Property_Management_Report_v5

National City
Property Management Plan
Spring 2014 • Finance 498
Joshua Garman, Project Manager, Jeffrey Crocker, Hunter Graul,
Mark Gottschlich, Monica Jimenez, Carolina Conway, Joey Zaniboni,
Jack Losey, Christian Zaragoza, Andrew Funk

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Table of Contents
Acknowledgments..................................................................................................4
About The Sage Project..........................................................................................4
About National City.................................................................................................5
Executive Summary................................................................................................5
Section 1: Property Management Plan...................................................................7
Site 1 · Former Education Center & Steamed Bean............................................................8
Site 2 · Kimball House....................................................................................................... 14
Site 3 · H&M Goodies.......................................................................................................20
Site 4 · Lamb’s Playhouse.................................................................................................26
Site 5 · McKinley Parcels...................................................................................................32
Site 6 · Former Days Inn....................................................................................................38
Site 7 · Olson Block...........................................................................................................44
Site 8 · Santa Fe Rail Depot...............................................................................................50
Site 9 · Bay Marina Right of Ways.....................................................................................54
Site 10 · Ace Metals..........................................................................................................60
Site 11 · Stein Family Farm................................................................................................66
Site 12 · RCP......................................................................................................................72
Site 13 · 38 W....................................................................................................................78
Site 14 · Roosevelt.............................................................................................................84
Site 15 · Kimball Way.........................................................................................................88
Section 2: Valuation Analyses...............................................................................95
921 & 929 National City Boulevard....................................................................................96
130 East 8th Street..........................................................................................................102
1231, 1237, and 1239 McKinley Avenue..........................................................................106
1604 E. Plaza Boulevard.................................................................................................. 110
Olson Block..................................................................................................................... 116
900 W. 23rd Street.......................................................................................................... 120
720 W. 23rd Street.......................................................................................................... 124
National City Boulevard................................................................................................... 128
38 W. 11th Street.............................................................................................................134
Roosevelt.........................................................................................................................138
500 E. Plaza Boulevard.................................................................................................... 142
1808 F Avenue................................................................................................................148
921-923 A. Street............................................................................................................152
Section 3: Market Analyses................................................................................ 154
National City Market Overview.......................................................................................155
National City Retail Market..............................................................................................156
National City Hotel Market..............................................................................................158
National City Industrial Market........................................................................................160
Conclusion.......................................................................................................... 165
Property Management Plan Finance 498

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Acknowledgments
First and foremost, we would like to thank Professors Dana Kuhn and Seth Kaplowitz
who provided us with the knowledge and direction necessary to complete a project
where we could translate academic knowledge into a real-world scenario with actual
deliverables. They approached the project with a student-led focus that allowed us to
operate independently and self-manage, which further enhanced our learning experi-
ence. Dana and Seth worked tirelessly on this project and were never more than a phone
call or an email away when assistance was necessary. Their combined years of experi-
ence and expertise in the field of real estate analysis and valuation were invaluable to
the completion of this project.
Next, we would like to thank those whose brief involvement greatly contributed to
the overall success of the Long-Range Property Management Plan (LRPMP) project.
We thank Brad Raulston, Executive Director of Development for the City of National City
and Sage Project City Liaison as well as Carlos Aguirre, Community Development Man-
ager, for taking time to meet with us and discuss the properties and answer questions
that helped us in our preparation for determining the highest and best use. We would
also like to think Alredo Ybarra, Director of Housing, Grants, and Asset Management for
the city of National City. Special thanks are also due to Trevor Hubbard, an appraiser with
Jones, Roach & Caringella, Inc., for meeting with us to review our comparable properties
and provide additional guidance in commercial real estate valuation. Finally, we would like
to thank Dawn Eisenberg for all of her help and support over the course of this project.
Sage Project Staff
Jessica Barlow, Program Director
Kristin Burbach, Graphic Design Intern
About The Sage Project
The Sage Project is a partnership between San Diego State University (SDSU) and a
city or government entity in the San Diego region. The mission of the program is to
engage students from across the University to assist the local government with projects
that address their smart growth, quality of life, and sustainability goals. Students have
the opportunity to engage in meaningful real-world projects and make positive contribu-
tions to a community in SDSU’s service area. The program’s vision is to connect SDSU
students and faculty with high-priority, high-need community projects, thereby generat-
ing interest and fresh ideas that create momentum and provide real service to the com-
munity. The Sage Project embodies the University’s commitment to serving local stu-
dents, engaging alumni, and contributing to the public good by focusing thousands of
hours of course-based student involvement with high-impact activities. The program is
based on the highly successful and award-winning Sustainable City Year Program (SCYP)
at the University of Oregon and is a part of the SCYP network. National City, California,
is the Sage Project’s 2013-2014 partner city. Participating courses come from the follow-
ing disciplines: Anthropology; Audiology; City Planning; Civil Engineering; Communica-
tion; Geography; Graphic Design; Homeland Security; International Security And Conflict
Resolution; Marketing; Political Science; Public Administration; Public Health; And
Speech, Language, and Hearing Sciences.
About National City
National City is a highly urban community of about 60,000 residents in south San Diego
County. It is the second oldest city in the county and boasts a rich history, a diverse
community, and is known as one of the most walkable cities in San Diego County.
Located just south of downtown San Diego and just north of the US-Mexico border,
the city is flanked by freeways and is home to large-scale industries. National City is
a mid-size city that faces big city challenges, and, like many municipalities, the city is
challenged to the meet community needs and new demands of sustainability.
By providing new ideas and human capacity, this partnership with the Sage Project
will help National City integrate new sustainability concepts and practices that will
improve livability.
Executive Summary
The market analyses, property valuations, and property profiles contained in this report
were created through the partnership between National City and the SDSU Sage Project
during the spring of 2014. Ten undergraduate students from various academic disciplines
participated in a special study course, led by professors Dana Kuhn and Seth Kaplowitz,
designed to provide students with an introduction to valuation theory via the develop-
ment of National City’s Long-Range Property Management Plan (LRPMP).
California’s 400 plus redevelopment agencies were officially dissolved as of February 1,
2012, after approval from the legislature as part of the 2011 Budget Act. Real properties
that were owned by the redevelopment agencies were then transferred to successor
agencies to manage redevelopment projects currently underway, make payments on
enforceable obligations, and dispose of redevelopment assets and properties. Health and
Safety Code 34191.5 requires successor agencies to prepare and submit a LRPMP,
which outlines the disposition and use of the real properties of the former redevelop-
ment agency.
The LRPMP has two main components. The first is an extensive inventory of all proper-
ties, includes parcel data, a history of acquisition, current leases, environmental studies
and contamination, an analysis of transit oriented development potential, and any previous
development proposals. The second component addresses the current use of the prop-
erty and the disposition of the property, as well as identifying how the disposition of the
property supports the advancement of the planning objectives of the successor agency.

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National City’s successor agency is currently responsible for 15 sites with a total of 32
parcels, each of which must be analyzed in a report for the California Department of
Finance. The students were responsible for analyzing documents provided by National
City, compile the information gathered and prepare a draft of National City’s LRPMP.
The students were divided into three groups of three, with one student acting as Project
Manager and analyzing a single parcel.The 16 sites were then divided amongst the three
groups with one group focusing on the downtown area, another on the Bay Marina/
Harbor District and the final group on outlying properties.
One aspect of the LRPMP, an estimate of current value, required the students in the
special study course to learn about valuation theory and perform a valuation analysis on
each property. Before completing the valuation analyses the students were first required
to study the real estate market in National City for a variety of uses, such as commercial/
retail, residential, industrial, and hospitality. The market analyses enabled the groups to
determine the highest and best use for each property, which directed the students in the
method of valuation analysis.
After conducting the market analyses and determining the proposed highest and best
use, students met with Trevor Hubbard, an appraiser with Jones, Roach & Caringella,
Inc. Trevor reviewed the comparable sales and proposed highest and best uses the stu-
dents provided and provided constructive criticisms, suggestions and directions regard-
ing the process an appraiser would use to determine the value of commercial property.
Each group then completed a sales comparison table, worked the comparable properties
in an adjustment grid and, finally, wrote a valuation analysis that described the valuation
process and issued an estimated value of each parcel.
The end result is a thorough and complete analysis of 15 sites that provides National City
with the required components of a LRPMP. The LRPMP components are made available
to the city in electronic format, which allows for any desired editing before being present-
ed to the City Council and subsequently submitted to the Department of Finance. Lastly,
city officials are now better equipped to make planning decisions by having access to
current estimates of value and analyses of the highest and best use for these assets.
Section 1: Property Management Plan
The following section contains the completed Long-Range Property Management Plan
(LRPMP). Each of the 15 sites was carefully analyzed by students and the information
required by the California Department of Finance was placed into a format similar to
successfully submitted LRPMPs from other cities. It was the goal of the students in
this project to create a LRPMP that National City officials found completed and accurate
enough to submit to the state. The state has two main requirements for the LRPMP.
First, the successor agency must submit a detailed inventory of all properties. Second,
the successor agency must report to the state the use or disposition of the property,
which has to match one of the four options given by the state.
According to the Department of Finance, the detailed inventory of parcels is required
to include nearly every aspect about the property. Current policy requires the successor
agency to report the date and purpose of acquisition, as well as the price or value at
the time of acquisition. The state also requires information regarding any current leases
or rental income, and whether or not any contractual obligations exist that dictates the
disposition of rental income. Another piece of the inventory is a history of any environ-
mental contamination, remediation or designation as a Brownfield site. Related to envi-
ronmental concerns, the state also requires the successor agency to analyze and report
on the transit orient development potential of each site. Finally, the state requires an
estimation of the current value of the property (more on the valuations of these sites
can be found in Section 2 of this report).
The second portion of the LRPMP deals exclusively with the use or disposition of each
property. For each property the state requires the successor agency to make a determi-
nation based on one of four options provided by the state. First, the successor agency
can retain the property for governmental/civic use. Second, the successor agency can
retain the property for future development. Third, the successor agency can sale the
property. Fourth, and finally, the successor agency may retain the property to fulfill any
enforceable obligations. This portion of the LRPMP required the greatest amount of
consideration by the students, as well as collaboration with officials from National City.
Ultimately, the use or dispositions of the 15 sites included in this LRPMP were deter-
mined to be either retained for government use or sold.
A checklist provided by the state enables successor agencies to ensure that all the
information required is provided and this checklist was used when the following LRPMP
was compiled. Along with the inventory of properties and use or disposition analysis,
each site’s write-up includes an aerial map and another map created by a student based
on the assessor’s parcel map. Furthermore, photographs are included for each site that
show the current state of the lot and any improvements on the lot. Following the LRPMP
in this section, the next section will provided a detailed explanation behind the estimated
value provided in the LRPMP.

