Bid Packet Adendum and Appraisal

Sale of Real Property –  
74 West Wickenburg Way 
Maricopa County Parcel No. 505-50-141 
 
Bid Number # 25-02  
 
Addendum No. 1 
 
February 27, 2025 
 
TO ALL BIDDERS: The following Addendum No. 1 shall be incorporated into the Contract 
Documents of the above project, and all requirements herein are fully made a part of the 
Contract Documents. All other provisions of the Contract Documents shall remain the same.  
 
ADDENDUM NO. 1 
 
Question 
Number 
Question 
Answer 
1 
Request for a copy of the appraisal 
of the subject property 
Attached 
2 
What does the Town do if it does 
not receive a bid at appraised 
value or higher? 
The Town Council has the right 
to award the highest bidder or 
to reject any and all bids.  
 
There is no change in the opening time. Submissions are due no later than 11:00 am 
(local time, Wickenburg, Arizona) on Wednesday, March 19, 2025, to the Town of 
Wickenburg Town Clerk at 155 N. Tegner St., Ste. A, Wickenburg, AZ 85390.

TOWN OF WICKENBURG
74 West Wickenburg Way
Wickenburg, Arizona 85390
APPRAISAL REPORT
Date of Report: November 18, 2024
Colliers File #: PHX240563
PREPARED FOR
Tim Suan
Deputy Town Manager
Town of Wickenburg
155 North Tegner Street
Wickenburg, AZ 85390
PREPARED BY
COLLIERS INTERNATIONAL 
VALUATION & ADVISORY SERVICES

LETTER OF TRANSMITTAL
Colliers International Valuation & Advisory Services, and certain of its subsidiaries, is an independently owned and operated business and a member firm of Colliers International 
Property Consultants, an affiliation of independent companies with over 500+ offices throughout more than 68 countries worldwide. 
COLLIERS INTERNATIONAL
VALUATION & ADVISORY SERVICES
2390 East Camelback Road, Suite 215 
Phoenix, AZ 85016 USA
MAIN +1 602 222 5000 
FAX +1 602 222 5196 
WEB
www.colliers.com/valuationadvisory 
November 18, 2024 
Tim Suan  
Deputy Town Manager 
Town of Wickenburg 
155 North Tegner Street  
Wickenburg, AZ 85390 
 
  
 
 
RE: Town of Wickenburg 
 
74 West Wickenburg Way 
 
Wickenburg, Arizona 85390 
 
Colliers File #: PHX240563  
  
 
Mr. Suan: 
Pursuant with our engagement, the above captioned property was appraised utilizing best practice appraisal 
principles for this property type. This appraisal report satisfies the scope of work and requirements agreed upon 
by Town of Wickenburg and Colliers International Valuation & Advisory Services. 
At the request of the client, this appraisal is presented in an Appraisal Report format as defined by USPAP 
Standards Rule 2-2(a). Our appraisal format provides a detailed description of the appraisal process, subject 
and market data and valuation analyses. 
The purpose of this appraisal is to develop an opinion of the As-Is Market Value of the subject property’s fee 
simple interest. The following table conveys the final opinion of market value of the subject property that is 
developed within this appraisal report: 
The subject is a Retail / Commercial (Retail - Office) property totaling 5,018 SF of NRA located on a 0.37-acre 
site at 74 West Wickenburg Way in Wickenburg, Arizona. The improvements were built in 1973, are in 
fair/average condition and have a remaining economic life of 25 years based on our estimate. The subject is 
comprised of 4,050 SF of office space (with basement level not included in the NRA) and a 968 SF storage 
building. The project is of wood frame and block construction (storage building) construction and features a 
2.6/1,000 parking ratio.   
The subject property has a single-tenant design that is currently vacant, and has a current occupancy level of 
0.0%, which is below the stabilized occupancy level estimate of 94.0% that was developed in this appraisal. The 
VALUE TYPE
INTEREST APPRAISED
DATE OF VALUE
VALUE
As-Is Market Value
Fee Simple
October 23, 2024
$730,000

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subject’s improvements will be described in greater detail in the following sections, with a summary overview 
provided in the Executive Summary and a detailed overview provided in the Improvement Description section.
Colliers International appraised the subject property in May 2023 for the same client. The concluded as-is market 
value was $710,000. Our concluded as-is market value in this report is slightly higher due to slight increases in 
sales prices throughout the market. 
The analyses, opinions and conclusions communicated within this appraisal report were developed based upon 
the requirements and guidelines of the current Uniform Standards of Professional Appraisal Practice (USPAP), 
the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the 
Appraisal Institute. The report is intended to conform to the appraisal guidelines of Town of Wickenburg.
The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable 
from, this letter. USPAP defines an Extraordinary Assumption as, “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”. USPAP defines a Hypothetical Condition as, “that 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”.
The Extraordinary Assumptions and/or Hypothetical Conditions that were made during the appraisal process to 
arrive at our opinion of value are fully discussed below. We advise the client to consider these issues carefully 
given the intended use of this appraisal, as their use might have affected the assignment results.
EXTRAORDINARY ASSUMPTIONS
No Extraordinary Assumptions were made for this assignment.
HYPOTHETICAL CONDITIONS
No Hypothetical Conditions were made for this assignment.   
RELIANCE LANGUAGE
The Appraisal is for the sole use of the Client; however, the Client may provide only complete, final copies of the 
Appraisal report in its entirety (but not component parts) to third parties who shall review such reports in 
connection with loan underwriting or securitization efforts. Colliers International Valuation & Advisory Services is 
not required to explain or testify as to appraisal results other than to respond to the Client for routine and 
customary questions. Please note that our consent to allow the Appraisal prepared by Colliers International 
Valuation & Advisory Services or portions of such Appraisal, to become part of or be referenced in any public 
offering, the granting of such consent will be at our sole and absolute discretion and, if given, will be on condition 
that Colliers International Valuation & Advisory Services will be provided with an Indemnification Agreement 
and/or Non-Reliance letter, in a form and content satisfactory to Colliers International Valuation & Advisory 
Services, by a party satisfactory to Colliers International Valuation & Advisory Services. Colliers International 
Valuation & Advisory Services does consent to your submission of the reports to rating agencies, loan 
participants or your auditors in its entirety (but not component parts) without the need to provide Colliers 
International Valuation & Advisory Services with an Indemnification Agreement and/or Non-Reliance letter.
Colliers International Valuation & Advisory Services hereby expressly grants to Client the right to copy the 
Appraisal and distribute it to other parties in the transaction for which the Appraisal has been prepared, including 
employees of Client, other lenders in the transaction, and the borrower, if any.
Our opinion of value reflects current conditions and the likely actions of market participants as of the date of 
value. It is based on the available information gathered and provided to us, as presented in this report, and does

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not predict future performance. Changing market or property conditions can and likely will have an effect on the 
subject's value.
The signatures below indicate our assurance to the client that the development process and extent of analysis 
for this assignment adhere to the scope requirements and intended use of the appraisal. If you have any specific 
questions or concerns regarding the attached appraisal report, or if Colliers International Valuation & Advisory 
Services can be of additional assistance, please contact the individuals listed below.
Sincerely,
COLLIERS INTERNATIONAL
VALUATION & ADVISORY SERVICES
TJ Gray, MAI
Valuation Services Director
Certified General Real Estate Appraiser
State of Arizona License #31808
+1 602 222 5056
tj.gray@colliers.com
Michael Brown
Associate Managing Director
Certified General Real Estate Appraiser
State of Arizona License #32091
+1 602 222 5166
michael.brown@colliers.com

TABLE OF CONTENTS
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Aerial Photograph ______________________________________________________________________3
Identification of Appraisal Assignment _______________________________________________________6
Scope of Work _________________________________________________________________________8
DESCRIPTIONS & EXHIBITS______________________________________________________________10
Regional Map _________________________________________________________________________10
Regional Analysis______________________________________________________________________ 11
Plat Map ___________________________________________________________________________29
Plat Map ___________________________________________________________________________29
ZONING MAP_______________________________________________________________________29
Improvement Description ________________________________________________________________31
Assessment & Taxation _________________________________________________________________ 33
Zoning Analysis _______________________________________________________________________34
Market Analysis _______________________________________________________________________35
Highest & Best Use ____________________________________________________________________44
VALUATION ___________________________________________________________________________45
Valuation Methods _____________________________________________________________________45
Income Approach ______________________________________________________________________47
Market Rent Analysis _________________________________________________________________ 47
Lease Summation Table_______________________________________________________________49
Comparable Lease Map _______________________________________________________________50
Potential Gross Rent _________________________________________________________________ 54
Income & Expense Analysis ____________________________________________________________54
Subject Operating Historicals ___________________________________________________________54
Rental Income Analysis _______________________________________________________________54
Vacancy & Credit Loss ________________________________________________________________55
Expense Comparable Table ____________________________________________________________55
Conclusion of Operating Expenses ______________________________________________________56
Development of Capitalization Rate ______________________________________________________57
Direct Capitalization Conclusion_________________________________________________________63
Sales Comparison Approach _____________________________________________________________64
Sales Summation Table _______________________________________________________________65
Sales Location Map __________________________________________________________________67
Sales Data Sheets ___________________________________________________________________72
Sales Comparison Approach Conclusion __________________________________________________74
Reconciliation of Value Conclusions _______________________________________________________75
CERTIFICATION OF APPRAISAL
ASSUMPTIONS & LIMITING CONDITIONS
ADDENDA
Services Contract
Valuation Glossary
Qualifications of Appraisers 
Qualifications of Colliers International Valuation & Advisory Services

EXECUTIVE SUMMARY
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GENERAL INFORMATION
Property Name
Property Type
Address
City
Wickenburg
State
Arizona
Zip Code
85390
County
Maricopa
Core Based Statistical Area (CBSA)
Phoenix-Mesa-Chandler, AZ
Market
Phoenix
Submarket
Wickenburg
Latitude
33.967441
Longitude
-112.732014
Number Of Parcels
1
Assessor Parcel
Total Assessed Lv
$61,142
Census Tract Number
0405.02
SITE INFORMATION
Land Area
Acres
Square Feet
Usable
0.37
16,100
Unusable
0.00
0
Excess
0.00
0
Surplus
0.00   
            0
Total
0.37
16,100
Topography
Level at street grade
Shape
Rectangular
Access
Average/Good
Exposure
Average/Good
Current Zoning
Flood Zone
Zone X (Shaded)
Seismic Zone
Low Risk
IMPROVEMENT INFORMATION
Gross Building Area SF (GBA)
5,018 SF
Net Rentable Area (NRA)
5,018 SF
Floor Plate SF
5,018 SF
Total Number Of Stories
1 
Year Built
1973
Quality
Fair/Average
Condition
Fair/Average
Building Class
C
Air-Conditioned %
81% 
Type Of Construction
Wood frame and block construction (storage building)
Land To Building Ratio
3.2 : 1
Site Coverage Ratio
31.2%
Parking Type
Surface
Number of Parking Spaces
13 
Parking Ratio (Spaces/1,000SF NRA)
2.6/1,000 SF NRA
Town of Wickenburg
Central Business (C-2)
505-50-141
74 West Wickenburg Way
Retail / Commercial - Retail - Office
YEAR
EFF. ECON. REM.
BUILDING
GBA
BUILT
AGE
LIFE
LIFE
STORIES
QUALITY
CONDITION
Office
4,050
1973
25
50
25
1
Fair/Average Fair/Average
Storage Building
968
1994
25
50
25
1
Fair/Average Fair/Average
TOTAL
5,018
MULTIPLE BUILDING DESCRIPTION GRID

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HIGHEST & BEST USE
As Vacant
As Improved
EXPOSURE TIME & MARKETING PERIOD
Exposure Time
Twelve Months or Less
Marketing Period
Twelve Months or Less
TENANCY INFORMATION
Tenancy
Single-Tenant Owner-Occupied
Occupancy
0.0%
Occupied SF
5,018 SF
Vacant SF
5,018 SF
Number of Tenants in Occupancy
0
Number Of Vacant Spaces
1
Continued Use As A Retail - Office Property
Development Of A Commercial Property As Market 
Conditions Warrant
VALUATION SUMMARY
VALUATION INDICES
AS-IS   
MARKET VALUE
INTEREST APPRAISED
FEE SIMPLE
DATE OF VALUE
OCTOBER 23, 2024
INCOME CAPITALIZATION APPROACH
Direct Capitalization
$720,000
Direct Capitalization $/SF
$143/SF
NOI Proforma
$59,535
NOI $/SF
$11.86/SF
Capitalization Rate
8.25%
INCOME CONCLUSION
$720,000
Income Conclusion $/SF
$143/SF
SALES COMPARISON APPROACH
SALES CONCLUSION
$730,000
Sales Conclusion $/SF
$145/SF
FINAL VALUE CONCLUSION
FINAL VALUE
$730,000
$/SF
$145/SF

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SUBJECT PROPERTY PHOTOGRAPHS
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EXTERIOR PROFILE
EXTERIOR PROFILE
EXTERIOR PROFILE
EXTERIOR PROFILE  
EXTERIOR PROFILE  
EXTERIOR PROFILE

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INTERIOR PROFILE
INTERIOR PROFILE
INTERIOR PROFILE
INTERIOR PROFILE
INTERIOR PROFILE
INTERIOR PROFILE

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PROPERTY IDENTIFICATION
The subject is a Retail / Commercial (Retail - Office) property totaling 5,018 SF of NRA located on a 0.37-acre 
site at 74 West Wickenburg Way in Wickenburg, Arizona. The improvements were built in 1973, are in 
fair/average condition and have a remaining economic life of 25 years based on our estimate. The subject is 
comprised of 4,050 SF of office space (with basement level not included in the NRA) and a 968 SF storage 
building. The project is of wood frame and block construction (storage building) construction and features a 
2.6/1,000 parking ratio.  
The assessor’s parcel number is: 505-50-141. 
The legal description of the subject property is as follows: WICKENBURG BLK 13 TR DESC AS BEG AT SE 
COR LOT 12 TH NLY ALG LINE OF ALLEY 115' TH WLY 140' ON LINE PAR TO LINE OF LOTS 10 & 11 TH 
SLY 115' TH ELY 140' TO BEG BEING LOTS 12 & 11 & S 15' OF LOT 10 WHICH ADJOINS LOT 11
CLIENT IDENTIFICATION
The client of this specific assignment is Town of Wickenburg. 
PURPOSE
The purpose of this appraisal is to develop an opinion of the As-Is Market Value of the subject property’s fee 
simple interest.  
INTENDED USE
The intended use of this appraisal is to assist the client in making internal business decisions related to this 
asset.
INTENDED USERS
Town of Wickenburg is the only intended user of this report. Use of this report by third parties and other 
unintended users is not permitted. This report must be used in its entirety. Reliance on any portion of the report 
independent of others, may lead the reader to erroneous conclusions regarding the property values. Unless 
approval is provided by the authors no portion of the report stands alone.
ASSIGNMENT DATES
PERSONAL INTANGIBLE PROPERTY
No personal property or intangible items are included in this valuation.
PROPERTY AND SALES HISTORY
Current Owner
The subject title is currently recorded in the name of Town of Wickenburg, who acquired title to the property on 
January 31, 1994 as improved for an undisclosed amount, as recorded in document #80179 of the Maricopa 
County Deed Records.
Three-Year Sales History
The Subject has not sold in the last three years.  
Subject Sale Status
The subject is not currently offered for sale.  
Date of Report
November 18, 2024
Date of Inspection
October 23, 2024
Valuation Date - As-Is
October 23, 2024

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DEFINITIONS
This section summarizes the definitions of value, property rights appraised, and value scenarios that are 
applicable for this appraisal assignment. All other applicable definitions for this assignment are located in the 
Valuation Glossary section of the Addenda.
DEFINITIONS OF VALUE
Given the scope and intended use of this assignment, the following definition of value is applicable: 
Market Value
The most probable price which 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, knowledgeably, and assuming that 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:
1.
Buyer and seller are typically motivated;
2.
Both parties are well informed or well advised, and acting in what they consider their own best interests;
3.
A reasonable time is allowed for exposure in the open market;
4.
Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable 
thereto; and
5.
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.1
PROPERTY RIGHTS APPRAISED
The property rights appraised constitute the fee simple interest.
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.2
VALUE SCENARIO
As-Is Value
The estimate of the market value of real property in its current physical condition, use, and zoning as of the 
appraisal date.3
1 Office of Comptroller of the Currency (OCC), Title 12 of the Code of Federal Regulation, Part 34, Subpart C - Appraisals, 34.42 (g); Office of Thrift 
Supervision (OTS), 12 CFR 564.2 (g); This is also compatible with the FDIC, FRS and NCUA definitions of market value.
2 The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, Chicago, Illinois, 2022
3 The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, Chicago, Illinois, 2022

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INTRODUCTION
The appraisal development and reporting processes requires gathering and analyzing information about those 
assignment elements necessary to properly identify the appraisal problem to be solved. The scope of work 
decision must include the research and analyses that are necessary to develop credible assignment results 
given the intended use of the appraisal. Sufficient information includes disclosure of research and analyses 
performed and might also include disclosure of research and analyses not performed. The scope of work for this 
appraisal assignment is outlined below:
›
The appraisers analyzed the regional and local area economic profiles including employment, population, 
household income, and real estate trends. The local area was further studied to assess the general quality 
and condition, and emerging development trends for the real estate market. The immediate market area was 
inspected and examined to consider external influences on the subject.
›
The appraisers confirmed and analyzed legal and physical features of the subject property including sizes of 
the site and improvements, flood plain data, seismic zone, zoning, easements and encumbrances, access 
and exposure of the site, and construction materials and condition of the improvements. This process also 
included estimating the remaining economic life of the improvements, analysis of the subject’s site coverage 
and parking ratios compared to market standards, a process to identify deferred maintenance and a 
conclusion of the subject’s overall functional utility.
›
The appraisers completed an office market analysis that included market and sub-market overviews. The 
Phoenix market and Wickenburg sub-market overviews analyzed supply/demand conditions using vacancy, 
absorption, supply change and rent change statistics. Conclusions were drawn regarding the subject 
property’s competitive position given its physical and locational characteristics, the prevailing economic 
conditions and external influences.
›
The appraisers conducted a Highest and Best Use analysis, determining the highest and best use of the 
subject property As-Vacant and As-Improved. The analysis considered legal, locational, physical and 
financial feasibility characteristics of the subject property. Development of the Highest and Best Use As-
Improved explored potential alternative treatments of the property including demolition, expansion, 
renovation, conversion, and continued use "as-is."
›
The appraisers confirmed and analyzed financial features of the subject property including purchase & sale 
agreement and tax and assessment records. This information as well as trends established by confirmed 
market indicators was used to forecast performance of the subject property. 
›
Selection of the valuation methods was based on the identifications required in USPAP relating to the 
intended use, intended users, definition and date of value, relevant property characteristics and assignment 
conditions. As a result, this appraisal developed the Income (Direct Capitalization) and Sales Comparison
approaches to value. The resulting value indicators were reconciled within the Analysis of Value Conclusions 
section. The appraisal develops an opinion of the As-Is Market Value of the subject property’s fee simple 
interest. The reasoning for including or excluding traditional approaches to value is developed within the 
Valuation Methodology section.
›
Reporting of this appraisal is in an Appraisal Report format as required in USPAP Standard 2. The appraiser’s 
analysis and conclusions are summarized within this document.
›
We understand the Competency Rule of USPAP and the authors of this report meet the standards.
›
Justin Hanson (Arizona State Registered Appraiser Assistant No. LRA-2000927) provided significant real 
property appraisal assistance to the appraisers signing the certification. Assistance included gathering,

