Integra Realty Resources
San Francisco
Appraisal of Real Property
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) Office Property
379 Oyster Point Blvd.
South San Francisco, San Mateo County, California 94080 Prepared For:
City of South San Francisco
Report Format:
Appraisal Report – Bring Forward Letter
IRR ‐ San Francisco
File Number: 193‐2021‐0475
2 City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) March 11, 2022
Ms. Janet Salisbury
Finance Director
City of South San Francisco
400 Grand Ave
South San Francisco, CA 94080
SUBJECT: Market Value Appraisal – Bring Forward Letter City of South San Francisco CFD No. 2021‐1 (Public Facilites and Services) 379 Oyster Point Blvd.
South San Francisco, San Mateo County, California 94080 IRR ‐ San Francisco File No. 193‐2021‐0475
Dear Ms. Salisbury:
Integra Realty Resources – San Francisco has prepared an update to our Appraisal Report of the above‐referenced property. The original Appraisal Report, dated March 11, 2022, was prepared conforming to the requirements set forth under Standards Rule 2‐2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP) and the Appraisal Standards for Land Secured Financing published by the California Debt and Investment Advisory Commission (CDIAC) (2004). The Original Appraisal Report provides the market values (fee simple estate) of certain properties within the boundaries of the City of South San Francisco CFD No. 2021‐1 (the “CFD”), under the assumptions and conditions contained in this Appraisal Report, as of November 2, 2021. This Update Appraisal Report may only be used in conjunction with the Original Appraisal Report.
As an Update Appraisal Report, this document does not present a complete discussion of the data, reasoning, and analyses used in the appraisal process to develop the appraiser’s opinions of value.
Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser’s work file.
We have been requested to ascertain, as of a current date of value (March 11, 2022), whether the market value of the appraised properties is not less than the value conclusion estimated as of the original date of value November 2, 2021.
As a result of our analysis, it is our opinion the market value, derived in the Original Appraisal Report, as of November 2, 2021, in accordance with the assumptions and conditions set forth in the attached document, as of March 11, 2022, is not less than the following:
3 City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) Value Conclusion
Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, Subject to a Hypothetical Condition Fee Simple March 11, 2022 $1,248,200,000 Extraordinary Assumptions and Hypothetical Conditions
None.
1. We have been requested to provide an opinion of market value of the subject property as of March 11, 2022. It is a hypothetical condition of the Appraisal that proceeds from the Bonds are available for public improvements.
The use of any extraordinary assumption or hypothetical condition may have affected the assignment results.
The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment‐speci fic 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.
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. 4 City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) Presented below is an excerpt from the Original Appraisal Report of pertinent information pertaining to the subject properties:
Property Name
Address
Property Type
Owner of Record
Tax ID
Land Area 44.23 acres; 1,926,698 SF
Gross Building Area 2,520,892 SF
Rentable Area 2,206,690 SF
Percent Leased Phase I ‐ 100% / Phases II ‐ IV ‐ Proposed Year Built Phase I ‐ 2021 / Phases II ‐ IV ‐ Proposed
Zoning Designation
Highest and Best Use ‐ As if Vacant
Highest and Best Use ‐ As Improved
Exposure Time; Marketing Period 12 months; 12 months
Effective Date of the Appraisal March 11, 2022
Date of the Report March 11, 2022
Property Interest Appraised
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 South San Francisco and its associated finance team 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.
OPSPD, Oyster Point Specific Plan District
Life sciences use
Continued development for life sciences use
Fee Simple
015‐010‐240, 015‐010‐910, 015‐010‐930, 015‐010‐940 and
015‐010‐950
City of South San Francisco CFD No. 2021‐1 (Public
Facilities and Services)
379 Oyster Point Blvd.
South San Francisco, San Mateo County, California 94080 Office ‐ Li fe Sciences
Kilroy Oyster Point I, LLC ("Kilroy OP I"), Kilroy Oyster Point II, LLC ("Kilroy OP II"), Kilroy Oyster Point III, LLC ("Kilroy OP III"), and KR Crescent Beach, LLC
Executive Summary
Type and Definition of Value: Market value is defined as “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
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:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and acting in what they consider their own best interests;
A reasonable time is allowed for exposure in the open market;
5 City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
and
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.”
(Source: Code of Federal Regulations, Title 12, Chapter I, Part
34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472) Client and Intended Users: The client is the City of South San Francisco. The intended users are the City of South San Francisco and its associated finance team. The appraisal is not intended for any other use or user. No party or parties other than the City of South San Francisco and its associated finance team may use or rely on the information, opinions, and conclusions
contained in this report.
Intended Use: The intended use of the appraisal is for bond underwriting purposes. The appraisers understand and agree that this Update Appraisal Report, and Original Appraisal Report, is expected to be, and may be, utilized in the marketing of the Bonds and to satisfy certain legal requirements in
connection with issuing the Bonds.
