APPRAISAL

Consur-t,lNrs Conp. -2r -

125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

(4) Area andsetbackrequirements

(a) Minimums

[1] Minimum requirements

for lot area,lot width andrearyardshallbe asfollows

Ttpe NB RD HB
Lot area(s0 5,000sf ) 50O cf 5,000sf
Lot width (feet) 50 25 50
Rear yard (feet) 15 15 15

[2] FrontyardNo front yard shallbe requiredexcepton thoselots which adjointransitionallots,

in which casetheminimumfront yardshallbe fifty percent(50%)of thatrequiredin the district
in which thetransitionallot is located

[3] SideyardNo sideyardshallbe requiredexcepton thoselots whichadjointransitionallots,in

which casethe sideyardshallbe a minimumoffifteen ( 15)feetandbufferedin accordance with
the requirementsofthis chapter

(b) Maximums

Tw" NB RD HB
Curb cut (% of lot width) .A
Curb cuts not encouagesin the RB District
sincethey can interrupt the safeflow of
nedestriantraffic
Building coverage(percent) 5 0 80 50
Lot coverage(percent) 90 10 0 90

[1] Marimum requirements

for curbcut,buildingcoverageandlot coverageshallbe asfollows

[2] BuildingheightNo buildingshallexceedf,rfty(50) feetin heightHowever,thatportionof

thebuildingoverthirty (30) feetin heightshallbe setbackfrom the streetline one(1) foot for
everyfoot in buildingheightoverthirty (30)feetTheseheightandsetbackrestrictionsshallnot
applyto multipledwellingsin theNB Districton SouthOrangeAvenue,which shallhavea
maximumheightofone hundred(1 00) feetabovethefour-hundred-sixty-foot elevationabove
sealevel
Appnnrs,lI CoNsur,ralrs Conp. _))_
125DUNNELL ROAD, MAPLEWOOD, NJ- MARKET YALUE ANALYSIS

(5) Otherprovisions

(a) In the RB District,on-siteparkingshallnot be requiredHowever,off-streetparkingeitheron-

siteor off-siteshallbe requiredwherethereis a conversionofresidentialuseto nonresidential
usein RB District Parkingfor residentialusesin the RB Districtshallbe asrequiredunder$271-
50J(14)and $271-50Kof this chapterParkinglots which servemultipledwellingswhichare
locatedin the RB District shallcomplywith therequirements of $271-50AthroughH, inclusive
lAmended 4-19-1988 by Ord. No. 17471

(b) Outdoorstorageofgoods,wares,merchandise or othermaterialshallbe regulatedby those

ordinancesof the Townshipof Maplewoodwhich govemusedmotorvehicledealers,the storage,
displayor saleofnew motorvehiclesotherthanin a building,andgasolinesellingor service
stationsandpublic garages

(c) Within the RB andHB Districts,additionalbuildingcoveragecanbe achievedasa bonusfor

undertakingsheetor sidewalkbeautification projectsTheamountofthe bonusshallbe relatedto
the extentofthe beautification
projectundertaken, but in anyeventit shallnot increasethe
allowablecoverageby morethantenpercent(10%)[i.e.,a maximumof eighty-eightpercent
(88%)in the RB District andfifty-five percent(55%o)in theHB Districtl

ASSESSMENT:

The subjectbeinga municipalpropertyis exemptfrom realestatetaxes.

The following arethe currentmunicipaltax rateandChapter123Ratio.

RealEstateTax Rate: $4.23l$100

Chapter123Ratio: 57.58%
 Appnrrs,lr,Coxsur-raNrsConp.
-23 -
125DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

DESCRIPTION:

SITE: @leaserefer to thetax mapforgreaterdetail)

Location: N/Westerlysideof DurLnellRoadbetweenOakview

Avenue and Oakland Road in the Township of
Maplewood,Countyof Essex,NJ

Block/Lot: 17.16t10

LandArea: 0.848+acres- 36,939+sf (aspertax map)

Shape: Irregular(seetax mapandabovesketch)

Topography: Level andat gradewith surror.urding

streets
Easements: Thetax mapindicatesno easements.
(We haveassumedno easements. If at somepoint in time we
aremadeawareofany significanteasements, we reservethe
right to review our final valueestimate.)

Utilities: All mmicipalutilitiesareavailableat thesite.

Contamination: To thebestof our knowledgethesiteor improvements

on the site arenot contaminated.We havevaluedthe
subjectbasedon this assumption.

