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ATTACHMENT <br />CONCLUSION OF VALUE <br />The approaches most often relied on by buyers of this type of property have been <br />developed. Thus, the sales comparison approach is developed as the primary value <br />indicator. The cost and income approaches are rarely considered by buyers in this market <br />and are less reliable than the sales comparison approach as the typical buyer of the <br />subject property would be an owner -occupant. There are limited investor sales with <br />reported overall capitalization rate data in this building market segment and data for signed <br />leases is of limited quantity and quality. The income approach has been developed, but is <br />given less weight in the final conclusion of value. The cost approach is rarely used by <br />buyers in this market and does not tend to produce reliable valuation results; the cost <br />approach has not been developed. <br />APPRAISAL CONCLUSION <br />Considering the data and analyses presented, the opinion has been formed that as <br />of January 24, 2017, the fair market value of the subject property is: <br />INDICATED VALUE <br />Sales Comparison Approach $695,250 <br />Income Approach $664,600 <br />Reconciled Value (Rounded) $695,250 <br />The above is a summary of my appraisal prepared at the request of, and to be used by, <br />the client to comply with Code of Civil Procedure Section 1255.010(b). My appraisal is the <br />basis for this summary and was made in accordance with accepted appraisal principles, <br />consistent with California Valuation Law. Stephanie L. Kavanaugh, Certified General Real <br />Estate Appraiser, Certificate No. AG030565, provided assistance in this assignment. <br />BY: <br />Elizabeth M.tMAI, AI-GRS <br />Certified General Real Estate Appraiser <br />Certificate No. AG005391 <br />Expiration Date: April 13, 2016 <br />Dated: January 25, 2017 <br />75E-17 <br />