Police Bldg Appraisal Hirez 3

Appnarsal CoNsulr.lxrs Conp. I25 DUNNELL ROAI), MAPLEWOOD, NJ- MARKf,T VALUE ANALYSIS

ACCMARKETDATA BASEFILENUMBER:3:22623

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z

a ot U)

z

7

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APPRAISAL CoNsur-r.mrs Conr. I25 DUNNELL ROAD, MAPLEWOOD, NJ - MARI(ET VALUE ANALYSIS

qadrr6n^6

50981 s - 2 3 1 64 V L C o n dos or

N,rml-'6r'

S af e Num b e r: 3 O c c Code: S t r eet A d d re s s : M,,n i

.i

h r'1

i | \r .

T M B loc k / L o t

qnr i

?1 51

ol

rl

ar r o

(U ni on C o. )

U n l o n Tw p. (s ) :

R es C fuster

nn€i

48r7/3 r & 3 2

T I T LE / De e d D a te d : S ales P r ic e : B ook / P age:

03/01/20 4 6 s600,00 0

G r ant or :

,1 5 4 Sn-i -.rfi al .l A va. LLC BeLla Cuore Con'nons LLC Typical F e e s i m pl e

T er m s / Cond i ti o n s : Fc + r f a ^^nv a ! , d ^ .

T he land

5 5 1 4 / I30

qr r hi

s o fd :

a.f

i^

NEIGHBORHOODDATA AND ANALYSIS Ut illt les : None Z onlng: BB -Bu s lness SITE DATA AND ANALYSIS l, ot S iz e (s q ft): A c r es : F r ont F ee t: S hape: T opoqr aphy; P er m it t ed # u n i ts : Hidhaef

c

Raci

rl
MARKET INDICATORSI S P / P E RM I T T E D U N ]T :

c

^nnr ^v :l

R etai l

15,000

sf

2 r,3 4 4 0 .4 9 0 0 0 0 1 8 8 .2 8 Irre g u l a r Cana.^l1r r

Iar z eI

12 nr >r l e

B As

z one d

$75,000.00

REMARKSAND OBSERVATIONS : T h- s s ic e w a s s o l d w i th B edr m s . ) (4 -2 Be d rn s . )

a p p ro v d .l s

l or

8 condo' s

6 or

aparrmenLS ,

AppRarsar, Coxsur-,raNrs Conp. 125DUNNELL ROAD, MAPLEWOOD, NJ- MARKET VALUE ANALYSIS

ACCMARKETDATA BASEFILENITMBER:5:23164

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L-l8 "d{f=l 6-1Pl

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ilrl [*+--m

urt

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AppnnrsalCoxsur-raNrsConr.

-44-

125 DIJNNELL ROAD, MAPLEWOOD, NJ- MARIGT VALUE ANALYSIS

Sequence Number: Sale Nunf,er: 4 Occ Code: Street Address:

48920 s- 22439 VL Condos or Res C.l-uster shunpi ke Rd. & WiLson Rd.

Mrrnirin:li+rn

Springfield Twp, (Union Co. ) 1705/26 & 2'7

rrM

Pl

/T.^t-

/.I

.

^-lz

T I T LE , De e d D a te d : S ales P r ic e : B ook / P age:

0 4 / 1 2 /2006 5 4 , 5 0 0 , 000 5 5 7 -1 /245

G r ant or : Grantee: Terns /Condit ions : E s t at e c on v e y e d : T he f and s o l d :

G e n e C onsal es & C harl otte Rj-dge Developers Skyline Tl4)ical F e e s i mpl e Wi th fi n al approval s

consafes LLC

H /W

NEIGHBORHOODDATA AND ANALYSI S Ut . ilit ies : M u n i c i p al Z oning: MR SITE DATA AND ANA],YSIS Lot S iz e (s q ft): A c r es : F r ont F eet : S hape: Topography: P er m it t ed # u n i ts :

3 6 2 ,2 4 5 8 .3 1 6 0 0 0 4 5 O .2 O Irre g u l a r Generally 93

Hiohcsf

As

t

RF si-

llsa :

I4ARKET INDICATORS: S P / P E RM I TT E D U N IT I

fevel

G grade

zo n e d

S4 8 ,3 8 7

RE M A RK SA N D O B SE R V AT ION S: The planning board has approved application s it e. Lot 2 7 h a d a p o o .I & s n a c k bar w hi ch

to build 93 condominium units will be demol i shed.

on this

AppRarsll CoNsur.uxrs Conr. 125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

ACCMARKXTDATA BASEFII-ENUMBER:5:22439

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Appnarsnl,Consur-uNrsConp.