FloodStatus: asperNationalFloodInsuranceMap Panel

#340186-0001A -8/15177. Zone"C" isanareaoutside
ofthe 500yearflood area.

Lmprovements: Masonrypolicestationbuilt in the 1950'scontaining

approximately11,074 squarefeet plus a second
building constructed in 1930 containing
approximately11,425squarefeet.(areas& etc.from
municipalpropertyrecordcard and assumedto be
corTecrJ

It is our opinionthatthecurrentimprovements do notrepresentthehighestandbestuseforthissite.

Il'e will thereforenotdescribethemunicipalownedimprovement, vthichwoulduponorprior to the
salebedemolished and thesite usedfora higherandbetteruse.
Appn-lrsar-CoNsur-tatlirsConr. .A

125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

HIGHEST AND BESTUSE:

The AppraisalofReal Estate- 12' Edition,at page305,indicates:

HighestandBestUsemay be definedasthe reasonably probableandlegaluse,of

vacant land or an improvedproperfythat is physicallypossible,appropriately
supported,andfinanciallyfeasibleandthatresultsin thehighestvalue.

Fundamentally, theconceptofhighestandbestuseappliesto landalonebecause the

valueof the improvements is considered
to bethevaluetheycontributeto the land.
Land is said Io have value,while improvementscontributeto the value of the
propertyasa whole.

The highestandbestusemustbe:

(1) physicallypossible
(2) legallypermitted
(3) financiallyfeasible
(4) maximallyproductive(resultsin thehighestvalue).

HighestandBestUseis a fundamentai conceptin real estateappraisalbecauseit focusesmarket

analysison the subjectproperfyandallowstheappraiser to considertheproperfy'soptimumusein
light of marketconditionson a specificdate....

TheAppraisalofRealEstate- 11'Edition,at page50,indicates:

Because theuseofthe landcanbelimitedby thepresence of improvements,highest

and best use is determinedseparately for the land or site as thoughvacantand
availableto be put to its highestandbestuseandfor thepropertyasimproved.
Thefirst determination reflectsthefactthatlandvalueis derivedfrom potentialland
use.... (T)hehighestandbestuseofland asthoughvacantis theusethatbringstl-le
highestretumto thelandafterthethreeotheragents(labor,capitalandcoordination)
havebeencompensated.

The seconddeterminationrefersto the optimumuse that could be madeof the

properryand all existingimprovements. Analysisof the highestandbestuseofa
properfyasimprovedimpliesthattheexistingimprovement(s) shouldbe renovated
or retainedasis so longasit continues
to contributeto thetotalmarketvalueofthe
properfy,or until theretumffom a newbuildingwouldmorethanoffsetthe costof
demolishingtheexistingbuilding(s)andconstructing newone(s).
APPRAISAL
CoNsur-ranrs Conp.
125DUNNELL ROAD, MAPLEWOOD, NJ _ I\tr{RKET VALUE ANALYSIS

HIGHEST AND BEST USE:

It is to berecognizedthatin caseswherea sitehasexistingimprovements on it, thehighestandbest

useofthe sitemayvery well be determined to bedifferentfrom theexistinguses.The existinguse
will continue,however,unlessanduntil landvaluein its highestandbestuseexceeds thetotalvalue
ofthe propertyin its existinguse.

TheAppraisalofRealEstate- l2u Edition,at page323,indicates:

The use to which a site or improvedpropertyis put until it is readyfor its future
highestandbestuseis calledan interimase.Thus,interimuseis a currenthighest
and bestusethat is likely to changein a telativelyshorttime - say,five to seven
years.

Also implied is that the determinationof the highestand best use resultsfrom the appraiser's
judgementandanalyicalskill, ie: thattheusedetermined ffom analysisrepresents
anopinion,not a
fact to be found.In appraisalpractice,the conceptof highestandbestuserepresents the premise
uponwhich valueis based.

Highest and Best Useofthe Site,asvacantandavailablefor development, in

is for development
accordwith zoning.

ln undertakingthis analysiswe discussedthepropertywiththemunicipalengineer possible

regarding
developmentscenarios. Basedon datafrom the engineer's office andfrom the zoning map it was
determinedthat this properfyis locatedin the NB - Neighborhood BusinessDistrict. The district
allowsretailbusinesses,restaurants,dwellingsunitsoverstoresandotherrelatedcommercialuses
plusmultipledwellingsr.urits.