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analyzing and reporting regional, local area, zoning, and tax information, confirming some of the comparable 
data, and assisting with portions of the valuation analysis.  
SOURCES OF INFORMATION
The following sources were contacted to obtain relevant information: 
SUBJECT PROPERTY INSPECTION
The following table illustrates the Colliers International professionals involved with this appraisal report and their 
status related to the property inspection.  
SOURCES OF INFORMATION
ITEM
SOURCE
Tax Information
Maricopa County Tax Records
Zoning Information
Tow n of Wickenburg Zoning Code
Site Size Information
Maricopa County Property Records
Building Size Information
Maricopa County Property Records
Flood Map
InterFlood
Demographics
Pitney Bow es/Gadberry Group - GroundView ®
Comparable Information
See Comparable Datasheets for details
Legal Description
Warranty Deed from Maricopa County Register of Deeds
Other Property Data
Maricopa County Property Records
SUBJECT PROPERTY INSPECTION
APPRAISER
INSPECTED
EXTENT
DATE OF INSPECTION
TJ Gray, MAI
Yes
Interior/Exterior
October 23, 2024
Michael Brow n
No
-
-
Justin Hanson
No
-
-

REGIONAL MAP
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REGIONAL ANALYSIS
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INTRODUCTION
The Phoenix-Mesa-Chandler, AZ Metropolitan Statistical Area is in the 
central portion of Arizona. The MSA comprises two counties: Maricopa and 
Pinal. According to the 2020 census, the population was 4,845,832. The 
MSA contains the principal city of Phoenix, the capital of Arizona.
Historically, the economy of Phoenix was based on agriculture, dependent 
on copper, cattle, cotton, and citrus; however, farmlands were developed 
into suburbs, while the economy branched out in a myriad of directions. 
High-technology and telecommunication companies relocated to the MSA. 
Honeywell's Aerospace division is headquartered in Phoenix, and Intel has 
one of their largest sites in the city, employing a staff of approximately 
11,900. American Express is home to their financial transactions, customer 
information, 
and 
website 
management 
in 
Phoenix. 
U-HAUL 
is 
headquartered in the city, as well as Best Western, the world's largest hotel 
chain. The military also has a large presence with Luke Air Force Base in 
the western suburbs.
Tourism is a particularly vital part of the economy, with approximately 200 golf courses, it is a top resort and 
outdoor recreation destination. The Sonora Desert, Tonto National Forest, local Native American communities, 
and wilderness surrounding the region continue to draw visitors adding to the region’s economy.
According to a U.S. Census Bureau report, the Phoenix-Mesa-Chandler, AZ MSA has listed over 98,000 
established private businesses working within its two counties. Included in these businesses are seven Fortune 
500 Companies with headquarters in the state of Arizona, including Avnet, Freeport-McMoRan Copper and Gold, 
U.S. Airways Group, Republic Services and PetSmart. In addition to these companies, 88 local businesses each 
employ 1,000 people or more, and approximately 64,000 businesses employ less than 10 people, which 
represents 72 percent of all businesses listed.
DEMOGRAPHIC ANALYSIS
The following is a demographic study of the region sourced by Esri ArcGIS®, an on-line resource center that 
provides information used to analyze and compare the past, present, and future trends of geographical areas.
Demographic changes are often highly correlated to changes in the underlying economic climate. Periods of 
economic uncertainty necessarily make demographic projections somewhat less reliable than projections in 
more stable periods. These projections are used as a starting point, but we also consider current and localized 
market knowledge in interpreting them within this analysis. Please note that our demographics provider sets forth 
income projections in constant dollars which, by definition, reflect projections after adjustment for inflation. We 
are aware of other prominent demographic data providers that project income in current dollars, which do not 
account for inflation. A simple comparison of projections for a similar market area made under the constant and 
current dollar methodologies can and likely will produce data points that vary, in some cases, widely. Further, all 
forecasts, regardless of demographer methodology(ies), are subjective in the sense that the reliability of the 
forecast is subject to modeling and definitional assumptions and procedures.
Population
According to Esri ArcGIS®, a Geographic Information System (GIS) Company, the Phoenix-Mesa-Chandler 
metropolitan area had a 2024 population of 5,149,752 and experienced an annual growth rate of 1.5%, which 
was higher than the Arizona annual growth rate of 1.2%. The metropolitan area accounted for 68.5% of the total 
Arizona population (7,517,580). Within the metropolitan area the population density was 353.5 people per square

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mile compared to the lower Arizona population density of 66.1 people per square mile and the lower United 
States population density of 95.8 people per square mile.
Education
The Phoenix-Mesa-Chandler, AZ MSA is home to numerous colleges and universities offering undergraduate 
and graduate level programs, in disciplines ranging from liberal arts, journalism, engineering, law, and 
healthcare. Arizona State University (ASU), a public research university is one of the largest universities in the 
United States, with an annual student enrollment of approximately 50,000. ASU offers programs in engineering, 
journalism, business, law, and nursing. The university is spread across four campuses throughout the region. 
The Maricopa County Community College District in Maricopa County, with approximately 260,000 students, is 
one of the largest community college districts in the United States with 10 separate campuses and two skill 
centers that serve Maricopa County and the surrounding Phoenix region.  
Household Trends
The 2024 Households number of households in the metropolitan area was 1,922,675. The number of households 
in the metropolitan area is projected to grow by 1.3% annually, increasing the number of households to 2,048,005 
by 2029 Households. The 2024 average household size for the metropolitan area was 2.63, which was 3.95% 
larger than the United States average household size of 2.53 for 2024. The average household size in the 
metropolitan area is anticipated to retract by 0.31% annually, reducing the average household size to 2.59 by 
2029.
POPULATION
YEAR
US
AZ
CBSA
2020 Population
331,839,624
7,169,360
4,860,432
2024 Population
338,440,954
7,517,580
5,149,752
2029 Population
344,873,411
7,801,501
5,399,639
2020-2024 CAGR
0.5%
1.2%
1.5%
2024-2029 CAGR
0.4%
0.7%
1.0%
Source: Esri ArcGIS®
POPULATION DENSITY
YEAR
US
AZ
CBSA
2024 Per Square Mile
95.8
66.1
353.5
2029 Per Square Mile
97.6
68.6
370.6
Source: Esri ArcGIS®
NUMBER OF HOUSEHOLDS
YEAR
US
AZ
CBSA
2024 Households
130,716,571
2,880,743
1,922,675
2029 Households
134,930,577
3,043,050
2,048,005
2024-2029 CAGR
0.6%
1.1%
1.3%
Source: Esri ArcGIS®
AVERAGE HOUSEHOLD SIZE
YEAR
US
AZ
CBSA
2024
2.53
2.56
2.63
2029
2.50
2.51
2.59
2024-2029 CAGR
(0.24%)
(0.39%)
(0.31%)
Source: Esri ArcGIS®

REGIONAL ANALYSIS
CONTINUED
PHX240563
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13 
The Phoenix-Mesa-Chandler metropolitan area had 32.25% renter occupied units, compared to the lower 
31.08% in Arizona and the higher 35.64% in the United States.
The 2024 median household income for the metropolitan area was $87,166, which was 10.24% higher than the 
United States median household income of $79,068. The median household income for the metropolitan area is 
projected to grow by 3.35% annually, increasing the median household income to $102,799 by 2029.
As is often the case when the median household income levels are higher than the national average, the cost of 
living index is also higher. According to the American Chamber of Commerce Researchers Association (ACCRA) 
Cost of Living Index, the Phoenix-Mesa-Chandler, AZ MSA’s cost of living is 102.9 compared to the national 
average score of 100. The ACCRA Cost of Living Index compares groceries, housing, utilities, transportation, 
health care and miscellaneous goods and services for over 300 urban areas.
HOUSING UNITS
US
AZ
CBSA
Ow ner Occupied
64.36%
68.92%
67.75%
Renter Occupied
35.64%
31.08%
32.25%
Source: Esri ArcGIS®
MEDIAN HOUSEHOLD INCOME
YEAR
US
AZ
CBSA
2024
$79,068
$79,653
$87,166
2029
$91,442
$94,857
$102,799
2024-2029 CAGR
2.95%
3.56%
3.35%
Source: Esri ArcGIS®
Apparel, 7.89%
Computers, 0.91%
Education, 5.37%
Entertainment, 13.29%
Eating Out, 13.22%
Food at Home, 
23.75%
Health Care, 24.72%
Furnishings, 10.40%
Auto Maint., 0.44%
Consumer Spending Phoenix-Mesa-Chandler

REGIONAL ANALYSIS
CONTINUED
PHX240563
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14 
EMPLOYMENT 
Total employment has increased annually over the past decade in the state of Arizona by 2.2% and increased 
annually by 2.7% in the area. From 2022 to 2023 unemployment increased in Arizona by 0.1% and increased by 
0.1% in the area. In the state of Arizona unemployment has decreased over the previous month by 0.1% and 
decreased by 0.1% in the area.
$0
$2,000
$4,000
$6,000
$8,000
Consumer Spending Comparison
Average Household
United States
Arizona
Phoenix-Mesa-Chandler
EMPLOYMENT & UNEMPLOYMENT STATISTICS 2014 - 2023
TOTAL EMPLOYMENT
UNEMPLOYMENT RATE
Arizona
Year
Total
Total
2014
2,906,193
2.9%
2,002,699
3.3%
6.2%
6.8%
5.9%
2015
2,990,545
2.9%
2,076,931
3.7%
5.3%
6.1%
5.2%
2016
3,075,851
2.9%
2,146,700
3.4%
4.9%
5.5%
4.7%
2017
3,079,700
0.1%
2,158,514
0.6%
4.4%
5.0%
4.3%
2018
3,166,013
2.8%
2,231,366
3.4%
3.9%
4.8%
4.2%
2019
3,267,548
3.2%
2,312,841
3.7%
3.7%
4.8%
4.2%
2020
3,200,219
(2.1%)
2,275,563
(1.6%)
8.1%
7.8%
7.3%
2021
3,347,264
4.6%
2,393,743
5.2%
5.3%
5.1%
4.6%
2022
3,462,671
3.4%
2,483,952
3.8%
3.6%
3.8%
3.4%
2023
3,546,508
2.4%
2,553,394
2.8%
3.6%
3.9%
3.5%
CAGR
2.2%
-
2.7%
-
-
-
-
Source: U.S. Bureau of Labor Statistics   *Unadjusted Non-Seasonal Rate
United States*
Phoenix-Mesa-Scottsdale, AZ Metropolitan 
Statistical Area
Arizona
Phoenix-Mesa-
Scottsdale, AZ 
Metropolitan 
Statistical Area

REGIONAL ANALYSIS
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15 
The preceding chart depicts unemployment trends in the region, Arizona, and the U.S. Overall levels of 
unemployment in the region experienced a general increase throughout the past three months. By the end of 
September 2024, unemployment in the region was 0.5% lower than Arizona’s and 0.5% lower than the national 
average. 
The preceding chart depicts the top employers in Maricopa County. Principal employers are spread throughout 
diverse sectors, including healthcare/social assistance, public administration, and wholesale/retail trade. The 
largest employer is Banner Health, a non-profit health system based in Phoenix. Banner Health operates 28 
hospitals as well as specialized facilities in six states, including Arizona, California, and Colorado. The second 
largest employer is the state of Arizona with a workforce of 41,564 people. The third largest employer is Walmart, 
the multinational retail corporation that operates a chain of hypermarkets, discount department stores, and 
grocery stores.
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
UNEMPLOYMENT RATES
Oct
2023
Nov
2023
Dec
2023
Jan
2024
Feb
2024
Mar
2024
Apr
2024
May
2024
Jun
2024
Jul
2024
Aug
2024
Sep
2024
USA
3.6%
3.5%
3.5%
4.1%
4.2%
3.9%
3.5%
3.7%
4.3%
4.5%
4.4%
3.9%
Arizona
4.2%
3.8%
3.8%
3.8%
3.6%
2.9%
2.6%
3.2%
3.9%
4.4%
4.0%
3.9%
Area
3.7%
3.4%
3.4%
3.4%
3.3%
2.6%
2.3%
2.9%
3.5%
3.9%
3.5%
3.4%
TOP  EMPLOYERS
EMPLOYER NAME
EMPLOYEES
INDUSTRY
Banner Health
43,440
Healthcare/Social Assistance
State of Arizona
41,564
Public Administration
Walmart
36,931
Wholesale/Retail Trade
Arizona State University
35,719
Education
Amazon.com
33,000
Wholesale/Retail Trade
University of Arizona
22,089
Education
Fry's Food Stores
20,000
Wholesale/Retail Trade
Maricopa County
15,550
Public Administration
City of Phoenix
14,500
Public Administration
Wells Fargo
14,315
Finance/Insurance
Source: https://w w w .maricopa.gov

REGIONAL ANALYSIS
CONTINUED
PHX240563
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16 
AIRPORT STATISTICS
The following chart summarizes the local airport statistics. 
SUMMARY
Population and economic growth have made the Phoenix-Mesa-Chandler, AZ MSA the center of the state's 
economy. The MSA is a diversified economic region that historically has relied on natural resources, but now 
also includes significant employment in the high-technology, aerospace, tourism, and healthcare sectors. This 
should have a positive impact and will benefit the growth in the regional economy for years to come. It is 
anticipated that the area will continue to be a part of a growing regional economy. 
PHOENIX SKY HARBOR INTERNATIONAL AIRPORT (PHX)
YEAR
ENPLANED PASSENGERS
% CHG
2013
19,525,109
-
2014
20,344,867
4.2%
2015
21,351,445
4.9%
2016
20,896,265
(2.1%)
2017
21,185,458
1.4%
2018
21,622,580
2.1%
2019
22,433,552
3.8%
2020
10,531,436
(53.1%)
2021
18,940,287
79.8%
2022
21,852,586
15.4%
2023
23,880,504
9.3%
Source: U.S. Department of Transportation

LOCAL AREA MAP
PHX240563
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17

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
© 2024 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES  
18 
LOCAL AREA PROFILE 
The subject property is in Wickenburg, Arizona, within Maricopa County. According to the 2020 census, the 
population was 7,526. The town is within Maricopa and Yavapai counties, approximately 65 miles northwest of 
Phoenix and 59 miles southwest of Prescott. U.S. Routes 60 and 93 intersect the town. Air transportation is 
provided by Wickenburg Municipal Airport, approximately four miles west of the town’s central business district.
DEMOGRAPHIC PROFILE
Below is a demographic study of the area, sourced by Esri ArcGIS®, an on-line resource center that provides 
information used to analyze and compare the past, present, and future trends of properties and geographical 
areas. Please note that our demographics provider sets forth income projections in constant dollars which, by 
definition, reflect projections after adjustment for inflation. We are aware of other prominent demographic data 
providers that project income in current dollars, which do not account for inflation. A simple comparison of 
projections for a similar market area made under the constant and current dollar methodologies can and likely 
will produce data points that vary, in some cases, widely. Further, all forecasts, regardless of demographer 
methodology(ies), are subjective in the sense that the reliability of the forecast is subject to modeling and 
definitional assumptions and procedures.
LOCAL AREA DEMOGRAPHICS
DESCRIPTION
1 MILE
3 MILES
5 MILES
DESCRIPTION
1 MILE
3 MILES
5 MILES
POPULATION
AVERAGE HOUSEHOLD INCOME
2010 Population
2,523
6,838
8,283
2024
$96,225
$103,703
$106,057
2020 Population
2,526
6,585
7,978
2029
$113,815
$124,600
$128,063
2024 Population
2,510
6,658
8,187
Change 2024-2029
18.28%
20.15%
20.75%
2029 Population
2,627
7,387
9,359
MEDIAN HOUSEHOLD INCOME
Change 2010-2020
0.12%
(3.70%)
(3.68%)
2024
$75,000
$68,834
$70,497
Change 2020-2024
(0.63%)
1.11%
2.62%
2029
$91,101
$86,054
$88,392
Change 2024-2029
4.66%
10.95%
14.32%
Change 2024-2029
21.47%
25.02%
25.38%
NUMBER OF HOUSEHOLDS
PER CAPITA INCOME
2010 Households
1,128
3,039
3,655
2024
$45,917
$50,398
$51,500
2020 Households
1,149
3,137
3,737
2029
$55,393
$61,680
$63,097
2024 Households
1,229
3,296
3,969
Change 2024-2029
20.64%
22.39%
22.52%
2029 Households
1,318
3,745
4,651
HOUSEHOLDS BY INCOME (2022)
Change 2010-2020
1.86%
3.22%
2.24%
Less than $15,000
11.10%
11.14%
10.16%
Change 2020-2024
6.96%
5.07%
6.21%
$15,000 - $24,999
7.02%
8.99%
8.99%
Change 2024-2029
7.24%
13.62%
17.18%
$25,000 - $34,999
7.84%
9.48%
8.53%
HOUSING UNITS
$35,000 - $49,999
13.71%
10.99%
12.05%
Ow ner Occupied
812
2,382
2,976
$50,000 - $74,999
18.53%
17.53%
17.68%
Renter Occupied
417
914
993
$75,000 - $99,999
14.45%
13.05%
12.51%
HOUSING UNITS BY YEAR BUILT
$100,000 - $149,999
18.53%
12.51%
13.22%
Built 2020 or Later
90
208
232
$150,000 - $199,999
5.47%
8.18%
8.63%
Built 2010 to 2019
43
144
226
$200,000 or More
3.18%
8.15%
8.28%
Built 2000 to 2009
164
693
959
HOUSING BY UNITS IN STRUCTURE
Built 1990 to 1999
103
420
605
1, Detached
1,165
2,865
3,475
Built 1980 to 1989
183
636
716
1, Attached
41
142
163
Built 1970 to 1979
199
435
549
2
17
68
68
Built 1960 to 1969
175
419
440
3 or 4
105
187
187
Built 1950 to 1959
296
606
619
5 to 9
16
66
76
Built 1940 to 1949
86
161
167
10 to 19
9
36
36
Built 1939 or Earlier
107
124
124
20 to 49
31
83
83
HOME VALUES
50 or More
0
0
0
Average
$350,185
$477,635
$518,975
Mobile Home
44
333
478
Median
$262,784
$486,877
$523,571
Boat, RV, Van, etc.
18
64
70
Source: Esri ArcGIS®

