rvs san clemente - premier money sourcepremiermoneysource.com/wp-content/uploads/2016/02/... ·...

RVS San Clemente

Realty Valuation Services

302 N El Camino Real #100

San Clemente, CA 92672

(949) 361-6609

Val-Chris Investments, Inc.

2601 Main Street, Suite 400

Irvine, CA 92614

1601026

1601026

1601026

Val-Chris Investments, Inc. Val-Chris Investments, Inc.

Christina Hamidat

2231 N Palm Canyon Dr

Palm Springs

Riverside CA 92262

LOT 10 MB 019/003 PALM SPRINGS VILLAGE

Full Appraisal 1,750.00

1,750.00

$1300 Paid 1,300.00

1,300.00

450.00

Form NIV5D - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

FROM:

Telephone Number: Fax Number:

TO:

E-Mail:

Telephone Number: Fax Number:

Alternate Number:

INVOICEINVOICE NUMBER

DATES

Invoice Date:

Due Date:

REFERENCE

Internal Order #:

Lender Case #:

Client File #:

FHA/VA Case #:

Main File # on form:

Other File # on form:

Federal Tax ID:

Employer ID:

DESCRIPTION

Lender: Client:

Purchaser/Borrower:

Property Address:

City:

County: State: Zip:

Legal Description:

FEES AMOUNT

SUBTOTAL

PAYMENTS AMOUNT

Check #: Date: Description:

Date:Check #: Description:

Check #: Date: Description:

SUBTOTAL

TOTAL DUE $

APPRAISAL OF REAL PROPERTY


Palm Springs, CA 92262

LOT 10 MB 019/003 PALM SPRINGS VILLAGE


2601 Main Street, Suite 400

Irvine, CA 92614

625,000

02/01/2016

Austin Fernald / Chris Pierce


302 N El Camino Real #100

San Clemente, CA 92672

(949) 361-6609

[email protected]

rvssc.com

Form GA2V - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

LOCATED AT

FOR

OPINION OF VALUE

AS OF

BY

1601026Christina Hamidat


Palm Springs Riverside CA 92262


Cover Page ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

GP Commercial Appraisal Report - Page 1 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


GP Commercial Appraisal Report - ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................






Additional Comparables 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................


Additional Rentals 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................





Building Sketch ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Plat Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Aerial Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Regional Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Location Map ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Subject Photos ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Photograph Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Comparable Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Comparable Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Rentals Photos 1-3 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Rentals Photos 4-6 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Retail Lease ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Previous MLS Listing ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Previous MLS Listing ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Addendum ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Christopher Pierce's Resume ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Christopher Pierce's Resume Pg. 2 ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

Austin Fernald Resume ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

License ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

E & O Insurance ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

E & O Insurance ....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

39

40

41

42

43

44

45

Form TOCNP_LT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Borrower

Lender/Client

File No.

Property Address

City County State Zip Code

TABLE OF CONTENTS

RVS San Clemente

1601026COMMERCIAL PROPERTY APPRAISAL REPORT2231 N Palm Canyon Dr Palm Springs CA 92262

Riverside LOT 10 MB 019/003 PALM SPRINGS VILLAGE

N/A

504-242-006

Christina Hamidat

Christina Hamidat

Residential

Retail / Residential

Palm Springs 0446.06

Determine market value for loan purposes.

Client and client authorized users


2601 Main Street, Suite 400, Irvine, CA 92614


302 N El Camino Real #100, San Clemente, CA 92672

(949) 361-6609 rvssc.com

Austin Fernald

Designation:

AT3002942

02/19/2017 CA

Chris Pierce

Designation: MAI, SRA

AG011694

10/31/2017 CA

Appraisal Report

None

None

02/01/2016

02/01/2016

Google Maps

Costar

The Cost Approach was omitted due to a lack of recent vacant lot comparables within the subject's

immediate area. In the current market, typical buyers place little or no emphasis on the Cost Approach.

See scope of work addendum.

not developed

not developed

650,000

600,000

N/A

02/05/2016 02/01/2016

625,00002/01/2016

Form GPSMCOM - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

File No.:

SU

BJE

CT

Property Address: City: State: Zip:

County: Legal Description:

Building Name (if applicable):

Parcel ID #(s):

Borrower (if applicable):

Current Owner of Record:

Property Use (if mixed, check all that apply): Office Commercial Industrial Retail Other (describe)

Comments on Property Use:

Market Area Name: Map Reference: Census Tract:

AS

SIG

NM

EN

T P

AR

AM

ET

ER

S

The purpose of this appraisal is to develop an opinion of: Market Value (as defined), or other type of value (describe)

Intended Use:

Intended User(s) (by name or type):

This report is not intended by the appraiser(s) for any other use or by any other user(s). The appraiser(s) assume no liability for any unauthorized use of this appraisal report.

Client: Contact:

Address:

Phone: Fax: E-mail:

Appraisal Company:

Address:

Phone: Fax: Web:

Appraiser:

Certificate or License #:

Expiration Date: State:

Co-Appraiser:

Certificate or License #:

Expiration Date: State:

Property Rights Appraised: Fee Simple Leasehold Leased Fee Other (describe)

Reporting Option(s): Summary Appraisal Report Restricted Use Appraisal Report Other (describe)

This report reflects the following value (if not Current, see comments): Current (the Inspection Date is the Effective Date) Retrospective Prospective

If checked, this report is also subject to the following Hypothetical Conditions and/or Extraordinary Assumptions:

Hypothetical Conditions (if applicable):

Extraordinary Assumptions (if applicable):

SC

OP

E O

F W

OR

K

Extent of Inspection of Subject Property:

Appraiser: Interior & Exterior Exterior Only None

Date of Inspection:

Co- or Supervisory Appraiser: Interior & Exterior Exterior Only None

Date of Inspection:

Building Area Measured? Yes No

Data Sources Used: MLS Public Records Appraiser's Files

Lender and/or Client Owner Plans & Specifications Contract

Other (describe)

Approaches to Value Developed for This Appraisal: Cost Approach Sales Comparison Approach Income Approach

Reasons for Excluding an Approach to Value:

Additional Scope of Work Comments:

VA

LU

E S

UM

MA

RY

Value Indication - Total Site Value: $

Value Indication - Cost Approach: $

Value Indication - Sales Comparison Approach: $

Value Indication - Income Approach: $

Opinion of Value of any Personal Property and/or Other Non-Realty Interests Included: $DATE OF REPORT: DATE OF INSPECTION:

OPINION OF VALUE (as defined): $ (as is) and/or $ (other, describe)

EFFECTIVE DATE(S) OF VALUE: (as is) and/or (other, describe)

Copyright© 2008 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5/2008

1601026COMMERCIAL PROPERTY APPRAISAL REPORTPalm Springs Palm Canyon Dr to the north and east, Vista Chino

to the south, Hills to the west.

Vacant: 5

One-Unit Residential: 55

Multi-Unit Residential: 15

Office: 5

Retail: 15

Industrial: 5

5

5

5

5

5

This area is stable. Therefore, no changes are expected.

Per Bureau of Labor Statistics, the city of

Palm Springs's unemployment rate was 5.1% as of November 2015.

Market for real estate has been mostly stable in the last year. Some increase in demand for income properties was noted, but general price

trend remains stable.

The surrounding uses in the immediate subject area consist

of residential properties, retail properties, schools, and restaurants.

The subject was previously listed on 01/17/2013 for $700,000. The listing expired on 06/17/2013.