As previouslysummarizedin the zoningsectionof our report,the ordinanceprovidesfor 50Vo

building coverage,90o/olot coverageanda 15'rearyard. It alsoprovidesfor 2 carsper unit for
multi-familydevelopment.

ln accordwith themunicipaltax mapthelot, locatedonthenortherlysideof DunneliRoadbetween

OakviewAvenueandOaklandRoad& backingupto theErie-Lackawanna Railroadcontainsanarea
of 0.848acresor 36,939square feet.

Baseon a veryroughzoninganalysis- we would havea significantlygreaterlevelofconfidenceif

the engineeror architector plannerundertookthis "numberofunitsanalysis"- we concluded
with the following:
AppRarsalCoNsulraNrsConr. -26 -

I25 DUNNELL ROA,D,MAPLEWOOD. NJ - N{ARKET VALUE ANALYSIS

HIGHESTANDBESTUSE

If we assumingthat50%ofthe lot canbedeveloped wewouldconcludewith a buildingfootprintof

approximately18,000squarefeet. We haveassumed thatthebuildingwouldbedeveloped on stilts
with parkingbelow. Assumingthat the lot for development purposecal be coveredto 90Yoor
33,245sf.(lessgroundfloor areaneededfor entarce,elevatorandmechanicals ofsay3,000sfor an
areaofaround30,000sf.) Assuming self-parkingat 300sf/car(zoningrequires
9'x 18'for parking
space)would concludewith approximately100carsandthusa maximumof dwelling50 units.

We f.rther assumed that an averageunit wouldbe approximately1,250sf. This living area,plus

commonareafor haliways,elevators& utility rooms,sayapproximately20010, concludeswith an
averageof 1,500+sf allocatedper unit. Takingthe foot print of 18,000+ sf concludeswith
approximately12unitsperfloor or 50units/12units/floor= 4 floors(plusparkingat groundlevelor
a heightequalto around5 stories.(Zoningprovidesfor a buildingheightof 50') Wedon'tknow if a
heightvariancewould be grantedhoweverfor this analysiswe haveassumedit canbe achieved
basedon surrounding properties,proximityto thetrain stationanduses.

Basedon the abovescenariowe areofthe opinionthatthefour-parttestfor HighestandBestUse

couldbe achievedfor this typedevelopment.

1. Theproposedusewouldbephysicallypossible.We believethatthe siteis suitablefor this

wDeuse.

2. Theproposedusein our opinionwouldbe appropriatelysupportedor legallypermissible.

Theuseis a permittedusein thezone. Thevariablewould be the precisenumberof units
thatcouldbedeveloped planing,variances,
basedon engineering, if aayandfinal approvals.

3. TheusewouldbeJinanciallyfeasible. A1lusesthatareexpectedto producea positiveretum

areregarded asfinanciallyfeasible. Beingawareofthe subject'slocationit is our opinion
thatmulti-familyusewouldbe in demandard likewisea financiallyfeasibleuse.

4. The use would be maximallyproductiveor resultsin the highestvalue. There is no

reasonablealternativeuse for the propertythat could be consideredto approachthe
productivityof the proposedusefor multi-familydevelopment.

As analtemativewedid considerotherusespermittedin thezone.Applyingthesamescenarioto a

hypotheticalcommercialbuilding - office or retail or combinationof retail on the first floor and
office above- we concluded
thatanapproximately 18,000squarefoot footprintcouldbedeveloped.
Parkingrequires1 spaceper 250 sf for office and i spaceper 200 squarefeet for retail. At an
averageof 225 sf per spacea 15,000sf buildingwouldrequire67 spacesor around20,000sf or
covemgeof 35,000sf (closeto the90o/o of 33,245sf.)
 AppnarsalCoxsulratrs Conp.
I25 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

HIGHESTAND BESTUSE:

Th.e.estimated
underlyingland varuefor commerciavofficedevelopment assuminga 15,000sf
would be approximately$35 - $50/square foot of buildini *"u o.u.*g-, of berween
lgt9lg
$525,000to $750,000.(presentlynot a greatmarketfor retailor offie use;.

Basedon the abovewe concludedthat cornrnercial/office usesat this time

rype did not reflectthe
subject'shighestandbestuse.

Theaboveusefor multi-familydevelopment is furtherthroughour studyof boththeStateandNew

JerseyTransitencouraging
whatareknownas"TransitVillages."It wasour opinionthatdueto the
proximity of the commuterrail stationto the subjectandhavingknowledge
of the emphasison
developmentof "Transitvillages" throughoutthi statethat this ur" ..,ppJrt,
our conc'lusion
of
HighestandBestUse.We cameto theaboveconclusionbasedonthecrite;;
for thedevelopment of
transit village usage. The criteria can be found on the
NJDor weu site,
. A summaryofthosewebpagesare
shownon the followingpages.