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Site 1 · Former Education Center & Steamed Bean
Address
A) 921-925 National City Blvd.
B) 929 National City Blvd.
Size
A) 8,625 SF (0.20 acres)
B) 3,049 SF (0.07 acres)
Year Built
A) N/A
B) 1930
Year Rehabbed
N/A
APN
A) 556-471-03
B) 556-471-04
Current Use
A) Undeveloped land
B) Condemned building
Zoning
Sites A & B: Mixed Use Corridor (MXC-2)
with Coastal Zone (CZ) overlay
General Plan
Downtown Specific Plan Zone 5B
Summary of Property Acquisition
Acquisition Date
A) August 16, 2000
B) July 29, 2003
Acquisition Price
A) $350,000
B) $225,000
Purpose of Acquisition
Purchased to redevelop blighted area in the central business district with new
commercial and/or residential uses.
Aerial/Parcel Map (Former Education Center)
Parcel outlines are illustrative and do not perfectly match aerial photograph.
Aerial/Parcel Map (Steamed Bean)

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Site 1 · Former Education Center & Steamed Bean
History/Background
Parcel 556-471-03 (A): Acquired by the Community Development Commission from the
Wenig Herbert Trust on August 16, 2000. The property, located on National City Blvd.
between 9th
St. and Plaza Blvd. was previously an education center that helped engage
the community with opportunities in higher education. After 13 years as a vacant prop-
erty, the Wenig family sold the property to the CDC. In 2001 the education center was
demolished by Whillock Contract and the property has remained undeveloped since.
Parcel 556-471-04 (B): Acquired by the Community Development Commission from
Patricia Sanders on July 29, 2003. This parcel is contiguous with the former education
center property and the CDC was approached by a representative of the subject proper-
ty while pursuing the purchase of the education center. Negotiations for the property
purchase took place but no agreements were finalized. In mid-2002, negotiations were
renewed and a purchase price of $225,000 was negotiated without the use of an appraiser.
Environmental Contamination and Related Studies or Remediation
There is no known environmental contamination at the site.
Estimate of Lease/Rental/Other
N/A
Contractual Requirements for Use of Income/Revenue
N/A
Transit Oriented Development Potential
Located a mere half-mile away from the 8th
Street trolley station and within a 1 block
radius of 3 bus stops supporting 5 different routes, the site is a prime location to support
transit oriented development. The trolley offers transit access to popular San Diego
attractions including Old Town, Mission Valley, Fashion Valley, Petco Park, and Qual-
comm stadium. The close proximity to the trolley line makes it a convenient location for
to access other parts of San Diego. Furthermore, the site is situated in the central busi-
ness district and is within walking distance from retail, recreational and civic services.
Any development at this site should enhance the creation of a walkable and transit
oriented neighborhood.
Previous Development Proposals and Activity
No development proposals have been made that met zoning and municipal
code requirements.
Agency’s Planning Objectives
Encourage development of mixed-use residential and commercial space to remove
blight and enhance the central business district.
Use/Disposition of the Property
The successor agency will likely sell the properties for future development.
Current Estimated Value
Direct comparison with sales of similar land suggests a value of $235,000 as of May
1st, 2014. The last professional appraisals to be conducted at either subject property
are unknown.

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Site 2 · Kimball House
Address
921-923 A Avenue
Size
8,712 SF (0.20 acres)
Year Built
1868
Year Rehabbed
Minor rehabilitations in 2003, 2004,
and 2008
APN
556-472-16
Current Use
Historical museum
Zoning
Medium Density Residential (RM-1)
with Coastal Zone overlay
General Plan
Downtown Specific Plan Zone 11
Acquisition Date
February 9, 1977
Acquisition Price
$324,000
Purchased to protect the property as a locally designated historic building.
Aerial/Parcel Map (Kimball House)

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Site 2 · Kimball House
History/Background
Frank Kimball, a founder of National City, built the home in 1868. The house boasted of
being the first modern house in San Diego with amenities such as a bath tub with run-
ning water. Originally located at 21 W. Plaza Boulevard, the building was moved to its
current location on A Street near Brick Row in Heritage Square in 1980 to protect it from
being demolished. The cost of moving the building and the cost for the land on A Street
are unknown.
The City of National City has a negative cash flow associated with a 15 year lease with
the Historical Society. The lease expires August 19, 2023 and provides the first floor of
the Kimball House to the Historical Society for use as a museum. There is another poten-
tial lease providing the second floor to Janice Martinell of the Historical Society for use
a living space while serving as caretaker of the Kimball House.
Any funds received from the operation of the museum are used to pay for utilities and
maintenance of the house.
Located a mere half-mile away from the 8th
Street trolley station and within a 1 block
radius of 4 bus stops supporting 5 different routes, the site is a prime location to support
transit oriented development. The trolley offers transit access to popular San Diego
attractions including Old Town, Mission Valley, Fashion Valley, Petco Park, and Qual-
comm stadium. The close proximity to the trolley line makes it a convenient location for
to access other parts of San Diego. Furthermore, the site is situated in the central busi-
ness district and is within walking distance from retail, recreational and civic services.
Any development at this site should enhance the creation of a walkable and transit ori-
ented neighborhood.
No development proposals have been made.
Encourage cultural and educational programs designed to increase understanding and
appreciation of the history of National City through the operation of a historical museum.
The successor agency will retain the property for civic purposes.
1st, 2014. The last professional appraisals to be conducted at either subject property
are unknown.

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Site 3 · H&M Goodies
Address
130 E. 8th
Street
Size
28,750 SF (0.66 acres)
Year Built
1960
Year Rehabbed
N/A
APN
556-474-26
Current Use
Freestanding Retail Location
Zoning
Major Mixed Use Corridor (MXC-2)
General Plan
Acquisition Date
April 25, 2003
Acquisition Price
$1,085,000
Purchased to redevelop blighted area in the central business district with new
Aerial/Parcel Map (H&M Goodies)

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Site 3 · H&M Goodies
History/Background
A purchase price of $1,085,000 was agreed upon contingent on the CDC obtaining free
and clear title and environmental clearances. The price was inclusive of all costs including
relocation, loss of goodwill, and the value of all fixtures and equipment.
There is no known environmental contamination at the site. However, the site was
subjected to a Fire Code inspection in 2011 and was sited with multiple code violations,
including the possibility of lead paint.
The CDC entered into a 6 month lease with the Schoenfeld Family Trust on May 1, 2003
to continue the operation of a retail location. The lease is now operated on a month-to-
month basis and generates an income of $2,500.
$2,500 per month is received for the operating lease and is placed into an SA account.
Located less than a half-mile away from the 8th
Street trolley station and within a 4
block radius of 4 bus stops supporting 5 different routes, the site is a prime location
to support transit oriented development. The trolley offers transit access to popular
San Diego attractions including Old Town, Mission Valley, Fashion Valley, Petco Park,
and Qualcomm stadium. The close proximity to the trolley line makes it a convenient
location for to access other parts of San Diego. Furthermore, the site is situated in the
central business district and is within walking distance from retail, recreational and civic
services. Any development at this site should enhance the creation of a walkable and
transit oriented neighborhood.
The Social Security Administration had expressed interest in the site for the construction
of new office space in 2010 but no agreements were made.
Encourage development of mixed-use residential and commercial space to remove blight
and enhance the central business district.
The successor agency will likely sell the property for future development.
Direct comparison with sales of similar land suggests a value of $575,000 as of May 1st
,
2014. However, students with basic instruction in valuation theory created these value
estimates. While believed to be credible, the conclusions are student opinions, not pro-
fessional appraisals. The last professional appraisal was conducted in 2010 and the site
was valued at $605,000.

26 27
Site 4 · Lamb’s Playhouse
Address
500 E. Plaza Boulevard
Size
16,990 SF (0.39 acres)
Year Built
Unknown
Year Rehabbed
1978
APN
556-560-39-00
Current Use
Vacant theatrical performance space
Zoning
Major Mixed Use Development (MXD-2)
General Plan
Acquisition Date
May 26, 2005
Acquisition Price
$970,000
Purchased to redevelop blighted area in the central business district with new or
rehabilitated performing arts center.
Aerial/Parcel Map (Lamb’s Playhouse)

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30 31
Site 4 · Lamb’s Playhouse
History/Background
The property was originally build and used as a Christian Science Church building.
A small non-profit theater production company, Lamb’s Players Incorporated, purchased,
renovated and used the facility as a venue for 119 productions from 1978-1994. The old
arena-style theater accommodated a maximum occupancy of 172 people and its back-
stage rooms doubled as Lamb's Players administrative offices. On May 26 2005, National
City purchased the Playhouse from Lamb’s Players Incorporated. A due diligence report
in February of 2006 estimated it would cost the CDC an additional $640,000 to bring the
building up to code. Due to the high cost of rehabilitation, the property has remained
vacant since 2005.
There is no known environmental contamination at the site. However, the building was
subjected to a code inspection in 2006 and was cited with multiple code violations,
including the possibility of lead paint and asbestos.
N/A
N/A
Located less than one mile away from the 8th
Street trolley station and within a 4
block radius of 4 bus stops supporting 6 different routes, the site is a good location
to support transit oriented development. The trolley offers transit access to popular
San Diego attractions including Old Town, Mission Valley, Fashion Valley, Petco Park,
and Qualcomm stadium. The close proximity to the trolley line makes it a convenient
location for to access other parts of San Diego. Furthermore, the site is situated near
the central business district and is within walking distance from retail, recreational and
civic services. Any development at this site should enhance the creation of a walkable
and transit oriented neighborhood.
Proposals to renovate by non-profits to keep the building operational have been made,
yet improvements were deemed too costly. Renovation estimates ranged from
$1,000,000 to $3,000,000.
Encourage increased quality of life within the city by providing a space for the performing
arts and other cultural events.
Due to the high estimated cost to rehabilitate the property, a residual analysis based
on comparable retail space suggests a negative value. A direct comparison with sales
of similar land suggests a value of $480,000 as of May 1st
, 2014. The last professional
appraisal was conducted in 2006 and the site was valued at approximately $900,000.

