Parking Lot App

SUMMARY APPRAISAL REPORT
SIX PARKING LOTS AT THE COLISEUM

Martin Luther King Jr. Boulevard & Vermont Avenue
Los Angeles, CA 90039
Landauer Job No.: 12-2612-065
PERTINENT DATES:
Valuation Date: March 9, 2012
Report Date: March 19, 2012 (Final)
PREPARED FOR:

Mr. David Aghaei
Assistant Director of Gifts & Acquisitions
University of Southern California

3335 S. Figueroa St., Unit G | UGW 110
Los Angeles, CA 90089-7271
And
Michael Butler
Assistant Section Chief
Professional Services Branch
Real Estate Division
State of California Department of General Services

707 3rd Street, West
Sacramento, CA 95605
GRUBB & ELLIS LANDAUER VALUATION ADVISORY SERVICES, LLC

515 South Figueroa Street
March 19, 2012 (Final)
Mr. David Aghaei Mr. Michael Butler

Assistant Director of Gifts & Acquisitions Assistant Section Chief
University of Southern California Professional Services Branch
3335 S. Figueroa St., Unit G | UGW 110 Real Estate Division
Los Angeles, CA 90089-7271 State of California Department of General Services
707 3rd Street, West
Sacramento, CA 95605
RE: An Appraisal of Real Property

Six Parking Lots at the Coliseum
Martin Luther King Jr. Boulevard & Vermont Avenue
Landauer Job No.: 12-2612-065
Dear Mr. Aghaei and Mr. Butler,
At the request and authorization of Clients, University of Southern California and State of California
Department of General Services Real Estate Services Division, we have prepared an appraisal to
determine the fair market value and fair market rent of the referenced property and presented our analysis
in the following Summary Appraisal Report.
The purpose of this appraisal is to form an as is fair market value and fair market rent opinion of the fee
simple interest in the subject property. The as is fair market value opinion is made under market
conditions prevailing as of March 9, 2012, the effective date of appraisal. Based on the intended use and
in consideration of the subjects physical and economic characteristics, we have prepared an appropriate
scope of work that will provide for a credible fair market value and fair market rent opinion. The significant
elements of the scope of work include: i) an observation of the subject and its surroundings; ii) a collection,
verification and analysis of rental data; iii) an analysis of the subjects existing and/or pro-forma economic
operating characteristics; and iv) completion of the appropriate approaches to value.
The subject property consists of six parking lots commonly known as Parking Lots 1 thru 6. Parking Lots 1
thru 6 are all located on Exposition Park property. Exposition Park is bounded by Exposition Boulevard to
the north, Figueroa Street to the east, Martin Luther King Jr. Boulevard to the south, and Vermont Avenue
to the west. It consists of approximately 160-acres located immediately south of the University of Southern
California.
The State of California is the underlying fee owner of a majority of Exposition Parks 160-acres. Within
Exposition Park, the City of Los Angeles owns the Rose Garden and Expo Center areas and the Los
Angeles Memorial Coliseum Commission owns portions of Parking Lots 1 and 3 and a portion of Jesse A.
Brewer Jr. Park. The City of Los Angeles owns a portion of Parking Lot 2. We have appraised Parking
Lots 1, 2, & 3, in their entirety, and apportioned the fair market value and fair market rent of the State-
owned land in each of these three lots simply based on land area. For the purpose of this appraisal, we
are providing a fair market value and fair market rent of six individual parking lots.
The six parking lots are summarized below.
SUBJECT PROPERTY SUMMARY

Parking Lot #1 400 Stalls APNs Ownership Zoning
Total Gross Site Area 2.65 Acres 115,616 SF Portions of 5037-027-927 State of California RD1.5-1
Total Net Site Area 2.46 Acres 107,199 SF Portions of 5037-027-928 State of California RD4-1
Gross Site Area (State of CA) 1.49 Acres 64,805 SF Portions of 5037-027-933 State of California C2-1
Net Site Area (State of CA) 1.36 Acres 59,225 SF Portions of 5037-027-934 State of California RD4-1

Total Gross Site Area 9.17 Acres 399,593 SF 5037-027-923 State of California RD1.5-1
Total Net Site Area 8.90 Acres 387,610 SF 5037-027-926 State of California RD1.5-1
Gross Site Area (State of CA) 8.84 Acres 385,184 SF 5037-027-927 State of California RD1.5-1
Net Site Area (State of CA) 8.62 Acres 375,627 SF 5037-027-932 State of California RD4-1

Total Gross Site Area 3.59 Acres 156,547 SF 5037-028-903 State of California OS (Open Space)
Total Net Site Area 3.02 Acres 131,575 SF Portion of 5037-028-904 State of California OS (Open Space)
Gross Site Area (State of CA) 3.42 Acres 148,768 SF Portion of 5037-028-912 State of California OS (Open Space)
Net Site Area (State of CA) 2.85 Acres 124,214 SF Portion of 5037-028-914 State of California OS (Open Space)

Net Site Area 1.50 Acres 65,221 SF Portion of 5037-027-937 State of California OS (Open Space)