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
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19 
Transportation Routes
Major traffic arteries are shown in the chart below:
Public transportation is not available near the subject property. 
Economic Factors
Wickenburg is a suburban community for the Phoenix metropolitan area. The town’s economy is based on the 
healthcare, utilities, and wholesale/retail trade industries. Due to the residential nature of the town, there is a 
high dependency on revenue generated by residential property taxes, and the influence exerted by the regional 
economy. The largest employers in the town include Remuda Ranch/Meadows, Wickenburg Community 
Hospital, and Wickenburg Unified School District. Retail presence consists of restaurants, convenience stores, 
car dealerships, and locally owned businesses.
Community Services
Community services and facilities are readily available in the surrounding area. These include public services 
such as fire stations, hospitals, police stations, and schools (all ages).
IMMEDIATE AREA PROFILE
This section discusses uses and development trends in the immediate area that directly impact the performance 
and appeal of the subject property. 
Predominant Land Uses
Significant development in the immediate area consists of limited retail, office and industrial uses along major 
arterials that are interspersed with multi-family complexes and single-family residential development removed 
from arterials. The local area has a mix of commercial uses nearby and the composition is shown in the following 
graph.
MAJOR ROADWAYS & THOROUGHFARES
HIGHWAY
DIRECTION
FUNCTION
DISTANCE FROM SUBJECT
West Wickenburg Way
east-w est
U.S. Route 93
north-south
State Route 89
north-south
SURFACE STREETS
DIRECTION
FUNCTION
DISTANCE FROM SUBJECT
Jefferson St
southeast-northw est
The subject property fronts this street.
The subject property fronts this street.
Secondary Arterial
This is w ithin a half mile of the subject property.
This is w ithin seven miles of the subject property.
Local Highw ay
Local Highw ay
Local Highw ay
6%
5%
1%
88%
COMMERCIAL AREA COMPOSITION
RETAIL
OFFICE
INDUSTRIAL
MULTIFAMILY
©CoStar

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
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20 
Multi-Family Development
The following chart shows a summary of multi-family data by type in the immediate area from CoStar.
The three largest multi-family properties are at 14443 West Buckskin Trail, 13380 West Range Mule Drive and 
24105 North 162nd Avenue with an NRA of 10,000,000 SF, 2,000,000 SF and 1,000,000 SF that were built in 
2023, 2023 and 2023, respectively. The closest large multi-family property in proximity to the subject is at 17623 
West Norwich Drive with an NRA of 250,000 SF that was built in 2023. The majority of properties were 
constructed after 2000. The following chart and map show the subject property and its location relative to the 
eight largest multi-family properties in the immediate area from CoStar.
MULTIFAMILY SUMMARY
CLASS
PROPERTIES
NRA (SF)
AVG YR BLT
A
4
1,049,565
2018
B
25
16,067,226
2008
C
40
996,934
1973
TOTAL
69
18,113,725
1988
Source: CoStar
LARGEST MULTIFAMILY PROPERTIES
NAME
DISTANCE
MAP PIN
CLASS
NRA (SF)
STORIES YEAR BUILT
Almeria at Ranch Mercado
27.2 Miles
A
B
########
2
2023
Legends at Rancho Cabrillo
28.0 Miles
B
B
2,000,000
2
2023
Redw ood Valley at Escalante
26.1 Miles
C
B
1,000,000
2
2023
Park Place
29.8 Miles
D
A
448,716
3
2006
LáSolana Condominiums At Sun City Grand
29.4 Miles
E
B
328,809
3
1998
Allora Surprise
28.2 Miles
F
B
322,419
3
2024
The Villas at Mountain Vista Ranch
30.0 Miles
G
B
258,052
2
2003
Deer Valley Gardens
28.0 Miles
H
B
252,974
2
2005
North Copper Canyon
24.8 Miles
I
B
250,000
3
2023
Avilla Mystic
27.1 Miles
J
B
248,666
1
2024
Source: CoStar

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
© 2024 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES  
21 
Retail Development
The following chart shows a summary of retail data by type in the immediate area from CoStar.
The three largest retail properties are at 16573 West Bell Road, 15215 North Cotton Lane and 17031-17067 
West Bell Road with an NRA of 110,000 SF, 104,759 SF and 101,782 SF that were built in 2009, 2009 and 2007, 
respectively. The closest large retail property in proximity to the subject is at 2031 West Wickenburg Way with 
an NRA of 61,568 SF that was built in 1977. The majority of properties were constructed after 2000. The following 
chart and map show the subject property and its location relative to the 10 largest retail properties in the 
immediate area from CoStar.
RETAIL SUMMARY
TYPE
PROPERTIES
NRA (SF)
AVG YR BLT
OCCUPANCY
AVG RENT
General Retail
207
1,314,015
1981
98.5
$16.76
TOTAL
207
1,314,015
1981
98.5
$16.76
Source: CoStar
LARGEST SHOPPING CENTERS
NAME
DISTANCE
MAP PIN
TYPE
NRA (SF)
% LEASED YEAR BUILT
AVG RENT
Surprise Village Marketplace
29.2 Miles
A
Community Center
110,000
100.0
2009
N/Av
Marketplace at Prasada
29.6 Miles
B
Neighborhood Center
104,759
100.0
2009
N/Av
Shops A & B
28.8 Miles
C
Strip Center
101,782
100.0
2007
N/Av
Grand Bell Pavillions
29.7 Miles
D
Community Center
85,374
100.0
2001
N/Av
Albertson's Center
29.7 Miles
E
Neighborhood Center
82,604
94.4
1998
$24.00
WinCo Foods
28.9 Miles
F
General Retail
73,196
100.0
-
N/Av
Macayo's Plaza
29.9 Miles
G
Neighborhood Center
64,071
100.0
2006
N/Av
West Plaza Center
2.4 Miles
H
General Retail
61,568
100.0
1977
N/Av
Grand Village Center
29.8 Miles
I
General Retail
60,000
100.0
2007
N/Av
Grand Village
30.1 Miles
J
Neighborhood Center
59,491
100.0
2003
N/Av
Source: CoStar

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
© 2024 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES  
22 
Office Development
The following chart shows a summary of office data by class in the immediate area from CoStar.
The three largest office properties are at 14416 West Meeker Boulevard, 14420 West Meeker Boulevard and 
14418 West Meeker Boulevard with an NRA of 63,339 SF, 62,744 SF and 57,763 SF that were built in 2004, 
1997 and 2003, respectively. The closest large office property in proximity to the subject is at 14520 West Granite 
Valley Drive with an NRA of 40,004 SF that was built in 2008. The majority of properties were constructed after 
2000. The following chart and map show the subject property and its location relative to the 10 largest office 
properties in the immediate area from CoStar.
OFFICE SUMMARY
CLASS
PROPERTIES
NRA (SF)
AVG YR BLT
OCCUPANCY
AVG RENT
B
65
943,399
2000
95.5
$24.11
C
30
78,760
1965
96.7
-
TOTAL
95
1,022,159
1989
95.8
$24.11
Source: CoStar
LARGEST OFFICE BUILDINGS
NAME
DISTANCE
MAP PIN
CLASS
NRA (SF)
% LEASED YEAR BUILT
AVG RENT
Del E Webb Medical Plaza
29.7 Miles
A
B
63,339
100.0
2004
N/Av
Webb Medical Plaza
29.7 Miles
B
B
62,744
86.4
1997
$30.50
Webb Medical Plaza
29.7 Miles
C
B
57,763
53.8
2003
$30.50
Surprise Professional Center
30.1 Miles
D
B
49,554
100.0
2007
N/Av
Office Building
30.1 Miles
E
B
45,410
0.0
1984
N/Av
Office Building
29.7 Miles
F
B
41,000
100.0
2007
N/Av
Office Building
29.4 Miles
G
B
40,004
100.0
2008
N/Av
Granite Valley Medical Bldg
29.5 Miles
H
B
39,671
79.5
1990
$27.00
Professional Office Building
29.6 Miles
I
B
32,505
100.0
1998
N/Av
Colonnade Pro. Plaza I
29.5 Miles
J
B
31,039
96.0
2001
$28.00
Source: CoStar

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
© 2024 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES  
23 
Industrial Development
The following chart shows a summary of industrial data by type in the immediate area from CoStar.
The three largest industrial properties are at 3475 North Sabin Brown Road, 3650 North Sabin Brown Road and 
3550 North Sabin Brown Road with an NRA of 53,830 SF, 37,798 SF and 21,638 SF that were built in 1969, 
1985 and 1977, respectively. The closest large industrial property in proximity to the subject is at 3400 North 
Sabin Brown Road with an NRA of 10,700 SF that was built in 1979. The majority of properties were constructed 
before 2000. The following chart and map show the subject property and its location relative to the 10 largest 
industrial properties in the immediate area from CoStar.
INDUSTRIAL SUMMARY
TYPE
PROPERTIES
NRA (SF)
AVG YR BLT
OCCUPANCY
AVG RENT
Industrial
25
248,790
1976
96.0
-
Flex
2
11,257
1932
100.0
-
TOTAL
27
260,047
1973
96.3
$0.00
Source: CoStar
LARGEST INDUSTRIAL PROPERTIES
NAME
DISTANCE
MAP PIN
TYPE
NRA (SF)
% LEASED YEAR BUILT
AVG RENT
Industrial Building
4.2 Miles
A
Industrial
53,830
100.0
1969
N/Av
Industrial Building
4.4 Miles
B
Industrial
37,798
100.0
1985
N/Av
Palos Verde Industrial Park
4.3 Miles
C
Industrial
21,638
100.0
1977
N/Av
Palos Verde Industrial Park
4.3 Miles
D
Industrial
19,198
100.0
1977
N/Av
Industrial Building
29.2 Miles
E
Industrial
16,415
100.0
1945
N/Av
Industrial Building
4.5 Miles
F
Industrial
13,803
100.0
2023
N/Av
Industrial Building
4.1 Miles
G
Industrial
10,700
100.0
1979
N/Av
Industrial Building
4.2 Miles
H
Industrial
10,250
100.0
1999
N/Av
Industrial Building
4.2 Miles
I
Industrial
9,198
100.0
-
N/Av
Industrial Building
4.9 Miles
J
Flex
8,522
100.0
1935
N/Av
Source: CoStar

LOCAL AREA ANALYSIS
CONTINUED
PHX240563
© 2024 COLLIERS INTERNATIONAL VALUATION & ADVISORY SERVICES
24
SUBJECT PROPERTY ANALYSIS
The following discussion draws context and analysis on how the subject property is influenced by the local and 
immediate areas. 
Subject Property Analysis
The uses adjacent to the property are noted below:
›
North - Office: John David Johnson - State Farm Insurance Agent, Retail: Soroptimist Thrift Shop
›
South - West Wickenburg Way, Multi-family Residential Neighborhood
›
East - West Wickenburg Way, Retail: Wickenburg Motors Service & Restoration, Wickenburg Automotive 
Repair
›
West - North Jefferson Street, Single-family residential neighborhood, Retail: Ascend Security and 
Audio, Incorporated
Access
The subject site has frontage on an arterial and connector street. Based on our field work, the subject’s access 
is rated average/good compared to other properties with which it competes.
Visibility
The subject is clearly visible in both directions along the street. The visibility of the property is not hampered by 
adjacent properties, trees or other obstructions. In comparison to competitive properties, the subject property 
has average/good visibility.
Subject Conclusion
Trends in the local and immediate areas, adjacent uses and the property’s specific location features indicate an 
overall typical external influence for the subject, which is concluded to have an average position in context of 
competing properties.
SUMMARY
Wickenburg has a strategic location near notable economic hubs, with convenient connections to well-traveled 
transportation networks. The region’s economic development has a direct influence on the town’s employment 
base. Wickenburg has a stable economy supported by ongoing residential development, healthcare, and retail.

SITE DESCRIPTION
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General Description
The subject site consists of 1 parcel. As noted below, the subject site has 16,100 
SF (0.37 AC) of land area. The area is estimated based on the assessor's parcel 
map, and may change if a professional survey determines more precise 
measurements.  
Accessibility
Average/Good - The accessibility of the subject is rated as average/good. The 
subject is accessed from two streets, with the main entrance and primary point of 
ingress/egress being North Jefferson Street. U.S. Route 60 is a major 
transportation arterial within proximity to the subject, providing linkage to the 
surrounding area.
Exposure
Average/Good - The subject has average/good exposure, as it is located along a 
major arterial. The project's exposure rating takes into account its average visibility 
and its average traffic count. It also considers the subject's exposure from multiple 
streets.
Seismic
The subject is in a low risk zone.
Assessor Parcel
Number Of Parcels
1
Land Area
Acres
Square Feet
Primary Parcel
0.37
16,100
Unusable Land
0.00
0
Excess Land
0.00
0
Surplus Land
0.00   
             0
Total Land Area
0.37
16,100
Shape
Rectangular - See Plat Map For Exact Shape
Topography
Level at street grade
Drainage
Assumed Adequate
Utilities
All available to the site
505-50-141
Street Improvements
Street
Direction
No. Lanes Street Type
West Wickenburg Way
Primary Street
two-way
four-lane
major arterial
North Jefferson Street
Secondary Street
two-way
two-lane
minor arterial
Frontage
The subject has approximately 140 feet of frontage on West Wickenburg Way.

SITE DESCRIPTION
CONTINUED
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Flood Zone
Zone X (Shaded). This is referenced by Community Number 040056, Panel 
Number 04013C0328M, dated September 18, 2020. Zone X (shaded) is a 
moderate and minimal risk area. Areas of moderate or minimal hazard are studied 
based upon the principal source of flood in the area. However, buildings in these 
zones could be flooded by severe, concentrated rainfall coupled with inadequate 
local drainage systems. Local stormwater drainage systems are not normally 
considered in a community’s flood insurance study. The failure of a local drainage 
system can create areas of high flood risk within these zones. Flood insurance is 
available in participating communities, but is not required by regulation in these 
zones. Nearly 25-percent of all flood claims filed are for structures located within 
these zones. Moderate risk areas within the 0.2-percent-annual-chance floodplain, 
areas of 1-percent-annual-chance flooding where average depths are less than 1 
foot, areas of 1-percent-annual-chance flooding where the contributing drainage 
area is less than 1 square mile, and areas protected from the 1-percent-annual-
chance flood by a levee. No BFEs or base flood depths are shown within these 
zones. (Zone X (shaded) is used on new and revised maps in place of Zone B.) 
Easements
A preliminary title report was not available for review. During the on-site inspection, 
no adverse easements or encumbrances were noted. This appraisal assumes that 
there is no negative value impact on the subject improvements. 
Soils
A detailed soils analysis was not available for review. Based on the development 
of the subject, it appears the soils are stable and suitable for the existing 
improvements.
Hazardous Waste
We have not conducted an independent investigation to determine the presence 
or absence of toxins on the subject property.

EXHIBITS
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PLAT MAP

EXHIBITS
CONTINUED
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GIS ARIEL MAP

EXHIBITS
CONTINUED
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ZONING MAP

EXHIBITS
CONTINUED
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30 
FLOOD MAP

IMPROVEMENT DESCRIPTION
PHX240563
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INTRODUCTION
The information presented below is a basic description of the existing improvements. This information is used in 
the valuation of the property. Reliance has been placed upon information provided by sources deemed 
dependable for this analysis. It is assumed that there are no hidden defects, and that all structural components 
are functional and operational, unless otherwise noted. 
Functional Design
The building is positioned on the site to leverage as much parking area as possible. 
The space offers fair/average utility to the occupant. 
Basic Construction
Wood frame and block construction (storage building)
Foundation
Poured concrete slab
Exterior Walls
Stucco and block
Roof
Sealed membrane
Insulation
Assumed to be standard and to code for both walls and ceilings
Property Type
Retail / Commercial - Retail - Office
Design
Single-Tenant Owner-Occupied - 1 Tenant Space
Number of Buildings
2 (See Multiple Building Chart For Breakdown)
Number of Stories
1 
Net Rentable Area (NRA)
5,018 SF
Gross Building Area (GBA)
5,018 SF
Floor Plate
5,018 SF
Percent Air Conditioned
81% 
Building Class
C
Site Coverage Ratio
31.2%
Land to Building Ratio
3.2 : 1
Parking
13 (Surface) 2.6/1,000 SF NRA
Year Built
1973 
Age/Life Analysis
Actual Age
51 Years
Effective Age
25 Years
Economic Life
50 Years
Remaining Life
25 Years
Quality
Fair/Average
Condition
Fair/Average
YEAR
EFF. ECON. REM.
BUILDING
GBA
BUILT
AGE
LIFE
LIFE
STORIES
QUALITY
CONDITION
Office
4,050
1973
25
50
25
1
Fair/Average Fair/Average
Storage Building
968
1994
25
50
25
1
Fair/Average Fair/Average
TOTAL
5,018
MULTIPLE BUILDING DESCRIPTION GRID

IMPROVEMENT DESCRIPTION
CONTINUED
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Heating
Forced Air in office, none in storage building
Air Conditioning
Central HVAC in office, none in storage building
Lighting
Fluorescent and Incandescent
Interior Walls
Drywall in office, none in storage building
Electrical
The buildings have a master meter.
Ceilings
Drywall in office, exposed in storage building
Windows
Standard windows; glass in aluminum frames
Doors
Single door system, glass in metal frame
Flooring
Ceramic tile and carpet
Plumbing
Standard plumbing
Fire Protection
The subject does not have a fire sprinkler system or smoke alarms.
Security
None noted
Landscaping
Asphalt paving, concrete sidewalks, concrete curbing, pole mounted lights and low 
maintenance sprinklered landscaping
Build-out/TIs
The subject improvements has typical finishes that will appeal to a wide range of 
tenants. 
Signage
There is room for signage along the northern elevation of the building
Parking
The subject has an overall parking ratio of approximately 2.6 surface parking 
spaces per 1,000 square feet of NRA
Deferred Maintenance
The subject property is vintage construction and has no observable deferred 
maintenance existing.  
Hazardous Materials
This appraisal assumes that the improvements are constructed free of all 
hazardous waste and toxic materials, including (but not limited to) asbestos. 
Please refer to the Assumptions and Limiting Conditions section regarding this 
issue.
ADA Compliance
This analysis assumes that the subject complies with all ADA requirements. Please 
refer to the Assumptions and Limiting Conditions section regarding this issue.

ASSESSMENT & TAXATION
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ASSESSMENT & TAXATION
The subject property is located within the Maricopa County municipality. The assessed value and property tax 
for the current year are summarized in the following table. 
In the State of Arizona, reassessments of property values occur every year. Arizona has three tax levels, Limited 
Cash Value, Secondary Full Cash Value, and Special Districts. The Limited Value (LCV) is a legislatively 
established value based on a mathematical formula that limits the amount of increase to 10% in any given year. 
Assessments based on the LCV provide funds for the operation and maintenance of the jurisdictions indicated 
by the area code in the property tax statement. The Secondary Full Cash Value (FCV) is the Assessor's estimate 
of the true market value, and has no limitations on annual increases. FCV is used to calculate taxes for voter 
approved bonds, budget overrides and certain special districts. Special Districts are limited purpose districts 
such as flood control, fire, irrigation, etc. Real estate in Arizona is not re-assessed upon sale or transfer of 
ownership. 
The total assessment for the subject property is $61,142 or $12.18/SF. The subject property benefits from a 
municipal use exemption in the amount of $61,142, reducing the taxable assessment to $0 or $0.00/SF. Total 
taxes for the property are $0 or $0.00/SF.  
According to the Maricopa County treasurer’s office, real estate taxes for the subject property are current as of 
the date of this report.  
  
