Police Bldg Appraisal Hirez 1

Appnnser CoUSULTANTS Conp. Real EstateAppraisersand Consultarts Presidential Center 293 Eisenhower Parl,:way Suite200 Livingston,New Je6eyO7039-l'lll (913)994-',7400

F AX: (973) 994- 3493 E-Mail:[email protected]

tuchadM. Chaiken, MAI, CRE JonP.Brody,MAI, CRE WilliamH. Steinhart MAI, CRE

(103) (104) ( I 0I )

DebraRipoli CherylS.Nobilc DianeV. Christiana Mark A. Chaiken

(107) (108) ( 109) (r 06)

IuJy24,2008 Townshipof Maplewood c/o RogerJ. Desiderio,Esq. Bendit, Weinstock& Sharbaugh 80 Main Street WestOrange,NJ 07052 DearMr. Desiderio: Pursuantto your requestfor anappraisalpreparedin summaryappraisalreportformatestimatingthe currentMarketVa1ue,FeeSimpleEstate,ofthe subjectpropertyfor possiblesalepurposes by the Township of Maplewood. The propertyis situateat: 125DunnellRoad,Maplewood,EssexCounfy,NJ Block/Lot 17.16110 We submitherewith5 copiesofour reportthatcontainsdatagathered in ourinvestigation andwhich describesour methodsof approach. We havemadeaninspectionofthe subjectandhavegivencarefulconsideration to all ofthe factors that,in our opinion,affecttheMarketValueofthis particularpropertyIn our opinion,the Market Valueof the FeeSimpleEstateof this property,for the abovestated purposeandthe sitecouldbe developed with 50 residentialmulti-familyunitsasof June20,2008 was$68,000/unitor $3,400,000. Sincerely, AppraisalConsultantsCorp.

JonP. Brody,MAI, CRE Certifi ed GeneralAppraiser N.J.LicenseNo. RG00390 Fldoc-jpbVpt08\aaplewood policestationrpt 7-087167jb.doc

Appnnrslr-,CoxsulraNrs Conr. I25 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

Appnlrslr, CoNsur-,ranrsCoRp. 125DUNNELL ROAD, MAPLEWOOD, NJ- MARIGT VALUE ANALYSIS

SUMMARY OF SALIENT FACTS: Location:

N/Westerlysideof DunnellRoadbetweenOakview Avenue and OaklandRoad in the Township of Maplewood,Countyof Essex,NJ

Value:

Feesimpleinterest

ValuationDate:

June20,2008

Blockllot:

r 7 .1 6 /r 0

LandArea:

0.848+acres* 36,9391sf(aspertax map)

Improvements:

Masonry police station built in 1950 containing approximately11,074 squarefeet plus a second building constructed in 1930 containing approximately11,425squarefeet.(areas& etc.from municipal property record card and assumedto be correct)

Zornng:

NB - NeighborhoodBusinessDistrict. The district allows retail businesses, restauants,dwellings units over storesand otherrelatedcommercialusesplus multipledwellingsunits.

Hiehest& BestUse:

As per zoning,developmentwith multi-family units

APPRATSAL CoNsur,r.lNrs Conr.

