vpa report frame (land) · 2020-01-13 · mr. tracy carter somersett owners association page 1 6490...
Post on 07-Jul-2020
5 Views
Preview:
TRANSCRIPT
Appraisal Report
Proposed Easement for Ventana Ridge N of Peavine Creek Rd
Reno, Washoe County, Nevada 89523
Report Date: October 15, 2019
FOR:
Somersett Owners Association Mr. Tracy Carter
General Manager 7560 Town Square Way
Reno, NV 89523
Valbridge Property Advisors | Las Vegas | Reno
6490 S. McCarran Blvd. #51 Reno, NV 89509 775-204-4100 phone Valbridge File Number: 702-242-6391 fax NV02-19-0009 valbridge.com
Mr. Tracy Carter
Somersett Owners Association
Page 1
6490 S. McCarran Blvd. #51
Reno, NV 89509
775-204-4100 phone
702-242-6391 fax
valbridge.com
October 15, 2019
Karen Park, MAI, ASA
775-204-4100
Kpark@valbridge.com
Mr. Tracy Carter
General Manager
Somersett Owners Association
7560 Town Square Way
Reno, NV 89523
RE: Appraisal Report
Proposed Easement for Ventana Ridge
N of Peavine Creek Rd
Reno, Washoe County, Nevada 89523
Dear Mr. Carter:
In accordance with your request, we have performed an appraisal of the above referenced property by
appraising the adjacent proposed residential development in a before condition and after condition
as it pertains to a requested easement across your property. This appraisal report sets forth the
pertinent data gathered, the techniques employed, and the reasoning leading to our value opinions.
This letter of transmittal is not valid if separated from the appraisal report.
The adjacent proposed residential development, as referenced above, is located north of 0 Peavine
Pines Court and continuing westward to north of 0 Sandestin Drive, in the city of Reno, Nevada and is
further identified as tax parcel numbers 081-160-17 thru -19, -28, -34, and 208-510-10. This site is a
206.85-acre or 9,010,386-square-foot parcel. The subject project is six vacant undeveloped parcels,
totaling 206.82 acres, collectively known as Ventana Ridge, with a proposed 70 to 99 lot single family
residential development. It is located northeast of the Somersett subdivision and north of the
Northgate development within the McQueen Neighborhood Planning Area in northwestern Reno. You
have been asked to grant a 63-foot wide by approximate 230-foot easement, encompassing
approximately 12,350 square feet on APN 232-510-03, to the adjacent property owner, Ventana Point,
LLC.
We developed our analyses, opinions, and conclusions and prepared this report in conformity with the
Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; the Code
Mr. Tracy Carter
Somersett Owners Association
Page 2
of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; and
the requirements of our client as we understand them.
The client in this assignment is Somersett Owners Association and the intended user of this report is
Somersett Owners Association and no others. The sole intended use is for negotiation of an easement
acquisition price. The value opinions reported herein are subject to the definitions, assumptions,
limiting conditions, and certifications contained in this report.
The findings and conclusions are further contingent upon the following extraordinary assumptions
and/or hypothetical conditions, the use of which might have affected the assignment results:
Extraordinary Assumptions: • This appraisal assignment is based on the extraordinary assumption that in the “before
condition,” no viable easement from Peavine Pines Court exists. If found to be false, it might
impact the assignment results.
• This appraisal assignment is based on the extraordinary assumption that the easement on Tract
Map 4628 is considered a relocatable easement on the City of Reno open space land and not
a set easement. The relocatable easement will now be used to connect the proposed Somersett
easement across a portion of APN 232-510-03 to Ventana Ridge project on APN 081-160-17.
If found to be false, it might impact the assignment results.
• This appraisal assignment is based on the extraordinary assumption that the holder of the
dominant estate (Ventana Ridge) will pay for all costs associated with designing, creating and
recording the easement. If found to be false, it might impact the assignment results.
Hypothetical Conditions: • The appraisal will employ the use of a hypothetical condition. The hypothetical condition will
be that the proposed easements exist in the "after condition" as of the current date of value,
when in fact the Somersett easement does not exist. The use of this hypothetical condition
could affect the assignment results and conclusions.
Based on the analysis contained in the following report, our conclusions are summarized as follows:
Mr. Tracy Carter
Somersett Owners Association
Page 3
The market value of the easement of the servient estate was performed by appraising the market value
of the Somersett Owners Association land and analyzing the impact the easement has on the property
rights. We concluded to a market value of $32,300 for the easement. This method only analyzes the
impact on the market value of the subject property; however, the dominant estate that will be created
as a result of the access easement will increase the market value of the land owned by the developer
of Ventana Ridge. The increase in the market value of the Ventana Ridge land has been performed by
using a before and after valuation method. Our conclusion is that the market value will increase by up
to $900,000 as a result of the access easement as there does not appear to be any other viable or
economically feasible options. Therefore, the creation of the access easement is more valuable to
Ventana Ridge and should be considered in the negotiation of the price of the easement.
Although the full increase in the market value of the easement could be sought by the Somersett
Owners Association, it is not reasonable to expect that the developer of Ventana Ridge will pay the full
amount. We have typically seen a meeting of the minds at up to 50% of the increase in the market
value of the property. In business, this could be viewed as a joint venture, where both parties share in
the added value, after deductions for associated costs of designing, creating, and recording of the
easement. Whether the split is 50/50 or some other percentage, this would be a matter for
negotiations. It is our opinion that a reasonable range would be somewhere between 25% and 50%
of the value enhancement due to the creation of the access easement.
Respectfully submitted,
Valbridge Property Advisors | Las Vegas | Reno
Karen Park, MAI, ASA
Managing Director
Nevada License #A.0207475-CG
License Expires 03-31-2021
Matthew Lubawy, MAI, CVA
Senior Managing Director
Nevada License #A.0000044-CG
License Expires 04-30-2021
PROPOSED EASEMENT FOR VENTANA RIDGE
TABLE OF CONTENTS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page i
Table of Contents
Cover Page
Letter of Transmittal
Table of Contents ....................................................................................................................................................................... i
Summary of Salient Facts ....................................................................................................................................................... ii
Aerial and Front Views ............................................................................................................................................................ iv
Location Map ............................................................................................................................................................................ vii
Introduction ................................................................................................................................................................................. 8
Scope of Work ............................................................................................................................................................................ 2
Regional and Market Area Analysis .................................................................................................................................... 4
City and Neighborhood Analysis ..................................................................................................................................... 15
Site Description ....................................................................................................................................................................... 19
Subject Photos ......................................................................................................................................................................... 31
Assessment and Tax Data ................................................................................................................................................... 33
Housing Market Analysis ..................................................................................................................................................... 35
Highest and Best Use ............................................................................................................................................................ 41
Land Valuation ......................................................................................................................................................................... 42
Valuation Summary ............................................................................................................................................................... 63
General Assumptions and Limiting Conditions .......................................................................................................... 65
Certification – Karen Park, MAI, ASA ............................................................................................................................... 70
Certification – Matthew Lubawy, MAI, CVA ................................................................................................................. 71
Addenda .................................................................................................................................................................................... 72
Subject Photographs ........................................................................................................................................................ 73
Legal Description ............................................................................................................................................................... 74
Letter of Engagement ...................................................................................................................................................... 77
Glossary ................................................................................................................................................................................. 85
Qualifications ...................................................................................................................................................................... 93
Valbridge Property Advisors Information / Office Locations ........................................................................... 99
PROPOSED EASEMENT FOR VENTANA RIDGE
SUMMARY OF SALIENT FACTS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page ii
Summary of Salient Facts
Easement 12,350 square feet (approximately)
Portion of APN #232-510-03
Owned by Somersett Owners Association
The value of the easement is based on the higher of two values: 1) value of the easement of the servient
estate by valuing the easement as part of the whole property, 2) added value of property held by the
dominant easement (using a before and after valuation method).
Property Identification
Property Name Ventana Ridge
Property Address N of Peavine Pines Ct
Reno, Washoe County, Nevada 89523
Latitude & Longitude 39.546897, -119.917276
Census Tract 2301
Tax Parcel Numbers 081-160-17 thru -19, -28, -34, and 208-510-10
Property Owners Ventana Pointe LLC
Site
Zoning
Specific Plan District, General Rural, Sgl Fam Res (15,000 Sq
Ft), (9,000 Sq Ft), Open Space (SPD, GR, SF-15, SF-9/OS)
FEMA Flood Map No. 32031C3016G, 32031C3017G
Flood Zone Zone X (unshaded)
Land Area 206.850 acres
Number of Units 85
Valuation Opinions
Highest & Best Use - As Vacant Develop with single family residences as allowed by zoning
and the master plan
Reasonable Exposure Time 12 to 18 months
Reasonable Marketing Time 12 to 18 months
PROPOSED EASEMENT FOR VENTANA RIDGE
SUMMARY OF SALIENT FACTS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page iii
The market value of the easement of the servient estate was performed by appraising the market value
of the Somersett Owners Association land and analyzing the impact the easement has on the property
rights. We concluded to a market value of $32,300 for the easement. This method only analyzes the
impact on the market value of the subject property; however, the dominant estate that will be created
as a result of the access easement will increase the market value of the land owned by the developer
of Ventana Ridge. The increase in the market value of the Ventana Ridge land has been performed by
using a before and after valuation method. Our conclusion is that the market value will increase by up
to $900,000 as a result of the access easement as there does not appear to be any other viable or
economically feasible options. Therefore, the creation of the access easement is more valuable to
Ventana Ridge and should be considered in the negotiation of the price of the easement.
PROPOSED EASEMENT FOR VENTANA RIDGE
AERIAL AND FRONT VIEWS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page iv
Aerial and Front Views
AERIAL VIEW FAR
PROPOSED EASEMENT FOR VENTANA RIDGE
AERIAL AND FRONT VIEWS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page v
AERIAL VIEW CLOSE
PROPOSED EASEMENT FOR VENTANA RIDGE
AERIAL AND FRONT VIEWS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page vi
FRONT VIEW OF PROPOSED EASEMENT
REAR VIEW OF PROPOSED EASEMENT
PROPOSED EASEMENT FOR VENTANA RIDGE
LOCATION MAP
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page vii
Location Map
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 8
Introduction
Client and Intended Users of the Appraisal The client in this assignment is Somersett Owners Association and the sole intended user of this report
is Somersett Owners Association. Under no circumstances shall any of the following parties be entitled
to use or rely on the appraisal or this appraisal report:
i. The borrower(s) on any loans or financing relating to or secured by the subject property,
ii. Any guarantor(s) of such loans or financing; or
iii. Principals, shareholders, investors, members or partners in such borrower(s) or guarantors.
Intended Use of the Appraisal The sole intended use of this report is for negotiation of an easement acquisition price.
Real Estate Identification The adjacent proposed residential development, is located N of Peavine Creek Rd, Reno, Washoe
County, Nevada 89523. The site is further identified by the tax parcel number 081-160-17 thru -19, -
28, -34, and 208-510-10. The subject project is six vacant undeveloped parcels, totaling 206.82 acres,
collectively known as Ventana Ridge, with a proposed 70 to 99 lot single family residential
development. It is located northeast of the Somersett subdivision and north of the Northgate
development within the McQueen Neighborhood Planning Area in northwestern Reno. You have been
asked to grant a 63-foot wide by approximate 230-foot easement, encompassing approximately
12,350 square feet on APN 232-510-03, to the adjacent property owner, Ventana Point, LLC.
Legal Description Please see the Addenda for the complete Legal Description of Ventana Ridge.
Use of Real Estate as of the Effective Date of Value As of the effective date of value, the site was a vacant land property.
Use of Real Estate as Reflected in this Appraisal The opinion of value for the site as is reflects use as residential (single-family) land.
Ownership of the Property According to Washoe County Assessors, title to the property known as Ventana Ridge is vested in
Ventana Pointe LLC. Title to the property of the easement is Somersett Owners Association.
History of the Property Ownership of a portion of the property has been acquired within the past three years. When
appropriate, we have considered and analyzed the known history of the property in the development
of our opinions and conclusions.
A portion of the project was acquired in November 14, 2018 for $600,000, or roughly $0.40 per usable
square foot. This sale was two parcels, 081-160-34 and 208-510-10, totaling 34.666 acres. It was listed
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 9
for sale at $700,000 with an expired tract map for a proposed 24 lot single family residential
development. It was an assemblage sale by adjacent landowner and created the current subject
project. There is easy access to terminus of existing road Sandestin Dr and utility right of way easement
for TMWA water storage tank on the eastern project boundary. Our final opinion of market value of
the entire project is a lower price per square foot than the recent transfer/contract due primarily to
greater size, and the more mountainous topography/terrain of the project as a whole.
Listings/Offers/Contracts The subject is not currently listed for sale or under contract for sale..
Type and Definition of Value The appraisal problem is to develop an opinion of the market value of the property. “Market Value,”
as used in this appraisal, is defined as “the most probable price that a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and seller each
acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.”
Implicit in this definition is the consummation of a sale as of a specified date and the passing of title
from seller to buyer under conditions whereby:
• Buyer and seller are typically motivated.
• Both parties are well informed or well advised, each acting in what they consider their own best
interests;
• A reasonable time is allowed for exposure in the open market;
• Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
• The price represents the normal consideration for the property sold unaffected by special or
creative financing or sale concessions granted by anyone associated with the sale.”1
The value conclusions apply to the value of the subject property under the market conditions
presumed on the effective date of value.
Please refer to the Glossary in the Addenda section for additional definitions of terms used in this
report.
Valuation Scenarios, Property Rights Appraised, and Effective Dates of Value Per the scope of our assignment we developed opinions of value for the subject property under the
following scenarios of value:
We completed an appraisal inspection of the subject property on August 7, 2019.
1 Source: Code of Federal Regulations, Title 12, Banks and Banking, Part 722.2-Definitions
Valuation Scenario Effective Date of Value
As Is Market Value of the Easement Interest August 7, 2019
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 10
Date of Report The date of this report is October 15, 2019.
List of Items Requested but Not Provided • All information requested for the assignment has been provided.
Analysis/Comments on Site In June 2007, the SPD zoning and Development Standards Handbook for Ventana Pointe (LDC04-
00175) was approved via Ordinance 5930. At that time the project was three parcels (APNs 081-160-
17, -18, -19), for a total of 132.19 acres. The principal access was to be from Peavine Pines Ct, across
City of Reno open space land. A second access was to be achieved through an extension of Sunline
Dr, across City of Reno open space land. Cluster residential development would occur mainly in the
southern portion of the site, covering approximately 30 acres, with a maximum of 70 lots, each a
minimum of 7,000 square feet. Approximately 78% of the project would be open space. Streets would
be reduced at 24 feet across with parking allowed on only one side. Special use permits for hillside
development, disturbance of drainageways, and cuts greater than 20 feet and fills in excess of 10 feet
were also approved. See Tentative Map (2007) that follows.
Following approval, the original tentative map expired, and the project was never constructed.
In December 2017, a Rezone, Tentative Map and Special Use Permit Application for Ventana Ridge was
submitted to the City of Reno. At this time the project was five parcels (APNs 081-160-17, -18, -19, -
34, and 208-510-10), for a total of 166.8 acres and a zoning change was being requested from SF-15
and SF-9/OS to SPD for the last two parcels. The number of lots had increased to 85 with a maximum
of 99. Primary access to the project will now be via an extension of Sandestin Dr with secondary access
via an extension of Sunline Dr, utilizing an existing access easement across City of Reno open space
land. Utilities will be extended from existing developments to minimize impacts on nearby
unincorporated areas/public lands. The lots now range in size from 7,000 square feet to 14,309 square
feet, with an average of 9,504 square feet, and cover approximately 35 acres. The project includes 144
acres of common open space.
At the April 18, 2018 meeting of the Planning Commission, a new tentative map had been submitted
to develop a total of 70 lots, change of zoning, and special use permits for cluster development, hillside
development, and grading cuts/fills. See Tentative Map 2018 that follows. During the meeting,
concerns were raised about the steepness of the access road from Peavine Pines Court, headlights and
taillights of vehicles using this road, and fire safety. At the conclusion of the meeting, the tentative
map and application were rejected (LDC18-00041) by the City of Reno Planning Commission.
For this assignment, the client provided the appraisers with a revised, proposed map for Ventana Ridge
with 57 lots, in two distinct portions of the project. An eastern portion will have access via the extension
of Sandestin Dr. A western portion will have access via a proposed easement access from Peavine
Creek Rd, across the border of a Somersett common area parcel (APN 232-510-03), and then utilizing
a realignment of an existing access easement across City of Reno open space land. See Proposed Map
(2019) that follows.
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 11
Per an email with Sienna Reid, Senior Planner in the Community Development Department within the
City of Reno:
• Tract map 4628 shows a 51-foot access easement from Peavine Pines Ct to APN 081-160-17.
There is no public road proposed with this tract map. Roadways constructed to serve new
development are constructed by the developer, not the City, and must have associated legal
access rights if they are off-site.
• As of August 19, 2019, an application to amend the zoning on the project parcels to SPD has
not been submitted. Per RMC 18.08.101(d), existing SPD designations are recognized, but the
City does not accept new applications for this zoning designation. A zoning map amendment
to another zoning district would follow the zoning map amendment process, which requires
public hearing before the Planning Commission and City Council and has no timeframe for
review.
• Although APN 081-160-28 is owned by Ventana Pointe LLC, it has not been included in
previous developmental applications. The topography for that parcel is very constrained and
likely would remain General Rural zoning with one dwelling unit per 40 acres. It would also
require an annexation application as it is outside the City of Reno limits, but within its sphere
of influence.
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 12
VENTANA POINTE TENTATIVE MAP - 2007
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 13
VENTANA RIDGE TENTATIVE MAP - 2018
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 14
VENTANA RIDGE TENTATIVE MAP – 2018 (OFF-SITE GRADING FOR PEAVINE PINES COURT)
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 15
VENTANA RIDGE PROPOSED MAP - 2019
PROPOSED EASEMENT FOR VENTANA RIDGE
INTRODUCTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 1
Assumptions and Conditions of the Appraisal This appraisal assignment and the opinions reported herein are subject to the General Assumptions
and Limiting Conditions contained in the report and the following extraordinary assumptions and/or
hypothetical conditions, the use of which might have affected the assignment results.
Extraordinary Assumptions
• This appraisal assignment is based on the extraordinary assumption that in the “before
condition,” no viable easement from Peavine Pines Court exists. If found to be false, it might
impact the assignment results.
• This appraisal assignment is based on the extraordinary assumption that the easement on Tract
Map 4628 is considered a relocatable easement on the City of Reno open space land and not
a set easement. The relocatable easement will now be used to connect the proposed Somersett
easement across a portion of APN 232-510-03 to Ventana Ridge project on APN 081-160-17.
If found to be false, it might impact the assignment results.
• This appraisal assignment is based on the extraordinary assumption that the holder of the
dominant estate (Ventana Ridge) will pay for all costs associated with designing, creating and
recording the easement. If found to be false, it might impact the assignment results.
Hypothetical Conditions
• The appraisal will employ the use of a hypothetical condition. The hypothetical condition will
be that the proposed easements exist in the "after condition" as of the current date of value,
when in fact the Somersett easement does not exist. The use of this hypothetical condition
could affect the assignment results and conclusions.
PROPOSED EASEMENT FOR VENTANA RIDGE
SCOPE OF WORK
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 2
Scope of Work
The elements addressed in the Scope of Work are (1) the extent to which the subject property is
identified, (2) the extent to which the subject property is inspected, (3) the type and extent of data
researched, (4) the type and extent of analysis applied, (5) the type of appraisal report prepared, and
(6) the inclusion or exclusion of items of non-realty in the development of the value opinion. These
items are discussed as below.
