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Summary of the Basis for Just Compensation <br />There are three conventional methods (approaches) which can be utilized to estimate value. They axe the <br />Sales Comparison Approach, Cost -Summation Approach, and Income Capitalization Approach. The <br />Sales Comparison Approach and Income Capitalization approach have been applied to the subject <br />property. The Cost -Summation Approach is without meaningful application in the subject case due to <br />the age of the existing improvements and resultant difficulty in accurately estimating accrued <br />depreciation. Further, market participants rarely rely on the Cost -Summation Approach when making <br />buy -sell decisions. <br />Safes Comparison Approaelt: <br />The Sales Comparison Approach takes into account properties which have sold in the open market. This <br />approach, whether applied to vacant or improved property, is based on the principle of Substitution, <br />which states, "The maximum value of a property tends to be set by the cost of acquiring an equally <br />desirable substitute property, assuming no costly delay is encountered in malting the substitution," Thus, <br />the Sales Comparison Approach attempts to equate the subject property with sale properties by analyzing <br />and weighing the various elements of comparability. <br />The Sales Comparison Approach has been applied to the subject property after an investigation and <br />analysis was conducted of unproved commercial office building properties located within the immediate <br />and general subject market area, Following is a summary of those sales considered helpful when <br />estimating the value of the subject property as presently improved. <br />75M-27 <br />Land Size Corner Zoning <br />Land/Bldg. <br />$/SF Land <br />Data <br />Aate Bldg. Size Built Const'n, <br />Ratio <br />Sale Price <br />$/SF Bldg. <br />I. <br />4-15 18,609 sf yes C-1 <br />7.92:1 <br />$1,200,000. <br />$ 64.48 <br />2,349 sf 1960 frn./stue. <br />$ 510.86 <br />807 North Tustin Street, Orange <br />2. <br />8-15 17,860 sf yes SP -2 <br />11.91:1 <br />$ 975,000. <br />$ 54,59 <br />1,500 sf 1967 frm./stuc. <br />$ 650.00 <br />1005 South Harbor Boulevard, Santa Ana <br />3. <br />10-15 25,265 sf no RM -4 <br />6.56:1 <br />$1,000,000. <br />$ 39.58 <br />3,852 sf 1975 fnnAtuc. <br />$ 259.61 <br />1221 East Lincoln Avenue, Anaheim <br />4, <br />1-16 8,712 sf yes C-2 <br />10.37:1 <br />$ 895,000. <br />$ 102.73 <br />840 sf 1967 frm./stuc. <br />$1,065.48 <br />2101 Harbor Boulevard, Costa Mesa <br />5. <br />946 14,810 sf no P <br />12.59:1 <br />$1,232,500. <br />$ 83.22 <br />1,176 sf 1969 frin./stuc. <br />$1,048.04 <br />2320 East 4th Street, Santa Ana <br />75M-27 <br />