MLS, Realist

07/01/2010

535,000

Realist

N/A

N/A

Realist

N/A

N/A

Realist

All of the prior listings for the subject are shown above.

2016 504-242-006

Assessed Value: 570,308

2016 8,873 0

The property appears to be assessed slightly below market value.


File No.:

MA

RK

ET

AR

EA

DE

SC

RIP

TIO

N

Market Area Name: Market Area Boundaries:

Characteristics

Location: Urban Suburban Rural

Built up: Over 75% 25-75% Under 25%

Development: Increasing Stable Decreasing

Value Trend: Increasing Stable Decreasing

Rental Demand: Increasing Stable Decreasing

Vacancy Trend: Increasing Stable Decreasing

Present Land Use

%

%

%

%

%

%

Undersupply Balanced Oversupply Vacancy

%

%

%

%

%

Change in Land Use: Unlikely Likely * Taking Place * * From: * To:

Change in Economic Base: Unlikely Likely * Taking Place * * From: * To:

If any Changes in Land Use and/or Economic Base are Likely or Taking Place, indicate the impact on property values: Positive Negative None N/A

Comments on Land Use and/or Economic Base Changes and Impacts:

Exc. Good Avg. Fair Poor N/AMarketability Factors

Employment Stability:

Convenience to Employment:

Convenience to Shopping:

Convenience to Schools:

Adequacy of Public Transport.:

Recreational Facilities:

Marketability Factors Exc. Good Avg. Fair Poor N/A

Adequacy of Utilities:

Property Compatibility:

Protection from Detrimental Cond.:

Police and Fire Protection:

General Appearance of Properties:

Appeal to Market:

Description/Analysis of Market Area and Market Conditions (including support for the above characteristics and trends):

Description/Analysis of the usages of nearby properties and in the Subject's immediate area:

SU

BJE

CT

PR

OP

ER

TY

SA

LE

/TR

AN

SF

ER

HIS

TO

RY

Is the Subject Property currently listed for sale? No Yes If currently listed: List Price: $ Days on Market:

Analysis of Listing:

Is the Subject Property currently under Contract or Option? No Contract Option Has the Contract or Option been reviewed? Yes No N/A

Date of Contract or Option: Expires: Contract Price: $ Closing Date:

Buyer: Seller:

Analysis of Contract/Option:

My research did did not reveal any prior sales or transfers of the subject property for the three years prior to the effective date of this appraisal.

Data Source(s):

Subject Sale/Transfers Prior Sale/Transfer # 1 Prior Sale/Transfer # 2 Prior Sale/Transfer # 3

Date of Sale/Transfer:

Sale/Transfer Price:

Data Source(s):

Analysis of Sale/Transfer History:

AS

SE

SS

ME

NT

Assessment Date: Parcel(s) Assessed:

Total: $ Comments:

Current Taxes: Year: Tax Amount: $ Special Assessments: $

Comments:


5/2008

1601026COMMERCIAL PROPERTY APPRAISAL REPORTRefer to Plat Map

5,297 Sq.Ft. Sq.Ft. 5,297 Sq.Ft.

50 Feet on N Palm Canyon Dr

Public utilities

Public utilities

Public utilities

Public utilities

Public utilities

Several options available.

Multimedia:

Asphalt

60'

Asphalt

Cement

Cement

Incandescent

Public

Level

Typical for area

Rectangular

Typical

Appears adequate

None

N/A

X

06065C1556G 8/28/2008

No adverse environmental issues were noted at the time of

inspection. See Scope of Work Addendum.

Soils appeared to be in typical condition and appeared to be draining properly. No soils report was reviewed.

Typical utility easements are not considered detrimental.

None observed. No title report was reviewed.

The site was developed in a manner typical of the area. No adverse conditions were noted during the inspection.

C1

General Commercial

Improvements do not comply with existing zoning

requirements due to parking.

Property's site does not comply with existing zoning

requirements due to parking.

Commerical, Retail, Residential, Office

No change in

zoning is anticipated.


File No.:

SIT

E D

ES

CR

IPT

ION

Total Site Dimensions:

Total Site Area: Excess Site Area (if applicable): Net Site Area:

Street Frontage:

Other Site Features or Elements: Inside Lot Corner Lot Cul de Sac Underground Utilities Other (describe)

Utilities Public Other Provider/Description Off-site Improvements Type Public Private

Electricity:

Gas:

Water:

Sanitary Sewer:

Storm Sewer:

Telephone:

Street:

Width:

Surface:

Curb/Gutter:

Sidewalk:

Street Lights:

Alley:

Topography:

Size:

Shape:

Utility:

Drainage:

View:

Rail Access:

Does the Subject Property lie within a FEMA Special Flood Hazard Area: Yes No FEMA Flood Zone:

FEMA Map #: FEMA Map Date:

Are any environmental issues known or suspected? No If Yes, describe:

Soil Conditions:

Easements:

Encroachments:

Site Comments:

ZO

NIN

G

Zoning Classification:

Zoning Description:

Do present improvements comply with existing zoning requirements? Yes No Comments:

Does the subject site comply with existing zoning requirements? Yes No Comments:

Uses allowed under current zoning:

Zoning Change: Unlikely Likely * Taking Place * * To: Comments:


5/2008

1601026COMMERCIAL PROPERTY APPRAISAL REPORT


1 2

Wood/Stucco

Average Average

1946 70 20-25

60-70 Yrs

40-45 Yrs

Retail/Residential

Other:

Retail 1 1,000 0 1,000 1,000

Residential 1-2 3,000 0 3,000 3,000

4,000 4,000 4,000

There is no common area.

Retail: 1,000 25

Residential: 3,000 75

Warehouse: 0

Manufacturing: 0

Distribution: 0

Research/Development: 0

Residential: 0

100.00

75.51

3,379

63.79

On Site: 2

Adequacy: Adequate

Covered: No

Garage: No

Surface: Concrete/Asphalt

Total # of Spaces: 2

Spaces/1,000 Sq.Ft. GBA: 0.50

# of Overhead Doors:

# of Loading Bays:

Floor Height (Feet):

Ceiling Height (Feet):

Column Spacing (Feet):

Railroad Spur:

Raised

Wood

Stucco

Wood frame

Built-Up

Wood Frame/Drywall

Wood Studs

Not Inspected

Carpet/Tile/Concrete/Wood

Copper

Standard

Gas

None

None

None

Site improvements have been maintained and appear to be in average condition. Street parking is available.

N/A


File No.:

General Description

Property Type:

# of Buildings: # of Stories:

Construction Type:

Construction Status: Existing Proposed Under Construction

Quality: Condition:

Year Built: Actual Age: Effective Age:

Total Estimated Economic Life:

Estimated Remaining Economic Life:

Design or Style:

Building Breakdown

Building Identification and Areas FloorNet RentableArea Sq.Ft.

Other Net AreaSq.Ft. Describe

Total NetArea Sq.Ft.

CommonArea Sq.Ft. GBA Sq.Ft.

Column Totals Sq.Ft.

Describe Common Building Areas:

Usage Breakdown - All Buildings

Usage TypeTotal

Net Sq.Ft. Usage %

%

%

%

%

%

%

%

Building Ratios - Combined

Item Calculated Value

Building Efficiency Ratio (Net Building Area Sq.Ft./GBA Sq.Ft.): %

Floor Area Ratio (GBA Sq.Ft./Net Site Sq.Ft.): %

Building(s) Total Footprint: Sq.Ft.