ASSESSMENT & TAXES
Tax Year
2024
Tax Rate
0.0000%
Area Code
091800
Taxes Current
Yes
Taxes SF Basis
APN
FULL CASH 
PROPERTY VALUE
LIMITED 
PROPERTY 
VALUE (LV)
ASSESSMENT RATIO
ASSESSED LV
EXEMPTIONS
BASE TAX
505-50-141
$464,937
$407,610
15%
$61,142
$61,142
$0
Totals
$464,937
$407,610
$61,142
$61,142
$0
Total/SF
$92.65
$81.23
$12.18
$12.18
$0.00
Source: Maricopa County Assessment & Taxation
Gross Building Area

ZONING ANALYSIS
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INTRODUCTION
Zoning requirements typically establish permitted and prohibited uses, building height, lot coverage, setbacks, 
parking and other factors that control the size and location of improvements on a site. The zoning characteristics 
for the subject property are summarized below:
ZONING CONCLUSIONS
Detailed zoning studies are typically performed land use planners or architects. The depth of our analysis 
correlates directly with the scope of this assignment, and it considers all pertinent issues that have been 
discovered through our due diligence. Please note that this appraisal is not intended to be a detailed 
determination of compliance, as that determination is beyond the scope of this real estate appraisal assignment. 
ZONING SUMMARY
Municipality Governing Zoning
Town of Wickenburg Planning & Zoning Department
Current Zoning
Central Business (C-2)
Specific Area Plan
Downtown Redevelopment Plan
Permitted Uses
Prohibited Uses
Any other use not listed as permitted nor compatible with the district 
purpose and intent.
Current Use
Retail - Office
Is Current Use Legally Permitted?
Yes
Zoning Change
Not Likely
Offices, restaurants other than drive-in or drive-through restaurants,
restaurants & cafes, shoe repair shops, tailor shops, tattoo parlors,
outdoor sales, museums, jewelry stores, and ice cream stores.
ZONING REQUIREMENTS
Conforming Use
Source: Tow n of Wickenburg Planning & Zoning Department
The existing improvements represent a conforming use within this
zone

MARKET ANALYSIS
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INTRODUCTION   
The market analysis section provides a comprehensive study of supply/demand conditions, examines 
transaction trends, and interprets ground level information conveyed by market participants. Based on these 
findings and an analysis of the subject property, conclusions are drawn with regard to the subject’s competitive 
position within the marketplace. 
The subject is most likely to be used as a home office; therefore, we have developed an Office Market analysis. 
Below is a list of the various sections covered in the following Office market analysis:
› 
Phoenix Office Market
› 
Wickenburg Office Submarket
› 
Competitive Dataset Analysis
› 
Transaction Trends
› 
Subject Property Analysis
PHOENIX OFFICE MARKET
The following is an analysis of supply/demand trends in the Phoenix Office market using information provided 
by CoStar, widely recognized as a credible source for tracking market statistics. The table below presents 
historical data for key market indicators.
Over the past ten years the Phoenix Office market was somewhat soft where there was slight imbalance in 
prevailing Office supply/demand conditions. Over this time period the market inventory significantly increased by 
12.9%. Further there was significant positive absorption (10.1% change), moderate decrease in the vacancy rate 
(-0.9% change) and considerable increase of the asking average rent (42.3% change).
PHOENIX HISTORICAL STATISTICS  (LAST TEN YEARS)
PERIOD
SUPPLY
NEW CONSTRUCTION NET ABSORPTION
VACANCY
ASKING RENT
2014
178,926,152 SF
1,142,313 SF
2,491,651 SF
16.1%
$20.41/SF
2015
182,038,113 SF
3,335,438 SF
4,077,139 SF
15.7%
$21.41/SF
2016
184,880,707 SF
3,076,505 SF
4,212,131 SF
14.6%
$22.57/SF
2017
186,466,897 SF
2,052,222 SF
2,902,453 SF
13.7%
$23.63/SF
2018
187,509,512 SF
1,310,192 SF
3,243,076 SF
12.4%
$24.68/SF
2019
190,593,523 SF
3,565,454 SF
4,227,672 SF
11.4%
$25.45/SF
2020
193,557,526 SF
3,037,712 SF
308,756 SF
11.9%
$27.38/SF
2021
195,777,339 SF
3,033,189 SF
(257,756) SF
13.5%
$27.65/SF
2022
196,957,081 SF
1,585,259 SF
(919,379) SF
14.0%
$28.42/SF
2023
197,242,068 SF
898,449 SF
(2,198,367) SF
15.2%
$29.04/SF
CAGR
1.0%
-
-
-
3.6%
*Supply numbers based on information w hich is amended/updated on an on-going basis by Costar.
 Source: Costar®

MARKET ANALYSIS
CONTINUED
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Analysis of the data indicates the Phoenix Office market has gone through three distinctive trends over the past 
ten years.
The six year period from 2014 to 2019 was highlighted with significantly increased supply, significant positive 
absorption, decrease of vacancy rates and considerable increase of asking rent in the market. The most recent 
four year period from 2020 to 2023 featured significantly increased supply, slight negative absorption, increase 
of vacancy rates and considerable increase of asking rent levels. Market.SubTrend.3
Over the past ten years the market had a compound annual growth rate (CAGR) of 1.0% per year. Vacancy has 
ranged from 11.4% to 16.1% with an average of 13.8%. Vacancy decreased from 16.1% in 2014 to 11.4% in 
2019, increased from 11.9% in 2020 to 15.2% in 2023
Over the past ten years asking rent has experienced a CAGR of 3.6%. Asking rent hit a low of $20.41/SF in 2014 
and a high in 2023 at $29.04/SF.
In the past ten years a total of 23,036,733 SF were added to the supply with 18,087,376 SF of net absorption 
achieved during the same period.
TEN YEAR HISTORICAL TREND ANALYSIS
PERIOD
ADDED SUPPLY
NET ABSORPTION
ASKING RENT
2014-2023
23,036,733 SF
18,087,376 SF
10 Yrs
12.9%
10.1%
42.3%
2014-2019
14,482,124 SF
21,154,122 SF
6 Yrs
8.1%
11.8%
24.7%
2020-2023
8,554,609 SF
(3,066,746) SF
4 Yrs
4.4%
-1.6%
6.1%
-0.9%
-4.7%
3.3%
VACANCY
165,000,000
170,000,000
175,000,000
180,000,000
185,000,000
190,000,000
195,000,000
200,000,000
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
PHOENIX VACANCY & SUPPLY (SF)
SUPPLY
VACANCY
©CoStar
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
ASKING RENT
ASKING RENT
©CoStar

MARKET ANALYSIS
CONTINUED
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The following table summarizes the trailing four quarter performance of the Phoenix market.
As of Q3 2024 the Phoenix market has a total Office inventory of 197,261,414 SF with 33,227,930 SF vacant 
indicating a current vacancy rate of 16.8%. There was 268,356 SF completed last quarter, whereas there was 
562,480 SF added in the last year. 
Over the past four quarters the Phoenix office market has experienced a moderate increase of supply. These 
key factors have resulted in negative net absorption, increase of vacancy rates and increase of asking rent in 
the marketplace.
Key supply/demand statistics for the most recent quarter, last year and historical averages are summarized 
below.
(4,000,000)
(2,000,000)
0
2,000,000
4,000,000
6,000,000
0%
5%
10%
15%
20%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
CONSTRUCTION/ABSORPTION & VACANCY
NEW CONSTRUCTION
NET ABSORPTION
©CoStar
PHOENIX TRAILING FOUR QUARTER PERFORMANCE
PERIOD
SUPPLY
NEW CONSTRUCTION NET ABSORPTION
VACANCY
ASKING RENT
2023 Q4
197,242,068 SF
164,000 SF
(194,401) SF
15.6%
$29.36/SF
2024 Q1
197,270,768 SF
39,000 SF
(871,328) SF
16.1%
$29.71/SF
2024 Q2
197,209,238 SF
91,124 SF
(481,008) SF
16.3%
$29.79/SF
2024 Q3
197,261,414 SF
268,356 SF
(980,081) SF
16.8%
$29.90/SF
Source: Costar®
$29.00
$29.10
$29.20
$29.30
$29.40
$29.50
$29.60
$29.70
$29.80
$29.90
$30.00
15.0%
15.5%
16.0%
16.5%
17.0%
2023 Q4
2024 Q1
2024 Q2
2024 Q3
PHOENIX VACANCY & ASKING RENTAL 
RATE (LAST FOUR QUARTERS)
ASKING RENT
VACANCY
©CoStar
PHOENIX MARKET TREND ANALYSIS
Q3 2024
2023
Last 10
Total SF
197,261,414
197,242,068
189,394,892
Vacant SF
33,227,930
29,980,794
26,195,207
Market Vacancy
16.8%
15.2%
13.8%
Construction Grow th Rate
0.1%
0.5%
1.0%
Absorption Rate
(0.5%)
(1.1%)
0.9%
Average Asking Rent/SF
$29.90
$29.04
$25.06
Source: Costar®

MARKET ANALYSIS
CONTINUED
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Vacancy
The Q3 2024 vacancy rate (16.8%) is higher than last year (15.2%) and higher than the average vacancy over 
the past ten years (13.8%). The historic vacancy trend indicates somewhat weak long-term demand for office 
space in the Phoenix market. The most recent vacancy trends demonstrate slightly inferior market conditions in 
comparison to the historic trend and suggest continued stability moving forward.
Supply
The inventory grew by 0.1% during Q3 2024, whereas the growth rate was 0.5% last year. Over the past ten 
years the Phoenix office market grew at a CAGR of 1.0%. The historic trend demonstrates a nominal growth rate 
that was generally supported. The most recent trends show slightly increased growth in comparison to the historic 
trend in reaction to the current economic conditions. As summarized in the table below, there are 18 Office 
projects under construction in the Phoenix Office market totaling 872,070 SF that represent 0.4% of supply that 
will be added in the near term. The construction activity in the market appears to be at a level that will reasonably 
be supported by the market. Based on this evidence it appears that supply side issues do not represent a threat 
to the stability of supply/demand conditions in the market. 
Absorption
During Q3 2024 net absorption was -0.5% and net absorption was -1.1% over the last year. The Phoenix office 
market has established an overall trend of somewhat weak absorption (0.9%) over the past ten years. The 
historic absorption trend indicates somewhat weak long-term demand for office space in the Phoenix market. 
The most recent absorption trends demonstrate slightly inferior market conditions in comparison to the historic 
trend and suggest continued stability moving forward.
Phoenix Market Conclusion
Based on the preceding analysis, the Phoenix Office market demonstrates sound fundamentals. Analysis of 
supply and demand factors indicate the market is currently stable with no evidence to prove this will change any 
time soon. There are no observed weaknesses of the market that stand out.
WICKENBURG OFFICE SUBMARKET OVERVIEW
The following is an analysis of supply/demand trends in the Wickenburg Office submarket using information 
provided by CoStar. The table below presents historical data for key market indicators.
PHOENIX OFFICE CONSTRUCTION ACTIVITY SUMMARY
STATUS
NO. OF PROJECTS
SIZE (SF)
% OF SUPPLY
Under Construction
18
872,070
0.4%
Source: Costar®
WICKENBURG HISTORICAL STATISTICS  (LAST TEN YEARS)
PERIOD
SUPPLY
NEW CONSTRUCTION NET ABSORPTION
VACANCY
ASKING RENT
2014
121,877 SF
0 SF
(5,529) SF
13.5%
$12.22/SF
2015
121,877 SF
0 SF
9,055 SF
9.8%
$12.00/SF
2016
121,877 SF
0 SF
5,638 SF
2.6%
$16.46/SF
2017
121,877 SF
0 SF
(17,798) SF
17.9%
$12.15/SF
2018
121,877 SF
0 SF
15,158 SF
10.7%
$12.04/SF
2019
121,877 SF
0 SF
1,668 SF
1.8%
$13.74/SF
2020
121,877 SF
0 SF
3,251 SF
1.6%
$17.15/SF
2021
121,877 SF
0 SF
0 SF
1.0%
$17.25/SF
2022
121,877 SF
0 SF
0 SF
1.0%
$17.50/SF
2023
121,877 SF
0 SF
0 SF
1.0%
$17.87/SF
CAGR
0.0%
-
-
-
3.9%
*Supply numbers based on information w hich is amended/updated on an on-going basis by Costar.
 Source: Costar®

MARKET ANALYSIS
CONTINUED
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Over the past ten years the Wickenburg Office submarket was somewhat soft where there was slight imbalance 
in prevailing Office supply/demand conditions. Over this time period the submarket inventory stable. Further 
there was positive absorption (9.4% change), substantial decrease in the vacancy rate (-12.5% change) and 
considerable increase of the asking average rent (46.2% change).
Analysis of the data indicates the Wickenburg Office submarket has gone through three distinctive trends over 
the past ten years.
The three year period from 2014 to 2016 was highlighted with stable supply, significant positive absorption, 
substantial decrease of vacancy rates and considerable increase of asking rent in the submarket. The next one 
year period from 2017 to 2017 featured stable supply, significant negative absorption, stability of vacancy rates 
and stable of asking rent levels. The most recent six year period from 2018 to 2023 featured stable supply, 
significant positive absorption, substantial decrease of vacancy rates and considerable increase of asking rent 
levels.
Over the past ten years the submarket had a compound annual growth rate (CAGR) of 0.0% per year. Vacancy 
has ranged from 1.0% to 17.9% with an average of 6.1%. Vacancy decreased from 13.5% in 2014 to 2.6% in 
2016, decreased from 17.9% in 2017 to 17.9% in 2017 and decreased from 10.7% in 2018 to 1.0% in 2023.
Over the past ten years asking rent has experienced a CAGR of 3.9%. Asking rent hit a low of $12.00/SF in 2015 
and a high in 2023 at $17.87/SF.
TEN YEAR HISTORICAL TREND ANALYSIS
PERIOD
ADDED SUPPLY
NET ABSORPTION
ASKING RENT
2014-2023
0 SF
11,443 SF
10 Yrs
0.0%
9.4%
46.2%
2014-2016
0 SF
9,164 SF
3 Yrs
0.0%
7.5%
34.7%
2017-2017
0 SF
(17,798) SF
1 Yrs
0.0%
-14.6%
0.0%
2018-2023
0 SF
20,077 SF
6 Yrs
0.0%
16.5%
48.4%
VACANCY
-9.7%
-12.5%
-10.9%
0.0%
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
0%
5%
10%
15%
20%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
WICKENBURG VACANCY & SUPPLY (SF)
SUPPLY
VACANCY
©CoStar

MARKET ANALYSIS
CONTINUED
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In the past ten years a total of 0 SF were added to the supply with 11,443 SF of net absorption achieved during 
the same period.
The following table summarizes the trailing four quarter performance of the Wickenburg submarket.
As of Q3 2024 the Wickenburg submarket has a total Office inventory of 121,877 SF with 3,194 SF vacant 
indicating a current vacancy rate of 2.6%. There was no additional inventory delivered last quarter, nor were 
there any new deliveries in the last year. 
Over the past four quarters the Wickenburg office submarket has experienced no growth of supply. There was 
also positive net absorption, increase in vacancy rates and increase of asking rent in the marketplace.
$0.00
$5.00
$10.00
$15.00
$20.00
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
ASKING RENT
ASKING RENT
©CoStar
(20,000)
(10,000)
0
10,000
20,000
0%
5%
10%
15%
20%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
CONSTRUCTION/ABSORPTION & VACANCY
NEW CONSTRUCTION
NET ABSORPTION
©CoStar
WICKENBURG TRAILING FOUR QUARTER PERFORMANCE
PERIOD
SUPPLY
NEW CONSTRUCTION NET ABSORPTION
VACANCY
ASKING RENT
2023 Q4
121,877 SF
0 SF
3,872 SF
0.0%
$23.82/SF
2024 Q1
121,877 SF
0 SF
(1,402) SF
1.2%
$27.09/SF
2024 Q2
121,877 SF
0 SF
(1,792) SF
2.6%
$27.09/SF
2024 Q3
121,877 SF
0 SF
0 SF
2.6%
$30.23/SF
Source: Costar®
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
2023 Q4
2024 Q1
2024 Q2
2024 Q3
WICKENBURG VACANCY & ASKING 
RENTAL RATE (LAST FOUR QUARTERS)
ASKING RENT
VACANCY
©CoStar

MARKET ANALYSIS
CONTINUED
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Key supply/demand statistics for the most recent quarter, last year and historical averages are summarized 
below.
Vacancy
The Q3 2024 vacancy rate (2.6%) is higher than last year (1.0%) and substantially lower than the average 
vacancy over the past ten years (6.1%). The historic vacancy trend indicates strong long-term demand for office 
space in the Wickenburg submarket. The most recent vacancy trends demonstrate similar market conditions in 
comparison to the historic trend and suggest continued stability moving forward.
Supply
There was no new inventory added during Q3 2024, nor were there any new deliveries in the last year. As 
summarized in the table below, there are currently no new Office projects under development in the Wickenburg 
submarket.The construction activity in the submarket appears to be at a level that will reasonably be supported 
by the market. Based on this evidence it appears that supply side issues do not represent a threat to the stability 
of supply/demand conditions in the market. 
Absorption
During Q3 2024 net absorption was 0.0% and net absorption was 0.0% over the last year. The Wickenburg office 
market has established an overall trend of stable absorption (0.9%) over the past ten years. The historic 
absorption trend indicates stable long-term demand for office space in the Wickenburg submarket. The most 
recent absorption trends demonstrate slightly superior market conditions in comparison to the historic trend and 
suggest continued stability moving forward.
Wickenburg Submarket Conclusion
Based on the preceding analysis, the Wickenburg Office submarket demonstrates sound fundamentals. Analysis 
of supply and demand factors indicate the market is currently stable with no evidence to prove this will change 
any time soon. There are no observed weaknesses of the submarket that stand out.
TRANSACTION TRENDS
Sales Volume
The volume of sale transactions for similar assets has been steady over the past six months within the local 
area. This assertion is supported by the comparable sales that were selected for the Sales Comparison 
Approach. These sales are all recent transactions, which provides support for the reported market sales activity. 
Sales volume is directly impacted by the activity levels of sellers and buyers of this property type.
Seller Activity
Based on research completed on various listing sources including CoStar and LoopNet, properties similar to the 
subject in terms of pricing and overall investment appeal have general availability, with numerous listings offered 
WICKENBURG MARKET TREND ANALYSIS
Q3 2024
2023
Last 10
Total SF
121,877
121,877
121,877
Vacant SF
3,194
1,219
7,413
Market Vacancy
2.6%
1.0%
6.1%
Construction Grow th Rate
0.0%
0.0%
0.0%
Absorption Rate
0.0%
0.0%
0.9%
Average Asking Rent/SF
$30.23
$17.87
$14.84
Source: Costar®
WICKENBURG OFFICE CONSTRUCTION ACTIVITY SUMMARY
STATUS
NO. OF PROJECTS
SIZE (SF)
% OF SUPPLY
Under Construction
0
0
-
Source: Costar®