32 33
Site 5 · McKinley Parcels
Address
A) 1231 McKinley Avenue
B) 1237 McKinley Avenue
C) 1239 McKinley Avenue
Size
A) 2,613 SF (0.06 acres)
B) 3,049 SF (0.07 acres)
C) 3,049 SF (0.07 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
A) 559-022-05
B) 559-022-07
C) 559-022-08
Current Use
All properties on site are
undeveloped land
Zoning
Medium Industrial (IM)
General Plan
Harbor District
Acquisition Date
A) October 22, 1999
B) July 23, 1998
C) July 8, 1998
Acquisition Price
A) $50,060
B) $82,660
C) $118,199
Purchased to create an assemblage suitable for redevelopment of a blighted area.
Aerial/Parcel Map (McKinley Parcels)

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36 37
Site 5 · McKinley Parcels
History/Background
The Community Development Commission purchased these parcels in 1998 and 1999.
There was a house on the two contiguous parcels. Shortly after the site was purchased
by the CDC the residents left and the house was demolished. Since then the lots have
remained vacant. The non-contiguous parcel was vacant when the CDC purchased
the property and has remained vacant. The Public Utilities Department for the City of
National City has an easement on the two contiguous parcels in which they store city
equipment.
A Phase I ESA was conducted on all three parcels in 2010 and identified proximal sources
of potential soil and groundwater contamination that represent a recognized environmen-
tal condition. The Phase I recommendation was to perform a Phase II subsurface inves-
tigation to provide information for construction contingency planning if required for future
development activities. No environmental remediation has taken place. However, the site
is located in the CDC’s former Brownfield Grant Redevelopment Area.
N/A
N/A
Despite being less than one-half mile from the 8th
Street trolley station, the lot sizes
and zoning of this site provide little indication that the site is suitable for transit oriented
development.
Encourage increased quality of life within the city by providing a space for the performing
arts and other cultural events.
The successor agency will retain the lot for governmental use.
1st
, 2014 for the two contiguous parcels with the remainder parcel at a nominal value.
The last professional appraisal to be conducted at the site is unknown.

38 39
Site 6 · Former Days Inn
Address
1604 E. Plaza Avenue
Size
46,609 SF (1.07 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
A) 559-022-05
B) 559-022-07
C) 559-022-08
Current Use
Undeveloped land
Zoning
General Plan
Downtown Specific Plan Zone 5B
Acquisition Date
2004
Acquisition Price
$3,77 5,000
Purchased to redevelop blighted area into a residential housing project.
Aerial/Parcel Map (Former Day’s Inn)

40 41

42 43
Site 6 · Former Days Inn
History/Background
This property was a functioning hotel until it closed in the early 2000s, leaving a blight-
ed and abandoned building. Under a put-option agreement with the CDC, National City
Hotels acquired the property in 2004 from Rex Investments for $3,775,000 with the
intent to develop mixed-use residential units with the assistance of government entitle-
ments. When National City Hotels was unable to obtain the government entitlements
and the adjacent vacant property, they exercised the put-option agreement with the
CDC. The prices of these sales were based on valuations that included the value of an
operable hotel. Numerous development proposals and agreements were entered into
but none materialized in redevelopment.
N/A
N/A
Despite zoning that permits mixed-use and high density residential, the site does not
suit transit oriented development because it is located outside of the central business
district and is 1.5 miles from the nearest trolley station. While there is a transit stop
174ft. from the site, it is only serviced by one transit line. Its distance from the trolley
line and its location outside of the CBD indicate there is little opportunity for transit
oriented development.
A Purchase and Sale Agreement between Palm Plaza Associates and the CDC was
entered into in November of 2009 for a sale amount of $1,823,000 for the purpose on
developing 72 for-sale residential units. The City Council of National City approved a
Planned Development Permit for a 72-unit condominium development on 15 December
2009 and the CDC authorized the Chairman to execute the Purchase and Sale Agree-
ment on 15 January 2010. The sale was contested by the owner of a Thrifty Gas Station
contiguous to the Palm Plaza Associates property. Palm Plaza Associates sold their front-
age on Plaza Blvd. to the owners of the Thrifty in order to secure the deal with the CDC.
However, the recession had greatly affected the appraised value of the property, which
led to an amendment of the PSA in June of 2011 reflecting a new value of $690,000.
Prior to the completion of the sale and beginning of construction redevelopment agen-
cies were dissolved, which stopped the redevelopment of the site.
Encourage development of high density residential to provide affordable housing to
the city.
1st
, 2014. The last professional appraisal was conducted in 2011 and the site was valued
at $690,000.

44 45
Site 7 · Olson Block
Address
A) Cleveland Avenue
B) 2300 Cleveland Avenue
C) 830 West 23rd
Street
D) 835 West 24th
Street
E) 801 Bay Marina Drive
Size
A, B, C) 28,750 SF (0.66 acres)
D) 8,394 SF (0.19 acres)
E) 20,037 SF (0.46 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
A) 559-117-04
B) 559-117-05
C) 559-117-12
D) 559-117-06
E) 559-117-07
Current Use
Undeveloped land
Zoning
Sites A, B, C: Heavy Industrial (IH)
Sites D & E: Multi-Use Commercial-
Residential (MCR-1) with Coastal Zone
(CZ) overlay
General Plan
Bayfront/Marina Gateway, Westside
Specific Plan
Acquisition Date
A, B, C, D) January 27, 1999
E) August 3, 1994
Acquisition Price
A, B, C) $780,000
D) $430,000
E) Unknown (Property acquired through
bankruptcy)
Assemblage for large scale commercial and light industrial redevelopment.
Aerial/Parcel Map (Olson Block)

46 47

48 49
Site 7 · Olson Block
History/Background
National City approved a General Plan in 1996 that included allowances for the Port
District to develop a marina and expand recreational uses adjacent to Pepper Park.
The Community Development Commission acquired the subject site, and others in the
immediate area, to encourage tourist-oriented commercial development on the south
side of Bay Marina Drive and light industrial uses to the north. In September of 2009
the National City adopted a vacation of the alley-way south of West 23rd
Street and
north of Bay Marina Drive to encourage development and implementation of the Harbor
District Specific Plan.
Parcels 559-117-04, 05, 12 (A,B,C): Acquired by the Community Development Commis-
sion from Tideland properties on January 27th, 1999 for $780,000. The three parcels are
situated on 23rd
Street, Bay Marina Drive and Cleveland Avenue. At the time of purchase
the property was improved with one double-Quonset style industrial building, one metal
Butler style industrial building and a two-story concrete office building. The 16,430 SF of
improved area was demolished in 1999 to prepare the site for future redevelopment.
Parcel 559-117-06 (D): Acquired by the Community Development Commission from
Robert D. Young on January 27th, 1999 for $430,000. This parcel is situated at the
southeast corner of Harrison and 23rd
street. At the time of purchase the property
was improved with an 8,506 SF industrial building until being demolished in 1999.
Parcel 559-117-07 (E): Acquired by the Community Development Commission from the
Bankruptcy estate of Remo Tontini on August 2, 1994. The acquisition price is unknown.
The site is situated on the northwest corner of Harrison Avenue and Bay Marina Drive.
At the time of purchase there were four connected main buildings with additional out-
door storage spaces, which were demolished in 1999.
According to the Environmental Business Solutions, Inc. report in September 2001.
The subject site had three wells that were installed at the property. The wells were
sampled and analyzed for volatile organic compounds (VOC’s), semi-volatile organic
compounds (SVOC’s), methyl tertiary ether (MTBE), poly-nuclear aromatic hydrocar-
bons (PAHs), and metals listed in Title 22 of the California Code of Regulation (CCR).
The sampling was documented in a February 8, 1999, groundwater monitoring report
by Ninyo & Moore.
N/A
N/A
The 24th
Street trolley station is approximately .4 miles from the subject property.
It provides 156 free parking spaces with a north-south trolley line that runs seven days
a week. The trolley offers transit access to popular San Diego attractions including Old
Town, Mission Valley, Fashion Valley, Petco Park, and Qualcomm stadium. The close
proximity to the trolley line makes it a convenient location to access other parts of San
Diego, indicating the site has potential for transit oriented development. Additionally,
transit oriented development would support the agency’s planning objective of develop-
ing commercial and recreational uses by focusing on increased tourism.
The Community Development Commission was in negotiations with Marina Gateway
Development Company to develop a commercial project on the subject site. The goal
and strategy of development was to provide retail and tourism uses that would comple-
ment and support the existing industrial development and other new commercial devel-
opments in the vicinity. The subject property was being actively marketed until the dis-
banding of the redevelopment agency.
Encourage development of retail, commercial, and light industrial uses to increase
tourism to the city.
Direct comparison with sales of similar land suggests a value of $2,250,000 as of May
1st
, 2014.
The last known professional appraisals have been completed as follows:
APN 559-117-05 (B): Land Value of $250,000 as of October 9, 2003. Appraised by
Keagy Real Estate.
APN 559-117-06 (D): Real Property Value of $408,000 as of January 15, 1998.
Appraised by Hendrickson Appraisal Company.
APN 559-117-04, 12 (A & C): Real Property Value of $735,000 as of February 15, 1998.
Appraised by Hendrickson Appraisal Company.
APN 559-117-07 (E): Real Property Value of $465,000 as of November 22, 1989.
Appraised by G.R. Bill Company.