Ground Coverage Ratio (Footprint Sq.Ft./Net Site Sq.Ft.): %

Comments:

Parking Breakdown

Item Description

Industrial Features Not Applicable

Item #

Yes No

Other:

Other Building Features None Noted

Item Description

Improvement Rating Exc. Good Avg. Fair Poor N/A

Appeal/Appearance:

Floor Plan/Design:

Construction Quality:

Exterior Condition:

Interior Condition:

Roof Cover:

Insulation:

Plumbing:

Electrical:

Improvement Rating Exc. Good Avg. Fair Poor N/A

Heating:

Air Conditioning:

Elevators:

Parking Area:

Fire Suppression:

Landscaping:

Building Characteristics

Item Description

Foundation:

Frame:

Exterior Walls:

Roof Support:

Roof Cover:

Interior Partitions:

Ceiling:

Insulation:

Floor & Covering:

Plumbing:

Electrical:

Heating:

Air Conditioning:

Elevators:

Fire Suppression:

Other Site Improvements:

Personal Property and/or Other Non-Realty Interests Included in Opinion of Value: $


5/2008

DE

SC

RIP

TIO

N O

F T

HE

IM

PR

OV

EM

EN

TS

1601026COMMERCIAL PROPERTY APPRAISAL REPORT The subject property is a 5,297 square foot parcel of land improved with a mixed use building. The property

consists of a retail space in the front along N Palm Canyon Dr and 6 studio units in the rear. The building was originally constructed in 1946

and has been updated over the years since. The property is in average condition and appears to be properly maintained.

The property is located on the well-traveled thoroughfare of Palm Canyon Dr in the city of Palm Springs. It is located in an area that is

surrounded by retail storefront properties along Palm Canyon Dr, and residential properties to the west. Palm Canyon Dr is the main

thoroughfare that runs through the city of Palm Springs. The subject is located approximately 3 miles south of the 10 Freeway. It is located in

the western portion of Palm Springs and approximately 1 mile northwest of downtown palm springs.

The subject is zoned for general commercial use, so use as a Retail/Residential property is legal per Palm Springs's zoning ordinance.

The physical structure currently exists, so physical possibility is proven.

Using the property as a Retail/Residential property is maximally productive as this use fulfills the preceding requirements.

Use as a Retail/Residential property is the highest and best use as vacant.

Use as a Retail/Residential property is the highest

and best use as improved.

Retail/Residential

Retail/Residential


File No.:

DE

SC

RIP

TIO

N O

F T

HE

IM

PR

OV

EM

EN

TS

(co

nti

nu

ed

)

Comments on the Improvements:

HIG

HE

ST

AN

D B

ES

T U

SE

Summary of Highest & Best Use:

Highest & Best Use as if vacant:

Highest & Best Use as improved: Present use Proposed use (explain) Other use (explain)

Actual Use as of Effective Date:

Use as appraised in this report:Copyright© 2008 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5/2008


Cost approach is not developed due to unavailability of vacant lot sales.



N/A

Inspection

N/A

Sq.Ft.

5,297(in Sq.Ft.)

Average

N/A N/A N/A

Adjusted Sale Price (in $)

+(-) $ Adjust +(-) $ Adjust +(-) $ Adjust

N/A

N/A

5,297 Sq.Ft.

Sq.Ft.


File No.:

SIT

E V

AL

UA

TIO

N

Methodology - The Opinion of Site Value is derived by the utilization of the following method(s) (see attached addenda for definitions):

Sales Comparison Allocation Method Extraction Method Land Analysis (see attached addendum)

Other Method (describe)

Methodology Comments:

FEATURE SUBJECT PROPERTY COMPARABLE SITE NO. 1 COMPARABLE SITE NO. 2 COMPARABLE SITE NO. 3

Address

Proximity to Subject

Lot/Map Identifier

Sale/Deed Reference

Data Source(s)

Verification Source(s)

Sale Price $ $ $ $

C.E. ADJUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION+(-) $ Adjust +(-) $ Adjust +(-) $ Adjust

Rights Appraised

Date of Sale/Time

Conditions of Sale

Sale Concessions

Cash Equivalent Price $ $ $ $

C.E.Price/ $ $ $ $

VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION

Net Site Area

Location

Topography

Shape/Utility

Utilities

Site Improvements

Net Adjustment (Total, in $) + + +$

$

– – –$

$

$

$

Net %

Gross %

Net %

Gross %

Net %

Gross %

Comments/Analysis of Comparable Sites:

Comments/Analysis of Excess Land (if applicable):

Net Site - Indicated Value

Net Site Area: X Indicated Value of Net Site per Unit Area: $ = $

Excess Land - Indicated Value (if applicable)

Excess Land Area: X Indicated Value of Excess Land per Unit Area: $ = $

INDICATED VALUE OF THE SUBJECT TOTAL SITE (Net Site Indicated Value + Excess Land Indicated Value) = $Copyright© 2008 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5/2008


N/A

Local Multiplier:

Local Multiplier:Area Multiplier:

Story Height Multiplier:

OTHER ITEM(S) AFFECTING THE COST APPROACH VALUE (if applicable)

Cost approach is not developed due to unavailability of vacant lot sales.


File No.:

CO

ST

AP

PR

OA

CH

This Cost Approach Analysis is based upon: Replacement Cost New, or Reproduction Cost New (see comments)

Source of Cost Data:

Multipliers:

Current Multiplier:

Comments on cost data, multipliers, etc.:

Structure Breakdown

Building or ComponentAreaSq.Ft.

Unit Cost$/Sq.Ft

BasicCost

CurrentMultiplier Cost

X = $ X = $

X

X

X

= $BUILDING


Unit Cost$/Sq.Ft

BasicCost


X = $ X = $

X

X

X

= $BUILDING


Unit Cost$/Sq.Ft

BasicCost


X = $ X = $

X

X

X

= $BUILDING

= $ALL BUILDINGS - TOTAL COST NEW

Site Improvements & Additional Items

Description Quantity Unit CostBasicCost


X = $ X = $

X = $ X = $

X = $ X = $

= $

X

SITE IMPROVEMENTS & ADDITIONAL ITEMS - TOTAL COST NEW = $

ALL IMPROVEMENTS - TOTAL COST NEW = $Entrepreneurial Profit & Soft Costs

Description %All ImprovementsTotal Cost New Cost

X = $

X = $

ENTREPRENEURIAL PROFIT & SOFT COSTS - TOTAL COST NEW = $

GRAND TOTAL - COST NEW = $

Physical Depreciation - Long-lived Items

DescriptionEffective

AgeEconomic

LifeDepreciation

%And/Or

Lump SumDepreciation

Amount

$ $

$ $

$ $

$

Physical Depreciation - Short-lived Items

DescriptionEffective

AgeEconomic

LifeDepreciation

%And/Or


Amount

$ $

$ $

$ $

$

Functional Obsolescence

DescriptionDepreciation

%And/Or


Amount

$ $

Economic Obsolescence

DescriptionDepreciation

%And/Or


Amount

$ $

TOTAL DEPRECIATION = $ ( )

DEPRECIATED VALUE OF THE IMPROVEMENTS = $

OPINION OF NET SITE VALUE = $

OPINION OF VALUE OF EXCESS LAND = $

OPINION OF VALUE OF PERSONAL PROPERTY and/or OTHER NON-REALTY INTERESTS INCLUDED = $

= $

INDICATED VALUE BY COST APPROACH = $

FINAL INDICATION OF VALUE BY COST APPROACH (ROUNDED) = $

Comments/Analysis of the Cost Approach:


5/2008




N/A

Inspection

Realist

Leased Fee

N/A

N/A

4,000

4,000

5,297(in Sq.Ft.)