Extent to Which the Property Was Identified The three components of the property identification are summarized as follows:
• Legal Characteristics - The subject was legally identified via a Washoe County Assessor's map,
Washoe County GIS aerial mapping, and a physical inspection by Karen Park.
• Economic Characteristics - Economic characteristics of the subject property were identified via
a comparison to similar properties, as well as a comparison to properties with similar locational
and physical characteristics.
• Physical Characteristics - The subject was physically identified via a partial inspection of the
property performed by Karen Park.
Extent to Which the Property Was Inspected We inspected the subject on August 7, 2019. The southwestern and southeastern portions of the
property were walked upon. Due to the mountainous terrain and size of the site, the northern portions
were viewed from aerial photography in Google Maps and the Washoe Regional Mapping System.
Type and Extent of Data Researched We researched and analyzed: (1) market area data, (2) property-specific market data, (3) zoning and
land-use data, and (4) current data on comparable listings and transactions. We also interviewed
people familiar with the subject market/property type.
Type and Extent of Analysis Applied (Valuation Methodology) We observed surrounding land use trends, the condition of any improvements, demand for the subject
property, and relevant legal limitations in concluding a highest and best use. We then valued the
subject based on that highest and best use conclusion.
Appraisers develop an opinion of property value with specific appraisal procedures that reflect three
distinct methods of data analysis: the cost approach, sales comparison approach, and income
capitalization approach. One or more of these approaches are used in all estimations of value.
• Sales Comparison Approach - In the sales comparison approach, value is indicated by recent
sales and/or listings of comparable properties in the market, with the appraiser analyzing the
impact of material differences in both economic and physical elements between the subject
and the comparables.
• Direct Capitalization: Land Residual Method - The land residual methodology involves
estimating the residual net income to the land by deducting from total potential income the
PROPOSED EASEMENT FOR VENTANA RIDGE
SCOPE OF WORK
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 3
portion attributable to the improvements, assuming development of the site at its highest and
best use. The residual income is capitalized at an appropriate rate, resulting in an indication of
land value.
• Direct Capitalization: Ground Rent Capitalization – A market derived capitalization rate is
applied to the net income resulting from a ground lease. This can represent the leased fee or
fee simple interest, depending on whether the income potential is reflective of a lease in place
or market rental rates.
• Yield Capitalization: Subdivision Development Method – Also known as Discounted Cash Flow
Analysis (DCF), the methodology is most appropriate for land having multiple lot development
in the near term as the highest and best use. The current site value is represented by
discounting the anticipated cash flow to a present value, taking into consideration all necessary
costs of development, maintenance, administration, and sales throughout the absorption
period.
• The value of the easement is based on the higher of two values: 1) value of the easement of
the servient estate by valuing the easement as part of the whole property, 2) added value of
property held by the dominant estate (using a before and after valuation method).
All of these approaches to value were considered. We assessed the availability of data and applicability
of each approach to value within the context of the characteristics of the subject property and the
needs and requirements of the client. Based on this assessment, we relied upon the sales comparison
approach. The Cost Approach was not used because the cost approach is not applicable to valuing
vacant land. The Income Capitalization Approach was not used because the income approach is not
typically applicable to valuing vacant land being held for residential development. Further discussion
of the extent of our analysis and the methodology of each approach is provided later in the respective
valuation sections.
Appraisal Conformity and Report Type We developed our analyses, opinions, and conclusions and prepared this report in conformity with the
Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; the Code
of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; and
the requirements of our client as we understand them. This is an Appraisal Report as defined by the
Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2a.
Personal Property/FF&E All items of non-realty are excluded from this analysis. The opinion of market value developed herein
is reflective of real estate only.
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 4
Regional and Market Area Analysis
REGIONAL MAP
Subject
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 5
Introduction The cities of Reno and Sparks are located in what is known as the Truckee Meadows region in the
northwestern portion of the State of Nevada. The City of Reno is the county seat of Washoe County.
Reno is the third largest city in the state behind Las Vegas and Henderson.
Reno-Sparks is located at the base of the Sierra Nevada Mountains along the shores of the Truckee
River. Reno-Sparks lies 45 miles northwest of Lake Tahoe, 450 miles northwest of Las Vegas, 135 miles
northeast of Sacramento, California, 231 miles northeast of San Francisco, 504 miles north of Los
Angeles, 423 miles southwest of Boise, Idaho, and 568 miles southeast of Portland, Oregon.
The economic vitality of the surrounding area, and the immediate neighborhood encompassing the
subject property, is an important consideration in estimating future real estate demand and income
potential. A detailed demographic analysis of Reno and Washoe County was conducted using
information provided by various State of Nevada websites. Information supplied includes historical
and projected population, employment and income data.
Regional Economic Overview As of May 2019, employment was 255,879 as compared to May of 2018 at 241,452, Reno employment
is at an all-time high. Reno has been steadily growing since a year ago, resulting in a gain of 14,427
jobs. Trade, transportation and utility has the highest number of people employed with 55,000 jobs.
This is a 4.6% increase from one year ago. The highest twelve month increase in the employment sector
was Manufacturing at a 17.3% increase.
The Monthly Report from The Lied Institute for Real Estate Studies, May 2019 Nevada Housing Market
Update, the average new home price for single family homes is $613,600 as compared to the fiscal
year (May 2018) of $472,670, this is a year over year growth of 29.82%. There were 32 new single-
family home sales during May 2019, a 71% year over year decrease. The average existing home price
for single family homes is $471,000 as compared to May 2018 of $453,000, a year over year growth
rate of 3.97%.
The Tahoe Reno Industrial Center is the largest industrial park in the U.S. at 107,000 acres. Currently,
there is 15,000 acres pre-zoned, fully entitled and in active development, with plans of future
expansion. It is home to the Tesla Gigafactory, the Switch/Supernap data storage campus, Blockchains,
Google and Jet.com. Switch Tahoe Reno, known as Citadel Campus, is the largest, most advanced data
center campus in the world. There are over 100 companies already at TRIC, with USA Parkway (Infinity
Parkway) finished, jobs at TRIC are readily accessible.
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 6
A map of the Tahoe Reno Industrial Center is below:
The introduction of Tesla’s Gigafactory has provided over 4,000 local jobs and will support close to
10,000 when complete. Tesla has infused Reno’s economy and shifted it from its economic drought.
There are more enrollments in schools, especially in STEM-related subjects, and emerging
neighborhoods, such as Midtown, downtown and the Fourth Street corridor. This is in part due to the
booming technology industry with billions of dollars being invested from some of Fortune’s highest
ranked companies, which include Tesla, Switch, Amazon, Microsoft, Google, and Blockchains. The
presence of Tesla has pushed for market diversification and draws in local businesses to supplement
the needs of the factory and the people. Demands for supplies, gas and food have increased which
brings in more employment and more cash flow. In 2009 TRIC had 4,500 employees and had 11 million
square feet of building area. This grew to 14 million square feet in 2014 with 5,000 employees. By 2018,
employment has grown to 7,000 employees with a majority in manufacturing (42%) and in
logistics/distribution (42%), whilst employment is expected to increase to 15,000 within a decade. The
additions have contributed to economic activity in the Reno area.
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 7
Geographic Setting The Reno-Sparks area sits at an elevation of 4,400 feet above sea level, at the eastern base of the
foothills of the Sierra Nevada mountain range. This mountain range forms the natural border between
Nevada and California. Land to the west of the Reno-Sparks area rises at an increasing rate, as foothills
quickly become the eastern slopes of the Sierra Nevada. The land to the east of the metropolitan area
gradually flattens out into basin and range topography for 200 miles.
The nearby Sierra Nevada, and especially the Lake Tahoe area, provides recreation opportunities for
the area. The Lake Tahoe region located only 45 miles to the southwest is considered one of the most
scenic areas in the United States and draws tourists from all over the globe. The Tahoe area offers
skiing, hiking, fishing and other water sports, and casino gambling. Also, Pyramid Lake is located less
than 30 minutes north of Reno-Sparks by automobile and offers some of the best fishing in the area.
The Reno-Lake Tahoe area offers the highest concentration of ski resorts in the country, all within 90
minutes of Reno-Sparks. There are 16 alpine and 9 cross-country ski resorts, with an average snowfall
of 125 feet per season. During the winter months, skiing enthusiasts come from all over the United
States to enjoy northern Nevada's unique blend of daytime skiing and nighttime gaming at Lake Tahoe
and the surrounding areas. Here and at other smaller resorts located throughout the valleys, skiers can
pursue both downhill and cross-country skiing. During the summer months hiking enthusiasts, hunters
and campers enjoy the mountains and national forests in this area. Lake Tahoe is also used for fishing
and other water sports. Pyramid Lake and the Truckee River, along with several nearby lakes, are also
popular fishing locations.
Tourism/Casinos Historically, the Reno-Sparks regional economy was based predominantly on the tourism spurred by
local gaming. While Reno’s economy for most of the 20th century was primarily centered on gaming
and entertainment, it is now diversifying into a much broader based which spans healthcare,
entrepreneurial startups and technology-based industries. Overall, the gaming/tourism industry plays
a significant role within the local economy.
Climate According to the U.S. Climate Data website the area’s semi-arid climate is generally favorable, and
winters are characterized as moderate with January temperatures between 25°F to 46°F and July
temperatures 58°F to 92°F, with an annual high temperature of 67°F and an annual low temperature
of 40°F. The area experiences about 315 days of sunshine per year, annual precipitation is just over 7”
per year, and annual snowfall is about 22” per year. The foothill and mountain regions experience much
heavier snowfall.
Topography The geographical characteristics are regarded as one of area’s most notable attributes. The area
contains many different types of terrain from level valley land in downtown Reno and Sparks to
foothills and mountainous terrain in Virginia City, the Sierras, and Lake Tahoe. The majority of the valley
is about 4,500-foot elevation, while the mountainous region to the west rises to over 10,000 feet above
sea level.
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 8
The region is bisected by the Truckee River, which runs from Lake Tahoe, through downtown Reno and
through Sparks out to Pyramid Lake. As a result of this river, flooding has been a problem. Most of the
flood prone areas are in downtown Reno, and the industrial district of Sparks.
The soils in the area are basically alluvial, being composed of sands and sandy loam, which eroded
from granite bedrock as well as from volcanic rock overlays. Most of the soils include some clay that
expand when wet and shrink when dry. As a result, most properties in the area require some over
excavation to remove these clays or proper drainage of soils away from structures.
SOIL SURVEY
Source: USDA Natural Resources Conservation Service
The region is geologically active, and several earthquake faults have been identified within the area
including a band of faults extending in a north-south direction through Reno and Sparks. As a result
of these faults, the area is identified as a Seismic Risk Zone 3, which identifies areas of potential for an
earthquake up to 6.5 on the Richter Scale. Both cities and the county have adopted special construction
considerations and building materials into the general plan.
Subject
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 9
RENO FAULT LINES MAP
Subject
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 10
Transportation Reno-Sparks central location to California and its transportation system contributed to the region’s
desirability as a place for business and living. The region benefits from the interstate highway system,
rail system, and air transportation.
Interstate 80 is an east/west highway connecting the Reno-Sparks region with Sacramento and San
Francisco, California to the west, and Utah to the east. Interstate 80 is a major trucking route extending
from coast to coast. A 12-mile extension linking Interstate 80 and U.S. 50 to traffic, opened on
September 2017. This highway is dubbed Infinity Highway by Governor Brian Sandoval. This created
an 18-mile-long, four lane state road way between I-80 and U.S. 50, which enhances regional mobility
and created an additional route for commuter, freight and other traffic. U.S. Highway 395 is a
north/south highway connecting the Reno-Sparks region to Southern California to the south and
California, Oregon, and Washington to the north. These highways intersect each other just northeast
of the Reno CBD.
Several railroads provide freight and passenger service to the area, including Southern Pacific and
Amtrak. Due to increased usage of the rail services, the community is in the process of lowering the
tracks below ground level to reduce traffic congestion in the downtown district.
The Reno-Tahoe International Airport is a public/military airport three miles southeast of downtown
Reno. It covers an area of 1,450 acres and is the primary port of entry for most visitors to Reno. The
airport has three runways servicing around 140 flights daily to and from the airport, providing service
to 22 cities non-stop and about 31 cities with a same plane one-stop flight as well as freight companies
such as DHL, FedEx Express and UPS as well as numerous ad-hoc charters throughout the year. The
airport served 4,210,095 passengers in 2018. The terminal was remodeled in 1996, 2009 and 2013. In
1996, the baggage claim, and ticketing area were updated with technology and decor similar to Las
Vegas. In 2008, the Airport began a $70 million project that enhanced the baggage screening
equipment and remodeled the ticketing area with a modern Tahoe theme, the project was entirely
completed in 2010. To complete the renovations, the TSA ordered the shutdown of the ticketing area,
so the airport built a full service heated/a/c temporary ticketing tent, which took up 3 lanes out of 6 in
front of the airport for taxi, pick up and drop off. In March 2013, a $24 million expansion of the airport
was completed and focused on a new centralized TSA Security Checkpoint on the Ground Level, and
above it, a shopping/dining promenade called "High Mountain Marketplace" which consists of CNBC
News, InMotion Entertainment, Brighton and No Boundaries Outdoor Apparel. Dining options include
McDonald's, Timber Ridge Restaurant, among others in the two concourses. There are giant windows
in the dining areas that allow expansive views of the mountains and runways. Leading major airport
designers designed the new spaces. With the new security checkpoint, travelers can now access both
concourses without having to go through security. Future projects may include updates to the
concourses.
Education The Washoe County School District (WCSD) is a public-school district providing public education to
students in Washoe County, Nevada, including the cities of Reno and Sparks, and the unincorporated
communities of Verdi, Incline Village, and Gerlach. The Washoe County School District is the second
largest school district in Nevada and 59th largest district in the nation, with approximately 64,000
students enrolled in over 100 schools. According to the WCSD website, the district currently has 62
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 11
elementary schools, 14 middle schools, 14 comprehensive high schools, 1 adult achievement school, 4
alternative schools (K-12), 1 school for medically fragile students, 8 charter schools and 3 new schools
to open 2019-2020. With around 9,000 employees, WCSD is the largest regional employer, and most
of those employees live, work, and reinvest directly in the local economy. WCSD has been recognized
nationally for its fiscal management policies, including the National Excellence Award in Procurement
from the National Procurement Institute, for its dedication to ensuring that tax dollars are use
efficiently and effectively.
The University of Nevada, Reno also referred to as UNR is a public research university located in Reno.
The campus is home to the large-scale structure laboratory in the College of Engineering, which has
put Nevada researchers at the forefront nationally in a wide range of civil engineering, earthquake and
large-scale structures testing and modeling. The Nevada Terawatt Facility, located on a satellite
campus of the university, includes a terawatt-level Z-pinch machine and terawatt-class high-intensity
laser system-one of the most powerful such lasers on any college campus in the country. It is home to
the School of Medicine, with a campus in Nevada’s major urban center in Reno and a health network
that extends to much of rural Nevada. The faculty are considered worldwide and national leaders in
diverse areas such as environmental literature, journalism, Basque studies, and social sciences such as
psychology. The school includes 16 clinical departments and five nationally recognized basic science
departments. It is also home to the School of Journalism, which has produced six Pulitzer Prize winners.
The University now covers 290 acres with 180 buildings and continues to expand its campus footprint
and is home to more than 60 research facilities, 12 museums and galleries, 8 residence halls, a state-
of-the-art fitness and recreation center and more. UNR offers more than 460 undergraduate and
graduate degree, certificate and minor programs within 11 academic colleges. UNR has over 21,000
students and 1,049 academic faculty which puts them at a 19:1 student-to-faculty ratio.
Truckee Meadows Community College (TMCC) is a two-year, public community college and technical
college located in the Truckee Meadows of Reno. The Community College is primarily a commuter
campus with 5 locations. The main (Dandini) campus is located just north of Interstate 80 and US
Highway 395. TMCC offers students both certificate and associate degrees. The college has more than
500 faculty members and is accredited by the Northwest Commission on College and Universities. The
College serves more than 25,000 students each year in credit and non-credit programs at five
educational sites and more than 20 community locations. The Student Teacher Ratio at TMCC is
calculated based on the number of full-time teachers reported by the school is 36:1. The college offers
over 50 programs of study that lead to more than 160 degrees, certificates and other completion
options. TMCC is northern Nevada’s jobs college, with 95% of their students remaining in Nevada after
completing their studies, helping to build and support the local community. TMCC students, graduates,
employees and infrastructure put more than $678 million into the region’s economy each year.
Utilities NV Energy supplies electricity and natural gas, while water is provided to the area by TMWA. Most
areas have sufficient capacity to provide necessary utilities. Reno Disposal Co. provides solid waste and
recycling services and AT&T is the primary telephone service provider.
Linkages All of the environmental attributes form together to provide linkages that can attract or detract
development from areas. These relationships form over time and create different real estate supply
and demand characteristics. Historically, Reno-Sparks grew in a concentric structure, from the center
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 12
of the cities. As casinos heavily influenced the central area, the retail, office, and residential uses moved
towards the suburban markets following the growth of the freeway and highway expansion. Today,
the land uses reflect a Radial-Corridor structure, where there is a high percentage of industrial
development in Sparks along the rail and freeways. Those neighboring residential districts are primarily
median priced. Southwest Reno is above median priced in the lower level land to top end of the market
in the foothills. The newest retail and office development are occurring in the high growth south Reno
market. The north and northwest have primarily developed with below median to median priced
neighborhoods. With the continued development in south Reno with the newer office and retail
buildings, that area has captured a large share of the new growth.
Social Forces Social characteristics pertaining to an area are primarily based on population, density, trends,
demographics, and quality of life. Real estate improvements are provided in response to the demand
generated by a population with effective purchasing power. Population growth or decline, household
size, income, educational levels, and age all affect and contribute to the structure of demand for real
estate. Further, demand of a given population for goods and services will affect the type and value of
real estate needed. An analysis of population, employment, and income trends for the Reno MSA and
the State of Nevada is performed using data provided by Nielsen, a recognized source.
Population Historical and projected population trends for the Reno-Sparks MSA are charted below:
The 2019 estimates by the Nevada State Demographer anticipate a continued growth rate of 1%
annually in the short-term population projections (2019-2023) for the Reno-Sparks MSA and
Northwest Nevada area. Estimated population for 2024 is 255,665. Looking ahead, both the Reno-
Sparks MSA and the State of Nevada are anticipated to experience continued growth, with future
population estimates reflecting growth rates much slower than those experienced in the past.
POPULATION TRENDS
Reno/Sparks MSA
0
100
200
300
400
500
600
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Year
Po
pu
lati
on
(1,0
00's
)
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 13
RENO/SPARKS POPULATION AND HOUSEHOLDS
PROPOSED EASEMENT FOR VENTANA RIDGE
REGIONAL AND MARKET AREA ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 14
Employment The following chart illustrates the historical unemployment rates for Reno, Nevada.