50 51
Site 8 · Santa Fe Rail Depot
Address
900 W. 23rd
Street
Size
49,223 SF (1.13 acres)
Year Built
1882
Year Rehabbed
1998
APN
559-040-43-01
Current Use
Historical museum and community
gathering center
Zoning
Multi-Use Commercial-Residential
(MCR-1) with Coastal Zone (CZ) overlay
General Plan
Westside Specific Plan
Acquisition Date
August 8, 1995
Acquisition Price
$678,000
Purchased to restore registered historic structure as a museum.
Aerial/Parcel Map (Santa Fe Rail Depot)

52 53
Site 8 · Santa Fe Rail Depot
History/Background
The Santa Fe Rail Depot was built in 1882 and was the first rail station in the San Diego
region to be integrated into the transcontinental rail system. The depot was designed
with an Italianate style of architecture and lies within its original location. The Santa Fe
Rail Depot is the oldest railroad-related structure in San Diego County and is a nationally
registered historic site.
In 1998 the Community Development Commission acquired the depot so it could remain
a historic site under public ownership. The CDC made numerous improvements to restore
the depot to the original design. The rail depot is currently being maintained and operat-
ed by the San Diego Electric Railway Association, which is a non-profit corporation dedi-
cated to preserving the historic streetcar systems in the County. The depot acts as both
a museum, highlighting the historic role of the railroad system in developing San Diego,
as well as a community gathering center.
Two office rental units on the second story generate $280 monthly. The lease with MRW
Inc. is a separate lease from the lease agreement between the CDC and the SDERA that
was entered into on September 2, 2008. In 2011 that lease was renewed and allowed up
to 4 additional 3-year terms.
Rental income is used to pay utilities and insurance for the museum.
Despite being located one-half mile from the nearest trolley stop, the current use
and designation of the property indicates the site is not suitable for transit oriented
development.
Various uses have been proposed for the Rail Depot including a restaurant, office space,
industrial space, and a storage space. As a vacant property there was a proposal for the
development of an owner occupied or build to suit industrial office with the possibility of
a second building with a café/restaurant serving breakfast and lunch to the surrounding
industrial area. As an improved property there was consideration of community uses
such as a museum or community meeting rooms and adult education.
appreciation of the history of National City through the operation of a historical museum.
The successor agency will retain the property for civic purposes.
Direct comparison with sales of other historic sites suggests a value of $1,375,000 as
of May 1st
, 2014. The last professional appraisal conducted is unknown.

54 55
Site 9 · Bay Marina Right of Ways
Address
A) Cleveland Avenue
B) Cleveland Avenue
C) Cleveland Avenue
D) Cleveland Avenue
E) Cleveland Avenue
F) Cleveland Avenue
Size
A) 2,839 SF (0.07 acres)
B) 1,708 SF (0.04 acres)
C) 5,924 SF (0.14 acres)
D) 23,087 SF (0.53 acres)
E) 23,522 SF (0.54 acres)
F) 3,974 SF (0.09 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
A) 559-117-19
B) 559-117-21
C) 559-117-23
D) 559-117-25
E) 559-117-27
F) 559-160-29
Current Use
These small parcels are acting as
buffers and being used as a bike path,
sidewalk, and streetscape
Zoning
All parcels are located in the Coastal
Zone (CZ)
General Plan
Harbor District Specific Plan
Acquisition Date
A) May 21, 2008
B) October 31, 2001
C) October 31, 2001
D) October 31, 2001
E) March 13, 2001
F) October 31, 2001
Acquisition Price
Not available
Assemblage for large scale commercial development.
Aerial/Parcel Map (Bay Marina Right of Ways)

56 57

58 59
Site 9 · Bay Marina Right of Ways
History/Background
The original assembled parcel was composed of 4.63 acres, which were obtained
through eminent domain proceedings. It was then developed into the Marina Gateway
Hotel, a facility with approximately 150 rooms, 8,000 square foot of conference facilities,
a 4,000 square foot restaurant and 10,000 square feet of office space. After the redevel-
opment the CDC was left with six remainder parcels surrounding the development.
Three of the subject parcels are located to the north of the hotel (A, B & F) and are used
as sidewalk and streetscape areas. The other three parcels to the south of the hotel (C,
D & E) are used for public purposes and were developed into a bike path and walkway.
The parcels to the south also act as a buffer between the hotel development and federal
marsh land.
Adjacent parcels to the site have had numerous environmental studies indicating a
moderate amount of environmental contamination that was remediated in the early
1990s. The APN’s of the subject site are not mentioned in any of the Phase I, Phase II,
or groundwater and geotechnical reports directly, however the adjacent parcels were
contaminated by the previous presence of one underground storage tank (UST) and four
above ground storage tanks (AST). The AST and the USTs were removed in the early
1990s and KMS Environmental excavated approximately 200 cubic yards of soil. Remedi-
ation efforts were successful and did not hinder the development of the Marina Gateway
Hotel. It is believed the subject site no longer contains any environmental contamination.
N/A
N/A
Despite being less than one-half mile from the 24th
Street trolley station, the lot
sizes and zoning of this site provide little indication that the site is suitable for transit
oriented development.
Encourage development of retail and commercial uses to increase tourism to the city.
The successor agency will retain the property for civic and governmental purposes.
Due to the size and location of these parcels, the subject site is considered to have
nominal value. The last professional appraisal to be conducted at the site is unknown.

60 61
Site 10 · Ace Metals
Address
720 W. 23rd
Street
Size
55,321 SF (1.27 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
559-118-02-00
Current Use
Undeveloped land
Zoning
Heavy Industrial (IH) with Coastal Zone
(CZ) overlay
General Plan
Acquisition Date
January 2, 2001
Acquisition Price
$1,104,000
Purchased to redevelop blighted area with new commercial and industrial uses.
Aerial/Parcel Map (Ace Metals)

62 63

64 65
The 24th
Street trolley station is approximately.4 miles from the subject property. The 24th
street trolley station offers 156 free parking spaces with a north-south trolley line that
runs seven days a week. The trolley offers transit access to popular San Diego attrac-
tions including Old Town, Mission Valley, Fashion Valley, Petco Park, and Qualcomm sta-
dium. The close proximity to the trolley line makes it a convenient location for to access
other parts of San indicating the site has potential for transit oriented development. Addi-
tionally, transit oriented development would support the agency’s planning objective of
developing commercial and recreational uses by focusing on increased tourism.
The Community Development Commission was in negotiations with Marina Gateway
Development Company to develop a commercial project on the subject site. The goal
and strategy of development was to provide retail and tourism uses that would comple-
ment and support the existing industrial development and other new commercial devel-
opments in th
e vicinity. The subject property was being actively marketed until the dis-
banding of the redevelopment agency.
Encourage development of retail, commercial, and light industrial uses to increase
tourism to the city.
Direct comparison with sales of similar land suggests a value of $2,200,000 as of
May 1st
, 2014. The last professional appraisal conducted is unknown.
Site 10 · Ace Metals
History/Background
National City approved a General Plan in 1996 that included allowances for the Port
District to develop a marina and expand recreational uses adjacent to Pepper Park.
The Community Development Commission acquired the subject site and others in the
immediate area to encourage tourist-oriented commercial development on the south
side of Bay Marina Drive and light industrial uses to the north. In September of 2009
the National City adopted a vacation of the alley-way south of West 23rd
Street and north
of Bay Marina Drive to encourage development and implementation of the Harbor District
Specific Plan.
In October 1998 the CDC filed a complaint of eminent domain on the subject property.
A judgment in favor of the CDC was made and after a payment in January 2001 the prop-
erty was granted to the CDC. Shortly after the change in ownership, the buildings previ-
ously used by Ace Metals were demolished and the property was used for parking by
automotive dealerships. Currently the subject site is vacant and awaiting redevelopment.
The subject site has undergone six environmental studies according to a report published
in 2001. These studies include: two Phase I ESAs and four Phase II ESAs. There were
approximately 66 soil borings drilled and sampled including 10 soil vapor sample points.
The areas/features of concern were a former above ground storage tank, a former
underground storage tank, a former hydraulic baler, and elevated hydrocarbon concentra-
tion in surface soils. A Revised Property Mitigation Plan (RPMP), dated April 7, 2006,
was prepared for the CDC. The RPMP described the excavation and disposal of soil
at the property.
N/A
N/A

66 67
Site 11 · Stein Family Farm
Address
A) F Avenue
B) E Avenue
C) 1808 F Avenue
D) 1845 E Avenue
Size
A) 20,473 SF (0.47 acres)
B) 28,750 SF (0.66 acres)
C) 15,681 SF (0.36 acres)
D) 7,840 SF (0.18 acres)
Year Built
A-C) May 21, 1881
D) Unknown
Year Rehabbed
N/A
APN
A) 560-232-02
B) 560-232-04
C) 560-232-06-00
D) 560-232-05
Current Use
Historical farm used for guided tours
and educational purposes
Zoning
A-C) Open Space (OS)
D) Medium Density Residential (RM-1)
General Plan
Acquisition Date
A-D) July 30, 1992
Acquisition Price
A-D) $450,000
Purchased to protect the property as a locally significant open space
Aerial/Parcel Map (Stein Family Farm)

68 69

70 71
In 1992, descendants the Steins were approached by a developer interested in building
apartments on the site. After a public awareness campaign to “Save the Farm,”
the property was sold to National City to retain the property as a museum.
appreciation of the history of National City through the operation of a historical museum
and working farm.
The successor agency will retain the properties for civic purposes.
Direct comparison with sales of similar properties suggests a value of $600,000 as of
May 1st
, 2014. The last professional appraisal to be conducted at the site is unknown.
Site 11 · Stein Family Farm
History/Background
Charles Stein purchased the property from E. Thelen in 1900 and the Stein Family
occupied it until 1992. Although there is debate about the origins of the 1808 F Avenue
house, it is known that Charles Stein did make many modifications to the property over
time. The barn, built by Mr. Fuson of National City, was thriftily made with varying sizes
of lumber, some of which were clearly recycled from earlier buildings. Ownership of the
home passed from Stein’s daughters, Frieda and Maria, to a niece, Madelyn, and finally
their grandnephew Steven. The Community Development Commission acquired the
Stein Farm properties in 1992 and it is now being operated as a Living History Museum.
(History taken from http://thesteinfamilyfarm.org/history/historyThree.html)
The last fully executed Operating Agreement for operation of the farm and museum was
signed in 1992 and is currently on hold over.
Any revenues collected from the unit at 1835 E Avenue will continue to be used to sup-
port the operation of Stein Farm and the museum.
Despite being less than one mile from the 24th
Street trolley station the zoning and histor-
ic designation of this site provide little indication that the site is suitable for transit orient-
ed development.