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125 DUNNELL ROAD, MAPLEWOOD, NJ- MARKET VALUE ANALYSIS

ASSUMPTIONSAND LIMITING CONDITIONS This appraisalis subjectto theselimiting conditions: The legal descriptionfumishedis assumedto beconect.Theappraisersassumeno responsibilityfor Iegalmatters,includingvalidity oftitle. Title is assumed to be held in fee simple,unlessotherwisenoted,andno liensor encumbrances. exceptthosenoted,wereconsidered. Theappraisers havemadeno surveyandthesketches in thereportarefor illustrativepurposes only. Unlessotherwisenoted,all majorimprovements appearstrucnrallysound.However,theappraisers arenot engineers,andanyinferenceof soundness beyondthatwhichwould bereasonablyobviousin a typical inspectionis unwarranted. Disclosureof the contentsof this report is govemedby the By-Laws and Regulationsof the Appraisallnstitute.Neitherall noranypartofthecontentsofthis report(especially conclusions asto value, identity ofthe appraisersor the firm, or anyreferenceto the Appraisallnstitute or to the MAI or SRA designations) shallbeusedfor anypuposesby anyonebut theclientspecifiedin thereport nor shall it, or anypart,be disseminated to thepublicthroughadvertisingmedia,public relations medi4 newsor salesmedia,or anyotherpublicmeansof communication withouttheprior wdtten consentor approvalof the appraisers. Further,the appraisers, or the firm, *ru-. oo obligation, liability, or accountability to anythird party.If this reportis placedin thehandsof anyonebut the client,theclientshallmakesuchpartyawareofall ofthe assumptions andlimiting conditionsofthe assignment. The distributionof the total valuationin this reportbetweenland andimprovements appliesonly ulder thecurrentlandutilizationandis invalidunderanyotherprogram.Thisvaluationmustnotbe usedin conjunctionwith anyotherappraisal. Testimonyandcourtappearances in connection with this appraisal arelimitedto thosesinrations for which prior arrangements havebeenmade. Theappraiser is notqualifiedto testfor thepresence ofHazardoussubstances. Thepresence ofsuch hazardoussubstances or environmentalconditionsmay affect the value of the property. The valuation containedin this appraisalassumesthat the propertyis not polluted oi otherwise contaminated anddoesnot reflectanydiminutionofvalueasa resultofenvironmentalconditions. This valuationis subjectto changedependingon the availabilif of informationconceminsthe environmental conditionofthe propertyin question.

Appnalsar-Consur,raNrsConp.

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125DUNNELL ROAD, MAPLEWOOD, NJ- MARKET VALUE ANALYSIS

ASSUMPTIONSAND LIMITING CONDITIONS TheFreshwater WetlandsprotectionAct restrictstheuseanddevelopment of freshwaterwetlands. EffectiveJuly 1, 1988the DEP was established as the reviewingandapprovingauthorityfor all developmentwithin or adjacentto freshwaterwetlands.This legislationestablishedcertain development criteriaincluding,butnot limitedto, variablebuffersaroundauthorizeddevelopment adjacentto freshwaterwetlands. The identificationanddelineationof freshwaterwetlandson the subjectproperfy,if any, hasnot beenbroughtto our attentionnor did we becomeawareof any such-delineationsjuring our inspectionofthe subjectnor duringourinvestigations for thisreport;however,theappraisers arenot qualifiedto rendera professional opinionasto thepresence or extentof freshwateiwetlands.The readeris advisedto seekcompetent, professional advisein identifuinganysuchpotentialfreshwater wetlandssince identificatio3and delineationof any fieshwater*.ilarrd, within the subject boundaries couldhavesignificantimpactuponvaluestherebyrequiringappraisalrevision. TheAmericanswith DisabilitiesAct (ADA) becameeffectiveJanuary26,1992.TheADA mandates barrier-Aeeaccessin public places.For new construction, the costsinvolvedwith meetingADA standardsare minimal. For older constructionthe costs of retro-fitting buildings to meet such standards couldbemoreexpensive andthereforenon-compliance couldhavea substantial negative impactuponvalue. While the appraisers arenot architects or engineers andarenot qualifiedto renderanyprofessional opinionsasto completecompliance, nevertheless themoreobviouselements havebeenconsidered, specifically(i) defrnedparkingspaceswith appropriatesignage(2) curb cursin sidewaiks(3) automaticdoor entries(4) enlargeddoorways(5) accessand egressrampingand elevators(6) restoom accessibilityandutility. To an appraiser, all suchelementsofnon-compliancewould be classifiedascurableFunctionalobsolescence andmeasured by a cost-to-cure. Onlya completeprofessional compliance survey(withplansandspecifications) coulddetermine the full extentof anynon-compliance ald thefull retrofitcosts.ln theeventsucha professionalsgrvey andstudyis made,it may benecessary to revisethis appraisal. The subjectsite may have undergroundfuel storagetank(s).The undergroundtank(s) could be a liability. Neitherthecompositionnortheconditionofthe tanksareknownto theapprais".r.1'h" typi.a life expectancyofan undergoundtankis 15to 20 years,(federalguidelinessuggesta t Oyearlife). Soil contaminationcould occurifa tankleaksandwould be costlyto cleanup.Without a detailedphysical inspectionof the tanksandthe sunoundingsoil, it is impossibleto estimatepotentialcleanupcosrs. Thereforethis analysisdoesnot coversuchcontinsencies.