Parking Lot #6 1,200 Stalls APNs Ownership Zoning

Net Site Area 6.82 Acres 297,195 SF 5037-027-810 State of California OS (Open Space)
Portion of 5037-027-937 State of California OS (Open Space)
Source: PSOMAS Engineering (March 8, 2012). "Gross" is defined as the area of the subject fee parcel as legally described hereon and "Net" is defined as the remaining
subject parcel after subtraction of existing street easements.
Parking Lot 1 is situated at the northeast corner of Vermont Avenue and Martin Luther King
Boulevard. It has additional frontage and access along Bill Robertson Lane. The site totals
approximately 107,199 square feet of net site area. The State of California owns three non-
contiguous parcels of approximately 59,225 square feet of net site area. The Los Angeles
Memorial Coliseum Commission (City of Los Angeles) owns two non-contiguous parcels and an
alley of approximately 47,974 square feet of net site area.
Parking Lot 2 is situated on the west side of Bill Robertson Lane, north of Martin Luther King
Boulevard. It does not have access frontage on Vermont Avenue since the east side of Vermont
Avenue is improved with a streetscape. The site totals approximately 387,610 square feet of net
site area. The State of California owns approximately 675,627 square feet of net site area. The City
of Los Angeles owns a street of approximately 11,983 square feet of net site area.
Parking Lot 3 is situated on the west side of Bill Robertson Lane, south of Exposition Boulevard. It
does not have frontage on Vermont Avenue, which is improved with streetscape. It is north of 39th
Street, a tertiary street. The site totals approximately 131,575 square feet of net site area. The
State of California owns approximately 124,214 square feet of net site area. The City of Los
Angeles owns a 20-foot alley and northern portion of 39th Street of approximately 7,361 square feet
of net site area.
Parking Lot 4 is situated on the west side of Hoover Street, north of Martin Luther King Jr.
Boulevard. The site totals approximately 65,221 square feet of net site area.
Parking Lot 5 is situated at the northwest corner of Martin Luther King Jr. Boulevard and Hoover
Street. The site totals approximately 77,061 square feet of net site area.
Parking Lot 6 is situated at the northwest corner of Martin Luther King Jr. Boulevard and Figueroa
Street, extending west to the east side of Hoover Street. The site totals approximately 297,195
square feet of net site area.
Various operating and use agreements impact Parking Lots 1 thru 6. Parking Lots 1 thru 6 are primarily
used for special event parking, such as football games, concerts, and/or filming at the Coliseum and Los
Angeles Sports Arena. Additionally, Parking Lot 3 is used as daily parking for the Natural History Museum.
Parking Lot 2 consists of a playfield that has an agreement for the use of 191 free parking spaces for the
community. The playfield is used as parking for special events.
All of the parking lots are zoned Open Space. Parking Lots 1 and 2 are currently zoned commercial and
residential; however, a new neighborhood community plan will change the zoning to Open Space. A deed
restriction limits the use of Parking Lots 4 through 6 for the purpose of holding exhibitions of horses,
cattle, and other stock, and all agricultural, horticultural, viticultural, mechanical, manufacturing and
domestic products of Agricultural District No. 6 (Book 139, Deed 219).
Data, information, and calculations leading to the value conclusions are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an
integral part of, and inseparable from, this letter.
Based on the analysis contained in the following report, and after considering the extraordinary
assumptions and hypothetical conditions listed in the Executive Summary section of this report, the market
value opinion for the subject is concluded as follows:
MARKET VALUE CONCLUSION

Appraisal Premise Interest Appraised Date of Value Conclusion $/Stall $/SF
Fair Market Value "As Is"
Parking Lot 1 Fee Simple March 9, 2012 $280,000 $700 $4.73
Parking Lot 2 Fee Simple March 9, 2012 $3,273,000 $4,091 $8.71
Parking Lot 4 Fee Simple March 9, 2012 $505,000 $2,020 $7.74
Fair Market Rent "As Is"

Parking Lot 1 Leased Fee March 9, 2012 $35,535 $0.05
The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the
reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based
on, and this report has been prepared in conformance with, our interpretation of the guidelines and
recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the
requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute, Title XI Regulations, the appraisal guidelines of State of California Department of
General Services Real Estate Services Division, and all applicable local and state requirements.
It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis,
or if we can be of further service, please contact us.
Respectfully submitted,
GRUBB & ELLIS

LANDAUER VALUATION ADVISORY SERVICES, LLC
Joy Kwong D. Michael Mason, MAI, SRA

Associate Vice President Managing Director - Los Angeles
Certified General Real Estate Appraiser Certified General Real Estate Appraiser
CA AG04469; Exp. August 26, 2012 CA AG001673; Exp. March 19, 2014
Phone: 213.725.3227 Phone: 213.785.3229
E-Mail: joy.kwong@grubb-ellis.com E-Mail: mike.mason@grubb-ellis.com
SIX PARKING LOTS AT THE COLISEUM CERTIFICATION
CERTIFICATION
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in the property that is the subject of this report and have no
personal interest with respect to the parties involved.
4. We have no bias with respect to the property that is the subject of this report or to the parties involved with
this assignment.
5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.
6. Our 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.
7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute.
8. Joy Kwong and D. Michael Mason, MAI, SRA have made a personal inspection of the property that is the
subject of this report.
9. No one provided significant real property appraisal assistance to the people signing this certification.
10. The appraisers have performed no other services, as an appraiser or in any other capacity regarding the
subject property within the three year period immediately preceding the date of acceptance of this
assignment.
11. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice.
12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly
authorized representatives.
13. As of the date of this report, D. Michael Mason, MAI, SRA has completed the continuing education program
of the Appraisal Institute.
14. As of the date of this report, Joy Kwong has completed the Standards and Ethics Education required as an
Associate Member of the Appraisal Institute.
15. This appraisal report has been prepared in accordance with the appraisal guidelines of the State of
California Department of General Services Real Estate Services Division.
Joy Kwong D. Michael Mason, MAI, SRA

Associate Vice President Managing Director - Los Angeles
Certified General Real Estate Appraiser Certified General Real Estate Appraiser
CA AG04469; Exp. August 26, 2012 CA AG001673; Exp. March 19, 2014
CERTIFICATION

SIX PARKING LOTS AT THE COLISEUM SUBJECT PHOTOGRAPHS
AERIAL VIEW OF SUBJECT & SURROUNDINGS
BIRDSEYE VIEW OF SUBJECT LOOKING NORTH
SUBJECT PHOTOGRAPHS