We areawarethatthesubjectsitemaynot meeteveryoneof thebelowcriteriafor

a Transitvillage
howeverthe site andits anticipateddevelopmentwould beanoverallbenefit
to thecommurlityfrom
a corrmutingstandpoint.Althoughwe havenot addressed a mixeduse(retailon thefiJ ftoor and
apartmentson the upperfloors) it is a possibilityhoweverdue to the proximity
of all of the
comrnercialdevelopment withinthealmostadjacent, MaplewoodVillagethatthismixeduseconcept
may not be economicallyviable. Howeverthe combinationof tf,e apartments,
part<rngana
commercialdevelopment doeslenditself towardsthe conceptof thetransitvil luge.' '
 Consur-rnxrs Conp.
Appnarsar, -28 -

125DUNNELL ROAD. MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

Overriew

The New JerseyDeparhnentof Transportation(NJDOT) and NJ TRANSIT spearheada multi

agency Smart Growth partnershipknown as the Transit Village Initiative. The Transit Village
Initiativehelpsto redevelopandrevitalizecommunitiesaroundtransitfacilitiesto makethem an
appealingchoicefor peopleto live, work andplay,therebyreducingrelianceon the automobile.

TheTransitVillageInitiativeis anexcellentmodelfor SmartGrowthbecause growth

it encourages
in New Jerseywhere infrastructureandpublic transit alreadyexist.

Aside from SmartGrowth communityrevitalization,two othergoalsof theTransitVillage Initiative

areto reducetraffic congestionandimproveair quality by increasingtransit riders.

Studieshave shown that an increasein residentialhousingoptions within walking distanceof a

transitfacility,typicallya onequarterto onehalfmile radius,doesmoreto increase transitridership
thananyothertypeofdevelopment.Therefore, it is a goalofthe TransitVillageInitiativeto bring
morehousing,morebusinesses andmorepeopleinto communitieswith transitfacilities.

Transit Village Criteria Specialcriteria are usedto determineif a municipalityis ready to be

designateda Transit Village.The criteria are:
. A good Transit Village candidatemust make a commitmentto grow in jobs, housingand
population.
. A designated TransitVillagemusthavea transitfacility.Thiscanbea rail or lightrail station,ferry
terminal,a bushub or bustransferstation.
. The candidatefor TransitVillage designationmust havevacantland and/orunderutilizedor
deteriorated buildingswithin walkingdistanceoftransitwhereredevelopment cantakeplace.
. A TransitVillage candidatemusthaveanadoptedland-usestrategyfor achievingcompact,transit-
supportive,mixed-usedevelopmentwithin \ryalkingdistanceoftransit. This landusestrategyshould
be based on transit-orienteddevelopment(TOD) principles ald can be in the form of a
redevelopment plan or zoningordinance.
AppRnrsar,CoNsur.uxrs Conp. -29 -

125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

. The candidatemusthavea strongresidentialcomponent. This caninclude

mid-risebuildings,to*mhousesor apartrnents
overfirst-floorbusinesses.A
wide varietyofhousingchoiceswithin walkingdistanceoftransithelpsto
supporttransitridership.
 Appnarsar,
CoNsur-raNrs
Conp. - 30-
125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

'A goodcandidatewill have"ready-to-go" projects.This meansat leastonetmnsit_oriented

projectthat canbe completedwithin threeyears.

..ln orderfor a municipalityto succeedasa TransitVillage,it should

demonstatepedestrian andbicyclefriendliness. Thismets clear,direct
pathwaysfrom the transit stationto shops,oflices, surroundine
neighborhoods andotherdestinations.

. A good candidateviews its transit station

asthe focal point of the
communityand usesits stationplazaasa gatheringplacefor
communityactivitiessuchasfestivals,concerts, publicceremonies and
farmersmarkets.

' A good candidate includes its tansit station in a station ,uea managementplan, in a special
improvement district (SID) or as part of a Main StreetNew Jerse],disignatiln. '

. A goodcandidateshouldstriveto minimize
automobileuseby
maximizingtheappealof transit.Oneexampleof this is the concierge
servicein the Metuchentrain station.Commutersdrop off enands(zuch
asdry cleaning,packages for mailing,etc.)in themomingandpickup
itemson theoppositesideof thetrackson theway home.-

'The candidateshouldprovidecommuterparkingfor residentsandnon-residents. A Transit

village shouldalsostriveto reduceparkingrequirements
neartransitstationsandimplement
sharedparkingsolutionswhereverpossible.