RENO UNEMPLOYMENT RATES (%)
Year Unemployment
Rate
April 2019 3.00%
2018 3.60%
2017 4.20%
2016 5.00%
2015 6.20%
2014 7.60%
2013 9.50%
2012 11.00%
2011 12.60%
Source: Bureau of Labor Statistics
Conclusion As previously described, the economic outlook for the state and the Reno region is best described as
optimistic. As of May 2019, employment was 255,879 as compared to May of 2018 at 241,452, Reno
employment is at an all-time high. Reno has been steadily growing since a year ago, resulting in a gain
of 14,427 jobs. Trade, transportation and utility has the highest number of people employed with
55,000 jobs. This is a 4.5% increase from one year ago. The highest twelve month increase in the
employment sector was manufacturing at a 17.3% increase.
The longer-term outlook for the region is encouraging due to the Tahoe Reno Industrial Center and
Reno’s strong fundamentals. The area has many positive attributes that will work to ensure long-term
growth and prosperity to the area, good accessibility by major roadways, good infrastructure, an
educated work force, expanding population, strong higher education institutions, a good climate and
easy access to major recreational area In addition, the economic base of the city is diversifying and
becoming less susceptible to downturns in particular sectors of the economy. The Reno-Sparks
metropolitan area is restructuring from an economy based primarily on tourism and gambling to an
economy more evenly balanced with stronger employment in the business, manufacturing and trade
sectors. These long-term strengths have often been recognized nationally and continue to draw new
business from other parts of the country. Tesla’s Gigafactory continues to reshape Reno, transforming
education, housing and the small business sector. Creating a technological oasis centered around
sustainability in complement with the current economy will secure both long term and short-term
profits. It will insure a steady revenue stream for the state and poise itself for the transition into a green
future, one that is sustainable energy for the future of transportation.
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 15
City and Neighborhood Analysis
NEIGHBORHOOD MAP
Overview
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 16
The subject is located in the City of Reno in Washoe County.
Neighborhood Location and Boundaries The subject neighborhood is located in the northwest section of Reno. The area is rural in nature. The
neighborhood is bounded by the Reno City Limits to the north, Highway 395 to the east, I-80 to the
south, and the Reno City Limits to the west.
The majority of the neighborhood area is built up with single-family homes. The Somersett Master
Planned Community is located west of the subject followed by aged single-family homes dating back
to the early 1900’s as well as multi-family complexes. The Reno-Sparks Livestock Event Center is to the
east of the subject followed by University of Nevada, Reno (UNR). Several parks exist in the market
area as well as the Terrace Sport Complex, home of the Reno American Little League. All commercial
property is located along Robb Drive and McCarran Boulevard. Also located in the neighborhood is
Melton Elementary, Westergard Elementary, Billinghurst Middle School and McQueen Highschool.
The Somersett Master Planned Community is a multi-billion-dollar award winning Master Planned
Community (MPC) that includes 18 holes of private golf, a 9-hole Homeowners Association golf course,
two 25,000 square feet community clubhouses, two full parks, nine pocket parks, 1,200 acres of open
space, and 27 miles of trail system. The MPC covers 3,000 acres and over 3,700 homes and throughout
the course of development, $395,000,000 was spent to create the infrastructure and amenities for the
community. Overseen by a programmed homeowners association, Somersett continues to be one of
the most sought-after communities with some of the highest home values in Northern Nevada.
Sitting on 43 acres the Reno-Sparks Livestock Event Center (RSLEC) is the home base for a list of
prestigious equine and rodeo events, including the nationally televised Reno Rodeo. The RSLEC is a
favorite venue for youth and collegiate sporting competitions, motocross, circuses and national
monster truck events, along with consumer-based shows featuring everything from antiques, craft
shows, trains and cars to RV and boat sales.
The University of Nevada, Reno (UNR) is widely known for its programs in earthquake sciences and
engineering, the humanities, neuroscience, biotechnology, environmental science, bioscience and
advanced autonomous systems. UNR was founded in 1874 and now has over 21,000 students and
1,049 academic faculty with a 19:1 student-to-faculty ratio. The campus covers 290 acres with 180
buildings, 60 research facilities, 12 museums and galleries and 11 schools and colleges.
Robert McQueen Highschool is located at the base of the Peavine Mountain and is one of twenty four-
year public high schools in Washoe County School District with enrollment for the 2018-2019 school
year at 1,718. McQueen Highschool offers a wide range of Honors and Advanced Placement courses,
as well as electives in Career Technical Education, Fine Arts, Physical Education, and ROTC. McQueen
Highschool is also the only High School in Washoe County offering four different World Languages
for students to study. Billinghurst Middle School serves 950 students in grades 6-8 and employees 44
teachers with a Student: Teacher ratio of 22:1. Billinghurst placed in the top 30% of all 620 schools in
Nevada for overall test scores for the 2015-16 school year. Melton Elementary serves 565 students in
grades Prekindergarten-5 and employees 30 teachers with a Student: Teacher ratio of 19:1. Melton
ranked in the top 20% of all schools in Nevada for the 2015-16 school year. Westergard Elementary
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 17
serves 652 students in grades Prekindergarten-5 and employees 32 teachers with a Student: Teacher
ratio of 20:1. Westergard placed in the top 10% of all schools in Nevada for the 2015-16 school year.
Demographics
The following table depicts the area demographics in Reno within a one-, three-, and five-mile radius
from the subject.
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 18
Transportation Access Northern Nevada is served by two major highways and several railroads, as well as trucking and airline
carriers that make distribution to the western market efficient and cost effective. The Reno-Sparks
location allows for overnight delivery to the majority of the eleven western states (53 million people)
and two-day delivery to over 63 million people via truck and rail freight shipping.
Access throughout the neighborhood as well as to the subject property is easy by way of I-80 which
runs east/west to the south of the market area. Highway 395 is located in the eastern side of the
neighborhood and runs north/west having an interchange with I-80. McCarran Boulevard is an outer
loop providing additional and easy access around the main attractions of Reno, a.k.a. – UNR,
Downtown, Meadowood Mall and the Reno/Tahoe Airport.
Secondary access within the neighborhood to connect with I-80 is along Robb Drive, N Virginia Street
and also Hwy 40 which connects to the town of Verdi.
Neighborhood Land Use The subject neighborhood is located in an area with primarily Residential land uses. An approximate
breakdown of the development in the area is as follows:
LAND USES
Built up: 75%
Residential: 56%
Retail: 5%
Office: 2%
Industrial: 2%
Institutional 10%
Open Space 25%
Conclusions The subject neighborhood is a centralized location having excellent access and close proximity to many
employment opportunities. It is expected that this area will continue to grow into the future. Overall,
the subject neighborhood is in the growth stage of its life cycle.
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 19
Site Description
The Ventana Ridge site is located north of 0 Peavine Pines Court and continuing westward to north of
0 Sandestin Drive, in the city of Reno, Nevada. The characteristics of the site are summarized as follows:
Site Characteristics Gross Land Area: 206.85 Acres or 9,010,386 SF
Usable Land Area: 206.85 Acres or 9,010,386 SF
Usable Land %: 100.0%
Shape: Irregular shaped but not so much as to hinder development
Average Depth: 2,898.71 feet
Topography: Hilly/Mountainous
Drainage: Adequate with natural drainage
Grade: Sloping
Utilities: All are at or near the site
Off-Site Improvements: none
Interior or Corner: Interior
Signalized Intersection: No:
Excess or Surplus Land: None
Street Frontage / Access Frontage Road Primary Secondary
Street Name: Peavine Creek Rd or
Peavine Pines Ct Sandestin Dr
Street Type: Residential minor Residential minor
Frontage (Linear Ft.): 0 45
Number of Curb Cuts: 0 0
Traffic Count (Cars/Day): None None
Additional Access Alley Access: No
Water or Port Access: No
Rail Access: No
Flood Zone Data Flood Map Panel/Number: 32031C3016G, 32031C3017G
Flood Map Date: March 16, 2009
Portion in Flood Hazard Area: 0.00%
Flood Zone: Zone X (unshaded)
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 20
Zone X: The subject is outside the 0.2% annual chance flood plain
and does not require flood insurance.
Other Site Conditions Soil Type: Assumed adequate for development
Environmental Issues: There are no adverse environmental conditions affecting the
subject property
Easements/Encroachments: A non-exclusive access easement for ingress, egress; and three
exclusive relocatable easements for ingress, egress
Earthquake Zone: The property is not in a fault, fissure, or earthquake zone
Adjacent Land Uses The project is on undeveloped parcels located on the southeast
aspect of Peavine Mountain and is bordered by undeveloped land
to the north, west, and east. In addition, immediately south of the
project's southwest property line is undeveloped land owned by
the City of Reno (City) and preserved as Open Space (OS zoning
designation). A Truckee Meadows Water Authority (TMWA) water
storage tank serving its municipal water distribution system is
situated on the eastern project boundary.
Site Ratings Access: Fair to Average
Visibility: Fair to Average
Zoning Designation Zoning Jurisdiction: Reno
Zoning Classification: SPD, GR, SF-15, SF-9/OS, Specific Plan District, General Rural, Sgl
Fam Res (15,000 Sq Ft), (9,000 Sq Ft), Open Space
General Plan Designation: RS- Residential Subdivision
Permitted Uses: Single-family residential development
Zoning Comments: The City of Reno recognizes existing SPD designations, however,
no longer accepts applications for this zoning designation. The
following purpose statement remains for reference:
The purpose of this district is to accommodate projects or plans
where the design and configuration of the uses are so arranged as
to constitute a single functionally integrated entity. In such projects
the use of land within a component, and among the various
components, if there is more than one component, must be
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 21
designed to be compatible and complementary. In this district the
location, use and physical characteristics of structures,
improvements, and open space must all work together in
furthering the stated purpose of the design of the project or plan.
In order to achieve optimal functional integration in such projects
or plans, the city recognizes that it may be desirable to regulate
and restrict on a project or plan specific basis the erection,
construction, reconstruction, alteration, repair or use of buildings,
structures, or land. Further, the city recognizes that the purpose of
this district may be furthered by permitting a diversity of land uses
not found in other zoning districts. In light of the multitude of land
uses which may be permitted in this district, and the need to ensure
that such uses are internally compatible and both complementary
and compatible with surrounding and nearby existing and/or
planned uses of land, it is the express intent of the city to subject
requests for changes in zoning to the Specific Plan District to a
heightened level of scrutiny during the review process and, should
a request be approved, to strictly limit the possibilities of change
in the use or arrangement of land, structures, and open space.
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 22
PLAT MAP CLOSE
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 23
PLAT MAP WHOLE
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 24
PLAT MAP WHOLE – PROPOSED EASEMENT
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 25
PLAT MAP CLOSE – PROPOSED EASEMENT
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 26
FLOOD MAP 1
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 27
FLOOD MAP 2
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 28
TOPOGRAPHIC MAP
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 29
ZONING MAP
PROPOSED EASEMENT FOR VENTANA RIDGE
SITE DESCRIPTION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 30
PLANNED LAND USE MAP
PROPOSED EASEMENT FOR VENTANA RIDGE
SUBJECT PHOTOS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 31
Subject Photos
At the southeastern border of the property looking west across the lower portion of the site
At the terminus of Sandestin Dr. Currently the dirt road goes to the TMWA water tank on the eastern
edge of the property
PROPOSED EASEMENT FOR VENTANA RIDGE
SUBJECT PHOTOS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 32
At the southwestern border of the property, looking south across City of Reno land towards
Northgate development where public roadway easement will likely be placed if easement granted
Above Peavine Pines Ct looking east across the southern portion of the site towards Sandestin Dr
Additional photos are included in the Addenda
PROPOSED EASEMENT FOR VENTANA RIDGE
ASSESSMENT AND TAX DATA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 33
Assessment and Tax Data
Assessment Methodology Property taxes are based upon an appraisal of the property performed by the Washoe County
Assessor’s Office. An appraisal is conducted every five years on properties located within Washoe
County and the values are updated each year by an index computed by the State of Nevada
Department of Taxation.
According to personnel at the Assessor’s Office, improved properties are appraised for taxable value
based upon the cost approach. This approach to value is performed by estimating the replacement
cost new of a property less depreciation of 1.5% per year of effective age, up to a maximum of 75%.
Land values are derived from market sales or other recognized appraisal methods and are added to
improvement values. Property values are updated every year. State Statute 361.227 indicates that the
taxable value of the property must not exceed the current market value. Since the cost approach in
some instances may provide an indication higher than current market value, the sales comparison
approach and/or income capitalization approach may be used to establish the taxable value of the
property. Property taxes are calculated by multiplying 35% of the taxable value by the tax rate.
If a property owner disagrees with the value placed on the property by the Assessor’s office, they may
discuss the matter with the Assessor’s office. If a difference of opinion still exists, the owner may appeal
the taxes prior to the deadline of January 15th (unless it falls on a holiday or weekend, then the
deadline is the next business day). The matter will then be heard by the County Board of Equalization.
If there is still a disagreement, the matter may be appealed to the State Board of Equalization and can
further be appealed by taking the case to District Court.
Tax Rates
The Nevada State Legislature passed a law to provide property tax relief to property owners. NRS
361.4723 provides a partial abatement of taxes by applying a 3% cap on the tax bill of the owner’s
primary residence (single-family house, townhouse, condominium or manufactured home). Only one
property may be selected in the State of Nevada as a primary residence. Some rental dwellings that
meet the low-income rent limits may also qualify for a 3% cap on the tax bill. A cap of up to 8% on the
tax bill will be applied to residences that are not owner occupied. The up to 8% cap would also apply
to land, commercial buildings, business personal property, aircraft, etc. New construction or property
that has a change of use (zoning change or manufactured home conversion) does not qualify for any
cap for the first fiscal year but will receive the 3% or up to an 8% cap starting the next fiscal year.
PROPOSED EASEMENT FOR VENTANA RIDGE
ASSESSMENT AND TAX DATA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 34
Assessed Values and Property Taxes The subject’s assessed values, applicable tax rates and total taxes, including direct assessments, are
shown in the following table:
Conclusions According to the Washoe County Tax Assessor the subject’s property taxes are current as of the date
of value. The market value of the subject property is based on the general assumption that there are
no liens or encumbrances on the property. Therefore, the market value of the property does not
consider any delinquent taxes.
Tax Schedule
Parcel
Assessor's
Appraised Assessment
Assessor's
Appraised Assessment Assessor's Total Assessed Tax Millage Effective Special Tax
Tax Year Number Value - Land Ratio Value - Imp. Ratio Appraised Value Value Rate Rate Tax Rate Assessments Expense
1 2019 081-160-17 $40,000 35.00% $0 35.00% $40,000 $14,000 $3.660000 per $100 1.281000% ($162) $350
2 2019 081-160-18 $40,000 35.00% $0 35.00% $40,000 $14,000 $3.660000 per $100 1.281000% ($162) $350
3 2019 081-160-19 $40,000 35.00% $0 35.00% $40,000 $14,000 $3.660000 per $100 1.281000% ($162) $350
4 2019 081-160-28 $40,000 35.00% $0 35.00% $40,000 $14,000 $3.660000 per $100 1.281000% ($162) $350
5 2019 081-160-34 $250,950 35.00% $0 35.00% $250,950 $87,833 $3.660000 per $100 1.281000% ($838) $2,376
6 2019 208-510-10 $9,000 35.00% $0 35.00% $9,000 $3,150 $3.660000 per $100 1.281000% ($108) $8
Total $419,950 $0 $146,983 ($1,594) $3,786
PROPOSED EASEMENT FOR VENTANA RIDGE
MARKET ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 35
Housing Market Analysis
Housing Market Analysis Prospects for the local housing market depend on ongoing population growth, which, until the
economic and financing problems ended in 2010, has continued at a strong pace over several years.
According to statistics from the Nevada State Demographer’s Office, the following are population
changes annually in Washoe County from July 1 to June 30 each year:
Year Population Change Total Population
2003/2004 13,810 373,233
2004/2005 10,220 383,453
2005/2006 13,391 396,844
2006/2007 12,241 409,085
2007/2008 8,976 418,061
2008/2009 5,772 423,833
2009/2010 (7,201) 416,632
2010/2011 747 417,379
2011/2012 4,214 421,593
2012/2013 10,731 432,324
2013/2014 5,256 437,580
2014/2015 5,615 443,195
2015/2016 5,918 449,113
2016/2017 6,231 455,344
2017/2018 6,535 461,878
2018/2019 6,604 468,482
Source: State of Nevada Demographer
As shown above, the population growth has been steadily increasing since 2013/2014, and has
continued to show a recovering trend. Strong population growth is driving the demand for housing.
Figures reported for new home sales in 2018 were the highest annual total since 2006.
City of Reno has reported new home sales activity as follows:
PROPOSED EASEMENT FOR VENTANA RIDGE
MARKET ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 36
Year Number of Residential Permits
2004 5,009
2005 5,158
2006 3,345
2007 2,022
2008 938
2009 497
2010 472
2011 534
2012 777
2013 1,243
2014 1,507
2015 2,000
2016 1,868
2017 2,091
2018 2,255
Source: U.S. Census Bureau, Building Permits Survey
As can be seen, number of residential permits in 2011 were up above 2010 residential permits and, for
the most part, have continued to increase. As noted, the numbers set for 2018 were the highest annual
total since 2006.
NEW HOME PRICES RESALE HOME PRICES
Year Price % Change Year Price % Change
2008 $317,832 -- 2008 $250,000 --
2009 $249,950 (21.4%) 2009 $180,000 (28%)
2010 $230,750 (7.7%) 2010 $170,000 (5.6%)
2011 $230,692 0% 2011 $150,000 (11.8%)
2012 $252,841 9.6% 2012 $161,000 7.3%
2013 $302,089 19.5% 2013 $206,500 28.3%
2014 $315,323 4.4% 2014 $236,000 14.3%
2015 $333,990 5.9% 2015 $275,000 16.5%
2016 $349,950 4.8% 2016 $299,000 8.7%
2017 $385,959 10.3% 2017 $334,900 12%
2018 $427,557 10.8% 2018 $370,000 10.5%
*Price is only reflective of data listed and sold on the NNRMLS and does not include new homes sold directly by builders.
Source: Northern Nevada Regional MLS
Housing starts continue to surge into higher pricing tiers as builders push prices to offset increased land
and labor costs. The median home value in Reno is $370,600. Reno home values have gone up 5.1% over
the past year and are predicted to rise 1.7% by 2020. The median list price per square foot in Reno is $231,
which is higher than the Reno Metro average of $226. The median price of homes currently listed in Reno
is $439,900 while the median price of homes that sold is $362,100.
Existing home sales prices have risen rapidly since 2012 as demand for housing grew because of higher
net in-migration to the HMA (Housing Market Area). During the 12 months ending June 2018, sales
Housing Market Trends of existing homes (which includes single family homes, townhomes, and
PROPOSED EASEMENT FOR VENTANA RIDGE
MARKET ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 37
condominiums) increased 8% to 11,150, while the average sales price of an existing home rose 11% to
$369,100. The average sales price for an existing home peaked in 2006 at $394,100 and then decreased
an average 13% a year, to a low of $191,600 in 2011. The average price for existing homes began to
rise in 2012, and by 2017, was up to $345,100, reflecting an average annual growth of more than 10%.
Currently, the number of existing home sales is slightly above the pre-recession high of 11,050 homes
sold during 2005. Following the peak, existing home sales fell for 3 consecutive years when the national
housing crisis severely impacted the local housing market. Home sales declined an average of nearly
25% annually, to a low of 4,725 homes sold in 2008. Home sales began to increase a year later and by
2013, totaled 9,275, an average annual growth of 14%. Investor purchases played an important role in
stabilizing the housing market during the period. From 2009 through 2013, purchases by absentee
owners accounted for 37% of all home sales in the HMA, compared with 30% rate for the nation during
the same period, and higher than the 33% rate for the HMA from 2006 through 2008, when existing
home sales declined. During 2014, after 5 years of consecutive growth, existing home sales decreased
6% to 8,700. Growth resumed a year later, as strong labor market conditions and low housing costs
(compared with nearby California) resulted in higher in-migration. From 2015 through 2017, existing
home sales rose at an average annual rate of 9%.
