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Land Value <br />SUMMARY OF COMPARABLE LAND SALES <br />Transaction <br />Interest <br />Actual Sale <br />Size <br />Size <br />Price <br />No. Property Location <br />Type <br />Date <br />Transferred <br />Zoning <br />Price <br />(Acres) <br />(SF) <br />Per SF <br />1 Redevelopment Site <br />Sale <br />Feb-25 <br />Fee Simple <br />Commercial (SP-1) <br />$1,050,000 <br />0.37 <br />16,100 <br />$65.22 <br />421 South Bristol Street <br />Santa Ana, CA 92703 <br />2 Bristol Specific Plan Site <br />Sale <br />Dec-24 <br />Fee Simple <br />SP-1 <br />$878,000 <br />0.30 <br />13,016 <br />$67.46 <br />1421 N Bristol Street <br />Santa Ana, CA 92706 <br />3 Vacant Site Zoned CL <br />Sale <br />Aug-24 <br />Fee Simple <br />CL <br />$1,100,000 <br />0.43 <br />18,881 <br />$58.26 <br />2821 Bristol St <br />Costa Mesa, CA 92626 <br />4 Commercial Land <br />Sale <br />Jan-24 <br />Fee Simple <br />Commercial (C-2) <br />$3,345,500 <br />1.30 <br />56,628 <br />$59.08 <br />2202 East 1 st Street <br />Santa Ana, CA 92705 <br />5 Near Future Harbor Mixed -Use <br />Sale <br />Dec-23 <br />Fee Simple <br />CSM - Commercial <br />$435,000 <br />0.15 <br />6,621 <br />$65.70 <br />Transit Corridor <br />South Main <br />112 E. Camile Street <br />Santa Ana, CA 92701 <br />Subject 1901 West Walnut Street <br />--- <br />--- <br />C2, General <br />--- <br />0.38 <br />16,632 <br />--- <br />Santa Ana, CA 92703 <br />Commercial <br />' Adjusted sale price for cash equivalency and/or development <br />costs (where applicable) <br />Compiled by CBRE <br />Discussion/Analysis of Land Sales <br />Conditions of Sal elRnancing <br />All sales were indicated to be cash -to -seller transactions or financed by a third party at market terms, and <br />none appeared to occur under duress. As such, no adjustments for cash equivalency were necessary. In <br />addition, the sales reflected arm's length transactions; therefore, no adjustments for conditions of sale were <br />warranted. Details of each of the comparable are located on the data sheets in the addenda of this report. <br />Market Conditions <br />Changes in the economic environment over time that affect the appreciation and depreciation of real estate. <br />Based on our analysis, which includes discussions with market participants, retail rental rates (for the <br />improved market) saw increases in 2023 and 2024. Based on our discussions with market participants, <br />land has not seen the same increases and values have been relatively stable since early 2025. We have <br />utilized an upward adjustment of 2.5% annually from January 2023 through December 2024 and have held <br />values stable from January 2025 to the present to account for market conditions. <br />Size <br />Considers the inverse relationship that often exists between parcel size and unit value. Comparable 4 is <br />larger than the subject and warrants and upward adjustment. Comparable 5 is smaller than the subject and <br />warrants a downward adjustment. <br />Shape <br />The subject property has a slightly irregular shape. Comparables 3 and 4 have long and narrow shapes <br />that are considered inferior when compared to the subject property. Comparables 3 and 4 warrant upward <br />adjustments. <br />CBRE VALUATION & ADVISORY SERVICES L © 2025 CBFE, INC <br />