' The candidateshouldsupportrocalarts andculture.This brings vibrancyand activity to a

Designatingan arrs,antiqueor restaurantdistrict helpsmake rr*.it viitug.
::y'1y? u
oe$lnatlon. "
AppRlrsal CoNsur,r.llqrs Conp. -31-

125DIJNNELL ROAD. MAPLEWOOD. NJ - MARKET VALUE ANALYSIS

. The candidateshouldsupportthehistoricandarchitectural integrity

of the communityby ensuringthatnewbuildingsblendin with the
existing buildings. This can be donewith architecturaldesign
guidelinesthatgovemnewbuildingfacades, windowreplacements,
awnings,lightingandsigns.

. The candidateshouldconsiderhow to incorporate

someaffordablehousingwithin walking
distanceof transitsincelow andmoderateincomehouseholdsrely heavilyon public
transDortation.
Appnlrs,rr-,Coxsulr.lNrs Conp. -32 -

125 DUNNELL ROAD, MAPLEWOOD, NJ - MARIGT VALUE ANALYSIS

Below is a summaryof othernear-bytansit villagedevelopments.

PhotoGallery
Rahway
Rahway'sTransitVillagecentersaroundits
recentlyrenovated train station.Thetrains
offer easyaccessto New York City, Newark
lnternationalAirport, Trenton,Phiiadelphia
andtheJerseyShore.Along with amplebus
serviceand a 24-hourtaxi, residentshave
excellenttransportation options.Theplaza
in front ofthe stationservesas a gathering
placefor the community.Farmers'and crafts
marketsandother eventssuchasthe "Taste
of Rahwav"takeolacehere.

Rutherford
The RutherfordRail Stationis the focusof a
newtransit-orienteddevelopment thatwill
provide shops,offrces,48 apartrnents,a day
carecenterandparking. Trains go to New
York City andpointsthroughoutNew Jersey
via the new SecaucusJunction

SoutbAmboy
A newTransitVillageprojectwaskicked
off in SouthAmboyon June24,2003,at a
groundbreakingceremonyfor the
construction ofa newrail stationplaza.The
designincludeshansitarts,suchasa
sculptureanda mural, that will illustrate
SouthAmboy'srich history.Otherelements
plaruredfor the TransitVillage includea
new ferry terminal,residentialdevelopment
anda waterffontbike path.
AppnqJsar-,
Coxsur.r,lrvrsConr. - 33-

125 DUNNELL ROAD, MAPLEWOOD, NJ - MARIGT VALUE ANALYSIS

ln additionto the aboveothertransitvillaeesin the immediateareainclude:

1. Fanwood - The plan for this transit village was adoptedin 2005 for the
downtownarea.Theplanwill providefor 2.5to 3 storymixed-usedevelopment
with the centerof theblockbeingdevotedto parking.

2. Somerville - The plan providesfor a mixed-usedevelopmentwith 3 story

structuresincluding housing and retail commercial. The developmentis
replacingan older single story strip shoppingcenteranchoredby a large
supermarket whichwill remainaspartof thenewdevelopment plan.

3. Cranford - Thisplan,knownasCranfordCrossing, is a mixed-use development

locateddirectly acrossfrom the CranfordTrain Station. This transitvillage
projectwill includea newparkinggange,22,000squarefeetofretail spaceand
50 apartmentshousedin a four storystructurewith retail on tlle first floor.

Ourhighestandbestuseis alsopredicated onthesuccess ofthe ridershipofvariousTransitVillages

thoughout the state. From a historicaloverview,the first TransitVillages were createdand
designatedin the time periodof 1999. Sincethat time a total of 17 Villageshavebeencreated
thoughout the state. The overallprimaryobjectivesin eachcasewereto help in eliminating
environmentalcontaminationcreatedby automobilesandto limited the growthof highwayand
communitycongestion by automobiles.Thetermemployedfor theaboveis "smartgrowth",thatis,
allowingautomobiledriversan altemativemeansof travelthroughoutthe statewhile at the sarne
time providing for near-byhousingandretail shoppingconveniences.