- +o-

125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

q a l r.d -^^

\.- - L

6r .

515

61

S af e Nunb e r: 5 O c c Code: S t r eet A d d re s s :

S- 2 3 5 31 VL C o ndos or R es C l uster 1 0 8 -1 1 6 Orange S treer

M unic ipalit y : T M B loc k / Lo t

Bl o o m fi el d 1 5 6 /4 4 ,46

(s ):

Tw p. & 41

(E ssex C o.)

T I T LE , De e d D a te d : S ales P r ic e : B ook / P age:

0 8 /2 2 /2 A A 6 5 1 ,1 5 5 , 000 6 3 1 8 / 1 97

G r ant or : G r ant ee: T er m s / Cond i t i o n s : E s t at e c on v e y e d : T he land s o l d :

J U S III/ LLC J a n d L D evel opers, LLC Typical F e e s i m pl e Su b j e c ! to approval s

NETGHBORHOOD DATA AND ANALYSI S Ut ilit ies : M u n i c i p af Z oning: C B D - C entra.L B usi ness SITE DATA AND ANAIYSIS Lot S iz e (s q ft): A c nes : F r ont F ee t: S hape: T opogr aphy : P er m it t ed # u n .i ts : Highes t & Best Use:

7 4 ,4 1 0 0 .3 3 0 8 0 0 1 0 9 .9 0 R e c ta n g ul ar c e n e ra l l y l evel 14 R e s i d e n ti al

MARKET IND]CATORS: S P , / P E RM I T T EDU N IT :

S 8 2 , 5 0 0. 00

D i stri ct

Zone

G grade

P E ] Y A RK SA N D O B SE R V AT .L ON S. G r an! or sf-Dcf

r e c e -i v e d 1ra

..-

- a in i- lr

a p p ro v a l s -r'

4 /4/20A 6

co n d o m in iL-.n

to

uni rs

construc! above

a

a f:

rc.

rhree-sLory .'.^r

' I ? c ar s . El e v e n a d d -i L i o n a -L p a rk i ng spaces w i f .L be l ocated lot was v a c a n t a t th e ti m e o f t he sal e. The foo1:nri nf of 1t ' 1 40, 2 S E . A.l .L u n i ts will h a ve tw o-bedrooms.

n:rLi rr

res_denLiaf ar-i a6

f^*

i n rhe rear yard. The fhc sl rrctrrre w i lf be

Arprulsar.,CoNsulraNrs Conp.

-47-

r25 DUNNELL ROAD, MAPLEWOOD, NJ- MARKET VALUE ANALYSIS

ACC MARKXTDATA BASEFILENUMBER:5:23537

.ff P A RK WA Y 1.1 E

AppRarsar-, Colsur-rANrs Conr.

-48-

I25 DUNNELL ROAD, MAPLEWOOD, NJ_ MARIGT VALUE ANALYSIS

MARKET DATA ANALYSIS AND EVALUATION: The marketdatasalescomparisonapproachis a sophisticated form ofcomparisonshoppingwhereby the salesand the subjectproperty are comparedand contrastedto eachother to developrelative adjustrnent salescanbeadjusted to providean factorssothattheknownsalespricesofthecomparable indication of value for the subjectproperty.The logic andrationalefor the appraiser'scomparative adjustmentscanbe briefly summarized: HIGHESTAND BESTUSE: Use createsvalue,just aslimitationsuponusedestroysvalue.Carehasbeentakento selectsales with genericallysimilarhighestaadbestuses. ESTATE CONVEYED: The subjectis appraised in feesimple.Thesalessoldasfeesimpletransactions thusno adjustments areneeded, TERMS & CONDITIONS(CashEquivalency): All ofthe salesselected reflecttlpical marketconditionsandrequireno substantive adjustments. APPROVAIS: Theright to useor "approvals"is animportantvaluedeterminant.Sincein theinstantcase,thesubject's it is considered with no approvals.Thereforethe subjectis H&BU is for multi-familydevelopment considered inferiorto thosesalesthatsoldsubjectto varyinglevelsofapprovalsfor multi-familyuse. TIME AND MARKET CONDITIONS: We adjustedthesalesbasedon our analysisofthe marketplaceoverthepastfew years.Duetothe statusofthis marketwe madeno time adjustment for thosesalestakingplacebetween2006through to thedateof ourvaluation.Forthesalein 2005we employed, a 5o/oadjustmentfor thatsalebetween the time of saleandtheendof 2005.

ArpRars.lr-CoxsultarvrsConp.