Average

Wood/Stucco

Average

70

Average

2 Spaces

% of Retail 25%

238 S Saturmino Dr


2.44 miles SE

Multi-Family

Doc#0469582

Costar

Realist

673,000

Leased Fee

10/26/2015

1033 Exchange +25,000

None

698,000

121.75

5,733

5,733 +10

14,061 -5

Similar

Wood/Stucco

Similar

~60

Similar

6 Spaces

0 +25

171,990

24.6

32.9

($ 30.00 / SF GBA)

151.75

120 S Saturmino Dr


2.32 miles SE

Multi-Family

Doc#0341365

Costar

Realist

645,000

Leased Fee

07/31/2015

1033 Exchange +25,000

None

670,000

102.56

6,533

6,533 +10

13,459 -5

Similar

Wood/Stucco

Similar

~60

Inferior +15

6 Spaces

0 +25

293,985

43.9

53.6

($ 45.00 / SF GBA)

147.56

560 S Indian Trl


2.47 miles S


Doc#0222187

Costar

Realist

630,000

Leased Fee

06/17/2014

Arms Length

None

630,000

218.75

2,880

2,880 -15

6,060

Superior -10

Wood/Stucco

Similar

58

Similar

8 Spaces

50% -25

-144,000

22.9

22.9

($ -50.00 / SF GBA)

168.75

Net Adjustment (Total, in $ / SF GBA)

Adjusted Sale Price (in $ / SF GBA)


The subject's condition is considered average.

Comparable #1: Comparable 1 is a larger multi-family property with 5 units. This property is located on a larger parcel of land and appears to

be in similar condition as the subject.

Comparable #2: Comparable 2 is a larger multi-family property that is located approximately 2.3 miles away from the subject. This property

is also located on a larger lot, but it appears to be in inferior condition.

Comparable #3: Comparable 3 is a mixed-use property consisting of a retail space on the first floor and two 1 bedroom units on the second

floor. This property is located in a superior location closer to the downtown.

Indicated price per SF is $160

4,000 SF x $160/sf = $640,000

4,000 160.00 640,000

Rounding 10,000

650,000

650,000


File No.:

CO

MP

AR

AB

LE

SA

LE

S A

NA

LY

SIS

FEATURE SUBJECT PROPERTY COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO. 3

Address


Building Usage/Name

Sale/Deed Reference

Data Source(s)


Sale Price $ $ $ $


Rights Appraised

Date of Sale/Time

Conditions of Sale

Sale Concessions


C.E.Price/GBA $ $ $ $


Net Building Area sq.ft. sq.ft. sq.ft. sq.ft.

Gross Building Area sq.ft. sq.ft. sq.ft. sq.ft.

Net Site Area

Location

Type of Construction

Construction Quality

Age

Condition

Parking


$

– – –$

$

$

$

Net %

Gross %

Net %

Gross %

Net %

Gross %

Comments/Analysis of Comparable Sales:

Subject GBA: Sq.Ft. X $ /Sq.Ft. GBA: = VALUE BY SALES COMPARISON APPROACH = $



= $

INDICATED VALUE BY SALES COMPARISON APPROACH = $

FINAL INDICATION OF VALUE BY SALES COMPARISON APPROACH (ROUNDED) = $Copyright© 2008 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5/2008

1601026ADDITIONAL COMPARABLE SALES



N/A

Inspection

Realist

Leased Fee

N/A

N/A

4,000

4,000

5,297(in Sq.Ft.)

Average

Wood/Stucco

Average

70

Average

2 Spaces

% of Retail 25%

500 W Racquet Club Rd


0.26 miles NW

Multi-Family

Doc#0548732

Costar

Realist

600,000

Leased Fee

12/18/2015

Arms Length

None

600,000

133.33

4,500

4,500

12,632 -5

Similar

Wood/Stucco

Similar

~70

Similar

10 Spaces

0 +25

90,000

15.0

22.5

($ 20.00 / SF GBA)

153.33

27700 Avenida Terrazo

Cathedral City, CA 92234

4.09 miles E

Multi-Family

N/A

Costar

Realist

729,000

Leased Fee

DOM: 329 -145,800

Active Listing

N/A

583,200

141.18

4,131

4,131

17,280 -5

Inferior +10

Wood/Stucco

Similar

36 -5

Similar

10 Spaces

0 +25

103,275

17.7

31.9

($ 25.00 / SF GBA)

166.18

Net Adjustment (Total, in $ / SF GBA)

Adjusted Sale Price (in $ / SF GBA)


Comparable #4: Comparable 4 is a similar size multi-family property that consists of 5 units. This property is located on a larger parcel of

land but appears to be similar in condition.

Comparable #5: Comparable 5 is a similar size multi-family property that is located in the less desirable area of Cathedral City. This property

appears to be in similar condition even though it is a newer property. This is an active listing.

Form GPSMCOM.(AC) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

4 5 6

File No.:

CO

MP

AR

AB

LE

SA

LE

S A

NA

LY

SIS

FEATURE SUBJECT PROPERTY COMPARABLE SALE NO. COMPARABLE SALE NO. COMPARABLE SALE NO.

Address


Building Usage/Name

Sale/Deed Reference

Data Source(s)


Sale Price $ $ $ $


Rights Appraised

Date of Sale/Time

Conditions of Sale

Sale Concessions


C.E.Price/GBA $ $ $ $


Net Building Area sq.ft. sq.ft. sq.ft. sq.ft.


Net Site Area

Location



Age

Condition

Parking


$

– – –$

$

$

$

Net %

Gross %

Net %

Gross %

Net %

Gross %

Comments/Analysis of Comparable Sales:


5/2008




MG

12 months

N/A

Stable

Average

Average

N/A

Standard

4,000

4,000

5,297(in Sq.Ft.)

Average

Wood/Stucco

Average

70

Average

2 Spaces

Average Rent Per Studio

3710 E Calle De Carlos


3.48 miles SE

Multi-Family

02/04/2016

0%

Costar

Realist

102,561

MG

12 months

N/A

Stable

Similar

Average

N/A

Standard

102,561

18.25

5,620

5,620

20,251

Similar

Wood/Stucco

Similar

60

Similar

10 Spaces

$775

18.25

795 E Chuckwalla Rd


0.76 miles SE

Multi-Family

02/04/2016

0%

MLS

Realist

40,380

MG

12 months

N/A

Stable

Similar

Average

N/A

Standard

40,380

12.62

3,200

3,200

10,158

Similar

Wood/Stucco

Similar

49

Similar

On Site

$620

12.62



1.20 miles S

Retail Storefront

02/04/2016

0%

MLS

Realist

98,400

MG

12 months

N/A

Stable

Similar

Average

N/A

Standard

98,400

24.60

4,000

4,000

6,949

Superior -2.5

Wood/Stucco

Similar

44

Similar

On Site

N/A

-10,000

10.2

10.2

($ -2.50 / SF)

22.1

Net Adjustment (Total, in $ / SF)

Indicated Market Rent (in $ / SF)

+(-) $/SF Adjust +(-) $/SF Adjust +(-) $/SF Adjust

G = Gross Lease; N = Net Lease; NNN = Triple Net; MG = Modified Gross; P = Expense Pass Through; O = Sales Overage Rents;

C = Common Area Maintenance; R = Renewal Option

Rental Comparable #1: Rental Comparable 1 is a larger multi-family property that is located on a larger parcel of land. This property consists

of 1 three bedroom unit, 1 one bedroom unit and 9 studio units. The average monthly rent for the studio units is $775.