As summarized abovetherearea numberof priorityrequirements emphasized by NJ Transitin

orderto fulfill the objectivesof a successful
transitvillage. Someof themoreimportalt thatwe
considered in concludingour highestandbestuseincludesthe following:

Thesubjectpropertyis not valuedontheassumption thatfinal development

is anaccomplished factbut
ratherthe valuationrepresentsthe valueofthe site asvacantandtotally suitablefor developmentin
accordwith our Highestand BestUse. We havefi-rther assumedthat approvalswould be granted
basedon the abovefactors. We haveadjustedfor the categoryof approvalsin our analysis.
AppRllrsar,CoNsulraxrs Conr. 34

125DUNNELL ROAD, MAPLEWOOD, NJ. MA.RKET VALUE ANALYSIS

Real tife
lF II AT A,\t E RI C ,{ N S W,{N T

r\ti'MNi' otd tistt tair

sm;.. b,tva, I@ktfot
ad tb. ItzI ofAn./i.',.

o
It ta|l 3
RFJLToR.o'a/nth.@ag
At Tbttttattt id Prt"t
.li.* an"G.aab OX If IIt
'sdc,t-!t @ bitbl4bt

GrowthOK If lt's'Smart'
Maiority favorwalkability,transitsoiutions
Hitrih cncrgt costs ere makin8 Amcricanr rlin! r$'ice pcople are receprile to ne*'ideas rhet enablc th€m
ibout rampani dcvclopment. Ovenbclming\,; to clt doq n on their driving," sa)'sNAR Past Presi-
people *ant developers and local governments to dent Pat V Combs.
mrk€ tieir commmitics less dcp€ndenr on cars Don Chen. cr.ccutive dirccror ofSman (iro*'rh
by rcthirting land use and pouriDg rcsoures into ,A.merica,saysthe'new ideas'that pcople arc look-
IllESSAGE publc trarsportation, according to a sUrvcy of int for i nvolvc neu * aF ofthin-king about growth.
T0 colcttss: r,ooo US. adults by 6e N-{Tros^r.ts@r-{TroN oF iA.meric:ns scc smartcr devclopmcnt patterns as
e S T A R TS P E '{ OIIIG RrALroRs! and Smarr Gro\lrh America. a yiable Fay rc rcducc lhe time thcy spend in rhc
Cdlg.esslo lacuspublrc Asled to select rhe best approach to reducing car," he seys-
dollaG ener&. use, mor. tian 8o percent said they hror Oncwry ro crearerralk-rblecommuortics is to re-
E trari*trg ro:d6 building communides so that pcople cajt rm.lk more, devdop exbrbg areas.tr{orc th;n 8o percent prefer
ad hribr. ald aloost 9o pcrcenc favorproriding public tnns- that kind ofdevelopment over building neq:
.s iiir! rrganairgrnss rr*a ponador\ iocluding rail and buscs. ln a similzr vei.i, Along*irh shoringlittle appetire for morc roads,
:?.:&t-r6Eod ii frcrcen( s".v thc cure for escdating tiaffc proF Americans oycnvhekrin8ll rciect prh?ti:lttsn of
.d b.l4.i lem! irn't more roads but *zlkablc communiries and roads- AJmost 85 perccnt say no to locrlities setling
l'oE.t morc trarsit choicer- roads to toll-chalging private companies, a.nd r.*'o
"lrhat thesc survey results sho*' is tiar, wirh out of three reiecr allosing prirare compades ro
9!e -.'!O7 Obti rnn hEpoatDi
9rt.r_ rr"i s.?a a*h au 5 incrcased rr.afiEccongestion and longer commures, bu;ld ncv/ roads. BrR.taf, rn.dn'ar
'id

JANUARY 2OOA iEALIOB} A

 APPRATSAL
Coxsur-raxrs Conr. -35-

125DUNNELL ROAD, MAPLEWOOD, NJ - MARI(ET VALUE ANALYSIS

TIIE APPRAISAI PROCESSAND METHODOLOGY:

Therearethreeclassicapproaches
to value,i.e.

THE COSTAPPROACH:An appraisal technique whereinthecomponents - landand

improvements- arevaluedseparately. The aggregatedsumof the componentvalues
providesanindicationof marketvalue.Basicto theCostApproachis theprincipleof
substitutionthat statesthat no prudentpersonwill pay more for a propertythan the
amountwhich hecanobtainby purchaseofa siteandconsfuctionofthe improvements
without unduedelay.Developer'soverheadandentrepreneurial profit arean integral
partofthe anticipated costnew

TI{E MARKET DATA SALES COMPARISON APPROACH: Traditionally, an

appraisalprocedurein whichthemarketvalueestimateis predicateduponpricespaid
in actualmarkettransactionsandcunentlistings,the formerfixing the lower limit of
valuein a staticor advancingmarket(pricewise),andfixing thehigherlimit ofvaluein
a decliningmarket;andthelatterfixing thehigherlimit in anymarket.It is a processof
analyzingsalesof similarrecentlysoldproperties(with similarH&BU andEstates) in
orderto deriveanindicationofvalue for thesubjectproperty. Like theCostApproach,
the Market Data Sales ComparisonApproach is based upon the principle of
substitution.

