposition Experience
Our constantly growing pipeline is predominantly growing by the addition of sites that were awarded to Eden through a form of public disposition. Throughout California, Eden has a history of winning sites offered by cities, counties, and the State through RFP, the Surplus Lands Act, the State Excess Sites program, or some other form. We continue to be trusted by municipalities to develop their land assets and we highly value our reputation for delivering on our promises. The table below is a select list of projects currently in our pipeline that we have acquired through public disposition just in the last five years.
PROJECT NAME LOCATION UNITS YEAR AWARDED
LAS DELTAS North Richmond 115 2025
BAY POINT VETERANS Bay Point 80 2025
BENICIA SENIORS Benicia 97 2025
WOLFE ROAD Cupertino 156 2024
77TH AND BANCROFT Oakland 90 2023
PACIFIC STATION NORTH Santa Cruz 128 2023
LIBERATION PARK Oakland 119 2022
73RD STREET San Diego 120 2022
EAST LAUREL DRIVE Salinas 132 2022
MULBERRY - SENIORS Riverside 59 2021
MULBERRY - FAMILY Riverside 150 2021
OAK HILL Marin 115 2021
DOWNTOWN LIBRARY Santa Cruz 124 2021
MITCHELL PARK PLACE Palo Alto 50 2021
EAST SANTA CLARA SENIOR San Jose 68 2021
DONNER FIELD Sacramento 67 2020
Eden Housing
13 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Relevant Experience
A diverse and expansive portfolio such as Eden’s provides the organization with deep experience that it can apply to any new project. In recent years, due to the increasing complexity of affordable housing and California development in general, Eden has increasingly taken on complicated and new types of project that have required innovation and creativity. This includes partnering with non-profit organizations and/or for-profit developers, building in dense urban areas, implementing creative financing strategies, and working hand-in-hand with municipalities to overcome NIMBYism and other roadblocks that generally block affordable housing.
For this submission, we have highlighted three recent projects that we think are highly relevant to this proposal. All three projects feature either Seniors, sites acquired through a form of public agency disposition, and/or built on a small site in a tight neighborhood context
Eden Housing
14 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
DONNER FIELD SENIOR APARTMENTS
4501 9th Avenue, Sacramento, CA
55+ Senior Housing
Highlights:
• Construction start anticipated in October 2025
• Eden Housing was awarded the site through an SHRA-issued RFP in 2020 • 67 Senior Housing units targeted at AMIs 30%-50%, with 17 units reserved for homeless and mental/behavioral health disorders.
• Designed to achieve at least GreenPoint Silver rating and the site features single-family homes on three sides and a charter school on the fourth side. • Mogavero Architects serves as the architect for the project • Total Development cost of $38 million
Reference:
Christine Weichert, Sacramento Housing and Redevelopment Agency [email protected] or (916)440-1353
Eden Housing
15 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
CRESCENT GROVE
22447 Ruby Street, Castro Valley, California
Families, Disabled/Special Needs
Highlights:
• Completed April 2025 after only 15 months of construction followed by full lease up in 30 days.
• 72 units targeted at AMIs 20%-60% with 18 units set aside for families experiencing homelessness, 15 units set aside for Veterans through the VASH program, and 10 units set aside for people with disabilities. • Acquired from CalTrans with the Housing Authority of the County of Alameda (HACA) using the Surplus Lands Act.
• Also built a portion of the San Lorenzo Creekway, a bicycle and pedestrian active transportation corridor.
• Achieved GreenPoint Platinum rating with all electric construction, heat pump hot water and HVAC, rooftop solar, and reclaimed wood. • Total Development cost of $62 million
Reference:
Jennifer Cado, Housing Authority of the County of Alameda [email protected] or 510-727-8514
Eden Housing
16 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
SOLAIRE APARTMENTS
427 Auzerais Avenue, San Jose, California
Families, Senior, Special Needs
Highlights:
• Completed December 2023. 1.03 acre site at 126 units per acre. • 130 units targeted at AMIs 30%-60% with half of the units reserved for permanent supportive housing for formerly homeless individuals. • Utilized Trauma Informed design principles, emphasizing physical, psychological, and emotional safety while promoting empowerment. • 2025 Golden Nugget award winner recognizing exceptional design, planning, and development concepts.
• Total Development cost of $82 million
Reference:
Consula Hernandez, County of Santa Clara
[email protected] or (408) 510-8595
Eden Housing
17 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
C. QUALIFICATIONS OF TEAM
Eden’s Approach
Eden Housing has a robust system in place to ensure quality control at every stage of the development process. As one of the oldest affordable housing developers in the state, decades of institutional knowledge and growth have enabled Eden to deliver community after community of high-quality affordable
housing.
With a development team of over 30 fulltime employees, Eden’s deep bench enables the organization to maintain a
high level of capacity to take on new,
complex projects at any time. A high
degree of financial stability as well as
Eden’s ability to recruit and retain talent
allows each project to remain fully staffed.
Beyond the organization’s high capacity,
specific steps are taken to ensure that the
complex process of development is
reviewed by many eyes. This includes:
• A reporting structure that includes a
dedicated project manager per project
along with continual, experienced
supervision as well as final checks on
business decisions by the department’s
Chief of Real Estate Development.
• A policy and practice of peer review
throughout the development process,
including:
o Regular Project Risk Reviews by
department leadership to help
shed light on project threats and
opportunities and share
knowledge from across the
development pipeline
o A process of peer review before
major funding application
submissions, enabling a
multiple-eyes system of
mitigating high-stakes clerical
errors.
o All-hands meetings at major project milestones to maintain an all-company approach to delivering project success
Eden’s long development history means we
have a deep bench of experienced
construction and design professionals who
help us develop functionally rational
buildings that are cost efficient to build and
affordable to maintain. Highlights for this
project’s team include –
• Mogavero has designed thousands of
units of affordable housing over the
last 32 years. This includes the Lohse
Apartments and Main Street Plaza
projects in Roseville located in close
proximity to this project’s site.
• PLMak has been the primary
construction manager for Eden for 25
years and have also managed
affordable projects for other
developers, including the Main Street
Plaza project, giving them an expertise
that is unmatched in the industry.
• TriCorp recently completed the awardwinning Sonrisa and just broke ground on the Sakura projects in
downtown Sacramento. These
projects are small, infill sites in tight
neighborhood contexts and give them
the experience unique to the
challenges of this site.
Eden doesn’t just rely on our experience
but leverages this track record to make
sure we always use “the best in the biz”.
The Eden Difference
Eden Housing
18 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
• Longstanding partnerships with the industry’s best experts, including:
o Experienced financial consultants
o Talented legal counsel with expertise in the intersection of tax credit finance and community development
o Owner’s representation with decades of experience delivering, troubleshooting and maintaining Eden’s high-quality homes
Housing is built by people, and twists and turns are inevitable throughout the process.
However, Eden’s processes, resources and talented staff enable a high level of competence and oversight throughout the project’s life cycle, swiftly resolving issues that come up.
Project Team
Eden Housing will be the developer of the project and be responsible for overall management of all aspects of the project. Several other organizations have already been identified as members of the team and will perform the tasks specific to their area of expertise.
Charles Liuzzo will be the direct project leads for Eden Housing with supervision provided by Andrea Osgood. Cecilia Chouhy will be the project manager for Mogavero Architects with supervision provided by Renner Johnston. Brief biographies for these individual team leads, Eden Housing
Architect:
Mogavero Architects
Landscape Architect:
Roach and Campbell
General Contractor:
TriCorp Group
Civil Engineer:
BKF Engineers
Construction Management:
PL Mak
Financial Consultant:
Community Economics
Counsel:
Gubb and Barshay
Eden Housing
19 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
as well as Roach and Campbell, are included below and further qualifications and biographies for additional team members are included in the appendix of this proposal.
Charles Liuzzo, Associate Director of Real Estate Development Email: [email protected]
Phone: 510-329-5876
Office Location: Sacramento, CA
Project Role: Charles joined the Eden Housing Development team in 2022 to lead the company’s development efforts in the greater Sacramento region. Working out of his office in downtown Sacramento, he is responsible for project management, staff supervision, and business development in the region. Charles will be the lead Project Developer handling the day-to-day responsibilities of the Creekside Seniors at Royer project through predevelopment and construction.
Andrea Osgood, Chief of Real Estate Development
Email: [email protected]
Phone: (510) 247-8103
Office Location: Hayward, CA
Project Role: Andrea Osgood was promoted from Senior Vice President of Real Estate Development to Chief of Real Estate Development in June 2023. Since joining Eden’s development team in 2008, Andrea has overseen the development of nearly 3,000 new homes and the acquisition of over 1,500 existing units throughout California, supervising a pipeline of $1.8 billion in assets. She will lead Eden’s collaboration with the City, assist with supervision of development staff, actively participate in early development activities, and provide guidance and expertise throughout the development process.
Cecilia Chouhy, Principal
Email: [email protected]
Phone: (916) 443-1033
Office Location: Sacramento, CA
Project Role: With over 17 years of experience in the design and development of mixed use, multifamily housing, and student housing projects, Cecilia Chouhy has contributed in the design of several award-winning projects at Mogavero Architects. Cecilia will serve as the project manager for the Creekside Seniors at Royer project, directly managing the design process and the full design team.
Eden Housing
20 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Renner Johnston, President
Email: [email protected]
Phone: (916) 443-1033
Office Location: Sacramento, CA
Project Role: Renner Johnston, AIA, LEED AP, blends over two decades of architectural expertise with a deep-rooted commitment to sustainability. Inspired by his experiences in Europe, he earned a Masters in Architecture from the University of Oregon before joining Mogavero Architects in 1996, where he now serves as President.
Renner will serve as the Principal in charge for Creekside Seniors at Royer, providing supervision and direction to the design team from beginning to end.
Bill Roach, Principal
Email: [email protected]
Phone: (916) 945-8003
Office Location: (916) Sacramento, CA
Project Role: Bill is driven by the belief that well designed outdoor spaces are critical for social interaction and can intensify awareness of the natural world around us. With 30 years of professional experience Bill has worked with public and private clients on projects ranging from large scale urban design to site specific planning and master planned development. Bill will be the project lead for all landscape architecture design and coordination.
Eden Housing
21 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
D.PROJECT UNDERSTANDING
Our approach to this project is framed by our understanding of three critical components:
the immediate location context of the site, the Downtown Specifical Plan, and the topographic challenges of the site. We designed our project with these three things front of mind and rather than see them obstacles, we leaned into these components to design a site that is more fully integrated within the site’s context.
Immediate Location Context
The first thing that we understood, and which attracted us to this site, is its immediate proximity to civic infrastructure and public amenities, namely the Roseville Civic Center and Vernon Street Town Square, the Roseville Public Library, the Taylor Street Pedestrian Bridge, and its
connection to
Royer Park.
Appreciating
this, our design
seeks to further
activate these
amenities by
integrating with
them and
serving as a
further
connection
amongst them.
We strove to
accomplish this
primarily
through green open space intentionally placed on the eastern orientation of the site that creates a “front porch” that faces the pedestrian bridge and Royer Park. This front porch orientation features shared seating and a community gathering space, enhancing the vibrancy of the existing public amenities. This green space is also viewable from both the library and the park, creating a visual connection that further weaves these neighborhood elements together.
This concept is further developed with the parklet on the southern parcel that is currently home to an existing parking lot. While this parcel will serve as surface parking for residents of the community, we have also made sure to program it with open space and active space that interacts not just with our building but with the planned pedestrian pathway extension coming from Taylor Street Bridge. A bocce ball court placed in the parklet will create a dynamic interface between the property and the planned pedestrian trail, promoting safety through natural surveillance (“eyes on the park”), while encouraging active living and social engagement for residents, all within a walkable, nature-connected environment.
Eden Housing
22 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
This site also exists on the border of a neighborhood consisting predominantly of singlefamily attached homes and directly faces them on the north-western and south-western sides of the site. Development on this site needs to be designed to minimize impact and disruption to these neighbors. Eden and Mogavero are both experienced in designing projects in these conditions and our design’s massing gently steps down from 5-stories to 4- stories on the northwestern corner that immediately borders and faces these single-family homes. This minimizes the building’s visual impact and enhances the compatibility with the streetscape. Further, we have intentionally oriented the southwestern portion of the building, where the common area is on the ground floor, so that there is approximately 20 feet between the site boundary and the building rather than placing it flush up against the site boundary.
This orientation serves two purposes; it creates literal space between the neighborhood and the building, lessening the visual impact, and also creates a green space for residents that is more private than the front porch area. Additionally, to thoughtfully engage the surrounding neighborhood, the building places ground-floor patios along Royer Street, encouraging informal connections between residents and passersby. These patios provide a human-scale edge that supports the rhythms of the existing residential context.
Eden Housing
23 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Downtown Specific Plan (DTSP)
This planning document was our starting point for understanding the site and served as a guiding framework throughout the design process. Our design aligns with the Downtown Specific Plan (DTSP) in several key ways, including:
• Reinforcing a vibrant, walkable downtown core
Our project places affordable senior housing within steps of civic amenities like the Roseville Public Library, Royer Park, and the downtown civic center. It orients its main entrance toward the Taylor Street pedestrian bridge, extending and strengthening this key pedestrian corridor. This not only reinforces the DTSP’s vision of a walkable, active downtown but also ensures that residents can access public resources, events, and community life without needing to rely on a car.
• Activating the streets and public realm
The site design includes a shaded courtyard along Taylor St providing outdoor seating, and a bocce court, all oriented to face the creek and pedestrian pathway.
These features animate the public realm, create opportunities for spontaneous interaction, and contribute to a safer, more inviting environment. For seniors, these shared spaces help foster a sense of belonging, encouraging daily social engagement and building informal community ties.
• Respecting the scale and fabric of downtown
The building anchors the corner of Royer and Taylor Streets with a strong urban frontage, using porches and balconies to bring residential life to the street and activate the public edge. From that corner, the building steps back along Taylor Street to form a landscaped courtyard that opens toward a proposed parklet at the edge of the creek. This push-pull in the building mass not only provides visual relief and a clear relationship to the natural context but also follows DTSP guidelines for varied massing and public-facing open space. Elements like façade articulation, material variation, and residential-scale projections help relate the building to the scale of nearby single-family homes—providing a respectful and intentional transition between the existing neighborhood and the evolving mixed-use downtown district. • Expressing local character through materials and design Our design carefully integrates the use of high-quality materials that reflect Roseville’s historic identity, by placing them at key locations such as entries and building corners.
In particular, we’ve incorporated brick at the street frontage, and weathered Corten steel at the main entrance and other prominent points to reference the city’s downtown character and railroad heritage. These materials create visual interest at the pedestrian level, reinforce the building’s base-middle-top composition, and respond directly to the DTSP’s call for durable, context-sensitive finishes. The result is a building that is both lasting in quality and deeply connected to its surroundings.
Eden Housing
24 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
• Creating housing that supports equity and livability
With 100% of units dedicated to low-income seniors, the project advances the DTSP’s call for equitable, inclusive downtown housing. Residents benefit from design features that support healthy aging: views to nature, abundant daylight, accessible open spaces, and common areas that promote both activity and quiet retreat. These amenities, paired with proximity to transit and services, support independence, wellbeing, and dignity.
We employed these measures, and more, to create a project that contributes meaningfully to the downtown fabric, while enhancing the life of our residents. This design establishes a thoughtful, site-specific relationship with its context, embracing the unique location at the edge of Dry Creek and across from vital civic infrastructure.
Through its architecture, landscape, materials, site layout, and program, the project actively supports the kind of inclusive, vibrant, and sustainable downtown that the DTSP envisions.
And more importantly, it offers seniors an environment rich with daily opportunity: to walk across the Taylor Street bridge for a summer concert in Royer Park, to enjoy a bocce match in the garden with the distant sound of a little league game nearby, or to stop by the library for a free tech workshop or reading program.
The green spaces we’ve designed are community-building infrastructure. They invite intergenerational activity, quiet reflection, and moments of spontaneous connection. With the library, the park, the civic center, and the downtown farmers market all within walking distance, we see this project as a place where seniors can remain active, independent, and meaningfully engaged in the life of their city.
Eden Housing
25 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Topographic Challenges
The site has specific topographical challenges that needed to be understood and incorporated into the design, namely the slope of the site and the presence of a flood zone in certain portions of the site. As with the other aspects of our understanding, we worked with these realities to create a more thoughtfully designed project.
Grade Change
The site has a significant grade change in the south to southeastern portion of the site which creates a slope. The site’s natural topography actually creates an opportunity and we placed our front porch green open space at the bottom of this slope instead of attempting to straddle the grade change. Essentially, we are placing the common space where we have the most room to do so. We also placed the common rooms at the southern side of the project at the bottom of the slope. As the site descends, the building lifts—creating generous, highceilinged community rooms that open to the adjacent park. These community rooms have taller vertical windows, which helps the design achieve consistency with the goals of the DTSP. Lastly, this orientation places the green space and its accompanying activation away from the neighborhood and towards the bridge and park, which further serves the goal of minimizing the impact on the neighborhood and activating the public spaces.
Flood Zone
The location of the flood zone occurs in roughly the same manner as the slope change and many of the ways we addressed the slope change also apply to our flood zone efforts. Some additional design choices include:
• Because structures can’t be built on the southeastern corner of the site, it required that we place the front porch open space in this corner. This complimented our other intentions to minimize the impact on the neighborhood and integrate with the existing public amenities.