72 73
Site 12 · RCP
Address
National City Boulevard & 32nd
Street
Size
58,370 SF (1.34 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
562-321-08
Current Use
Undeveloped land
Zoning
Commercial Automotive-Planned
Development (CA-PD) with Coastal
Zone (CZ) overlay
General Plan
Multi-use General Commercial
Acquisition Date
1991
Acquisition Price
$737,000
Purchased to develop commercial automotive business
Aerial/Parcel Map (RCP)

74 75

76 77
Site 12 · RCP
History/Background
The Community Development Commission purchased the land from Allan and La
Verne Olson in 1991. The land remains vacant with no prior history of development
or improvement.
Currently the property is leased to Frank Motors at $6,334 per month and is under
Exclusive Negotiating Agreement with Derr-Sudberry (Derco).
Contractual requirements for use of income/revenue unknown at this time.
The location and zoning of the site indicate there is very little opportunity for transit
related development.
Utilization of the property for commercial auto purposes has been discussed and is the
current use under the lease. Derco had intended for the site to serve as access to a
much larger parcel to the east. The recession interrupted plans for a retail center there.
The General Plan Commercial Automotive designation provides for new and used auto
and truck sales and services and other sales and services that complement such use.
The successor agency will likely sell the property for commercial automotive
development.
Direct comparison with sales of similar land suggests a value of $1,050,000 as of May
1st
, 2014. The last professional appraisal was conducted in October of 2006 and recom-
mended a value of $760,000.

78 79
Site 13 · 38 W.
Address
38 W. 11th
Street
Size
2,613 SF (0.06 acres)
Year Built
1925
Year Rehabbed
N/A
APN
555-114-01
Current Use
Condemned house
Zoning
General Plan
Acquisition Date
December 21, 2012
Acquisition Price
$506,663
Purchased to redevelop blighted areas near the central business district with new
Aerial/Parcel Map (38 W.)

80 81

82 83
Site 13 · 38 W.
History/Background
On September 29th, 2006 the Kellog family sold the property to PCAM LLC;
however, the price was not disclosed. PCAM then sold property to CDC for $506,663.
A Phase II conducted in 2006 identified the site as having 300-600 cubic yards
contaminated by pesticides and petroleum hydrocarbons. It is unknown whether any
remediation was completed on the subject site.
N/A
N/A
The location and size of the site indicate there is very little opportunity for transit
related development.
No specific previous development proposals or activity exist for this site.
Encourage development of mixed-use residential space to remove blight and enhance
the city near the central business district.
,
2014. The last professional appraisal was conducted in October of 2006 and recom-
mended a value of $760,000.

84 85
Site 14 · Roosevelt
Address
Roosevelt Street
Size
4,791 SF (0.11 acres)
Year Built
N/A
Year Rehabbed
N/A
APN
555-114-04-00
Current Use
Undeveloped land
Zoning
General Plan
Acquisition Date
December 21, 2012
Acquisition Price
$149,332
Purchased to redevelop blighted areas near the central business district with new
Aerial/Parcel Map (Roosevelt)

86 87
Site 14 · Roosevelt
History/Background
The CDC acquired the property from PCAM LLC on December 21, 2012 for $149,332.
All other history and background is unknown at this time.
A Phase II conducted in 2006 identified the site as having no environmental
contamination.
N/A
N/A
The location and size of the site indicate there is very little opportunity for transit related
development.
No previous development proposals or activity exist for this site.
Encourage development of mixed-use residential and commercial space to remove blight
and enhance the areas near central business district.
,
2014. The last professional appraisal conducted at this site is unknown.

88 89
Site 15 · Kimball Way
Address
A) No address available
B) No address available
Size
A-B) 17,949 SF (0.41 acres)
Year Built
A) Remnant of previous development
B) February 24, 1978
Year Rehabbed
N/A
APN
A) 560-410-02
B) 560-050-13
Current Use
A) Undeveloped land
B) Sidewalk
Zoning
Major Mixed Use Development (MXD-2)
General Plan
Not located in a specific plan area
Acquisition Date
A-B) February 2, 1981
Acquisition Price
A-B) N/A
Purchased to create an assemblage suitable for redevelopment of a blighted area.
Aerial/Parcel Map (Kimball Way Surplus)

90 91

92 93
Site 15 · Kimball Way
History/Background
The Kimball Way surplus parcels are the results of developments that occurred on and
adjacent to the street Kimball Way. APN 560-410-02 is a remnant parcel of retail devel-
opment that occurred on Highland Avenue and E. 14th
Street. APN 560-050-13 consists of
a sidewalk and street intended for pedestrian right-of-way and vehicle travel on Kimball
Way. No vertical improvements have been made to either lot. The Community Develop-
ment Commission purchased the parcels in 1981 for an unknown amount.
N/A
N/A
Despite being one mile from the 8th
Street trolley station, the lot size and location of
this site provide little indication that the site is suitable for transit oriented development.
These properties helped further the agency’s planning objectives by providing access
and support to previous redevelopment projects.
The successor agency will retain the subject parcels for civic purposes.
Due to the size and location of these parcels, the subject site is considered to have
nominal value. The last professional appraisal to be conducted at the site is unknown.

94 95
Section 2: Valuation Analyses
The following section contains a detailed examination and explanation of the estimated
value provide for each property in the LRPMP. Each valuation includes a short descrip-
tion of the subject property/site and a short description of each comparable property
that corresponds to a detailed data table. Following each data table is an adjustment grid
where students, under the direction of their instructor, attempted to make the neces-
sary adjustments to each comparable property value in order to determine an accurate
median price per square foot. The explanation and justification of the adjustments made
is provided in an adjustment analysis section after the adjustment grid. Finally, based on
the analysis of comparable properties, an estimated value is recommended by the stu-
dents. It is important to remember that students with basic instruction in valuation the-
ory created these valuations. While believed to be credible, the conclusions are student
opinions, not professional appraisals.
Two of the sites included in the LRPMP did not have a valuation analysis completed.
Due to their incredibly small lot sizes and locations it was determined early into the
LRPMP development process that these two sites had no more than a nominal value.
It should also be noted that the final two valuations differ from the relatively straight
forward sales comparisons of the first eleven. Lamb’s Theatre required the use of a
residual analysis in order to determine the value of the property with a rehabilitated
structure and if sold based solely on the land value. Kimball House, a historic building,
was valued based on income potential if renovated to provide two income producing
studio apartments. While slightly different than the rest, these two valuations still include
an adjustment grid as well as an analysis explaining the valuation theory behind the stat-
ed conclusions. None of the valuations in this section could have been completed with-
out first analyzing the current market conditions in National City, which factor into a
determination of a properties highest and best use. Thus, following this section will be a
final section comprised of the market analyses developed by the students of this course.