BIRDSEYE VIEW OF SUBJECT LOOKING SOUTH
SUBJECT PHOTOGRAPHS

PHOTO 1 PARKING LOT #1, LOOKING EAST/ VIEW

OF SWIMMING STADIUM AND COMMUNITY CENTER PHOTO 2 PARKING LOT #2 PLAYFIELD
PHOTO 3 PARKING LOT #2/ VIEW OF COLISEUM PHOTO 4 PARKING LOT #3, LOOKING WEST
PHOTO 5 PARKING LOT #4, LOOKING NORTH,

VIEW OF THE COLISEUM PHOTO 6 PARKING LOT #5, LOOKING EAST
SUBJECT PHOTOGRAPHS

PHOTO 8 PARKING LOT #6, LOOKING NORTH/

PHOTO 7 PARKING LOT #6, LOOKING EAST VIEW OF THE L.A. SPORTS ARENA
PHOTO 9 TWO-SIDED BILLBOARD ON LOT #6 PHOTO 10 TWO-SIDED BILLBOARD ON LOT #1
PHOTO 11 MARTIN LUTHER KING BOULEVARD, PHOTO 12 MARTIN LUTHER KING BOULEVARD,
LOOKING WEST LOOKING EAST
SUBJECT PHOTOGRAPHS

PHOTO 13 FIGUEROA STREET, LOOKING

NORTH/ ACCESS TO LOT #6 PHOTO 14 VERMONT AVENUE, LOOKING SOUTH
PHOTO 15 NORTHEASTERLY VIEW OF PHOTO 16 HOOVER STREET, LOOKING NORTH/

PARKING LOT #1, FROM MLK JR./VERMONT AV. ACCESS TO LOTS #4, #5, AND #6
PHOTO 17 BILL ROBERSTON LANE, LOOKING

NORTH/ ACCESS TO LOTS #1, #2, AND #3 PHOTO 18 MTA EXPOSITION LINE PLATFORM
SUBJECT PHOTOGRAPHS

SIX PARKING LOTS AT THE COLISEUM EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
Property Name Six Parking Lots at the Coliseum

Location Martin Luther King Jr. Boulevard & Vermont Avenue
County Los Angeles
Metropolitan Statistical Area Los Angeles
Census Tract 2312.2
Appraisal Data
Interest Appraised - As Is Fee Simple
Effective Valuation Date - As Is March 9, 2012
Report Date March 19, 2012
Highest & Best Use - As Vacant Parking Lots
Highest & Best Use - As Improved Continued Use As Parking Lots
Physical Data Net Site Area (Owned by State of California)

Parking Lot 1 59,225 SF
Total No. of Stalls 3,400
Property Condition Good
Zoning OS, Open Space
Fair Market Value "As Is" $ Nominal Stalls $/Stall SF $/SF

Parking Lot 1 $280,000 400 $700 59,225 SF $4.73
Parking Lot 2 $3,273,000 800 $4,091 375,627 SF $8.71
Parking Lot 3 $5,273,000 500 $10,546 124,214 SF $42.45
Parking Lot 4 $505,000 250 $2,020 65,221 SF $7.74
Parking Lot 5 $534,000 250 $2,136 77,061 SF $6.93
Parking Lot 6 $3,545,000 1,200 $2,954 297,195 SF $11.93
Fair Market Rent "As Is" $ Nominal SF $/SF/Mo.

Parking Lot 1 $35,535 59,225 SF $0.05
Parking Lot 2 $315,527 375,627 SF $0.07
Parking Lot 3 $521,699 124,214 SF $0.35
Parking Lot 4 $46,959 65,221 SF $0.06
Parking Lot 5 $55,484 77,061 SF $0.06
Parking Lot 6 $356,634 297,195 SF $0.10
Est. Exposure Time 12 months
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS
Extraordinary Assumptions
Extraordinary assumptions are defined in the Uniform Standards of Professional Appraisal Practice as
...an assumption, directly related to a specific assignment, which, if found to be false, could alter the
appraisers opinions or conclusions.
EXECUTIVE SUMMARY

SIX PARKING LOTS AT THE COLISEUM EXECUTIVE SUMMARY
Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal or
economic characteristics of the subject property; or about conditions external to the property, such as
market conditions or trends; or about the integrity of data used in an analysis.
This appraisal employs the following extraordinary assumptions:
The appraisers relied upon the most recent Land Survey performed by PSOMAS Engineering, last
updated on March 8, 2012. We assume the data utilized is correct and reserve the right to amend the
site area reported herein should the actual square footages change.
The University of Southern California (USC) provided us with the total number of parking stalls. We
reserve the right to amend the numbers should a more accurate number of parking stalls be provided.
With respect to the Food and Agricultural Code (Section 4106), there is a provision that indicates,
Neither the City of Los Angeles nor the County of Los Angeles shall impose any tax upon tickets
purchased authorizing the use of parking facilities owned by the California Science Center. The intent
of the legislation is to ensure sufficient parking and encourage a revenue source to support the
museums. Our appraisal includes an extraordinary assumption that if the parking lots were owned by a
private party, then the city or county would collect the parking occupancy tax. Therefore, we have
included the parking occupancy tax as an expense in the pro-forma.
We did not receive the breakdown of the historical operating statements, and have relied upon data
provided by both clients. We reserve the right to amend our assumptions should more accurate
historical data be provided.
Each of the subject properties is being valued separately without regard to any of the other parcels.
They are currently operated by Classic Parking under a single management agreement but we have
assumed they will be separately owned and operated without regard to the operation of the other lots.
There can be efficiencies in operating all the lots together which would not be available to separate,
unrelated parties, operating a single parking lot. As a result, the value conclusion could be lower if all
six properties were valued together as if they were sold to one entity in a single transaction.
Hypothetical Conditions
Hypothetical conditions are defined in the Uniform Standards of Professional Appraisal Practice as ...that
which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic
characteristics of the subject property; or about conditions external to the property, such as market
conditions or trends; or about the integrity of data used in the analysis.
This appraisal employs the following hypothetical conditions: None.
EXECUTIVE SUMMARY

