Appnnser CoUSULTANTS

Conp.
Real EstateAppraisersand Consultarts

Presidential
Center tuchadM. Chaiken,MAI, CRE (103)
293 EisenhowerParl,:way JonP.Brody,MAI, CRE (104)
Suite200 WilliamH. Steinhart
MAI, CRE ( I 0I )
Livingston,New Je6eyO7039-l'lll
(913)994-',7400
DebraRipoli (107)
CherylS.Nobilc (108)
F AX: (973) 994- 3493 DianeV. Christiana ( 109)
E-Mail:jpb@appcon.com Mark A. Chaiken (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 particularproperty-

In 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
policestationrpt 7-087167jb.doc
Fldoc-jpbVpt08\aaplewood
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. -4-

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 majorimprovementsappearstrucnrallysound.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.

Testimonyandcourtappearancesin connection
with this appraisal
arelimitedto thosesinrations
for
which prior arrangements
havebeenmade.

Theappraiser is notqualifiedto testfor thepresence Thepresence

ofHazardoussubstances. 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. -5-
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,theappraisersarenot
qualifiedto rendera professionalopinionasto thepresence or extentof freshwateiwetlands.The
readeris advisedto seekcompetent,professionaladvisein 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
standardscouldbemoreexpensive andthereforenon-compliance couldhavea substantial negative
impactuponvalue.

While the appraisersarenot architectsor 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 completeprofessionalcompliance 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. -6-

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
CourseVI Principlesard Techniques
- Capitalization
CourseVIII Properties
- Residential
CurriculumTrainingSeminar
Standards Practice
of Professional
SOCIETYOF REAL ESTATEA?PRAISERS
Course301 - SpecialApplicationsofAppraisalAnalysis
SEMINARS@artialList):
ICLE - EquitableDistribution AI - SubdivisionAnalysis
ICLE - Real EstateTaxation AI - InvestmentAnalysis
ICLE - Condemnation Update AI - ValuationofRetail Properties
SPA - Valuation,LodgingFacilities AI - Risk Analysis
NJADC - DevelopmenVTransfer Rights AI - Mt LaurelAnalyses
AIREA - CapitalMarkets& Real Estate AI - InvestmentMarkets
AIREA - Environmental Rezulations AI - FreshwaterWetlands

Bachelorof Arts Universityof Denver

PROFESSIONALLICENSE& AIFILIATIONS:
MAI: MemberAppraisalInstitute
CRE: MemberCounselors of RealEstate
SRA: Senior
ResidentialAppraiser
Member: Boardof Realtors,LicensedRealEstateBroker- NJ

STATECERTIFIED NJ GeneralAppraiserRG-00390

PROFESSIONALEXPERIENCE:
President,AppraisalConsultantsCorp.
Actively engagedin real estateappraisingsince1963,with a diversifiedpracticeencompassing
valuationand evaluationof residentialproperties,indushial,commercialand specialpurpose
propertiesincludingshoppingcenters,
hotels,motels,servicestations,condominiums,
co-operatives,
truckterminals,marketabilityandfeasibilitystudiesandsitelocationstudies.

RetiredCertifiedFacultylnstructor: Appraisallnstitute

QualifiedExpertWitness:
UnitedStatesTax Court
UnitedStatesBankruptcyCourt
SuperiorCourtof New Jersey
Tax Courtof New Jersey

TheAppraisalInstituteconductsa voluntaryprogramofcontinuingeducation
for ifsdesignated
members-
Jon
P. Brodyhascompletedtherequirements education
ofthe continuing program.
Appn-lrsar-CoNsulr,qlrs CoRp. -7 -

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,Vice-

President)
oftheNew JerseyChaptersoftheAmericanInstituteofRealEstateAppraisers
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. -8

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

CLIENTSand/oTREPRESENTATIVE
PARTL{L LIST OF THE FIRM'SREPRESENTATTVE ASSIGNMENTS

MLIN]CIPAUTIES
Boroughof Carteret
BoroughofFlorhamPark
Bo.oughofParamus
BoroughofTotowa
Boroughof Wesfwood
City ofAtlartic City Tou,nshipofEdison
City ofLinden Townshipof Rahway
Cily ofPassaic Tormshipof Randolph
City ofRalway Townshipof Springfield
Twp ofSouthOrangeVillage To*,nshipof Maplewood