MARKET ANALYSIS
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within the marketplace. This trend represents the general sentiment of market participants interviewed for this 
and other assignments.
Most Probable Buyer Profile/Activity
In the open market, the subject property type would command most interest from local buyers that are actively 
pursuing similar owner-user properties. There is currently steady buyer demand for substitute properties of the 
subject based on the volume of sale transactions and reports by buyers, sellers and other market participants 
during confirmation of market transactions. The most probable buyer is an owner user.
Transaction Trends Conclusion
Based on the preceding analysis, there is an established sales market for the subject property. As previously 
discussed, the velocity of sale transactions has been steady over the past six months. Currently there is steady 
buyer demand, while there is general availability for this property type on the supply side. Based on these factors, 
conditions are in equilibrium in regard to negotiating sale terms. One of the greatest observed strengths of this 
asset type is the particularly sound fundamentals compared to other commercial real estate sectors. 
SUBJECT PROPERTY ANALYSIS
This market analysis has examined historical and current supply/demand trends for the subject property type on 
market and submarket levels. Further, the subject’s competitive dataset was profiled and analyzed to gain 
perspective of supply/demand conditions for properties in direct competition with the subject. Market participant 
interviews were conducted to provide ground level support of what is really occurring in the marketplace. Next, 
transaction trends were researched and analyzed. The final step will be to draw conclusions from the market 
data and analyses based on their perceived influence on the subject property. 
The subject is an Office asset with a total net rentable area of 5,018 SF. The market generally classifies the 
subject as an owner-user property. The subject consists of a vacant building. The subject is demised into 1 tenant 
spaces all of which are currently vacant. The subject's current occupancy exceeds the stabilized occupancy 
estimate of 95%. The most notable physical strength of the subject is its appealing market location.
Tenant Appeal Conclusion
Based on our analysis of the subject property and investigation of comparable properties in the marketplace, the 
subject is considered to have average overall tenant appeal with a typical competitive position for attracting and 
retaining tenants.
Buyer Appeal Conclusion
Based on our analysis of the subject property and investigation of substitute properties in the marketplace, the 
subject is considered to have average overall buyer appeal with an average competitive position if the asset was 
exposed to the open market.
General Vacancy Conclusion
As summarized in the table below this market analysis relied on various published data sources and field 
research for assessing how supply/demand conditions influence the long-term vacancy estimate of the subject 
property.
GENERAL VACANCY CONCLUSION
CoStar
2024 Q3
LAST YR
10 YR AVG
Phoenix Market
16.8%
15.2%
13.8%
Wickenburg Submarket
2.6%
1.0%
6.1%
Subject
100.0%
100.0%
0.0%
GENERAL VACANCY RATE CONCLUSIONS
6.0%

MARKET ANALYSIS
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Based on the subject's size, location and appeal, the submarket analysis findings warrant primary consideration. 
The submarket level analysis indicated a CoStar vacancy rate of 2.6% and an average vacancy rate of 6.1% 
over the past ten years. As of the effective date of this appraisal, the subject property has a current vacancy rate 
of 100.0%. Based on our analysis of supply/demand trends and considering the subject's actual performance, a 
general vacancy rate of 6.0% is concluded.
EXPOSURE TIME & MARKETING PERIOD
Exposure time is defined as "The estimated length of time 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; a retrospective opinion based on an analysis of past events assuming a competitive and open 
market" (The Dictionary of Real Estate Appraisal, Appraisal Institute, 2015). Reasonable exposure time is 
impacted by the aggressiveness and effectiveness of a property’s exposure to market participants, availability 
and cost of financing, and demand for similar investments. Exposure time is best established based the recent 
history of marketing periods for comparable sales, discussions with market participants and information from 
published surveys. 
The following information was taken into consideration to develop estimates of exposure time and marketing 
period for the subject property:
The availability of acquisition financing factors into exposure time. In recent quarters, financing has been 
available for well-positioned commercial real estate, particularly for stabilized assets within core MSAs and 
owner/user deals. For second tier or marginal properties, financing has been available but subject to more 
stringent requirements. Based on review of the local capital market, we conclude that adequate financing options 
would have been available to consummate a sale of the property on the date of value.
Exposure Time Conclusion
The preceding information generally supports an exposure time range from 1 to 12 months for Retail / 
Commercial (Retail - Office) properties. The subject property is of fair/average quality and is in fair/average
condition. Based on its overall physical and locational characteristics, the subject has an average overall appeal 
to owner/users. Considering these factors, a reasonable estimate of exposure time for the subject property is twelve 
months or less. 
Marketing Period Conclusion
Marketing period is very similar to exposure time, but reflects a projected time period to sell the property, rather 
than a retrospective estimate. We have reviewed open listings and discussed the market with local participants, 
and given the nature of the subject property, we feel that a time period of twelve months or less is supported for 
the subject's marketing period.
EXPOSURE TIME & MARKETING PERIOD
SOURCE
QUARTER
RANGE
AVG
PriceWaterhouse Coopers
National Secondary Office
3Q 24
3.0
to
12.0
6.8
Market Participant
3Q 24
1.0
to
7.0
5.0
AVERAGE
2.0 to
9.5
5.9

HIGHEST & BEST USE ANALYSIS
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INTRODUCTION
The highest and best use of an improved property is defined as that reasonable and most probable use that will 
support its highest present value. The highest and best use, or most probable use, must be legally permissible, 
physically possible, financially feasible, and maximally productive. This section develops the highest and best 
use of the subject property As-Vacant and As-Improved.
As-Vacant Analysis
Permitted uses of the subject’s Central Business (C-2) zoning were listed in the Zoning Analysis section. 
Regarding physical characteristics, the subject site is rectangular in shape and has level topography with 
average/good access and average/good exposure. The subject site has frontage on a major arterial. The 
immediate area is developed with office, retail, and mixed-use development along major arterials that is 
interspersed with multi-family complexes and single-family residential development removed from arterials. 
Based on our observations of land development trends for sites with similar zoning and physical characteristics 
as the subject and analysis of current supply/demand trends, the highest and best use of the subject site as-
vacant is development of a commercial property as market conditions warrant.
As-Improved Analysis
The subject’s Retail / Commercial (Retail - Office) use (as-improved) is permitted outright by the C-2 zoning. The 
legal factors influencing the highest and best use of the subject property support the existing use. The subject’s 
improvements were constructed in 1973 and have a remaining economic life of 25 years based on our estimate. 
The project is of fair/average quality construction and in fair/average condition, with adequate service amenities. 
Legal, physical, locational and marketability factors support the existing use as the highest and best use of the 
subject site.
In addition to legal, physical and locational considerations, analysis of the subject property as-improved requires 
the treatment of alternative uses for the property. The five possible alternative treatments of the property are 
demolition, expansion, renovation, conversion, and the subject’s use “as-improved". Among the five alternative 
uses, continued use as a retail - office property is the Highest and Best Use of the subject property as-improved
continued use as a retail - office property. The most likely buyer would be for an owner-occupied use.

VALUATION METHODS
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INTRODUCTION
The following presentation of the appraisal process deals directly with the valuation of the subject property. The 
following paragraphs describe the standard approaches to value that were considered for this analysis.
INCOME APPROACH
The Income Approach is based on the premise that properties are purchased for their income producing 
potential. It considers both the annual return on the invested principal and the return of the invested principal. 
This valuation technique entails careful consideration of contract rents currently in place, projected market rents, 
other income sources, vacancy allowances, and projected expenses associated with the efficient operation and 
management of the property. The relationship of these income estimates to property value, either as a single 
stream or a series of projected streams, is the essence of the income approach. The two fundamental methods 
of this valuation technique include Discounted Cash Flow and Direct Capitalization.
›
Discounted Cash Flow (DCF)
The DCF analysis models a property’s performance over a buyer’s investment horizon from the date of 
acquisition through the projected sale of the property at the end of the holding period. Net cash flows from 
property operations and the reversion are discounted at a rate reflective of the property’s economic and 
physical risk profile.
›
Direct Capitalization
This method analyzes the relationship of one year’s stabilized net operating income to total property value. 
The stabilized net operating income is capitalized at a rate that implicitly considers expected growth in cash 
flow and growth in property value over a buyer’s investment horizon. The implied value may be adjusted to 
account for non-stabilized conditions or required capital expenditures to reflect an as is value.
Characteristics specific to the subject property warrant that this valuation technique is developed. Development 
of the Income Approach is a specific scope requirement of this assignment. The subject is an investment 
property; therefore, the Income Approach represents the decision making process of knowledgeable buyers and 
sellers of this property type. The Direct Capitalization method is used in this analysis. Discounted Cash Flow 
analysis does not contribute substantially to estimating value beyond the direct capitalization method and is not 
used in this analysis.
SALES COMPARISON APPROACH
The Sales Comparison Approach is based on the principle of substitution, which asserts that no one would pay 
more for a property than the value of similar properties in the market. This approach analyzes comparable sales 
by applying transactional and property adjustments in order to bracket the subject property on an appropriate 
unit value comparison. The sales comparison approach is applicable when sufficient data on recent market 
transactions is available. Alternatively, this approach may offer limited reliability because many properties have 
unique characteristics that cannot be accounted for in the adjustment process.
Characteristics specific to the subject property warrant that this valuation technique to be developed. 
Development of the Sales Comparison Approach is a specific scope requirement of this assignment. Sufficient 
sales data is available to provide a credible value estimate by the Sales Comparison Approach. Based on this 
reasoning, the Sales Comparison Approach is presented within this appraisal. 
LAND VALUATION
Development land in the subject marketplace is most often valued utilizing the Sales Comparison Approach. 
Characteristics specific to the subject property do not warrant that a site value is developed. Development of the 
subject site value is not a specific scope requirement of this assignment.

VALUATION METHODS
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COST APPROACH
The Cost Approach is a set of procedures through which a value indication is derived for the fee simple estate 
by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including 
an entrepreneurial incentive or profit; deducting depreciation from the total cost; and adding the estimated land 
value. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to 
reflect the value of the property interest being appraised. For investment properties, this valuation technique is 
most often relied upon as a test of financial feasibility for proposed construction.
Characteristics specific to the subject property do not warrant that this valuation technique is developed. 
Development of the Cost Approach is not a specific scope requirement of this assignment. The Cost Approach 
has limited applicability due to the age of the improvements and lack of market based data to support an estimate 
of accrued depreciation. Based on the preceding information, the Cost Approach will not be presented. 
RECONCILIATION OF VALUE CONCLUSIONS
The Income (Direct Capitalization) and Sales Comparison approach is used to value the subject property, which
will be reconciled into the final opinion of market value in the Analysis of Value Conclusions section.

INCOME APPROACH
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INTRODUCTION
The Income Approach is based on the premise that properties are purchased for their income producing 
potential. It considers both the annual return on the invested principal and the return of the invested principal. 
This valuation technique entails careful consideration of contract rents currently in place, projected market rents, 
other income sources, vacancy allowances, and projected expenses associated with the efficient operation and 
management of the property. The relationship of these income estimates to property value, either as a single 
stream or a series of projected streams, is the essence of the income approach. As previously discussed within 
the Valuation Methods section, the Direct Capitalization method is used in this analysis, and Discounted Cash 
Flow analysis is not developed.
Direct Capitalization
This method analyzes the relationship of one year’s stabilized net operating income to total property value. The 
stabilized net operating income is capitalized at a rate that implicitly considers expected growth in cash flow and 
growth in property value over a buyer’s investment horizon. The first step in the direct capitalization method is to 
estimate the subject’s durable rental income through reconciliation of the subject’s in-place lease terms and 
market rent analysis. Next, we analyze other income items including reimbursements and miscellaneous 
revenue. Then, vacancy allowance and operating expenses are estimated based on analysis of the subject and 
market indicators. Finally, the resulting net operating income is capitalized at an appropriate supported rate. The 
implied value may be adjusted to account for non-stabilized conditions or required capital expenditures to reflect 
an as is value.
Given the appraisal problem and defined scope of work, the following table summarizes the value scenarios and 
Income Approach methods developed within this appraisal report:
Income Approach Framework
The following identifies the primary sections and order in which the Income Approach is developed.
Subject Lease Analysis
Market Rent Analysis
Contract Income Risk Analysis
Income & Expense Analysis
Capitalization Rate Analysis
Direct Capitalization
Adjustments to Value
SUBJECT LEASE ANALYSIS
The subject is 100% vacant; therefore, we have relied on our market rent assumptions. 
MARKET RENT ANALYSIS
This section examines competitive comparable properties within the marketplace to establish our opinion of 
market rent for the subject property.   
INCOME APPROACH VALUE SCENARIOS
VALUE
METHODS USED
SCENARIO
DCF
DIRECT CAP
As-Is Market Value

INCOME APPROACH
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Adjustment Process
Quantitative adjustments are made to the comparable leases. The following adjustments or general market 
trends were considered for the basis of market rent analysis. 
Transactional Adjustments 
If warranted, the comparable leases were adjusted for varying lease structures, 
atypical concessions and market conditions. The adjustment for rent concession 
equivalency quantifies the differences between market standard free rent and 
tenant improvement allowances compared to those of the lease transaction, which 
were divided by the comparable’s lease term, and applied to the beginning “face” 
rent of the comparable lease. The market conditions adjustment is explained at the 
end of this section.
Concession Adjustment
The adjustment for rent concessions is a basis for creating a comparable market 
standard free rent of 0 to 3 months and an average market tenant improvement 
allowance of $10 to $25/SF or higher for first generation space.
Property Adjustments 
Quantitative percentage adjustments were made for location and physical 
characteristics such as size, age, condition, exposure and parking ratio. Where 
possible the adjustments applied are based on paired data or other statistical 
analysis. It should be stressed that the adjustments are subjective in nature and 
are meant to illustrate our logic in deriving a value opinion for the subject site.
Tenant Space Adjustments 
The lease comparables were further adjusted to the subject to account for tenant 
space specific characteristics such as size and space functionality.
Transactional market conditions adjustment was based on a review of historical sale data, market participant 
interviews and review of current versus historical pricing. Based on our research, the following table summarizes 
the market conditions adjustment applied in this analysis. 
The analysis applies an upward market conditions adjustment of 2% annually reflecting the conditions between 
the oldest comparable lease date up through the effective valuation date.
MARKET CONDITIONS ADJUSTMENT
Per Year As Of
October 2024
(As-Is)
2%

INCOME APPROACH
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ANALYSIS OF COMPARABLE COMMERCIAL LEASES  
The Commercial lease analysis is used to derive an opinion of market rent and correlating leasing assumptions 
for the Other 1 MLA category. The following table includes a summary of the comparables selected for this 
analysis, including relevant listings and actual leases at competing properties. Following the table is an 
adjustment grid, analysis and our conclusion. Datasheets containing more details of the comparables are 
presented later in this section. 
Current Listings (For Lease)
Research within the local area (3-mile ring) resulted in no vacant spaces available for lease.
Overall, given the number of listings in the area, the subject would have average investment 
appeal with a relatively average position if offered for sale.
COMMERCIAL LEASE SUMMATION TABLE
COMPARABLE
SUBJECT
LEASE 1
LEASE 2
LEASE 3
LEASE 4
Name
Tow n of 
Wickenburg
Office Property
Office Property
Arrow head Park 
Place III
Retail Property
Address
74 West 
Wickenburg Way
8841 Florentine 
Road
37 North Jefferson 
Street
7170 West Camino 
San Xavier
23287 State 
Highw ay 89
City
Wickenburg
Prescott Valley
Wickenburg
Glendale
Yarnell
State
AZ
AZ
AZ
AZ
AZ
Zip
85390
86314
85390
85308
85362
PHYSICAL INFORMATION
Property Type
Retail / Commercial Office
Office
Office
Retail
NRA
5,018
7,264 
1,782 
6,845 
2,738 
Occupancy
- 
100.0% 
100.0% 
100.0% 
100.0% 
Location
Average
Average/Good
Average
Average/Good
Fair
Quality
Fair/Average
Average
Average
Average/Good
Fair/Average
Condition
Fair/Average
Average
Average
Average/Good
Fair/Average
Exposure
Average/Good
Average
Average
Average
Fair/Average
Access
Average/Good
Average
Average
Average
Fair/Average
Parking Ratio
2.6
4.3 
6.7 
4.4 
6.6 
Year Built
1973
1997 
1925 
2008 
1965 
Site Coverage
31%
35%
25%
29%
5%
LEASE INFORMATION
Tenant Name
Confidential
Confidential
Union Universal 
Solutions
Barnstar Brew ery
Commencement Date
4/26/2024
9/1/2023
5/1/2023
4/21/2022
Lease Type
New
New
New
New
Lease Status
Signed
Signed
Signed
Signed
Rate Type
NNN
NNN
NNN
NNN
Size (SF)
2,240 
1,782 
6,845 
2,738 
Term (Yrs)
3.0 
5.0 
5.0 
2.0 
Rent ($/SF/Yr.)
$16.00
$15.96
$15.00
$8.76

INCOME APPROACH
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COMPARABLE COMMERCIAL LEASE MAP  
COMPARABLE KEY
COMP
DISTANCE
ADDRESS
LEASE DATE
SF
$/SF
SUBJECT
-
74 West Wickenburg Way, Wickenburg, AZ
-
-
-
No. 1
49.0 Miles
8841 Florentine Road, Prescott Valley, AZ
4/26/2024
2,240
$16.00
No. 2
0.0 Miles
37 North Jefferson Street, Wickenburg, AZ
9/1/2023
1,782
$15.96
No. 3
37.3 Miles
7170 West Camino San Xavier, Glendale, AZ
5/1/2023
6,845
$15.00
No. 4
17.0 Miles
23287 State Highw ay 89, Yarnell, AZ
4/21/2022
2,738
$8.76

INCOME APPROACH
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COMPARABLE COMMERCIAL RENT PHOTOGRAPHS
COMPARABLE 1
COMPARABLE 2
COMPARABLE 3
COMPARABLE 4 
COMPARABLE 5
COMPARABLE 6
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

INCOME APPROACH
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COMMERCIAL LEASE ADJUSTMENT TABLE
COMPARABLE
SUBJECT
LEASE 1
LEASE 2
LEASE 3
LEASE 4
Name
Tow n of 
Wickenburg
Office Property
Office Property
Arrow head Park 
Place III
Retail Property
Address
74 West 
Wickenburg Way
8841 Florentine 
Road
37 North Jefferson 
Street
7170 West Camino 
San Xavier
23287 State 
Highw ay 89
City
Wickenburg
Prescott Valley
Wickenburg
Glendale
Yarnell
NRA
5,018 
7,264 
1,782 
6,845 
2,738 
Location
Average
Average/Good
Average
Average/Good
Fair
Quality
Fair/Average
Average
Average
Average/Good
Fair/Average
Condition
Fair/Average
Average
Average
Average/Good
Fair/Average
Exposure
Average/Good
Average
Average
Average
Fair/Average
Access
Average/Good
Average
Average
Average
Fair/Average
Parking Ratio
2.6
4.3 
6.7 
4.4 
6.6 
Year Built
1973 
1997 
1925 
2008 
1965 
Site Coverage
31%
35%
25%
29%
5%
LEASE INFORMATION
Tenant Name
Confidential
Confidential
Union Universal 
Solutions
Barnstar Brew ery
Commencement Date
4/26/2024
9/1/2023
5/1/2023
4/21/2022
Lease Type
New
New
New
New
Lease Status
Signed
Signed
Signed
Signed
Rate Type
NNN
NNN
NNN
NNN
Size (SF)
2,240 
1,782 
6,845 
2,738 
Term (Yrs)
3.0 
5.0 
5.0 
2.0 
Rent ($/SF/Yr.)
$16.00
$15.96
$15.00
$8.76
TRANSACTIONAL ADJUSTMENTS
Lease Type
$0.00
$0.00
$0.00
$0.00
Concessions
$0.00
$0.00
$0.00
$0.00
Market Conditions¹
1%
2%
3%
5%
Subtotal Eff Rent
$16.16
$16.33
$15.45
$9.21
PROPERTY ADJUSTMENTS
Location
-5%
0%
-5%
10%
Size (Property)
-10%
-10%
5%
-10%
Quality
-5%
-5%
-10%
0%
Condition
-5%
-5%
-10%
0%
Exposure
5%
5%
5%
10%
Access
5%
5%
5%
10%
Parking Ratio
-3%
-6%
-3%
-6%
Site Coverage
0%
-3%
0%
-6%
Subtotal Property Adj
-18%
-19%
-13%
8%
TOTAL ADJUSTED RENT
$13.25
$13.22
$13.44
$9.94
STATISTICS
UNADJUSTED
ADJUSTED
MARKET CONCESSIONS¹
LOW
$8.76
$9.94
Lease Type
Triple Net
HIGH
$16.00
$13.44
Free Rent
3 Mos.
MEDIAN
$15.48
$13.24
TI's
$25/SF
AVERAGE
$13.93
$12.46
¹ Market Conditions Adjustment - Compound annual change in market conditions: 2%
Date of Value (for adjustment calculations): 10/23/24