• The southern parcel is almost completely in a flood zone that essentially renders it unbuildable. The southern parcel, more than just being the location for all of the project’s parking needs, is an opportunity to enhance the neighborhood by creating a parklet with landscaping, green space, and a bocce ball court that is situated alongside the Taylor Street Pedestrian Bridge and the planned extension of this path on the western portion Dry Creek.
Eden and Mogavero are both deeply experienced in the design of affordable housing in similar situations to this site and our process always starts with understanding the neighborhood. Instead of fighting the site grade change and flood zone, we have embraced these factors as an asset and incorporated them into our design as an essential element to create a project that is truly connected with its surroundings.
Eden Housing
26 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
E. DEVELOPMENT PLAN
Our development plan starts with an understanding of the site’s context and the section above enumerates many of the biggest aspects of our design. Several components of our design that have not yet been discussed include:
Development Programming
Seniors were chosen for this site because of
Roseville’s housing needs and the
restraints imposed by the site’s size.
Roseville’s Housing Element states that
affordable housing of all types is needed
within the City and our research was not
able to identify any Senior affordable
housing within Downtown Roseville or
within close proximity. Bringing this
housing type downtown will increase the
variety of people calling downtown home
and contribute to the overall diversity of
the area.
Additionally, the tightness of the site
presented a challenge for designing a
building with a high enough unit count to
make it financially feasible. A Large Family
housing type was considered, but this
population requires a significant amount of
2 and 3-bedroom units, and the size of
these units limited the unit count we could
provide. Seniors, with studios and 1-
bedroom units that use less square
footage, are a perfect fit for the size
restraints of the site and also match the
expressed housing needs of Roseville. The
result is a project with a gross square
footage of 47,000 square feet and that
provides 50 parking spaces.
The project is designed to serve Seniors in a
range of incomes from 30% - 60% AMI. This
will create a community that serves a
diverse range of households, meets the
market needs for housing, and is financially
viable. The project also features 15 units
that would serve a homeless or special
needs population. 15 units serving these populations would allow the project to exceed the 25% requirement that is de facto required by State funding programs in current regulations.
Eden has developed a “Design Standards
and Product Specifications” guideline that
is utilized by the development team on all
projects. These documents catalogue our
experience across our portfolio and ensure
that we are using the best methods and
products at all times. These guidelines
encompass aspects big to small, including
things like –
• Size and orientation of residential and
community spaces for maximum
usefulness and cost effectiveness.
• Exterior materials that both look the
best and are most durable.
• Unit interior finishes that work best for
Families, Seniors, and Special Needs
• Appliance brands that use the least
amount of energy and require the
least maintenance
These standards were developed with
significant input from our property
operations and asset management teams
to make sure that these are not just ideas
that look good on the front end but that
also stand up to the wear and tear of actual
use. Just meeting our own internal
standards alone almost guarantees that
projects will receive at least GreenPoint
Silver rating. Eden, as the long-term owner
of the projects it develops, is committed to
building sustainable and durable projects
that are assets to their communities.
The Eden Difference
Eden Housing
27 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
These 15 units would be all of the 30% AMI units at the property and the intention is that they would be layered with Project Based Vouchers or another form of housing voucher.
Reserving the 30% AMI units for homeless/special needs and layering them with vouchers (whether PBV or other) has become the standard procedure and allows us to balance the needs of State programs while maintaining project feasibility.
Amenities will include the three green spaces that all provide a different option for residents; the front porch space will be a publicly visible space that allows residents to feel a part of the community, the green space on the side adjacent to the neighborhood will provide a more private space that for quiet relaxation, and the landscaping and bocce court in the parklet will provide a more active space green open space for residents to engage with.
Additional amenities will include washers and dryers for residents and a large multipurpose room for resident use. This multipurpose room will primarily be used for programming provided by the property’s resident services. Programming will feature a range of adult education classes such as digital literacy, financial planning, cooking, and language services.
The space will also be generally available to residents and will serve as an opportunity for them to get out of their unit and mingle with their neighbors. The ground floor common area will also feature the management offices and service provider offices, which will include room for on-site case management services if this is required for any residents.
Unit Type AMI Level Count
Studio 30% AMI 10
1-Bed 30% AMI 5
1-Bed 50% AMI 20
1-Bed 60% AMI 21
2-Bed Manager’s Unit 1
Total 42.4% Average 57
Special Needs Units 15
Eden Housing
28 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Commitment to Sustainability
Our team is committed to delivering an exemplary new construction project for the City of Roseville. The project will serve as a leading-edge example of sustainable development that embodies the environmental priorities of the local and regional community. Our team will focus on strategies that reduce consumption of valuable resources while creating healthy and enjoyable spaces for residents and neighbors. Eden’s objective is to create a sustainable project that meets and/or exceeds both CTCAC, State, and City of Roseville objectives.
The project will incorporate sustainable features to reduce the project’s energy use and carbon footprint. We anticipate implementing the following sustainability and resource conservation strategies:
• Safely eliminate existing on-site gas infrastructure and develop an all-electric powered community
• Install rooftop photovoltaic generation to offset on-site electrical use • Install high efficiency windows and doors for energy conservation • Specify fiberglass-based insulation that meets Greenguard Gold Certification for energy conservation
• Specify low embodied carbon materials for new construction such as exploring options for mineral wool insulation, linoleum flooring, and fiberglass windows • Specify a preference for locally sourced and post-consumer recycled materials. • Install LED lighting with occupancy sensors
• Procure ENERGY STAR rated appliances for energy efficiency • Install Electric Vehicle (EV) capable pre-wired parking spaces with electric vehicle supply equipment
• Install EV charging stations funded through available green infrastructure incentive programs
• Provide secure bike storage spaces
• Provide a minimized parking ratio to reduce reliance on private fossil-powered automobiles and promote public transportation usage
Eden Housing
29 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Project Schedule and Process
This project has several advantages that allow
it to proceed on a timeline that is more
predictable and quicker than other affordable
projects. The City of Roseville’s Objective
Design Standards give a prescribed process
that is more predictable and can move faster
than traditional discretionary approval
processes. We believe the project as currently
envisioned should meet these design
standards and our schedule below
conservatively factors this into consideration.
Local funds will likely be derived from State or
federally administered funds that are allocated
to the City of Roseville. We understand that
these funds and Project Based Vouchers are
subject to availability based on budget
situations. We are cautiously optimistic that
these funds will be more readily available in
the future than they are today. Upon receiving
approval for local funds, the project will be
ready to first apply for HCD funds and then for
tax credits and a tax-exempt bond
administered by TCAC/CDLAC. Due to the
competitive nature of this project, we are
confident that the project should be able to secure awards in both programs eventually. With funding at the State and federal levels currently uncertain, with some indicators pointing positively and others negatively, the plan outlined below is speculative but represents the most likely outcome regardless of how specifics shake out in the future.
Throughout the process, Eden will seek to expedite every step of the way by relying on strategies such as:
• Cultivating a proactive and cooperative relationship with the neighborhood, the City of Roseville, and elected officials to build community support and help the project avoid roadblocks that cause timeline delays.
• Early engagement of a general contractor and key trades during the design process, including during the RFP response stage, to design a project that minimizes surprises and maximizes efficiencies well before construction starts. • Utilizing techniques such as prefabrication of wall and floor-ceiling panels off-site during construction to reduce the time needed for construction. • Eden’s ability to finance predevelopment costs allows us to go further in design and bring in consultants earlier, making for a more comprehensive and streamlined project throughout the process.
Eden Housing
30 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
Milestone Start Month/Year End Month/Year
Selection of Developer July 2025 October 2025
Exclusive Negotiations
Agreement
November 2025 April 2026
Community Workshops
and Concept Design
May 2026 September 2026
Purchase Agreement August 2026 October 2026
Local Funding Applications June 2026 May 2027
State of CA Funding
Applications
June 2027 August 2028
TCAC Application September 2028 June 2029
Design and Permitting May 2026 October 2029
Finance Closing June 2029 November 2029
Residential Construction December 2029 April 2031
Lease up and Stabilization March 2030 December 2030
Eden Housing
31 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
F. FINANCING PLAN Eden Housing was the first developer in the State of California to receive tax credits and has been continually successful acquiring 9% and 4% tax credit allocations ever since. In the last two years, Eden has closed over 15 deals with a variety of debt and equity partners. Eden has extensive experience with institutional and private financing that includes conventional construction and permanent loans, tax-exempt bonds, and low-income housing tax credits – both the competitive 4% and 9%, and hybrid 4%/9% programs.
The project is currently underwritten as a 4% execution with soft debt from local sources and the State’s Multifamily Housing Program (MHP) and Infill Infrastructure Grant (IIG) program.
Permanent
Funding Source
Funding Type Details Total Dollars
Local Funding Soft Loan City of Roseville Various Sources $5,000,000 CA HCD Soft Loan MHP $7,000,639
CA HCD Soft Loan IIG $3,287,843
Limited Partner Equity LIHTC Equity $15,315,175
Limited Partner Equity Non-Priority Deferred Fee $2,202,466 General Partner Equity Deferred Developer Fee $213,194
Bank Debt Permanent
Loan
Leveraging PBVs $3,774,325
Total $36,793,642
Permanent Debt: The project includes a permanent mortgage, which is shown in a single tranche that leverages Section 8 overhang. Tenant rents up to restricted AMIs cover operating expenses on this project. We have assumed interest rates consistent with the current market for debt. The project reflects 15 Section 8 vouchers, which are layered on Special Needs units restricted at 30% AMI to enable deeper affordability for this target population. As noted above, Eden’s strong track record with conventional lenders will allow the project to get competitive rates and terms for debt financing.
Local Funding: Our underwriting for this phase of the project includes a line item for local funding, expected to be from the City of Roseville. Roseville is the primary local funding source for projects in the city and works to make funds available to projects as often as they can. However, we know that the City, like almost all municipalities in 2025, does not have a surplus of affordable housing funds to put towards projects. However, we have spoken with staff at the Housing Authority and believe that we can work with them to identify sources of money that can be secured and put towards the project. We are excited to work with the Housing Authority on this task and believe that our assumptions in this plan are reasonable given enough time.
California HCD Funds: The funding stack proposed relies on two funding sources that are both administered through HCD’s “SuperNOFA”. Projects apply for both these sources at the same time and are scored together for both sources. The previous disposition of this site through the Surplus Lands Act means that it will secure an additional point in the SuperNOFA scoring, making it a more competitive project. The project’s further qualification as an infill project makes it eligible for the IIG funding, which can offset the majority of the
Eden Housing
32 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
costs related to site development, offsite improvements, infrastructure, and more. Securing these two major sources at the same time would save months on the project’s scheduled as compared to the past or if they had to be secured from different sources. 25% of the units are restricted to Special Needs specifically to comply with MHP scoring criteria.
Low-Income Housing Tax Credit Equity: We have structured this phase as a bond-financed 4% tax credit execution that includes both Federal and State credits, a structure that Eden has used many times. Though allocation of private activity bonds through CDLAC has grown competitive, Eden’s projects have repeatedly competed favorably in recent years. An additional key aspect of maximizing tax credit equity will be to structure the project to maximize tax credit eligible basis. Eden has a strong team of counsel and auditors who can assist us to make sure that as much of the project scope as possible can generate tax credits.
We have assumed a $0.87 investor pay-in per dollar of Federal tax credits, which leaves room for the unpredictable nature of equity pricing. The recent federal regulation changes that allow projects to be financed with tax-exempt bond allocations that account for 25% of eligible basis (from 50%), introduces some unpredictably in the market as equity investors react to an expected increase in the number of projects available for investment. The pricing in this proposal reflects a conservative approach that accounts for a possible drop in tax credit pricing. Eden is well regarded by both direct investors and tax credit syndicators and routinely obtains highly competitive pricing on each project.
Deferred Developer Fees: Consistent with the regulations for the 4% tax credit program, this project assumes a net developer fee of $2,000,000 and $213,194 in priority deferred developer fee paid from cash flow in the first 12 years, as is customary. Another $2,202,466 million is underwritten as non-priority deferred fee or GP capital, which would be paid from Eden’s share of residual receipts. This structure allows the project to maximize eligible basis, which is used to determine the amount of tax credits. Note that the net developer fee is well below the maximum allowable under restrictions but is within Eden’s acceptable range of returns on a project. Eden routinely structures projects with less developer fee returned to Eden in order to increase the financial feasibility of a project and works to increase this number through smart decision making and construction savings.
Eden Housing
33 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
G. REQUIRED STATEMENTS
Proposer assures that the designated project team, including sub-consultants or subcontractors (if any), is used for this project. Departure or reassignment of, or substitution for, any member of the designated project team, sub-consultant(s) or sub-contractor(s) shall not be made without the prior written approval of the City. An executed “Proposer’s Certification” is included with this proposal. Proposer certifies to all statements of assurance as required by the RFP.
Attachment A
PROPOSER’S CERTIFICATION
I hereby propose to negotiate to purchase and develop the property as specified in the Request for Proposals (“RFP”). I agree that my proposal will remain firm for a period of up to one hundred and eighty (180) days in order to allow the City of Roseville (“City”) adequate time to evaluate the qualifications submitted.
I have carefully examined the Request for Proposals and any other documents accompanying or made a part of this RFP. The information contained in this proposal is true and correct to the best of my knowledge and is signed under penalty of perjury under the laws of the State of California. I further certify that I am duly authorized to submit this proposal on behalf of the firm as its authorized agent and that the firm is ready, willing and able to perform if awarded the contract.
I further certify that this proposal is made without prior understanding, agreement, connection, discussion, or conspiracy with any other person, firm or corporation submitting a proposal for the same product or service; that this proposal is fair and made without outside control, collusion, fraud or illegal action; that no officer, employee or agent of the City or any other proposer is financially interested in said proposal; that no undue influence or pressure was used against or in concert with any officer, employee or agent of the City in connection with the award or terms of the contract that will be executed as a result of this RFP; and that the undersigned executed this Proposer’s Certification with full knowledge and understanding of the matters therein contained and was duly authorized to do so.
_________________________________________________
NAME OF BUSINESS
_________________________________________________
SIGNATURE
_________________________________________________
NAME & TITLE, TYPED OR PRINTED
_________________________________________________
MAILING ADDRESS
_________________________________________________
TELEPHONE NUMBER
_________________________________________________
EMAIL
Type of Organization:
____ Sole Proprietorship ____ Corporation _____ State of Incorporation ____ Partnership ____ Limited Liability Company
Eden Housing, Inc.
Andrea Osgood, Chief of Real Estate Development
22645 Grand Street, Hayward, CA 94541
510.247.8103
[email protected]
Eden Housing
34 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
H. EXCEPTIONS
This proposal contains no exceptions to the requirements of the RFP.
Eden Housing
35 City of Roseville - 505 Royer Street
Creekside Seniors at Royer
Affordable Housing Development Project
I. COMPETENCY OF
PROPOSERS
Eden Housing, Inc. (EHI) has not had any judgments, bankruptcies, foreclosures or stop payment notices in the past seven (7) years. In the normal course of business EHI is subject to lawsuits and claims resulting from operations of EHI’s approximately 150 affiliated properties managed by Eden Housing Management, Inc. and EHI and its affiliates obtain liability, property and workers compensation insurance that cover liabilities arising out of such lawsuits as well as the cost of defense and has not experienced any material losses related to lawsuits, arbitrations, mediations, or any similar actions or claims filed or resolved in the past seven (7) years. We are happy to provide additional or detailed information as necessary.
Eden Housing’s 2024 audited financial statements are included as Appendix C.
Integra Realty Resources
Sacramento
Appraisal of Real Property
Vacant Land
300 Taylor Street and 505 Royer Street
Roseville, Placer County, California 95678
Prepared For:
City of Roseville Economic Development Department
Date of the Report:
April 29, 2025
Report Format:
Appraisal Report
IRR - Sacramento
File Number: 193-2025-0182
Subject Photographs
300 Taylor Street and 505 Royer Street
Roseville, California
Aerial Photograph
Integra Realty Resources 516 Gibson Drive T 916.435.3883 Sacramento Suite 290 F 916.435.4774
Roseville, CA 95678 www.irr.com
April 29, 2025
Wayne Wiley
Economic Development Director
City of Roseville Economic Development Department
311 Vernon Street
Roseville, CA 95678
SUBJECT: Market Value Appraisal
300 Taylor Street and 505 Royer Street
Roseville, Placer County, California 95678
IRR - Sacramento File No. 193-2025-0182
Dear Mr. Wiley:
Integra Realty Resources – Sacramento is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop an opinion of the market value as is, pertaining to the fee simple interest in the property.
The client and intended user is City of Roseville. The intended use of the report is for establishing the market value of the subject property for property disposition purposes. No other party or parties may use or rely on the information, opinions, and conclusions contained in this report.
The subject property represents vacant land previously improved with a county courthouse building which contained 7,900± square feet of rentable area and was demolished in 2021.
The property is comprised of two non-contiguous Assessor’s parcels encompassing 1.16± acres, or 50,478 square feet of land area. The property is dividing by an alley. Portions of the subject are located within either a floodplain, or floodway and are subject to development restrictions. A more detailed legal and physical description of the subject property is contained within the attached report.
The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, applicable state appraisal regulations and the appraisal guidelines of the City of Roseville.