BANKS, INSURANCECOMPANES AND FIDUCIARYAGENCIES

Bank of America FirstChicago PeoplesTrustofN.J.
ChaseManhattanBank Homelnsurance RarnapoBank
ChemicalBanl ManufacturersHanover SovereignBank
CNA lDsuance OcwenFedera.lBank SummilBancorporation
First UnionBancorp PNC Bar* O4idlantic) UniredJeNeyBark

FEDERAL AND STATEAGENCIES

Adantic County Utility Authodty New JerseyTumpikeAuthority
FederalDepositInsumncaCompany ResolutionTrustCorporation
GeneralS€rvicesAdministration ThePod Autho ty of N.J.andN.Y.
Hackensack MeadowlardsDevelopment Commission U.S,Army CorpsofEngineers
NewarkRedevelopmenl & Housing U.S,Deparhnent of Justice
N.J. Spods& ExpositionAuthority U.S.lotemalRevenueService
New JerseyDepartmentof Transportation

INDUSTRIAL/OFFICE/RESEARCHFACILITIES
American Cyanamid Hoftnan La Roche PrincetonForrestalCenter
AnchorGlass HoudailleConstruction PassaicValley ScwerComm
B.P. Oil TankFarm Hills Brothers PublicServiceElecric & Gas
Bristol Meyers JiryLube UltimateCorporation
CibaPharmaceutical JobnsManville PassaicCrushedStone
CurtissWright Litton lndust'ies Riv€rdaleQuarry
Ex\on McGirley Mills Tri-Coulty Asphalt
GAI Corp. NabiscoCo, Hamm'sLandfill
G€neralMotorsAssemblyPlant Nestle EdgeboroLardfill

SHOPPING
CENTERSHOIELS AND CASINOS RESTATIRANTS
BergenMall Bally Grard Bridgewater Diner
William Pitt Town Squarc Bally'sParkPlace BridgewaterManor
GardenStatePlaza Caesar'sBoardwalk Buger King
LivingstonMall HolidayInns Chanticler
LoehmannPlaza HowardJohnsons CharlieBrown's
ParamusPark RamadaIryls ClassReunion
QuakerBridgeMall ResortsIntemational Denny's
RockawayTown Square SandsHotel& Casino Friendly's
SilvertonShoppingCenter TheCladdge KentuckyFriedChicken
The Shops@ OceanOne ThePleasantviiteSheraton L'Affalre22
The FashionCenter Laily HobnesCommodore McDonald's
The Mall at ShortHills TheLakePlacidHotel Popeye's
PrincetonFon'estalVillage TheOld Mill Inn R€dLobst€r
The Mall al Hanilton TheWoodcliffLakeHilton Steakald Ale
WillowbrookMall Taj Mahal Wendy's

CONGREGATECAR-E RECREATIONFACILITIES AUTODEALERSHIP

ManorHealthCare Corp.
SeniorCampusLiving Inc.
EatonlownNursingHome
Arbor Glenof Bridgewater
TheCupola
HopewellValleyTennisClub KonnerChevrolet
HwangRacquctBall Club BroganCadillac
Bay PointHarborMarina Mall Hyundai
DillonsCreekMarina RC Chevrolct-Honda-Toyola
SunHarborMarina JosephChevrolet
Appru.rsar.CONSULTANTS
Conp. -9-

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.

at this pointto defineanddifferentiate

It is appropriate 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-ContainedReportrnighttransiateinto
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 thepropertiesandtheappraisalprocedures anddealsonlywith conclusions
andrecommendations to assistin in-housedecisionmakingprocesses.
 CoNsulraNrs Conp.
AppnArs.q,L l0-

125 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

SCOPEOF THE APPRAISALASSIGNMENT:Continued

The form andformatwould haveno impactuponvaluesreported.

In the instantcasethis appraisalis reportedin sunmaryappraisalreportformat.

It is a narrdtiveappraisalreport outliningthe appraisaltechniquesandproceduresutilizedin

evaluatingthe retrospectiveMarket Valueof subjectpropertyfor possiblesalepurposes.