THE INCOME APPROACH:An appraisaltechniquewhereinthe anticipatednet

income is processedto indicatea capitalamountof the investnent.The processof
income capitalizationgenerallyreflectsthe principle of anticipation,definedas the
presentworth of anticipatedbenefits.Anticipationfollows apattemsimilarto investor
thinking and motivation. In real estate,an investoris essentiallytrading a sum of
presentdollarsfor the right to receivefuturedollars.

ln essence
all approaches
to value(particularlywhenthepurposeofthe appraisalis to determinemarket
value)aremarketdataapproaches sincethedatainputsarepresumablymarketderived.Theappraisers
maintaina permanentandconstzntlyupdatedmarketdatabank,whichprovidesanoverviewof thereal
estatemarket.

DatasourcesincludeSR1As,Deeds,LeasesandLeaseAbshacts,BrokerListingsandBrochuresand
newspaper leads.Thedatais catalogued for easyreference
andretrieval.Confirmation
andanalysisof
thedataincludesa siteinspection- at leastanexteriorandneighborhoodinspectionandwherepossible
aninteriorinspection,andverificationwith oneor moreofthe buyeror tenantor selleror landlordor
broker(s)or attomey(s)familiar with thetransaction.
Appnnrsal Coxsulralrrs Conp. - 36-

125 DUNNELL ROAD, MAPLEWOOD, NJ _ MARKET VALUE ANALYSIS

TI{E APPRAISAI PROCESSAND METHODOLOGY,continued

Whereandasnecessary, a datasearchfor specificdatawith specificattributesis madesothat specific

comparabilitycanbe established- comparedandconfasted.

Specialcareis madeto developcomparables with essentialsimilarityin highestandbestuse,estate

and/orrealpropertyrightsconveyedfrom thebundleofrights, locationandfinally physicalattributes.
For vacantland,highestand bestusepresupposes similar use(s)of right and,/oras approvedby the
applicableagenciesor authorities.

Sinceno two propertiesareidentica.lin all attributesthe appraisalprocessandmethodologyrequires

that adjustrnents
bemadeto theknowndatato deriveindicationsofvalue for the subject.Comparisors
aretypically drawnbetweenlike units or appropriateunits of comparison- i.e., the componentsinto
which a propertymaybedividedfor purposesofcomparison.Theunitsofcomparisondependuponthe
appraisalproblemandareusedto facilitatecomparisonbetweencomparable propertiesandthesubject.

In the instantcaseto estimatethemarketvalueof the subjectasvacantlandwe employedthe Market

Data SalesComparisonApproach.
Appn-q.rsA.r-
CoNsur,raNrsConp.
125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

SITE VAIUATION:

MARKET DATA SALESCOMPARISONAPPROACH:

In theprocessof estimatingcomparativevaluefor thesubjectsite,theappraiser

hasdevelopeda market
databankandselected thosesaleswhicharemostreasonably compared to thesubject.

Thisis not to saythatthesalesareconsidered properties

to beidentical,butratherthattheyrepresent
whichcouldbe saidto havecompeted typicalbuyer'sdollaranddevelopunit prices
for the subject's
which areindicativeof Marketvaluefor the subject.

TheelementsofcomparisonincludeHighestandBestUseandZoning,PropertyRightsandApprovals,
TermsandConditions,Dateof Saleor Time,LocationandPhysicalCharacteristics;all asa firnctionof
(or
thebasicunitsof comparison commondenominators) includingbutnotnecessarily
limited to oneor
more of SalesPrice/Acre,SalesPrice/SquareFoot, SalesPrice/FrontFoot, SalesPrice/Lot, Sales
Price/SquareFoot ofperrnittedbuilding area(FAR).

In estimatingthe value as vacantland suitablefor multi-familydevelopment and as previously

indicated,we assumed development of approximately50 rmits. We thereforesearchedthe market
for land salesfor proposedmultifamily development.We found transactions in a numberof
communitieshoweverhaveplacedgreatestrelianceon the salesresearched anddocumentedin this
report.

The following multi-familylandsaleswereconsidered.