Wayne Wiley
City of Roseville Economic Development Department
April 29, 2025
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis that were used to develop the opinion of value.
Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, the concluded opinion of value is as follows:
Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value As Is Fee Simple April 24, 2025 $580,000
Extraordinary Assumptions and Hypothetical Conditions
1. Portions of the subject are located either within floodplain or floodway zones and there are moderate to substantial restrictions placed on potential development. The portion of the property located within the floodplain could be developed with restrictions, such as elevated structures with piers or pylons to allow water to flow through and development within the floodway is even more restrictive and could likely only be developed with parking or recreational areas. It is assumed any legally permissible development in these areas would be approved by FEMA and the City of Roseville.
None
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.
Respectfully submitted,
Integra Realty Resources - Sacramento
Lance Jordan, MAI
Certified General Real Estate Appraiser
#AG012709
Telephone: 916.435.3883, ext. 232
Email: [email protected]
Ligia Dejeu
Certified General Real Estate Appraiser
#3004823
Telephone: 916.435.3883
Email: [email protected]
Table of Contents
300 Taylor Street and 505 Royer Street
Executive Summary 1
Identification of the Appraisal Problem 2
Subject Description 2
Sale History 2
Pending Transactions 2
Appraisal Purpose 2
Value Type Definitions 2
Appraisal Premise Definitions 3
Property Rights Definitions 3
Client and Intended User(s) 3
Intended Use 3
Applicable Requirements 4
Report Format 4
Prior Services 4
Appraiser Competency 4
Scope of Work 5
Economic Analysis 7
Sacramento MSA Area Analysis 7
Surrounding Area Analysis 16
Multifamily Market Analysis 27
Property Analysis 36
Land Description and Analysis 36
Real Estate Taxes 44
Highest and Best Use 45
Valuation 48
Valuation Methodology 48
Sales Comparison Approach 49
Analysis and Adjustment of Sales 53
Property Adjustments 54
Value Indication 58
Reconciliation and Conclusion of Value 59
Exposure Time 59
Marketing Period 59
Certification 60
Assumptions and Limiting Conditions 62
Addenda
A. Appraiser Qualifications
B. Comparable Data
Land Sales
C. Engagement Letter
Executive Summary 1
300 Taylor Street and 505 Royer Street
Executive Summary
Address
Property Type
Owner of Record
Tax ID
Land Area 1.16 acres; 50,478 SF
Zoning Designation
Highest and Best Use
Exposure Time; Marketing Period 9-12 months; 9-12 months Effective Date of the Appraisal April 24, 2025
Date of the Report April 29, 2025
Property Interest Appraised
Sales Comparison Approach
Number of Sales 5
Range of Sale Dates Oct 22 to Apr 25
Range of Prices per SF (Unadjusted) $10.57 - $26.58
Market Value Conclusion $580,000 ($11.49/SF)
The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than City of Roseville Economic Development Department may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein.
CMU/FF/SA - DT-7 (Dry Creek Mixed-Use District),
Commercial Mixed-Use/Floodway Fringe/Special Area -
Downtown Specific Plan (DT-7 - Dry Creek Mixed-Use
District)
Multi-family development (apartments, condominiums
and/or senior housing)
Fee Simple
City of Roseville
013-290-005 and 013-290-006
300 Taylor St. and 505 Royer St.
Roseville, Placer County, California 95678
Land
Extraordinary Assumptions and Hypothetical Conditions
1. Portions of the subject are located either within floodplain or floodway zones and there are moderate to substantial restrictions placed on potential development. The portion of the property located within the floodplain could be developed with restrictions, such as elevated structures with piers or pylons to allow water to flow through and development within the floodway is even more restrictive and could likely only be developed with parking or recreational areas. It is assumed any legally permissible development in these areas would be approved by FEMA and the City of Roseville.
None
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.
Addenda
300 Taylor Street and 505 Royer Street
Identification of the Appraisal Problem
Subject Description
The subject property represents vacant land previously improved with a county courthouse building which contained 7,900± square feet of rentable area and was demolished in 2021. The property is comprised of two non-contiguous Assessor’s parcels encompassing 1.16± acres, or 50,478 square feet of land area. The property is dividing by an alley. Portions of the subject are located within either a floodplain, or floodway and are subject to development restrictions.
Property Identification
Address 300 Taylor St. and 505 Royer St.
Roseville, California 95678
Tax ID 013-290-005 and 013-290-006
Owner of Record City of Roseville
Census Tract Number 020901 / 1034
Sale History
No known sales or transfers of ownership have taken place within a three-year period prior to the effective appraisal date. In May 2022, the subject went into contract to be purchased by BRIDGE Housing Corporation. The buyer planned to develop the property with a 72-unit affordable senior housing development. The buyer ultimately was not awarded a grant to fund the project and the contract was terminated.
Pending Transactions
Based on discussions with the appropriate contacts, the property is not subject to an agreement of sale or an option to buy, nor is it listed for sale, as of the effective appraisal date.
Appraisal Purpose
The purpose of the appraisal is to develop the following opinion(s) of value:
The market value as is of the fee simple interest in the subject property as of the effective date of the appraisal, April 24, 2025
The date of the report is April 29, 2025. The appraisal is valid only as of the stated effective date or dates.
Value Type Definitions
The definitions of the value types applicable to this assignment are summarized below.
Market Value
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
Addenda
300 Taylor Street and 505 Royer Street
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 1 Appraisal Premise Definitions
The definitions of the appraisal premises applicable to this assignment are specified as follows.
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date.2
Property Rights Definitions
The property rights appraised which are applicable to this assignment are defined as follows.
Fee Simple 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.3 Client and Intended User(s)
The client and intended user is City of Roseville. No other party or parties may use or rely on the information, opinions, and conclusions contained in this report.
Intended Use
The intended use of the appraisal is for establishing the market value of the subject property for property disposition purposes. The appraisal is not intended for any other use. 1 Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472 2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) 3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022)
Addenda
300 Taylor Street and 505 Royer Street
Applicable Requirements
This appraisal report conforms to the following requirements and regulations:
Uniform Standards of Professional Appraisal Practice (USPAP); Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute; Applicable state appraisal regulations.
Report Format
Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis used to develop the opinion of value.
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. We have previously appraised the property that is the subject of this report for another client. We have provided no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment.
Appraiser Competency
No steps were necessary to meet the competency provisions established under USPAP. The assignment participants have appraised several properties similar to the subject in physical, locational, and economic characteristics, and are familiar with market conditions and trends; therefore, appraiser competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials are included in the addenda of this report.
Addenda
300 Taylor Street and 505 Royer Street
Scope of Work
Introduction
The appraisal development and reporting processes require gathering and analyzing information about the assignment elements necessary to properly identify the appraisal problem. The scope of work decision includes the research and analyses necessary to develop credible assignment results, given the intended use of the appraisal. Sufficient information includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed.
To determine the appropriate scope of work for the assignment, the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors were considered. The concluded scope of work is described below.
Research and Analysis
The type and extent of the research and analysis conducted are detailed in individual sections of the report. The steps taken to verify comparable data are disclosed in the addenda of this report.
Although effort has been made to confirm the arms-length nature of each sale with a party to the transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable.
Subject Property Data Sources
The legal and physical features of the subject property, including size of the site and improvements, flood plain data, seismic zone designation, property zoning, existing easements and encumbrances, access and exposure, and condition of the improvements (as applicable) were confirmed and analyzed.
Inspection
Details regarding the property inspection conducted as part of this appraisal assignment are summarized as follows:
Property Inspection
Party Inspection Type Inspection Date
Lance Jordan, MAI None N/A
Ligia Dejeu On-site April 24, 2025
Valuation Methodology
Three approaches to value are typically considered when developing a market value opinion for real property. These are the cost approach, the sales comparison approach, and the income capitalization approach. Use of the approaches in this assignment is summarized as follows:
Addenda
300 Taylor Street and 505 Royer Street
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized In developing an opinion of value for the subject, only the sales comparison approach is used. This approach is applicable to the subject because there is an active market for similar properties, and sufficient sales data is available for analysis.
The cost approach is not applicable because there are no improvements that contribute value to the property, and the income approach is not applicable because the subject is not likely to generate rental income in its current state.
Sacramento MSA Area Analysis 7
300 Taylor Street and 505 Royer Street
Economic Analysis
Sacramento MSA Area Analysis
The subject is located in the Sacramento-Roseville-Arden-Arcade, CA Metropolitan Statistical Area, hereinafter called the Sacramento MSA, as defined by the U.S. Office of Management and Budget. The Sacramento MSA is 5,094 square miles in size, and is the 27th most populous metropolitan area in the nation. The Sacramento MSA is comprised of four counties – El Dorado, Placer, Sacramento and Yolo – and spans from the Sacramento River Delta in the west to the Sierra Nevada mountain range in the east. It represents portions of two key regions in California – the Central Valley and the Sierra Nevada mountains. The region’s largest city, Sacramento, is the State Capital and the seat of government for Sacramento County. Sacramento is located approximately 385 miles north of Los Angeles, 500 miles south of Oregon, 85 miles northeast of San Francisco, 105 miles west of South Lake Tahoe, and 135 miles southwest of Reno, Nevada.
Population
The Sacramento MSA has an estimated 2025 population of 2,413,840, which represents an average annual 0.1% increase over the 2020 census of 2,397,382. The Sacramento MSA added an average of 3,292 residents per year over the 2020-2025 period, and its growth in population contrasts with the State of California which had a 0.3% average annual decrease in population over this time.
Looking forward, the Sacramento MSA's population is projected to increase at a 0.1% annual rate from 2025-2030, equivalent to the addition of an average of 3,379 residents per year. The Sacramento MSA's growth contrasts with California, which is projected to decline at a 0.1% rate.
Employment
Total employment in the Sacramento MSA was estimated at 1,107,600 jobs at year-end 2024.
Between year-end 2014 and 2024, employment rose by 204,000 jobs, equivalent to a 22.6% increase over the entire period. There were gains in employment in nine out of the past ten years. The Sacramento MSA's rate of employment growth over the last decade surpassed that of California, which experienced an increase in employment of 14.7% or 2,337,600 jobs over this period.
Sacramento MSA Area Analysis 8
300 Taylor Street and 505 Royer Street
A comparison of unemployment rates is another way of gauging an area’s economic health. Over the past decade, the Sacramento MSA unemployment rate has been consistently lower than that of California, with an average unemployment rate of 5.3% in comparison to a 5.9% rate for California.
Recent data shows that the Sacramento MSA unemployment rate is 4.6% in comparison to a 5.2% rate for California, a positive sign that is consistent with the fact that the Sacramento MSA has outperformed California in the rate of job growth over the past two years.
Employment Sectors
The composition of the Sacramento MSA job market is depicted in the following chart, along with that of California. Total employment for both areas is broken down by major employment sector, and the sectors are ranked from largest to smallest based on the percentage of Sacramento MSA jobs in each category.
Sacramento MSA Area Analysis 9
300 Taylor Street and 505 Royer Street
The Sacramento MSA has greater concentrations than California in the following employment sectors:
1. Government, representing 23.9% of Sacramento MSA payroll employment compared to 14.8% for California as a whole. This sector includes employment in local, state, and federal government agencies.
2. Education and Health Services, representing 19.0% of Sacramento MSA payroll employment compared to 18.2% for California as a whole. This sector includes employment in public and private schools, colleges, hospitals, and social service agencies.
3. Mining & Construction, representing 6.6% of Sacramento MSA payroll employment compared to 5.1% for California as a whole. This sector includes construction of buildings, roads, and utility systems, as well as mining, quarrying, and oil and gas extraction.
4. Other Services, representing 3.4% of Sacramento MSA payroll employment compared to 3.3% for California as a whole. This sector includes establishments that do not fall within other defined categories, such as private households, churches, and laundry and dry cleaning establishments.
Employment Sectors - 2024
23.9%
19.0%
15.8%
12.3%
10.1%
6.6%
4.4%
3.6%
3.4%
0.8%
14.8%
18.2%
17.6%
15.3%
11.2%
5.1%
4.5%
7.1%
3.3%
2.9%
0% 5% 10% 15% 20% 25% 30%
Government
Education and Health Services
Trade; Transportation; and Utilities
Professional and Business Services
Leisure and Hospitality
Mining & Construction
Financial Activities
Manufacturing
Other Services
Information
Sacramento MSA California
Source: U.S. Bureau of Labor Statistics and Moody's Analytics
Sacramento MSA Area Analysis 10
300 Taylor Street and 505 Royer Street
The Sacramento MSA is underrepresented in the following sectors:
1. Trade; Transportation; and Utilities, representing 15.8% of Sacramento MSA payroll employment compared to 17.6% for California as a whole. This sector includes jobs in retail trade, wholesale trade, trucking, warehousing, and electric, gas, and water utilities.
2. Professional and Business Services, representing 12.3% of Sacramento MSA payroll employment compared to 15.3% for California as a whole. This sector includes legal, accounting, and engineering firms, as well as management of holding companies.
3. Leisure and Hospitality, representing 10.1% of Sacramento MSA payroll employment compared to 11.2% for California as a whole. This sector includes employment in hotels, restaurants, recreation facilities, and arts and cultural institutions.
4. Financial Activities, representing 4.4% of Sacramento MSA payroll employment compared to
4.5% for California as a whole. Banking, insurance, and investment firms are included in this sector, as are real estate owners, managers, and brokers.
Major Employers
Major private-sector employers in the Sacramento MSA are shown in the following table.
Gross Domestic Product
The Sacramento MSA ranks 31 in Gross Domestic Product (GDP) out of the nation’s 384 metropolitan statistical areas.
Economic growth, as measured by annual changes in GDP, has been somewhat lower in the Sacramento MSA than California overall during the past decade. The Sacramento MSA has grown at a
2.8% average annual rate while the State of California has grown at a 3.3% rate. However, the Sacramento MSA has recently performed better than California. GDP for the Sacramento MSA rose by
2.2% in 2023 while California's GDP rose by 2.0%.
Sacramento MSA Area Analysis 11
300 Taylor Street and 505 Royer Street
The Sacramento MSA has a per capita GDP of $63,531, which is 24% less than California's GDP of $83,373. This means that Sacramento MSA industries and employers are adding relatively less value to the economy than their counterparts in California.
Household Income
The Sacramento MSA is slightly less affluent than California as a whole. Median household income for the Sacramento MSA is $93,280, which is 1.6% lower than the corresponding figure for California.
The following chart shows the distribution of households across twelve income levels. The Sacramento MSA has a greater concentration of households in the middle income levels than California.
Specifically, 46% of Sacramento MSA households are between the $50,000 - $150,000 levels in household income as compared to 43% of California households. A lesser concentration of households is apparent in the higher income levels, as 28% of Sacramento MSA households are at the $150,000 or greater levels in household income versus 30% of California households.
Sacramento MSA Area Analysis 12
300 Taylor Street and 505 Royer Street
Transportation
A significant strategic advantage of the Sacramento MSA is its proximity to large markets and transportation accessibility to them via extensive highway, rail, water and air systems.
The region has over 800 miles of state highways. The hub of freeways in the region makes the area desirable for freight distribution. U.S. Highway 50, Interstate 80, and the Capital City Freeway are the principal routes for commuters living in the densely populated eastern suburbs. Commuters from the north and south of Sacramento travel on Interstate 5 and State Highway 99. State Highways 65 and 70 link Placer County to Yuba and Sutter Counties to the north. Interstate 5 provides a direct route to Redding, Oregon and Washington to the north and Los Angeles to the south. Interstate 80 extends travel to Nevada and Utah to the east and the San Francisco Bay Area to the west. Lake Tahoe and Nevada are accessible to the east on U.S. Highway 50, which originates in Sacramento. State Highway 99 provides access from the upper Sacramento Valley through the San Joaquin Valley to the south.
The main public transit system in the Sacramento area is operated by Sacramento Regional Transit District (SacRT), with additional service provided by other local public and private transit operators.
SacRT covers nearly 400 square miles and transports approximately 23 million passengers annually by means of 205 buses, 23 shuttle vans and 97 light rail vehicles. Light Rail began operation in 1987 along a two-pronged route linking Downtown Sacramento with populous suburbs to the east and north; various extensions have been completed in the years since to encompass an expanded service area.
The district operates three light rail lines, with 53 stations across Sacramento County.
Household Income Distribution - 2025
7.6%
5.5%
5.7%
8.5%
13.3%
11.7%
9.9%
7.8%
10.5%
5.4%
7.7%
6.3%
7.2%
5.2%
5.6%
8.1%
14.4%
12.8%
10.8%
8.3%
10.9%
5.5%
7.0%
4.3%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%
Less than $15,000
$15,000 - $24,999
$25,000 - $34,999
$35,000 - $49,999
$50,000 - $74,999
$75,000 - $99,999
$100,000 - $124,999
$125,000 - $149,999
$150,000 - $199,999
$200,000 - $249,999
$250,000 - 499,999
$500,000 and more
Sacramento MSA California
Source: Claritas
Sacramento MSA Area Analysis 13
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The Sacramento region has access to various railroads. The north-south and east-west main lines of the Union Pacific Railroad intersect in Sacramento; Sacramento also has access to the Burlington Northern Santa Fe Railway as a result of the merger of Union Pacific and Southern Pacific in 1996.
Union Pacific’s major freight classification facility for Northern California, Nevada and Oregon is located in Roseville (Placer County). Amtrak provides daily passenger service from Sacramento. The Capital Corridor system provides high-speed commuter rail service from Roseville to San Jose.