New home sales have slowed in the HMA since 2016, partly because rising new home sales prices have
dampened demand. During the 12 months ending June 2018, new home sales in the HMA accounted
for 12% of all home sales and totaled 1,525, an increase of nearly 2%, from a year earlier. New home
sales totaled 4,475 in 2006 and then decreased an average 35% annually to 510 homes sold in 2011.
After bottoming out in 2011 new home sales grew for 5 consecutive years when the economy
continued to recover from the recession. From 2012 through 2016 new home sales in the HMA rose
an average of 26%, annually to 1,625 homes sold, but a year later fell by nearly 11% to 1,450. During
the 12 months ending June 2018 the average sales price of a new home was at an all-time peak of
$449,000, a gain of nearly 6% from a year earlier. By comparison the price of a new home averaged
$398,800 in 2006 before declining an average of 12% annually to $237,900 in 2010 as economic
conditions worsened. Since 2010 a sharp decline in the supply of new homes and subsequent
economic recovery contributed to price growth averaging 9% annually reaching $436,900 in 2017.
Currently the average new home sales price is 89% higher than the low in 2010. A shift from
homeownership to renting and high construction costs resulted in relatively modest single-family
construction in the HMA since the end of 2012. A shortage of skilled construction workers and
regulatory obstacles are preventing builders from increasing the supply of new single-family homes
(Builders of Northern Nevada). Single-family homebuilding activity, as measured by the number of
homes permitted, totaled 2,025 during the 12 months ending June 2018, up 4% from the previous 12
months. Single-family construction peaked from 2000 through 2005 when an average of 4,225 homes
were permitted annually. Because of softening market conditions, single-family construction decreased
during the next 5 years at an average annual rate of 38% to 470 homes permitted in 2010. During the
next 2 years single-family homebuilding in the HMA stabilized averaging 660 new homes permitted
annually from 2011 through 2012. Building activity rose in response to greater demand resulting from
the economic recovery and stronger net in-migration. From 2013 through 2017, single-family
permitting increased an average of 22% annually to nearly 2,100 new single-family homes permitted.
PROPOSED EASEMENT FOR VENTANA RIDGE
MARKET ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 38
The Reno-Sparks Association of REALTORS® (RSAR) released its July 2019 report on existing home
sales in Reno and Sparks, including median sales price and number of home sales in the region. RSAR
obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).
During July 2019, the report showed Reno-Sparks had 590 sales of existing single-family homes; an
increase of 4% from July 2018 and an 4% increase from one month ago, June 2019. The report listed
the median sales price for an existing single-family residence in Reno-Sparks in July 2019 at $405,000,
a 5% increase from July 2018 and a 1% increase from June 2019. All sales numbers are for existing
“stick built single-family dwellings” only and do not include condominium, townhome, manufactured,
modular or newly constructed homes. The median sales price of existing condominium/townhomes in
Reno-Sparks in July 2019 was $223,500, a 14% increase from a year ago. In July 2019, Reno (including
North Valleys) had 423 sales of existing single-family homes, an increase of 10% from last year and a
3% increase from the previous month. The median sales price in Reno for an existing single-family
residence in July 2019 was $420,000, a 5% increase from June 2018, and a 2% increase from June 2019.
The existing condominium townhome median sales price for July 2019 in Reno was $258,500, a 25%
increase from last year. Sparks (including Spanish Springs) experienced sales of existing single-family
homes in July 2019, an 9% decrease from July 2018 and a 6% increase from June 2019. The Sparks
median sales price for an existing single-family residence in July 2019 was $380,000, a 4.5% increase
from July 2018 and a 2% increase from June 2019. The existing condominium townhome median sales
price for July 2019 in Sparks was $203,000, a 9% decrease from last year. “July was still a seller’s market
with 2.3 months’ supply of inventory and the Reno-Sparks median price setting at $405,000,” said
Angelica Reyes, 2019 RSAR president and REALTOR with The Right Choice Realty. “While the last two
months have been above the $400,000 mark the median sold price for the first six months of 2019 is
at $385,000.”
PROPOSED EASEMENT FOR VENTANA RIDGE
MARKET ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 39
PROPOSED EASEMENT FOR VENTANA RIDGE
MARKET ANALYSIS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 40
The RSAR has forecasted a 4% increase in median home price for 2019. Monthly increases or dips in
price also should be in the lower single digits this year. While months’ supply of inventory was at two
months in March far below the balanced standard of six months it represents a marked improvement
from the 1.3 months seen during the same period last year. Active inventory in the market, meanwhile,
was up year over year by 35.5% in February and by 25.8% in March. Competition remains fierce,
however, and anything below $300,000 gets snapped up quickly. The residential segment between
$300,000 to $450,000 is seeing strong activity as well. Given the steep increases in median home price
in recent years, the recent year over year decreases, and stabilization of the market could prove to be
helpful for folks who were priced out of homebuying when the market peaked last year, provided that
supply holds up.
PROPOSED EASEMENT FOR VENTANA RIDGE
HIGHEST AND BEST USE
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 41
Highest and Best Use
The Highest and Best Use of a property is the use that is legally permissible, physically possible, and
financially feasible which results in the highest value. An opinion of the highest and best use results
from consideration of the criteria noted above under the market conditions or likely conditions as of
the effective date of value. Determination of highest and best use results from the judgment and
analytical skills of the appraiser. It represents an opinion, not a fact. In appraisal practice, the concept
of highest and best use represents the premise upon which value is based.
Analysis of Highest and Best Use As If Vacant The primary determinants of the highest and best use of the property as if vacant are the issues of (1)
Legal permissibility, (2) Physical possibility, (3) Financial feasibility, and (4) Maximum productivity.
Legally Permissible
The site is zoned SPD, GR, SF-15, SF-9/OS, Specific Plan District, General Rural, Sgl Fam Res (15,000 Sq
Ft), (9,000 Sq Ft), Open Space which controls the general nature of permissible uses but is appropriate
for the location and physical elements of the property, providing for a consistency of use with the
general neighborhood. The location of the property is appropriate for the uses allowed, as noted
previously. A zoning change was submitted and rejected in 2018, prior to single ownership, for the SF-
15, SF-9, and OS land to be incorporated into the SPD land. Upon a successful easement grant, another
similar zoning charge will likely be submitted. There are no known easements, encroachments,
covenants or other use restrictions that would unduly limit or impede development.
Physically Possible
The physical attributes allow for a limited number of potential uses. Elements such as size, shape,
availability of utilities, known hazards (flood, environmental, etc.), and other potential influences are
described in the Site Description and have been considered. The site terrain and availability of utilities
are of a physical nature that could materially limit appropriate and likely development.
Financially Feasible
The probable use of the site for residential subdivision development conforms to the pattern of land
use in the market area. A review of published yield, rental and occupancy rates suggest that there is
an undersupply and demand is sufficient to support construction costs and ensure timely absorption
of additional inventory in this market. Therefore, near-term speculative development of the subject
site is financially feasible.
Maximally Productive
Among the financially feasible uses, the use that results in the highest value (the maximally productive
use) is the highest and best use. Considering these factors, the maximally productive use as though
vacant is for develop with single family residences as allowed by zoning and the master plan.
Conclusion of Highest and Best Use As If Vacant
The conclusion of the highest and best use as if vacant is for develop with single family residences as
allowed by zoning and the master plan use.
Most Probable Buyer As of the date of value, the most probable buyer of the subject property is a local or national developer.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 42
Land Valuation
Methodology Site Value is most often estimated using the sales comparison approach. This approach develops an
indication of market value by analyzing closed sales, listings, or pending sales of properties similar to
the subject, focusing on the difference between the subject and the comparables using all appropriate
elements of comparison. This approach is based on the principles of supply and demand, balance,
externalities, and substitution, or the premise that a buyer would pay no more for a specific property
than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership.
The process of developing the sales comparison approach consists of the following analyses: (1)
researching and verifying transactional data, (2) selecting relevant units of comparison, (3) analyzing
and adjusting the comparable sales for differences in various elements of comparison, and (4)
reconciling the adjusted sales into a value indication for the subject site.
Unit of Comparison
The unit of comparison depends on land use economics and how buyers and sellers use the property.
Typically, the unit of comparison for the subject and the comparable sales would be price per gross
acre. However, as the easement is a fraction of the size, the unit of comparison in this analysis is per
usable square foot.
Elements of Comparison
Elements of comparison are the characteristics or attributes of properties and transactions that cause
the prices of real estate to vary. The primary elements of comparison considered in sales comparison
analysis are as follows: (1) property rights conveyed, (2) financing terms, (3) conditions of sale, (4)
expenditures made immediately after purchase, (5) market conditions, (6) location and (7) physical
characteristics.
Comparable Sales Data
To obtain and verify comparable sales of vacant land properties, we conducted a search of public
records, field surveys, interviews with knowledgeable real estate professionals in the area, and a review
of our internal database.
We included six sales in our analysis, as these sales were judged to be the most comparable to develop
an indication of market value for the subject property. The first three sales represent the “before
easement” market value, and the last three sales represent the “after easement” market value.
The following is a table summarizing each sale comparable and a map illustrating the location of each
in relation to the subject. Details of each comparable follow the location map.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 43
Land Sales Summary
Comp. Date Usable Usable Proposed Proposed Sales Price Per Per
No. of Sale Acres Sq. Ft. Units Location Zoning Use Actual Sq. Ft. Acre
1 September-14 292.000 12,719,520 356 0 W 7th Ave Sun Valley, Nevada MDS Single family residential subdivision $2,236,000 $0.18 $7,658
2 October-17 225.000 9,801,000 225 0 Fawn Lane Reno, Nevada LDS, MDS, OS Single family residential subdivision $1,611,848 $0.16 $7,164
3 Listing 320.000 13,939,200 8 0 Hawk Meadow Trail Reno, Nevada GR Rural Residential $3,200,000 $0.23 $10,000
4 February-18 69.620 3,032,647 62 0 Somersett Parkway Reno, Nevada PUD Single family residential subdivision $1,000,000 $0.33 $14,364
5 November-18 34.670 1,510,225 24 0 Sandestin Dr Reno, Nevada SF-15, SF-9/OS Single family residential subdivision $600,000 $0.40 $17,306
6 Listing 43.740 1,905,314 16 5230 Mason Rd Reno, Nevada L2.5, SF15, A7 Residential Development $695,000 $0.36 $15,889
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 44
COMPARABLE SALES MAP
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 45
LAND COMPARABLE 1 (BEFORE EASEMENT VALUATION)
Location Data
Address 0 W 7th Ave
City, County Sun Valley, Washoe County
State, Zip Nevada 89433
Latitude, Longitude 39.601223, -119.806225
TaxID/APN 502-711-01 to 502-732-16
Sales Data
Grantor Ladera Ranch Group LLC
Grantee Ladera Ranch LLC
Sale Date 09-17-2014
Sale Status Closed
Document # 4392807
Property Rights Fee Simple
Financing All Cash to Seller
Conditions of Sale Arm's Length
Marketing Time 730 days
Sale Price $2,236,000 $0.18/sf
$7,658.00/ac
Financing Terms $0
Conditions of Sale $0
Expenditures After
Purchase
$0
Non Realty Items $0
Adjusted Sale Price $2,236,000 $.18/sf
$7,658/ac
Verification
Confirmed With Costar, public records, marketing
brochure, and tentative tract map
Confirmed By Karen Park
Physical Data
Land Size 12,719,520 sf/292.00 acres
Usable Land 12,719,520 sf/292.00 acres
Zoning Code MDS
Zoning Description Medium Density Suburban
Topography Rolling
Flood Zone Zone X (unshaded)
Shape Irregular shaped but not so much
as to hinder development
Utilities All are assumed to be nearby
Access Average
Primary Frontage 2,000‘ W 7th Ave
Secondary Frontage 0‘ None
Parcel Type Mid-Block
Off-sites None, raw land
Easements/Encumbrances Unknown
Environmental Unknown
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 46
Property Description
Proposed development known as Ladera Ranch on W 7th Ave, which is the extension of Golden Valley Rd, approximately 1/2 mile
west of Sun Valley Blvd.
Sale Remarks
This transaction was for the sale of 292 total acres (six parcels) of LDS, MDS, and OS zoned, vacant, rolling land. The proposed use
is for single family development. Costar reported sales price confirmed by seller, after being on the market for about two years,
with 180 days in escrow, attributed to due diligence regarding grading of the land. Seller's broker, Tom Fennell of Dickson
Commercial Group, did not respond to verification request.
Ladera Ranch, approved in 2007, is a proposed single-family, view oriented, residential subdivision of a potential 356 homes on
approximately 73 acres with 220 acres of open space or 75%. 82 Adjacent acres of open space have already been dedicated to the
Washoe County Department of Regional Parks and Open Space, connecting Golden Valley Rd/W 7th Ave to Sun Valley Regional
Park.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 47
LAND COMPARABLE 2 (BEFORE EASEMENT VALUATION)
Location Data
Address 0 Fawn Lane
City, County Reno, Washoe County
State, Zip Nevada 89511
Latitude, Longitude 39.372347, -119.806096
TaxID/APN 045-252-14 and a portion of 045-
252-15, to become new 045-252-17,
-18, -19, -20
Sales Data
Grantor CWH 2011 Trust
Grantee NNV1 Partners LLC
Sale Date 10-18-2017
Sale Status Closed
Document # 4754794
Property Rights Fee Simple
Financing All Cash to Seller
Conditions of Sale 1031 Exchange
Marketing Time 2 days
Sale Price $1,611,848 $0.16/sf
$7,164.00/ac
Financing Terms $0
Conditions of Sale $0
Expenditures After
Purchase
$0
Non Realty Items $0
Adjusted Sale Price $1,611,848 $.16/sf
$7,164/ac
Verification
Confirmed With Co-Star and Public Records
Confirmed By Karen Park
Physical Data
Land Size 9,801,000 sf/225.00 acres
Usable Land 9,801,000 sf/225.00 acres
Zoning Code LDS, MDS, OS
Zoning Description Low Density Suburban (1 unit per
acre)
Topography Hilly/Mountainous
Flood Zone Zone X (unshaded)
Shape Irregular shaped but not so much
as to hinder development
Utilities All are assumed to be nearby
Access Average to Good
Primary Frontage 65‘ Fawn Ln
Secondary Frontage 50‘ Shawna Ln
Parcel Type Mid-Block
Off-sites None, raw land
Easements/Encumbrances Unknown
Environmental Unknown
Property Description
This property is 225 acres of vacant land located at the end of Fawn Lane southeast of Mount Rose Highway and northwest of I-
580/Hwy 395, in the Steamboat Hills of Galena area. This is the proposed subdivision of Ascente approved in mid-2017. Access is
from existing Fawn Ln and Shawna Ln, with a third gated access for EVA only.
Sale Remarks
Takedown of 225 acres out of the original 632 acres zoned for a total of 632 homes by the Forest Area Plan in 2010. Currently there
are 3 different properties available for sale that are a portion of the 225 acres. These properties are proposed as subdivisions within
Ascente, which was approved in mid-2017 by Washoe County for a tentative tract map. The first phase will be cluster development
of four villages with a minimum lot size of 10,120 square feet and average of 24,450 square feet. The project has 80 acres or 35%
open space.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 48
LAND COMPARABLE 3 (BEFORE EASEMENT VALUATION)
Location Data
Address 0 Hawk Meadow Trail
City, County Reno, Washoe County
State, Zip Nevada 89523
Latitude, Longitude 39.550155, -119.958316
TaxID/APN 081-170-10
Sales Data
Grantor Churchill Trust, David E et al
Grantee TBD
Listing Date 02-24-2019
Sale Status Listing
Document # TBD
Property Rights Fee Simple
Financing All Cash to Seller
Conditions of Sale Arm's Length
Marketing Time 241 days
Sale Price $3,200,000 $0.23/sf
$10,000.00/ac
Financing Terms $0
Conditions of Sale $0
Expenditures After
Purchase
$0
Non Realty Items $0
Adjusted Sale Price $3,200,000 $.23/sf
$10,000/ac
Verification
Confirmed With Costar, Public Records, and
Marketing Brochure
Confirmed By Karen Park
Physical Data
Land Size 13,939,200 sf/320.00 acres
Usable Land 13,939,200 sf/320.00 acres
Zoning Code GR
Zoning Description General Rural
Topography Mountainous
Flood Zone Zone X (unshaded)
Shape Triangular
Utilities None at or near the site
Access Restricted
Primary Frontage 0‘ Hawk Meadow Trail
Secondary Frontage 0‘ none
Parcel Type Interior
Off-sites None. A dirt
trail/unsurveyed road
traverses the property.
Easements/Encumbrances Unknown
Environmental Unknown
Property Description
This property is northwest of Somersett Pkwy on the dirt trail/unsurveyed road of Hawk Meadow Trail, just outside City of Reno
limits. Proposed use is for single family development or hold for future development.
Sale Remarks
This is a listing transaction for sale at $3,200,000 from February 24, 2019. The parcels sits north of Somersett and east of Verdi. It is
just outside the Reno City limits. Current zoning allows for one dwelling unit per 40 acres. Listing brokers at Oliverlux did not
respond to verification requests.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 49
LAND COMPARABLE 4 (AFTER EASEMENT VALUATION)
Location Data
Address 0 Somersett Parkway
City, County Reno, Washoe County
State, Zip Nevada 89523
Latitude, Longitude 39.522098, -119.912332
TaxID/APN 232-060-21, 232-060-23
Sales Data
Grantor Toll North Reno LLC
Grantee First Roundabout LLC
Sale Date 02-22-2018
Sale Status Closed
Document # 4789906
Property Rights Fee Simple
Financing All Cash to Seller
Conditions of Sale 1031 Exchange
Marketing Time 120 days
Sale Price $1,000,000 $0.33/sf
$14,364.00/ac
Financing Terms $0
Conditions of Sale $0
Expenditures After
Purchase
$0
Non Realty Items $0
Adjusted Sale Price $1,000,000 $.33/sf
$14,364/ac
Verification
Confirmed With Co-Star, Public Records, and
Tentative Tract Map
Confirmed By Karen Park
Physical Data
Land Size 3,032,647 sf/69.62 acres
Usable Land 3,032,647 sf/69.62 acres
Zoning Code PUD
Zoning Description Planned Unit Development
Topography Hilly
Flood Zone Zone X (unshaded)
Shape Irregular
Utilities All utilities are available to the site
Access Average
Primary Frontage 100‘ River Hill Way
Secondary Frontage 75‘ Somersett Parkway
Parcel Type Mid-Block
Off-sites None, raw land
Easements/Encumbrances No
Environmental No
Property Description
This property is 69.62 acres of vacant land located northwest of Somersett Parkway and River Hill Way in the Village 1A at Somersett
subdivision of Reno. The property is zoned for PUD and will be developed into single family homes.
Sale Remarks
A total of 69.62 acres of land was purchased as an investment and the buyer will develop single family homes. All utilities were to
site. Per the seller, no brokers were involved on the transaction. The original plan from Somersett PUD indicated 96 attached homes
for this village.
