4 - SA PH RESO PURCHASE OF 830 PARTON ST

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EXHIBIT 3 Public Pay Parking Lot Valbridge CITY AND NEIGHBORHOOD ANALYSIS ..... PROPERTY ADVISORS Santa Ana also benefits from a central location with extensive freeway accessibility. The Santa Ana (5) Freeway bisects the northerly portion of the city. The massive 5 Freeway widening project, extending from the 55 Freeway to the 22 Freeway interchange, has recently been completed. The completion has helped to revitalize areas long impacted by construction. The Garden Grove (22) Freeway extends along the north boundary of the city and the Newport (55) Freeway runs north/south along on the easterly boundary. Also located in close proximity is the beginning of the Orange (57) Freeway to the north and the San Diego (405) Freeway to the south. Additional transportation features include an Amtrak/Metro-link train station located in the eastern portion of the city. Immediate Surroundings The subject property is situated in the northeast section of the City of Santa Ana, along N. Parton Street, just north of the Civic Center and south of the Santa Ana (5) Freeway. It is located in an area bracketed by the 5 Freeway and 17th Street to the north, 1"t Street to the south, Bristol Street to the west, and the 5 Freeway to the east. Uses within the neighborhood are primarily office and some residential developments. The majority of the residential tracts were built in the 1950's and 60's, and the majority of the commercial buildings were built in the 1970's and 80's. The majority of commercial buildings are situated along the main thoroughfares of 1" Street, 17th Street, Main Street and Bristol Street. The subject has an office building adjacent to the south, and apartments to the east, parking lot to the north, and a parking lot and office building to the west. The primary catalyst to the area is the Orange County Courthouse, two blocks south of the subject on Civic Center Drive. Additionally, the subject is located approximately 10 miles northeast of the Orange County Airport Area and approximately 15 miles south of Los Angeles County. Summary The subject is located in the City of Santa Ana, which are the county seat and the 2nd most populous city in Orange County. The city has a large Hispanic and high-density population relative to the surrounding communities. It also has a strong economic base centered in the Civic Center. Over the last decade the City has promoted a number redevelopment projects. Given that the City of Santa Ana has a progressive attitude toward business and re -development, this trend is expected to continue. The subject property is located very close to the Civic Center. In addition, it is an attractive location off a moderate traffic street with good access to other cities in Orange County and within close proximity to Los Angeles County. There is little land for new development in the area, and demand for future development appears improving. New projects will likely consist of tearing down old apartments or commercial properties to make way for a better use. Generally, the immediate area surrounding the subject is considered stable with the County Courthouse as the main generator of activity in the area. The centralized location of the City of Santa Ana, its strong economic base and the continued revitalization of portions of the city should add to the continued economic stability of the immediate area. © 2015 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. Page 13 SA4-45