The region has good water transportation capabilities. The Port of Sacramento is a deep-water port located 79 miles northeast of San Francisco in the city of West Sacramento, serving ocean-going vessels handling a variety of cargo types. The 30-foot depth of the channel, along with extensive rail and truck cargo handling facilities, make the Port highly productive for long distance shipping. The Port is equipped for handling bulk cargo and some agricultural and forest products.
Finally, the region includes several air transport facilities. Most notably, Sacramento International Airport is served by 13 passenger carriers, including American Airlines, Delta, United Airlines, Air Canada, Aeromexico, Alaska Airlines, Frontier, Hawaiian Airlines, Horizon, Jet Blue, Southwest, Spirit and Volaris, and seven cargo carriers. Major expansions of the terminals and parking facilities were completed between 2004 and 2012. In February 2023, the airport announced SMForward – a multiproject plan to expand capacity at the airport. Some of the proposed projects began construction in 2024 and are scheduled to be completed by late 2027.
The Sacramento International Airport serviced 12.05 million passengers (includes total enplaned and deplaned) in 2018 and 13.17 million passengers in 2019. Service declined significantly in 2020 as a result of the pandemic and restrictions on travel, with an estimated 5.58 million passengers. In 2021, the airport serviced 9.7 million passengers as the economy began to recover, followed by 12.31 million passengers in 2022; 12.98 million passengers in 2023 and 13.64 million passengers in 2024. The region is also served by Sacramento Executive Airport, Lincoln Regional Airport, McClellan Airfield, Mather Airport (the latter two being former Air Force Bases) and several smaller airports and airfields.
Recreation & Culture
The Sacramento region offers innumerable recreational and cultural opportunities. The American River Parkway offers 5,000 acres of recreation area along both sides of the river for 30 miles, with Folsom Lake situated at the eastern end. The Sacramento-San Joaquin Delta has over 1,000 miles of waterways. The rivers and lakes within the Sacramento Area offer boating, fishing and water-skiing opportunities. In addition, numerous parks and golf courses are located throughout the region.
Professional sports teams in the Sacramento metro include the Sacramento Kings, an NBA team which plays out of the Golden 1 Center downtown; the Sacramento Republic FC, a MLS (major league soccer) team which plays out of Heart Health Park within the grounds of Cal Expo, though a new stadium is being planned in the Downtown Railyards District; and the River Cats, a Triple-A minor league baseball team which plays out of Sutter Health Park in West Sacramento.
Cultural attractions in the region include the Old Sacramento Historic District, California State Railroad Museum, Crocker Art Museum, Historic Governor’s Mansion, Sutter’s Fort State Historic Park and
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Sacramento Zoo. Sacramento is home to several theaters and performing arts centers offering worldclass shows. Annual events in Sacramento include the California State Fair and the Music Circus.
In terms of higher education, the region’s largest universities are the University of California Davis and California State University, Sacramento. Six community colleges are located in the region, including Sierra College, American River, Cosumnes River, Folsom Lake, Sacramento City and Woodland Community College. Several private colleges are located in the area, as well as satellite campuses of colleges headquartered elsewhere. The region also contains numerous vocational schools.
Other recreational and cultural opportunities are available within a short drive of the Sacramento area. To the west are the San Francisco Bay Area, the Napa Valley wine country, the coastal redwood forests, and the beaches of the Pacific Ocean. To the east are Lake Tahoe and the Sierra Nevada Mountains, which are home to more than a dozen snow-skiing resorts. Legalized casino gambling is available in Nevada, as well as several tribal casinos in the Sacramento region.
Conclusion
The Sacramento MSA is the fifth-largest metro area in California. The area’s advantages include a diverse economy, mild climate, seismic stability, ample recreational and cultural opportunities, and expansive transportation systems. Further, the region offers greater affordability compared to the Bay Area and Southern California The Sacramento MSA economy will benefit from a stable to slightly growing population base. The Sacramento MSA experienced growth in the number of jobs and has maintained a consistently lower unemployment rate than California over the past decade. It is anticipated that the Sacramento MSA economy will improve and employment will grow, strengthening the demand for real estate.
Sacramento MSA Area Analysis 15
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Area Map
Surrounding Area Analysis 16
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Surrounding Area Analysis
Introduction
This section of the report provides an analysis of the observable data that indicate patterns of growth, structure and/or change that may enhance or detract from property values. For the purpose of this analysis, a neighborhood is defined as a group of complementary land uses; buildings, or business enterprises.
Neighborhood Boundaries
The boundaries of a neighborhood identify the physical area that influences the value of the subject property. These boundaries may coincide with observable changes in prevailing land use. Physical features such as the type of development, street patterns, terrain, vegetation and parcel size tend to identify neighborhoods. Roadways, waterways and changing elevations can also create neighborhood boundaries.
The subject property is located within the downtown area of the City of Roseville. The subject’s neighborhood can generally be described as Interstate 80 to the east, Douglas Boulevard to the south, Foothills Boulevard to the west, and Pleasant Grove Boulevard to the north.
Access and Linkages
The subject property is located at the southwest corner of Royer and Taylor Streets, north of Douglas Boulevard. Royer and Taylor Streets are interior streets. Primary neighborhood thoroughfares in the subject’s vicinity include Washington Boulevard, Main Street, Church Street, Atlantic Street, Douglas Boulevard and Riverside Avenue. The latter three thoroughfares connect with Interstate 80 within two miles of the subject. Interstate 80 is a major east-west freeway connecting the area with Sacramento and San Francisco to the west and Reno, Nevada to the east. South of the subject property are railroad tracks used by Union Pacific for freight transport and Amtrak for passenger transport. The Union Pacific Rail yards are located south of the subject, east of Foothills Boulevard. Amtrak’s passenger rail station is located on Pacific Street in Downtown Roseville southwest of the subject and provides daily service to Sacramento, Davis, Martinez, and Emeryville to the west; to the east, the trains connect with Colfax, Truckee and Reno and ultimately reach Chicago, Illinois.
Public transportation in the neighborhood is available via Placer County Transit (PCT), a regional bus system that serves Roseville, Granite Bay, Loomis, Rocklin, Auburn, and Colfax. Currently, the PCT has a free transfer agreement with all of the Sacramento Regional Transit buses and trains.
Demographics
A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table.
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As shown above, the current population within a 3-mile radius of the subject is 108,242, and the average household size is 2.5. Population in the area has declined since the 2020 census, and this trend is projected to continue over the next five years. This is in contrast to the population of the city of Roseville, which is projected to grow, as discussed previously.
Median household income is $94,070, which is lower than the household income for the city of Roseville. Residents within a 3-mile radius have a lower level of educational attainment than those of the city of Roseville, while median owner-occupied home values are considerably lower.
Land Uses
The subject neighborhood contains a mix of residential, commercial and community uses. The neighborhood is estimated to be over 90% built-out. The immediate vicinity of the subject represents the Downtown/Historic Old Town District of Roseville. Downtown is located south of the railroad tracks primarily along the Vernon Street corridor, while, Historic Old Town is located north of the railroad tracks and is bounded by Main Street to the north, Pacific Street to the south, Washington Boulevard to the west and Lincoln Street to the east.
The subject’s immediate area and just north, has enjoyed recognition as a revitalized historic commercial district and benefits from its proximity to significant mature and new residential development, as well as regional transportation routes. The subject’s neighborhood is primarily composed of mature retail development with supporting residential and office development interspersed throughout. The residential development in the neighborhood is generally targeted toward median-income buyers and is primarily located south and west of the subject property. The Surrounding Area Demographics
2025 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius Roseville, CA
(city) Placer County, CA
Population 2020 15,410 109,653 309,554 147,773 404,739
Population 2025 15,304 108,242 309,315 159,778 422,203
Population 2030 15,192 107,387 309,845 164,752 431,305
Compound % Change 2020-2025 -0.1% -0.3% 0.0% 1.6% 0.8%
Compound % Change 2025-2030 -0.1% -0.2% 0.0% 0.6% 0.4%
Households 2020 6,264 42,341 115,409 55,210 152,101
Households 2025 6,264 42,064 115,652 59,201 158,079
Households 2030 6,246 41,894 116,057 60,900 161,327
Compound % Change 2020-2025 0.0% -0.1% 0.0% 1.4% 0.8%
Compound % Change 2025-2030 -0.1% -0.1% 0.1% 0.6% 0.4%
Median Household Income 2025 $78,878 $94,070 $98,953 $114,108 $112,036 Average Household Size 2.4 2.5 2.7 2.7 2.6
College Graduate % 27% 35% 36% 44% 42%
Owner Occupied % 47% 57% 64% 67% 72%
Renter Occupied % 53% 43% 36% 33% 28%
Median Owner Occupied Housing Value $490,173 $585,128 $606,229 $680,254 $711,487 Median Year Structure Built 1967 1985 1989 1998 1994
Average Travel Time to Work in Minutes 23 26 28 30 29
Source: Claritas
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quality and condition of the homes in the subject’s neighborhood are considered average relative to other areas of Roseville.
In order to support private and public investment in the area, the City of Roseville has focused on several public improvement projects that will benefit the subject neighborhood. Additionally, the City has been actively working on the Downtown Vernon Street and Historic Old Town Specific Plan Project, which will help implement the Downtown Vision created by planners in early 2006. The Roseville City Council adopted the Downtown Specific Plan on April 1, 2009. The project area is 160 acres and includes Vernon Street, Historic Old Town, Royer Park, Dry Creek and the Oak Street/ Douglas corridor. The goals of the project are to improve connectivity within Downtown as well as between Downtown and its surroundings; identify land uses and development standards responsive to market opportunities and that facilitate quality architecture and urban design; reinforce identity through the establishment of character districts and gateway elements; create and enhance public places that support community activity, spirit and involvement; and promote arts, culture, heritage, entertainment and education.
Two prominent structures that have been completed along Vernon Street in Downtown Roseville are the Civic Plaza Office Complex and Parking Garage project. These developments are located between Vernon and Oak Streets at Grant Street. The parking portion was completed in 2007 and is a five-level, approximately 550-space free public parking garage. The parking facility also includes 5,000 square feet of ground floor retail space fronting Vernon Street. As the neighborhood’s first multi-level parking facility, this structure was constructed to meet parking demands and provide supplementary parking inventory into the future. The Civic Plaza Office Complex consists of a four-story, 50,000± square foot office building with ground floor retail space located at 116 S. Grant Street. Construction of this building was ultimately completed to warm shell condition in early 2016. The building remained vacant for several years before the Roseville City Council approved the purchase of the property in December 2019 and is partially occupied by the City utility Roseville Electric.
The Vernon Street Town Square project commenced construction in August 2012 and was completed in August 2013. The Vernon Street Town Square is located adjacent to the Roseville Civic Center and is bordered by Oak, S. Grant, and Vernon Streets. The purpose of the Town Square project was to provide a public space that can accommodate a variety of events and activities year-round. The space provides landscaping and lighting, event amenities (stage, convertible spaces, etc.), an interactive water fountain, signage and other improvements. The total cost was estimated at $4.5 million.
Current and past events include, but are not limited to, free concerts, Wine Down Wednesday, Comedy Night, Movie Night Sing-Along, Food Truck Mania, Kids Fun Zone, Classic Car shows and Friday Flicks.
Another four-story, 83,000± square foot mixed-use building (ground floor retail and office on the upper floors) was completed in late 2016. The building is located at 316 Vernon Street and replaces the old city hall building. The new building houses a large portion of the city staff and adult education/continuing education classes for Sierra College. Construction of a second parking garage at the corner of Oak and Washington Streets was completed and opened for operation in mid-June 2018.
This garage has seven-stories with 429 parking spaces, bringing the total garage parking to nearly 1,000 spaces.
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Other recently completed and proposed projects include the construction and relocation of the existing fire station from 401 Oak Street to the corner of Oak and Lincoln Streets, the Bridges and Trail project, The Lohse Apartments and a more recently proposed project in the historic downtown Roseville area, Junction Crossing. A summary description (some verbatim from city documents) as to what is proposed, and some design drawings are as follows:
“The relocation of Fire Station #1 from the intersection of S. Grant Street and Oak Street will provide an approximately 3-acre development site. Integrated into the development is a creek walk intended to connect Douglas Blvd. to the current Icehouse bridge location. From there you will be able to gain access to the fully completed bike trail system that will take you all the way out to Sierra College Blvd. This level of development will then help to activate the Downtown! As part of the Downtown Specific Plan the relocation of Fire Station No. 1 was supported by the community. An evaluation of where to site a new station was performed and the intersection of Oak and Lincoln Street was selected.” Construction of the new fire station was completed and opened June 2018
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“The Downtown Bridges and Trails Project continues implementation of that vision by providing three important bridge connections across Dry Creek and continuation of the Dry Creek/Miners Ravine trail system. The project implements the Downtown Vision by improving connections between Royer Park and the Vernon Street/ Town Square area, and by closing the gap in the Class I trail system.” As of September 2019, construction of all three bridges was completed.
Surrounding Area Analysis 21
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The Lohse Apartments: The Lohse Apartments is a four-story, mixed-use project located at 623 Vernon Street. The project includes 58 affordable housing units with approximately 2,900 square feet of ground-floor retail space. The property also includes 60 underground and four surface parking spaces. Project amenities include a community room, computer area, lounge area and laundry room and outdoor play facilities in a central courtyard. The project is comprised of one-, two- and three-bedroom units ranging in size from 557 to 1,095± square feet. The project was developed by Mercy Housing California and was primarily funded through affordable housing tax credits. The project was completed and held its grand opening in early 2019.
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Junction Crossing: “The applicant requests approval of a Minor Design Review Permit to allow a four-story, approximately 80,460 square foot, 80-unit affordable multi-family residential building, with associated parking for St. Anton’s Communities. A Tentative Subdivision Map is also requested to allow the merging and resubdivision of 11 parcels, totaling approximately
1.38 acres, into two parcels (Parcel 1 = 0.07 acres, Parcel 2 = 1.31 acres), with right-of-way abandonments and dedications, consistent with Government Code Section 66499.20.2.” The project was completed in 2024.
Surrounding Area Analysis 23
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Main Street Plaza: A 65-unit affordable housing project located at the intersection of Washington Boulevard and Main Street. The project will offer one-, two- and three-bedroom unit types and ground-floor retail. Construction commenced in the first quarter of 2019 and the project was completed in March 2021.
The projects discussed only highlight some of the activity and development that has occurred over the past several years.
Surrounding Area Analysis 24
300 Taylor Street and 505 Royer Street
The following map illustrates the projects discussed and their location in relation to the subject.
Note: Subject is identified by the red star
Community Uses
There are several community uses in the neighborhood, such as schools, churches, parks, and recreational and cultural facilities. Parks near the subject property include William L. Taylor Park to the east and Royer Park to the south. The subject is also proximate to numerous religious facilities of various faiths. Bradford Woodbridge Fundamental Elementary School is located northwest of the subject and Roseville High School is located northeast of the subject. Additionally, the Placer County Fairgrounds and All American Speedway are located to the northwest.
Outlook and Conclusions
In summary, a balance of residential and supporting commercial and community uses characterize the area. The historic and downtown Roseville areas are experiencing some revitalization of older properties and redevelopment and these trends are expected to continue for the next few years, 2 3
4 6 5
7 8
9 LEGEND
1-Parking garage completed in
2007
2-116 S. Grant St.
3-Vernon Street Town Square
4-Civic Center
5-316 Vernon St.
6-Parking garage (200 Oak St.)
7-New Fire Station (80 Lincoln St.)
8-The Lohse Apartments
9-Junction Crossing
10-Main Street Plaza
1 10
Surrounding Area Analysis 25
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though high inflation and interest rates may adversely affect development and property values in the near-term.
Surrounding Area Analysis 26
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Surrounding Area Map
Multifamily Market Analysis 27
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Multifamily Market Analysis
The Sacramento multifamily market saw significant growth during the pandemic due to significant population increase from Bay Area relocations. However, demand slowed considerably in 2022 as inmigration slowed and macroeconomic uncertainty increased. Coupled with significant construction deliveries, the waning demand resulted in negative net absorption, higher vacancies and depressed rental rate growth.
New construction reached record highs in 2022 in response to the strong demand generated by population growth but has since slowed as developers have become cautious due to rising costs and financing challenges. The bulk of new construction is centered around Downtown Sacramento, North Sacramento, and West Sacramento. The largest project, The A.J. in The Railyards, is expected to be completed by Q1 2025.
The overall vacancy rate increased to near historic high levels in 2023 amidst record high deliveries, but conditions improved in 2024, reaching the highest rental demand in two decades, with absorption of 3,400 units. The majority of demand is concentrated in newly built luxury properties, which accounted for nearly 75% of rental activity, leading to a vacancy rate of 6.6%. In contrast, older properties struggled, with minimal net absorption. The market also saw an increase in rent-controlled units, with 1,400 units completed in 2024 and 2,100 more expected by 2025.
Despite strong leasing activity, rent growth remained modest due to increased supply and competition. However, concessions—such as free rent offers—have started to decline, suggesting a tightening market.
The data and statistics in this analysis are based primarily on information published in Colliers’ quarterly Market Research Report for the Sacramento Multifamily Market, with additional support from other published research reports.