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125 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

LOCATION: The subjectin our opinion is superiorin locationin comparisonto all of the salesdue to its proximity to the railroadstation.Needlessto saythis couldbeconsidered both a positivefrom its proximity to thestationanda negativedueto it backingupto therailroadright ofway andknowing that the apartmentswill bedirectly exposedto boththe sightandsoundoftrains. Howevertakingall thesefactorsinto consideration we find the subjectlocationdueto its proximityto both the train stationandto MaplewoodVillageto be superiorto the salesby varyingdegrees.

PHYSICAL CIIARACTERISTICS- LAND AREA/SZE: This factor takesinto considerationthe overall shape,size,topogaphy and other relatedphysical characteristicsof the site. Addressingthe sub-category of sizewe havefound that when valuing a propertyona "squarefoot basis",themarketin someinstances will reflectthatsmallerparcelswill sell for higherunit valuesandlargerparcelsfor lowerr.uritvalues.Whenhowevervaluinglandon a "per unit basis"aswe did in this reportthemarkeVunitofcomparisonandsalepricehavealreadytakeninto considerationthe "densityofdevelopment"andlikewisetheoverallpropertysize. Thereforefor land valued on a per unit basisthere is no adjustrnentfor land area. The adjustmentalso takesinto considerationthe otherfactorsaddressed aboveincludingdensityof development.We adjustedthe salesaccordinslv.

APPRATSAL Coxsur,uxrs Conp.

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125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

MARKET DATA SALES COMPARISONAPPROACH.GRID-MATRIX ANAIYSIS: Themarketdatasalescomparisonapproachis applicableto all propertytlpes wherethereis a sufficient to crcatevaluepatternsin themarket.Thebasicpremiseis that numberofrecent,reliabletransactions themarketwill determinethevalueof thesubjectpropertyin thesamemannerin whichit determined properties. competitive thesalespriceofthe comparable, For the subject,this COMPARATIVE SALESRATING GRID is appropriate:

r(23r84) 2(22623)

Salenumber

Subject

3Q3164)

Streetaddress:

125Dumell 12-22Maie 200Bumett Road, Place, Avenue, Maplewood MaplewoodMaplewood

4(22439) s(23s37)

Shunpike, 2154 Springfield Springfield Ave,Union

108-l6 Oralge Bloomfield

Saledate

6/20t08

SalePrice Size(SF) No.Units

$750,000 36,939 50

Price/Unit Approvals

4t27/07 15,000

t0 $75,000

3/7/06

8/22/06 $400,000 $600,000$4,500,000$1,1s5,000 11 144 17,842 362,245 14,410 8 14 5 93 $80,000 $75,000 $48,387 $82,500 Subjectto

SALE NO.

r(23184)

2Q2623) 3Q3r64)

Pricerunit

$7s,000

Approvals:

-1 5 %

TimeAdjustment AdjustedPrice

$63,750 0% $63,750

$80,000 -1 5 % $68,000

s(23s37)

$7s,000 $48,387 -1 5 % -20%

$82,s00

$63,750

s74,250

$38,710

-10o/c

0% 0% 0% $70;724 $63,750 $38,710 $74,250 4%

5%

5%

10%

Physical:

-5%

Iotal Adjustment

0%

-5% 0%

-5% 5%

$63,750

Subjectto

4Q2439)

Location:

Unit ValueIndicated to subject

4/12/06

Subjectto With Final

Subject to

AdjustedPrice

As of Right

3/7/05

$70,720

$66,938

25% 5% 30o/o

$50,322

5% -)"/c

0o/o

s74,250

APPRAISALCoNsur-raNrs CONI.

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125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

reflectthesubject's relativesuperiority whileminusadjustrnents reflectthesubject's Plusadjustrnents relative inferiority for that valueparameter.While no singlesalecanbe consideredconclusive,the 5upportfor a valueestimate of$68,000per combinedweightofall salesprovidesfirm andpersrraqivs proposedandanticipated unit. Therefore:

