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October 13, 2017 <br />City of Santa Ana <br />20 Civic Center Plaza <br />Santa Ana, California 92702 <br />Attention: Jason Gabriel <br />Principal Civil Engineer <br />Subject: Market Value Study <br />Vacant Residential Land Parcel <br />Proposed Water Well Site <br />651-657 East Washington Avenue <br />Santa Ana, California <br />2592 North Santiago Bou QI)ard <br />Orange, California 928674862 <br />(714) 633.8441 or (562) 988.29\26 <br />scott@lidgardinc.com <br />In accordance with your request and authorization, I have completed an appraise <br />study of the above -referenced property on behalf of the client indicated above. <br />The valuation study consisted of (1) an inspection of the subject property from the <br />adjacent rights-of-way, (2) a review of public records particularly with respect to <br />the underlying zone and general plan land use designations, (3) the research and <br />collection of comparable market data in the immediate and general subject <br />market area, (4) a valuation employing the Sales Comparison Approach based on <br />an analysis of the comparable market data, and (5) preparation of this formal <br />narrative appraisal report in summation of the activities outlined above. <br />The subject property consists of a vacant land parcel located at the northwest <br />corner of Washington Avenue and Penn Way, within the City of Santa Ana. The <br />site has a nonsignalized corner location, irregular land configuration, effectively <br />level topography, and contains 26,598 square feet of land area, per Assessor's <br />records. The parcel is zoned UN -2 (urban neighborhood). The property is <br />identified by the Orange County Assessor's office as Assessor's Parcel Nos. 398- <br />150-02 and 398-152-16. <br />The property owners are nearing the end of the entitlement process for a 7 -Knit <br />townhouse development on the subject property. The proposed unit mix includes <br />five 2-bedroom/3-bathroom dwelling units and two 3-bedroom/3-bathroom units <br />ranging in size from 883 to 1,296 square feet of living area. The development will <br />consist of a 6,987 square foot building footprint with a 53% lot coverage,ratio and <br />a density of one unit per 3,800 square feet of land area. Each unit will have a two- <br />LIDGARD AND ASSOCIATES <br />INCORPORATED 20DstateAppraisal and Consultation <br />