New Construction
The following chart indicates the number of multifamily building permits issued over the last 14 years in the four-county Sacramento MSA (Sacramento, El Dorado, Placer and Yolo Counties). These figures include for-rent apartments and for-sale condominiums of projects containing at least five units.
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Permit activity for multifamily projects was low during the recovery years of 2010 through 2014, but increased beginning in 2015 as developers responded to improving market conditions. Information from the U.S. Census indicates 2,359 permits were issued year-to-date as of November 2024.
Third party research reports indicate that the year 2018 was the strongest in terms of new construction in the preceding 12 years and activity further intensified in subsequent years. The following information was extracted from research reports for local markets, summarizing total new unit deliveries by year, since 2019.
The construction pipeline is at its lowest since the third quarter 2020, with 3,059 units reported under construction; approximately 2,714 units are projected to deliver in 2025. New construction starts have been declining as developers exercise caution in light of cost challenges and to allow new supply to be absorbed. Year-to-date, Colliers reports 828 units started construction in 2024.
A summary of significant apartment construction activity is highlighted in the following table.
Sacramento Multifamily Market New Construction Deliveries, By Year Local Market Research Report 2019 2020 2021 2022 2023 2024 Under Construction Colliers 1,267 1,474 1,849 2,348 3,158 3,258 3,059
Costar 1,805 1,546 1,154 2,587 3,103 3,374 2,433
Kidder Mathews 1,420 1,297 2,339 2,820 3,977 4,827 4,713 Source: Colliers; Costar; Kidder Mathews
Multifamily Market Analysis 29
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Vacancy
Historically speaking, the regional apartment market has maintained relatively low vacancy. Over the last decade, after peaking in the 7% range in 2009, the region’s average vacancy rate steadily declined through 2013 and then remained relatively flat near 4% through 2016. By mid-2017, the vacancy rate decreased to 3.5% and remained in the low to mid-3% range until the third quarter 2020, when it declined to below 3%. Vacancy remained at historic lows through 2021 but began to moderate in 2022. Historical vacancy over the past decade is illustrated in the following chart.
Sacramento Multifamily Market - New Construction Activity Project Submarket Number of Units Status
Recently Completed
Zeta Luxury Apartments / 3701 E Commerce Way Natomas 270 Completed Q4 2023 Vivo Living Ranch Cordova / 11260 Point East Dr Rancho Cordova 158 Completed Q4 2023 805 Riverfront / 805 S Riverfront St West Sacramento 285 Completed Q4 2023 The Terraces at Stanford Ranch / 6122 Plaza Loop Rocklin 119 Completed Q1 2024 Maker / 1516 S Street Central Sacramento 137 Completed Q1 2024 The Hayley / 775 N 6th St Central Sacramento 260 Completed Q2 2024 Atwell at Folsom Ranch / 14481 Southpointe Dr Folsom 278 Completed Q2 2024 The Bernice / 1900 3rd Street Central Sacramento 186 Completed Q2 2024 Broadstone Villas / 2480 E Bidwell St Folsom 257 Completed Q2 2024 The Eames / 1542 Bartlett Ln North Sacramento 331 Completed Q3 2024 Verdelle Pointe / 2179 Iron Point Rd Folsom 253 Completed Q3 2024 Terracina @ Whitney / 801 University Ave Rocklin 288 Completed Q3 2024 Kinect @ Southport / 2415 Jefferson Blvd West Sacramento 322 Completed Q4 2024 Park West / 3200 Pleasant Grove Blvd Roseville 225 Completed Q4 2024 Sutter Green 2.0 / 2450 Natomas Park Dr Natomas 190 Completed Q4 2024 Under Construction
Stone Creek Village Apts / 3390 Zinfandel Dr Rancho Cordova 151 Delivery Q1 2025 The MOSA Apt. Homes / 10149 Bruceville Rd Elk Grove/Laguna 387 Delivery Q1 2025 Greenhaus Apartments / 1720 Research Park Dr Davis 160 Delivery Q1 2025 Fiddyment Apts / 2700 N Hayden Pky Lincoln 330 Delivery Q1 2025 Zinc 1501 / 1501 Expo Pky North Sacramento 121 Delivery Q1 2025 The Lyla / 9124 Bruceville Rd Elk Grove/Laguna 294 Delivery Q1 2025 The A.J. at The Railyards / 703 N 7th Street Central Sacramento 345 Delivery Q2 2025 Grove at Woodlake / 1891 Royal Oaks Dr North Sacramento 269 Delivery Q2 2025 Medley Apartments / 4170-4190 E Commerce Natomas 160 Delivery Q3 2025 St. Anton Ascent / 3561 Del Paso Rd North Sacramento 120 Delivery Q3 2025 Natomas Fountains Apts / 3801 Gateway Park Blvd Natomas 303 Delivery Q1 2026 Gibson Drive Apts / 572 Gibson Drive Roseville 261 Delivery Q1 2026 Source: Costar; Colliers; Kidder Mathews
Multifamily Market Analysis 30
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As of the fourth quarter 2024, overall vacancy was 4.5%, down 50 basis points from the previous quarter and down 120 basis points year-over-year. While the market maintained strong demand and sustained low vacancy through the pandemic and 2021, conditions began declining in 2022 as a result of macroeconomic factors. The following chart shows the region’s average apartment vacancy rate over the past four years.
Rental Rates
Rental rates rose steadily beginning in 2009 with steeper increases from 2013 to 2017, more moderate growth in 2018 and 2019, and increasing again in 2020 through the first part of 2022. The influx of population into the Sacramento metro during the pandemic and resulting demand for apartment units largely drove this growth. However, as previously noted, year-over-year rental rate growth subsequently moderated as demand declined.
The average monthly rental rate as of the fourth quarter 2024 was reported at $1,982 per unit/month, down from $2,005 per unit/month the previous quarter and up from $1,950 per unit/month a year
Multifamily Market Analysis 31
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ago. The following chart provides a summary of the average monthly apartment rental rates over the past four years.
It is noted future rent growth may be impacted by the enactment of rent control laws. On October 8, 2019, Governor Gavin Newsom signed Assembly Bill (AB) 1482, the Tenant Protection Act of 2019, making California the third state to enact a statewide rent control measure impacting residential rental housing. The bill is retroactively effective as of March 15, 2019 and will extend until January 1, 2030. Properties that are affected by this bill include any property containing at least two non-owneroccupied rental units built 15 or more years ago. The bill prohibits an owner of residential real property from, over the course of any 12-month period, increasing the gross rental rate for a dwelling or unit more than 5% plus the percentage change in the cost of living (regional Consumer Price Index from April 1 of the prior year, to April 1 of the current year), or 10%, whichever is lower.
Submarket Data
The following table highlights the average monthly rental rates and vacancy for the Sacramento area submarkets as of the fourth quarter 2024.
Multifamily Market Analysis 32
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According to the report, the Central Sacramento and Arden/Arcade submarkets recorded the highest average vacancies at 6.8% and 5.8%, respectively, while the lowest were reported in South Sacramento/Elk Grove and Folsom/Orangevale/Fair Oaks at 3.4% and 3.7% respectively. The remaining submarkets each had overall vacancy ranging from 4.1% to 5.3%.
The highest asking rental rate was in Davis at $2,355 per unit / month and the lowest in Carmichael at $1,640 per unit / month. Average rental rates decreased in most submarkets relative to the previous quarter, though three submarkets – Arden/Arcade, Rancho Cordova, and Woodland/West Sacramento - had an increase in rents. Year-over-year, most submarkets showed growth; the highest rent growth was in the Natomas submarket with 3.7% growth and the greatest decline was in the Davis submarket at 2.1%.
The Downtown/Central Sacramento submarket has exhibited steady demand in recent years, fueling new development, both in the form of new construction as well as renovation of existing buildings.
Colliers reports 803 units have been delivered in the past year and 1,061 units are under construction in the Central Sacramento market, representing 21% of total market construction.
Sales Activity
Sales activity for apartments in the region was strong for several years prior to the pandemic. Volume totaled $1.87 billion in apartment sales in 2018, marking a historical high, and $1.34 billion in 2019.
Though sales activity was impacted in the short-term following the onset of the pandemic, 2020 closed out with $1.18 billion in annual sales volume from 101 transactions, marking the sixth consecutive year of sales volume over $1 billion. The average price per unit was $224,229 and the average capitalization rate was 5.5%.
In 2021, sales volume totaled $1.5 billion with an average price of $217,938 and average capitalization rate of 4.9%. Apartment capitalization rates have generally trended downward over the past decade, stabilizing in the mid 5% range in recent years with additional decline in 2021 and 2022.
Sacramento Multifamily Market Summary
Submarket Inventory (Units) Rental Rates Q4 2024 Vacancy Q4 2024 Arden / Arcade 13,891 $1,685 5.8%
Carmichael 9,187 $1,640 4.9%
Central Sacramento 20,154 $2,098 6.8%
Citrus Heights 7,197 $1,760 4.1%
Davis 9,121 $2,355 5.3%
Folsom / Orangevale / Fair Oaks 15,100 $2,133 3.7%
North Sacramento / North Highlands 10,897 $1,922 4.3%
Natomas 14,552 $2,008 4.3%
Rancho Cordova 12,273 $1,809 5.0%
Roseville / Rocklin 18,578 $2,221 4.1%
South Sacramento / Elk Grove 21,145 $1,976 3.4%
Woodland / West Sacramento 9,052 $1,867 4.4%
Sacramento Market Total 161,147 $1,982 4.5%
Source: Colliers Sacramento Multifamily Market Report, Q4 2024
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Sales volume reported by Colliers in 2022 was $1.9 billion, a record high due to particularly strong sales volume of $882 million in the third quarter, while the fourth quarter had one of the lowest volumes on record with $84 million. The average sale price in the second half of 2022 was $256,322 per unit and average cap rate was 4.67%; the capitalization rate increased 16 basis points in the second half of the year compared to the first.
The market had 14 consecutive quarters of sales over $200 million from mid-2019 through mid-2022, before falling to below $100 million/quarter as a result of higher borrowing costs and rising operating expenses, coupled with declining market fundamentals. Colliers reported sales volume of $335 million in 2023, down 81.5% year-over-year, with an average price of $159,000/unit (37.9% decrease yearover-year) and average cap rate of 5.2%, an increase of 59 basis points.
The year 2024 closed out with total sales volume of $595 million, with an average price of $184,368/unit (up 7.1% year-over-year) and an average capitalization rate of 5.9%, up 60 basis points from the annual average in 2023. The fourth quarter had sales volume of $273.2 million, the highest volume since the third quarter 2022.
Sales activity and pricing are expected to improve as interest rates are anticipated to decline further and market fundamentals are improving. Recent notable sales transactions are summarized below.
Apartment Submarket Analysis
To better understand local market conditions for multifamily properties in the subject’s immediate area, we have utilized CoStar Property Analytics. We surveyed market-rate multi-family residential properties within a two-mile radius of the subject property. This query resulted in a total of 106 properties with 3,471 existing units (average of 33 units per project).
According to Costar, the subject’s immediate area had a vacancy rate of 6.3% as of the first quarter of 2025. Conversely, asking rents have increased by 2.50% relative to one year prior. The vacancy rate of the surveyed properties was at the highest point in Q1 2024 at 7.00% and the lowest point of 2.8% in Q4 2021. The following chart illustrates the trend for vacancy of the surveyed properties over the past ten years.
Sacramento Area Notable Sales Transactions
Project Number of Units Submarket Sale Price Price / Unit Logan Park / 4215 Palm Ave 661 North Sacramento $112,500,000 $170,197 The Fairmont / 575 Matmor Rd 192 Woodland $41,000,000 $213,542 Courtyard Apartments / 5600 Marconi Ave 138 Carmichael $20,800,000 $150,725 The Trees at Madison / 5101 Hackberry Ln 80 Carmichael $15,300,000 $191,250 Sterling Pointe Apts / 1805 Anderson Rd 57 Davis $13,350,000 $234,211 The Fulton / 1400 Fulton Ave 92 Arden / Arcade $12,500,000 $135,870 Source: Colliers, Kidder Mathews, Costar
Multifamily Market Analysis 34
300 Taylor Street and 505 Royer Street
The submarket exhibited a minimal increase in vacancy during the height of the COVID-19 pandemic, with vacancy around 4.00%. Vacancy has fluctuated from quarter-to-quarter, but increased overall since mid-2021 through the most recent quarter of 2025, exhibiting a current vacancy rate of 6.3%. In the near-term, vacancy is projected to remain relatively stable through the end of 2025, and minimal increases over the next two years before decreasing.
In addition to the vacancy rate analysis, we also utilized CoStar Property analytics to analyze asking rental rates. The following table summarizes the average asking rates for the surveyed properties since the third quarter of 2023. As shown in the following table, rents have been decreasing for all unit types over the past several years, excluding studio and two bedroom units.
Multifamily Market Analysis 35
300 Taylor Street and 505 Royer Street
There continues to be ongoing demand for rental housing in the subject’s immediate area. Overall, the submarket vacancy was minimally affected by the COVID-19 pandemic. The average rents reported above steadily increased for all unit types.
Conclusion
Recovery in the local economy and job gains contributed to sustained strong market fundamentals in 2021 and the first half of 2022, followed by a period of slowdown as net migration declined while the high cost of housing and high inflation further impacted household formation. The moderating conditions provided an opportunity for fundamental demand and supply to better align in a market that has been supply-constrained for many years.
However, significant deliveries in the past few years have placed pressure on occupancy rates and have resulted in longer lease-up times for new projects. In response, new ground breakings are slowing. Vacancy in the near term is expected to remain stable as the market absorbs the recent and near-term deliveries of new supply, with rental rate growth remaining flat to slightly increasing.
Steadily strengthening demand, coupled with lower new construction activity, bodes well for the nearterm outlook.
Average Rent per Unit/Month
2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
QTD
Studio $1,568 $1,592 $1,605 $1,613 $1,630 $1,621 $1,630 $1,643 One Bedroom $1,829 $1,858 $1,872 $1,929 $1,890 $1,911 $1,917 $1,942 Two Bedroom $2,026 $2,012 $2,026 $2,125 $2,085 $2,056 $2,102 $2,097 Three Bedroom $2,252 $2,297 $2,450 $2,521 $2,365 $2,356 $2,317 $2,362 Four+ Bedrooms $2,400 $2,400 $2,400 $2,418 $2,471 $2,524 $2,577 $2,595 All Bedroom $1,927 $1,937 $1,957 $2,032 $1,990 $1,985 $2,008 $2,020
Land Description and Analysis 36
300 Taylor Street and 505 Royer Street
Property Analysis
Land Description and Analysis
Land Description
Land Area 1.16 acres; 50,478 SF
Source of Land Area Public Records
Primary Street Frontage Royer St.
Secondary Street Frontage Taylor Rd.
Shape Irregular
Corner Yes
Topography Gently Sloping
Drainage No problems reported or observed
Environmental Hazards No problems reported or observed
Ground Stability No problems reported or observed
Flood Area Panel Number 06061C-1031H
Date November 2, 2018
Zone X and AE
Description Outside of 500-year floodplain and within 100-year floodplain Insurance Required? Yes
Zoning; Other Regulations
Zoning Jurisdiction City of Roseville
Zoning Designation CMU/FF/SA - DT-7 (Dry Creek Mixed-Use District) Description Commercial Mixed-Use/Floodway Fringe/Special Area - Downtown Specific Plan (DT-7 - Dry Creek Mixed-Use Legally Conforming? Appears to be legally conforming
Zoning Change Likely? No
Permitted Uses The subject is located in the Downtown Specific Plan area. The purpose of the Downtown Specific Plan is to direct public and private development consistent with the community vision for the downtown specific plan area.
Redevelopment within the older areas of the City of Roseville presents unique development challenges. The Downtown Specific Plan Downtown Code is therefore a comprehensive document that provides detailed performance criteria and development standards that are intended to facilitate development while recognizing the area’s unique character. The subject is located within the Dry Creek Mixed-Use district (DT-7), which is a Commercial Mixed-Use zone. The Commercial Mixed-Use zones are intended to promote a variety of commercial and higher intensity residential uses and the flexible siting of other uses that are typically considered to be compatible with commercial development. It is the intent of the CMU zoning district to establish a mix of uses, which will be accompanied by overlay zones, to ensure that commercial and higher intensity residential uses will be successfully integrated into desirable, cohesive mixed use districts. The SA, special area district is an overlay district which allows modification of the underlying general district regulations (including both permitted use types and development standards) by reference to regulations adopted either in a specific plan, which applies to the property so classified, or in the ordinance rezoning the property so classified. The Dry Creek Mixed-Use District is comprised of the districts formerly designated Community Commercial (CC) and Floodway Fringe (FF). Principally permitted uses in the Dry Creek Mixed-Use district include mixed-use, retail, restaurants, public/quasi-public, offices, multifamily residential, live/work space and public markets.
Minimum Lot Area Defined by development design
Maximum Building Height 4-story/60 feet
Maximum Floor Area Ratio 3.5
Parking Requirement Varies by land use
Other Land Use Regulations None noted
Utilities
Service Provider
Water City of Roseville
Sewer City of Roseville
Electricity City of Roseville
Natural Gas PG&E
Land Description and Analysis 37
300 Taylor Street and 505 Royer Street
Portions of the subject are located either within floodplain or floodway zones and there are moderate to substantial restrictions placed on potential development. The following map depicts the areas of the subject located within the floodplain and floodway.