APPRAISALCONSULTIITS CONI.

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125DUNNELL ROAD, MAPLEWOOD, NJ _ MARKf,T VALUE ANALYSIS

QUALIFICATIONS:JonP. Brody,MAI, CRE PROFESSIONALEDUCATION: AMERICAN INSTITUTEOF RTAL ESTATEAPPRAISERS: CourseI - AppraisalTheoriesandPrinciples CourseII - RealEstateAppraisalProblems& CaseStudies Course[V - Condemnation Principlesard Techniques CourseVI - Capitalization Properties CourseVIII - Residential CurriculumTrainingSeminar Practice of Professional Standards SOCIETYOF REAL ESTATEA?PRAISERS Course301 - SpecialApplicationsofAppraisalAnalysis SEMINARS@artialList): AI - SubdivisionAnalysis ICLE - EquitableDistribution Analysis AI Taxation Real Estate - Investment ICLE ofRetail Properties AI Valuation Update Condemnation ICLE Analysis AI Risk SPA - Valuation,LodgingFacilities AI Rights - Mt LaurelAnalyses NJADC - DevelopmenVTransfer AI - InvestmentMarkets AIREA - CapitalMarkets& Real Estate Wetlands AI Rezulations - Freshwater AIREA - Environmental Bachelorof Arts

Universityof Denver

PROFESSIONALLICENSE& AIFILIATIONS: MAI: MemberAppraisalInstitute of RealEstate CRE: MemberCounselors Appraiser Senior Residential SRA: Member: Boardof Realtors,LicensedRealEstateBroker- NJ STATECERTIFIED NJ GeneralAppraiserRG-00390 PROFESSIONALEXPERIENCE: Corp. AppraisalConsultants President, Actively engagedin real estateappraisingsince1963,with a diversifiedpracticeencompassing valuationand evaluationof residentialproperties,indushial,commercialand specialpurpose condominiums, co-operatives, propertiesincludingshoppingcenters, hotels,motels,servicestations, truckterminals,marketabilityandfeasibilitystudiesandsitelocationstudies. RetiredCertifiedFacultylnstructor: Appraisallnstitute QualifiedExpertWitness: UnitedStatesTax Court UnitedStatesBankruptcyCourt SuperiorCourtof New Jersey Tax Courtof New Jersey membersfor ifsdesignated Jon TheAppraisalInstituteconductsa voluntaryprogramofcontinuingeducation program. education ofthe continuing P. Brodyhascompletedtherequirements

Appn-lrsar-CoNsulr,qlrs CoRp.

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125 DUNNELL ROAD, MAPLEWOOD, NJ- MARKET VALUE ANALYSIS

QUALIFICATIONS,Continued:JonP. Brody,MAI, CRE POSITIONSAND OFFICESTIELD: NEW JERSEY: 1972-1983

Chairma:rof eachof the standingcommitteesand Officer (Secretary,Treasurer,VicePresident) oftheNew JerseyChapters oftheAmericanInstituteofRealEstateAppraisers and the SocietyofRealEstateAppraisers culminatingin thepresidencies ofboth organizations.