Rental Comparable #2: Rental Comparable 2 is a smaller multi-family property located on a larger lot. This property consists of 5 units.

There are 3 one bedroom units and 2 studio units. The average monthly rent for the studio units is $620.

Rental Comparable #3: Rental Comparable 3 is a retail storefront property that was leased for $2.05 per sf per month on 04/01/2015. This

property is located in a superior area near the downtown.


File No.:

CO

MP

AR

AB

LE

RE

NTA

LS

AN

ALY

SIS

FEATURE SUBJECT PROPERTY COMPARABLE RENTAL NO. 1 COMPARABLE RENTAL NO. 2 COMPARABLE RENTAL NO. 3

Address


Building Usage/Name

Tenant Name

Date of Lease

Date of Rent Survey

Current Vacancy %

Data Source(s)


Actual Annual Rent $ $ $

RENT ADJUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION+(-) $ Adjust +(-) $ Adjust +(-) $ Adjust

Type of Lease *

Length of Lease

Rent Concessions

Market Conditions/Time

Tenant Improvements

Furnishings/Fixtures

Equipment

Utilities

Adjusted Annual Rent $ $ $

Adjusted Ann. Rent/SF $ $ $

MARKET ADJUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION


Tenant Area Compared sq.ft. sq.ft. sq.ft. sq.ft.

Net Site Area

Location



Age

Condition

Parking


$

– – –$

$

$

$

Net %

Gross %

Net %

Gross %

Net %

Gross %

* Lease Type Abbreviations:

Comments/Analysis of Comparable Rentals:


5/2008

1601026ADDITIONAL COMPARABLE RENTALS



MG

12 months

N/A

Stable

Average

Average

N/A

Standard

4,000

4,000

5,297(in Sq.Ft.)

Average

Wood/Stucco

Average

70

Average

2 Spaces

Average Rent Per Studio



1.61 miles S

Retail Storefront

02/04/2016

0%

MLS

Realist

21,669

MG

12 months

N/A

Stable

Similar

Average

N/A

Standard

21,669

18.60

7,667

1,165

7,036

Superior -2.5

Wood/Stucco

Similar

~60

Similar

Street

N/A

-2,913

13.4

13.4

($ -2.50 / SF)

16.1

Net Adjustment (Total, in $ / SF)

Indicated Market Rent (in $ / SF)

+(-) $/SF Adjust +(-) $/SF Adjust +(-) $/SF Adjust

G = Gross Lease; N = Net Lease; NNN = Triple Net; MG = Modified Gross; P = Expense Pass Through; O = Sales Overage Rents;

C = Common Area Maintenance; R = Renewal Option

Rental Comparable #4: Rental Comparable 4 is a space in a retail storefront property that was leased for $1.55 per sf per month on

07/01/2015. This property is located in a superior area near the downtown.

Form GPSMCOM.(AR) - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

4 5 6

File No.:

CO

MP

AR

AB

LE

RE

NTA

LS

AN

ALY

SIS

FEATURE SUBJECT PROPERTY COMPARABLE RENTAL NO. COMPARABLE RENTAL NO. COMPARABLE RENTAL NO.

Address


Building Usage/Name

Tenant Name

Date of Lease

Date of Rent Survey

Current Vacancy %

Data Source(s)


Actual Annual Rent $ $ $

RENT ADJUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION+(-) $ Adjust +(-) $ Adjust +(-) $ Adjust

Type of Lease *

Length of Lease

Rent Concessions

Market Conditions/Time

Tenant Improvements

Furnishings/Fixtures

Equipment

Utilities

Adjusted Annual Rent $ $ $

Adjusted Ann. Rent/SF $ $ $

MARKET ADJUSTMENTS DESCRIPTION DESCRIPTION DESCRIPTION DESCRIPTION


Tenant Area Compared sq.ft. sq.ft. sq.ft. sq.ft.

Net Site Area

Location



Age

Condition

Parking


$

– – –$

$

$

$

Net %

Gross %

Net %

Gross %

Net %

Gross %


Comments/Analysis of Comparable Rentals:


5/2008


Retail 1,000 Yearly MG 9,540 9.54 18,000 18.00

Unit 1 500 Yearly MG 8,340 16.68 8,100 16.20

Unit 2 500 Yearly MG 8,340 16.68 8,100 16.20

Unit 3 500 Yearly MG 7,200 14.40 8,100 16.20

Unit 4 500 Yearly MG 8,100 16.20 8,100 16.20

Unit 5 500 Yearly MG 8,100 16.20 8,100 16.20

Unit 6 500 Yearly MG 8,100 16.20 8,100 16.20

4,000 57,720 66,600

G = Gross Lease; N = Net Lease; NNN = Triple Net; MG = Modified Gross; P = Expense Pass Through; O = Sales Overage Rents;C = Common Area Maintenance; R = Renewal Option

0

All of the subject property's units are currently leased.

The subject appears to be leased at or near market value for the residential units and

below market value for the retail unit. A market rent rate of $675 was used for the residential units, and a market rent rate of $1,500 was used

for the retail unit.

Expenses for 2015 were provided by the owner. The income approach is estimated based

on the provided expenses and typical expenses for a property of this size, age, type, and condition. The expenses appear to be reasonable

for the area. Per the owner, the retail space is leased at $1,500 per month but the tenants are currently paying a lower rate due to rental

concessions. No leases were reviewed.


File No.:

SU

MM

AR

Y O

F S

UB

JE

CT

LE

AS

ES

/ C

UR

RE

NT

& M

AR

KE

T R

EN

TS

Tenant Name or Suite #

TenantRented

Area Sq.Ft.Beginning

Date of Lease

Length(Term)

of LeaseType

of Lease *

CurrentAnnual

Rent in $

CurrentAnnual

Rent $/SF

IndicatedAnnualMarket

Rent in $

IndicatedAnnualMarket

Rent $/SF

Column Totals


SU

BJE

CT

LE

AS

E T

ER

MS

Current Vacancy: % Range of Current Ann. Rents: $ to $ Range of Ann. Market Rents: $ to $

Describe Expense Pass Throughs:

Typical Ann. Tenant Improvement Allowance: $ Leases Expiring Within the Next One Year - Total # of Leases: Total Sq. Ft:

Typical Lease Terms:

Renewal Options:

Provisions for Rent Change:

Common Area Maintenance:

Rent Concessions:

Comments on the Subject Lease Terms:

Reconciliation of Subject Lease Terms with the Market:

SU

BJE

CT

HIS

TO

RIC

AL

EX

PE

NS

E A

NA

LY

SIS

Comments/Analysis of the Subject Historical Expenses:


5/2008

1601026COMMERCIAL PROPERTY APPRAISAL REPORT2015 2015

FORECASTED (non-stabilized)Annual Rent 57,720

57,720

57,720

FORECASTED (non-stabilized)

Property Taxes

Insurance 2,200

Electricity 10,200

Gas 588

Water / Sewer 600

Janitorial

Maintenance 1,200

Trash 1,296

16,084

41,636

4.02

27.87

66,600

66,600

3

1,998

64,602

3

1,938

6,250 Estimated at 1% of appraised value.

