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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 <br />market and are less reliable than the sales comparison approach as the typical buyer of <br />the 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 <br />signed leases is of limited quantity and quality, The income approach has been <br />developed, but is given less weight in the final conclusion of value. The cost approach <br />is rarely used by buyers in this market and does not tend to produce reliable valuation <br />results, the cost approach has not been developed. <br />Considering the data and analyses presented, the opinion has been formed that <br />as of November 29, 2016, the fair market value of the subject property is: <br />INDICATED VALUE <br />Sales Comparison Approach $512,000 <br />Income Approach $500,000 <br />Reconciled Value (Rounded) $512,000 <br />The above is a summary of my appraisal prepared at the request of, and to be <br />used by, the client to comply with Code of Civil Procedure Section 1255.010(b). My <br />appraisal is the basis for this summary and was made in accordance with accepted <br />appraisal principles, consistent with California Valuation Law. Stephanie L, Kavanaugh, <br />Certified General Real Estate Appraiser, Certificate No. AG030565, provided assistance <br />in this assignment. <br />BY: <br />Of, w <br />Elizabeth M. K1i At, AI-GRS <br />Certified General Real Estate Appraiser <br />Certificate No, AGO05391 <br />Expiration Date; April 13, 2018 <br />Dated: January 10, 2097 <br />75J-25 <br />