96 97
Valuation Analysis
Subject Property
921 & 929 National City Boulevard
The former Education Center & Steamed Bean site is located east of the I-5 freeway in
the heart of downtown National City. It is located on a major bus line and is only 5 blocks
away from the 8th
street trolley station. A review of Stewart Title’s preliminary title report,
order number 01180-87387 on February 11th
, 2014, indicate there are no easements
on the site that would negatively impact the value. The proposed highest and best use
relies on joining the contiguous parcels for a mixed-use development. Residential and
commercial land sales comps from 2012 to present justify a sales comparison approach
valuation of this site.
Comparable Properties
Comparable 1 is a 0.29 acre (12,632 sf.) vacant lot located on C Avenue in National City.
It is located mid-block between 8th
and 9th
Street. The property closed escrow in Novem-
ber of 2012 after a cash sale of $215,000. The property is zoned RS-3, which allows for
multifamily development at lesser density than the subject site.
Comparable 2 is a 0.95 acre (41,382 sf.) vacant lot located on E. 6th
Avenue in National
City. It is located on the east side of the I-805 freeway on the west side of Euclid Ave-
nue. The property sold for $775,000 cash in March of 2014 with intentions for a develop-
ment in concordance with the proposed highest and best use for the subject site.
Comparable 3 is a 1.24 acre (54,014 sf.) vacant lot located on National City Boulevard in
National City. The property is located within the central business district and is walking
distance from Kimball Park. The property falls under the Downtown Specific Plan zone 6,
which allows for a mixed-use development with a density equal to the subject site. The
property sold in June of 2012 for $1,115,000.
Comparable 4 is a 0.68 acre (29,621 sf.) vacant lot located on Palm Avenue in National
City. The property is located near the 8th
Street and is a short distance from Plaza Boule-
vard. The property closed escrow in January of 2012 for a cash payment of $400,000.
Comparable 5 is a 2.29 acre (99,752 sf.) vacant lot located on Ridgeway Drive in Nation-
al City. Approximately 44,000 sf. of this L-shaped lot is 82ft. wide and is the primary
frontage to Ridgeway Drive. The property is zoned RU-24, which allows for a maximum
of 54 residential units, however the developers have been entitled to construct 18 con-
dominiums. The property sold in June of 2013 for $665,000.
Comparable 6 is a 0.27 acre (11,761 sf.) lot located on Highland Avenue in National
City. It is located between E. 21st
and 22nd
Street. The property is sold with a new,
fully improved retail pad versus a vacant lot. It closed escrow in April of 2013 with a
sale price of $325,000 cash, with the intention to develop new commercial space.
Subject
Property
Subject
Property
Comp. 1 Comp. 2 Comp. 3 Comp. 4 Comp. 5 Comp. 6
Location
921 National
City Blvd
929 National
City Blvd
817 C Ave. 2328 E 6th
St.
1105 National
City Blvd.
844 Palm Ave
2628
Ridgeway Dr.
2100 Highland
Ave.
City/
Community
National City National City National City National City National City National City National City National City
Zip Code 91950 91950 91950 91950 91950 91950 91950 91950
Map Code Unknown Unknown Unknown Unknown Unknown Unknown Unknown Unknown
APN 556-471-03 556-471-04 556-474-02 557-150-13 556-554-19 557-180-32 564-040-22 560-320-15
Gross Land
Area (SF)
8,712 2,875 12,632 41,382 54,014 29,621 99,752 11,761
Gross Land
Area (ACR)
0.20 0.06 0.29 0.95 1.24 0.68 2.29 0.27
Improvements
Commercial
Land
Commercial
Land
Residential
Land
Commercial
Land
Commercial
Land
Residential
Land
Residential
Land
Commercial
Land
Topography Level Level Level Level Level Level Level Level
Zoning DSP-Zone 5B DSP-Zone 5B
RS 3 Med.
Low Density
Institutional DSP-Zone 6
RM-3 Very
High Density
Limited
Commercial
DSP-Zone 6
Intended Use
Mixed use
Multifamily/
Commercial
Mixed use
Multifamily/
Commercial
Multifamily
Office, Med,
School
Commercial,
Retail,
Mixed Used,
Apartments,
Condo, Hotel,
Open Space
Apartments Apartment
Retail,
Restaurant
No. Allowable/
Planned Units
75 DU (per
acre) /40 units
75 DU (per
acre) /40 units
10-15 units
(per acre) /
unknown
FAR 3.0 /
unknown
75 DU
(per acre /
unknown
49-75 DU
(per acre)/
unknown
FAR 1 /
unknown
75 DU
(per acre/
unknown
Development
Status
Development
Opportunity
Development
Opportunity
Multifamily
Previously
Developed
Lot
Unknown Multifamily Multifamily
Previously
Developed
# Units per
Acre
1 1 Vacant Land 1 Vacant Land Vacant Land Vacant Land Vacant Land
Seller
Wenig
Herbert
Sanders
Patricia
Neighborhood
National Bank
Valley View
Sanitarium &
Rest Home
East West
Bank
Hacienda At
12625 High
Bluff Drive
LLC
SIPAN
THOMAS
& CAROL
TRUST
Highland SD
Auto LLC
Buyer
Community
Development
Commission
Community
Dev
Commision
Of City/n
Kire Homes
Kamel Zayat &
Rana El Kadi
The Focus
Group
Company
JBJ Investors
LLC
Steve Family
Trust 3
Focus Holding
Co LLC
Document # 435457 903977 0623503 108720 350189 0652242 0360570 244284
Recording Date 08/16/00 07/29/03 11/1/12 3/15/14 6/15/12 01/20/12 06/07/13 4/10/13
Data Table

98 99
Subject
Property
Subject
Property
Financing Cash Cash Cash Cash
Loan
$800,000
from Kurtin
Props Inc
Cash Cash Cash
Sale Price $225,000 $225,000 $215,000 $775,000 $1,115,000 $400,000 $665,000 $325,000
Price per SF $78.26 $78.26 $17.02 $18.73 $20.64 $13.50 $6.67 $27.63
Price per Unit $225,000 $225,000 N/A $775,000 N/A N/A N/A N/A
Data Table (cont.)
Subject
Property
Location
921 & 929
National City
Blvd.
817 C Ave.
2328 E
6th
St.
1105
National City
Blvd.
844 Palm
Ave
2628
Ridgeway
Dr.
2100
Highland
Ave.
Use Vacant Land Vacant Land Vacant Land Vacant Land Vacant Land
City/Community National City National City National City National City National City National City National City
DOV/Recording Date 5/1/14 11/1/12 3/15/14 6/15/12 1/20/12 8/21/13 4/10/10
Gross Land Area (SF) 11,761 12,750 41,557 54,014 29,621 99,752 11,700
SF Planned
Value/Sale Price $235,000 $215,000 $775,000 $1,115,000 $400,000 $665,000 $325,000
Transaction Adjustments
Property Rights Conveyed 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $- $-
Financing Terms 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $- $-
Conditions Of Sale 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $- $-
Subtotal $215,000 $775,000 $1,115,000 $400,000 $665,000 $325,000
Time/Market Conditions %/Year 10.0% 0.0% 10.0% 10.0% 0.0% 0.0%
Adj. Dollars $32,162 $- $209,253 $91,178 $- $-
Transaction-Adjusted Total $247,162 $775,000 $1,324,253 $491,178 $665,000 $325,000
Adjustment Grid
Subject
Property
Physical Adjustments
Location/Access
Percentage Adjustment 2.0% 10.0% 0.0% 7.0% 10.0% 4.0%
Sizes/Shape
0.0% 4.0% 5.0% 3.0% 10.0% 0.0%
Permitted/
Planned Density
Entitlement/Fees
Site Condition/Topography
Physical Percentage
Adjustment
2.0% 14.0% 5.0% 10.0% 20.0% 4.0%
Physical Dollar Adjustment $4,943 $108,500 $66,213 $49,118 $133,000 $13,000
Adjusted Price $252,105 $883,500 $1,390,466 $540,296 $798,000 $338,000
Price Per Square Foot
(Land)
$20.00 $19.77 $21.26 $25.74 $18.24 $8.00 $28.89
Adjustment Grid (cont.)
Adjustment Analysis
Comparable properties 1, 3 and 4 were all given 10% upward adjustments to reflect
increased market conditions.
In the Location/Access category five properties received adjustments. Comparable
properties 1, 2, 4, 5, and 6 all were adjusted by varying degrees to reflect their less
desirable location or access comparatively to the subject site. Comparable properties
2 and 5 received the highest adjustment, 10% due to their distance from the central
business district. Comparable properties 1 and 6 were given the smallest adjustments,
2% and 4% respectively, due to slightly less desirable locations than the subject site.
Comparable 5 received a 10% upward adjustment in the Size/Shape category.
Despite having a large amount of square footage, roughly half of that is unusable

100 101
for development due to the property’s irregular L-shape. At the other end, comparable
properties 2, 3, and 4 received a 5% or less adjustments in this category to reflect their
larger lot sizes.
Concluded Value
The unadjusted price range of the comparable properties is $6.67 to $27.63 per square
foot. After adjustments, the sales generally form a tighter range from $18.24 to $28.89
per square foot, with comparable 5 as an outlier at $8.00 per square foot. Based on this
analysis utilizing the sales comparison approach the value of the land is estimated to be
$20.32 per square foot or $235,000
$235,000

