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Executive Summary <br />Executive Summary <br />Property Name <br />Location <br />Parcel Number(s) <br />City of Santa Ana- Walnut Street Property <br />1901 West Walnut Street <br />Santa Ana, Orange County, CA 92703 <br />007-332-08 <br />Client <br />City of Santa Ana, Community Development Agency <br />Highest and Best Use <br />As If Vacant <br />Develop with a retail use <br />As Improved <br />NIA <br />Property Rights Appraised <br />Fee Simple Estate <br />Date of Inspection <br />October 24, 2025 <br />Estimated Exposure Time <br />3 - 6 Months <br />Estimated Marketing Time <br />3 - 6 Months <br />Land Area <br />0.38 AC 16,632 SF <br />Zoning <br />C2, General Commercial <br />CONCLUDED MARKET VALUE <br />Appraisal Premise <br />Interest Appraised Date of Value Value <br />Land Only <br />Fee Simple Estate October 24, 2025 $1,030,000 <br />Compiled by CBRE <br />Market Volatility <br />At the September 2025 FOMC meeting, the Federal Reserve lowered the federal funds rate by 25 basis <br />points, to a range of 4.00% to 4.25% This latest interest rate cut will support capital markets activity by <br />bolstering investor sentiment and reducing borrowing costs. Improved liquidity will benefit most sectors, <br />and we expect to see continued refinancing opportunities. However, challenges persist, particularly for <br />distressed office assets. CBRE forecasts limited cap rate compression this cycle, as long-term interest rates <br />are expected to remain elevated. This points toward a more income -focused investment cycle that <br />underscores the importance of strategic investment decisions and careful asset selection. <br />Experience has shown that consumer and investor behavior can quickly change during periods of <br />heightened volatility. Lending or investment decisions should consider the potential for a continuation of <br />recent volatility, which may affect market conditions disproportionately, depending on asset class. <br />It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where <br />appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets <br />respond to evolving events. <br />CBWE VALUATION & ADVISORY SERVICES <br />iv <br />© 2025 CBFE, INC <br />