1982

President, Nortl JerseyChapter,SocietyofReal EstateAppraisers(SREA)

1983

President, NewJerseyChapterNo. l, AmericanInstituteof RealEstateAppraisers (AIREA)

APPRAISAL Coxsul-r.lr{rs Conr.

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125 DI]NNELL ROAD, MAPLEWOOD, NJ- MARKET VALIJE ANALYSIS

ASSIGNMENTS PARTL{L LIST OF THE FIRM'SREPRESENTATTVE CLIENTSand/oTREPRESENTATIVE MLIN]CIPAUTIES City ofAtlartic City City ofLinden Cily ofPassaic City ofRalway Twp ofSouthOrangeVillage

Boroughof Carteret BoroughofFlorhamPark Bo.oughofParamus BoroughofTotowa Boroughof Wesfwood

Tou,nshipofEdison Townshipof Rahway Tormshipof Randolph Townshipof Springfield To*,nshipof Maplewood

BANKS, INSURANCECOMPANES AND FIDUCIARYAGENCIES Bank of America ChaseManhattanBank ChemicalBanl CNA lDsuance First UnionBancorp

FirstChicago Homelnsurance ManufacturersHanover OcwenFedera.lBank PNC Bar* O4idlantic)

PeoplesTrustofN.J. RarnapoBank Sovereign Bank SummilBancorporation UniredJeNeyBark

FEDERAL AND STATEAGENCIES Adantic County Utility Authodty FederalDepositInsumncaCompany GeneralS€rvices Administration Hackensack MeadowlardsDevelopment Commission NewarkRedevelopmenl & Housing N.J. Spods& ExpositionAuthority New JerseyDepartmentof Transportation

New JerseyTumpikeAuthority ResolutionTrustCorporation ThePod Autho ty of N.J.andN.Y. U.S,Army CorpsofEngineers of Justice U.S,Deparhnent U.S.lotemalRevenueService

INDUSTRIAL/OFFICE/RESEARCHFACILITIES American Cyanamid AnchorGlass B.P. Oil TankFarm Bristol Meyers CibaPharmaceutical CurtissWright Ex\on GAI Corp. G€neralMotorsAssemblyPlant

Hoftnan La Roche HoudailleConstruction Hills Brothers

JiryLube JobnsManville Litton lndust'ies McGirley Mills NabiscoCo, Nestle

SHOPPING CENTERSHOIELS AND CASINOS BergenMall William Pitt Town Squarc GardenStatePlaza LivingstonMall LoehmannPlaza ParamusPark QuakerBridgeMall RockawayTown Square SilvertonShoppingCenter The Shops@ OceanOne The FashionCenter The Mall at ShortHills PrincetonFon'estal Village The Mall al Hanilton WillowbrookMall

CONGREGATECAR-E ManorHealthCare Corp. SeniorCampusLiving Inc. EatonlownNursingHome Arbor Glenof Bridgewater TheCupola

Bally Grard Bally'sParkPlace Caesar's Boardwalk HolidayInns HowardJohnsons RamadaIryls ResortsIntemational SandsHotel& Casino TheCladdge ThePleasantviite Sheraton Laily HobnesCommodore TheLakePlacidHotel TheOld Mill Inn TheWoodcliffLakeHilton Taj Mahal

PrincetonForrestalCenter Passaic Valley ScwerComm PublicServiceElecric & Gas UltimateCorporation Passaic CrushedStone Riv€rdaleQuarry Tri-Coulty Asphalt Hamm'sLandfill EdgeboroLardfill

RESTATIRANTS Bridgewater Diner BridgewaterManor Buger King Chanticler CharlieBrown's ClassReunion Denny's Friendly's KentuckyFriedChicken L'Affalre22 McDonald's Popeye's R€dLobst€r Steakald Ale Wendy's