Land Description and Analysis 38
300 Taylor Street and 505 Royer Street
The portion of the property located within the floodplain could be developed with restrictions, such as elevated structures with piers or pylons to allow water to flow through. Development within the floodway is even more restrictive and could likely only be developed with parking or recreational areas. Any development in these areas must be approved by FEMA and the City of Roseville. Generally speaking, the City of Roseville has higher standards for development within the floodplain than FEMA.
The following table provides a breakdown of total land area and the areas outside and within the floodplain and floodway for each parcel.
Land Area Summary
Tax ID Total SF
Outside FP
& FW SF
Floodplain
(FP) SF
Floodway
(FW) SF
Total
Acres
Outside FP
& FW Acres
Floodplain
Acres
Floodway
Acres
013-290-005 16,425 14,789 1,636 0 0.377 0.339 0.038 0.000 013-290-006 34,053 0 20,329 13,728 0.782 0.000 0.467 0.315 Total 50,478 14,789 21,965 13,728 1.159 0.339 0.505 0.315 We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required.
Easements, Encroachments and Restrictions
A current title report was not provided for review. There are no apparent easements, encroachments, or restrictions that would adversely affect value. This valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title.
Seismic Hazards
All properties in California are subject to some degree of seismic risk. The Alquist-Priolo Earthquake Fault Zoning Act was enacted by the State of California in 1972 to regulate development near active earthquake faults. The Act required the State Geologist to delineate “Earthquake Fault Zones” (formerly known as “Special Studies Zones”) along known active faults in California. Cities and counties affected by the identified zones must limit certain development projects within the zones unless geologic investigations demonstrate that the sites are not threatened by surface displacement from future faulting.
According to information from the California Department of Conservation and the California Geological Survey, the subject is not located within an Alquist-Priolo Special Studies Zone.
Conclusion of Site Analysis
Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning. We are not aware of any other particular restrictions on development.
Land Description and Analysis 39
300 Taylor Street and 505 Royer Street
Aerial View
Source: Google Maps (parcel boundaries are approximate)
Land Description and Analysis 40
300 Taylor Street and 505 Royer Street
Plat Map
Land Description and Analysis 41
300 Taylor Street and 505 Royer Street
Looking southeast across APN: 013-290-005 Looking southwest across APN: 013-290-005 Looking west across APN: 013-290-005 Looking northwest across APN: 013-290-005 Looking northeast across APN: 013-290-005 Looking southwest across APN: 013-290-006
Land Description and Analysis 42
300 Taylor Street and 505 Royer Street
Looking southeast across APN: 013-290-006 Looking east across APN: 013-290-006 Looking southeast across the western perimeter of APN:
013-290-006
Looking northeast across APN: 013-290-006
Looking north across APN: 013-290-006 Looking west across the alley between the subject parcels
Land Description and Analysis 43
300 Taylor Street and 505 Royer Street
Looking northwest along Taylor Road Looking southeast along Taylor Road Looking southwest along Royer Street Looking northeast along Royer Street (entrance to the public library)
Real Estate Taxes 44
300 Taylor Street and 505 Royer Street
Real Estate Taxes
The property tax system in California was amended in 1978 by Article XIII to the State Constitution commonly referred to as Proposition 13. It provides for a limitation on property taxes and for a procedure to establish the current taxable value of real property by reference to a base year value, which is then modified annually to reflect inflation (if any). Annual increases cannot exceed 2% per year.
The base year was set at 1975-76 or any year thereafter in which the property is substantially improved or changes ownership. When either of these two conditions occurs, the property is to be reappraised at market value, which becomes the new base year assessed value. Proposition 13 also limits the maximum tax rate to 1% of the value of the property, exclusive of bonds and direct charges.
Bonded indebtedness approved prior to 1978, and any bonds subsequently approved by a two-thirds vote of the district in which the property is located, can be added to the 1% tax rate.
The subject property is not taxed because it is owned by a public entity. However, if sold to a nonpublic entity, the subject would be taxed similar to other commercial properties in the vicinity, which would be based on the tax rate applied to the assessed value, plus any additional direct charges. The subject property is located in tax rate area 005-029, which has a current tax rate of 1.036829%.
Highest and Best Use 45
300 Taylor Street and 505 Royer Street
Highest and Best Use
The highest and best use of a property is the reasonably probable use resulting in the highest value, and represents the use of an asset that maximizes its productivity.
Process
Before a property can be valued, an opinion of highest and best use must be developed for the subject site, both as though vacant, and as improved or proposed. By definition, the highest and best use must be:
Legally permissible under the zoning regulations and other restrictions that apply to the site. Physically possible.
Financially feasible.
Maximally productive, i.e., capable of producing the highest value from among the permissible, possible, and financially feasible uses.
As Though Vacant
Legally Permissible
The legal factors influencing the highest and best use of the subject property are primarily government regulations, such as zoning and building codes. As previously presented, the subject property is zoned CMU/FF/SA - DT-7 (Dry Creek Mixed-Use District), Commercial Mixed-Use/Floodway Fringe/Special Area - Downtown Specific Plan (DT-7 - Dry Creek Mixed-Use District). Principally permitted uses in the Dry Creek Mixed-Use district include mixed-use, retail, restaurants, public/quasipublic, offices, multifamily residential, live/workspace and public markets. This area has undergone extensive planning and review; zoning modifications are considered highly unlikely. Based on a review of the subject’s zoning ordinance, the primary legally permissible uses of the subject property are for retail, office, multifamily residential and/or mixed-use development.
To our knowledge, there are no legal restrictions such as easements or deed restrictions that would effectively limit the use of the property. Given prevailing land use patterns in the area, commercial property market conditions, surrounding land uses and the subject’s location on interior streets, only multi-family development (apartments, condominiums and/or senior housing) is given further consideration in determining highest and best use of the site, as though vacant.
Physically Possible
The physical characteristics of a site that affect its possible use(s) include, but are not limited to, location, street frontage, visibility, access, size, shape, topography, availability of utilities, off-site improvements, easements and soil and subsoil conditions. Since the legally permissible test has resulted in a potential for office development, at this point the physical characteristics are examined to see if they are suited for the legally permissible uses.
Highest and Best Use 46
300 Taylor Street and 505 Royer Street
Locational considerations include the compatibility and position of the subject property with respect to surrounding uses. Based on our physical inspection of the subject property, we know of no reason why the property would not support any legal development.
The topography of the majority of the subject property appears adequate for development. It is noted, a portion of APN 013-290-005 is located within a floodplain and APN 013-290-006 is located within a floodplain and floodway. These areas are subject to additional development guidelines/restrictions by FEMA and the City of Roseville. The property is not located within a Fault-Rupture Hazard Zone. All utility services are available, and evidence of construction in the immediate area provides additional support for the possibility of development. Typical roadway and utility easements exist but are not unusual in any way. It is assumed any easements do not adversely affect the subject’s potential for development.
The subject property is located within the city of Roseville, and the subject’s location is considered average for the legally permissible uses. The property is located proximate to the main downtown corridors along Vernon and Oak Streets, which bodes well for the subject, since many retail and office properties are located within walking distance. In addition, the property is proximate to Interstate 80 via Douglas Boulevard. Overall, the subject property has physical characteristics that support the legally permissible uses.
Financially Feasible
The subject property is located in the downtown area of Roseville, which has experienced some revitalization, property appreciation, increased rental rates and new construction in recent years. A determination of financial feasibility is dependent on local supply and demand influences. Based upon the characteristics of the immediate area, surrounding land uses, and development trends within the region, the most likely use of the subject site would be for multi-family development. It is our opinion this is the most likely use that is physically possible. There is moderate development activity in the region and submarket, which was in response to the improving market conditions up until mid-2022.
However, the rise in construction costs, permit and fee costs within the city, as well as high interest rates have made some multi-family projects infeasible at this time. Note, development of affordable housing is still reported to be feasible in many cases, as developers continue to have access to nonmarket, government funding and grants for these projects. Affordable housing developers continue to be active in the Sacramento region looking for sites conducive to multi-family development, albeit, at a slower pace than in past years. Therefore, multi-family development (apartments, condominiums and/or senior housing), may be financially feasible under the right circumstances.
Maximally Productive
Legal, physical and market conditions have been analyzed to evaluate the highest and best use of the subject property. The analysis is presented to evaluate the type of use(s) that will generate the greatest level of future benefits possible to the property. Construction of some form of a multi-family project is legally permissible and physically possible; thus, it is our opinion the highest and best use of the subject is for multi-family development (apartments, condominiums and/or senior housing).
Highest and Best Use 47
300 Taylor Street and 505 Royer Street
Conclusion
Based on the factors previously discussed, multi-family development (apartments, condominiums and/or senior housing) is the maximally productive land use that is legally permissible, physically possible and financially feasible. Therefore, it is concluded to be the highest and best use of the subject property as if vacant.
Most Probable Buyer
Considering the functional utility of the site and area development trends, the probable buyer would be an investor, for-profit developer, speculator, or non-profit multi-family developer, looking to develop the property.
Valuation Methodology 48
300 Taylor Street and 505 Royer Street
Valuation
Valuation Methodology
Appraisers usually consider three approaches to estimating the market value of real property. These are the cost approach, sales comparison approach and the income capitalization approach.
The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties.
The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data. The sales comparison approach is less reliable in an inactive market or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner-user properties.
The income capitalization approach reflects the market’s perception of a relationship between a property’s potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. The primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income-producing properties.
Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type.
The methodology employed in this assignment is summarized as follows:
Approaches to Value
Approach Applicability to Subject Use in Assignment
Cost Approach Not Applicable Not Utilized
Sales Comparison Approach Applicable Utilized
Income Capitalization Approach Not Applicable Not Utilized
Sales Comparison Approach 49
300 Taylor Street and 505 Royer Street
Sales Comparison Approach
The sales comparison approach develops an indication of value by comparing the subject to sales of similar properties. The steps taken to apply this approach are:
Identify relevant property sales;
Research, assemble, and verify pertinent data for the most relevant sales; Analyze the sales for material differences in comparison to the subject; Reconcile the analysis of the sales into a value indication for the subject.
To apply the sales comparison approach, we searched for sale transactions within the following parameters:
Location: Our initial search focused on the subject’s immediate downtown Roseville area; however, due to the limited number of transactions, we expanded our search to include properties throughout the City of Roseville and neighboring cities. Size: Less than five acres
Use: Zoned for commercial/mixed-use, with an emphasis on multi-family uses Transaction Date: Within approximately three years of the effective date of value For this analysis, we use price per square foot as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. As previously discussed, portions of the subject are located either within a floodplain, or floodway and there are moderate to substantial restrictions placed on potential development. We will first determine a base price per square foot of land area as-if the subject is entirely outside of a floodplain and floodway, then we will apply discounts to the areas within the floodplain and floodway.
The most relevant sales are summarized in the following table.
Sales Comparison Approach 50
300 Taylor Street and 505 Royer Street
Summary of Comparable Land Sales
No. Name/Address
Sale Date;
Status Sale Price
SF;
Acres Zoning
$/SF
Land $/Acre
1 Vacant Land Apr-24 $250,000 15,223 CMU/SA-DT $16.42 $715,308 705 & 711 Oak St. Closed 0.35
Roseville
Placer County
CA
2 Mourier M31 Apartments Site Jun-23 $2,200,000 178,596 CC $12.32 $536,585 9000 Woodcreek Oaks Blvd. Closed 4.10
Roseville
Placer County
CA
3 1600 Vineyard Rd. May-23 $1,300,000 82,764 PD408B $15.71 $684,211 Roseville Closed 1.90
Placer County
CA
4 405 Church Street Oct-22 $275,000 26,023 GC $10.57 $460,328 405 Church St. Closed 0.60
Roseville
Placer County
CA
5 Vacant Land Apr-25 $799,000 30,056 R3/SA-AT $26.58 $1,157,971 124 Center St. Listing 0.69
Roseville
Placer County
CA
Subject 50,478 CMU/FF/SA - DT-7
300 Taylor Street and 505 Royer Street 1.16
Roseville, CA
Comments: This transaction represents the sale of two contiguous parcels zoned Commercial Mixed-Use. Land uses in the immediate area are a mix of commercial and residential.
Comments: This is the sale of a vacant, fully entitled site proposed for development of 80 multifamily units. The seller obtained development entitlements on May 28, 2020, which included a Conditional Use Permit to allow multifamily use in the Community Commercial zone district, Design Review Permit, and a Tree Permit to encroach into a protected zone of a native oak tree.
Comments: This is the sale of a 1.9-acre parcel located at the northwest corner of Vineyard Drive and Opportunity Drive in the City of Roseville.
Comments: This transaction represents an active listing of a 0.60 acre parcel zoned General Commercial. Surrounding land uses include single-family residential, vacant land and industrial uses.
Comments: This transaction represents the active listing of a vacant parcel zoned R-3. The R-3, Attached Housing district is intended for multiple-family housing. The types of land use intended for the R-3 zoning district include apartments, condominiums, townhomes, and similar and related compatible uses. The property has been approved for a 13-unit townhouse style multi-family project.
Sales Comparison Approach 51
300 Taylor Street and 505 Royer Street
Comparable Land Sales Map
Sales Comparison Approach 52
300 Taylor Street and 505 Royer Street
Sale 1
Vacant Land
Sale 2
Mourier M31 Apartments Site
Sale 3
1600 Vineyard Rd.
Sale 4
405 Church Street
Sale 5
Vacant Land
Sales Comparison Approach 53
300 Taylor Street and 505 Royer Street
Analysis and Adjustment of Sales
Adjustments are based on a rating of each comparable sale in relation to the subject. The adjustment process is typically applied through either quantitative or qualitative analysis, or a combination of both analyses. Quantitative adjustments are often developed as dollar or percentage amounts, and are most credible when there is sufficient data to perform a paired sales analysis.
While percentage adjustments are presented in the adjustment grid, they are based on qualitative judgment rather than empirical research, as there is not sufficient data to develop a sound quantitative estimate. Although the adjustments appear to be mathematically precise, they are merely intended to illustrate an opinion of typical market activity and perception. With the exception of market conditions, the adjustments are based on a scale, with a minor adjustment in the range of 1- 5% and a substantial adjustment considered to be 20% or greater.
The rating of each comparable sale in relation to the subject is the basis for the adjustments. If the comparable is superior to the subject, its sale price is adjusted downward to reflect the subject’s relative attributes; if the comparable is inferior, its price is adjusted upward.
Transactional adjustments are applied for property rights conveyed, financing, conditions of sale, expenditures made immediately after purchase, and market conditions. In addition, property adjustments include – but are not limited to – location, access/exposure, size, quality, effective age, economic and legal characteristics, and non-realty components of value. Adjustments are considered for the following factors, in the sequence shown below.
Transactional Adjustments
Real Property Rights Conveyed
The opinion of value in this report is based on a fee simple estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat, as well as non-detrimental easements, community facility districts, and conditions, covenants and restrictions (CC&Rs). All the comparables represent fee simple estate transactions. Therefore, adjustments for property rights are not necessary.
Financing Terms
In analyzing the comparables, it is necessary to adjust for financing terms that differ from market terms. Typically, if the buyer retained third-party financing (other than the seller) for the purpose of purchasing the property, a cash price is presumed and no adjustment is required. However, in instances where the seller provides financing as a debt instrument, a premium may have been paid by the buyer for below-market financing terms, or a discount may have been demanded by the buyer if the financing terms were above market. The premium or discounted price must then be adjusted to a cash equivalent basis. The comparable sales represented cash-to-seller transactions and, therefore, do not require adjustment.
Sales Comparison Approach 54
300 Taylor Street and 505 Royer Street
Conditions of Sale
Adverse conditions of sale can account for a significant discrepancy from the sale price actually paid, compared to that of the market. This discrepancy in price is generally attributed to the motivations of the buyer and the seller. Certain conditions of sale are considered non-market and may include the following:
a seller acting under duress (e.g., eminent domain, foreclosure); buyer motivation (e.g., premium paid for assemblage, certain 1031 exchanges); a lack of exposure to the open market;
an unusual tax consideration;
a sale at legal auction.
Comparable 6 is a current listing and is adjusted downward to reflect the likelihood the sale price will be below the list price, as actual sale prices are typically negotiated downward. No further adjustments are required for conditions of sale.
Expenditures Made Immediately After Purchase
This category considers expenditures incurred immediately after the purchase of a property. All of the comparables transferred as vacant land with no vertical or horizontal improvements. No adjustments are required for expenditures after sale.
Market Conditions
A market conditions adjustment is applied when market conditions at the time of sale differ from market conditions as of the effective date of value. Adjustments can be positive when prices are rising, or negative when markets are challenged by factors such as a deterioration of the economy or adverse changes in supply and/or demand in the market area. Consideration must also be given to when the property was placed under contract, versus when the sale actually closed.
In evaluating market conditions, changes between the comparable sale date and the effective date of this appraisal may warrant adjustment; however, if market conditions have not changed, then no adjustment is required.
Market improved after the shutdowns associated with COVID-19 had been lifted. However, towards the middle of 2022, the market began to slow due to rising interest rates coupled with high inflation.
As such, we have adjusted Sale 4 downward as it transferred in mid-2022.
Property Adjustments
Location
Factors considered in evaluating location include, but are not limited to, demographics, growth rates, surrounding uses and property values.