2,000 Estimated Based on Actuals


600 Estimated Based on Actuals

900 Estimated Based on Actuals

0 Estimated at $50 per month.


1,200 Estimated at $100 per month.

28,388

36,214

7.10

43.94

Management was estimated at 3%. Vacancy was estimated at 3%.

Modified gross leases were used to estimate the market rent.

2100 E Desert Park Rd, Palm Springs 01/28/2015 719,000 47,100 6.55 Multi-Family

1717 E Vista Chino, Palm Springs 03/26/2015 3,150,000 197,700 6.28 Retail Building

773 E San Lorenzo Rd, Palm Springs 11/25/2015 1,334,500 80,100 6.00 Multi-Family

120 S Saturmino Dr, Palm Springs 07/31/2015 645,000 35,500 5.50 Multi-Family

275 E Tamarisk Rd, Palm Springs 05/06/2015 805,000 43,900 5.45 Multi-Family

5.45 6.55 6.00

These cap rate comparables were taken from retail and multi-family properties within the

city of Palm Springs within a 1 year sales date from the effective date of the appraisal.

N/A


File No.:

INC

OM

E &

EX

PE

NS

E H

IST

OR

Y &

FO

RE

CA

ST

INCOME: From: To:

Item ACTUAL Comment Comment

Potential Gross Income

Vacancy (% of PGI)

& Collection Loss

Effective Gross Income

$ $

$ $

$ $

$ $

$ $

$ $

%

$( )

%

$( )

$ $

$ $

$ $

$ $

EXPENSES:

Item ACTUAL Comment Comment

Property (% of EGI)

Management

Total Expenses

Net Operating IncomeExpenses in $/SF GBA:

Expense Ratio:

%

$

%

$

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $

$ $$ /SF GBA

%

$ /SF GBA

%

Comments/Analysis of the Subject Income & Expenses:

Comments on the Income Capitalization Methodologies Used:

Capitalization Rate Extraction from Comparable Sales

Comparable Property Name or Address Date of Sale Sale PriceNet Operating

IncomeCapitalization

Rate Source and/or Comments

$

$

$

$

$

$

$

$

$

$

$

$

%

%

%

%

%

%

Cap. Rate Range by Sales Extraction: From: % To: % Indicated Capitalization Rate by Sales Extraction: %

Comments/Reconciliation of Capitalization Rate Extraction:

Other Capitalization Rate Determination Methods and Indicators Used (only if valid and appropriate for this report)

MethodologyAddendaAttached

IndicatedCap. Rate

%

%

%

Comments/Reconciliation of Other Capitalization Rate Method(s) Used:

INC

OM

E C

AP

ITA

LIZ

AT

ION


5/2008

1601026COMMERCIAL PROPERTY APPRAISAL REPORT The cap rate comparables used are a mix of retail and multi-family properties. These

cap rate comparables are good indicators of retail cap rates for a property similar to the subject property. The cap rates range from 5.45% to

6.55%. The cap rate used is 6.00%. The cap rate is a blend of multi-family and retail properties.

5.45 6.55 6.00

The income approach provides a good indication for the market value of the subject property.

Typical investors place great emphasis are the income approach for this type of property.s

36,214 6.00 603,567

Rounding -3,567

600,000

600,000


File No.:

INC

OM

E C

AP

ITA

LIZ

AT

ION

(co

nt.

)S

UM

MA

RY

OF

IN

CO

ME

AP

PR

OA

CH

Comments/Reconciliation of the Capitalization Rate Conclusion:

Subject Capitalization Rate Range: From: % To: % Indicated Capitalization Rate for the Subject Property: %

Comments/Analysis of the Income Approach:

Net Operating Income: $ / Ind. Cap. Rate: % = INDICATED VALUE BY INCOME CAPITALIZATION = $



= $

INDICATED VALUE BY INCOME APPROACH = $

FINAL INDICATION OF VALUE BY INCOME APPROACH (ROUNDED) = $Copyright© 2008 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5/2008

1601026COMMERCIAL PROPERTY APPRAISAL REPORTNot developed.

Not developed.

650,000

600,000

N/A

The sales comparison approach and income approach appeared to indicate final value opinion of $625,000

Equal emphasis was placed on the income and sales comparison approaches. These are both good indicators when valuing a property of

this type, condition, location and age.

Marketing and Reasonable Exposure Time:

The market value conclusion is based on the most probable price at which a typically motivated buyer would agree to purchase the subject

property after the typically motivated seller, using professional services, markets the subject property for a period of 6-12 months. The

premise of this market value opinion is based on an estimate of what the subject property would probably sell for after an exposure time on

the open market of 6-12 months.

02/05/2016 02/01/2016

625,00002/01/2016

45

Scope of Work Limiting Cond./Certification Narrative Addendum Photograph AddendaSketch Addendum Map Addenda Cost Addendum Flood Addendum Additional SitesAdditional Sales Additional Rentals Income/Expense Addenda Hypothetical Conditions Extraordinary Assumptions

If required for this assignment, further attachments may be indicated elsewhere in this report.Val-Chris Investments, Inc.

2601 Main Street, Suite 400, Irvine, CA 92614

Austin Fernald


(949) 361-6609

[email protected]

02/05/2016

AT3002942 CA

Designation:

02/19/2017

02/01/2016

Chris Pierce


(949) 361-6609

[email protected]

02/05/2016

AG011694 CA

Designation: MAI, SRA

10/31/2017

02/01/2016


File No.:

FIN

AL

RE

CO

NC

ILIA

TIO

N

Value Indication - Total Site Value: $

Value Indication - Cost Approach: $

Value Indication - Sales Comparison Approach: $

Value Indication - Income Approach: $

Opinion of Value of any Personal Property and/or Other Non-Realty Interests Included: $

Final Reconciliation:

DATE OF REPORT: DATE OF INSPECTION:

Based on the degree of inspection of the Subject Property, as indicated below, the defined Scope of Work, Statement of Assumptions and Limiting Conditions,and Appraiser’s Certifications, my (our) Opinion of the Market Value (or other specified value type), as defined herein, of the Subject Property is:

OPINION OF VALUE (as defined): $ (as is) and/or $ (other, describe)

EFFECTIVE DATE(S) OF VALUE: (as is) and/or (other, describe)

AT

TA

CH

ME

NT

S

A true and complete copy of this report contains pages, including exhibits which are considered an integral part of the report. This appraisal report may not be

properly understood without reference to the information contained in the complete report.

Attached Exhibits:

SIG

NA

TU

RE

S

Client Contact: Client Name:

E-mail: Address:

APPRAISER

Appraiser Name:

Company:

Phone: Fax:

E-mail:

Date of Report (Signature):

License or Certification #: State:

Expiration Date of License or Certification:

Inspection of Subject: Interior & Exterior Exterior Only None

Date of Inspection:

SUPERVISORY APPRAISER (if required)

or CO-APPRAISER (if applicable)

Supervisory orCo-Appraiser Name:

Company:

Phone: Fax:

E-mail:

Date of Report (Signature):

License or Certification #: State:

Expiration Date of License or Certification:

Inspection of Subject: Interior & Exterior Exterior Only None

Date of Inspection:Copyright© 2008 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited.