SIX PARKING LOTS AT THE COLISEUM TABLE OF CONTENTS
TABLE OF CONTENTS
INTRODUCTION................................................................................................................................................................................ 1
REGIONAL ANALYSIS ...................................................................................................................................................................... 6
NEIGHBORHOOD ANALYSIS ......................................................................................................................................................... 14
MARKET ANALYSIS........................................................................................................................................................................ 21
SITE ANALYSIS............................................................................................................................................................................... 28
ZONING ........................................................................................................................................................................................... 37
IMPROVEMENT ANALYSIS ............................................................................................................................................................ 42
ASSESSMENT & TAXES ................................................................................................................................................................ 44
HIGHEST & BEST USE ................................................................................................................................................................... 45
APPRAISAL METHODOLOGY ........................................................................................................................................................ 47
INCOME CAPITALIZATION APPROACH ........................................................................................................................................ 48
RECONCILIATION........................................................................................................................................................................... 70
ASSUMPTIONS & LIMITING CONDITIONS .................................................................................................................................... 71
ADDENDA
ADDENDUM A: DEFINITIONS
ADDENDUM B: RENT COMPARABLES I
ADDENDUM C: RENT COMPARABLES II
ADDENDUM D: CLIENT ENGAGEMENT LETTER
ADDENDUM E: APPRAISERS QUALIFICATIONS
TABLE OF CONTENTS

SIX PARKING LOTS AT THE COLISEUM INTRODUCTION
INTRODUCTION
In the following section, we identify the subject property and ownership, the intended use and users of the
appraisal, the property rights appraised, dates of value, definition of market value, scope of work, and
estimate of exposure and marketing time.
IDENTIFICATION OF THE PROPERTY
The subject property consists of six parking lots commonly known as Parking Lots 1 thru 6. Parking Lots 1
thru 6 are all located on Exposition Park property. Exposition Park is bounded by Exposition Boulevard to
the north, Figueroa Street to the east, Martin Luther King Jr. Boulevard to the south, and Vermont Avenue
to the west. It consists of approximately 160-acres located immediately south of the University of Southern
California. Exposition Park offers a collection of world-class museums, sport facilities and recreational
areas that provide diverse cultural, entertainment and educational activities: Natural History Museum of
Los Angeles County, African-American Museum, California Science Center, the Coliseum, Los Angeles
Sports Arena, and Exposition Park Intergenerational Community Center (EPICC).
SUBJECT PROPERTY SUMMARY

Total Gross Site Area 2.65 Acres 115,616 SF Portions of 5037-027-927 State of California RD1.5-1
Total Net Site Area 2.46 Acres 107,199 SF Portions of 5037-027-928 State of California RD4-1
Gross Site Area (State of CA) 1.49 Acres 64,805 SF Portions of 5037-027-933 State of California C2-1
Net Site Area (State of CA) 1.36 Acres 59,225 SF Portions of 5037-027-934 State of California RD4-1

Total Gross Site Area 9.17 Acres 399,593 SF 5037-027-923 State of California RD1.5-1
Total Net Site Area 8.90 Acres 387,610 SF 5037-027-926 State of California RD1.5-1
Gross Site Area (State of CA) 8.84 Acres 385,184 SF 5037-027-927 State of California RD1.5-1
Net Site Area (State of CA) 8.62 Acres 375,627 SF 5037-027-932 State of California RD4-1

Total Gross Site Area 3.59 Acres 156,547 SF 5037-028-903 State of California OS (Open Space)
Total Net Site Area 3.02 Acres 131,575 SF Portion of 5037-028-904 State of California OS (Open Space)
Gross Site Area (State of CA) 3.42 Acres 148,768 SF Portion of 5037-028-912 State of California OS (Open Space)
Net Site Area (State of CA) 2.85 Acres 124,214 SF Portion of 5037-028-914 State of California OS (Open Space)


Parking Lot #6 1,200 Stalls APNs Ownership Zoning

Net Site Area 6.82 Acres 297,195 SF 5037-027-810 State of California OS (Open Space)
CURRENT OWNERSHIP HISTORY

The State of California is the underlying fee owner of a majority of Exposition Parks 160-acres. Within
Exposition Park, the City of Los Angeles owns the Rose Garden and Expo Center areas and the Los
Angeles Memorial Coliseum Commission owns portions of Parking Lots 1 and 3 and a portion of Jesse A.
Page | 1

Brewer Jr. Park. The City of Los Angeles owns a portion of Parking Lot 2. We have appraised Parking
Lots 1, 2, & 3, entirely, and apportioned the fair market value and fair market rent of the State-owned land.
Some of the major stakeholders operating at the park are the State of California, the 6th District Agricultural
Association (also known as, the California Science Center), the California African American Museum, the
City of Los Angeles, the County of Los Angeles, the California Science Center Foundation, and the
University of Southern California.
The Coliseum and Sports Arena are under the authority of the Los Angeles Memorial Coliseum
Commission pursuant to a December 30, 1955 Management Agreement, as amended and restated,
formed under the Joint Exercise of Powers Act. The Commission holds the rights, title and interest in the
Coliseum, Sports Arena, incidental and accessory buildings, structures, and appurtenances. The
Commission currently has long term ground leases with the State of California that expire on December
31, 2054. The State of California owns the underlying leased fee interest in the land.
The Natural History Museum of Los Angeles County is under the authority of the County of Los Angeles.
The County operates the museum under a long term ground lease with the State of California.
In 2006, the city of Los Angeles passed an Ordinance (No. 177558) to create the Coliseum District
Specific Plan. The intent was to attract an NFL football team to the Coliseum and repair the facility. Since
then, Los Angeles shifted the focus of attracting an NFL football team to a location near the Staples
Center/Convention Center.
In 2007, the University of Southern California expressed interest in buying the Coliseum and surrounding
parking lots. A deal was never reached.
Since December 2011, the Coliseum Commission has held discussions with Secretary Anna Caballero,
head of the State and Consumer Services Agency, regarding the USC-Coliseum Commission lease
negotiations. An initial meeting was held on December 16, 2011, followed by a second meeting on
January 26, 2012. In response to a list of issues presented to the Commission at the January 26 meeting,
a series of responses was transmitted to Secretary Caballero on February 6, 2012.
To the best of our knowledge, the property has not been sold or had any other transfers within the past
three years.
INTENDED USE AND USERS OF THE APPRAISAL
This appraisal is to be used for asset management and planning purposes. The intended users are
University of Southern California and State of California Department of General Services, both our clients
for this appraisal service.
PROPERTY RIGHTS APPRAISED
We have appraised the fee simple interest of the subject property.
Page | 2