RECREATIONFACILITIES AUTODEALERSHIP HopewellValleyTennisClub HwangRacquctBall Club Bay PointHarborMarina DillonsCreekMarina SunHarborMarina

KonnerChevrolet BroganCadillac Mall Hyundai RC Chevrolct-Honda-Toyola JosephChevrolet

Conp. Appru.rsar.CONSULTANTS

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125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

SCOPEOF THE APPRAISAL ASSIGNMENT: TheAppraisal Reporthas beenprepared in accordwith all professionalappraisalstandardsand guidelinesand the Uniftrm StandardsofAppraisal Practice(/SPAP) of theAppraisal Foundation and theStandardsof Professiona! Practice(SPP)of theAppraisalInstitute. It is appropriate at this pointto defineanddifferentiate betweentheactofappraisingandthereport of an appraisal. AN APPRAISAI is anestimateofvalue;it is theactor processof estimating value.It maybeoralor written. AN APPRAISALREPORTis the oral or writtendocumentpreparedin accordwith professional appraisalstandards identifiedasUSPAPandSPP. Thereare*ree LEVELSof AppraisalReportformats:

1)

TheSELF-CONTANED REPORTwtnchis themostdetailedandlengthyof thethree typesofreports. It attemptsto develop,in narrativeform, everythingthatanappraiser might theoreticallydo in a perfectidealizedmarket,comparedandcontrastedto what wasactuallydone,with discussions at all levelsofdecisionsothat not only arethe appraiser'sconclusionsdocumentedbut also all processeswhich led to the conclusionsarealsodocumented.

2)

TheSUMMARYREPORTwhrchdiffersfromtheSelf-Contained Reportin theleve1of detail in thepresentation.For example,two pagesin the Self-Contained Reportrnighttransiateinto two paragraphsin the Summary.The natureand extent of the market place in which the propertyexistsmight be describedandanalyzedin thirty pagesin the Self-ContainedReport and simply identified in a few paragraphsin the SummaryReport. TheRESTNCTEDREPORTis intendedfor theclient'suse,anin-housereportwhichdeals perfi.rnctorily with background dataandanalyses andcutsto thechasewith conclusions. It is theshortestofthe threetypesofreportsandhaslimitedandrestrictedusebecause it assumes a familiaritywith thepropertiesandtheappraisal procedures anddealsonlywith conclusions andrecommendations to assistin in-housedecisionmakingprocesses.

CoNsulraNrs Conp. AppnArs.q,L

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125 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

SCOPEOF THE APPRAISALASSIGNMENT:Continued The form andformatwould haveno impactuponvaluesreported. In the instantcasethis appraisalis reportedin sunmaryappraisalreportformat. andproceduresutilizedin It is a narrdtiveappraisalreport outliningthe appraisaltechniques evaluatingthe retrospectiveMarket Valueof subjectpropertyfor possiblesalepurposes. the entirebodyof documentencompassing Thereportis not intendedto be a completestand-alone more important and salientfactsand is limited to the appraisaltheoryandknowledgebut rather opinionsandfinal conclusions. conclusionswhich formedthe foundationfor the valueestimates, The reportincludes: andthe effective r identificationanddescriptionofthe specificestateto beappraised date, consideration ofthe subject'sneighborhood t a descriptionofthe propertyappraised, physical both andeconomic, andenvironment, o an analysisof HighestandBestUse, andusedin the development of tecbniques considered a a discussionofthe appraisal the valuation, a a completepresentation of eachapplicableappraisalapproach,a summaryand into a final valueestimateas of the valuedatein reconciliationofthe approaches question. we inspected the exteriorofthe existingclosedpolicestationand In undertakingthis assignment andundertooka studyofthe subjectcommunity garages theneighborhood on thesite.We inspected particularlyin the circle of place relativeto development and surroundcommunitiesandmarket inlluenceimpactingthe subject'sneighborhood. We reviewedmunicipalmapsand the zoning havingcharacteristics similar ordinance.We undertookresearch andstudiedlandsalesofproperties to the subject'shighestandbestusefor multifamily housing.