Purpose: The purpose of this Update Appraisal Report, dated March 11, 2022, is to ascertain whether the current (March 11, 2022) estimate of cumulative, or aggregate, value of the District is not less than the value derived in the Original Appraisal Report, dated March 11, 2022, with a date of
value of November 2, 2021. The market value of the
appraised properties in the CFD account for the impact of the Lien of the Special Tax securing the Bonds.
Scope of Work: In preparing this Update Appraisal Report, we analyzed market data presented in our Original Appraisal Report
dated March 11, 2022 (as of the November 2, 2021 date of value). In addition, we analyzed current market conditions.
This Update Appraisal Report sets forth only the appraiser’s conclusions. Supporting documentation is retained in the appraiser’s work file.
Date of Inspection: The subject was not re‐inspected.
6 City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) Current Date of Value: March 11, 2022
Date of Report: March 11, 2022
Market Trends:
The South San Francisco life sciences market has continued to strengthen since the effective date of the Original Appraisal Report. The table below summarizes life science leases signed in November and December of 2021. The data suggests rental rates continued to escalate in fourth quarter of 2021.
Additional Lease Support
Property City Tenant
Contract
Date Size
Rent ($/PSF/
Month) Term Escalations TI Allowance Free Rent
Nexus on Grand S. San Francisco Graphite Bio Dec‐21 85,165 $6.90 120 3.50% 175 Partial rent 6 mos 1000 Gateway Blvd (GOP I) S. San Francisco Erasca Nov‐21 29,542 $7.40 120 3.50% $30 (over spec) 4 751 Gateway Blvd S. San Francisco Genentech Nov‐21 230,592 $6.50 84 3.00% 195 3 1 Tower Place S. San Francisco Amunix Pharma Nov‐21 18,748 $7.05 120 3.50% 40 2 This Update Appraisal Report has been performed in accordance with the requirements of USPAP, the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute and the Appraisal Standards for Land Secured Financing, published by the California Debt and Investment Advisory Commission (2004). Additionally, this valuation is offered in accordance with the limiting conditions and assumptions set forth in this Appraisal Report. The appraisers understand and agree that this Update Appraisal Report, and original Appraisal Report, is expected to be, and may be, utilized in the marketing of the Bonds and to satisfy certain legal requirements in connection with issuing the Bonds.
This Update Appraisal Report dated March 11, 2022, which contains 12 pages, must remain attached to the original appraisal dated March 11, 2022, which contains 107 pages, plus related exhibits and Addenda, in order for the value opinions set forth herein to be considered valid.
Certification 7
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) 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 performed no 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. Kevin Ziegenmeyer, MAI, made a personal inspection of the property that is the subject of this report. Laura Diaz has also personally inspected the subject.
12. No one provided significant real property appraisal assistance to the person(s) signing this certification.
Certification 8
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services)
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, Kevin Ziegenmeyer, MAI, has the continuing education program for Designated Members of the Appraisal Institute.
15. As of the date of this report, Laura Diaz, has completed the Standards and Ethics Education Requirements for Candidates/Practicing Affiliates of the Appraisal Institute.
Kevin Ziegenmeyer, MAI
Certified General Real Estate Appraiser
California Certificate # AG013567
Laura Diaz
Certified General Real Estate Appraiser
California Certificate # 3005037
Eric Segal, MAI
Certified General Real Estate Appraiser
California Certificate # AG026558
Assumptions and Limiting Conditions 9
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) 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 10
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) 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 11
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) 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 non‐ conforming 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 the Client, its 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. Integra Realty Resources – LocalOffice, Integra Realty Resources, Inc., Integra Strategic Ventures, Inc. and/or any of 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. 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. Integra Realty Resources – LocalOffice is not a building or environmental inspector. Integra LocalOffice does 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. It is expressly acknowledged that in any action which may be brought against any of the Integra Parties, arising out of, relating to, or in any way pertaining to this engagement, the Assumptions and Limiting Conditions 12
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) appraisal reports, and/or any other 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 acknowledged that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the appraisal report unless the appraisal was fraudulent or prepared with intentional misconduct. Finally, it is acknowledged that the fees charged herein are in reliance upon the foregoing limitations of liability.
25. Integra Realty Resources – LocalOffice, an independently owned and operated company, 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.