The following definition is from the Dictionary of Real Estate Appraisal, Fifth Edition (2010), published by
the Appraisal Institute.
Fee Simple Interest: 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.
Additional, applicable appraisal definitions are presented in the Addenda.
RELEVANT DATES
The date of inspection of the subject property was March 9, 2012. The date of the report is March 19,
2012 (Final). Relevant dates are summarized in the subsequent table.
DATE OF VALUES SUMMARY

Premise Interest Appraised Effective Date of Appraisal
Fair Market Value "As Is" Fee Simple March 9, 2012
Fair Market Rent "As Is" Leased Fee March 9, 2012
DEFINITION OF FAIR MARKET VALUE
As defined by the California Code of Civil Procedure, Section 1263.320, fair market value is defined as:
a) The fair market value of the property taken is the highest price on the date of valuation that would
be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so
doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular
necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes
for which the property is reasonably adaptable and available; and
b) The fair market value of property taken for which there is no relevant, comparable market is its
value on the date of valuation as determined by any method of valuation that is just and equitable.
DEFINITION OF FAIR MARKET RENTAL VALUE

The following definition is adapted from the Dictionary of Real Estate Appraisal, Fifth Edition (2010),
published by the Appraisal Institute.
The most probable rent that a property should bring in a competitive and open market reflection all
conditions and restrictions of a lease agreement, including permitted uses, use restrictions, expense
obligations, term, concessions, renewal and purchase options, and tenant improvements (TIs).
SCOPE OF WORK
The scope of work refers to the type and extent of research and analyses employed in the appraisal
assignment and presented in the appraisal report.
Page | 3

This appraisal is presented in the form of a self-contained appraisal report, which is intended to comply
with the reporting requirements set forth under Standards Rule 2-2(b) of USPAP. That is, this report
incorporates a summarized practical explanation of the data, reasoning and analysis that were used to
develop the opinion of value.
The two valuation scenarios estimated are as follows:
1. The Fair Market Value of the subject property based on the as is value under the appraiser
concluded highest and best use.
2. The Fair Market Rent of the subject property under the appraiser concluded highest and best use.
The Extent to Which the Property was Identified
The subject is identified via the real estate tax parcel number, and legal description.
The Extent to Which the Property was Inspected
The subject property and surrounding neighborhood was inspected by Joy Kwong and D. Michael Mason,
MAI on March 9, 2012.
The Type and Extent of Data Researched
We physically observed the micro and/or macro market environments with respect to physical and
economic factors relevant to the valuation process; expanded this knowledge through interviews with
regional and/or local market participants, and available published data and other various resources. To
this extent, we conducted all applicable regional and/or local research with respect to:
Exposure and marking time;
Neighborhood and land use trends;
Demographic trends;
Market trends relative to the subject property type;
Flood zone status;
Zoning requirements and compliance;
Real estate tax data;
Comparable listing and sales data;
Comparable rental data; and
Comparable income and expense data.
The data has been analyzed and confirmed with sources assumed to be reliable.
Page | 4

The Type and Extent of Analyses Applied
We analyzed the property and market data gathered through the use of accepted market-derived methods
and procedures, employed the appropriate approaches to value, and correlated and reconciled the results
into an estimate of market value, as defined within the appraisal report.
EXPOSURE AND MARKETING TIME

Current appraisal guidelines require an estimate of a reasonable time period in which the subject property
could be brought to market and sold. This reasonable time frame can either be examined historically or
prospectively. In a historic analysis, this is referred to as exposure time. Exposure time always precedes
the date of value with the underlying premise being the time a property would have been on the market
prior to the date of value, such that it would sell at its appraised value as of the date of value. On a
prospective basis, the term marketing time is most often used. The exposure / marketing time is a function
of price, time, and use. It is not an isolated estimate of time alone. It is different for various types of real
estate and under various market conditions.
In estimating an appropriate exposure / marketing time for the subject property, we considered broker
interviews as well as recent sales of parking lots throughout the Greater Los Angeles market. We are
unaware of any investor surveys that focus on marketing and exposure time for parking facilities. Our
findings are presented in the following chart.
EXPOSURE & MARKETING TIME

Source Comment
Market Participants 1 to 3 months
Parking Lot Sales in Los Angeles 6 to 12 months
GEL Conclusion 12 Months or Less
Based on our discussions, we have concluded an exposure/marketing time of 12 months or less would be
considered reasonable for the subject property. This exposure/marketing time reflects current economic
conditions, current real estate investment market conditions, the terms and availability of financing for real
estate acquisitions, and property and market-specific factors. It assumes that the subject property is (or
has been) actively and professionally marketed. The exposure / marketing time would apply to all
valuation premises included in this report.
Page | 5