Conp. AppnArs,qlCoNsur-,r,lrvrs

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125DI]NNELL ROAD, MAPLEWOOD, NJ_ MARKET VALUE ANALYSIS

PURPOSEOF THE APPRAISAL: This appraisalis madefor the purposeof estimatingthe MarketValue of the fee simpleestateof the subjectproperfyfor possiblesalepurposes. DEFINITION OFVALUEI MARKET VALUE is definedas "the most probableprice which a propertyshouldbring in a competitiveandopenmarketunderall conditionsrequisiteto a fair sale,thebuyerandseller,each acting prudently,knowledgeablyandassumingthe price is not affectedby unduestimulus.Implicit in this definitionis consummation ofa saleasofa specifieddateandpassingoftitle from sellerto buyerunderconditionswhereby: (1) buyerandselleraretypicallymotivated; (2) bothpartiesarewell informedor well advisedandeachactingin whathe considershis own bestinterest, (3) a reasonable time is allowedfor exposurein the openmarket, (4) paymentis madein termsof cashin U.S. dollarsor in termsof financialarrangements comparablethereto,and (5) the price representsthenormal considerationfor thepropertysoldunaffectedby special grantedby anyoneassociated with the sale." or creativefinancingor salesconcessions

DATEOFVALUATION:

June20,2008

DATE OF INSPECTION(S)

June20, 2008 andotheroccasions

FTJNCTION/INTENDEDUSE AND USERS: It is anticipated thattheintendeduseof this appraisalwill serveasthebasisfor a determination of the Market Value for possiblesalepurposes.This reporthasbeenpreparedin accordwith all applicableprofessional reportwriting standards.Theintendeduserofthis reportis the client,the Townshipof Maplewood. PROPERTY RIGHTS APPRAISED: This appraisalis madewith the understanding that the presentownershipof the subjectproperty includesall of therightsthatmaybelawfully ownedandis thereforetitle in feesimple.FeeSimple is an absolutefee,subjectonly to the limitationsof eminentdomain,escheat,policepower and taxation. IDENTIFICATION. HISTORY/OCCUPANCYAND TITLE DATA: Thepropertyis listedin themunicipalrecordsasbeingownedtheTownshipof Maplewood.It has beenin that ownershipfor at least30 or moreyears.

AppRllslt

CoNsulraNrs CoRp.

125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

REGIONAL LOCATION MAP:

AppnaIs.ll-CoNsulrn llrs Conr. 125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

NEIGHBORHOOD AREA MAP:

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AppRLrsar-CoNsur-uxrs Conp.

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125 DUNNELL ROAD. MAPLEWOOD. NJ _ MARKET VALUE ANALYSIS

TAX MAP. STJBJECTHIGHLIGHTED IN YELLOW:

F-------r{ '-\-

Appn-rrs.lr-, CoNsulraNrs Conp. 125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

TAX MAP- SUBJECT HIGIILIGHTED IN YELLOW:

rwsnmnilrwooo 0,B48Acres i{--------

---

Eb-*ii-*\ :h:\

EXEMPT t?

"*.!fiBo O.605Acres

F**

APPRAISALCONSUT-raNrs CoRp. 125DUNNELL ROAD. MAPLEWOOD,NJ }I.{RKET V.{LUE AN,{LYSIS

AERIAL PHOTOSOF SUBJECTAND AREA:

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Appnntsal CoNsur-rlNrsConr. I25 DUNNELL ROAD, II{PLEWOOD, NJ - Itr{RKET VALUE ANALYSIS

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Appnl,rs.q.r. Coxsur.uNrs Conp.

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125 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

AREA AND NEIGHBORHOOD DATA AND ANALYSIS: The Townshipof Maplewoodencompasses some3.85aremilesof land. Someof the moreimportantdemographics include: POPULATION: Year

Population

1980 1990 2000

22,950 21,652 23,868

2006(Est.)