Immediately after the sale a tentative tract map was filed for Somersett 1A with 62 lots. The lots range in size from 8,000 square
feet to 14,500 square feet, with an average of 9,126 square feet, and there will be 53.32 acres of open space or 76.6%. Development
will follow the ridge line and feature walk-out basements. It was approved in July 2018 and the developer is Desert Wind Homes.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 50
LAND COMPARABLE 5 (AFTER EASEMENT VALUATION)
Location Data
Address 0 Sandestin Dr
City, County Reno, Washoe County
State, Zip Nevada 89523
Latitude, Longitude 39.548626, -119.907572
TaxID/APN 081-160-34 and 208-510-10
Sales Data
Grantor Peavine Land Company LLC
Grantee Ventana Pointe LLC
Sale Date 11-14-2018
Sale Status Closed
Document # 4866386
Property Rights Fee Simple
Financing All Cash to Seller
Conditions of Sale Assemblage
Marketing Time 499
Sale Price $600,000 $0.40/sf
$17,306.00/ac
Financing Terms $0
Conditions of Sale $0
Expenditures After
Purchase
$0
Non Realty Items $0
Adjusted Sale Price $600,000 $.40/sf
$17,306/ac
Verification
Confirmed With Ryan Krueger, ArchCrest
Commercial Properties, 775-852-
9800
Confirmed By Karen Park
Physical Data
Land Size 1,510,225 sf/34.67 acres
Usable Land 1,510,225 sf/34.67 acres
Zoning Code SF-15, SF-9/OS
Zoning Description Sgl Fam Res (15,000 Sq Ft), (9,000
Sq Ft), Open Space
Topography Hilly
Flood Zone Zone X (unshaded)
Shape Irregular shaped but not so much
as to hinder development
Utilities All utilities are available to the site
Access Average
Primary Frontage 30‘ Sandestin Dr
Secondary Frontage 0‘ none
Parcel Type Mid-Block
Off-sites none
On-site Improvements none
Easements/Encumbrances Yes A non-exclusive
access easement for
ingress, egress, and
utilities
Environmental Unknown
Property Description
The residential land project is two vacant undeveloped parcels, totaling 34.67 acres, known as Peavine Ridge Estates, with an expired
tentative tract map for a proposed 24 lot single family residential development. The adjacent residential land development project,
Ventana Ridge, is in the process of updating its SPD to include Peavine Ridge Estates. The land is located on the southeast aspect
of Peavine Mountain, immediately north of the Northgate development within the McQueen Neighborhood Planning Area in
northwestern Reno. A Truckee Meadows Water Authority (TMWA) water storage tank serving its municipal water distribution system
is situated on the eastern boundary with an easement across both parcels .
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 51
Sale Remarks
The property formerly known as Peavine Ridge Estates recorded a sale on November 14, 2018 for $600,000. It was listed for $700,000
and was on the market for 16 months 14 days. The buyer was adjacent property owner, Ventana Pointe LLC, and become a portion
of the subject property Ventana Ridge, and the seller was Peavine Land Company. The seller's agent confirmed the sale as an arm's
length transaction even though it was an assemblage for the subject property. There was an expired tentative tract map for 24 lots.
One-fourth of the lots will have city views, the remaining will be mountains view.
During the marketing period and prior to the sale in April 2018, an updated SPD for Ventana Ridge that incorporated Peavine Ridge
Estates and increased the proposed number of lots from 70 to 99, was rejected by the City of Reno. After the sale, a revised tentative
tract map has been created but not yet submitted.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 52
LAND COMPARABLE 6 (AFTER EASEMENT VALUATION)
Location Data
Address 5230 Mason Rd
City, County Reno, Washoe County
State, Zip Nevada 89513
Latitude, Longitude 39.574862, -119.839492
TaxID/APN 082-361-88, -89, -08, -01
Sales Data
Grantor North By Northwest LLC and
Forty/Five Degrees LLC
Grantee TBD
Listing Date 07-01-2019
Sale Status Listing
Document # TBD
Property Rights Fee Simple
Financing All Cash to Seller
Conditions of Sale Arm's Length
Marketing Time 105 days
Sale Price $695,000 $0.36/sf
$15,889.00/ac
Financing Terms $0
Conditions of Sale $0
Expenditures After
Purchase
$0
Non Realty Items $0
Adjusted Sale Price $695,000 $.36/sf
$15,889/ac
Verification
Confirmed With Costar and Public Records
Confirmed By Karen Park
Physical Data
Land Size 1,905,314 sf/43.74 acres
Usable Land 1,905,314 sf/43.74 acres
Zoning Code L2.5, SF15, A7
Zoning Description Large Lot Residential 2.5 Ac,
Agricultural 40 Ac, Single Family
Residential 15,000 SF
Topography Hilly
Flood Zone Zone X (unshaded)
Shape Irregular shaped but not so much
as to hinder development
Utilities Electricity is to the site
Access Average to Good
Primary Frontage 330‘ Mason Rd
Secondary Frontage 30‘ Eisan Ave
Parcel Type Mid-Block
Off-sites Existing well and septic
system; raw land
Easements/Encumbrances Unknown
Environmental Unknown
Property Description
This property is accessed from Mason Rd and Eisan Ave, west of N Virginia St, in Washoe County, just outside Reno City limits.
Sale Remarks
Listing offered at $695,000 from July 1, 2019, for 4 parcels totaling 43.74 acres. Currently 16 lots are allowed, but preliminary plans
are drawn up for a potential 122 lot subdivision per listing broker, Marti Allison, Berkshire Hathaway. City or mountain views for
ridgeline lots. Small existing house 858 square feet built in 1959, well, and septic system is sold as is.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 53
Land Sales Comparison Analysis When necessary, adjustments were made for differences in various elements of comparison, including
property rights conveyed, financing terms, conditions of sale, expenditures made immediately after
purchase, market conditions, location, and other physical characteristics. If the element in comparison
is considered superior to that of the subject, we applied a negative adjustment. Conversely, a positive
adjustment was applied if inferior. A summary of the elements of comparison follows.
Transaction Adjustments Transaction adjustments include (1) real property rights conveyed, (2) financing terms, (3) conditions
of sale and (4) expenditures made immediately after purchase. These items, which are applied prior to
the market conditions and property adjustments, are discussed as follows:
Real Property Rights Conveyed
Real property rights conveyed influence sale prices and must be considered when analyzing a sale
comparable. The appraised value is the easement interest, but for purposes of analysis, a fee simple
interest is assumed. As all of the sale comparables reflect the fee simple interest, no adjustments are
required.
Financing Terms
The transaction price of one property may differ from that of an identical property due to different
financial arrangements. Sales involving financing terms that are not at or near market terms require
adjustments for cash equivalency to reflect typical market terms. A cash equivalency procedure
discounts the atypical mortgage terms to provide an indication of value at cash equivalent terms. All
of the sale comparables involved typical market terms by which the sellers received cash or its
equivalent and the buyers paid cash or tendered typical down payments and obtained conventional
financing at market terms for the balance. Therefore, no adjustments for this category were required.
Conditions of Sale
When the conditions of sale are atypical, the result may be a price that is higher or lower than that of
a normal transaction. Adjustments for conditions of sale usually reflect the motivations of either a
buyer or a seller who is under duress to complete the transaction. Another more typical condition of
sale involves the downward adjustment required to a comparable property’s for-sale listing price,
typically between 15% to 25% for vacant land, and which usually reflects the upper limit of value.
Sales 1, 2, 4, and 5 did not have atypical sales and no adjustment was warranted.
Sales 3 is a listing with no previous price adjustments and a downward adjustment of 25.0% was
warranted.
Sale 6 is a recent listing with no previous price adjustment and a downward adjustment of 15.0% was
warranted.
Expenditures Made Immediately After Purchase
A knowledgeable buyer considers expenditures required upon purchase of a property, as these costs
affect the price the buyer agrees to pay. Such expenditures may include: costs to demolish and remove
any portion of the improvements, costs to petition for a zoning change, and/or costs to remediate
environmental contamination.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 54
The relevant figure is not the actual cost incurred, but the cost anticipated by both the buyer and seller.
Unless the sales involved expenditures anticipated upon the purchase date, no adjustments to the
comparable sales are required for this element of comparison. The parties to these transactions did
not anticipate expenditures were required immediately after purchase; therefore, no adjustments were
warranted.
Market Conditions Adjustment Market conditions change over time because of inflation, deflation, fluctuations in supply and demand,
or other factors. Changing market conditions may create a need for adjustment to comparable sale
transactions completed during periods of dissimilar market conditions.
Costar trend analysis for vacant residential land, over 25 acres, indicates 5 to 12 transactions per year.
Due to the small number of transactions, results can be skewed, so overall, a straight-line increase can
be observed.
Discussions with market participants and a review of market data indicated overall market conditions
for vacant land properties have been improving with recent transactions confirming this trend. As such,
we applied an adjustment to each comparable based on a factor of 10.00% per year.
Property Adjustments Property adjustments are usually expressed quantitatively as percentages or dollar amounts that reflect
the differences in value attributable to the various characteristics of the property. In some instances,
however, qualitative adjustments are used. These adjustments are based on locational and physical
characteristics and are applied after transaction and market conditions adjustments.
Our reasoning for the property adjustments made to each sale comparable follows. The discussion
analyzes each adjustment category deemed applicable to the subject property.
Location
Location adjustments may be required when the locational characteristics of a comparable property
are different from those of the subject property. These include, but are not limited to, general
neighborhood characteristics, freeway accessibility, street exposure, corner versus interior lot location,
neighboring properties, view amenities, and other factors.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 55
The subject property is located northeast of the Somersett subdivision and north of the Northgate
development with fair to average access and fair to average visibility.
Sales 1 and 6 are in inferior locations with overall lower housing prices and an upward adjustment of
5.0% was warranted.
Sale 2 is located in a similar neighborhood in South Reno and no adjustment was warranted.
Sales 3, 4 and 5 are located nearby the subject and no adjustment was warranted.
Size
The size adjustment addresses variance in the physical size of the comparables and that of the subject,
as a larger parcel typically commands a lower price per unit than a smaller parcel. This inverse
relationship is due, in part, to the principle of “economies of scale.”
The subject property consists of 206.85 acres (9,010,386 square feet) of useable land area. The sales
range in size from 35 to 320 acres and required size adjustments.
Sales 1 and 3 are substantially larger than the subject and an upward adjustment of 5.0% was
warranted.
Sale 2 is similar to the subject and no adjustment was warranted.
Sales 4, 5, and 6 are substantially smaller than the subject and a downward adjustment of 10.0% to
15% was warranted.
Shape/Depth
The subject site consists of an irregular shaped but not so much as to hinder development and is
considered similar enough to the land sales to not warrant an adjustment for this category, as all of
the land sales will likely feature cluster housing development.
Utilities
The subject property does not have utilities in place on the date of value for the entire project. Utilities
and easements are in place at the east end for that limited portion of the project (formerly known as
Peavine Ridge Estates), but not at the west end (for the original Ventana Ridge).
Sales 1, 2, 4, and 5 are similar and no adjustment was warranted.
Sale 3 have no utilities at or near the site, but are one-half to one mile away, and an upward adjustment
of 25.0% was warranted.
Sale 6 has electricity at the site, and a well and septic system, but would need water and sewer for
larger scale single family residential development and an upward adjustment of 10.0% was warranted.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 56
Topography
The subject has a hilly/mountainous topography, which potentially requires more grading of slopes
greater than 30% and may limit the site areas to be developed. However, a positive attribute is that
lots will have views of the city or mountains.
Sale 1 requires significantly less grading and a downward adjustment of 20.0% was warranted.
Sale 2 is similar and no adjustment was warranted.
Sale 3 is located higher up Peavine Mountain than the subject, requiring more grading, and thus an
upward adjustment of 5.0% was warranted.
Sales 4, 5, and 6 do not feature as much mountainous terrain, require less grading, and a downward
adjustment of 10.0% was warranted.
Floodplain
A property’s location within flood zone areas is typically a negative factor due to the increased costs
of raising improvements up out of the floodplain, as well as additional insurance costs associated with
improvements. The subject and the comparable sales are not located in a floodplain, all have adequate
and natural drainageways, and no adjustment was warranted.
Zoning
The highest and best use of sale comparables should be very similar to that of the subject property.
When comparables with the same zoning as the subject are lacking or scarce, parcels with slightly
different zoning, but a highest and use similar to that of the subject may be used as comparables.
These comparables may require an adjustment for differences in utility/buildable lots if the market
supports such adjustment.
The subject site is zoned 64%-Specific Plan District (up to 70 lots), 19%-General Rural (one residence
per 40 acres), 15.5%-Single Family Residential (15,000 square feet lot minimum), 1%-(9,000 square feet
lot minimum), and ½%-Open Space.
Sales 1, 2, 4, and 5 are similar and no adjustment was warranted.
Sales 3 and 6 are inferior, with less buildable lots unless a zoning change is approved, and an upward
adjustment of 10.0% was warranted.
Access
Access adjustments may be required when the ease of connecting to existing public roadways of a
comparable property is different from the subject property. Currently, the subject property can connect
directly to a public roadway on only the east side at Sandestin Dr. However, its SPD does approve
connection to at least one other existing public roadway with easement access across City of Reno
open space land.
Sales 1, 2, 4, 5, and 6 are superior with one or more direct connections and no easements required,
thus a downward adjustment of 5.0% to 10.0% was warranted.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 57
Sale 3 is inferior with only easements across multiple parcels, and no direct public roadways, thus an
upward adjustment of 10.0% was warranted.
Summary of Adjustments Presented on the following page is a summary of the adjustments made to the sale comparables. As
noted earlier, these quantitative adjustments were based on our market research, best judgment, and
experience in the appraisal of similar properties.
As mentioned previously, the first three sales (#1, 2, and 3) are most indicative of the subject’s “before
easement” value and the last three sales (#4, 5, and 6) are most indicative of the “after easement” value.
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 58
LAND SALES ADJUSTMENT GRID
Subject Sale # 1 Sale # 2 Sale # 3 Sale # 4 Sale # 5 Sale # 6
Sale ID 1431892 1428426 1431953 1428359 1428756 1431940
Date of Value & Sale August-19 September-14 October-17 Listing February-18 November-18 Listing
Unadjusted Sales Price $2,236,000 $1,611,848 $3,200,000 $1,000,000 $600,000 $695,000
Usable Acres 206.850 292.000 225.000 320.000 69.620 34.670 43.740
Usable Square Feet 9,010,386 12,719,520 9,801,000 13,939,200 3,032,647 1,510,225 1,905,314
Proposed Units 70-85 356 225 8 62 24 16
Unadjusted Sales Price per Usable Sq. Ft. $0.18 $0.16 $0.23 $0.33 $0.40 $0.36
FALSE FALSE FALSE FALSE FALSE FALSETransactional Adjustments
Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple
Adjusted Sales Price $0.18 $0.16 $0.23 $0.33 $0.40 $0.36FALSE FALSE FALSE FALSE FALSE FALSE
Financing Terms Cash to Seller All Cash to Seller All Cash to Seller All Cash to Seller All Cash to Seller All Cash to Seller All Cash to Seller
Adjusted Sales Price $0.18 $0.16 $0.23 $0.33 $0.40 $0.36FALSE FALSE FALSE FALSE FALSE FALSE
Conditions of Sale Typical Arm's Length 1031 Exchange Arm's Length 1031 Exchange Assemblage Arm's Length
Adjustment - - -25.0% - - -15.0%
Adjusted Sales Price $0.18 $0.16 $0.17 $0.33 $0.40 $0.31FALSE FALSE FALSE FALSE FALSE FALSE
Expenditures after Sale $0 $0 $0 $0 $0 $0
Adjusted Sales Price $0.18 $0.16 $0.17 $0.33 $0.40 $0.31
FALSE FALSEMarket Conditions Adjustments
Elapsed Time from Date of Value 4.89 years 1.80 years 0.00 years 1.45 years 0.73 years 0.00 years
Market Trend Through August-19 48.9% 18.0% - 14.5% 7.3% -
Analyzed Sales Price $0.26 $0.19 $0.17 $0.38 $0.43 $0.315.0% 0.0% 0.0% 0.0% 0.0% 5.0%
Physical Adjustments
Location N of Peavine
Pines Ct
0 W 7th Ave 0 Fawn Lane 0 Hawk Meadow
Trail
0 Somersett
Parkway
0 Sandestin Dr 5230 Mason Rd
Reno, Nevada Sun Valley,
Nevada
Reno, Nevada Reno, Nevada Reno, Nevada Reno, Nevada Reno, Nevada
Adjustment 5.0% - - - - 5.0%5.0% 0.0% 5.0% -10.0% -15.0% -15.0%
Size 206.850 acres 292.000 acres 225.000 acres 320.000 acres 69.620 acres 34.670 acres 43.740 acres
Adjustment 5.0% - 5.0% -10.0% -15.0% -15.0%0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Shape/Depth Irregular shaped
but not so much
as to hinder
development
Irregular shaped
but not so much
as to hinder
development
Irregular shaped
but not so much
as to hinder
development
Triangular Irregular Irregular shaped
but not so much
as to hinder
development
Irregular shaped
but not so much
as to hinder
development
Adjustment - - - - - -0.0% 0.0% 25.0% 0.0% 0.0% 10.0%
Utilities All are at or near
the site
All are assumed to
be nearby
All are assumed to
be nearby
None at or near
the site
All utilities are
available to the
site
All utilities are
available to the
site
Electricity is to the
site
Adjustment - - 25.0% - - 10.0%-20.0% 0.0% 5.0% -10.0% -10.0% -10.0%
Topography Hilly/Mountainous Rolling Hilly/Mountainous Mountainous Hilly Hilly Hilly
Adjustment -20.0% - 5.0% -10.0% -10.0% -10.0%0.0% 0.0% 10.0% 0.0% 0.0% 10.0%
Zoning SPD, GR, SF-15, SF-
9/OS
MDS LDS, MDS, OS GR PUD SF-15, SF-9/OS L2.5, SF15, A7
Adjustment - - 10.0% - - 10.0%-5.0% -10.0% 10.0% -5.0% -5.0% -10.0%
Access Fair to Average Average Average to Good Restricted Average Average Average to Good
Adjustment -5.0% -10.0% 10.0% -5.0% -5.0% -10.0%
Net Physical Adjustment -15.0% -10.0% 55.0% -25.0% -30.0% -10.0%
Adjusted Sales Price per Usable Square Foot $0.22 $0.17 $0.27 $0.28 $0.30 $0.28
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 59
Conclusions
Before Easement Valuation
From the market data available, we used three land sales in competitive market areas which were
adjusted based on pertinent elements of comparison of the project in the “before condition” with no
via access easement from Peavine Pines Court. The following table summarizes the unadjusted and
adjusted unit prices:
Large 100+ acre, vacant residential land sales are very limited. Although both are dated transactions,
Sales 1 and 2 are the most comparable to the project in size. Additionally, the utilities and zoning were
similar. But, both comparable sales have superior access. Overall, net physical adjustments were
moderate. The adjusted prices for these sales are a moderate range from $0.17 to $0.22 per square
foot.
Sale 3 is also a large parcel sitting just outside the City of Reno limits, but is within its sphere of
influence. It required a substantial amount of adjustment (gross and net), due to its substantially
inferior access, zoning, and utilities. Overall, it is a listing and is given minimal weight.
Based on the adjusted prices and the most comparable sale(s), a unit value for the project “before
easement” is near the lower-end of the adjusted range, or $0.20 per usable square foot. This
indicates a “before easement” market value of $1,800,000.