INCOME APPROACH
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Commercial Lease Analysis
The comparables indicate an adjusted lease rate range from $9.94 to $13.44/SF, with a median of $13.24/SF 
and an average of $12.46/SF. The range of total gross adjustment applied to the comparables was from 39% to 
57%, with an average gross adjustment across all comparables of 46%. The level of total adjustment applied to 
the comparables is considered to be moderate. Overall, the availability of market data and extent of analysis was 
adequate to develop a reasonably credible lease rate conclusion. The adjustment process for each comparable 
is discussed in the following paragraphs.
Discussion of Adjustments
Comparable 1 ($13.25/SF adjusted) required a total upward transaction adjustment of $0.16. An upward 
adjustment was made to account for improved market conditions. This comparable required a total downward 
adjustment of -18% for property characteristics. Downward adjustments are applied for superior location, 
(smaller) size, quality, condition and parking ratio. Upward adjustments are applied for inferior exposure and 
access. The total gross adjustment applied to this comparable was 39%.
Comparable 2 ($13.22/SF adjusted) required a total upward transaction adjustment of $0.37. An upward 
adjustment was made to account for improved market conditions. This comparable required a total downward 
adjustment of -19% for property characteristics. Downward adjustments are applied for superior (smaller) size, 
quality, condition, parking ratio, and site coverage. Upward adjustments are applied for inferior exposure and 
access. The total gross adjustment applied to this comparable was 41%.
Comparable 3 ($13.44/SF adjusted) required a total upward transaction adjustment of $0.45. An upward 
adjustment was made to account for improved market conditions. This comparable required a total downward 
adjustment of -13% for property characteristics. Downward adjustments are applied for superior location, quality, 
condition and parking ratio. Upward adjustments are applied for inferior (larger) size, exposure and access. The 
total gross adjustment applied to this comparable was 46%. 
Comparable 4 ($9.94/SF adjusted) required a total upward transaction adjustment of $0.45. An upward 
adjustment was made to account for improved market conditions. This comparable required a total upward 
adjustment of 8% for property characteristics. Downward adjustments are applied for superior (smaller) size, 
parking ratio, and site coverage. Upward adjustments are applied for inferior location, exposure and access. The 
total gross adjustment applied to this comparable was 57%.
COMMERCIAL SPACE MARKET RENT CONCLUSION
The comparables indicate an adjusted lease rate range from $9.94 to $13.44/SF, with a median of $13.24/SF 
and an average of $12.46/SF. Based on the results of the preceding analysis, Comparable 1 ($13.25/SF 
adjusted), Comparable 2 ($13.22/SF adjusted) and Comparable 3 ($13.44/SF adjusted) are given primary 
consideration for the lease rate conclusion.
Comparable 3 ($9.94/SF adjusted) is given secondary consideration due to the greater number of gross 
adjustments required.
The following table summarizes the analysis of the comparables leases and the Commercial market rent 
conclusion.

INCOME APPROACH
CONTINUED
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54 
Emphasizing all comps, we consider an achievable market range between $12.50/SF and $13.50/SF, NNN for 
the subject’s space and have concluded an average market rent of $13.00/SF NNN per year.
Limited details were disclosed regarding leasing commissions, concessions and tenant improvement allowances 
as the market is perceived to be extremely competitive from property to property and leasing agents/owners are 
not willing to disclose certain details which may negatively impact their negotiations in future deals. Based on 
discussions with local participants, leasing commissions are ranging from 4% to 6% depending on involvement 
of an outside broker and the length of the lease and tenant improvements for second generation space is typically 
ranging from $0 to $10 per square foot depending on the prior build out. Annual rent escalations typically range 
between 2% and 3% per year. 
POTENTIAL GROSS RENT 
Our analysis and conclusions of the subject’s potential gross rent are detailed as follows:
INCOME & EXPENSE ANALYSIS
The preceding section addressed potential risks associated with the cash flow of the subject property. Having 
addressed potential risks, it is appropriate to analyze historical revenues and operating expenses. No historical 
information was provided to the appraisers during the course of the assignment.  
OTHER INCOME
The subject is owner occupied and does not have any source of other income.
Expense Reimbursements
Our analysis and conclusions of the subject’s expense reimbursements are assumed to be NNN and are detailed 
as follows:
COMMERCIAL LEASE CONCLUSION TABLE
LEASE
ADJUSTMENT
NET
GROSS
OVERALL
LEASE
RATE
TRANSACTIONAL¹
ADJUSTED
PROPERTY²
FINAL
ADJ % ADJ %
COMPARISON
1
$16.00
$0.16
$16.16
-18%
$13.25
-17%
39%
PRIMARY
2
$15.96
$0.37
$16.33
-19%
$13.22
-17%
41%
PRIMARY
3
$15.00
$0.45
$15.45
-13%
$13.44
-10%
46%
PRIMARY
4
$8.76
$0.45
$9.21
8%
$9.94
13%
57%
SECONDARY
LOW
$9.94
AVERAGE
$12.46
HIGH
$13.44
MEDIAN
$13.24
AVERAGE CONTRACT
ASKING
ACHIEVABLE MRKT RANGE
CONCLUSION
Other 1
-
$0.00
$12.50 - $13.50
$13.00
¹Cumulative ²Additive (Includes Tenant Adjustments)
POTENTIAL GROSS RENT SUMMARY AS OF OCTOBER 2024
OCCUPIED SPACE
TOTAL
% OF
TENANT
BASIS FOR
RENT FORECAST
TENANT
NRA (SF)
NRA
CATEGORY PROFORMA $/SF(MO.) $/SF(YR.)
ANNUAL
OCCUPIED SUBTOTALS
0
0.0%
-
-
-
-
$0
VACANT SPACE
MARKET POTENTIAL RENT (1)
Vacant
5,018 100.0% Commercial
Market
$1.08
$13.00
$65,234
VACANT SUBTOTALS
5,018 100.0%
$1.08
$13.00
$65,234
TOTAL
5,018 100.0%
$1.08
$13.00
$65,234
(1) Potential rent at current market levels, reflected on an annual basis.

INCOME APPROACH
CONTINUED
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The rental income conclusion assumes a NNN expense structure where the tenant pays its proportionate share 
of real estate tax, insurance, and repairs and maintenance through reimbursement to the owner, and the balance 
of the operating expenses including management fee, and reserves are incurred by the subject owner. These 
reimbursements were based on the operating expenses that are concluded later in the Income Approach. 
VACANCY AND CREDIT LOSS  
General vacancy was discussed in depth in the market analysis section of this report. Please reference that 
discussion for a full analysis. Regarding credit loss, non-sophisticated investors often lump this allocation within 
the general vacancy loss factor when using direct capitalization. Whereas, sophisticated investors generally 
apply credit loss in a range from none to 2% depending on the quality of tenant mix and current economic 
conditions. Our general vacancy and credit loss conclusions are summarized in the following table and are 
intended to mirror behavior of typical purchasers of the subject. 
ANALYSIS OF OPERATING EXPENSES
The operating expenses for the subject property were not available. The following chart summarizes comparable 
expenses as well as available published operating expense data.  
TOTAL REIMBURSEMENT INCOME
YEAR
TOTAL
$/SF
%EGI
ANALYSIS
PROFORMA
$15,634
$3.12
20.5%
Reimbursements
for
the
NNN leases'
include:
RE tax,
insurance,
repairs
and
maintenance and management.
VACANCY & CREDIT LOSS
General Vacancy Rate
6.0%
Credit Loss Conclusion
0.0%
Total
6.0%
EXPENSE COMPARABLES
COMPARABLE
COMP 1
COMP 2
COMP 3
COMP 4
COMP 5
LOW
HIGH
AVG
Expense Year
2023
2022
2023
2023
2022
2022
1905
1905
1905
Actual/Budget
Actual
Actual
Actual
Actual
Actual
-
-
-
Net Rentable Area
5,018
23,350
11,407
15,262
12,268
5,018
23,350
13,461
Year Built
2008
1988
1983
2010
1971
1971
2008
1988
EFFECTIVE GROSS INCOME
$7.03
$20.00
$14.00
$10.00
$6.17
$6.17
$20.00
$11.44
EXPENSE ITEMS
$/SF
%EGI
$/SF
%EGI
$/SF
%EGI
$/SF
%EGI
$/SF
%EGI
LOW
HIGH
AVG
Real Estate Taxes
$3.14
44.7%
$0.83
4.2%
$2.98
21.3%
$3.63
36.3%
$3.15
13.3%
$0.83
$3.63
$2.75
Property Insurance
$0.64
9.1%
$0.23
1.2%
$0.30
2.1%
$0.33
3.3%
$0.24
0.7%
$0.23
$0.64
$0.35
Repairs and Maintenance
$1.31
18.6%
$1.19
6.0%
$0.68
4.9%
$1.76
17.6%
$0.65
12.7%
$0.65
$1.76
$1.12
Management Fees
$0.31
4.4%
$0.40
2.0%
$0.49
3.5%
$0.40
4.0%
$0.37
5.0%
$0.31
$0.49
$0.39
%EGI
4.4%
2.0%
3.5%
4.0%
6.0%
2.0%
6.0%
4.0%
Reserves
$0.20
2.8%
$0.20
1.0%
$0.20
1.4%
$0.20
2.0%
$0.20
1.6%
$0.20
$0.20
$0.20
TOTAL EXPENSES ($/SF)
$5.60
79.7%
$2.85
14.3%
$4.65
33.2%
$6.32
63.2%
$4.61
74.8%
$2.85
$6.32
$4.81

INCOME APPROACH
CONTINUED
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CONCLUSION OF OPERATING EXPENSES 
In the following section we discuss the individual expense conclusions for the subject property.
EXPENSE ANALYSIS & CONCLUSIONS
REAL ESTATE TAXES
ANALYSIS
SUBJECT
EXPENSE COMPS
YEAR
TOTAL
$/SF
%EGI
COMP
$/SF
%EGI
1
$3.14
44.7%
2
$0.83
4.2%
3
$2.98
21.3%
4
$3.63
36.3%
5
$3.15
13.3%
CONCLUSION
$5,683
$1.13
7.5%
AVG
$2.75
23.9%
The concluded taxes are based on the current taxes of the subject
adjusted to reflect next years tax burden. The conclusion is based
on the tax expense comparables. Please refer to the Assessments
and Taxes section for additional details.
PROPERTY INSURANCE
ANALYSIS
SUBJECT
EXPENSE COMPS
YEAR
TOTAL
$/SF
%EGI
COMP
$/SF
%EGI
1
$0.64
9.1%
2
$0.23
1.2%
3
$0.30
2.1%
4
$0.33
3.3%
5
$0.24
0.7%
CONCLUSION
$1,505
$0.30
2.0%
AVG
$0.35
3.3%
This
expense
includes
all premiums
and costs
incurred for
insurance
covering
structures,
public
liability,
rental
value,
equipment and bonding of employees. The conclusion is based on
the expense comparable information.
REPAIRS AND MAINTENANCE
ANALYSIS
SUBJECT
EXPENSE COMPS
YEAR
TOTAL
$/SF
%EGI
COMP
$/SF
%EGI
1
$1.31
18.6%
2
$1.19
6.0%
3
$0.68
4.9%
4
$1.76
17.6%
5
$0.65
12.7%
CONCLUSION
$5,018
$1.00
6.6%
AVG
$1.12
11.9%
This expense covers the cost of all other routine maintenance and
repairs including routine maintenance and repairs to the roof, pest
control and equipment maintenance. The conclusion is based on the 
expense comparable information.
MANAGEMENT FEES
ANALYSIS
SUBJECT
EXPENSE COMPS
YEAR
TOTAL
$/SF
%EGI
COMP
$/SF
%EGI
1
$0.31
4.4%
2
$0.40
2.0%
3
$0.49
3.5%
4
$0.40
4.0%
5
$0.37
5.0%
CONCLUSION
$3,428
$0.68
4.5%
AVG
$0.39
3.8%
This expense reflects the professional management service for the
subject. The conclusion is based on the expense comparable
information.
RESERVES
ANALYSIS
SUBJECT
EXPENSE COMPS
YEAR
TOTAL
$/SF
%EGI
COMP
$/SF
%EGI
1
$0.20
2.8%
2
$0.20
1.0%
3
$0.20
1.4%
4
$0.20
2.0%
5
$0.20
1.6%
CONCLUSION
$1,004
$0.20
1.3%
AVG
$0.20
1.8%
This expense includes all capital expenditures items related to
structure, building systems, public areas, elevators, restrooms, and
w indow s. The conclusion is based on the expense comparable
information.
TOTAL EXPENSES
LOW
HIGH
CONCLUSION
EXPENSE COMPARABLES $/SF
$2.85
$6.32
EXPENSE COMPARABLES %EGI
14.3%
79.7%
TOTAL EXPENSES $/SF
TOTAL EXPENSES %EGI
TOTAL EXPENSES
We w ere not provided w ith historical or budgeted operating
expenses.  Our conclusions are in line w ith expense comparables. 
$3.32
21.8%
$16,638

INCOME APPROACH
CONTINUED
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DEVELOPMENT OF CAPITALIZATION RATE 
The going-in capitalization rate, also known as overall rate (OAR), can be determined using several sources and 
methods. In developing our opinion of OAR, the following techniques were used:
› 
Comparable Sales (Sales Comparison Approach)
› 
Supplemental Comparable Sales (Competitive Market)
› 
Investor Surveys
› 
Band of Investment Technique
Comparable Sales
The following table presents a summary of the comparable sales used ahead in the Sales Comparison Approach, 
and the capitalization rates from each of those sales. We have included additional sales (Comparables 6 thru 
16) to further support capitalization rate trends for the subject property.
The cap rate comparables indicate a range from 6.20% to 11.00%, and average 7.62%. Based upon the subject’s 
location, age/condition, and investment appeal, a rate towards the upper end is reasonable.
Investor Surveys
The potential investor pool for the subject asset includes national, regional and local investors. While all of these 
groups place emphasis on local cap rates, regional and national investors would also strongly consider national 
cap rate trends from investor surveys due to the potential to invest in other regions that are offering competitive 
rates of return.
CAPITALIZATION RATE COMPARABLES (OAR)
ADDRESS
CITY
ST
SALE DATE
YR BLT
NRA
$/SF
SALE PRICE
NOI
NOI/SF CAP RATE
1
450 West Goodw in Street
Prescott
AZ
October 1, 2024
1980
5,560
$171
$950,000
$58,900
$10.59
6.20%
2
15615 North Cave Creek RoadPhoenix
AZ
March 8, 2024
1960
5,632
$151
$850,000
$93,500
$16.60
11.00%
3
8841 Florentine Road
Prescott Valley AZ
June 16, 2023
1997
7,264
$145
$1,050,000
$75,600
$10.41
7.20%
4
1235 West Wickenburg Way Wickenburg
AZ
May 18, 2022
1979
2,783
$180
$500,000
-
-
-
5
1000-1010 Willow Creek Rd
Prescott
AZ
August 12, 2022
1974
12,990
$169
$2,200,000
$139,920
$10.77
6.36%
6
1555 W Iron Springs Rd
Prescott
AZ
November 18, 2022
1987
11,133
$264
$2,940,000
$254,604
$22.87
8.66%
7
45 Castle Rock Rd
Sedona
AZ
November 21, 2022
1983
6,498
$200
$1,300,000
$94,640
$14.56
7.28%
8
8841 Florentine Rd 
Prescott Valley AZ
June 16, 2023
1997
7,264
$145
$1,050,000
$76,125
$10.48
7.25%
9
1745 Rustic Timbers Ln
Prescott
AZ
October 5, 2023
2008
8,851
$220
$1,950,000
$136,500
$15.42
7.00%
LOW
May 18, 2022
6.20%
HIGH
October 1, 2024
11.00%
AVERAGE
May 17, 2023
7.62%
MEDIAN
June 16, 2023
7.23%
SUBJECT
Wickenburg
AZ
1973
5,018
$11.86

INCOME APPROACH
CONTINUED
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58 
The following graph provides a historical illustration of capitalization rate statistics as surveyed by investors that 
we considered to be relevant to the subject property. 
The following table provides the most recent survey results from investors and Our independent market 
participant interview. 
If leased as an investment, the subject could be judged to reflect a Building Class C non-institutional grade 
property located in a tertiary market. Based on the subject’s quality and location, a rate at the upper end of this 
range is reasonable. 
Band of Investment Technique
Because most properties are purchased with debt and equity capital, the overall capitalization rate must satisfy 
the market return requirements of both investment positions. Lenders must anticipate receiving a competitive 
interest rate commensurate with the perceived risk of the investment or they will not make funds available. 
Lenders also require that the principal amount of the loan be repaid through amortization payments. Similarly, 
equity investors must anticipate receiving a competitive equity cash return commensurate with the perceived risk 
or they will invest their funds elsewhere.
The table on the following page indicates average interest rates for similar properties at 8.36% with average 
loan-to-value ratios of 70%.  
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
3Q 15
3Q 16
3Q 17
3Q 18
3Q 19
3Q 20
3Q 21
3Q 22
3Q 23
3Q 24
CAPITALIZATION RATE (OAR)
PWC National Secondary Office
RR Office
10 Year Treasury
RCA Single Tenant
©PriceWaterhouse Coopers, ©Realty Rates.com , ©Real Capital Analy tics, Federal Reserv e 
Bank
CAPITALIZATION RATE SURVEYS (OAR)
SOURCE
QUARTER
RANGE
AVG
PriceWaterhouse Coopers
National Secondary Office
3Q 24
6.50%
to 10.25%
8.50%
RealtyRates.com
Office
2Q 24
6.08%
to 13.37%
9.43%
Real Capital Analytics
Single Tenant Office
3Q 24
6.27%
10 Year Treasury
3Q 24
-
-
3.95%
Market Participant Interview
3Q 24
7.50%
9.00%
8.25%
AVERAGE
6.69% to
10.87%
8.11%