102 103
Valuation Analysis
Subject Property
130 East 8th
Street
The H&M Goodies site is located in the Downtown Specific Plan area with easy access
to a major freeway. The location is near the bay on a major bus line and is only 3 blocks
away from the 8th
Street trolley station. A review of Stewart Title’s preliminary title report,
order number 01180-87393 on February 7th, 2014, indicate there are no easements on
the site that would negatively impact the value. The proposed highest and best use is a
mixed-use development that includes retail shops and residential apartments. Residential
and commercial land sales comps from 2012 to present are used to justify a sales com-
parison approach valuation of this site.
Comparable 1 is a 0.29 acre (12,632 sf.) lot located on C Avenue in National City. It is
located mid-block between 8th
and 9th
Street. The property closed escrow in November
of 2012 after a cash sale of $215,000. The property is zoned RS-3, which allows for
multifamily development at lesser density than the subject site.
Comparable 2 is a 0.95 acre (41,382 sf.) lot located on E. 6th
Avenue in National City.
It is located on the east side of the I-805 freeway on the west side of Euclid Avenue.
The property sold for $775,000 cash in March of 2014 with intentions for a development
in concordance with the proposed highest and best use for the subject site.
Comparable 3 is a 1.24 acre (54,014 sf.) lot located on National City Boulevard in
National City. The property is located within the central business district and is walking
distance from Kimball Park. The property falls under the Downtown Specific Plan zone
6, which allows for a mixed-use development with a density equal to the subject site.
The property sold in June of 2012 for $1,115,000.
Comparable 4 is a 0.68 acre (29,621 sf.) lot located on Palm Avenue in National City.
The property is located near the 8th
Street and is a short distance from Plaza Boulevard.
The property closed escrow in January of 2012 for a cash payment of $400,000.
Comparable 5 is a 2.29 acre (99,752 sf.) lot located on Ridgeway Drive in National City.
Approximately 44,000 sf. of this L-shaped lot is 82ft. wide and is the primary frontage to
Ridgeway Drive. The property is zoned RU-24, which allows for a maximum of 54 resi-
dential units, however the developers have been entitled to construct 18 condominiums.
The property sold in June of 2013 for $665,000.
Comparable 6 is a 0.27 acre (11,761 sf.) lot located on Highland Avenue in National
City. It is located between E. 21st
and 22nd
Street. The property is sold with a new,
fully improved retail pad versus a vacant lot. It closed escrow in April of 2013 with a
sale price of $325,000 cash, with the intention to develop new commercial space.
Data Table
Subject
Property
Location 130 E. 8th St 817 C Ave 2328 E 6th St
1105 National
City Blvd
844 Palm Ave
2628
Ridgeway Dr
2100 Highland
Ave
City/Com. National City National City National City National City National City National City National City
Zip Code 91950 91950 91950 91950 91950 91950 91950
Map Code Unknown Unknown Unknown Unknown Unknown Unknown Unknown
APN 556-472-26 556-474-02 557-150-13 556-554-19 557-180-32 564-040-22 560-320-15
Gross Land
Area (SF)
28,750 12,632 41,382 54,014 29,621 99,752 11,761
Gross Land
Area (ACR)
0.66 0.29 0.95 1.24 0.68 2.29 0.27
Improvements Retail Building
Residential
Land
Commercial
Land
Commercial
Land
Residential
Land
Residential
Land
Commercial
Land
Topography Level Level Level Level Level Level Level
Zoning DSP-Zone 9
RS 3 Med.
Low Density
Institutional DSP-Zone 6
RM-3 Very
High Density
Limited
Commercial
DSP-Zone 6
Intended Use
Mixed use
Multifamily/
Retail
Multifamily
Office, Med,
School
Comm., Retail,
Mixed Used,
Apartments,
Condo, Hotel,
Open Space
Apartments Apartment
Retail,
Restaurant
No. Allowable/
Planned Units
75 DU (per
acre) /40 units
10-15 units
(per acre) /
unknown
FAR 3.0 /
unknown
75 DU (per
acre /unknown
49-75 DU
(per acre)/
unknown
FAR 1/
unknown
75 DU (per
acre/ unknown
Development
Status
Development
Opportunity
Multifamily
Previously
Developed Lot
Unknown Multifamily Multifamily
Previously
Developed
# Units per
Acre
1 Vacant Land 1 Vacant Land Vacant Land Vacant Land Vacant Land
Seller
Schoenfeld H
A/m E Trust
Neighborhood
National Bank
Valley View
Sanitarium &
Rest Home
East West
Bank
Hacienda At
12625 High
Bluff Drive LLC
SIPAN
THOMAS &
CAROL TRUST
Highland SD
Auto LLC
Buyer
Com. Dev
Commission of
National City
Kire Homes
Kamel Zayat &
Rana El Kadi
The Focus
Group
Company
JBJ Investors
LLC
Steve Family
Trust 3
Focus Holding
Co LLC
Document # 0482469 0623503 108720 350189 0652242 0360570 244284
Recording
Date
4/25/03 11/1/12 3/15/14 6/15/12 01/20/12 06/07/13 4/10/13
Financing Cash Cash Cash
Loan $800,000
from Kurtin
Props Inc
Cash Cash Cash
Sale Price $1,085,000 $215,000 $775,000 $1,115,000 $400,000 $665,000 $325,000
Price per SF $37.74 $17.02 $18.73 $20.64 $13.50 $6.67 $27.63
Price per Unit $1,085,000 N/A $775,000 N/A N/A N/A N/A

104 105
Subject
Property
Location
130 E. 8th
Street
817 C Ave.
2328 E
6th
St.
1105
National City
Blvd.
844 Palm
Ave
2628
Ridgeway
Dr.
2100
Highland
Ave.
City/Community National City National City National City National City National City National City National City
DOV/Recording Date 5/1/14 11/1/12 3/15/14 6/15/12 1/20/12 8/21/13 4/10/10
Gross Land Area (SF) 28,750 12,750 41,557 54,014 29,621 99,752 11,700
SF Planned
Value/Sale Price $575,000 $215,000 $775,000 $1,115,000 $400,000 $665,000 $325,000
Property Rights Conveyed 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $- $-
Financing Terms 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $- $-
Conditions Of Sale 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $- $-
Subtotal $215,000 $775,000 $1,115,000 $400,000 $665,000 $325,000
Time/Market Conditions %/Year 10.0% 0.0% 10.0% 10.0% 0.0% 0.0%
Adj. Dollars $32,162 $- $209,253 $91,178 $- $-
Transaction-Adjusted Total $247,162 $775,000 $1,324,253 $491,178 $665,000 $325,000
Location/Access
Sizes/Shape
0.0% 0.0% 1.0% 0.0% 4.0% 0.0%
Permitted/
Planned Density
Entitlement/Fees
Adjustment Grid
Subject
Property
Physical Percentage
Adjustment
5.0% 5.0% 1.0% 7.0% 14.0% 7.0%
Physical Dollar Adjustment $12,358 $38,750 $13,243 $34,382 $93,100 $22,750
Adjusted Price $259,520 $813,750 $1,337,496 $525,561 $758,100 $347,750
(Land)
$20.00 $20.35 $19.58 $24.76 $17.74 $7.60 $29.72
Adjustment Analysis
Comparable properties 1, 3 and 4 were all given 10% upward adjustments to reflect
increased market conditions.
In the Location/Access category five properties received adjustments. Comparable prop-
erties 1, 2, 4, 5, and 6 all were adjusted by varying degrees to reflect their less desirable
location or access comparatively to the subject site. Comparable property 5 received the
highest adjustment at 10% due to its distance from the central business district. Compa-
rable properties 4 and 6 were given slightly smaller adjustments, 7%, due to slightly less
desirable locations than the subject site.
Comparable properties 3 and 5 received very small adjustment in the Size/Shape cate-
gory. Comparable 5 was adjusted 4% because despite having a large amount of square
footage, roughly half of that is unusable for development due to the property’s irregular
L-shape. Comparable 3 received a modest 1% adjustment due to the nearly double
square footage as that of the subject site.
Concluded Value
foot. After adjustments, the sales generally form a tighter range from $17.74 to $29.72
per square foot, with comparable 5 as an outlier at $7.60 per square foot. Based on this
analysis utilizing the sales comparison approach the value of the land is estimated to be
$19.96 per square foot, which when rounded to an even $20.00 indicates a value
of $575,000.
$575,000

106 107
Valuation Analysis
Subject Property
1231, 1237, and 1239 McKinley Avenue
The McKinley Parcels site has historically been used by National City as a municipal stor-
age lot. Despite being located near a 5-point intersection, the small sizes of the McKinley
parcels preclude any potential for serious development. This valuation analysis directly
examines the two contiguous parcels and considers the non-contiguous parcel to have
nominal cash value. A review of Stewart Title’s preliminary title report indicates there are
no easements on the site that would negatively impact the value. The proposed highest
and best use is to remain as a municipal storage lot. Land sales comps from 2010 to
present are used to justify a sales comparison approach valuation of this site.
Comparable 1 is a 0.33 acre (14,525 sf.) lot located on Hoover Avenue in National City.
It is located between 15th
and 16th
Street two blocks west of National City Boulevard. The
property is improved with a small warehouse building that has very limited parking. It
closed escrow in September of 2012 after a sale of $405,000. The property has a medi-
um industrial zoning, which is consistent with the subject site.
It is located one block south of Plaza Boulevard and three blocks from the northwest cor-
ner of Kimball Park. The property has been improved with a small industrial building and
with limited parking surrounding the building. The property sold for $150,000 in March
of 2010.
The property is located on the northwest corner of Hoover Ave. and 9th
Street and is
very close to the 8th
Street freeway access. The current use of the property can best be
described as a small vehicle storage lot, which is used by a car wholesaling business.
The property last sold in October of 2010 for $100,000 cash.
Comparable 4 is a 0.60 acre (26,005 sf.) lot located on W. 12th
Street in National City.
The property is located directly next to the subject property on the west side of the
I-5 freeway. It has been improved with a nearly 10,000 sf. warehouse style building
and storage tanks. The property closed escrow in December of 2011 with a sale price
of $250,000.
Data Table
Subject Property Comp. 1 Comp. 2 Comp. 3 Comp. 4
Location McKinley
1508 Hoover
Avenue
1106 Hoover Ave
905 Hoover
Avenue
600 W. 12th
St.
City/Community National City National City National City National City National City
Zip Code 91950 91950 91950 91950 91950
APN 559-022-05, 07, 08 560-066-12-00 555-116-11-00 555-085-01-00 559-022-19, 17, 09
Gross Land Area
(SF)
8,711 14,525 3,049 3,485 26,005
Gross Land Area
(ACR)
0.20 0.33 0.07 0.08 0.60
Improvements None Warehouse Warehouse Asphalt
9,680 Warehouse
Building + Storage
Tanks
Topography Level Level Level Level Level
Zoning Medium Industrial M M M MM-CZ
Intended Use None Industrial Industrial Industrial Industrial
Seller N/A Jon Hall
Beauchamp Family
Trust
Mark Mccoy
Mid Valley
Collection Bureau
Buyer N/A
JC Plumbing and
Heating
Captain B LTD
PTNSHP
James M Bennet
Carolino
Equipment Inc.
DOV/Recording
Date
N/A 09/15/12 03/07/10 10/20/10 12/23/11
Financing N/A
$212,000 in debt &
$193,000 in cash
UKN Cash
$50,000
$200,000 Private
Lender
Sale Price N/A $405,000 $150,000 $100,000 $250,000
Land Price per SF N/A $27.88 $49.19 $29.70 $9.61

