Appnarsal CoNsulr.lxrs Conp.

- 4r-
I25 DUNNELL ROAI), MAPLEWOOD, NJ- MARKf,T VALUE ANALYSIS

ACCMARKETDATA BASEFILENUMBER:3:22623

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

qadrr6n^6 N,rml-'6r' 50981

S af e Num b e r: 3 s - 2 3 1 64
O c c Code: V L C o n dos or R es C fuster
qnr i
S t r eet A d d re s s : ?1 51 nn€i ol rl ar r o

M,,n i .i h r'1 i | \r . U n l o n Tw p. (U ni on C o. )
T M B loc k / L o t (s ) : 48r7/3 r & 3 2
T I T LE / De e d D a te d : 03/01/20 4 6
S ales P r ic e : s600,00 0
B ook / P age: 5 5 1 4 / I30

G r ant or : ,1 5 4 Sn-i -.rfi al .l A va. LLC

BeLla Cuore Con'nons LLC
T er m s / Cond i ti o n s : Typical
Fc + r f a
^^nv a ! , d ^ . F e e s i m pl e
T he land s o fd : qr r hi a.f i^ c
^nnr ^v :l

NEIGHBORHOODDATA AND ANALYSIS

Ut illt les : None
Z onlng: BB -Bu s lness R etai l 15,000 sf

SITE DATA AND ANALYSIS

l, ot S iz e (s q ft): 2 r,3 4 4
A c r es : 0 .4 9 0 0 0 0
F r ont F ee t: 1 8 8 .2 8
S hape: Irre g u l a r
T opoqr aphy; Cana.^l1r r Iar z eI 12 nr >r l e
P er m it t ed # u n i ts : B
Hidhaef c Raci rl<o. As z one d

MARKET INDICATORSI
S P / P E RM I T T E D U N ]T : $75,000.00
REMARKSAND OBSERVATIONS
:

T h- s s ic e w a s s o l d w i th a p p ro v d .l s l or 8 condo' s 6 or aparrmenLS ,
B edr m s . ) (4 -2 Be d rn s . )
AppRarsar,
Coxsur-,raNrs
Conp.
125DUNNELL ROAD, MAPLEWOOD, NJ- MARKET VALUE ANALYSIS

ACCMARKETDATA BASEFILENITMBER:5:23164

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AppnnrsalCoxsur-raNrsConr. -44-

125 DIJNNELL ROAD, MAPLEWOOD, NJ- MARIGT VALUE ANALYSIS

Sequence Number: 48920

Sale Nunf,er: 4 s- 22439
Occ Code: VL Condos or Res C.l-uster
Street Address: shunpi ke Rd. & WiLson Rd.
Mrrnirin:li+rn Springfield Twp, (Union Co. )
rrM Pl
^-lz
/T.^t- /.I .
1705/26 & 2'7

T I T LE , De e d D a te d : 0 4 / 1 2 /2006
S ales P r ic e : 5 4 , 5 0 0 , 000
B ook / P age: 5 5 7 -1 /245

G r ant or : G e n e C onsal es & C harl otte consafes H /W

Grantee: Skyline Rj-dge Developers LLC
Terns /Condit ions : Tl4)ical
E s t at e c on v e y e d : F e e s i mpl e
T he f and s o l d : Wi th fi n al approval s

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): 3 6 2 ,2 4 5
A c r es : 8 .3 1 6 0 0 0
F r ont F eet : 4 5 O .2 O
S hape: Irre g u l a r
Topography: Generally fevel G grade
P er m it t ed # u n i ts : 93
Hiohcsf t RF si- llsa : As zo n e d

I4ARKET INDICATORS:
S P / P E RM I TT E D U N IT I 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 to build 93 condominium units on this
s it e. Lot 2 7 h a d a p o o .I & s n a c k bar w hi ch will be demol i shed.
AppRarsll CoNsur.uxrs Conr. - 45-
125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

ACCMARKXTDATA BASEFII-ENUMBER:5:22439
 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 S- 2 3 5 31
O c c Code: VL C o ndos or R es C l uster
S t r eet A d d re s s : 1 0 8 -1 1 6 Orange S treer

M unic ipalit y : Bl o o m fi el d Tw p. (E ssex C o.)

T M B loc k / Lo t (s ): 1 5 6 /4 4 ,46 & 41

T I T LE , De e d D a te d : 0 8 /2 2 /2 A A 6
S ales P r ic e : 5 1 ,1 5 5 , 000
B ook / P age: 6 3 1 8 / 1 97

G r ant or : J U S III/ LLC

G r ant ee: J a n d L D evel opers, LLC
T er m s / Cond i t i o n s : Typical
E s t at e c on v e y e d : F e e s i m pl e
T he land s o l d : 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 D i stri ct Zone

SITE DATA AND ANAIYSIS

Lot S iz e (s q ft): 7 4 ,4 1 0
A c nes : 0 .3 3 0 8 0 0
F r ont F ee t: 1 0 9 .9 0
S hape: R e c ta n g ul ar
T opogr aphy : c e n e ra l l y l evel G grade
P er m it t ed # u n .i ts : 14
Highes t & Best Use: 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

P E ] Y A RK SA N D O B SE R V AT .L ON S.