INCOME APPROACH
CONTINUED
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To analyze the capitalization rate from a financial position, the Band of Investment Technique is used. Available 
financing information indicates the following terms:
Equity dividend rates vary depending upon motivations of buyers and financing terms. The previous terms and 
an appropriate equity dividend rate are used in the Band of Investments calculations, which are presented on 
the following chart.
Inflation Impact / Macroeconomy Overview
Over the past two years, macroeconomic conditions have slowed commercial real estate activity and tightened 
debt markets.  GDP growth has moderated.  CPI trends indicate a continued but slower pace of inflation, 
reflecting the impact of tighter monetary policy. Inflation reached a high of 9.1% in June 2022 and declined to 
2.5% in August 2024.  Although above the goal of 2.0% targeted as normal for a healthy economy, the inflation 
break has paved the way for a shift in interest rates.  With employment growth slowing, the unemployment rate 
reached 4.2% in August 2024.  Macroeconomic changes of this nature suggest a softening economy or the 
potential for recession.  In July 2024, bond markets began pricing in anticipation of forthcoming federal funds 
rate cuts.  Likewise, many economists believe the certainty of multiple rate cuts in 2024 has increased. The 
following charts summarize the current inflation rates in the United States.
BAND OF INVESTMENT ASSUMPTIONS
Loan Amortization Period
25 Years
Interest Rate
6.75%
Loan-to-Value (LTV) Ratio
70%
Mortgage Constant
8.29%
BAND OF INVESTMENT CALCULATION
Mortgage Component
70%
x
8.29%
=
5.804%
Equity Component
30%
x
8.29%
=
2.487%
Indicated Capitalization Rate
8.291%
INDICATED CAPITALIZATION RATE
8.29%

INCOME APPROACH
CONTINUED
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Federal Funds Effective Rate
In the August 2024 meeting, the Federal Reserve announced a rate reduction of 50 basis points to 4.75% to 
5.0%. Statements from the Chair suggest future 2024 rate cuts were being considered with a continued goal to 
reach 2% inflation objective.  Forecasts project another 50-basis points in rate cuts by year end with the majority 
of traders expecting 75, with meeting dates on November 7th and December 18th.  Messaging thus far has been 
centered on measured cuts going forward unless economic conditions warrant a more significant rate reduction.
The higher cost of capital and future uncertainty of rising rates weighed on investment decisions in the real estate 
market from mid-year 2022 through mid-year 2024 and was reflected in transactions that closed through much 
of the 3Q24.  As rates leveled in summer 2024 and began contracting with market participants anticipating further 
rate contractions and more favorable capital markets conditions looking forward, transaction activity in the form 
of recapitalizations, refinancing, and outright sales transactions, began to improve in August 2024, along with 
general market sentiment.  The market for commercial real estate is still adjusting to these changes and their 
impact is likely to lag and not likely to be fully reflected in transaction activity until late 4Q24 and into 2025.
Impact of Treasury Rate Changes
As of late September 2024, the 10-Year Treasury was near 3.75%.  This marks a decrease from a high of 5% in 
the 4th Quarter of 2023 and a trend in the 4.25 to 4.5% range through the first half of 2024.  The rapid decline of 
the 10-year treasury in late July reflects the lowest level since June 2023.

INCOME APPROACH
CONTINUED
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The following table reflects changes in the US Treasury note over the past 90 days, illustrating the significant 
decline. 
While it remains unclear as to how the market will react overall, the expectation is that the drop will be a catalyst 
for increased transaction volume.  Initial feedback from investors conveys that the lower 10-year treasury reflects 
the market’s anticipation of what the Federal Reserve will continue to do relative to the Federal Funds Rate.  
Nonetheless, the 10-year Treasury is a benchmark for lending and has resulted in lower lending rates along with 
more favorable LTV levels, which is anticipated to have an influence on buyer/seller actions, as has been 
conveyed in general by active investment sales brokers and investors.
The outcome of those actions remains to be seen along with how the economic factors driving the rate 
adjustments may impact investor demand going forward, but generally speaking, these favorable capital markets 
adjustments have narrowed the timeframe by which an asset can conceivably achieve positive leverage.  We 
have interviewed market participants to obtain specific feedback on how rate changes have impacted sales of 
similar assets and weighed the adjustment in our capitalization rate analysis and conclusion, recognizing more 
clarity on the market’s adjustment will take more time to fully manifest.
Capitalization Rate Conclusion
With recent interest rate hikes in 2022 and throughout 2023, we consider how this would affect capitalization 
rates in 2024. As evidenced by sales data in the market, and based on conversations with market participants, 
capitalization rates have experienced an increase between (50-100 points) since 2022. For investments of the 
subject’s general size and price, and when sales activity is brisk with relative market stability, the Market 
Extraction Method is most often relied upon by buyers and sellers to develop cap rate decisions. In this analysis, 
sufficient recent sales and supplemental sales data was available indicating adequate support for the 
capitalization rate developed by the Market Extraction Method. National Survey data has application for the 
subject property, and it helps establish general macro trends for this type of investment property. The Band of 
Investments Technique has limitations.

INCOME APPROACH
CONTINUED
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Taking all factors into consideration, the following table summarizes the various capitalization rate indicators and 
provides the final capitalization rate conclusion.
CAPITALIZATION RATE CONCLUSION (OAR)
SOURCE
QUARTER RANGE
AVG
Comparable Sales
6.20%
to 11.00%
8.13%
Supplemental Comparable Sales
6.36%
to
8.66%
7.31%
Investor Surveys
3Q 24
6.69%
to 10.87%
8.11%
Market Participant Interview
3Q 24
7.50%
to
9.00%
8.25%
Band of Investment Technique
8.29%
AVERAGE
6.69%
to
9.88%
8.02%
CAPITALIZATION CONCLUSION (FEE SIMPLE)
8.25%

INCOME APPROACH
CONTINUED
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63 
DIRECT CAPITALIZATION CONCLUSION 
The subject property is above stabilized occupancy. The pro-forma reflecting the subject’s stabilized operations 
is presented in the following table. 
  
DIRECT CAPITALIZATION SUMMATION TABLE
INCOME ITEMS
%PGI
%EGI
$/SF(MO.)
$/SF(YR.)
TOTAL
Market Rent Vacant Space
80.7%
85.6%
$1.08
$13.00
$65,234
TOTAL RENTAL INCOME
80.7%
85.6%
$1.08
$13.00
$65,234
REIMBURSEMENTS
Real Estate Taxes
7.0%
7.5%
$0.09
$1.13
$5,683
Property Insurance
1.9%
2.0%
$0.03
$0.30
$1,505
Repairs and Maintenance
6.2%
6.6%
$0.08
$1.00
$5,018
Management
4.2%
4.5%
$0.06
$0.68
$3,428
TOTAL REIMBURSEMENTS
19.3%
20.5%
$0.26
$3.12
$15,634
POTENTIAL GROSS INCOME (PGI)
100.0%
106.2%
$1.34
$16.12
$80,868
VACANCY & CREDIT LOSS
General Vacancy
(6.0%)
($0.07)
($0.78)
($3,914)
Reimbursement Vacancy
(5.0%)
($0.01)
($0.16)
($782)
TOTAL VACANCY & CREDIT LOSS
(5.8%)
($0.08)
($0.94)
($4,696)
EFFECTIVE GROSS INCOME (EGI)
94.2%
100.0%
$1.26
$15.18
$76,172
EXPENSE ITEMS
Real Estate Taxes
(7.0%)
(7.5%)
($0.09)
($1.13)
($5,683)
Property Insurance
(1.9%)
(2.0%)
($0.03)
($0.30)
($1,505)
Repairs and Maintenance
(6.2%)
(6.6%)
($0.08)
($1.00)
($5,018)
Management Fees
(4.2%)
(4.5%)
($0.06)
($0.68)
($3,428)
Reserves
(1.2%)
(1.3%)
($0.02)
($0.20)
($1,004)
TOTAL EXPENSES
(20.6%)
(21.8%)
($0.28)
($3.32)
($16,638)
NET OPERATING INCOME (NOI)
73.6%
78.2%
$0.99
$11.86
$59,535
Capitalization Rate
8.25%
Capitalized Value
$721,632
AS-IS MARKET VALUE
$143/SF
$720,000
Rounded to nearest $10,000

SALES APPROACH
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INTRODUCTION
The Sales Comparison Approach is based on the principle of substitution, which asserts that a buyer would not
pay more for a property than the value of similar properties in the market. This approach analyzes comparable 
sales by applying transactional and property adjustments to bracket the subject property within an appropriate 
unit value comparison.
UNIT OF COMPARISON
The most relevant unit of comparison is the price per square foot of GBA. This indicator best reflects the analysis 
used by buyers and sellers in this market for improved properties with similar design and utility.
COMPARABLE SELECTION
We completed a thorough search for similar improved sales in terms of property type, location, physical 
characteristics, and date of sale. In selecting comparables, emphasis was placed on confirming recent improved 
sales of properties that match the highest and best use, and buyer/seller profile of the subject property. Overall, 
the sales selected represent the best comparables available for this analysis.
The comparable sales are listed on the Sales Comparable Summation Table. It is noted that extensive research 
was conducted to find the most recent sales in the subject’s regional and local area. A thorough search was 
made for comparable sales throughout the MSA using our appraisal files, CoStar, LoopNet, as well as our on-
going conversations with local brokers to discuss market activity. In selecting comparables, emphasis was placed 
on confirming recent sales that are similar to the subject property in terms of proximity to the subject; size, quality, 
linkage to employment nodes, and date of sale. Other physical characteristics considered also include age, 
access, parking capabilities, and exposure. 
Our search revealed four closed sales of comparable properties. The comparables used in this analysis bracket 
the subject and give support to the value conclusion.
ADJUSTMENT PROCESS
Quantitative adjustments are made to the comparable sales. The following adjustments or general market trends 
were considered for the basis of valuation.
Transactional Adjustments
Dollar adjustments to the comparable sales were considered and made when warranted for transactional
adjustments in the sequence shown below:
Property Rights Transferred 
The valuation of the subject site was completed on a fee simple basis. If 
warranted, leased fee, leasehold and/or partial interest sales were adjusted 
accordingly.
Financing Terms 
The subject property was valued on a cash equivalent basis. Adjustments were 
made to the comparables involving financing terms atypical of the marketplace. 
All of the comparables sold for cash or equivalent; therefore, no adjustments are 
applied for atypical financing terms.
Conditions of Sale 
This adjustment accounts for extraordinary motivation on the part of the buyer or 
seller often associated with distressed sales.
Expenditures After Purchase
Adjustments were applied if physical conditions warranted expenditures on the 
part of the buyer to bring the comparable up to functional standards. Most often 
this adjustment accounts for costs associated with deferred maintenance.

SALES APPROACH
CONTINUED
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Market Conditions
Market conditions adjustments were based on a review of historical sale data, 
market participant interviews and review of current versus historical pricing. 
Based on our research, the following table summarizes the market conditions 
adjustment applied in this analysis.
The market has exhibited value stability during the time from the oldest sale date up through the effective 
valuation date; therefore a market conditions adjustment is not warranted.
Property Adjustments
Quantitative percentage adjustments are also made for location and physical characteristics such as size, age, 
site and parking ratios, access, exposure, quality and condition, as well as other applicable elements of 
comparison. Where possible the adjustments applied are based on paired data or other statistical analysis. It 
should be stressed that the adjustments are subjective in nature and are meant to illustrate our logic in deriving 
a value opinion for the subject property. 
PRESENTATION 
The following Sales Summation Table, Location Map and datasheets summarize the improved sales data. 
Following these items, the comparable sales are adjusted for applicable elements of comparison and the opinion 
of value by the Sales Comparison Approach is concluded.  
MARKET CONDITIONS ADJUSTMENT
Per Year As Of
October 2024
(As-Is)
0%

SALES APPROACH
CONTINUED
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IMPROVED SALES SUMMATION TABLE
COMPARABLE
SUBJECT
COMPARABLE 1
COMPARABLE 2
COMPARABLE 3
COMPARABLE 4
Name
Tow n of 
Wickenburg
Goodw in Office Park Commercial Building
Office Property
Commercial Building
Address
8337-8345 W 
Washington St
450 West Goodw in 
Street
15615 North Cave 
Creek Road
8841 Florentine Road 1235 West 
Wickenburg Way
City
Wickenburg
Prescott
Phoenix
Prescott Valley
Wickenburg
State
AZ
AZ
AZ
AZ
AZ
Zip
85390
86303
85032
86314
85390
County
Maricopa
Yavapai
Maricopa
Yavapai
Maricopa
APN
142-41-039A, et al.
109-05-034
214-40-006E
103-31-028A
505-38-007C
PHYSICAL INFORMATION
Property Type
Retail / Commercial
Office
Retail
Office
Retail
GBA (SF)
5,018
5,560
5,632
7,264
2,783
Land Area (AC)
0.4
0.3
1.7
0.5
0.8
Land Area (SF)
16,100
13,939
75,358
20,908
33,062
L:B Ratio
3.2
2.5
13.4
2.9
11.9
Location 
Average
Average/Good
Average/Good
Average
Average
Quality
Fair/Average
Average
Fair/Average
Average
Fair/Average
Condition
Fair/Average
Average
Fair
Average/Good
Average
Exposure
Average/Good
Average
Average
Fair/Average
Average/Good
Access
Average/Good
Average/Good
Average
Average
Average/Good
Year Built
1973
1980
1960
1997
1979
SALE INFORMATION
Date
10/1/2024
3/8/2024
6/16/2023
5/18/2022
Status
Recorded
Recorded
Recorded
Recorded
Rights Transferred
Leased Fee
Leased Fee
Leased Fee
Fee Simple
Transaction Price
$950,000
$850,000
$1,050,000
$500,000
$/SF NRA
$171
$151
$145
$180
NOI/SF NRA
$11.86
$10.59
$16.60
$10.41
-
Occupancy
0.0%
100.0%
100.0%
100.0%
0.0%
Capitalization Rate
6.20%
11.00%
7.20%
-

SALES APPROACH
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SALES LOCATION MAP
COMPARABLE KEY
COMP
DISTANCE
ADDRESS
OCC.
SALE DATE
OAR
$/SF
SUBJECT
-
74 West Wickenburg Way, Wickenburg, AZ
-
-
-
-
No. 1
42.2 Miles
450 West Goodw in Street, Prescott, AZ
100.0%
10/1/2024
6.20%
$170.86
No. 2
46.6 Miles
15615 North Cave Creek Road, Phoenix, AZ
100.0%
3/8/2024
11.00%
$150.92
No. 3
49.0 Miles
8841 Florentine Road, Prescott Valley, AZ
100.0%
6/16/2023
7.20%
$144.55
No. 4
1.3 Miles
1235 West Wickenburg Way, Wickenburg, AZ
0.0%
5/18/2022
$179.66

SALES APPROACH
CONTINUED
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COMPARABLE 1
.
LOCATION INFORMATION
.
Name
Goodw in Office Park
.
Address 
450 West Goodw in Street
.
City, State, Zip Code
Prescott, AZ, 86303
.
County
Yavapai
.
MSA
Prescott Valley-Prescott, AZ
.
APN
109-05-034
.
SALE INFORMATION
.
Buyer
Luke Rotvold
.
Seller
Jonathan Aten
.
Transaction Date
10/1/2024
.
Transaction Status
Recorded
.
Transaction Price
$950,000
.
Analysis Price
$950,000
GOODWIN OFFICE PARK
Recording Number
40193
OPERATING INCOME
Rights Transferred
Leased Fee
TOTAL
PER SF
Financing
Undisclosed
Rent Income 
N/Av
N/Av
Conditions of Sale
Arms-Length
Other Income 
N/Av
N/Av
Marketing Time
8 Months
Gross Income 
N/Av
N/Av
PHYSICAL INFORMATION
Vacancy & Credit Loss @ N/Av
N/Av
N/Av
Leasable Area (NRA)
5,560
Effective Gross Income  
N/Av
N/Av
Number of Buildings
1
Expenses 
N/Av
N/Av
Year Built
1980
Net Operating Income 
$58,900 
$10.59 
No. of Floors
2
Occupancy at Sale 
100.0%
Parking Spaces / Ratio  
24 (4.3/1,000 SF NRA)
Expense % of GI / EGI 
N/Av
N/Av
Class
C
ANALYSIS INFORMATION
Quality
Average
Price per SF 
$171 
Condition
Average
Adjusted Price per SF 
$149 
Site Size
0.3 Acres (13,939 SF)
Capitalization Rate 
6.20%
Zoning
BG
CONFIRMATION
Access
Average/Good
Name
Confidential
Exposure
Average
Company
Confidential
Site Coverage
40%
Source
Seller's Broker
Date / Phone Number
11/12/2024
Confidential
REMARKS
This is the October 2024 sale of a 5,560-SF office building on Goodw in St in
Prescott. The property sold at a 6.20% capitalization rate and w as on the
market for approximately 8 months.

SALES APPROACH
CONTINUED
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COMPARABLE 2
.
LOCATION INFORMATION
.
Name
Commercial Building
.
Address 
15615 North Cave Creek Road
.
City, State, Zip Code
Phoenix, AZ, 85032
.
County
Maricopa
.
MSA
Phoenix-Mesa-Chandler, AZ
.
APN
214-40-006E
.
SALE INFORMATION
.
Buyer
Issa Rabadi
.
Seller
Andrew Tang
.
Transaction Date
03/8/2024
.
Transaction Status
Recorded
.
Transaction Price
$850,000
.
Analysis Price
$850,000
COMMERCIAL BUILDING
Recording Number
121410
OPERATING INCOME
Rights Transferred
Leased Fee
TOTAL
PER SF
Financing
Undisclosed
Rent Income 
N/Av
N/Av
Conditions of Sale
Arms-Length
Other Income 
N/Av
N/Av
Marketing Time
9 Months
Gross Income 
N/Av
N/Av
PHYSICAL INFORMATION
Vacancy & Credit Loss @ N/Av
N/Av
N/Av
Leasable Area (NRA)
5,632
Effective Gross Income  
N/Av
N/Av
Number of Buildings
1
Expenses 
N/Av
N/Av
Year Built
1960
Net Operating Income 
$93,500 
$16.60 
No. of Floors
1
Occupancy at Sale 
100.0%
Parking Spaces / Ratio  
20 (3.6/1,000 SF NRA)
Expense % of GI / EGI 
N/Av
N/Av
Quality
Fair/Average
ANALYSIS INFORMATION
Condition
Fair
Price per SF 
$151 
Site Size
1.7 Acres (75,358 SF)
Adjusted Price per SF 
$145 
Zoning
C-C
Capitalization Rate 
11.00%
Access
Average
CONFIRMATION
Exposure
Average
Name
Confidential
Site Coverage
7%
Company
Confidential
Source
Buyer's Broker
Date / Phone Number
11/15/2024
Confidential
REMARKS
This is the March 2024 sale of a 5,632-SF freestanding retail building on the
east side of Cave Creek Rd in Phoenix. The property has a multi-tenant design
and transacted at an 11% capitalization rate.