After Easement Valuation
From the market data available, we used three land sales in competitive market areas which were
adjusted based on pertinent elements of comparison of the project in the “after condition” with the
proposed easement across a portion of Somersett common area on APN 232-510-03 and continuing
across City of Reno open space land via an approved relocatable easement. The following table
summarizes the unadjusted and adjusted unit prices:
Land Sale Statistics - Before Easement
Metric Unadjusted Analyzed Adjusted
Minimum Sales Price per Usable Square Foot $0.16 $0.17 $0.17
Maximum Sales Price per Usable Square Foot $0.23 $0.26 $0.27
Median Sales Price per Usable Square Foot $0.18 $0.19 $0.22
Mean Sales Price per Usable Square Foot $0.19 $0.21 $0.22
Standard Deviation 0.03 0.05 0.05
Land Value Indication
Reasonable Adjusted Comparable Range
9,010,386 square feet x $0.17 psf = $1,531,766
9,010,386 square feet x $0.27 psf = $2,432,804
Market Value Opinion "Before Easement" (Rounded)
9,010,386 square feet x $0.20 psf = $1,800,000
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 60
Although smaller projects, Sales 4 and 5 are only slightly dated transactions and have very similar
characteristics to each other. Sale 4 is located in the Somersett subdivision, has utilities at the site, and
a PUD zoning (previously approved by the City of Reno), and likely much less grading. The road within
the project terminates at two roadways, although one end will require an extension and grading similar
to the subject “after easement.” Sale 5 is a portion of the subject that was acquired less than one year
ago, presumably for an alternative access at lower cost (with no easement) and to potentially increase
the maximum number of lots allowed. The adjusted prices for these sales are a narrow range from
$0.28 to $0.30 per square foot.
Sale 6 is also a smaller parcel, but similar in size to the subject addition. It sits just outside the City of
Reno limits, but is within its sphere of influence. It required only a moderate amount of net physical
adjustment. However, it is a listing and is given only minimal weight, but does support the other
comparable sales.
Based on the adjusted prices and the most comparable sale(s), a unit value for the project “after
easement” is near the higher-end of the adjusted range, or $0.30 per usable square foot. This
indicates an “after easement” market value of $2,700,000.
This method of valuing the easement is simply the added value of property held by the dominant
estate (using a before and after valuation method). This indicates a market value of the easement up
to $900,000.
However, it is not reasonable to expect this full value to be paid as compensation for the easement. In
business, this could be viewed as a joint venture, where both parties share in the added value, after
deductions for associated costs of designing, creating, and recording of the easement. Whether the
split is 50-50 or some other combination would be a matter for negotiations.
Land Sale Statistics - After Easement
Metric Unadjusted Analyzed Adjusted
Minimum Sales Price per Usable Square Foot $0.33 $0.31 $0.28
Maximum Sales Price per Usable Square Foot $0.40 $0.43 $0.30
Median Sales Price per Usable Square Foot $0.36 $0.38 $0.28
Mean Sales Price per Usable Square Foot $0.36 $0.37 $0.29
Standard Deviation 0.03 0.06 0.01
Land Value Indication
Reasonable Adjusted Comparable Range
9,010,386 square feet x $0.28 psf = $1,531,766
9,010,386 square feet x $0.30 psf = $2,432,804
Market Value Opinion "After Easement" (Rounded)
9,010,386 square feet x $0.30 psf = $2,700,000
Land Value Indication by Added Value Held by Dominant Estate
Market Value Opinion of Easement (Rounded)
$2,700,000 - = $900,000$1,800,000
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 61
Traditional Easement Valuation
Easements, nor open space parcels, do not typically sell in the open market; therefore, the traditional
method of valuing easements may be warranted. This method determines the value of the part taken,
plus any damages to the value of the remaining project, would equal the value of the easement.
The proposed easement across the Somersett parcel is quite small and less than one-third of an acre
in size. Although currently identified as common area open space, and because the subdivision has
not reached the maximum number of lots permitted in the PUD, the highest and best use of the whole
parcel, as previously discussed, would be to develop with single family residences as allowed by zoning
and the master plan. Within the Somersett PUD, along the northeastern boundaries, there are “estate”
lots, which are generally one-half acre to one-and-a-half acres in size. The lots can be resold within
the open market between private parties and not necessarily land developers. These sales are for
vacant land and occur prior to construction of a custom single-family residence. Data in the following
table is from the Washoe County Assessor.
The appraisers selected estate lots on the eastern and northern edge of the Somersett subdivision near
the location of the easement, just off of Painted River Trail and the gated emergency access at Peavine
Creek Road. Due to a limited supply of this type of lots and low turnover/resale, it was necessary to
analyze dated transactions. Using the same market condition adjustment of 10.0% increase per year,
a trended price per square foot was calculated. As lot views are subjective and not easily quantifiable,
they were not analyzed and thus may be a factor in the range of sale prices.
Based on the adjusted prices and giving equal weight to all estate lot comparables, a unit value for
the value of the whole near the middle of the adjusted range, or $3.45 per usable square foot is
reasonable. Using the same indicator, the value of the part taken (fee simple interest) is $43,000. By
definition, an easement is not 100% of the property rights, but generally 50% to 75% of the market
value for an access easement. The servient estate can still use the land for access as well as density
calculations or open space requirements. Assuming only a reduction in the remaining lots sizes of
the whole parcel (reasonable given the topography and range of sizes above), and not a reduction in
the number of lots, an indicator on the high end of the range, at 75% is reasonable. Thus, the value
of the part taken is $32,300 rounded.
Resale of "Estate" lots within Somersett PUD
APN Address Sale Date Acres Sales Price Price SF
Trended Price SF
(+10%/yr)
232-531-05 2555 Painted River Trail 4/17/2015 1.030 $113,000 $2.52 $3.61
232-523-09 2450 Painted River Trail 10/20/2015 0.918 $127,000 $3.18 $4.39
232-531-11 2505 Painted River Trail 4/27/2016 1.320 $184,000 $3.20 $4.27
232-541-04 8170 Fox Meadows Ct 11/18/2016 1.460 $106,000 $1.67 $2.12
232-522-02 2395 Painted River Trail 5/30/2017 1.170 $120,000 $2.35 $2.88
232-533-07 2500 Painted River Trail 8/29/2018 0.580 $55,000 $2.18 $2.39
234-211-03 8679 Eagle Chase Trail 10/31/2018 0.502 $100,000 $4.57 $4.95
234-201-08 8475 Chalk Ridge Ct 9/30/2019 0.994 $119,500 $2.76 $2.76
Average $3.42
Median $3.25
PROPOSED EASEMENT FOR VENTANA RIDGE
LAND VALUATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 62
Again, as no reduction in the number of allowable lots is foreseen, there are no damages to the
remainder of the parcel. This indicates a value to the easement, using the traditional methodology, of
valuing the easement of the servient estate, of $32,300.
Land Value Indication by Valuing the Easement of the Servient Estate
Value of the Whole (APN 232-510-030
Reasonable Adjusted Comparable Range
139,261 square feet x $2.12 psf = $295,233
139,261 square feet x $4.95 psf = $689,342
Indicator Land Value (rounded)
139,261 square feet x $3.45 psf = $480,000
Value of the Part Taken
12,350 square feet x $3.45 psf = $43,000
Value of the Remainder
126,911 square feet x $3.45 psf = $438,000
Damages to the Remainder $0
Market Value Opinion of the Easement
Interest of the Part Taken
$43,000 x 75% = $32,300
Plus: Damages to the Remainder $0
$32,300
PROPOSED EASEMENT FOR VENTANA RIDGE
VALUATION SUMMARY
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 63
Valuation Summary
The indicated values from the approaches used for the easement interest of APN #232-510-03 is
summarized in the following table.
To reach a final opinion of value, we considered the reliability and relevance of each value indication
based upon the quality of the data and applicability of the assumptions underlying each approach.
Given the limited sale transactions within the land value indication by valuing the easement of the
servient estate (Somersett parcel), we gave this approach secondary weight in arriving at our final value
conclusions. Land properties, such as the Somersett parcel, are typically purchased by a local
owner/user or local developer, who primarily rely on the methods employed by the resale of estate
lots within the Somersett PUD.
Although there were also limited sale transactions within the land value indication by valuing the added
value held by the dominant estate (Ventana Ridge – Before and After Easement), the reliability of the
data is a strength given that a portion of the overall project was acquired less than one year ago,
presumably to enhance the access of the project and potential add up to 29 additional lots.
Furthermore, land properties such as the Ventana Ridge project are typically purchased by a local or
national developers, who primarily rely upon the methods employed by the Sales Comparison
Approach – Before and After Easement Difference.
The market value of the easement of the servient estate was performed by appraising the market value
of the Somersett Owners Association land and analyzing the impact the easement has on the property
rights. We concluded to a market value of $32,300 for the easement. This method only analyzes the
impact on the market value of the subject property; however, the dominant estate that will be created
as a result of the access easement will increase the market value of the land owned by the developer
of Ventana Ridge. The increase in the market value of the Ventana Ridge land has been performed by
using a before and after valuation method. Our conclusion is that the market value will increase by up
to $900,000 as a result of the access easement as there does not appear to be any other viable or
economically feasible options. Therefore, the creation of the access easement is more valuable to
Ventana Ridge and should be considered in the negotiation of the price of the easement.
Although the full increase in the market value of the easement could be sought by the Somersett
Owners Association, it is not reasonable to expect that the developer of Ventana Ridge will pay the full
amount. We have typically seen a meeting of the minds at up to 50% of the increase in the market
value of the property. In business, this could be viewed as a joint venture, where both parties share in
the added value, after deductions for associated costs of designing, creating, and recording of the
PROPOSED EASEMENT FOR VENTANA RIDGE
VALUATION SUMMARY
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 64
easement. Whether the split is 50/50 or some other percentage, this would be a matter for
negotiations. It is our opinion that a reasonable range would be somewhere between 25% and 50%
of the value enhancement due to the creation of the access easement.
Our findings and conclusions are further contingent upon the following extraordinary assumptions
and/or hypothetical conditions which might have affected the assignment results:
Extraordinary Assumptions: • This appraisal assignment is based on the extraordinary assumption that in the “before
condition,” no viable easement from Peavine Pines Court exists. If found to be false, it might
impact the assignment results.
• This appraisal assignment is based on the extraordinary assumption that the easement on Tract
Map 4628 is considered a relocatable easement on the City of Reno open space land and not
a set easement. The relocatable easement will now be used to connect the proposed Somersett
easement across a portion of APN 232-510-03 to Ventana Ridge project on APN 081-160-17.
If found to be false, it might impact the assignment results.
• This appraisal assignment is based on the extraordinary assumption that the holder of the
dominant estate (Ventana Ridge) will pay for all costs associated with designing, creating and
recording the easement. If found to be false, it might impact the assignment results.
Hypothetical Conditions: • The appraisal will employ the use of a hypothetical condition. The hypothetical condition will
be that the proposed easements exist in the "after condition" as of the current date of value,
when in fact the Somersett easement does not exist. The use of this hypothetical condition
could affect the assignment results and conclusions.
Analysis of Recent Transactions A portion of the subject property was acquired in November 14, 2018 for $600,000, or roughly $0.40
per usable square foot. This sale was two parcels, 081-160-34 and 208-510-10, totaling 34.666 acres.
It was listed for sale at $700,000 with an expired tract map for a proposed 24 lot single family residential
development. It was an assemblage sale by adjacent landowner and created the current subject
project. There is easy access to terminus of existing road Sandestin Dr and utility right of way easement
for TMWA water storage tank on the eastern project boundary. Our final opinion of market value of
the entire project is a lower price per square foot than the recent transfer/contract due primarily to
greater size, and the more mountainous topography/terrain of the project as a whole.
Exposure Time and Marketing Periods Based on statistical information about days on market, escrow length, and marketing times gathered
through national investor surveys, sales verification, and interviews of market participants, marketing
and exposure time estimates of 12 to 18 months and 12 to 18 months, respectively, are considered
reasonable and appropriate for the subject property.
PROPOSED EASEMENT FOR VENTANA RIDGE
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 65
General Assumptions and Limiting Conditions
This appraisal is subject to the following general assumptions and limiting conditions:
1. The legal description – if furnished to us – is assumed to be correct.
2. No responsibility is assumed for legal matters, questions of survey or title, soil or subsoil conditions,
engineering, availability or capacity of utilities, or other similar technical matters. The appraisal does
not constitute a survey of the property appraised. All existing liens and encumbrances have been
disregarded and the property is appraised as though free and clear, under responsible ownership
and competent management unless otherwise noted.
3. Unless otherwise noted, the appraisal will value the property as though free of contamination.
Valbridge Property Advisors | Las Vegas | Reno will conduct no hazardous materials or
contamination inspection of any kind. It is recommended that the client hire an expert if the
presence of hazardous materials or contamination poses any concern.
4. The stamps and/or consideration placed on deeds used to indicate sales are in correct relationship
to the actual dollar amount of the transaction.
5. Unless otherwise noted, it is assumed there are no encroachments, zoning violations or restrictions
existing in the subject property.
6. The appraiser is not required to give testimony or attendance in court by reason of this appraisal,
unless previous arrangements have been made.
7. Unless expressly specified in the engagement letter, the fee for this appraisal does not include the
attendance or giving of testimony by Appraiser at any court, regulatory or other proceedings, or
any conferences or other work in preparation for such proceeding. If any partner or employee of
Valbridge Property Advisors | Las Vegas | Reno is asked or required to appear and/or testify at any
deposition, trial, or other proceeding about the preparation, conclusions or any other aspect of this
assignment, client shall compensate Appraiser for the time spent by the partner or employee in
appearing and/or testifying and in preparing to testify according to the Appraiser’s then current
hourly rate plus reimbursement of expenses.
8. The values for land and/or improvements, as contained in this report, are constituent parts of the
total value reported and neither is (or are) to be used in making a summation appraisal of a
combination of values created by another appraiser. Either is invalidated if so used.
9. The dates of value to which the opinions expressed in this report apply are set forth in this report.
We assume no responsibility for economic or physical factors occurring at some point at a later
date, which may affect the opinions stated herein. The forecasts, projections, or operating estimates
contained herein are based on current market conditions and anticipated short-term supply and
demand factors and are subject to change with future conditions. Appraiser is not responsible for
determining whether the date of value requested by Client is appropriate for Client’s intended use.
10. The sketches, maps, plats and exhibits in this report are included to assist the reader in visualizing
the property. The appraiser has made no survey of the property and assumed no responsibility in
connection with such matters.
11. The information, estimates and opinions, which were obtained from sources outside of this office,
are considered reliable. However, no liability for them can be assumed by the appraiser.
PROPOSED EASEMENT FOR VENTANA RIDGE
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 66
12. Possession of this report, or a copy thereof, does not carry with it the right of publication. Neither
all, nor any part of the content of the report, or copy thereof (including conclusions as to property
value, the identity of the appraisers, professional designations, reference to any professional
appraisal organization or the firm with which the appraisers are connected), shall be disseminated
to the public through advertising, public relations, news, sales, or other media without prior written
consent and approval.
13. No claim is intended to be expressed for matters of expertise that would require specialized
investigation or knowledge beyond that ordinarily employed by real estate appraisers. We claim no
expertise in areas such as, but not limited to, legal, survey, structural, environmental, pest control,
mechanical, etc.
14. This appraisal was prepared for the sole and exclusive use of the client for the function outlined
herein. Any party who is not the client or intended user identified in the appraisal or engagement
letter is not entitled to rely upon the contents of the appraisal without express written consent of
Valbridge Property Advisors | Las Vegas | Reno and Client. The Client shall not include partners,
affiliates, or relatives of the party addressed herein. The appraiser assumes no obligation, liability
or accountability to any third party.
15. Distribution of this report is at the sole discretion of the client, but third-parties not listed as an
intended user on the face of the appraisal or the engagement letter may not rely upon the contents
of the appraisal. In no event shall client give a third-party a partial copy of the appraisal report. We
will make no distribution of the report without the specific direction of the client.
16. This appraisal shall be used only for the function outlined herein, unless expressly authorized by
Valbridge Property Advisors | Las Vegas |Reno.
17. This appraisal shall be considered in its entirety. No part thereof shall be used separately or out of
context.
18. Unless otherwise noted in the body of this report, this appraisal assumes that the subject property
does not fall within the areas where mandatory flood insurance is effective. Unless otherwise noted,
we have not completed nor have we contracted to have completed an investigation to identify
and/or quantify the presence of non-tidal wetland conditions on the subject property. Because the
appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this
determination.
19. The flood maps are not site specific. We are not qualified to confirm the location of the subject
property in relation to flood hazard areas based on the FEMA Flood Insurance Rate Maps or other
surveying techniques. It is recommended that the client obtain a confirmation of the subject
property’s flood zone classification from a licensed surveyor.
20. If the appraisal is for mortgage loan purposes 1) we assume satisfactory completion of
improvements if construction is not complete, 2) no consideration has been given for rent loss
during rent-up unless noted in the body of this report, and 3) occupancy at levels consistent with
our “Income and Expense Projection” are anticipated.
21. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or
structures which would render it more or less valuable. No responsibility is assumed for such
conditions or for engineering which may be required to discover them.
PROPOSED EASEMENT FOR VENTANA RIDGE
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 67
22. Our inspection included an observation of the land and improvements thereon only. It was not
possible to observe conditions beneath the soil or hidden structural components within the
improvements. We inspected the buildings involved, and reported damage (if any) by termites, dry
rot, wet rot, or other infestations as a matter of information, and no guarantee of the amount or
degree of damage (if any) is implied. Condition of heating, cooling, ventilation, electrical and
plumbing equipment is considered to be commensurate with the condition of the balance of the
improvements unless otherwise stated. Should the client have concerns in these areas, it is the
client’s responsibility to order the appropriate inspections. The appraiser does not have the skill or
expertise to make such inspections and assumes no responsibility for these items.
23. This appraisal does not guarantee compliance with building code and life safety code requirements
of the local jurisdiction. It is assumed that all required licenses, consents, certificates of occupancy
or other legislative or administrative authority from any local, state or national governmental or
private entity or organization have been or can be obtained or renewed for any use on which the
value conclusion contained in this report is based unless specifically stated to the contrary.
24. When possible, we have relied upon building measurements provided by the client, owner, or
associated agents of these parties. In the absence of a detailed rent roll, reliable public records, or
“as-built” plans provided to us, we have relied upon our own measurements of the subject
improvements. We follow typical appraisal industry methods; however, we recognize that some
factors may limit our ability to obtain accurate measurements including, but not limited to, property
access on the day of inspection, basements, fenced/gated areas, grade elevations,
greenery/shrubbery, uneven surfaces, multiple story structures, obtuse or acute wall angles,
immobile obstructions, etc. Professional building area measurements of the quality, level of detail,
or accuracy of professional measurement services are beyond the scope of this appraisal
assignment.
25. We have attempted to reconcile sources of data discovered or provided during the appraisal
process, including assessment department data. Ultimately, the measurements that are deemed by
us to be the most accurate and/or reliable are used within this report. While the measurements and
any accompanying sketches are considered to be reasonably accurate and reliable, we cannot
guarantee their accuracy. Should the client desire more precise measurement, they are urged to
retain the measurement services of a qualified professional (space planner, architect or building
engineer) as an alternative source. If this alternative measurement source reflects or reveals
substantial differences with the measurements used within the report, upon request of the client,
the appraiser will submit a revised report for an additional fee.
