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LAWRENCE APPRAISAL GROUP HAWAII, INC. <br /> Fila No. 52902KH0 <br /> <br /> COMMENT ON ZONING AND HIGHEST AND BEST USE: (continued) <br /> <br /> The highest and best use of subject site is to consolidate it with the adjacent parcels. <br /> <br /> SITE COMMENTS: <br /> Subject is an irregularly shaped government road remnant that is accessed from the main <br /> highway via a short paved asphalt driveway that belongs to the adjacent properties. Client <br /> indicates subject remnant is adjacent to Parcels 332-3-16, 332-3-17, and 332-3-38. The <br /> road remnant's square footage was taken from a map prepared on 2/7/97 and signed by Robert <br /> K.Y. Lee, a licensed surveyor (see attached). <br /> Subject property is located in Zone 8 of the Lava Flood Hazard Map. <br /> COMMENTS ON SALES COMPARISONS: <br /> Comparable 1 is considered to have superior utility as it was purchased by the adjacent <br /> property owner who combined it with a much smaller lot to greatly enhance the utility of the <br /> total property. Comparable 2 has inferior utility when compared to subject as a stream crossed <br /> the property. Comparable 3 is very similar to subject in terms of utility as the parcel was <br /> surrounded by land already owned by the buyer and there was only a marginal increase in the <br /> total property appeal and marketability when the purchased parcel was added. <br /> After adjusting for the differences in utility, land size and accessability, an adjusted range of <br /> $0.427 to $0.524 per square foot is indicated, with a reconciled value of $.045 per square foot <br /> well supported by the comparables. <br /> Based on the above data and analysis, the estimated market value for subject property is <br /> calculated to be $5600 (12458 SF ~ $0.45 SF rounded). <br /> 75-5791 LOPEKA PLACE, KAILUA-KONA, HI 96738, (SOS) 329-3900 FAX (808) 329-3555 <br /> <br />