REGIONAL ANALYSIS
The map below depicts the subjects physical location within the Los Angeles-Long Beach Metropolitan
Statistical Area (MSA).
TRANSPORTATION
The Los Angeles region is a classic example of the multiple nuclei theory of urbanization. Its formation
into an urban conglomerate of multiple centers was facilitated by the proliferation of automobiles and the
construction of numerous highways and interstate freeways. These are complemented by international
and regional airports, the port facilities and rail lines conveniently situated throughout the region.
While Los Angeles basin is served by all modes of transportation, the dominance of the highway system is
evident. The region is crisscrossed by 650-miles of freeways connecting the area to all others areas of
Southern California and the southwestern United States. In addition to the freeways, there is a large
network of highways and thoroughfares providing surface road transport throughout the entire basin. The
Los Angeles basin has become the transportation and distribution hub for the entire southwest U.S.
Aside from the growing light-rail system (Metro), passenger (Metrolink) and freight rail (UPRR and BNSF)
links are found throughout the Los Angeles, Orange County, and San Diego area. Amtrak connections
provide service to other parts of the continental U.S. and Canada. Although seeking funding and
Page | 6

entitlements are still major impediments despite, the proposed high speed rail project is anticipated to
connect travelers from Los Angeles to San Francisco and from Los Angeles to Las Vegas.
The proximity of several international and regional airports and deep-water ports in the region has been an
important factor in the growth of international trade, as well. Los Angeles International Airport is one of the
busiest commercial airports in the United States. Twenty-three miles south of Downtown, the Ports of Los
Angeles/Long Beach provide sea transportation and cargo facilities, and combined represents the United
States busiest port.
POPULATION
Los Angeles Countys population at approximately 10 million is by far the most populous county in the
state and region. The urbanized central and southern portions of Los Angeles County are almost fully
developed. Only the northern portion of the county has significant developable land remaining for future
growth. However, these areas are separated from the urbanized areas by natural barriers. Growth in
older parts of the county will be primarily in-fill of vacant parcels and redevelopment of older properties.
Population trends in Los Angeles County and California are summarized in the following table.
POPULATION TRENDS
Los Angeles County California
% %
Year Population Change Population Change
U.S. Census
1970 7,041,980 - 19,953,134 -
1980 7,477,421 0.60% 23,667,902 1.72%
1990 8,863,164 1.71% 29,760,021 2.32%
2000 9,519,338 0.72% 33,871,648 1.30%
2010 9,818,605 0.31% 37,253,956 0.96%
Calif. Dept. of Finance (as of July 1st)
2000 9,543,983 - 34,001,000 -
2001 9,635,795 0.96% 34,513,000 1.51%
2002 9,722,444 0.90% 34,938,000 1.23%
2003 9,791,022 0.71% 35,389,000 1.29%
2004 9,822,508 0.32% 35,753,000 1.03%
2005 9,809,557 -0.13% 35,986,000 0.65%
2006 9,787,327 -0.23% 36,247,000 0.73%
2007 9,773,894 -0.14% 36,553,000 0.84%
2008 9,796,812 0.23% 36,856,000 0.83%
2009 9,805,233 0.09% 37,077,000 0.60%
2010 9,827,070 0.22% 37,318,000 0.65%
2011 9,857,567 0.31% 37,579,000 0.70%
Sources: U.S. Census; Calif. Dept. of Finance
During the period between 1970 and 1980, the county's population grew at an average annual compound
rate of 0.60%. This was slow compared to Californias rate of 1.72% during the same decade. This was
due to Los Angeles Countys already large size as well as its earlier historical development in the early
Page | 7

part of the 20th Century compared to other more suburban counties such as neighboring Orange County.
During the 1980s, growth accelerated in Los Angeles County to 1.71% annual compound growth while the
states growth increased at an even faster pace of 2.32%. Population growth slowed within both
jurisdictions between 1990 and 2000 with Los Angeles County increasing at 0.72% annually while
California increased at a rate of 1.30%. However, this slowed growth still equated to an average annual
population increase of over 65,000 persons per year in Los Angeles County during the 1990s. The
annual rate of growth has continued to decline in recent years with compound annual increases of 0.31%
in Los Angeles County and 0.96% in California from 2000 to 2010, the date of the last census. The
slowing of the population growth rate in Los Angeles County has resulted from a variety of factors
including the growing scarcity of available land for new development within the county.
The Los Angeles basins demographic patterns are shifting. For the past 10 years, there was substantial
population growth in the high-income, family-oriented, 35-54 age groups. Over the next 10 years,
however, the largest population gains will be in the 55-plus age group and the population aged 20 to 34.
In addition, the regions population growth is increasingly driven by natural increase and less so from
either foreign or domestic migration.
EDUCATION
The Southern California region is home to some of the nations most renowned research institutions. In
2010, U.S. World News & Reports ranked the California Institute of Technology (Cal Tech) in Pasadena as
the #5 Best undergraduate Engineering Programs in the nation. Among some of the best undergraduate
schools are #23 University of Southern California (USC) and #25 University of California Los Angeles
(UCLA), both located in Los Angeles. Just 35 miles east of downtown Los Angeles are The Claremont
Colleges, which comprise five of the best ranked liberal arts colleges in the US.
EMPLOYMENT AND INDUSTRY

The sheer size of the regions economy is its most important asset. As a country, the Los Angeles-Long
Beach-Santa Ana MSA area would be ranked 15th in the world in terms of Gross Domestic Product (GDP)
(LAEDC 2011). According to Stanford Universitys Continuing Study of the California Economy (CCSCE),
the Los Angeles Basins economic base possesses formidable size and long-term strengths. Strengths
include:
The nations largest tourism and entertainment complex. Visitor levels and related spending are
rising.
The nations largest port and airport complex and the worlds fifth largest container cargo port. A
surge in imports from Pacific Rim markets, led by China, has pushed trade volumes to record
levels over the past decade. Private and public capital is being invested to increase port and
related transportation capacity, as trade volumes are projected to rise rapidly in the next two
decades.
A growing presence in the high-growth, high-wage professional information services complex. The
Los Angeles basin is a major force in architecture, design, and management and technical
Page | 8