The subject is located within the downtown area of Roseville. All of the comparables are located in Roseville and no adjustments are necessary.
Sales Comparison Approach 55
300 Taylor Street and 505 Royer Street
Access/Exposure
Convenience to transportation facilities, ease of site access, and overall visibility of a property can have a direct impact on property value. High visibility, however, may not translate into higher value if it is not accompanied by good access. In general, high visibility and convenient access, including proximity to major linkages, are considered positive amenities when compared to properties with inferior attributes.
The subject property is considered to possess average access/ exposure. Sales 2 through 5 are similar to the subject and require no adjustment. Sale 1 is located along a major thoroughfare (Douglas Boulevard) and is superior to the subject. A downward adjustment is applied.
Size
Due to economies of scale, the market exhibits an inverse relationship between land area and price per square foot, such that larger sites generally sell for a lower price per square foot than smaller lots, all else being equal. To account for this relationship, applicable adjustments are applied for differences in land area. The comparables that are larger than the subject are adjusted upward, and vice versa.
Sales 3, 4 and 5 are similar to the subject and require no adjustment. Sale 1 is appreciably smaller than the subject, and a downward adjustment is applied. Sale 2 is larger than the subject and requires an upward adjustment.
Shape and Topography
This category accounts for the shape of the site influencing its overall utility and/or development potential, as well as the grade of the land.
The subject property has average site utility given its shape, relatively level topography, and lack of vegetation, trees, rocks or other impediments to development. All of the comparables are similar to the subject. No adjustments are necessary.
Zoning
This element of comparison accounts for government regulations that can affect the types and intensities of uses allowable on a site. Moreover, this category includes considerations such as allowable density or floor area ratio, structure height, setbacks, parking requirements, landscaping, and other development standards. The subject has a zoning designation of CMU/FF/SA - DT-7 (Dry Creek Mixed-Use District) - Commercial Mixed-Use/Floodway Fringe/Special Area - Downtown Specific Plan (DT-7 - Dry Creek Mixed-Use District).
Similar to the subject property, all of the sales have zoning permitting a variety of commercial, office, multi-family or mixed-use development. However, the zoning for Sales 2 through 5 have lower allowable densities and are adjust upward.
Off-Site Improvements
Items in this category include improvements on the perimeter of the site (i.e., curbs, gutters, and sidewalks). This category does not account for any on-site development costs, such as clearing,
Sales Comparison Approach 56
300 Taylor Street and 505 Royer Street
grading, and paving. In instances where the cost of off-site improvements is borne by the developer, the lack of these improvements can affect the purchase price.
The subject has all off-site improvements in place as is the case with the majority of the comparables.
Sale 1 does not have sidewalk and is inferior to the subject. An upward adjustment is applied.
Adverse Influences
Negative external influences affecting the desirability or marketability of a property.
The subject is not affected by any adverse influences other than portions of the subject being in the floodplain. This will be handled in the conclusion section and not in this portion of the valuation. Sales 1, 2, 3 and 5 are similar to the subject and require no adjustment. Sale 4 is located adjacent to railroad tracks and is adjusted upward to account for the less desirable adjacent land uses.
Adjustments Summary
The sales are compared to the subject and adjusted to account for material differences that affect value. The following table summarizes the adjustments applied to each sale.
Sales Comparison Approach 57
300 Taylor Street and 505 Royer Street
Land Sales Adjustment Grid
Subject Comparable 1 Comparable 2 Comparable 3 Comparable 4 Comparable 5 Address 300 Taylor St. and
505 Royer St.
705 & 711 Oak St. 9000 Woodcreek
Oaks Blvd.
1600 Vineyard Rd. 405 Church St. 124 Center St.
City Roseville Roseville Roseville Roseville Roseville Roseville County Placer Placer Placer Placer Placer Placer
Sale Date Apr-24 Jun-23 May-23 Oct-22 Apr-25
Sale Status Closed Closed Closed Closed Listing
Sale Price $250,000 $2,200,000 $1,300,000 $275,000 $799,000 Square Feet 50,478 15,223 178,596 82,764 26,023 30,056
Acres 1.16 0.35 4.10 1.90 0.60 0.69
Price per Square Foot $16.42 $12.32 $15.71 $10.57 $26.58 Transactional Adjustments
Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple % Adj us tment – – – – –
Financing Terms Cash to seller Cash to seller Cash to seller Cash to seller Cash to seller % Adj us tment – – – – –
Conditions of Sale Market Market Market Market Listing
% Adj us tment – – – – -10%
Expenditures Made Immediately After Purchase None None None None None $ Adjustment – – – – –
Market Conditions 4/24/2025 Apr-24 Jun-23 May-23 Oct-22 Apr-25 Annual % Adjustment – – – -5% –
Cumulative Adjusted Price $16.42 $12.32 $15.71 $10.04 $23.93 Property Adjustments
Location – – – – –
Acces s /Expos ure -5% – – – –
Size -5% 20% – – –
Shape and Topography – – – – –
Zoning – 5% 5% 5% 5%
Off-Site Improvements 5% – – – –
Adverse Influences – – – 15% –
Entitl ements – -5% – – –
Net Property Adjustments ($) -$0.82 $2.46 $0.79 $2.01 $1.20 Net Property Adjustments (%) -5% 20% 5% 20% 5%
Final Adjusted Price $15.60 $14.78 $16.49 $12.05 $25.12 Range of Adjusted Prices $12.05 - $25.12
Average $16.81
Indicated Value $16.00
Sales Comparison Approach 58
300 Taylor Street and 505 Royer Street
Value Indication
Prior to adjustment, the sales reflect a range of $10.57 - $26.58 per square foot. After adjustment, the range is narrowed to $12.05 - $25.12 per square foot, with an average of $16.81 per square foot.
Sale 5 is an active listing in which the final sale price is uncertain and represents the high end of the range; therefore, guarded reliance is placed on this comparable. Sale 1 is the most recent transaction in the data set and required moderate adjustments. Sale 2 is located outside of the immediate area and is appreciably larger than the subject. Sale 3 required minimal adjustment. Lastly, Sale 4 is the most dated transaction in the data set and represents the low end of the range.
Given the previous discussion, with the most emphasis on Sales 1 through 3 and support from the remainder of the data set, we conclude a market value of $16.00 per square foot of land area for the subject.
As discussed throughout the report, portions of the subject property are located within either a floodplain, or floodway and are subject to additional development restrictions from FEMA and the City of Roseville. The indicated land value conclusion is applicable to the portion of the site that does not have any development restrictions. A developer would likely require some level of “incentive” in order to purchase and take on the additional steps required to develop the property. We estimate the land area within the floodplain to be discounted by 25% and the land area within the floodway to be discounted by 65%. By applying the discounts to the previously concluded value, and the subject’s respective land areas, we arrive at a total land value conclusion as follows:
Land Value Conclusion
Outside
FP & FW Floodplain Floodway
Base $/SF - Land Area $16.00 14,789 SF 21,965 SF 13,728 SF Discount 0% 25% 65%
Discounted $/SF $16.00 $12.00 $5.60
Component Value $236,624 $263,580 $76,877
Indicated Value $577,081
Rounded $580,000 ($12.88/Usable SF)
If the subject were not affected by development restrictions, the indicated value of the property would be $810,000 (rounded), or approximately 28% ($230,000) more than our final value conclusion.
We believe this projection is reasonable based on the development constraints.
Valuation 59
300 Taylor Street and 505 Royer Street
Reconciliation and Conclusion of Value
As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable, and are not used.
Based on the preceding valuation analysis and subject to the definitions, assumptions, and limiting conditions expressed in the report, our value opinion follows:
Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value As Is Fee Simple April 24, 2025 $580,000
Extraordinary Assumptions and Hypothetical Conditions
1. Portions of the subject are located either within floodplain or floodway zones and there are moderate to substantial restrictions placed on potential development. The portion of the property located within the floodplain could be developed with restrictions, such as elevated structures with piers or pylons to allow water to flow through and development within the floodway is even more restrictive and could likely only be developed with parking or recreational areas. It is assumed any legally permissible development in these areas would be approved by FEMA and the City of Roseville.
None
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.
Exposure Time
Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market value stated previously, it is our opinion that the probable exposure time is 9-12 months.
Marketing Period
Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. We estimate the subject’s marketing period at 9-12 months.
Certification 60
300 Taylor Street and 505 Royer Street
Certification
We certify that, to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions.
3. We 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.
4. We have previously appraised the property that is the subject of this report for another client.
We have provided no other services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment.
5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
7. Our 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.
8. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations.
9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.
10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
11. Lance Jordan, MAI, has not made a personal inspection of the property that is the subject of this report. Ligia Dejeu has personally inspected the subject.
12. No one provided significant real property appraisal assistance to the person(s) signing this certification.
13. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP.
14. As of the date of this report, Lance Jordan, MAI, has completed the continuing education program for Designated Members of the Appraisal Institute.
Certification 61
300 Taylor Street and 505 Royer Street
Lance Jordan, MAI
Certified General Real Estate Appraiser
#AG012709
Ligia Dejeu
Certified General Real Estate Appraiser
#3004823
Assumptions and Limiting Conditions 62
300 Taylor Street and 505 Royer Street
Assumptions and Limiting Conditions
This appraisal and any other work product related to this engagement are limited by the following standard assumptions, except as otherwise noted in the report:
1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use.
2. There are no existing judgments or pending or threatened litigation that could affect the value of the property.
3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property.
4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction.
5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes.
6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.
This appraisal and any other work product related to this engagement are subject to the following limiting conditions, except as otherwise noted in the report:
1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised.
2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events.
3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated.
4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies.
5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment.
6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal
Assumptions and Limiting Conditions 63
300 Taylor Street and 505 Royer Street
covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct.
7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal.
8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. Such considerations may also include determinations of compliance with zoning and other federal, state, and local laws, regulations and codes.
9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context.
10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the persons signing the report.
11. Information, estimates and opinions contained in the report and obtained from third-party sources are assumed to be reliable and have not been independently verified.
12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results.
13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate.
14. Unless otherwise stated in the report, no consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered.
15. The current purchasing power of the dollar is the basis for the values stated in the appraisal; we have assumed that no extreme fluctuations in economic cycles will occur.
16. The values found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions.
17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic
Assumptions and Limiting Conditions 64
300 Taylor Street and 505 Royer Street
conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the subject with ADA regulations.
Inasmuch as compliance matches each owner’s financial ability with the cost to cure the nonconforming physical characteristics of a property, a specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance.
19. The appraisal report is prepared for the exclusive benefit of you, your subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk.
20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. IRR - Sacramento, Integra Realty Resources, Inc., and their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property.
21. The persons signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. However, we are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal.
22. We are not a building or environmental inspector. The Integra Parties do not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended.
23. The appraisal report and value conclusions for an appraisal assume the satisfactory completion of construction, repairs or alterations in a workmanlike manner.
24. IRR - Sacramento is an independently owned and operated company. The parties hereto agree that Integra shall not be liable for any claim arising out of or relating to any appraisal report or any information or opinions contained therein as such appraisal report is the sole and exclusive responsibility of IRR - Sacramento. In addition, it is expressly agreed that in
Assumptions and Limiting Conditions 65
300 Taylor Street and 505 Royer Street
any action which may be brought against the Integra Parties arising out of, relating to, or in any way pertaining to the engagement letter, the appraisal reports or any related work product, the Integra Parties shall not be responsible or liable for any incidental or consequential damages or losses, unless the appraisal was fraudulent or prepared with intentional misconduct. It is further expressly agreed that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the assignment (unless the appraisal was fraudulent or prepared with intentional misconduct).
It is expressly agreed that the fees charged herein are in reliance upon the foregoing limitations of liability.
25. IRR - Sacramento is an independently owned and operated company, which has prepared the appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided.
Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable).
26. The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. The Integra Parties are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property.
27. All prospective value opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future.
28. The appraisal is also subject to the following:
Assumptions and Limiting Conditions 66
300 Taylor Street and 505 Royer Street
Extraordinary Assumptions and Hypothetical Conditions
1. Portions of the subject are located either within floodplain or floodway zones and there are moderate to substantial restrictions placed on potential development. The portion of the property located within the floodplain could be developed with restrictions, such as elevated structures with piers or pylons to allow water to flow through and development within the floodway is even more restrictive and could likely only be developed with parking or recreational areas. It is assumed any legally permissible development in these areas would be approved by FEMA and the City of Roseville.
None
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.
Addenda
300 Taylor Street and 505 Royer Street
Addendum A
Appraiser Qualifications
Integra Realty Resources -
Orange County
irr.com
T 916.435.3883
F 916.435.4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Lance Jordan, MAI
Experience
Mr. Jordan has been actively engaged in real estate valuation and consulting since 1989.
Prior to joining IRR, Lance was a partner with Seevers Jordan Ziegenmeyer since 1997. He has extensive experience in the valuation of all forms of industrial properties, community/neighborhood shopping centers, office buildings CBD and suburban, multi family, hotels and motels, vacant land and special purpose properties. Clients served include banks and financial institutions, developers and investors, law and accounting firms, business/industry, government, and mortgage bankers. Valuations have been performed for financing, eminent domain purposes, as well as estate tax and estate planning. In summary, with nearly 35 years of experience in the field, Mr. Jordan has developed the expertise and background necessary to deal with complex assignments covering a wide range of property types. Mr. Jordan is the Senior Managing Director of the Orange County office and Managing Director of the Sacramento, San Francisco, and Los Angeles Offices.
Professional Activities & Affiliations
Chairman: Appraisal Institute - Sacramento/Sierra Chapter - California Government Relations Committee, January 2015 - December 2017
Committee: Appraisal Institute - Sacramento/Sierra Chapter - California Government Relations, January 2014 - December 2017
Board of Director: Appraisal Institute - Sacramento/Sierra Chapter, January 2014 - December 2016
MAI Designation, Appraisal Institute , May 2012
Vice President: Appraisal Institute - Sacramento/Sierra Chapter, January 2007 - December 2007
Other: Appraisal Institute - Sacramento/Sierra Chapter - Secretary/Treasurer, January 2006 - December 2006
Licenses
California, Certified General Real Estate Appraiser, AG012709, Expires January 2026 Arizona, Certified General Real Estate Appraiser, 1013474, Expires September 2026 Washington, Certified General Real Estate Appraiser, 20110463, Expires January 2026 Oregon, Certified General Real Estate Appraiser, C0001427, Expires January 2026 Nevada, Certified General Real Estate Appraiser, A.0208234-CG, Expires November 2026 Education
Bachelor of Science - Accountancy, CSU - Sacramento, 1991 Recent Continuing Education:
Lake Tahoe Litigation Conference – Appraisal Institute
Forecasting Revenue – Appraisal Institute
Appraising Distressed Commercial Real Estate – Appraisal Institute Litigation Appraising: Specialized Topics and Applications – Appraisal Institute Business Practices and Ethics – Appraisal Institute
The Essentials, Current Issues & Misconceptions in Appraising – Appraisal Institute Review Theory - General
Qualified Before Courts & Administrative Bodies
[email protected] - 916.435.3883 x232
Integra Realty Resources -
Orange County
irr.com
T 916.435.3883
F 916.435.4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Lance Jordan, MAI
Qualified Before Courts & Administrative Bodies (Cont'd) Court Appointed Expert Witness, Placer County Superior Courts, 2014 [email protected] - 916.435.3883 x232
Integra Realty Resources -
Sacramento
irr.com
T 916.435.3883
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Ligia Dejeu
Experience
Ms. Dejeu is an Appraiser at the firm. After completing her bachelor’s degree at California State University, Chico, Ms. Dejeu worked in banking as a branch manager for ten years before she joined the firm full-time in 2012. Ms. Dejeu is assisting in the research, analysis and writing of narrative appraisal reports for a wide variety of commercial properties including multifamily, office, retail and industrial, as well as commercial land and special-use properties such as Low Income Housing Tax Credit (LIHTC) projects, self-storage facilities and surgery centers. Ms. Dejeu has developed the experience and background necessary to deal with complex assignments covering an array of property types.
Licenses
California, California Certified General Real Estate Appraiser, 3004823, Expires October 2025
Education
Academic:
Bachelor of Science in Business Administration (Concentration in Business Management), California State University, Chico
Appraisal and Real Estate Courses:
Basic Appraisal Principles
Basic Appraisal Procedures
General Appraiser Sales Comparison Approach
General Appraiser Site Valuation and Cost Approach
General Appraiser Income Approach Part 1
General Appraiser Income Approach Part 2
General Appraiser Report Writing and Case Studies
General Appraiser Market Analysis and Highest and Best Use Real Estate Finance Statistics and Valuation Modeling
Uniform Standards of Professional Appraisal Practice
Residential Sales and Income Approach
Laws and Regulation for California Appraisers
[email protected] - 916.435.3883
About IRR
Integra Realty Resources, Inc. (IRR) provides world-class commercial 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
300 Taylor Street and 505 Royer Street
Addendum B
Comparable Data
Addenda
300 Taylor Street and 505 Royer Street
Land Sales
Land Sale Profile Sale No. 1
Location & Property Identification
Property Name: Vacant Land
Sub-Property Type: Commercial, Other
Address: 705 & 711 Oak St.
