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Land Value <br /> <br />CBRE VALUATION & ADVISORY SERVICES 22 © 2025 CBRE, INC <br />SUMMARY OF COMPARABLE LAND SALES <br />Interest Actual Sale Size Size Price <br />No.Property Location Type Date Transferred Zoning Price (Acres) (SF) Per SF <br />1 Redevelopment Site <br />421 South Bristol Street <br />Santa Ana, CA 92703 <br />Sale Feb-25 Fee Simple Commercial (SP-1)$1,050,000 0.37 16,100 $65.22 <br />2 Bristol Specific Plan Site <br />1421 N Bristol Street <br />Santa Ana, CA 92706 <br />Sale Dec-24 Fee Simple SP-1 $878,000 0.30 13,016 $67.46 <br />3 Vacant Site Zoned CL <br />2821 Bristol St <br />Costa Mesa, CA 92626 <br />Sale Aug-24 Fee Simple CL $1,100,000 0.43 18,881 $58.26 <br />4 Commercial Land <br />2202 East 1st Street <br />Santa Ana, CA 92705 <br />Sale Jan-24 Fee Simple Commercial (C-2)$3,345,500 1.30 56,628 $59.08 <br />5 Near Future Harbor Mixed-Use <br />Transit Corridor <br />112 E. Camile Street <br />Santa Ana, CA 92701 <br />Sale Dec-23 Fee Simple CSM - Commercial <br />South Main <br />$435,000 0.15 6,621 $65.70 <br />Subject 1901 West Walnut Street <br />Santa Ana, CA 92703 <br />------C2, General <br />Commercial <br />---0.38 16,632 --- <br />1 Adjusted sale price for cash equivalency and/or development costs (where applicable) <br />Compiled by CBRE <br />Transaction <br /> <br /> <br />Conditions of Sale/Financing <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 />  <br />  <br />City Council 17 – 38 2/17/2026