75L - PH - RESO NECESSITY 2240 S BRISTOL

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CONCLUSION OF VALUE The sales comparison approach is based on the premise that a purchaser will not pay more for an existing property than for a comparable property of similar utility. This approach directly reflects the actions of buyers and sellers and is the approach most often used by owner -users in this market. The subject would primarily appeal to an owner -user or small investor, and the most likely buyer would be an owner -user or investor. There is a sufficient quantity of comparable sales data with adequate quality of information. The sales comparison approach is considered to be a reliable indicator and is given weight in the final reconciliation. The income approach is predicated on the principle of anticipated economic benefits. The information available regarding market rents,.vacancy, expenses and investor return requirements is sufficient and adequate to determine a reliable indicator of value. The income approach has been given weight in the final value conclusion. APPRAISAL CONCLUSION Considering the data and analyses presented, the opinion has been formed that as of November 29, 2016, the fair market value of the subject property is: INDICATED VALUE Sales Comparison Approach $1,940,000 Income Approach $1,945,000 Reconciled Value (Rounded) $1,945,000 The above is a summary of my appraisal prepared at the request of, and to be used by, the client to comply with Code of Civil Procedure Section 1255.010(b). My appraisal is the basis for this summary and was made in accordance with accepted appraisal principles, consistent with California Valuation Law. Stephanie L. Kavanaugh, Certified General Real Estate Appraiser, Certificate No. AG030565, provided assistance in this assignment. BY: Elizabeth M. LAI, AI-GRS Certified General Real Estate Appraiser Certificate No, AG005391 Expiration Date: April 13, 2018 75L-31