Laserfiche WebLink
Summary of the Basis for Just Compensation (Continued) <br />Sales Comparison Approach. (Continued) <br />The improved properties surveyed contain buildings ranging in size from 1,235 to 2,242 square feet. <br />The buildings were constructed between 1921 and 2007, and are situated on parcels ranging in size <br />from 5,696 to 9,372 square feet of land area. The sale properties employed herein represent the <br />most recent comparable improved sale properties available for analysis. <br />Due to the lack of a representative number of reasonably comparable improved commercial <br />properties having recently sold within the immediate subject market area, it was necessary to expand <br />the geographic search area to include the greater Orange County region. Particular consideration <br />has been assigned to general location and immediate environmental influences in the analysis of the <br />sale properties employed herein. <br />The purchase price per square foot of building area has been utilized as the primary unit of analysis <br />in the Sales Comparison Approach inasmuch as it is widely used among market participants. The <br />overall purchase prices range fi-om $650,000 to $1,050,000, reflecting $457.18 to $666.67 per <br />square foot of building area. <br />All of the sales employed herein conveyed title to the fee simple interest, and represent arm's-length <br />transactions. Financing terms of each sale were typical of the subject market area. Adjustments are <br />not warranted for property rights conveyed, conditions of sale, or financing terms. <br />Certain of the improved sales data, considered extended over a time period back to the third quarter <br />of 2016. The time frame permitted the development of a rather comprehensive real estate market <br />profile. The sales employed in this report are set forth in chronological order, and took place <br />between July, 2016 and September, 2016. Inasmuch as the sales took place during stable market <br />conditions, adjustments for same are not warranted. <br />After viewing each of the sale properties, and obtaining certain information pertinent to value, the <br />appraiser analyzed the various elements of comparability for each sale property which, among <br />others, include the following: <br />General location. <br />Immediate environmental influences. <br />Zoning. <br />Vehicular and pedestrian access. <br />Vehicular and pedestrian traffic. <br />Building size/features. <br />Building age and condition. <br />Construction type and quality. <br />Availability of public alley. <br />Overall developability. <br />Site frontage/depth ratio. <br />Site prominence and exposure. <br />Proximity to freeway. <br />Building remodeling, if any. <br />on-site parking capacity. <br />.Extent of other on-site improvements. <br />A Relative Comparison Analysis (RCA) has been conducted between the individual comparable <br />properties and the subject property. The RCA is a qualitative technique for analyzing comparable <br />sales, and is a valuable tool employed to illustrate whether the characteristics of a comparable <br />property are inferior, superior, or similar to those of the property under appraisement. <br />75R-19 <br />