consulting services.
A diversified manufacturing sector that is still among the nations largest, despite substantial recent
losses.
A large financial services complex that serves both domestic and international markets.
Los Angeles Countys economic base is different from that of other California regions. It is the only region
where Diversified Manufacturing and Wholesale Trade and Transportation account for a higher than
average share of basic jobs. It is also the only California region where Tourism and Entertainment sectors
account for more basic jobs than Government.
FOREIGN TRADE
The San Pedro Bay Ports (Ports of Los Angeles and Long Beach) represent the largest man-made
facilities on the West Coast providing break-bulk, dry-bulk, general containerized, and liquid cargo
shipping. These, combined with the Los Angeles and Ontario international airports and Orange Countys
John Wayne airport represent the Los Angeles Customs District, which is the largest port/airport complex
in the U.S. According to the World Port Rankings in 2010, it is the 6th largest container complex in the
world terms of container traffic the world behind Singapore, Shanghai, Hong Kong, Shenzen, and Busan.
The following table shows the historical value of two-way trade in billions of dollars for the Los Angeles
Customs District and the historical port volume by physical cargo units in TEUs (equivalent to one 20-foot
cargo container) for the ports of Los Angeles and Long Beach.
HISTORICAL PORT CARGO VOLUME

Port of Port of Total %
Year Los Angeles Long Beach Containers Change
1995 2,500,000 2,843,502 5,343,502 -
1996 2,700,000 3,067,334 5,767,334 7.9%
1997 2,900,000 3,504,602 6,404,602 11.0%
1998 3,400,000 4,097,689 7,497,689 17.1%
1999 3,828,850 4,408,480 8,237,330 9.9%
2000 4,879,428 4,600,787 9,480,215 15.1%
2001 5,183,519 4,462,967 9,646,486 1.8%
2002 6,105,863 4,526,365 10,632,228 10.2%
2003 7,178,940 4,658,124 11,837,064 11.3%
2004 7,385,227 5,779,852 13,165,079 11.2%
2005 7,484,624 6,709,818 14,194,442 7.8%
2006 8,469,853 7,290,365 15,760,218 11.0%
2007 8,355,039 7,312,465 15,667,504 -0.6%
2008 7,849,985 6,487,816 14,337,801 -8.5%
2009 6,748,995 5,067,597 11,816,592 -17.6%
2010 7,831,902 6,263,499 14,095,401 19.3%
2011 7,940,510 6,061,085 14,001,595 -0.7%
Sources: Port of Los Angeles; Port of Long Beach
Excluding the peak recessionary year of 2001, Los Angeles county ports recorded double-digit trade
volume increases in every year from 1997 through 2004, still with a substantial gain in 2005 of 7.8%,
Page | 9

rebounding in 2006, but with the first decrease in over 30 years occurring in 2007. While the value of the
U.S. dollar weakened substantially against foreign currencies in 2007 increasing U.S. exports, the
increase in exports were not enough to offset the decline in U.S. consumption and resulting decline in
import volume. Trade volume declined 25.02% from the peak in 2006 through 2009, reflecting continued
weak consumer spending, the problems in the housing market, and the deep US recession. Trade
volumes recovered in 2010, although they are still somewhat less than the peak volumes reached in 2006
and 2007.
While the container volumes at the ports of Los Angeles and Long Beach are showing continuing
recovery, the physical volume of trade at the ports of Los Angeles and Long Beach are projected to grow
from its most recent high of nearly 16 million TEUs in 2006 to 42 million over the next 20 years. The Los
Angeles County Economic Development Corporation (LAEDC) reports this level of growth is possible even
as shippers diversify their portfolio of favored ports and the expansion of the Panama Canal. Los Angeles
County will benefit from rising trade volumes even if the regions share of international trade does not
grow. However, even though the Alameda Corridor which opened in 2002 now allows faster transfer of
cargo from the ports to downtown rail centers significant infrastructure issues remain to be resolved
related to moving shipments by truck to Inland Empire distribution centers in order for the ports growth
potential to be realized.
Manufacturing
The Los Angeles metropolitan area has also completed a transition in the structure of jobs comprising the
economy over the past two decades. According to CCSCE, in 1972 there were three jobs in Aircraft,
Space, and Defense for every job in Motion Pictures. In 2001, there were 80,000 more jobs in motion
pictures than in aircraft. Most aerospace firms left the region in the 1980s and early 1990s.
Even with the loss of the aerospace and aircraft related manufacturing businesses, the region has still has
the nations largest diversified manufacturing sector. The region accounts for more than 60% of
Californias $200 billion in diversified manufacturing output. Since 1986, the region claimed 5.3% of the
nations diversified manufacturing jobs. This sector is threatened by global competition and cheaper labor
from emerging countries in Asia and Latin America. The region is projected to see further job losses in
diversified manufacturing in line with projections of declines in manufacturing nationally.
Professional, Business, and Information Services
Professional, Business, and Information Services is the largest industry group in the Los Angeles Basin.
This sector will account for more than two thirds of the regions basic industry job growth in the next ten
years. The relationship between professional services and manufacturing will become increasingly linked.
First, manufacturing has a larger contribution from service sector inputs - design, engineering, and
software. Second, some manufacturing job losses are really the result of contracting out services that
were formerly done in house - accounting, software, data management, and engineering. Management
and technical consulting, architectural & engineering services and employment services are the leading
growth industries in this sector.
Page | 10

Tourism and Entertainment
Tourism and Entertainment is the fourth component to the regions economic base. Tourism sector has
risen and fallen several times since 1990 with the most gains occurring between 1994 and 2000, and a
slowdown between 2001 and 2004 as a result of the events surrounding 9/11. Despite the threat of
runaway production, in which other US states and countries began offering tax incentives for film
production, over half of the U.S. film industry output is produced in the Los Angeles region as it continues
to attract and retain talent.
HISTORICAL JOB GROWTH AND UNEMPLOYMENT RATES

