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EXHIBIT 3 \� Val bridge Public Pay Parking Lot PROPERTY ADVISORS LAND VALUATION apartments. The surrounding area has a lower density of population. The site is approximately 5 feet above grade of the street and requires a sloped driveway for access. At the time of sale, it was improved with a vacant old two-story building that was formerly occupied as a veterinary clinic. The property also has a two-sided billboard. The sale price for this property was $1,550,000 which equates to $48.23 per square foot. Upward adjustments are necessary for larger size of the site, sloped topography, and site condition (demolition cost). Downward adjustments are warranted for superior visibility/exposure on a busier street, superior zoning, and billboard income. An additional downward adjustment has been for the subject's small site size and narrow shape, which limits the potential land uses/development of the site. Overall, this comparable was considered superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $37.12 per square foot. Land Comp No.4 Land comp no. 4 is located west of the subject, at 13551 Harbor Blvd, in the city of Garden Grove. This location is along the south side of the Garden Grove (22) Freeway and has access from Harbor Boulevard. The surrounding area is similar in demographics. The site wraps around the southwest corner of Harbor Boulevard and Trask Avenue. This is a somewhat irregular-shaped site that was improved with an old 1,400 SF building and two billboards. The property was formerly occupied by a fountain and statuary business; however, the buyer intended to develop a self -storage facility. It is in escrow as a clean site with no entitlements. The property is currently in escrow at a price of $4,750,000, which equates to $59.17 per square foot. Escrow is due to close within approximately 9 months upon approval of the planned use. According to the listing broker, there were 9 offers on the property and 4 of these were at the full asking price of $4,500,000. The fact that the escrow price is higher than the asking price is due to a bidding situation. Upward adjustments are necessary for larger size of the site, irregular shape, and site condition (demolition cost). Downward adjustments are warranted for superior visibility/exposure on a busier street, superior zoning, and billboard income from the two billboards onsite. An additional downward adjustment has been for the subject's small site size and narrow shape, which limits the potential land uses/development of the site. Overall, this comparable was considered superior to the subject. After adjustments, the listing provides an indication of land value for the subject at $35.50 per square foot. Land Comp No.5 Land comp no. 5 is a current listing located west of the subject, at 14972 Springdale St, in the city of Huntington Beach. This property is situated at the northeast corner of Springdale Street and Balsa Avenue, a primary signalized intersection in the north portion of the city. This location is approximately 1/z mile to the west of the Westminster Mall and is near the Boeing campus. Demographics in this area are far superior to the subject. Surrounding development consists of mostly mid -age retail and office properties. This is a level site that is adjacent to strip retail buildings to the north and east. The site was formerly used as a service station occupied by Chevron. As such, any soil clean-up costs are the responsibility of Chevron (seller). The property is currently in escrow at a price of $1,610,000, which equates to $71.08 per square foot. According to the seller representative, there were several other offers to purchase at prices ranging from approximately $55.00 to $65.00 PSF. Escrow is due to close in late 2016. The buyer intends to develop a retail property; however, no further details were available. An upward adjustment was needed for the property's larger size. Downward adjustments are warranted for superior demographics, superior access/orientation, superior visibility/exposure on a busier street, and superior zoning. An additional downward adjustment has been for the subject's small site size and narrow shape, which limits the @2016 VALBRIDGE PROPERTY ADVISORS I Penner and Associates, Inc. SA4-70 Page 38