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ATTACHMENT 3 <br />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: Orange County <br />• Size: No limitations <br />• Use: Multi -family Residential <br />• Transaction Date: January 2017 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 />The preceding analysis indicates a value within an adjusted range of $53.18 to $90.52 per square foot. <br />The subject larger parcel is typical for most properties in the area. A value above Land Sale No. 2, but <br />below Land Sale No. 4 is considered appropriate for the larger parcel. Our opinion of the fair market unit <br />value of the fee simple interest in the underlying land of the larger parcel, as of the date of this report, is <br />$70.00 per square foot <br />Land Valuation Array <br />Item No. Overall Comparability Cumulative Adjusted Price Per Square Foot <br />3 Superior $90.52 <br />4 Superior $73.20 <br />LARGER PARCEL $70.00 <br />2 Inferior $54.46 <br />1 Inferior $53.18 <br />We concluded at a land value of $80.00 per square foot, as follows: <br />Land Value Conclusion <br />Indicated Value per Square Foot $70 <br />Subject Square Feet 81,893 <br />Indicated Value $5,732,496 <br />Page 3 <br />