Thereportis not intendedto be a completestand-alone documentencompassing the entirebodyof

appraisaltheoryandknowledgebut rather is limited to the more important
and salientfactsand
conclusionswhich formedthe foundationfor the valueestimates, opinionsandfinal conclusions.

The reportincludes:
r identificationanddescriptionofthe specificestateto beappraised andthe effective
date,
t a descriptionofthe propertyappraised, considerationofthe subject'sneighborhood
andenvironment, bothphysicalandeconomic,
o an analysisof HighestandBestUse,
a a discussionofthe appraisaltecbniques consideredandusedin the development of
the valuation,
a a completepresentation of eachapplicableappraisalapproach,a summaryand
reconciliationofthe approachesinto a final valueestimateas of the valuedatein
question.

In undertakingthis assignmentwe inspectedthe exteriorofthe existingclosedpolicestationand

garages on thesite.We inspected
theneighborhood andundertooka studyofthe subjectcommunity
and surroundcommunitiesandmarket placerelativeto development particularlyin the circle of
inlluenceimpactingthe subject'sneighborhood. We reviewedmunicipalmapsand the zoning
ordinance.We undertookresearch andstudiedlandsalesofproperties havingcharacteristics similar
to the subject'shighestandbestusefor multifamily housing.
 Conp.
AppnArs,qlCoNsur-,r,lrvrs - 11-

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
ofa saleasofa specifieddateandpassingoftitle from sellerto
in this definitionis consummation
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
or creativefinancingor salesconcessions grantedby anyoneassociated with the sale."

DATEOFVALUATION: June20,2008

DATE OF INSPECTION(S) June20, 2008 andotheroccasions

FTJNCTION/INTENDEDUSE AND USERS:

It is anticipated
thattheintendeduseof this appraisalwill serveasthebasisfor a determinationof
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. - lJ -

125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

NEIGHBORHOOD AREA MAP:

AppRLrsar-CoNsur-uxrs Conp. - 14-

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 EXEMPT
0,B48Acres Eb-*ii-*\ t?
i{-------- ---

:h:\ "*.!fiBo
O.605Acres

F**
APPRAISALCONSUT-raNrs
CoRp. - lo -

125DUNNELL ROAD. MAPLEWOOD,NJ }I.{RKET V.{LUE AN,{LYSIS

AERIAL PHOTOSOF SUBJECTAND AREA:

Appnntsal CoNsur-rlNrsConr. -17-

I25 DUNNELL ROAD, II{PLEWOOD, NJ - Itr{RKET VALUE ANALYSIS

Appnl,rs.q.r.
Coxsur.uNrs Conp. - 1 8-

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 22,950
1990 21,652
2000 23,868
2006(Est.) )) 7\q

REAL ESTATE TRENDS:

Demonstratingand perhapsa good barometerofreal estateactivity and value changeis a 6-

year 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 Value
Equalized YoChanee
2002 $2,194,6'.79,529
2003 $2,480,s40,878 +13%
2004 $2,738,623,446 +10%
2005 $3.084.761.112 +13o
2006 93,557,974,028 +15%
200'l 93,792,155,742 +701

EqualizedValuesreflectnew constructionand demolitionsso theyore not a direct reflectionof

individualpropertytrends,albeittheyarereflectiveofthegrowthor declineofaggregateproperty
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. 19-

I25 DUNNELL ROAD. MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

NEIGHBORHOODDATA AND ANALYSIS:

RealProperty(2007)

Class Number of Parcels

Vacant land 4l
Residential 6.872
Farm 0
Commerciai 306
Industrial .]_l

Aparffnents 12
TOTAL 7.264

Thesubjectis locatedin apredominantly commercialneighborhood. It is withinwalkingdistanceto

the Maplewood train station and to the central businessdistrict of "downtown Maplewood -
MaplewoodVillage".Thedistrictis madeup of smallretailstores,supermarket, movietheate,post
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 '20-
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;

but not includingfastfood restaurants;

(c) 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

over six (6) feetin heightin sideor rearyardsonly,radioantennas, receivingdishantennas, solar
collectorsandotherusescustomarilyassociated with the permitted
uses,provided that such
accessory uses are subordinateto theprincipaluse andserveonJythe principaluse

uses(See$271-10B)
(3) Conditional

(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