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3. Viewed the subject property to get acquainted with the current particular <br />attributes or shortcomings of the subject property. <br />4. Made a visual observation concerning public streets, access, drainage, and <br />topography of the subject property. <br />5. Photographed the subject property and the immediate environs. <br />6. Obtained from qualified sources calculations of the area of land contained within <br />the subject property. <br />Reviewed current maps, zoning ordinances, and other material for additional <br />background information pertaining to the subject property and the sale property. <br />8. Formed an opinion of the highest and best use applicable to the subject property <br />appraised herein. <br />9. Searched public records for factual information regarding recent sales of the <br />subject property, and for recent sales of comparable property. <br />10. Viewed and confirmed, when possible, the sales price and other particulars <br />pertaining to each comparable sale contained in this report. <br />11. Analyzed the data to arrive at a conclusion via the Sales Comparison Approach. <br />This was the only applicable approach. The Cost Approach and the Income <br />Capitalization Approach were not applicable, because these approaches are not <br />used by market participants for single-family residences and land. <br />12. Reconciled the results of the analysis into an estimate of value. <br />13. Prepared and delivered this Restricted Appraisal Report. <br />xi. State the extent of any significant real property appraisal assistance; <br />No one provided significant appraisal assistance. Joseph Montano provided assistance in <br />the collection of comparable sales data. <br />xii. Provide sufficient information to indicate that the appraiser complied with the requirements of <br />Standard 1 by: <br />1) stating the appraisal methods and techniques employed; <br />2) stating the reasons for excluding the sales comparison, cost, or income approach(es) if <br />any have not been developed; <br />3) summarizing the results of analyzing the subject sales and other transfers, agreements <br />of sale, options, and listings in accordance with Standards Rule 1-5; and <br />4) stating value opinion(s) and conclusion(s); <br />Appraisal Procedures <br />The Sales Comparison Approach was used to value the subject property. The Cost <br />Approach and the Income Capitalization Approach were not used in this analysis, because <br />these approaches are not relevant in this instance. <br />City of Santa Ana Date of Value: February 8, 2024 <br />Washington Square Property, Santa Ana 4 <br />Page 36 <br />