5/2008

Form SKT.BLDSKI - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Building Sketch

Christina Hamidat




Borrower

Lender/Client

Property Address


Form MAP.PLAT - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Plat Map

Christina Hamidat




Borrower

Lender/Client

Property Address


Form MAP.LOC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Aerial Map

Christina Hamidat




Borrower

Lender/Client

Property Address



Regional Map

Christina Hamidat




Borrower

Lender/Client

Property Address



Location Map

Christina Hamidat




Borrower

Lender/Client

Property Address


Form PICPIX.SC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Subject Photo Page

Christina Hamidat




Subject Front

Sales Price

Gross Building Area

Age


4,000

70

Rear Units

Subject Street

Borrower

Lender/Client

Property Address


Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photograph Addendum

Christina Hamidat




Retail Space Livingn

Bathroom Kitchen

Living Kitchen

Borrower

Lender/Client

Property Address


Form PICINT6 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Photograph Addendum

Christina Hamidat




Bathroom Side

Side Rear Alley

Side Side

Borrower

Lender/Client

Property Address


Form PICPIX.CC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page

Christina Hamidat




Comparable 1

Sales Price

G.B.A.

Age/Yr. Blt.

238 S Saturmino Dr

673,000

5,733

~60

Comparable 2

Sales Price

G.B.A.

Age/Yr. Blt.

120 S Saturmino Dr

645,000

6,533

~60

Comparable 3

Sales Price

G.B.A.

Age/Yr. Blt.

560 S Indian Trl

630,000

2,880

58

Borrower

Lender/Client

Property Address


Form PICPIX.CC - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Comparable Photo Page

Christina Hamidat




Comparable 4

Sales Price

G.B.A.

Age/Yr. Blt.

500 W Racquet Club Rd

600,000

4,500

~70

Comparable 5

Sales Price

G.B.A.

Age/Yr. Blt.

27700 Avenida Terrazo

729,000

4,131

36

Comparable 6

Sales Price

G.B.A.

Age/Yr. Blt.

Borrower

Lender/Client

Property Address


Form DLSTRNT.DS$C - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Rental Photo Page

Christina Hamidat




Rental 1

Proximity to Subj.

GBA

Age/Year Built

3710 E Calle De Carlos

3.48 miles SE

5,620

60

Rental 2

Proximity to Subj.

GBA

Age/Year Built

795 E Chuckwalla Rd

0.76 miles SE

3,200

49

Rental 3

Proximity to Subj.

GBA

Age/Year Built


1.20 miles S

4,000

44

Borrower

Lender/Client

Property Address


Form DLSTRNT.DS$C - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Rental Photo Page

Christina Hamidat




Rental 4

Proximity to Subj.

GBA

Age/Year Built


1.61 miles S

7,667

~60

Rental 5

Proximity to Subj.

GBA

Age/Year Built

Rental 6

Proximity to Subj.

GBA

Age/Year Built

Borrower

Lender/Client

Property Address



Retail Lease

Christina Hamidat




Borrower

Lender/Client

Property Address



Previous MLS Listing

Christina Hamidat




Borrower

Lender/Client

Property Address


SCOPE OF WORK

The Appraiser:

a) Inspected the subject property to note the characteristics of the property that are relevant to its valuation.

b) Investigated available market data for use in sales comparison approach and, if appropriate, income

capitalization approaches. The cost approach will not be completed for this appraisal.

a. The appraiser’s investigations will include research of public records through the use of

commercial sources of data such as printed comparable data services and computerized

databases. Search parameters such as dates of sales, leases, locations, sizes, types of properties,

and distances from the subject will start with relatively narrow constraints and, if necessary, be

expanded until the appraiser has either retrieved data sufficient (in the appraiser’s opinion) to

estimate market value, or until the appraiser believes that he or she has reasonably exhausted the

available pool of data. Researched sales data will be viewed and, if found to be appropriate,

efforts will be made to verify the data with persons directly involved in the transactions such as

buys, seller, brokers, or agents. At the appraiser’s discretion, some data will be used without

personal verification if, in the appraiser’s opinion, the data appear to be correct. In addition, the

appraiser will consider any appropriate listings or properties found through observation during

appraiser’s data collection process. The appraiser will report only the data deemed to be pertinent

to the valuation problem;

c) Investigated and analyzed any pertinent easements or restrictions, on the fee simple ownership of the

subject property. It is the client’s responsibility to supply the appraiser with a title report. If a title report

is not available, the appraiser will rely on a visual inspection and identify any readily apparent easements

or restrictions;

d) Analyzed the data found and reach conclusions regarding the market value, as defined in the report, of

the subject property as of the date of value using appropriate valuation(s) identified above.

e) Prepared the appraisal in compliance with the Uniform Standards of Professional Appraisal Practice as

promulgated by The Appraisal Foundation and the Code of Professional Ethics and Certification

Standard of the Appraisal Institute;

f) Will not be responsible for ascertaining the existence of any toxic waste or other contamination present

on or off the site. The appraiser will, however, report and indications of toxic waste or contaminants that

may affect value if they are readily apparent during appraiser’s investigations. Appraiser cautions the

user of the report that appraiser is not expert in such matters and that appraiser may overlook

contamination that might be readily apparent to parties who are experts in such matters.

g) Per agreement with the client, the Cost Approach has been omitted. This appraisal includes the Sales

Comparison Approach and Income Approach only.

Addendum

Form TADD - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

h) Prepare an Appraisal Report, as defined in USPAP, which will include photographs of the subject

property, descriptions of the subject neighborhood, the site, any improvements on the site, a description

of the zoning, a highest and best use analysis, a summary of the most important sales used in the

appraiser’s valuation, a reconciliation and conclusion, a map illustrating the sales in relationship to the

subject property, and other data deemed by the appraiser to be relevant to the assignment. Pertinent data

and analysis not included in the report may be retained in appraiser’s files.

Addendum


1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

APPRAISER CERTIFICATION

I certify that, to the best of my knowledge and belief:

· The statements of fact contained in this report are true and correct.

· The reported analyses, opinions, and conclusions are limited only by the reported assumptions and

limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and

conclusions.

· I have no present or prospective interest in the property that is the subject of this report and no personal

interest with respect to the parties involved.

· I have no bias with respect to the property that is the subject of this report or to the parties involved with

this assignment.

· My engagement in this assignment was not contingent upon developing or reporting predetermined

results.

· My compensation for completing this assignment is not contingent upon the development or reporting of

a predetermined value or direction in value that favors the cause of the client, the amount of the value

opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to

the intended use of this appraisal.

· No prior inspection has been done on this property in the past 3 years.

· The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in

conformity with the requirements of the Code of Professional Ethics & Standards of Professional

Appraisal Practice of the Appraisal Institute, Uniform Standards of Professional Appraisal Practice

(USPAP), and appraisal regulations issued in connection with the Financial Institutions Reform,

Recovery and Enforcement Act (FIRREA).

· The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in

conformity with the Uniform Standards of Professional Appraisal Practice.

· The use of this report is subject to the requirements of the Appraisal Institute relating to review by its

duly authorized representatives.

· Chris Pierce inspected the property on 02/01/2016.

· Chris Pierce is current with his education for his MAI/SRA designation.