SALES APPROACH
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COMPARABLE 3
.
LOCATION INFORMATION
.
Name
Office Property
.
Address 
8841 Florentine Road
.
City, State, Zip Code
Prescott Valley, AZ, 86314
.
County
Yavapai
.
MSA
Prescott Valley-Prescott, AZ
.
APN
103-31-028A
.
SALE INFORMATION
.
Buyer
Abbas Family Trust
.
Seller
Mason William
.
Transaction Date
06/16/2023
.
Transaction Status
Recorded
.
Transaction Price
$1,050,000
.
Analysis Price
$1,050,000
OFFICE PROPERTY
Recording Number
26325
OPERATING INCOME
Rights Transferred
Leased Fee
TOTAL
PER SF
Financing
Undisclosed
Rent Income 
N/Av
N/Av
Conditions of Sale
Arms-Length
Other Income 
N/Av
N/Av
Marketing Time
12 Months
Gross Income 
N/Av
N/Av
PHYSICAL INFORMATION
Vacancy & Credit Loss @ N/Av
N/Av
N/Av
Leasable Area (NRA)
7,264
Effective Gross Income  
N/Av
N/Av
Number of Buildings
1
Expenses 
N/Av
N/Av
Year Built
1997
Net Operating Income 
$75,600 
$10.41 
No. of Floors
1
Occupancy at Sale 
100.0%
Parking Spaces / Ratio  
31 (4.3/1,000 SF NRA)
Expense % of GI / EGI 
N/Av
N/Av
Quality
Average
ANALYSIS INFORMATION
Condition
Average/Good
Price per SF 
$145 
Site Size
0.5 Acres (20,908 SF)
Adjusted Price per SF 
$147 
Zoning
C-2
Capitalization Rate 
7.20%
Access
Average
CONFIRMATION
Exposure
Fair/Average
Name
Confidential
Site Coverage
35%
Company
Confidential
Source
Seller's Broker
Date / Phone Number
11/11/2024
Confidential
REMARKS
This is the June 2023 sale of a 7,264-SF office building located on the south
side of Florentine Rd in Prescott Valley. The property sold at a 7.20% cap rate.

SALES APPROACH
CONTINUED
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COMPARABLE 4
.
LOCATION INFORMATION
.
Name
Commercial Building
.
Address 
1235 West Wickenburg Way
.
City, State, Zip Code
Wickenburg, AZ, 85390
.
County
Maricopa
.
MSA
Phoenix-Mesa-Chandler, AZ
.
APN
505-38-007C
.
SALE INFORMATION
.
Buyer
Kevin Grantham
.
Seller
Mcconnell Trust
.
Transaction Date
05/18/2022
.
Transaction Status
Recorded
.
Transaction Price
$500,000
.
Analysis Price
$500,000
COMMERCIAL BUILDING
Recording Number
430512
OPERATING INCOME
Rights Transferred
Fee Simple
TOTAL
PER SF
Financing
Undisclosed
Rent Income 
N/Av
N/Av
Conditions of Sale
Arms-Length
Other Income 
N/Av
N/Av
Marketing Time
8 Months
Gross Income 
N/Av
N/Av
PHYSICAL INFORMATION
Vacancy & Credit Loss @ N/Av
N/Av
N/Av
Leasable Area (NRA)
2,783
Effective Gross Income  
N/Av
N/Av
Number of Buildings
1
Expenses 
N/Av
N/Av
Year Built
1979
Net Operating Income 
N/Av
N/Av
No. of Floors
1
Occupancy at Sale 
0.0%
Parking Spaces / Ratio  
20 (7.2/1,000 SF NRA)
Expense % of GI / EGI 
N/Av
N/Av
Quality
Fair/Average
ANALYSIS INFORMATION
Condition
Average
Price per SF 
$180 
Site Size
0.8 Acres (33,062 SF)
Adjusted Price per SF 
$140 
Zoning
C-3
Capitalization Rate 
Access
Average/Good
CONFIRMATION
Exposure
Average/Good
Name
Confidential
Site Coverage
8%
Company
Confidential
Source
Seller's Broker
Date / Phone Number
11/15/2024
Confidential
REMARKS
This is the May 2022 sale of a 2,783-SF commercial building located on
Wickenburg Way in Wickenburg. The property has previously been used as a
restaurant, coffee shop and a nursery.

SALES APPROACH
CONTINUED
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72 
IMPROVED SALES ADJUSTMENT TABLE
COMPARABLE
SUBJECT
COMPARABLE 1
COMPARABLE 2
COMPARABLE 3
COMPARABLE 4
Name
Tow n of 
Wickenburg
Goodw in Office Park Commercial Building
Office Property
Commercial Building
Address
8337-8345 W 
Washington St
450 West Goodw in 
Street
15615 North Cave 
Creek Road
8841 Florentine 
Road
1235 West 
Wickenburg Way
City, State
Wickenburg, AZ
Prescott, AZ
Phoenix, AZ
Prescott Valley, AZ
Wickenburg, AZ
Zip
85390
86303
85032
86314
85390
APN
142-41-039A, et al. 109-05-034
214-40-006E
103-31-028A
505-38-007C
GBA (SF)
5,018
5,560
5,632
7,264
2,783
Land Area (AC)
0.4
0.3
1.7
0.5
0.8
Land Area (SF)
16,100
13,939
75,358
20,908
33,062
Location 
Average
Average/Good
Average/Good
Average
Average
Quality
Fair/Average
Average
Fair/Average
Average
Fair/Average
Condition
Fair/Average
Average
Fair
Average/Good
Average
Exposure
Average/Good
Average
Average
Fair/Average
Average/Good
Access
Average/Good
Average/Good
Average
Average
Average/Good
Parking Ratio
2.6
4.3
3.6
4.3
7.2
Year Built
1973
1980
1960
1997
1979
Site Coverage
31%
40%
7%
35%
8%
SALE INFORMATION
Date
10/1/2024
3/8/2024
6/16/2023
5/18/2022
Status
Recorded
Recorded
Recorded
Recorded
Rights Transferred
Leased Fee
Leased Fee
Leased Fee
Fee Simple
Analysis Price
$950,000
$850,000
$1,050,000
$500,000
$/SF NRA
$171
$151
$145
$180
Occupancy
0.0%
100.0%
100.0%
100.0%
0.0%
TRANSACTIONAL ADJUSTMENTS
Property Rights
0%
0%
0%
0%
Financing
0%
0%
0%
0%
Conditions of Sale
0%
0%
0%
0%
Expenditures After the Sale
0%
0%
0%
0%
Market Conditions¹
0%
0%
0%
0%
Subtotal Transactional Adj Price
$171
$151
$145
$180
PROPERTY ADJUSTMENTS
Location
-5%
-5%
0%
0%
Size
0%
-5%
5%
-5%
Quality
-5%
0%
-5%
0%
Condition
-5%
5%
-10%
-5%
Exposure
5%
5%
10%
0%
Access
0%
5%
5%
0%
Parking Ratio
-3%
-3%
-3%
-6%
Site Coverage
0%
-6%
0%
-6%
Subtotal Property Adjustment
-13%
-4%
2%
-22%
TOTAL ADJUSTED PRICE
$149
$145
$147
$140
STATISTICS
UNADJUSTED
ADJUSTED
LOW
$145
$140
HIGH
$180
$149
MEDIAN
$161
$146
AVERAGE
$161
$145
¹ Market Conditions Adjustment: 0%
Date of Value (for adjustment calculations): 10/23/24

SALES APPROACH
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SALES COMPARABLE ANALYSIS
Introduction
The comparable sales indicate an adjusted value range from $140 to $149/SF, with a median of $146/SF and 
an average of $145/SF.  The range of total gross adjustment applied to the comparables was from 22% to 38%, 
with an average gross adjustment across all comparables of 29%. The level of total adjustment applied to the 
comparables is considered to be moderate. Overall, the availability of market data and extent of analysis was 
adequate to develop the subject property’s total value. The adjustment process for each comparable sale is 
discussed in the following paragraphs.
Discussion of Adjustments
Comparable 1 ($149/SF adjusted) did not require any transaction adjustments.  This comparable required a total 
downward adjustment of -13% for property characteristics. This comparable was adjusted downward for its 
superior location, quality, condition and parking ratio, and upward for its inferior exposure. The total gross 
adjustment applied to this comparable was 23%.
Comparable 2 ($145/SF adjusted) did not require any transaction adjustments.  This comparable required a total 
downward adjustment of -4% for property characteristics. This comparable was adjusted downward for its smaller 
size and superior location, parking ratio and site coverage, and upward for its inferior condition, exposure and 
access. The total gross adjustment applied to this comparable was 34%.
Comparable 3 ($147/SF adjusted) did not require any transaction adjustments.  This comparable required a total 
upward adjustment of 2% for property characteristics. This comparable was adjusted downward for its superior 
quality, condition and parking ratio, and upward for its larger size and inferior exposure and access. The total 
gross adjustment applied to this comparable was 38%.
Comparable 4 ($140/SF adjusted) did not require any transaction adjustments.  This comparable required a total 
downward adjustment of -22% for property characteristics. This comparable was adjusted downward for its 
smaller size and superior condition, parking ratio and site coverage. The total gross adjustment applied to this 
comparable was 22%.

SALES APPROACH
CONTINUED
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74 
SALES COMPARISON APPROACH CONCLUSION  
The comparable sales indicate an adjusted value range from $140 to $149/SF, with a median of $146/SF and 
an average of $145/SF. Based on the results of the preceding analysis, Comparable 1 ($149/SF adjusted), 
Comparable 2 ($145/SF adjusted) and Comparable 4 ($140/SF adjusted) are given primary consideration for 
the subject’s opinion of value.
Comparable 3 ($147/SF adjusted) is given secondary consideration due to the greater number of gross 
adjustments required.
The following table summarizes the analysis of the comparables, reports the reconciled price per NRA value 
conclusion, and presents the concluded value of the subject property. 
SALES COMPARISON APPROACH CONCLUSION (NRA)
ANALYSIS
ADJUSTMENT
NET
GROSS
OVERALL
COMP
PRICE
TRANSACTIONAL¹
ADJUSTED
PROPERTY²
FINAL
ADJ % ADJ %
COMPARISON
1
$171
0%
$171
-13%
$149
-13%
23%
PRIMARY
2
$151
0%
$151
-4%
$145
-4%
34%
PRIMARY
3
$145
0%
$145
2%
$147
2%
38%
SECONDARY
4
$180
0%
$180
-22%
$140
-22%
22%
PRIMARY
LOW
$140
AVERAGE
$145
HIGH
$149
MEDIAN
$146
SUBJECT SF
$/SF CONCLUSION
VALUE
AS-IS MARKET VALUE
5,018
x
$145/SF
=
$730,000
¹Cumulative ²Additive
Rounded to nearest $10,000

RECONCILIATION OF VALUE CONCLUSIONS
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INTRODUCTION
The Reconciliation of Value Conclusions is the final step in the appraisal process and involves the weighing of 
the individual valuation techniques in relationship to their substantiation by market data, and the reliability and 
applicability of each valuation technique to the subject property. Understanding the profiles of potential buyers 
and their typical reliance on each approach to value strongly influences the weighting process. 
In the open market, the subject property type would command most interest from local buyers that are actively 
pursuing similar owner-user properties. There is currently steady buyer demand for substitute properties of the 
subject based on the volume of sale transactions and reports by buyers, sellers and other market participants 
during confirmation of market transactions. The most probable buyer is an owner user.  
Based on the overall quality of the data and analyses, and considering the decision-making process of the typical 
buyer profile of the subject asset, the Sales Approach warranted primary emphasis, and the Income Approach 
warranted secondary emphasis in developing our final opinion of market.
PRESENTATION OF VALUE CONCLUSIONS
Our opinion of value reflects current conditions and the likely actions of market participants as of the date of 
value.  It is based on the available information gathered and provided to us, as presented in this report, and does 
not predict future performance.  Changing market or property conditions can and likely will have an effect on the 
subject's value.
The purpose of this appraisal is to develop an opinion of the As-Is Market Value of the subject property’s fee 
simple interest. The following table conveys the final opinion of market value of the subject property that is
developed within this appraisal report. 
ANALYSIS OF VALUE CONCLUSIONS
VALUATION INDICES
AS-IS   
MARKET VALUE
INTEREST APPRAISED
FEE SIMPLE
DATE OF VALUE
OCTOBER 23, 2024
Sales Comparison Approach
$730,000
Income Approach
$720,000
FINAL VALUE CONCLUSION
$730,000
$/SF
$145/SF
Exposure Time
Twelve Months or Less
Marketing Period
Twelve Months or Less

CERTIFICATION OF APPRAISAL
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We certify that, to the best of our knowledge and belief:
›
The statements of fact contained in this report are true and correct.
›
The reported analyses, opinions, and conclusions of the signers are limited only by the reported assumptions 
and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and 
conclusions.
›
The signers of this report has 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.
›
TJ Gray, MAI has performed no 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. 
Michael Brown has performed no 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.   
›
The signers are not biased with respect to the property that is the subject of this report or to the parties 
involved with this assignment.
›
The engagement in this assignment was not contingent upon developing or reporting predetermined results.
›
The 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 the value opinion, 
the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended 
use of this appraisal.
›
The reported analysis, opinions, and conclusions were developed, and this report has been prepared, in 
conformity with the Uniform Standards of Professional Appraisal Practice and the Code of Professional Ethics 
and Standards of Professional Appraisal Practice of the Appraisal Institute.
›
TJ Gray, MAI inspected the property that is the subject of this report. Michael Brown did not inspect the 
property that is the subject of this report. Justin Hanson did not inspect the property that is the subject of this 
report. 
›
Justin Hanson (Arizona State Registered Appraiser Assistant No. LRA-2000927) provided significant real 
property appraisal assistance to the appraisers signing the certification. Assistance included gathering, 
analyzing and reporting regional, local area, zoning, and tax information, confirming some of the comparable 
data, and assisting with portions of the valuation analysis.

CERTIFICATION OF APPRAISAL
CONTINUED
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The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly 
authorized representatives.
As of the date of this report TJ Gray, MAI completed the continuing education program for Designated Members 
of the Appraisal Institute.
As of the date of this report Michael Brown has completed the Standards and Ethics Education Requirement for 
(Candidates or Practicing Affiliates) of the Appraisal Institute.
November 18, 2024
Date
November 18, 2024
Date
November 18, 2024
Date
TJ Gray, MAI
Valuation Services Director
Certified General Real Estate Appraiser
State of Arizona License #31808
+1 602 222 5056
tj.gray@colliers.com
Michael Brown
Associate Managing Director
Certified General Real Estate Appraiser
State of Arizona License #32091
+1 602 222 5166
michael.brown@colliers.com

ASSUMPTIONS & LIMITING CONDITIONS
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This appraisal is subject to the following assumptions and limiting conditions:
›
The appraisers may or may not have been provided with a survey of the subject property. If further verification 
is required, a survey by a registered surveyor is advised.
›
We assume no responsibility for matters legal in character, nor do we render any opinion as to title, which is 
assumed to be marketable. All existing liens, encumbrances, and assessments have been disregarded, 
unless otherwise noted, and the property is appraised as though free and clear, under responsible ownership, 
and competent management.
›
The exhibits in this report are included to assist the reader in visualizing the property. We have made no 
survey of the property and assume no responsibility in connection with such matters.
›
Unless otherwise noted herein, it is assumed that there are no encroachments, zoning, or restrictive 
violations existing in the subject property.
›
The appraisers assume no responsibility for determining if the property requires environmental approval by 
the appropriate governing agencies, nor if it is in violation thereof, unless otherwise noted herein.
›
Information presented in this report has been obtained from reliable sources, and it is assumed that the 
information is accurate.
›
This report shall be used for its intended purpose only, and by the party to whom it is addressed. Possession 
of this report does not include the right of publication.
›
The appraisers may not be required to give testimony or to appear in court by reason of this appraisal, with 
reference to the property in question, unless prior arrangements have been made therefore.
›
The statements of value and all conclusions shall apply as of the dates shown herein.
›
There is no present or contemplated future interest in the property by the appraisers which is not specifically 
disclosed in this report.
›
Without the written consent or approval of the authors neither all, nor any part of, the contents of this report 
shall be conveyed to the public through advertising, public relations, news, sales, or other media. This applies 
particularly to value conclusions and to the identity of the appraisers and the firm with which the appraisers 
are connected.
›
This report must be used in its entirety. Reliance on any portion of the report independent of others, may lead 
the reader to erroneous conclusions regarding the property values. Unless approval is provided by the 
authors no portion of the report stands alone.
›
The valuation stated herein assumes professional management and operation of the buildings throughout the 
lifetime of the improvements, with an adequate maintenance and repair program.
›
The liability of Colliers International Valuation & Advisory Services, its principals, agents, and employees is 
limited to the client. Further, there is no accountability, obligation, or liability to any third party. If this report is 
placed in the hands of anyone other than the client, the client shall make such party aware of all limiting 
conditions and assumptions of the assignment and related discussions. The appraisers are in no way 
responsible for any costs incurred to discover or correct any deficiency in the property.
›
The appraisers are not qualified to detect the presence of toxic or hazardous substances or materials which 
may influence or be associated with the property or any adjacent properties, has made no investigation or 
analysis as to the presence of such materials, and expressly disclaims any duty to note the degree of fault. 
Colliers International Valuation & Advisory Services and its principals, agents, employees, shall not be liable 
for any costs, expenses, assessments, or penalties, or diminution in value, property damage, or personal

ASSUMPTIONS & LIMITING CONDITIONS
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injury (including death) resulting from or otherwise attributable to toxic or hazardous substances or materials, 
including without limitation hazardous waste, asbestos material, formaldehyde, or any smoke, vapors, soot, 
fumes, acids, alkalis, toxic chemicals, liquids, solids or gasses, waste materials or other irritants, 
contaminants or pollutants.
›
The appraisers assume no responsibility for determining if the subject property complies with the Americans 
with Disabilities Act (ADA). Colliers International Valuation & Advisory Services, its principals, agents, and 
employees, shall not be liable for any costs, expenses, assessments, penalties or diminution in value 
resulting from non-compliance. This appraisal assumes that the subject meets an acceptable level of 
compliance with ADA standards; if the subject is not in compliance, the eventual renovation costs and/or 
penalties would negatively impact the present value of the subject. If the magnitude and time of the cost were 
known today, they would be reduced from the reported value conclusion.
›
An on-site inspection of the subject property was conducted. No evidence of asbestos materials on-site was 
noted. A Phase 1 Environmental Assessment was not provided for this analysis. This analysis assumes that 
no asbestos or other hazardous materials are stored or found in or on the subject property. If evidence of 
hazardous materials of any kind occurs, the reader should seek qualified professional assistance. If 
hazardous materials are discovered and if future market conditions indicate an impact on value and increased 
perceived risk, a revision of the concluded values may be necessary.
›
A detailed soils study was not provided for this analysis. The subject's soils and sub-soil conditions are 
assumed to be suitable based upon a visual inspection, which did not indicate evidence of excessive settling 
or unstable soils. No certification is made regarding the stability or suitability of the soil or sub-soil conditions.
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This analysis assumes that the financial information provided for this appraisal, including rent rolls and 
historical income and expense statements; accurately reflect the current and historical operations of the 
subject property.

ADDENDA
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Services Contract
Valuation Glossary
Qualifications of Appraisers 
Qualifications of Colliers International Valuation & Advisory Services