108 109
Location Mckinley
1508 Hoover
Avenue
1106 Hoover
Avenue
905 Hoover
Avenue
600 West 12th
Street
Use Small Industrial Small Industrial Storage Vacant Lot
City/Community National City National City National City National City National City
DOV/Recording Date 5/1/14 9/5/12 3/7/10 10/20/10 12/23/11
Gross Land Area (SF) 6,098 14,525 3,049 3,485 26,005
SF Planned 3,500
Value/Sale Price $85,372 $405,000 $150,000 $100,000 $250,000
Property Rights Conveyed 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $-
Financing Terms 0.0% 0.0% 0.0% 0.0%
Conditions Of Sale 0.0% 0.0% 0.0% 0.0%
Time/Market Conditions
Annual Appreciation 5.0% 5.0% 5.0% 5.0%
Time/Market Conditions
Adjustment
$33,454 $31,151 $17,658 $29,452
Transaction Dollar
Adjustment
$438,454 $181,151 $117,658 $279,452
Location/Access
0.0% 0.0% 0.0% 0.0%
Sizes/Shape Excellent - Excellent - Excellent -
-50.0% -75.0% -50.0% 0.0%
Permitted/
Planned Density
0.0% 0.0% 0.0% 0.0%
Entitlement/Fees
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
Adjustment Grid
Physical Percentage
Adjustment
-50.0% -75.0% -50.0% 0.0%
Physical Dollar Adjustment $(219,227) $(135,863) $(58,829) $-
Adjusted Price $219,227 $45,288 $58,829 $279,452
(Land)
$14.00 $15.09 $14.85 $16.88 $10.75
Adjustment Analysis
All comparable properties were given a 5% upward adjustment per year to account for
and reflect increasing market conditions and inflation.
The only physical adjustments were made to each of the three comparable properties
located on Hoover Avenue. Comparable properties 1 and 3 received a 50% downward
adjustment, while comparable property 3 received a 75% downward adjustment.
The adjustments were made to account for the increased utility of the comparable
properties that would be impossible to replicate on the subject sites due to changes
in zoning policy.
Concluded Value
foot. After adjustments, the sales form a tighter range from $10.75 to $16.88 per square
foot. Based on this analysis utilizing the sales comparison approach the value of the land
is estimated to be $14.00 per square foot, which indicates a total value of $85,000 for
the contiguous parcels.
$85,000

110 111
Valuation Analysis
Subject Property
1604 E. Plaza Boulevard
The former Days Inn property is an L-shaped property of 1.07 acres (46,609 sf.),
located on the east side of Palm Avenue. There is approximately 59 feet of frontage
on Plaza Boulevard in an area comprised of residential land uses west and south of the
property and commercial uses north and east. A review of Stewart Title’s preliminary
title report indicates there are no easements on the site that would negatively impact
the value. The subject property is currently zoned as MXD-2 and is part of the Down-
town Specific Plan 5B designation. Despite a zoning maximum allowing for approximately
37 residential units on the site, a previously entitled development proposal indicates 33
units as the maximum.
Comparable 1 is a 1.24acre (54.014 sf.) lot located on National City Boulevard in Nation-
al City. It is located on the southeast corner of National City Boulevard and 11th
street.
The property closed escrow in June of 2012 and sold for $1,115,000 with a $315,000
down payment. It should be noted, however, that the property was bank owned at the
time of sale. The property is zoned MXD-2 and is part of the Downtown Specific Plan 5B
designation. The property is currently entitled for 168 units of residential housing.
Comparable 2 is a 0.68 acre (29,621 sf.) vacant lot located on Palm Avenue in National
City. It has 105 feet of frontage on Palm Avenue between 8th
and 9th
streets. The prop-
erty sold for $400,000 cash in January of 2012 with the intention to develop residential
apartments. The property was not entitled at the time of sale but the buyer’s broker con-
firmed plans to build a 24-unit apartment complex on the site.
Comparable 3 is a 2.29 acre (99,752 sf.) vacant lot located on Ridgeway Drive in Nation-
al City. Approximately 44,000 sf. of this L-shaped lot is 82ft. wide and is the primary
frontage to Ridgeway Drive. The property is zoned RU-24, which allows for a maximum
of 54 residential units, however the developers have been entitled to construct 18 con-
dominiums. The property sold in June of 2013 for $665,000.
Comparable 4 is a 1.89 acre (82,328 sf.) vacant lot located on Sheryl Lane in National
City. The property closed escrow in March of 2014 for $1,750,000. The property is locat-
ed near the 805 Freeway and a short distance from Plaza Boulevard. The buyer’s broker
confirms plans to build 60-units of multifamily residential; however entitlement status is
unknown at this time.
Comparable 5 is a 1.19 acre (51,836 sf.) vacant lot located on Santa Fe Road in Vista.
The property is currently entitled for a 48-unit multifamily development. It sold in Sep-
tember of 2013 for $865,000 cash. It is an irregular shaped lot with a level topography
with 221 feet of frontage on north Santa Fe Road.
Data Table
Subject
Property
Comp. 1 Comp. 2 Comp. 3 Comp. 4 Comp. 5
Location
Palm Ave &
Plaza Blvd.
1105-1123
National City
Boulevard
844-846 Palm
Ave.
2628 Ridgeway
Drive
1455 Sheryl Ln
1225 N. Santa
Fe Road
City/
Community
National City National City National City National City National City Vista
Zip Code 91950 91950 91950 91950 91950 92084
Map Code 1310-A1 Unknown Unknown Unknown 1310-BL 1087-G4
APN 557-410-20
556-554-16
thru 20
557-180-32-00
564-040-09-00,
564-040-22-00
557-430-15,
557-430-27
173-091-28
Gross Land
Area (SF)
46,609 54,014 29,621 99,752 82,328 51,836
Gross Land
Area (ACR)
1.07 1.24 0.68 2.29 1.89 1.19
Improvements Vacant Prev. Dev. Lot Prev. Dev. Lot Prev. Dev. Lot Prev. Dev. Lot Prev. Dev. Lot
Topography Mostly Level Level Level Level Level Level
Zoning CG-PD 5B CG-PD RU-24
RM-3 Very High
Density
C1
Intended Use Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily
# Allowable/
Planned Units
33 168 24 30 (18) 60 48
# Units per Acre 31 135.5 16.3 ??? 31.7 ???
Seller N/A EastWest Bank
Keege
Enterprises
Sipan Family
Trust
Ashok Israni
Raissi Family
Trust
Buyer N/A
Focus Holding
Group
JBJ Investors Mark Steve Kire Homes
Belle Vista Lux
Apts.
Document # N/A Unknown 0034532 0360570 Unknown 0559922
DOV/Recording
Date
N/A 6/15/2012 1/20/2012 6/7/2013 3/12/14 9/10/13
Financing N/A Cash Cash Cash Cash Cash
Sale Price N/A 1,115,000 400,000 $665,000 1,750,000 865,000
Price per SF N/A 20.64 13.50 6.67 21.26 16.69
Price per Unit N/A 6,637 16,666 22,166 29,166 18,020

112 113
Subject
Property
Location Days Inn
1105-1123
National City
Blvd
844-846
Palm Ave.
2628
Ridgeway
Drive
1455 Sheryl
Ln.
1225 N. Santa
Fe Road
City/Community National City National City National City National City National City Vista
DOV/Recording Date 5/1/14 6/15/12 1/20/12 6/7/13 3/12/14 9/10/13
Gross Land Area (SF) 46,609 54,014 29,621 99,752 82,328 51,836
SF Planned
Value/Sale Price $792,000 $1,115,000 $400,000 $665,000 $1,750,000 $865,000
Property Rights Conveyed 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $-
Financing Terms 0.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $- $- $- $- $-
Conditions Of Sale 10.0% 0.0% 0.0% 0.0% 0.0%
Adj. Dollars $111,500 $- $- $- $-
Subtotal $1,226,500 $400,000 $665,000 $1,750,000 $865,000
Time/Market Conditions %/Year 12.0% 12.0% 5.0% 0.0% 3.0%
Adj. Dollars $251,104 $109,414 $29,879 $- $16,565
Transaction-Adjusted Total $1,477,604 $509,414 $694,879 $1,750,000 $881,565
Location/Access
Percentage Adjustment -10.0% 0.0% -10.0% 8.0% 5.0%
Sizes/Shape
0.0% 0.0% 50.0% -30.0% 0.0%
Permitted/
Planned Density
Percentage Adjustment -20.0% 0.0% 50.0% 0.0% 0.0%
Entitlement/Fees
Percentage Adjustment 0.0% 0.0% 10.0% 0.0% 0.0%
Percentage Adjustment 0.0% 0.0% 0.0% 0.0% 0.0%
Adjustment Grid
Subject
Property
Physical Percentage
Adjustment
-30.0% 0.0% 100.0% -22.0% 5.0%
Physical Dollar Adjustment $(443,281) $- $694,879 $(385,000) $44,078
Adjusted Price $1,034,323 $509,414 $1,389,759 $1,365,000 $925,644
(Land)
$17.00 $19.15 $17.20 $13.93 $16.58 $17.86
Adjustment Analysis
Comparable 1 received a 10% upward adjustment in the Conditions of Sale category
due to being the only property that was bank owned at the close of escrow. Both Com-
parable 2 and Comparable 5 received a 10% upward adjustment in the Financing Terms
category due to being cash sales, which indicates the seller accepted less than the high-
est possible price in order to reduce escrow time and risk.
Comparable 1 and Comparable 2 received 12% upward adjustments to reflect increases
in market conditions since their sales at the beginning of 2012. Comparable 3 and Com-
parable 5 received a 5% and 3% upward adjustment, respectively, due to valuation dates
in June and September of 2013. The slight increases reflect the modest increases in
market value for vacant land in the last year.
In the Location/Access category four properties received adjustments. Comparable
1 and Comparable 3 received 10% downward adjustments to better reflect the more
desirable location of the properties. Comparable 4 received an 8% upward adjustment
to account for the fact that Sheryl Lane is located away from transit lines on a dead-
end street that is particularly close to freeway noise. Lastly, Comparable 5 received a
5% downward adjustment to even out difference between market values in Vista and
National City.
Comparable 3 received a 50% upward adjustment in the Size/Shape category. Despite
having a large amount of square footage, roughly half of that is unusable for develop-
ment due to the properties irregular L-shape indicating the price per square foot was low-
er than normal for this sale. At the other end, Comparable 4 received a 30% downward
adjustment in this category to reflect its large lot size and shape that allows for set-back
development.

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