)) 7\q

REAL ESTATE TRENDS: Demonstratingand perhapsa good barometerofreal estateactivity and value changeis a 6year comparison of the municipal Equalized Valuations' prepared by the State of NJ Departmentof the Treasury Division of Taxation. This annual report is preparedfor the purposeof distributing school aid as well as a tool to apportioncounty ta{es.

Year

2002 2003

2004 2005 2006 200'l

Value Equalized YoChanee $2,194,6'.79,529 +13% $2,480,s40,878 +10% $2,738,623,446 +13o $3.084.761.112 +15% 93,557,974,028 +701 93,792,155,742

EqualizedValuesreflectnew constructionand demolitionsso theyore not a direct reflectionof individualpropertytrends,albeittheyarereflectiveofthegrowthor declineofaggregate property valuesovertime.

1

Note, the actualratesof changein propertyvaluescannotbe directly determinedflom the equalized values since the aggegate values include new construction and additions (offset to some extent by demolitions).Also we note that the Statestudiesarenot calendaryearsbut rathertax years(July l" through June 30-) for statisticalaverages.But, the basic trends are consideredindicative and reflective of local market conditions.

Appnars.ll CoxsulrnNrs CoRp.

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I25 DUNNELL ROAD. MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

NEIGHBORHOODDATA AND ANALYSIS: RealProperty(2007) Class Vacant land Residential Farm Commerciai Industrial Aparffnents

TOTAL

Number of Parcels

4l 6.872 0 306 .]_l

12 7.264

Thesubjectis locatedin apredominantly commercialneighborhood. It is withinwalkingdistance to the Maplewood train station and to the central businessdistrict of "downtown Maplewood movietheate,post MaplewoodVillage".Thedistrictis madeup of smallretailstores,supermarket, office along with specialtyshops,banks,automobileservicefacilities and small office buildings. Maplewood Country Club, a private golf club is locatedwithin walking distanceto the subject. ColumbiaHigh School,locatedin SouthOrange,andservingastheHigh Schoolfor Maplewood,is also locatedwithin a few blocks of the subjectas is the Maplewoodmunicipal building on Valley Street. Due to the subject'sproximity to the train station,which hasa direct link to New York we foreseea continuedappreciationin demandfor the areaandlikewise a continuingupwardtrend in properfy values.

Coxsur-r.qlrsConr. AppRAIsAL

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125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

ZONING BusinessDistrict The subjectis locatedin theNB - Neighborhood D. NeighborhoodBusinessNB, RetailBusinessRB andHighwayBusinessHB Districts (1) PermittedPrincipalUses (a) RetailBusiness,not includingthrift shopsandcheckcashingestablishments; (b) FinancialInstitutions; (c) Restaurants, but not includingfastfood restaurants; (d) Dwelling Units over stores; (e) Officesbut not on the streetlevelor lowerlevel in theRS district; (f1 BusinessSchools; (g) Multiple Dwellingsin theNB district. **WebmastersNote: Theprevioussubsection, D(1),hasbeenamendedasper OrdinanceNo. 2t9t-02. (2) AccessoryusesGarages, off-streetparkinglots (exceptin theRB District),sheds,fencesnot solar receivingdishantennas, over six (6) feetin heightin sideor rearyardsonly,radioantennas, provided that such permitted uses, with the collectorsandotherusescustomarilyassociated principal andserveonJythe principaluse use to the are subordinate uses accessory (3) Conditional uses(See$271-10B) (a) Off-streetparkinglots in the RB District (b) Automobileservicestations in theHB Districtonly (c) Salesof new or usedautomobiles (d) Rentingor leasingof motorvehicles,trailersor equipmentin the HB Districtonly (e) Car washesin the HB Districtonly (f) Repairgaragesin the HB Districtonly