50 ProposedUnits @ $68,000/Unit

=

$3,400,000

The aboveunit valuewould still berealisticif thenumberofunits approvedprovedto be lessthan the estimated50 units. We haveestimated the sameunit valuefor an)'r,vhere between30+ to 60+ prospective purchaser units. This scenarioassumes units". it is our opinion that should the "rental applyfor condominiumdevelopment thattherecouldbe a nominalincrementin unit value. The value is also subjectto the development beingundertakenin a marurersimilar to our assumed developmentfrom a unit and unit size standpoint. If any of those assumptionsare altered significantlywe would reservetheright to reviewour final valueestimate. architects,or planners.Individualswith Aspointedout earlierin our report,wearenot engineers, thosedisciplineswouldbemoreprofessionallyqualiJiedto interpretthezoningordinancesandto predict with greateraccuracythenumberofpotentialunitsthat couldbedeveloped on thesubject site. Thereadershouldalsokeepin mindthatthis valueis basedon thevaluationasofJune2008anda ratherunsettledreal market. As time goesby andasoneassumes the marketwill appreciate thre upward factor into would be an adjustment to takethis supply/demand consideration. Due to the magnitudeof the improvements it would not be uausualfor the sellerto take on the obligationof demolishingtheimprovements. Thishoweveris not alwaysthecase.Demolitioncan be anareaof negotiationbetweentheparties.Ourmostrecentanalysisof demolitioncostsreflecta rangeofbetween$7.50to $12.00/square foot to demolisha structuresuchasthe subjectincluding removalof the debris. This doesnot includethe cost to removeanv contaminationincludine asbestos. We haveno knowledge,asstatedin ourassumptions andlimiting conditionsregardingthepresence of any contaminationon the propertyor within the improvements.Thosecleanup costs,if any. would traditionallybethe responsibilityofthe selleraswould a realestatecommissionifa broker was involved.

Coxsulraxrs Conr. APPRAISAL

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125DUNNELL ROAD. MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

doesherebycertifr that: CERTIFICATION:Theundersigned To the bestof my knowledgeandbelief,the statementsof fact containedin this report aretrue and correct. The reportedanalyses,opinions,andconclusionsarelimited only by the reportedassumptionsand limiting conditions,and aremy personalimpartialandunbiasedandprofessionalanalyses,opinions, andconclusions. I have no presentor prospectiveinterestin the propertythat is the subjectof this report, and no personalinterestwith respectto thepartiesinvolved. I haveno biaswith respectto thepropertythat is the subjectofthis reportor thepartiesinvolvedwith the assignment. My engagementin this assignmentwasnot contingentupondevelopingor reportingpredetermined results. or reporting is notcontingent uponthedevelopment thisassignment for completing My compensation ofa predeterminedvalue or directionin valuethat favorsthe causeof the ciient, the amountof the eventdirectly value opinion, the attainmentofa stipulatedresult,or the occrlrrenceofa subsequent relatedto the intendeduseofthis appraisal. My analyses,opinions, and conclusionswere developed,and this report has been prepared,in of ProfessionalPractice(JSPAP) andin conformitywith the conformitywith the Uniform Standards AppraisalPractice ofProfessional Ethicsandthe Standards of theCodeofProfessional requirements (SPAP)ofthe Appraisallnstitute. The useof this reportis subjectto therequiementsofthe AppraisalInstituterelatingto review by its duly authorizedrepresentatives. As of the date of this report, I Jon P. Brody have completedthe requirementsof the continuing educationprogramsofthe Appraisallnstituteandthe StateofNJ. ofthe propertythatis thesubjectof thisreport. I havemadea personalinspection to the undersigned, albeit the professional assistance No one providedsignificantprofessional assistanceof the AppraisalConsultantsappraisalstaff is acknowledgedin the developmentof the andphotographs. Market Data SalesBank, field measurements, APPRAISAI CONSULTANTSCORP.

JonP. Brody,MAI, CRE Certified GeneralAppraiser N.J.LicenseNo. RG00390

Apprursal CoNsur,uNrs Conr. 125 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET YALUE ANALYSIS

ADDENDA ST]BJECT PHOTOS

-53-

AppnarsnrCoNsur,rnNrsCoRr. I25 DUNNELL ROAD! NIAPLEWOOD, NJ

]\,LA,RKETYALUE AN.{LYSIS

AppurslI, CoNsur-r,lNrs Conp. 125DUNNELL ROAD,}T{PLEWOOD, N.I_ NIARKIT VALUE ANALYSIS

l: 1 :r ,l

APPRAISAL Coltsur-rnNrs Conr. 125DUNNELL ROAD, MAPLEWOOD,NJ _ N,lARKETYALUE ANALYSIS

: ,,:!.1',,,,

-56-

Appnarsar,CoNsur,rlNrs Cont. I25 DUNNELL ROAN, MAPLEWOOD,NJ - MARKET VALUE ANALYSIS

AppRarsar, CoNsur,raNrs Conr. 125DUNNELL ROAD, NtrA.PLEWOOD, NJ _ N{.ARKETVALUE ANALYSIS

Apprursu CoNsulrlnrs Conp. 125DUNNELL RO^,l.D, }TAPLEWOOD,NJ - N,LdRKETVALUE ANALYSIS

- 59 -