26. In the absence of being provided with a detailed land survey, we have used assessment department
data to ascertain the physical dimensions and acreage of the property. Should a survey prove this
information to be inaccurate, upon request of the client, the appraiser will submit a revised report
for an additional fee.
27. If only preliminary plans and specifications were available for use in the preparation of this appraisal,
and a review of the final plans and specifications reveals substantial differences upon request of
the client the appraiser will submit a revised report for an additional fee.
PROPOSED EASEMENT FOR VENTANA RIDGE
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 68
28. Unless otherwise stated in this report, the value conclusion is predicated on the assumption that
the property is free of contamination, environmental impairment or hazardous materials. Unless
otherwise stated, the existence of hazardous material was not observed by the appraiser and the
appraiser has no knowledge of the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances. The presence of substances such as asbestos,
urea-formaldehyde foam insulation or other potentially hazardous materials may affect the value
of the property. No responsibility is assumed for any such conditions, or for any expertise or
engineering knowledge required for discovery. The client is urged to retain an expert in this field, if
desired.
29. The Americans with Disabilities Act (“ADA”) became effective January 26, 1992. We have not made
a specific compliance survey of the property to determine if it is in conformity with the various
requirements of the ADA. It is possible that a compliance survey of the property, together with an
analysis of the requirements of the ADA, could reveal that the property is not in compliance with
one or more of the requirements of the Act. If so, this could have a negative effect on the value of
the property. Since we have no direct evidence relating to this issue, we did not consider possible
noncompliance with the requirements of ADA in developing an opinion of value.
30. This appraisal applies to the land and building improvements only. The value of trade fixtures,
furnishings, and other equipment, or subsurface rights (minerals, gas, and oil) were not considered
in this appraisal unless specifically stated to the contrary.
31. No changes in any federal, state or local laws, regulations or codes (including, without limitation,
the Internal Revenue Code) are anticipated, unless specifically stated to the contrary.
32. Any income and expense estimates contained in the appraisal report are used only for the purpose
of estimating value and do not constitute prediction of future operating results. Furthermore, it is
inevitable that some assumptions will not materialize and that unanticipated events may occur that
will likely affect actual performance.
33. Any estimate of insurable value, if included within the scope of work and presented herein, is based
upon figures developed consistent with industry practices. However, actual local and regional
construction costs may vary significantly from our estimate and individual insurance policies and
underwriters have varied specifications, exclusions, and non-insurable items. As such, we strongly
recommend that the Client obtain estimates from professionals experienced in establishing
insurance coverage. This analysis should not be relied upon to determine insurance coverage and
we make no warranties regarding the accuracy of this estimate.
34. The data gathered in the course of this assignment (except data furnished by the Client) shall remain
the property of the Appraiser. The appraiser will not violate the confidential nature of the appraiser-
client relationship by improperly disclosing any confidential information furnished to the appraiser.
Notwithstanding the foregoing, the Appraiser is authorized by the client to disclose all or any
portion of the appraisal and related appraisal data to appropriate representatives of the Appraisal
Institute if such disclosure is required to enable the appraiser to comply with the Bylaws and
Regulations of such Institute now or hereafter in effect.
PROPOSED EASEMENT FOR VENTANA RIDGE
GENERAL ASSUMPTIONS & LIMITING CONDITIONS
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 69
35. You and Valbridge Property Advisors | Las Vegas | Reno both agree that any dispute over matters
in excess of $5,000 will be submitted for resolution by arbitration. This includes fee disputes and
any claim of malpractice. The arbitrator shall be mutually selected. If Valbridge Property Advisors |
Las Vegas | Reno and the client cannot agree on the arbitrator, the presiding head of the Local
County Mediation & Arbitration panel shall select the arbitrator. Such arbitration shall be binding
and final. In agreeing to arbitration, we both acknowledge that, by agreeing to binding arbitration,
each of us is giving up the right to have the dispute decided in a court of law before a judge or jury.
In the event that the client, or any other party, makes a claim against Valbridge Property Advisors |
Las Vegas | Reno or any of its employees in connections with or in any way relating to this
assignment, the maximum damages recoverable by such claimant shall be the amount actually
received by Valbridge Property Advisors | Las Vegas | Reno for this assignment, and under no
circumstances shall any claim for consequential damages be made.
36. Valbridge Property Advisors | Las Vegas | Reno shall have no obligation, liability, or accountability
to any third party. Any party who is not the “client” or intended user identified on the face of the
appraisal or in the engagement letter is not entitled to rely upon the contents of the appraisal
without the express written consent of Valbridge Property Advisors | Las Vegas | Reno. “Client” shall
not include partners, affiliates, or relatives of the party named in the engagement letter. Client shall
hold Valbridge Property Advisors | Las Vegas | Reno and its employees harmless in the event of any
lawsuit brought by any third party, lender, partner, or part-owner in any form of ownership or any
other party as a result of this assignment. The client also agrees that in case of lawsuit arising from
or in any way involving these appraisal services, client will hold Valbridge Property Advisors | Las
Vegas | Reno harmless from and against any liability, loss, cost, or expense incurred or suffered by
Valbridge Property Advisors | Las Vegas | Reno in such action, regardless of its outcome.
37. The Valbridge Property Advisors office responsible for the preparation of this report is
independently owned and operated by Lubawy and Associates, Inc.. Neither Valbridge Property
Advisors, Inc., nor any of its affiliates has been engaged to provide this report. Valbridge Property
Advisors, Inc. does not provide valuation services, and has taken no part in the preparation of this
report.
38. If any claim is filed against any of Valbridge Property Advisors, Inc., a Florida Corporation, its
affiliates, officers or employees, or the firm providing this report, in connection with, or in any way
arising out of, or relating to, this report, or the engagement of the firm providing this report, then
(1) under no circumstances shall such claimant be entitled to consequential, special or other
damages, except only for direct compensatory damages, and (2) the maximum amount of such
compensatory damages recoverable by such claimant shall be the amount actually received by the
firm engaged to provide this report.
39. This report and any associated work files may be subject to evaluation by Valbridge Property
Advisors, Inc., or its affiliates, for quality control purposes.
40. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing general
assumptions and limiting conditions.
PROPOSED EASEMENT FOR VENTANA RIDGE
CERTIFICATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 70
Certification – Karen Park, MAI, ASA
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and no
personal interest with respect to the parties involved.
4. The undersigned has not performed services, as an appraiser or in any other capacity, regarding
the property that is the subject of this report within the three-year period immediately preceding
acceptance of this assignment.
5. I have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
8. My analyses, opinions and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice.
9. Karen Park has personally inspected the subject property.
10. No one provided significant real property appraisal assistance to the person signing this
certification, unless otherwise noted.
11. The reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
13. As of the date of this report, the undersigned has completed the continuing education program for
Designated Members of the Appraisal Institute.
14. The American Society of Appraisers has a mandatory reaccreditation program for all of its
Designated Members. I am in compliance with that program.
Karen Park, MAI, ASA
Managing Director
Nevada License #A.0207475-CG
License Expires 03-31-2021
PROPOSED EASEMENT FOR VENTANA RIDGE
CERTIFICATION
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 71
Certification – Matthew Lubawy, MAI, CVA
I certify that, to the best of my knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions,
and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report and no
personal interest with respect to the parties involved.
4. The undersigned has not performed services, as an appraiser or in any other capacity, regarding
the property that is the subject of this report within the three-year period immediately preceding
acceptance of this assignment.
5. I have no bias with respect to the property that is the subject of this report or to the parties involved
with this assignment.
6. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
7. My compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of value opinion, the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal.
8. My analyses, opinions and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice.
9. Matthew Lubawy did not personally inspect the subject property.
10. No one provided significant real property appraisal assistance to the person signing this
certification, unless otherwise noted.
11. The reported analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.
13. As of the date of this report, the undersigned has completed the continuing education program for
Designated Members of the Appraisal Institute.
Matthew Lubawy, MAI, CVA
Senior Managing Director
Nevada License #A.0000044-CG
License Expires 04-30-2021
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 72
Addenda
Subject Photos
Legal Description
Letter of Engagement
Glossary
Qualifications
• Karen Park, MAI, ASA - Managing Director
• Matthew Lubawy, MAI, CVA - Senior Managing Director
Information on Valbridge Property Advisors
Office Locations
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 73
Subject Photographs
Ventana Ridge project upslope from southern
edge
Ventana Ridge project upslope from southern
edge
Ventana Ridge project upslope from terminus of
Sunline Dr (original easement across City of
Reno land)
Natural drainageway at southwestern portion of
project
At terminus of easement looking east along
Peavine Creek Rd
At terminus of easement looking west along
Peavine Creek Rd to gated emergency vehicle
access to Somersett subdivision
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 74
Legal Description
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 75
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 76
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 77
Letter of Engagement
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 78
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 79
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 80
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 81
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 82
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 83
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 84
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 85
Glossary Definitions are taken from The Dictionary of Real Estate Appraisal, 6th Edition (Dictionary), the Uniform
Standards of Professional Appraisal Practice (USPAP), and Building Owners and Managers Association
International (BOMA).
Absolute Net Lease
A lease in which the tenant pays all expenses
including structural maintenance, building
reserves, and management; often a long-term
lease to a credit tenant. (Dictionary)
Amortization
The process of retiring a debt or recovering a
capital investment, typically through scheduled,
systematic repayment of the principal; a program
of periodic contributions to a sinking fund or
debt retirement fund. (Dictionary)
As Is Market Value
The estimate of the market value of real property
in its current physical condition, use, and zoning
as of the appraisal date. (Dictionary)
Base Rent
The minimum rent stipulated in a lease.
(Dictionary)
Base Year
The year on which escalation clauses in a lease
are based. (Dictionary)
Building Common Area
In office buildings, the areas of the building that
provide services to building tenants but which
are not included in the office area or store area
of any specific tenant. These areas may include,
but shall not be limited to, main and auxiliary
lobbies, atrium spaces at the level of the finished
floor, concierge areas or security desks,
conference rooms, lounges or vending areas,
food service facilities, health or fitness centers,
daycare facilities, locker or shower facilities, mail
rooms, fire control rooms, fully enclosed
courtyards outside the exterior walls, and
building core and service areas such as fully
enclosed mechanical or equipment rooms.
Specifically excluded from building common area
are floor common areas, parking space, portions
of loading docks outside the building line, and
major vertical penetrations. (BOMA)
Building Rentable Area
The sum of all floor rentable areas. Floor rentable
area is the result of subtracting from the gross
measured area of a floor the major vertical
penetrations on that same floor. It is generally
fixed for the life of the building and is rarely
affected by changes in corridor size or
configuration. (BOMA)
Certificate of Occupancy (COO)
A formal written acknowledgment by an
appropriate unit of local government that a new
construction or renovation project is at the stage
where it meets applicable health and safety
codes and is ready for commercial or residential
occupancy. (Dictionary)
Common Area Maintenance (CAM)
The expense of operating and maintaining
common areas; may or may not include
management charges and usually does not
include capital expenditures on tenant
improvements or other improvements to the
property. (Dictionary)
The amount of money charged to tenants for
their shares of maintaining a [shopping] center’s
common area. The charge that a tenant pays for
shared services and facilities such as electricity,
security, and maintenance of parking lots. Items
charged to common area maintenance may
include cleaning services, parking lot sweeping
and maintenance, snow removal, security and
upkeep. (ICSC – International Council of
Shopping Centers, 4th Ed.)
Condominium
A multiunit structure, or a unit within such a
structure, with a condominium form of
ownership. (Dictionary)
Conservation Easement
An interest in real estate restricting future land
use to preservation, conservation, wildlife habitat,
or some combination of those uses. A
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 86
conservation easement may permit farming,
timber harvesting, or other uses of a rural nature
as well as some types of conservation-oriented
development to continue, subject to the
easement. (Dictionary)
Contributory Value
A type of value that reflects the amount a
property or component of a property contributes
to the value of another asset or to the property
as a whole.
The change in the value of a property as a whole,
whether positive or negative, resulting from the
addition or deletion of a property component.
Also called deprival value in some countries.
(Dictionary)
Debt Coverage Ratio (DCR)
The ratio of net operating income to annual debt
service (DCR = NOI/Im), which measures the
relative ability of a property to meet its debt
service out of net operating income; also called
debt service coverage ratio (DSCR). A larger DCR
typically indicates a greater ability for a property
to withstand a reduction of income, providing an
improved safety margin for a lender. (Dictionary)
Deed Restriction
A provision written into a deed that limits the use
of land. Deed restrictions usually remain in effect
when title passes to subsequent owners.
(Dictionary)
Depreciation
In appraisal, a loss in property value from any
cause; the difference between the cost of an
improvement on the effective date of the
appraisal and the market value of the
improvement on the same date.
In accounting, an allocation of the original cost of
an asset, amortizing the cost over the asset’s life;
calculated using a variety of standard techniques.
(Dictionary)
Disposition Value
The most probable price that a specified interest
in property should bring under the following
conditions:
• Consummation of a sale within a specified
time, which is shorter than the typical
exposure time for such a property in that
market.
• The property is subjected to market
conditions prevailing as of the date of
valuation;
• Both the buyer and seller are acting
prudently and knowledgeably;
• The seller is under compulsion to sell;
• The buyer is typically motivated;
• Both parties are acting in what they consider
to be their best interests;
• An adequate marketing effort will be made
during the exposure time;
• Payment will be made in cash in U.S. dollars
(or the local currency) or in terms of financial
arrangements comparable thereto; and
The price represents the normal consideration for
the property sold, unaffected by special or
creative financing or sales concessions granted
by anyone associated with the sale. (Dictionary)
Easement
The right to use another’s land for a stated
purpose. (Dictionary)
EIFS
Exterior Insulation Finishing System. This is a type
of exterior wall cladding system. Sometimes
referred to as dry-vit.
Effective Date
The date on which the appraisal or review
opinion applies. (SVP)
In a lease document, the date upon which the
lease goes into effect. (Dictionary)
Effective Gross Income (EGI)
The anticipated income from all operations of the
real estate after an allowance is made for vacancy
and collection losses and an addition is made for
any other income. (Dictionary)
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 87
Effective Rent
Total base rent, or minimum rent stipulated in a
lease, over the specified lease term minus rent
concessions; the rent that is effectively paid by a
tenant net of financial concessions provided by a
landlord. (TIs). (Dictionary)
EPDM
Ethylene Propylene Diene Monomer Rubber. A
type of synthetic rubber typically used for roof
coverings. (Dictionary)
Escalation Clause
A clause in an agreement that provides for the
adjustment of a price or rent based on some
event or index. e.g., a provision to increase rent if
operating expenses increase; also called escalator
clause, expense recovery clause or stop clause.
(Dictionary)
Estoppel Certificate
A signed statement by a party (such as a tenant
or a mortgagee) certifying, for another’s benefit,
that certain facts are correct, such as that a lease
exists, that there are no defaults, and that rent is
paid to a certain date. (Black’s) In real estate, a
buyer of rental property typically requests
estoppel certificates from existing tenants.
Sometimes referred to as an estoppel letter.
(Dictionary)
Excess Land
Land that is not needed to serve or support the
existing use. The highest and best use of the
excess land may or may not be the same as the
highest and best use of the improved parcel.
Excess land has the potential to be sold
separately and is valued separately. (Dictionary)
Excess Rent
The amount by which contract rent exceeds
market rent at the time of the appraisal; created
by a lease favorable to the landlord (lessor) and
may reflect unusual management,
unknowledgeable or unusually motivated parties,
a lease execution in an earlier, stronger rental
market, or an agreement of the parties.
(Dictionary)
Expense Stop
A clause in a lease that limits the landlord’s
expense obligation, which results in the lessee
paying operating expenses above a stated level
or amount. (Dictionary)
Exposure Time
The time a property remains on the market.
The estimated length of time that the property
interest being appraised would have been
offered on the market prior to the hypothetical
consummation of a sale at market value on the
effective date of the appraisal;
Comment: Exposure time is a retrospective
opinion based on an analysis of past events
assuming a competitive and open market.
(Dictionary)
Extraordinary Assumption
An assignment-specific assumption as of the
effective date regarding uncertain information
used in an analysis which, if found to be false,
could alter the appraiser’s opinions or
conclusions.
Comment: Uncertain information might include
physical, legal, or economic characteristics of the
subject property; or conditions external to the
property, such as market conditions or trends; or
the integrity of data used in an analysis. (USPAP)
Fee Simple Estate
Absolute ownership unencumbered by any other
interest or estate, subject only to the limitations
imposed by the governmental powers of
taxation, eminent domain, police power, and
escheat. (Dictionary)
Floor Common Area
In an office building, the areas on a floor such as
washrooms, janitorial closets, electrical rooms,
telephone rooms, mechanical rooms, elevator
lobbies, and public corridors which are available
primarily for the use of tenants on that floor.
(BOMA)
Full Service (Gross) Lease
A lease in which the landlord receives stipulated
rent and is obligated to pay all of the property’s
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 88
operating and fixed expenses; also called a full
service lease. (Dictionary)
Furniture, Fixtures, and Equipment (FF&E)
Business trade fixtures and personal property,
exclusive of inventory. (Dictionary)
Going-Concern Value
An outdated label for the market value of all the
tangible and intangible assets of an established
and operating business with an indefinite life, as
if sold in aggregate; more accurately termed the
market value of the going concern or market value
of the total assets of the business. (Dictionary)
Gross Building Area (GBA)
Total floor area of a building, excluding
unenclosed areas, measured from the exterior of
the walls of the above-grade area. This includes
mezzanines and basements if and when typically
included in the market area of the type of
property involved.
Gross leasable area plus all common areas.
For residential space, the total area of all floor
levels measured from the exterior of the walls
and including the superstructure and
substructure basement; typically does not
include garage space. (Dictionary)
Gross Measured Area
The total area of a building enclosed by the
dominant portion (the portion of the inside
finished surface of the permanent outer building
wall which is 50 percent or more of the vertical
floor-to-ceiling dimension, at the given point
being measured as one moves horizontally along
the wall), excluding parking areas and loading
docks (or portions of same) outside the building
line. It is generally not used for leasing purposes
and is calculated on a floor by floor basis. (BOMA)
Gross Up Method
A method of calculating variable operating
expenses in income-producing properties when
less than 100% occupancy is assumed. Expenses
reimbursed based on the amount of occupied
space, rather than on the total building area, are
described as “grossed up.” (Dictionary)
Gross Retail Sellout
The sum of the separate and distinct market
value opinions for each of the units in a
condominium, subdivision development, or
portfolio of properties, as of the date of
valuation. The aggregate of retail values does not
represent the value of all the units as though sold
together in a single transaction; it is simply the
total of the individual market value conclusions.
Also called the aggregate of the retail values,
aggregate retail selling price or sum of the retail
values. (Dictionary)
Ground Lease
A lease that grants the right to use and occupy
land. Improvements made by the ground lessee
typically revert to the ground lessor at the end of
the lease term. (Dictionary)
Ground Rent
The rent paid for the right to use and occupy land
according to the terms of a ground lease; the
portion of the total rent allocated to the
underlying land. (Dictionary)
HVAC
Heating, ventilation, air conditioning (HVAC)
system. A unit that regulates the temperature
and distribution of heat and fresh air throughout
a building. (Dictionary)
Highest and Best Use
The reasonably probable use of property that
results in the highest value. The four criteria that
the highest and best use must meet are legal
permissibility, physical possibility, financial
feasibility, and maximum productivity.