City/State/Zip: Roseville, CA 95678
County: Placer
Market Orientation: Suburban
IRR Event ID: 3288379
Sale Information
Sale Price: $250,000
Effective Sale Price: $250,000
Sale Date: 04/03/2024
Sale Status: Closed
$/Acre(Gross): $715,308
$/Land SF(Gross): $16.42
Grantor/Seller: Betty Ann Bertoglio Revocable
Trust dated August 13, 2004
Grantee/Buyer: Ola Yousef Abdjoseph
Assets Sold: Real estate only
Property Rights: Fee Simple
% of Interest Conveyed: 100.00
Financing: Cash to seller
Document Type: Deed
Recording No.: 20240017161
Verification Type: Secondary Verification
Improvement and Site Data
MSA: Sacramento--Roseville--Arden
-Arcade, CA
Legal/Tax/Parcel ID: 013-163-004 & -003
Acres(Gross): 0.35
Land-SF(Gross): 15,223
Zoning Code: CMU/SA-DT
Zoning Desc.: Commercial Mixed-Use /
Special Area
Source of Land Info.: Public Records
Comments
This transaction represents the sale of two contiguous parcels zoned Commercial Mixed-Use. Land uses in the immediate
area are a mix of commercial and residential.
Property is located within the Downtown Specific Plan.
Vacant Land
Land Sale Profile Sale No. 2
Location & Property Identification
Property Name: Mourier M31 Apartments Site
Sub-Property Type: Residential, Multifamily Land
Address: 9000 Woodcreek Oaks Blvd.
City/State/Zip: Roseville, CA 95747
County: Placer
Market Orientation: Suburban
IRR Event ID: 3056538
Sale Information
Sale Price: $2,200,000
Effective Sale Price: $2,200,000
Sale Date: 06/29/2023
Recording Date: 06/30/2023
Sale Status: Closed
$/Acre(Gross): $536,585
$/Land SF(Gross): $12.32
$/Acre(Usable): $536,585
$/Land SF(Usable): $12.32
$/Unit (Potential): $27,500 /Apt. Unit
Grantor/Seller: Mourier Land Investment
Corporation
Grantee/Buyer: Campus Oaks Apartments 3
LLC
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Document Type: Deed
Recording No.: 2023.34194
Verified By: Eric Segal, MAI
Verification Date: 03/05/2024
Verification Type: Confirmed-Seller Broker
Secondary Verific. Source: CoStar, Deed
Sale Analysis
Proposed Use Desc.: Commercial
Improvement and Site Data
Legal/Tax/Parcel ID: 481-010-008-000
Acres(Usable/Gross): 4.10/4.10
Land-SF(Usable/Gross): 178,596/178,596
Usable/Gross Ratio: 1.00
No. of Units (Potential): 80
Zoning Code: CC
Zoning Desc.: Community Commercial
Source of Land Info.: Public Records
Comments
This is the sale of a vacant, fully entitled site proposed for development of 80 multifamily units. The seller obtained development entitlements on May 28, 2020, which included a Conditional Use Permit to allow multifamily use in the
Community Commercial zone district, Design Review Permit, and a Tree Permit to encroach into a protected zone of a native oak tree.
Mourier M31 Apartments Site
Land Sale Profile Sale No. 3
Location & Property Identification
Property Name: 1600 Vineyard Rd.
Sub-Property Type: Commercial
Address: 1600 Vineyard Rd.
City/State/Zip: Roseville, CA 95747
County: Placer
Market Orientation: Suburban
IRR Event ID: 3029350
Sale Information
Sale Price: $1,300,000
Effective Sale Price: $1,300,000
Sale Date: 05/31/2023
Sale Status: Closed
$/Acre(Gross): $684,211
$/Land SF(Gross): $15.71
Grantor/Seller: Shaw Family Properties LP
Grantee/Buyer: Quick Quack Car Wash
Holdings
Property Rights: Fee Simple
Financing: Cash to seller
Conditions of Sale: Arm's-length
Recording No.: 2023.28082
Verified By: Noah Kauffman, MAI, R/W-AC
Verification Date: 07/21/2023
Verification Type: Confirmed-Seller Broker
Improvement and Site Data
MSA: Sacramento--Roseville--Arden
-Arcade, CA
Legal/Tax/Parcel ID: 012-260-069
Acres(Gross): 1.90
Land-SF(Gross): 82,764
Zoning Code: PD408B
Zoning Desc.: Planned Development
(surrounding commercial)
Source of Land Info.: Public Records
Comments
This is the sale of a 1.9-acre parcel located at the northwest corner of Vineyard Drive and Opportunity Drive in the City of Roseville.
1600 Vineyard Rd.
Land Sale Profile Sale No. 4
Location & Property Identification
Property Name: 405 Church Street
Sub-Property Type: Commercial
Address: 405 Church St.
City/State/Zip: Roseville, CA 95678
County: Placer
Market Orientation: Suburban
IRR Event ID: 2826754
Sale Information
Sale Price: $275,000
Effective Sale Price: $275,000
Sale Date: 10/26/2022
Sale Status: Closed
$/Acre(Gross): $460,328
$/Land SF(Gross): $10.57
$/Acre(Usable): $460,328
$/Land SF(Usable): $10.57
Grantor/Seller: GRINDROD, RONALD;
GRINDROD, HANNI
Grantee/Buyer: SUMMIT COMMERCIAL
HOLDINGS LLC,
Assets Sold: Real estate only
Property Rights: Fee Simple
Financing: Cash to seller
Document Type: Deed
Verification Type: Secondary Verification
Secondary Verific. Source: CoStar
Improvement and Site Data
Legal/Tax/Parcel ID: 012-152-011
Acres(Usable/Gross): 0.60/0.60
Land-SF(Usable/Gross): 26,023/26,023
Usable/Gross Ratio: 1.00
Zoning Code: GC
Zoning Desc.: General Commercial
Source of Land Info.: Public Records
Comments
This transaction represents an active listing of a 0.60 acre parcel zoned General Commercial. Surrounding land uses
include single-family residential, vacant land and industrial uses.
405 Church Street
Land Sale Profile Sale No. 5
Location & Property Identification
Property Name: Vacant Land
Sub-Property Type: Residential, Multifamily Land
Address: 124 Center St.
City/State/Zip: Roseville, CA 95678
County: Placer
Market Orientation: Suburban
IRR Event ID: 3353028
Sale Information
Listing Price: $799,000
Effective Listing Price: $799,000
Listing Date: 04/23/2025
Sale Status: Listing
$/Acre(Gross): $1,157,971
$/Land SF(Gross): $26.58
Grantee/Buyer: Listing
Property Rights: Fee Simple
Financing: Cash to seller
Verification Type: Secondary Verification
Secondary Verific. Source: CoStar, Listing Flyer
Improvement and Site Data
Legal/Tax/Parcel ID: 013-022-047
Acres(Gross): 0.69
Land-SF(Gross): 30,056
Zoning Code: R3/SA-AT
Zoning Desc.: Attached Housing/Special
Area
Source of Land Info.: Public Records
Comments
This transaction represents the active listing of a vacant parcel zoned R-3. The R-3, Attached Housing district is intended for multiple-family housing. The types of land use intended for the R-3 zoning district include apartments, condominiums, townhomes, and similar and related
compatible uses. The property has been approved for a
13-unit townhouse style multi-family project.
Property is located within the Atlantic Street Corridor Specific Plan.
Vacant Land
Addenda
300 Taylor Street and 505 Royer Street
Addendum C
Engagement Letter
Notice of Exemption
To: Placer County Clerk From: City of Roseville
Recorder’s Office Development Services Dept.
2954 Richardson Drive 311 Vernon Street
Auburn, CA 95603 Roseville, CA 95678
Project Title: 505 Royer and 300 Taylor Purchase and Sale Agreement and Joint Escrow Instructions
Project Location(s): 505 Royer Street (APN 013-290-005-000) and 300 Taylor Street (APN 013-90-0006-000), Roseville, CA
Project Description: Economic Development staff recommends the approval of a Purchase and Sale Agreement with Eden Housing for two City-owned parcels totaling 1.17 acres located at 505 Royer Street and 300 Taylor Street. The proposed future use of the properties is for affordable housing. The City has already completed the required surplus-property notification in compliance with AB 1486 and Government Code Sections 54220 et seq.. The proposed housing that would be developed on the properties would qualify to use the City’s Objective Design Standards (ODS) process and would therefore be exempt from future CEQA review.
However, in the event that the project does not meet the criteria to use the ODS process, the proposed Purchase and Sale Agreement establishes a condition that Eden Housing will be responsible for CEQA review for the future housing development.
Public Agency Approving Project: Roseville City Council Agency/Individual Carrying Out Project: City of Roseville City Manager's Office/Economic Development
Reason why this Project is Exempt: This project is exempt as described in Section 15312 of the California Environmental Quality Act (CEQA) Guidelines, which states, "Class 12 consists of sales of surplus government property except for parcels of land located in an area of statewide, regional, or area wide concern identified in Section 15206(b)(4)." The project includes the sale of excess City property that is not within an area of statewide, regional, or area wide concern, therefore a Class 12 exemption applies to the project.
Lead Agency Contact Person: Gina McColl, City Manager's Office/Economic Development, 311 Vernon Street, Roseville, CA 95678 (916) 774-5452.
Signature: Date: 9/2/2026
Jessica Lynch, Environmental Coordinator
City of Roseville
City Council
Communication
Meeting Date: 9/16/2026
Item #: VIII.34
File #: 0215-07
Item ID: 2026-781
Title: Sierra Vista Specific Plan JM-30 Sierra Vista Apartments Fee Deferral Contact: Gina McColl 916-774-5452 [email protected]
SUMMARY
Staff recommends approval of a fee deferral for the Sierra Vista Apartments, a 192-unit affordable multifamily apartment development, in the amount of approximately $2,987,339, until final of building permit/building occupancy. An annual interest rate equivalent to the city's pooled interest rate, prorated based on the length of the deferral, will be charged on the monies deferred to cover the City's cost of loss of interest income on the fee deferrals and an administrative processing fee is to be charged to each building permit.
RECOMMENDATION
Staff recommends that the City Council adopt a resolution approving a fee deferral for the Sierra Vista Apartments, a 192-unit affordable multi-family apartment development within the Sierra Vista Specific Plan on parcel JM-30 at 4950 Upland Drive, in the amount of approximately $2,987,339, until final of building permit/building occupancy.
BACKGROUND
This staff report shall serve as the economic development subsidy report pursuant to California Government Code Section 53083. The City of Roseville offers a fee deferral program through the Economic Development Department as an incentive to encourage development. The developer of the Sierra Vista Apartments is requesting a fee deferral of certain city-controlled impact fees. The fee deferral requires City Council approval and that development impact fees are paid prior to the issuance of a Building Permit Occupancy/Final permit as applicable to each permit.
The Economic Development Department received the attached request from Greek Orthodox Housing Corporation, requesting approval of a fee deferral for the Sierra Vista Apartments. The 192-unit affordable housing development will be located within the Sierra Vista Specific Plan on parcel JM-30 at 4950 Upland Drive. As shown on the attached plans, the project includes construction of eight (8) apartment buildings plus a clubhouse and site amenities. The project received Planning entitlement approval on November 19, 2025 (PL25-0280). Additionally, on September 4, 2024, the City Council approved a $571,850 Community Development Block Grant (CDBG) loan to the Greek Orthodox Housing Corporation for the purchase of parcel JM-30. On October 1, 2025, the City Council also approved an Affordable Housing Regulatory Agreement for the project.
Fee estimates have been prepared for the various buildings/building permits for the Sierra Vista Apartments, based on the fees for Fiscal Year 2026-27. Only city-controlled impact fees are eligible for deferral. The fee types and consolidated amounts are identified below:
Fee Clubhouse Apartment
Fire Service Construction Tax $ 1,311.03 $ 12,887.45
Local Sewer Connection Fee $ 11,184.00
Water Connection Fee - Domestic $ 125,424.00
Drainage Mitigation Fee $ 12,911.28
TMF - SVSP 47.5 Percent $ 42,413.65
Citywide Parks Fees $ 51,504.00
Bike Trail Fees $ 17,448.00
Neighborhood Parks Fees $ 75,720.00
Public Benefit Fee $ 20,280.00
Solid Waste Impact Fee $ 1,161.10 $ 3,336.00
Total Fees per building $2,472.13 $373,108.38
Total Fees Eligible for Deferral $2,472.13 $2,984,867.04 The list of fees eligible for deferral has been vetted by the applicable City Departments and only those determined to have no impact to the budget have been included above. As shown above, the total eligible fee deferral for the project is approximately $2,987,339. The total amount of deferrable fees could change if building permits are pulled after FY 2026-27. However, the list of deferrable fees would not change following Council action on this item.
Pursuant to Roseville Municipal Code (RMC) Section 4.04.040, all commercial/multi-family residential fee deferrals greater than $100,000 dollars are required to be approved by the City Council. Council is requested to approve a resolution allowing the requested fees to be deferred to building permit
final/occupancy. In an effort to cover lost interest resulting from the City fee deferral, there is an interest charge equivalent to the city’s pooled interest rate that will be paid upon building occupancy or the issuance of a final permit for each project. The RMC additionally identifies an administrative processing fee to be charged per building permit to cover staff's time of processing requests.
The City finds that the public purpose of this fee deferral is to promote the general welfare of the City and its residents by creating new jobs (though the exact amount is not known at this time) and serve to generate increased tax revenue, consistent with the City’s Economic Development Strategy.
FISCAL IMPACT
The requested deferral will not result in a loss of impact fees nor earned interest income. The development impact fees are required to be paid prior to issuance of building permit occupancy/final permit. To ensure that the City will not have any loss of interest income, the RMC requires that interest be charged on monies deferred. Specifically, the City's Finance Department identified that the City's current ten-year average pooled interest rate is approximately 2.23%. Therefore, interest at a rate equal to the City's pooled interest rate (as determined at the time fees are paid) will be charged on the monies deferred to cover the City's cost of loss of interest income on the fee deferral, at the time the fees are paid. Additionally, the RMC identifies an administrative processing fee to be charged to each building permit.
The City's fee deferral program is an important economic development tool that facilitates new development that may not otherwise be financially feasible without this program. As a result, this program has the potential to increase impact fees and investment that directly increase property values that may not otherwise occur if this program was not available. Construction of this project will create temporary construction jobs and permanent full and/or part-time jobs, in addition to sales tax revenue to the City.
ENVIRONMENTAL REVIEW
The California Environmental Quality Act (CEQA) does not apply to activities that will not result in a direct or reasonably foreseeable indirect physical change in the environment or is otherwise not considered a project as defined by CEQA Statute §21065 and CEQA State Guidelines §15061(c)(3) and §15378. These fee deferrals meet the above criteria and are not subject to CEQA. No additional environmental review is required.
CITY COUNCIL STRATEGIC PLAN/OVERARCHING GOALS
3. Enhance economic vitality
4. Invest in well-planned infrastructure and growth
Respectfully Submitted,
Gina McColl, Economic Development Analyst
Melissa Anguiano, Economic Development Director
ATTACHMENTS:
1. Resolution 26-336
2. Project Plans
3. Application
REVIEWERS:
Gina McColl, Economic Development Department Created/Initiated - 8/28/2026 Phoebe Schueler, City Clerk Department Approved - 8/28/2026 Melissa Anguiano, Economic Development Department Approved - 8/28/2026 Kelly Aye, City Attorney Department Approved - 9/1/2026 Katrina Six, City Clerk Department Approved - 9/2/2026
Ryan DeVore, City Manager Department - Assistant City Manager Approved - 9/2/2026 Dennis Kauffman, City Manager Department - Assistant City Manager Approved - 9/2/2026 Michelle Sheidenberger, City Attorney Department Approved - 9/2/2026 Dominick Casey, City Manager Department - City Manager Approved - 9/7/2026 Katrina Six, City Clerk Department Final Approval - 9/8/2026
RESOLUTION NO. 26-336
APPROVING A FEE DEFERRAL FOR THE JM-30 SIERRA
VISTA APARTMENTS PROJECT
WHEREAS, the City of Roseville has offered a fee deferral program through the Economic Development Department since the mid 1990’s to encourage development; and WHEREAS, the Economic Development Department received a request from Greek Orthodox Housing Corporation, requesting a fee deferral of certain development impact fees; and
WHEREAS, the fee deferral program and California Government Code Section 53083 require City Council approval, and the program requires that the deferred fees be paid prior to the earlier of one year past issuance of a Certificate of Occupancy or three years past issuance of first building permit; and
WHEREAS, on September 16, 2026, the City Council for the City of Roseville held a public hearing, pursuant to California Government Code Section 53083, on a fee deferral for the JM-30 Sierra Vista Apartments Project with Greek Orthodox Housing Corporation; and WHEREAS, staff recommends City Council approve the City fee deferral to development impact fees until final of building permit/building occupancy of approximately $2,987,339 plus interest, for the JM-30 Sierra Vista Apartments Project; and NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Roseville after holding a public hearing that the City fee deferral to final of building permit/building occupancy in the approximate amount of $2,987,339, plus interest, for the JM-30 Sierra Vista Apartments Project is hereby approved.
PASSED AND ADOPTED by the Council of the City of Roseville this ___ day of ______________, 20__, by the following vote on roll call:
AYES COUNCILMEMBERS:
NOES COUNCILMEMBERS:
ABSENT COUNCILMEMBERS:
______________________________
MAYOR
ATTEST:
________________________
City Clerk
ATTACHMENT 2