Addendum


1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

STANDARD TERMS AND LIMITING CONDITIONS

Standards Rule (S.R.) 2-2(a) of the Standards of Professional Appraisal Practice of the Appraisal Institute

requires the appraiser(s) to clearly and accurately disclose any extraordinary assumption(s) or limiting

condition(s) that directly affects the appraisal and indicate its impact on value. These are set out in Scope of

Work Addendum above. In compliance with S.R. 2-2(a), and to assist the reader in interpreting the report,7 our

standard terms and limiting conditions as related to the subject property are set forth as follows:

Appraisal Issues - Conditions of Engagement

1) Conclusions & Opinions

The conclusions and opinions expressed in this report apply to the date of value. The dollar amount of

any value opinion or conclusion rendered or expressed in this report is based upon the purchasing power

of the United States Dollar existing on this day.

2) Testimony or Attendance in Court

Testimony or attendance in court or at any other hearing is not required by reason or rendering this

appraisal, unless such arrangements are made a reasonable time in advance of said hearing. Further,

unless otherwise indicated, separate arrangements shall be made concerning compensation for the

appraiser's time to prepare for and attend any such hearing.

3) Personal Property

No consideration has been given in this appraisal as to the value of the property located on the premises

considered by the appraiser to be personal property, nor has the appraiser given consideration to the costs

of moving or relocating such personal property; only the real property has been considered in this

appraisal. Additionally, the comparable data was of real property only, and no personal property was

considered with any market data.

4) Land and Improvement Value

The distribution, if any, of the total valuation in this report between land and improvements applies only

under the stated program of utilization. The separate allocations for land and improvements must not be

used in conjunction with any other appraisal and are invalid if so used.

5) Sources of Financing

Competitive institutional financing is assumed to be available.

6) Minerals & Other Rights

No opinion is expressed as to the value of subsurface oil, gas, or mineral rights or whether the property is

subject to surface entry for the exploration or removal of such materials, except as is expressly stated.

7) Legal Expertise

No opinion is intended to be expressed for matters which require legal expertise or specialized

investigation or knowledge beyond that customarily employed by real estate appraisers.

Addendum


1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

investigation or knowledge beyond that customarily employed by real estate appraisers.

8) Appraiser Liability

The liability of the appraiser is limited to the client only and to the fee actually received. If any legal

action is brought against the appraiser, and the appraiser prevails, the party initiating such legal action

shall reimburse the appraiser for all costs, including legal fees, incurred by the appraiser.

9) Sources of Information

In preparing this report, the appraiser was required to rely on information furnished by other individuals

or found in previously existing records and/or documents. Unless otherwise indicated, such information

is presumed to be reliable. However, no warranty, either expressed or implied, is given by the appraiser

for the accuracy of such information and the appraiser assumes no responsibility for information relied

upon later found to have been inaccurate. No responsibility is assumed for errors or omissions, or for

information not disclosed which might otherwise affect the valuation estimate. The appraiser reserves the

right to make such adjustments to the analyses, opinions and conclusions set forth in this report as may

be required by consideration of additional data or more reliable data that may become available.

10) Economic, Physical and Demographic Factors

The appraiser assumes no responsibility for economic, physical or demographic factors which may affect

or alter the opinions in this report if said economic, physical or demographic factors were not present as

of the date of the letter of transmittal accompanying this report. The appraiser is not obligated to predict

future political, economic or social trends.

11) Disclosure

Disclosure of the contents of this appraisal report is governed by the Code of Professional Ethics and the

Standards of Professional Practice of the Appraisal Institute and the Uniform Standards of Professional

Appraisal Practice (USPAP).

12) Rights of Publication

Possession of this report, or a copy of it, does not carry with it the right of publication. Without the

written consent of the appraiser(s), this report may not be used for any purpose by any person other than

the party to whom it is addressed. In any event, this report may be used only with proper written

qualification and only in its entirety for its stated purpose. Neither all, nor any part, of the contents of

this report (including any conclusions as to value, the identity of the appraisers, or the firm with which

they are connected, or any reference to the Appraisal Institute) shall be disseminated to the public

through advertising media, public relations, news media, sales media, or any other public means of

communication without prior written consent and approval of the appraiser.

13) Ownership & Title

No opinion as to the title of the subject property is rendered. Information related to ownership and a legal

description, was obtained from public records and is considered reliable. Title is assumed to be

marketable and free and clear of all liens, encumbrances, easements and restrictions except those

specifically discussed in the report. The property is appraised assuming it to be under responsible

ownership and competent management, and available for its highest and best use.

Addendum


1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

ownership and competent management, and available for its highest and best use.

14) Title Report

A title report was not provided to the appraiser.

The Site

15) Site Dimensions

No engineering survey or surveyor’s dimensions have been made available to the appraiser(s). Except as

specifically stated, data relative to size and area of the subject property was taken from sources

considered reliable.

16) Sub-Soil Conditions

No distressed vegetation or other evidence of toxicity or soil contamination was observed during our

inspection of the subject property. It is an assumption of this report that the sub-soil is clear of

contaminants and other deleterious materials.

17) Drainage

As no hydrology studies were available for review, it is assumed that any drainage through or across the

subject property would be contained, and the property under appraisement would not be subject to

flooding.

Environmental Issues & Deleterious Materials

18) Hidden Conditions

The appraiser assumes no responsibility for hidden conditions in the subsoil, ground water or other

structures, which render the subject property more or less valuable. No responsibility is assumed for

arranging for engineering, geologic or environmental studies that may be required to discover such

hidden conditions.

19) Contamination/Toxicity

The appraiser has not been notified of the presence of any deleterious materials. Unless otherwise stated,

this report assumes the subject parcel is in compliance with all federal, state and local environmental

laws, regulations and rules. It should be noted, however, the appraiser is not qualified to investigate or

test for the presence of such materials or substances. The presence of such materials or substances may

adversely affect the value of the subject property. The value estimated in this report is predicated on the

assumption that any deleterious materials in the building are of such a minimal nature as to not affect the

subject’s value.

20) Earthquake & Seismic Disturbances

The property, which is the subject of this appraisal, is within a geographic area prone to earthquakes and

other seismic disturbances. Except as specifically indicated in the report, no seismic or geologic studies

have been provided to the appraiser concerning the geologic and/or seismic condition of the subject

property. The appraiser assumes no responsibility for the possible effect on the subject property of

seismic activity and/or earthquakes.

Addendum


1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

seismic activity and/or earthquakes.

21) Americans with Disabilities Act

The Americans with Disabilities Act (ADA) became effective January 26, 1993. The appraisers have not

made a specific compliance survey and analysis of the subject property to determine whether or not it is

in conformity with the various detailed requirement of the ADA. It is possible that a compliance survey

of the property, together with a detailed analysis of the requirements of the ADA, could well reveal that

the subject property is not in compliance with one or more of the requirements of the Act. If so, this fact

could have a negative effect upon the value of the subject property. Since the appraisers have no direct

evidence relating to this issue, possible non-compliance with the requirements of the ADA has not been

considered.

Addendum


1601026

Christina Hamidat




Borrower

Lender/Client

Property Address


File No.

Christopher Pierce's Resume

Form SCNLTR - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

Christopher Pierce's Resume Pg. 2



Austin Fernald Resume

Christina Hamidat




Borrower

Lender/Client

Property Address


Form SC1 - "TOTAL" appraisal software by a la mode, inc. - 1-800-ALAMODE

E & O Insurance


rvs san clemente - premier money sourcepremiermoneysource.com/wp-content/uploads/2016/02/... ·...

Documents