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Sales Comparison Approach — Land Value <br />To develop an opinion of the subject's land value, as if vacant and available to be developed to its highest <br />and best use, we utilize the sales comparison approach. This approach develops an indication of value by <br />researching, verifying, and analyzing sales of similar properties. <br />Our sales research focused on transactions within the following parameters: <br />• Location: <br />• Size: <br />• Use: <br />• Transaction Date: <br />Orange County <br />Up to one-half acre <br />Commercial <br />January 2020 to present <br />For this analysis, we use price per square foot as the appropriate unit of comparison because market <br />participants typically compare sale prices and property values on this basis. Very few land sales were <br />found that are similar to the larger parcel in terms of size and signalized corner location. <br />Land Value Conclusion <br />Among numerous items investigated, six (6) items were selected for comparison. They range in size from <br />12,197 to 30,056 square feet and are considered most similar and/or proximate to the subject site. <br />Chronologically, the sales range from August 2020 through September 2021 with sales prices ranging <br />from $1,200,000 to $3,000,000. This equates to a range of $62.88 to $132.44 on a per square foot basis. <br />Ranking analysis of the adjusted data yields the following result for the subject parcels: <br />Land Valuation Array <br />Item No. Overall Comparabilitv Cumulative Adiusted Price Per Square Foot <br />3 <br />Superior <br />$132.44 <br />5 <br />Superior <br />$98.38 <br />2 <br />Superior <br />$95.03 <br />4 <br />Superior <br />$92.82 <br />6 <br />Similar <br />$83.22 <br />LARGER PARCEL <br />$80.00 <br />1 <br />Inferior <br />$62.88 <br />These sales are ranked from "inferior" to "superior" relative to the subject parcel. This ranking <br />summarizes the sales by an overall comparison to the subject showing the range of land value indicators. <br />Not all land value indicators were given equal weight in the overall analysis. The heaviest consideration is <br />given to location, and access/exposure, as these would be the most influential factors impacting value. <br />Conversely, the size and shape were found to not have a noticeable impact on commercial land in a tight <br />market with limited availabilities. <br />We placed the greatest reliance on Sale 6 as it located in Santa Ana and is considered most similar <br />overall. Based on the above analysis, it is our opinion that the fair market land value of the larger parcel is <br />concluded to be $80.00 per square foot, which equates to a concluded land value as follows. <br />Page 3 <br />