G r an! or r e c e -i v e d a p p ro v a l s 4 /4/20A 6 to construc! a rhree-sLory res_denLiaf

sf-Dcf 1ra ..- - a in i- lr -r' co n d o m in iL-.n f: rc. .'.^r n:rLi rr ar-i a6 f^*
uni rs above a
' 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 i n rhe rear yard. The
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 fhc sl rrctrrre w i lf be
1t ' 1 40, 2 S E . A.l .L u n i ts will h a ve tw o-bedrooms.
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 factorssothattheknownsalespricesofthecomparable salescanbeadjusted to providean
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

H&BU is for multi-familydevelopment it is considered
with no approvals.Thereforethe subjectis
considered inferiorto thosesalesthatsoldsubjectto varyinglevelsofapprovalsfor multi-familyuse.

TIME AND MARKET CONDITIONS:

We adjustedthesalesbasedon our analysisofthe marketplaceoverthepastfew years.Duetothe

statusofthis marketwe madeno time adjustmentfor thosesalestakingplacebetween2006through
to thedateof ourvaluation.Forthesalein 2005we employed,a 5o/oadjustmentfor thatsalebetween
the time of saleandtheendof 2005.
ArpRars.lr-CoxsultarvrsConp. - 49-

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-categoryof 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. - 50-

125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

MARKET DATA SALES COMPARISONAPPROACH.GRID-MATRIX ANAIYSIS:

Themarketdatasalescomparisonapproachis applicableto all propertytlpes wherethereis a sufficient

numberofrecent,reliabletransactionsto crcatevaluepatternsin themarket.Thebasicpremiseis that
themarketwill determinethevalueof thesubjectpropertyin thesamemannerin whichit determined
thesalespriceofthe comparable,competitive properties.

For the subject,this COMPARATIVE SALESRATING GRID is appropriate:

Salenumber Subject r(23r84) 2(22623) 3Q3164) 4(22439) s(23s37)

Streetaddress: 125Dumell 12-22Maie 200Bumett 2154 Shunpike, 108-l6
Road, Place, Avenue, Springfield Springfield Oralge
Maplewood MaplewoodMaplewood Ave,Union
Bloomfield

Saledate 6/20t08 4t27/07 3/7/05 3/7/06 8/22/06

4/12/06
SalePrice $750,000 $400,000 $600,000$4,500,000$1,1s5,000
Size(SF) 36,939 15,000 17,842 11 144 362,245 14,410
No.Units 50 t0 5 8 93 14
Price/Unit $75,000 $80,000 $75,000 $48,387 $82,500
Approvals As of Right Subject
to Subjectto Subjectto With Final Subjectto

SALE NO. r(23184) 2Q2623) 3Q3r64) 4Q2439) s(23s37)

Pricerunit $7s,000 $80,000 $7s,000 $48,387 $82,s00
Approvals: -1 5 % -1 5 % -1 5 % -20% -10o/c
AdjustedPrice $63,750 $68,000 $63,750 $38,710 s74,250
TimeAdjustment 0% 4% 0% 0% 0%
AdjustedPrice $63,750 $70;724 $63,750 $38,710 $74,250

Location: 5% 5% 10% 25% 5%

Physical: -5% -5% -5% 5% -)"/c

Iotal Adjustment 0% 0% 5% 30o/o 0o/o

Unit ValueIndicated $63,750 $70,720 $66,938 $50,322 s74,250

to subject
APPRAISALCoNsur-raNrs CONI. - 5l -

125DUNNELL ROAD, MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

Plusadjustrnents reflectthesubject'srelativesuperiority
whileminusadjustrnents reflectthesubject's
relative inferiority for that valueparameter.While no singlesalecanbe consideredconclusive,the
combinedweightofall salesprovidesfirm andpersrraqivs 5upportfor a valueestimateof$68,000per
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,vherebetween30+ to 60+
units. This scenarioassumes units".
"rental it is our opinionthat shouldtheprospective
purchaser
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.

Aspointedout earlierin our report,wearenot engineers,

architects,or planners.Individualswith
thosedisciplineswouldbemoreprofessionallyqualiJiedto interpretthezoningordinancesandto
predict with greateraccuracythenumberofpotentialunitsthat couldbedeveloped on thesubject
site.

Thereadershouldalsokeepin mindthatthis valueis basedon thevaluationasofJune2008anda

ratherunsettledreal market. As time goesby andasoneassumes the marketwill appreciate
thre
would be an upward adjustment factor
to takethis supply/demand into 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 - 52-

125DUNNELL ROAD. MAPLEWOOD, NJ - MARKET VALUE ANALYSIS

CERTIFICATION:Theundersigned doesherebycertifr that:

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.

My compensation thisassignment
for completing is notcontingent uponthedevelopment or reporting
ofa predeterminedvalue or directionin valuethat favorsthe causeof the ciient, the amountof the
value opinion, the attainmentofa stipulatedresult,or the occrlrrenceofa subsequenteventdirectly
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
requirementsof theCodeofProfessional Ethicsandthe Standards AppraisalPractice
ofProfessional
(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

No one providedsignificantprofessional assistance to the undersigned, albeit the professional

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. -53-

125 DUNNELL ROAD, MAPLEWOOD, NJ - MARKET YALUE ANALYSIS

ADDENDA
ST]BJECT
PHOTOS
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
 Coltsur-rnNrs Conr.
APPRAISAL -56-

125DUNNELL ROAD, MAPLEWOOD,NJ _ N,lARKETYALUE ANALYSIS

:
,,:!.1',,,,
Appnarsar,CoNsur,rlNrs Cont.
I25 DUNNELL ROAN, MAPLEWOOD,NJ - MARKET VALUE ANALYSIS
AppRarsar,
CoNsur,raNrs
Conr.
NJ _ N{.ARKETVALUE ANALYSIS
125DUNNELL ROAD, NtrA.PLEWOOD,
Apprursu CoNsulrlnrs Conp. - 59 -

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