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Description of Acquisition: A full acquisition is proposed <br />SALES COMPARISON APPROACH <br />The estimated fair market value of the subject property is based on improved <br />sales data for other properties with essentially the same utility and amenities. The <br />subject property is located on a primary arterial street and the property benefits from <br />good access and visibility. <br />To analyze the value of the subject property, a search was conducted of the <br />market area for similar improved office building sales. Very few transactions were found <br />in Santa Ana. The search was expanded to surrounding areas and included small <br />commercial buildings that sold throughout Orange County since January 2015, between <br />1,000 and 10,000 square feet in size. Of the comparables discovered, the six most <br />similar properties were chosen for comparison. <br />The comparables reflect selling prices ranging from approximately $513 to <br />$1,169 per square root of building area. <br />The sales comparison approach is developed to provide an indication of the fee <br />simple market value. <br />The comparable sales are analyzed using the price per square foot method, <br />which is the typical basis used by buyers in this market. This unit of measure provides a <br />reliable basis of comparison for the assignment. <br />Included on the following page is a Comparable Improved Sales Summary. <br />75L-25 <br />