Addenda
City of South San Francisco CFD No. 2021‐1 (Public Facilities and Services) Addendum A
Appraiser Qualifications
Kevin Ziegenmeyer, MAI Integra Realty Resources -
Sacramento
irr.com
T 916-435-3883
F 916-435-4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Experience
Mr. Ziegenmeyer is a Certified General real estate appraiser and holds the Appraisal Institute's MAI designation. In 1989, Mr. Ziegenmeyer began his career in real estate as a controller for a commercial and residential real estate development corporation. In 1991 he began appraising and continued to be involved in appraisal assignments covering a wide variety of properties, including office, retail, industrial, residential income and subdivisions throughout the state of California, and Northern Nevada. Mr. Ziegenmeyer handles many of the firm’s master-planned property appraisals and over the past two decades has developed expertise in the valuation of Community Facilities Districts and Assessment Districts.In fact, Mr. Ziegenmeyer was one of five appraisers to collaborate with other professionals in developing the appraisal guidelines for the California Debt and Investment Advisory Commission (Recommended Practices in the Appraisal of Real Estate for Land-Secured Financing - 2004). He has developed the experience and background necessary to deal with complex assignments covering an array of property types, with a particular focus on urban redevelopment in the cities and counties of San Francisco, Dublin, Monterey, Newport Beach, Alameda, Napa and San Mateo. In early 2015, Mr. Ziegenmeyer obtained the Appraisal Institute's MAI designation. Kevin is currently Senior Managing Director of the Integra-San Francisco office and Managing Director of the Integra-Sacramento office.
Licenses
California, Certified General Real Estate Appraiser, AG013567, Expires June 2023 Education
Academic:
Bachelor of Science in Accounting, Azusa Pacific University, California Appraisal and Real Estate Courses:
Standards of Professional Practice, Parts A, B & C
Basic Valuation Procedures
Real Estate Appraisal Principles
Capitalization Theory and Techniques, Part A
Advanced Income Capitalization
Report Writing and Valuation Analysis
Advanced Applications
IRS Valuation Summit I & II
2008, 2009, 2010 & 2011 Economic Forecast
Business Practices and Ethics
Contemporary Appraisal Issues with Small Business Administration Financing General Demonstration Appraisal Report Writing Seminar
7-Hour National USPAP Update Course
Valuation of Easements and Other Partial Interests
2009 Summer Conference
Uniform Appraisal Standards for Federal Land Acquisitions 2008 Economic Update
Valuation of Conservation Easements
Subdivision Valuation
2005 Annual Fall Conference
[email protected] - 916-435-3883 x224
Kevin Ziegenmeyer, MAI Integra Realty Resources -
Sacramento
irr.com
T 916-435-3883
F 916-435-4774
590 Menlo Drive
Suite 1
Rocklin, CA 95765
Education (Cont'd)
General Comprehensive Exam Module I, II, III & IV
Advanced Income Capitalization
Advanced Sales Comparison & Cost Approaches
2004 Central CA Market Update
Computer-Enhanced Cash Flow Modeling
Forecast 2000, 2001, 2002, 2003 & 2004
Land Valuation Assignments
Land Valuation Adjustment Procedures
Highest & Best Use and Market Analysis
Entitlements, Land Subdivision & Valuation
Real Estate Value Cycles
El Dorado Hills Housing Symposium
Federal Land Exchanges
M & S Computer Cost-Estimating, Nonresidential
[email protected] - 916-435-3883 x224
Laura Diaz San Francisco
Integra Realty Resources
irr.com
T 415-715-4690
F
555 Meridian Avenue
Suite C
San Jose, CA 95126
Experience
Ms. Diaz is a Certified General real estate appraiser. She began her career in real estate as a research analyst with Integra - Kentucky-Southern Indiana as she pursued her Master of Urban Planning degree. Since graduating in 2013, Ms. Diaz has been writing narrative appraisal reports for a variety of property types, including office, retail, industrial, multifamily housing, and commercial and agricultural land. She has also worked with special-purpose properties, including self-storage facilities, religious facilities, student housing projects, hotels, and data centers. In addition, Ms. Diaz has experience in multifamily market analysis, including development and analysis of survey techniques and models of demand for proposed multifamily projects. In 2017, Ms. Diaz relocated to the San Francisco Bay Area and joined the Integra - San Francisco office.
Licenses
California, Certified General Real Estate Appraiser, 3005037, Expires January 2022 Education
Academic:
Bachelor of Arts in English, University of Louisville
Master of Urban Planning, University of Louisville
Graduate Certificate in Real Estate Development, University of Louisville Appraisal and Real Estate Courses:
Uniform Standards of Professional Appraisal Practice
Basic Appraisal Principles
Basic Appraisal Procedures
Real Estate Finance Statistics and Valuation Modeling
Site Valuation and Cost Approach
General Market Analysis and Highest and Best Use
Sales Comparison Approach
Income Capitalization Approach Part I
Income Capitalization Approach Part II
General Appraiser Report Writing and Case Studies
Expert Witness for Commercial Appraisers
Basic Hotel Appraising – Limited Service Hotels
[email protected] - 415-715-4690
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+
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+6+:,D;;
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+
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+;
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