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CONCLUSION Or 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 indicator. <br />The cost and income approaches are rarely considered by buyers in this market and are less <br />reliable than the sales comparison approach as the typical buyer of the subject property would <br />be an owner -occupant. There are limited investor sales with reported overall capitalization rate <br />data in this building market segment and data for signed leases Is of limited quantity and <br />quality. The income approach has been developed, but is given less weight in the final <br />conclusion of value, The cost approach Is rarely used by buyers in this market and does not <br />tepid to produce reliable valuation results; the cost approach has not been developed, <br />APPRAISAL CONCLUSION <br />Considering the data and analyses presented, the opinion has been formed that as of <br />December 5; 2016, the fair market value of the subject property Is: <br />INDICATED VALUE <br />Sates Comparison Approach $570,900 <br />Income Approach $558,000 <br />Reconciled Value (Rounded) $570,000 <br />The above is a summary of my appraisalprepared at the request of, acid 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 />'=state Appraiser, Certificate No. AG030565, provided assistance in this assignment. <br />M <br />Elizabeth M, LAI, AI-G1S <br />Certified General Real Estate Appraiser <br />Certificate No, AGO05391 <br />Expiration Date; April 13, 2018 <br />Dated: December 5, 2016 <br />75Q-23 <br />