The use of an asset that maximizes its potential
and that is possible, legally permissible, and
financially feasible. The highest and best use may
be for continuation of an asset’s existing use of
for some alternative use. This is determined by
the use that a market participant would have in
mind for the asset when formulating the price
that it would be willing to bid. (IVS)
[The] highest and most profitable use for which
the property is adaptable and needed or likely to
be needed in the reasonably near future.
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 89
(Uniform Appraisal Standards for Federal Land
Acquisitions) (Dictionary)
Hypothetical Condition
A condition, directly related to a specific
assignment, which is contrary to what is known
by the appraiser to exist on the effective date of
the assignment results, but is used for the
purpose of analysis.
Comment: Hypothetical conditions are contrary
to known facts about physical, legal, or economic
characteristics of the subject property; or about
conditions external to the property, such as
market conditions or trends; or about the
integrity of data used in an analysis. (USPAP)
Industrial Gross Lease
A type of modified gross lease of an industrial
property in which the landlord and tenant share
expenses. The landlord receives stipulated rent
and is obligated to pay certain operating
expenses, often structural maintenance,
insurance and real property taxes, as specified in
the lease. There are significant regional and local
differences in the use of this term. (Dictionary)
Insurable Value
A type of value for insurance purposes. (Typically
this includes replacement cost less basement
excavation, foundation, underground piping and
architect’s fees). (Dictionary)
Investment Value
The value of a property to a particular investor or
class of investors based on the investor’s specific
requirements. Investment value may be different
from market value because it depends on a set of
investment criteria that are not necessarily typical
of the market. (Dictionary)
Just Compensation
In condemnation, the amount of loss for which a
property owner is compensated when his or her
property is taken. Just compensation should put
the owner in as good a position pecuniarily as he
or she would have been if the property had not
been taken. (Dictionary)
Leased Fee Interest
The ownership interest held by the lessor, which
includes the right to receive the contract rent
specified in the lease plus the reversionary right
when the lease expires. (Dictionary)
Leasehold Interest
The right held by the lessee to use and occupy
real estate for a stated term and under the
conditions specified in the lease. (Dictionary)
Lessee (Tenant)
One who has the right to occupancy and use of
the property of another for a period of time
according to a lease agreement. (Dictionary)
Lessor (Landlord)
One who conveys the rights of occupancy and
use to others under a lease agreement.
(Dictionary)
Liquidation Value
The most probable price that a specified interest
in property should bring under the following
conditions:
• Consummation of a sale within a short time
period.
• The property is subjected to market
conditions prevailing as of the date of
valuation.
• Both the buyer and seller are acting
prudently and knowledgeably.
• The seller is under extreme compulsion to
sell.
• The buyer is typically motivated.
• Both parties are acting in what they consider
to be their best interests.
• A normal marketing effort is not possible due
to the brief exposure time.
• Payment will be made in cash in U.S. dollars
(or the local currency) or in terms of financial
arrangements comparable thereto.
The price represents the normal consideration for
the property sold, unaffected by special or
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 90
creative financing or sales concessions granted
by anyone associated with the sale. (Dictionary)
Loan to Value Ratio (LTV)
The ratio between a mortgage loan and the value
of the property pledged as security, usually
expressed as a percentage. (Dictionary)
Major Vertical Penetrations
Stairs, elevator shafts, flues, pipe shafts, vertical
ducts, and the like, and their enclosing walls.
Atria, lightwells and similar penetrations above
the finished floor are included in this definition.
Not included, however, are vertical penetrations
built for the private use of a tenant occupying
office areas on more than one floor. Structural
columns, openings for vertical electric cable or
telephone distribution, and openings for
plumbing lines are not considered to be major
vertical penetrations. (BOMA)
Market Rent
The most probable rent that a property should
bring in a competitive and open market reflecting
the conditions and restrictions of a specified
lease agreement, including the rental adjustment
and revaluation, permitted uses, use restrictions,
expense obligations; term, concessions, renewal
and purchase options and tenant improvements
(TIs). (Dictionary)
Market Value
The most probable price that a property should
bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and
seller each acting prudently and knowledgeably,
and assuming the price is not affected by undue
stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and
the passing of title from seller to buyer under
conditions whereby:
• Buyer and seller are typically motivated;
• Both parties are well informed or well
advised, and acting in what they consider
their own best interests;
• A reasonable time is allowed for exposure in
the open market;
• Payment is made in terms of cash in United
States dollars or in terms of financial
arrangements comparable thereto; and
The price represents the normal consideration for
the property sold unaffected by special or
creative financing or sales concessions granted
by anyone associated with the sale. (Dictionary)
Marketing Time
An opinion of the amount of time it might take
to sell a real or personal property interest at the
concluded market value level during the period
immediately after the effective date of an
appraisal. Marketing time differs from exposure
time, which is always presumed to precede the
effective date of an appraisal. (Advisory Opinion
7 of the Appraisal Standards Board of the
Appraisal Foundation)
Master Lease
A lease in which the fee owner leases a part or
the entire property to a single entity (the master
lease) in return for a stipulated rent. The master
lessee then leases the property to multiple
tenants. (Dictionary)
Modified Gross Lease
A lease in which the landlord receives stipulated
rent and is obligated to pay some, but not all, of
the property’s operating and fixed expenses.
Since assignment of expenses varies among
modified gross leases, expense responsibility
must always be specified. In some markets, a
modified gross lease may be called a double net
lease, net net lease, partial net lease, or semi-gross
lease. (Dictionary)
Operating Expense Ratio
The ratio of total operating expenses to effective
gross income (TOE/EGI); the complement of the
net income ratio, i.e., OER = 1 – NIR (Dictionary)
Option
A legal contract, typically purchased for a stated
consideration, that permits but does not require
the holder of the option (known as the optionee)
to buy, sell, or lease real estate for a stipulated
period of time in accordance with specified
terms; a unilateral right to exercise a privilege.
(Dictionary)
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 91
Partial Interest
Divided or undivided rights in real estate that
represent less than the whole, i.e., a fractional
interest such as a tenancy in common, easement,
or life interest. (Dictionary)
Pass Through
A tenant’s portion of operating expenses that
may be composed of common area maintenance
(CAM), real property taxes, property insurance,
and any other expenses determined in the lease
agreement to be paid by the tenant. (Dictionary)
Potential Gross Income (PGI)
The total income attributable to property at full
occupancy before vacancy and operating
expenses are deducted. (Dictionary)
Prospective Future Value Upon Completion
A prospective market value may be appropriate
for the valuation of a property interest related to
a credit decision for a proposed development or
renovation project. According to USPAP, an
appraisal with a prospective market value reflects
an effective date that is subsequent to the date
of the appraisal report. … The prospective market
value –as completed- reflects the property’s
market value as of the time that development is
expected to be complete. (Dictionary)
Prospective Future Value Upon Stabilization
A prospective market value may be appropriate
for the valuation of a property interest related to
a credit decision for a proposed development or
renovation project. According to USPAP, an
appraisal with a prospective market value reflects
an effective date that is subsequent to the date
of the appraisal report …The prospective market
value – as stabilized – reflects the property’s
market value as of the time the property is
projected to achieve stabilized occupancy. For an
income-producing property, stabilized
occupancy is the occupancy level that a property
is expected to achieve after the property is
exposed to the market for lease over a
reasonable period of time and at comparable
terms and conditions to other similar properties.
(Dictionary)
Replacement Cost
The estimated cost to construct, at current prices
as of a specific date, a substitute for a building or
other improvements, using modern materials
and current standards, design, and layout.
(Dictionary)
Reproduction Cost
The estimated cost to construct, at current prices
as of the effective date of the appraisal, an exact
duplicate or replica of the building being
appraised, using the same materials, construction
standards, design, layout, and quality of
workmanship and embodying all of the
deficiencies, superadequacies, and obsolescence
of the subject building. (Dictionary)
Retrospective Value Opinion
A value opinion effective as of a specified
historical date. The term retrospective does not
define a type of value. Instead, it identifies a value
opinion as being effective at some specific prior
date. Value as of a historical date is frequently
sought in connection with property tax appeals,
damage models, lease renegotiation, deficiency
judgments, estate tax, and condemnation.
Inclusion of the type of value with this term is
appropriate, e.g., “retrospective market value
opinion.” (Dictionary)
Sandwich Leasehold Estate
The interest held by the sandwich leaseholder
when the property is subleased to another party;
a type of leasehold estate. (Dictionary)
Sublease
An agreement in which the lessee in a prior lease
conveys the right of use and occupancy of a
property to another, the sublessee, for a specific
period of time, which may or may not be
coterminous with the underlying lease term.
(Dictionary)
Subordination
A contractual arrangement in which a party with
a claim to certain assets agrees to make his or her
claim junior, or subordinate, to the claims of
another party. (Dictionary)
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 92
Surplus Land
Land that is not currently needed to support the
existing use but cannot be separated from the
property and sold off for another use. Surplus
land does not have an independent highest and
best use and may or may not contribute value to
the improved parcel. (Dictionary)
TPO
Thermoplastic polyolefin, a resilient synthetic
roof covering.
Triple Net (Net Net Net) Lease
An alternative term for a type of net lease. In
some markets, a net net net lease is defined as a
lease in which the tenant assumes all expenses
(fixed and variable) of operating a property
except that the landlord is responsible for
structural maintenance, building reserves, and
management; also called NNN lease, net net net
lease, or fully net lease. (Dictionary)
(The market definition of a triple net lease varies;
in some cases tenants pay for items such as roof
repairs, parking lot repairs, and other similar
items.)
Usable Area
The measured area of an office area, store area,
or building common area on a floor. The total of
all the usable areas for a floor shall equal floor
usable area of that same floor. (BOMA)
Value-in-Use
The value of a property assuming a specific use,
which may or may not be the property’s highest
and best use on the effective date of the
appraisal. Value in use may or may not be equal
to market value but is different conceptually.
(Dictionary)
VTAB
Value of the Total Assets of a Business. The value
of a going concern (i.e. the business enterprise).
(Dictionary)
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 93
Qualifications
Qualifications of Karen Park, MAI, ASA
Managing Director Valbridge Property Advisors | Las Vegas | Reno
Independent Valuations for a Variable World
Related Courses/Seminars:
Laws for Nevada Appraisers
Income Approach to Value
Hotel Assessments and Intangibles
Business Practices and Ethics
Rates & Ratios: Making Sense of GIM, OAR & DCF
Advanced Sales Comparison and Cost Approaches
Advanced Market Analysis and Highest and Best Use
Analyzing Tenant Credit Risk and Leases
Tax Appeal Issues of Appraisers
Advanced Applications
Forecasting Revenue
Advanced Income Capitalization
Analyzing Operating Expenses
Experience:
Managing Director
Valbridge Property Advisors (January 2019 to present)
Owner/Certified General Appraiser
AmeriBrit Valuations (August 2018 – December 2018)
Supervising Appraiser
Santa Clara County Assessor’s Office (March 2015 – December 2018)
Senior Commercial Appraiser
Pacific Appraisers (September 2013 – March 2015)
Commercial Appraiser
JPMorgan Chase (June 2011 – September 2013)
Certified General Real Estate Appraiser
Independent Fee Appraiser (July 2004 – June 2011)
Appraisal/valuation and consulting assignments include:
commercial, multifamily (apartments), special purpose properties
(including golf courses, seniors housing, and regional malls), new
construction, and residential land subdivision. Eight years of
experience as a business consultant for major banks, finance
houses, and mortgage lenders.
State Certifications
State of Nevada
License #A.0207475-CG
State of California
License #AG034737
Education
Bachelor of Science,
Computer Sciences
California Polytechnic State
University, San Luis Obispo
1982-1985
University of California,
Berkeley Extension
Finance and Business
Administration (pre-MBA)
1987-1989
Contact Details
702-242-9369 (p)
702-242-6391 (f)
Valbridge Property Advisors |
Las Vegas | Reno
6490 S McCarran Blvd., #51
Reno, NV 89509
www.valbridge.com
kpark@valbridge.com
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 94
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 95
Qualifications of Matthew Lubawy, MAI, CVA
Senior Managing Director Valbridge Property Advisors | Las Vegas | Reno
Independent Valuations for a Variable World
Membership/Affiliations:
Member: Appraisal Institute - MAI Designation #10653
Director - (2008 – 2011)
President of Las Vegas Chapter (1998 - 1999)
1st V.P. of Las Vegas Chapter (1997 – 1998)
2nd V.P. of Las Vegas Chapter (1996 – 1997)
Member: NACVA – CVA Designation (Certified Valuation
Analyst for business valuation)
Board Member: Valbridge Property Advisors -
Vice-Chairman of the Board of Directors
(2011 – Present)
Member: International Right of Way Association
Member: National Association of Realtors
Member: GLVAR
Board Member: Nevada State Development Corporation
Chairman of the Board (2008-Present)
Experience:
Senior Managing Director
Valbridge Property Advisors (2013 to Present)
Principal
Lubawy & Associates (1994-2013)
Independent Fee Appraiser and Real Estate Consultant
Timothy R. Morse and Associates (1992 – 1994)
Staff Appraiser/Assistant Vice President
First Interstate Bank (1988 - 1992)
Independent Fee Appraiser and Real Estate Consultant
The Clark Companies (1987 - 1988)
Appraisal/valuation and consulting assignments include: vacant land; apartment buildings; retail
buildings; shopping centers; office buildings; industrial buildings; religious and special purpose
properties including schools, churches hotel/casinos air hangars, automobile dealerships, residential
subdivisions, and master-planned communities. Other assignments include tax credit valuations,
Fannie Mae and Freddie Mac reports, and HUD MAP valuations and market studies, as well as
valuation of fractional interests in FLP’s, LP’s LLC’s and/or other business entities.
State Certifications
Nevada License
# A.0000044-CG
Arizona License
#32072
Michigan License
#1201075624
Education
Bachelor of Science
Business Administration
University of Nevada,
Las Vegas
Contact Details
702-242-9369 (p)
702-242-6391 (f)
Valbridge Property Advisors |
Las Vegas | Reno
3034 S. Durango Dr. #100
Las Vegas, NV 89117
www.valbridge.com
mlubawy@valbridge.com
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 96
Appraisal Institute & Related Courses:
Eminent Domain 2016, CLE International September, 2016
Supervisor Trainee Course for Nevada January, 2016
USPAP 2016/2017 January, 2016
Small Hotel/Motel Valuation
NEBB Institute Machinery & Equipment Certification Training
February 2015
January 2014
2014-2015 National USPAP Update Course, Appraisal Institute January 2014
NACVA Business Valuation Certification and Training Center December 2013
Fundamentals of Separating Real Property, Personal Property, and Intangible
Business Assets, Appraisal Institute
March 2012
7-Hour National USPAP Update Course, Appraisal Institute January 2012
2010-2011 National USPAP Update, Appraisal Institute January 2010
Appraising Distressed Commercial Real Estate, Appraisal Institute July 2009
Understanding the Home Valuation Code of Conduct, Appraisal Institute June 2009
Introduction to Valuation for Financial Reporting, Appraisal Institute June 2009
Argus Based Discounted Cash Flow Analysis, Appraisal Institute June 2009
National Uniform Standards of Professional Practice Course 400, Appraisal
Institute
April 2009
Online Scope of Work: Expanding Your Range of Services, Appraisal Institute April 2009
Online Rates and Ratios: Making sense of GIMs, OARs and DCF, Appraisal Institute April 2009
Forecasting Revenue, Appraisal Institute October 2008
Law of Easements: Legal Issues & Practical Considerations, Lorman Education August 2008
Analyzing Operating Expenses, Appraisal Institute May, 2007
Valuation of Detrimental Conditions in Real Estate, Appraisal Institute April, 2007
2007 National USPAP Update, Appraisal Institute March, 2007
Analyzing Commercial Lease Clauses, Appraisal Institute February, 2007
Analyzing Distressed Real Estate, Appraisal Institute February, 2007
Uniform Appraisal Standards for Federal Land Acquisitions, Appraisal Institute October 2005
Online Analyzing Distressed Real Estate, Appraisal Institute September 2005
Business Practices and Ethics, Course 420, Appraisal Institute September 2005
USPAP Update – Course 400, Appraisal Institute February 2005
Litigation Appraising: Specialized Topics and Applications October 2004
Separating Real & Personal Property from Intangible Business Assets September 2003
So. NV Public Land Mgt. Act BLM Appraisal Compliance Workshop May 2003
Income Capitalization March 2003
Appraising Non-Conforming and Difficult Properties March 2003
Appraiser Liability March 2003
2003 National USPAP February 2003
Valuation of Partial Acquisitions, Course 401 through IRWA October 2000
Partial Interest Valuation – Divided, Course A7414 April 2000
Highest & Best Use and Market Analysis March 2000
Subdivision Analysis January 2000
Writing the Narrative Appraisal Report November 1999
USPAP 1999 Revisions A7415ES March 1999
Reporting Sales Comparison Grid Adj. for Residential Properties March 1999
USPAP 1999 Revisions – A7415ES March 1998
Litigation Appraisal and Expert Testimony June 1997
USPAP (Parts A & B) 1996
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 97
Ethics - USPAP Statements March 1995
Comprehensive Appraisal Workshop July 1994
Current Issues and Misconceptions in Appraisal December 1993
Standards of Professional Appraisal Practice, Part B 1992
Land Faire Nevada July 1992
Appraising From Blueprints and Specifications September 1992
Accrued Depreciation September 1992
Standards of Professional Appraisal Practice, Part A 1991
Report Writing and Valuation Analysis; Exam 2-2 June 1991
Case Studies; Exam 2-1 June 1991
Capitalization Theory and Techniques, Part B; Exam 1-BB June 1990
Capitalization Theory and Techniques, Part A; Exam 1-BA June 1990
Basic Valuation; Exam 1A2 May 1989
Principles of Real Estate Appraisal ; Exam 1A1 May 1989
National Association of Certified Valuators and Analysts (NACVA) Business Valuation Courses:
Working Your Way Through the DLOM Minefield 2017
Valuing Fast-Food Restaurants 2017
Valuation of Family Limited Partnerships 2017
Intangible Asset Valuation: Cost Approach Valuation Methods and Procedures 2017
ESOP Basics 2017
Common Sense and The S Corp Value Question 2017
Buy Sell Agreements 2017
Trust and Estates: S-Corporation Valuation Issues 2017
Trust and Estates: Gift & Estate Case Law Update 2017
The Expert’s Draft Report and Pre-Trial Communications with Counsel 2017
Intangible Asset Valuation and Fair Value Accounting 2017
How and When to Implement a Discount for Lack of Control in Your Valuation 2017
Federal and State Case Law Update 2017
Business Valuation, DLOM and Daubert: The Issue of Redundancy 2017
Intangible Asset Valuation Considerations for Entertainment and Sports Businesses 2017
Excel- Building Better Budget Spreadsheets 2017
Excel- Automating Financial Statements 2017
Valuation and How to Address These Issues 2017
Automating Financial Statements 2017
Engagement Risk and Acceptance 2016
Cost of Capital 2016
Income Approach 2016
Guideline Transaction Method 2016
Guideline Company Method 2016
Synthesis of Conclusion 2016
Valuation Software and Databases 2016
Asset Approach 2016
Financial Statement Analysis, Economic, and Industry Overview 2016
Engagement Letters 2016
Information Requests and Site Visits 2016
Report Writing 2016
Discounts and Premiums 2016
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 98
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 99
Valbridge Property Advisors Information / Office Locations
PROPOSED EASEMENT FOR VENTANA RIDGE
ADDENDA
© 2019 VALBRIDGE PROPERTY ADVISORS | Reno Page 100
top related