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ATTACHMENT 3
<br />Summary of Comparable Land Sales
<br />Sale
<br />Date; SF; $/SF
<br />No. Name/Address Status Sale Price Acres Zoning Land
<br />1 9861 11th Street Jan-20 $4,075,000 76,630 R3- Multi- $53.18
<br />Garden Grove Closed 1.76 family
<br />Orange County Residential
<br />CA
<br />Comments: This is the sale of a 1.76-acre or 76,630-square foot parcel located at 9861 11th Street in the city of
<br />Garden Grove. The site is rectangular, characterized by level topography and is served by electric, water, gas,
<br />sewer and telephone utilities. The parcel is zoned R3, Multifamily Residential, by the City of Garden Grove. The
<br />property was not listed for sale at the time the seller contacted the buyer, which owned a convalescent home on
<br />the property. The buyer obtained entitlements for multifamily development and demolished the convalescent
<br />home, at their cost prior to the close of escrow. The seller indicated the sale price had been set at $4,000,000
<br />based on capitalizing the net operating income of the existing convalescent home tenant at a 7.5% OAR, with the
<br />provision that the sale price would be reduced by $50,000 for each unit of the buyer's proposed site plan not
<br />approved for development. The recorded sale price was $3,550,000. The buyer indicated that they were also
<br />required to pay a $525,000 fee, to a party that had contracted to purchase the property, for assignment rights to
<br />purchase the property. The buyer's effective acquisition price was $4,075,000, which is equivalent to $53.18 per
<br />square foot or $131,452 per proposed unit.
<br />2 2025 E Orangewood Ave Aug-19 $32,000,000 599,386 I, Industrial; $53.39
<br />2050 E. Orangewood Avenue Closed 13.76 PTMU Platinum
<br />Anaheim Triangle Mixed
<br />Orange County Use
<br />CA
<br />Comments: The redevelopment site, which includes a vacant 106,000-square foot industrial building on 5.03 acres
<br />and an additional 9.04 acres, sold for $32 million. Unfortunately we were unable to reach the buyer for comment.
<br />The seller, a Hong Kong based developer, had reported earlier that they would be redeveloping the land just south
<br />of the Angel Stadium. It's been reported that the buyer plans on a mixed -use development with a hotel, grocery
<br />and residential component and are still talking with the city.
<br />3 15162-15182 Jackson St Jun-19 $4,230,000 48,600 C2 - Gen. $87.04
<br />15162 -15182 Jackson St Closed 1.12 Commercial
<br />Midway City
<br />Orange County
<br />CA
<br />Comments: The broker involved confirmed a sale price of $4,230,000. This was an investment. The buyer plans on
<br />building apartment units on site. Escrow took about 90 days. The property was previous improved, and required
<br />demolition prior to redevelopment of the site, No sale conditions were reported.
<br />4 Central Park Villa Apr-19 $14,000,000 200,812 R3- Multi- $69.72
<br />340-420 W. Central Ave. Closed 4.61 family
<br />Brea Residential
<br />Orange County
<br />CA
<br />Comments: This is the sale of a 4.61-acre or 200,812-square foot parcel located at 420 West Central Avenue in the
<br />city of Brea. Land uses within proximity include a business park of office/warehouse buildings, an office building,
<br />Memory Garden Memorial Park, a shopping center, and the Crestmont Estates mobile home park. The parcel is
<br />irregular in shape, characterized by level topography and is served by electric, water, gas, sewer and telephone
<br />utilities. The parcel, which is a part of the Central Park Village Master Plan, was entitled by the seller with a tract
<br />map for the development of 81 residential units, representing development density 17.6 units per acre.
<br />The property was sold in April 2019 at a sale price of $14,000,000, which is equivalent to $69.72 per square foot
<br />or $172,840 per potential dwelling unit.
<br />Subject 81,893 SD-27
<br />Rim Pacific Investors Portofino, LLC 1.88
<br />Santa Ana, CA
<br />Page 14
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