APPRAISAL
CoNsur,r.qwrsConr. - 38-

125DUNNELL ROAD, MAPLEWOOD, NJ-MARI(ET VALUE ANALYSIS

q 6{-1 a-r.6 \"- r } - a r : 51061

S ale Num b e r; 1 S - 2 3 184
O c c c ode: VL C o n dos or R es C .Luster
S t r eet A d d re s s : 1 2 -2 2 Mari e P l ace

M unic ipalit y : M a p fe wood Tw p. (E ssex C o,)

T M B . loc k / L o t (s ): 2 I.0 1 /395

T I T LE . De e d D a te d : A 4 /2 1 /204' 1
S ales P r ic e : 5 7 5 0 / 000
B oo k . / P age : I2 A 5 2 / 166' 7

G r anr or : Ma p l e wood Menori al P osL 10120 V el erans of For-ei gn l', lar s

G r ant ee: 7 2 -2 2 l 4ari e LLC
T er m s / Con d i t i o n s : Typical
E s t at e c o n v e y e d : F e e s i mpl e
T he . I and s o -L d : Su b j e c E co approval s

NEIGHBORHOODDATA AND ANALYSI S

Ut ilit ies : M u n i c l pal
Z oning: H B- H i g hw ay B usi ness

SITE DATA AND ANALYSIS

Lot S iz e (s q ft) : 1 5 ,0 0 0
A c r es : 0 .3 4 4 3 5 3
F r ont F ee t: 1 5 0 .0 0
S hape: R e c ta n g ufar
T opogr aphy: c e n e ra l ly fevel c grade
P er m it t ed + u n i ts : 10
Fi -h6<- i q a sf r lc- . As zo n e d

MARKET INDICATORS:
S P / P E RM I T T E D U N IT : $ 7 5 ,0 0 0 .00

REMARKSAND OBSERVATIONS:

A t t he t in e o f s a fe th e s i te was i mproved w i th a V Fl ,l H al l . A use vari anc e to

per m ir a 1 0 u n i t to w n h o u s e d e v e l opment w as needed & a bul k vari ance for the r ear
v:rd se t h :ck ThF < ir c wi 1l hc ai m
r 'L nr nrqrlcu flr ql fl l 9 J,
},l vvg ui r h fw ^ - r - 'r n fiva
r es iden! ia1 rn i L s . Ea c h -rn i c w -11.Lhave (2) pa-rki ng spaces per d!.,i e-l
-Li ng unir in
gar ages un d e r e a c h u n i t. R e s o l u ti on w as menori al i zed 71,/5/2401 .
AppRAISALCoNsur-rANrsConr. -3s-
125DUNNELL ROd), MAPLEWOOD, NJ - MARKET VALUf, ANALYSIS

ACC MARKET DATA BASEFILENUMBER:S:23184

".f$".
\It

$e'
-"t"t

tol,,,o"
ps'
APPRAISAL
CoNsulraurs Conr. - 40-

125 DIJNNELL ROAD. MAPLEWOOD. NJ - MARKET VALUE ANALYSIS

q6^rr6n-6 ri,rml-\6r. 4 9160

sal,e Numlf,er: 2 s- 22623
O c c Code: VL Condos or Res Cluster
S t r eet A dd re s s : 200 Burnett Ave.
Mlrhi^ih-li+!r. Maplewood Twp, (Essex Co. )
T M B loc k , / I o t (s ) : 48.4',7
/26

T I T LE , Dee d D a te d r 03/ a'// 2a05

s ales P r ic e : s400,000
B ook / P age: 6L51/ 643

G r ant or : Jerro.Ld Krumhol z

JTC Enterprises, LLC
T a rn </a ^ n .l i Ii ^ h .. cash to s eller
F cl -:ta
^^ n \rar r a.l. Fee sinpfe
qrrhi
T he . land so l d : 6^+ +^ rnhF^rr:l c

NEIGHBORHOODDATA AND ANALYSIS

Ut ilit ies I M u n i c i p af
Z oning: c L - c o runerci aL - Indus tri aI

SITE DATA AND ANALYSIS

T.^+ qit6 /cd €f 1. r'7,842
A c r es : 0.40960?
F r ont F eet : 131.37
S hape; Irre q u l a r
T opog! aphy : r :anAr ,l I rr l ar r ol A
^r ^.l a
P er m it t ed # unit s : 5
Hi dhA.1_ L Fa.+ 11.a. Residentiaf

MARKET INDICATORS:
S P / P E RM I T T ED U N IT : 980, ooo

REMARKSAND OBSERVATIONS:

A t t he t im e o f s a l e , th e re w a s a house on property. Thi s w i l l be demol i shed and 5

t ownhom es w e re b u i It.