The following table presents the historical performance of the Los Angeles County economy as well as the
countys historical unemployment rate compared to the state and the U.S. historically.
Page | 11

LOS ANGELES COUNTY EMPLOYMENT HISTORY

Annual Averages
Employment Category 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Mining and Logging 3,400 3,800 3,700 3,800 3,800 3,700 4,000 4,400 4,400 4,100 4,200 4,100
Construction 131,700 136,800 134,500 134,600 140,200 148,700 157,500 157,600 145,200 117,300 104,300 100,075
Manufacturing 612,200 577,900 534,800 500,000 483,600 471,700 461,700 449,200 434,500 389,200 374,200 373,358
Trade, Transportation & Utilities 786,000 789,800 782,700 774,900 781,600 795,400 814,100 818,500 803,300 742,700 738,400 736,508
Information 243,700 226,300 207,300 202,300 211,900 207,600 205,600 209,800 210,300 191,200 192,400 204,950
Financial Activities 222,800 227,200 230,800 237,900 239,600 242,100 246,700 243,800 233,300 216,000 209,200 206,750
Professional & Business Services 587,900 588,000 575,000 559,900 562,400 576,100 598,900 605,400 582,600 529,800 526,100 530,692
Educational & Health Services 418,500 433,900 452,200 462,300 469,000 473,200 480,800 492,700 505,800 514,600 522,700 534,917
Leisure & Hospitality 344,700 348,500 354,200 362,600 372,800 377,800 388,600 397,900 401,600 385,600 384,600 390,742
Other Services 140,000 143,200 145,600 145,500 144,700 144,300 145,200 147,100 146,100 137,900 136,300 135,000
Government 581,300 598,300 606,100 599,300 587,100 583,700 589,400 595,700 603,700 595,800 576,600 567,492
Total 4,072,200 4,073,700 4,026,900 3,983,100 3,996,700 4,024,300 4,092,500 4,122,100 4,070,800 3,824,200 3,769,000 3,784,583
Annual Change 1,500 -46,800 -43,800 13,600 27,600 68,200 29,600 -51,300 -246,600 -55,200 15,583
Unemployment Rates
Los Angeles County 5.4% 5.7% 6.8% 7.0% 6.5% 5.4% 4.8% 5.1% 7.5% 11.5% 12.6% 12.2%
California 4.9% 5.4% 6.7% 6.8% 6.2% 5.4% 4.9% 5.3% 7.2% 11.3% 12.4% 11.8%
U.S. 4.0% 4.7% 5.8% 6.0% 5.5% 5.1% 4.6% 4.6% 5.8% 9.3% 9.6% 8.9%
Sources: California Employment Development Dept.; U.S. Burea of Labor Statistics
As indicated in the above table, Los Angeles County sustained substantial jobs losses for three consecutive years from 2008 through
2010 during the height of the Great Recession. The steepest losses occurred in 2009 with job growth resuming in late 2010. While
2011 recorded the first net job gains for the county since 2007, the gains were very modest. In addition, the unemployment rate
within the county is still substantially higher than that for the U.S, although it has shown improvement in recent months.
Page | 12

SIX PARKING LOTS AT THE COLISEUM REGIONAL ANALYSIS
MAJOR EMPLOYERS
The following chart is a list of top employers in Los Angeles County
MAJOR EMPLOYERS IN LOS ANGELES COUNTY

Employer Name Location Industry # of Employees
Kaiser Permanente Los Angeles Physicians & Surgeons 32,700
University of California Los Angeles Los Angeles University 30,091
University of Southern California Los Angeles University 15,121
The Boeing Company Long Beach Aerospace 13,623
Kroger Company Southern California Supermarket/Retail 13,500
Target Corporation Southern California Retail 13,000
Bank of America Corporation Southern California Finance 12,000
Cedars-Sinai Medical Center Los Angeles Hospital 10,467
The Home Depot USA Throughout Home Improvement 10,000
Providence Health Systems Mission Hills Hospital 9,960
Wells Fargo & Company Southern California Finance 9,900
Vons Southern California Supermarket/Retail 9,176
ABM Industries, Inc. Southern California Janitorial Services 8,800
AT&T Southern California Telecommunications 8,505
California Institute of Technology Pasadena University 8,400
FedEx Corporation Southern California Transportation 7,700
Catholic Healthcare West Southern California Hospital 7,200
Amgen Inc. Thousand Oaks Biotechnology 6,700
JP Morgan Chase & Company Southern California Finance 6,000
Long Beach Memorial Medical Center Long Beach Hospital 5,200
Source: Moody's Economy.com (April 2011)
Of note, the University of Southern California is the third largest employer in the region.
CONCLUSION
In sum, the Los Angeles economy is led by foreign trade, professional services, and entertainment and
tourism. The current state of the economy is weakened since the Great Recession, which began in 2007,
but is slowly poised for recovery.
Economic projections for Los Angeles County in 2012 are positive but relatively modest given the depths
of the last recession and the countys high unemployment. The Los Angeles County Economic
Development Corporation (LAEDC) reports in its 2012-2013 economic forecast that Los Angeles Countys
unemployment rate is expected to edge down over the next two years at a slow pace. The LAEDC also
forecasts positive job growth for the county in 2012, albeit their forecast of 22,700 jobs is still quite modest
for such a populous county. The largest employment gains are expected in health services, education,
information, and leisure and hospitality. The LAEDC also forecasts increased gains from trade at the local
ports which should also translate into additional jobs.
Page | 13

SIX PARKING LOTS AT THE COLISEUM NEIGHBORHOOD ANALYSIS
NEIGHBORHOOD ANALYSIS
The map and aerial below depicts the subjects physical location within the neighborhood.
LOCATION
The subject property is located in the City of Los Angeles in the South Los Angeles community. The area
is located approximately three miles southwest of Downtown Los Angeles. The South Los Angeles
Community Plan defines the community as south of Pico Boulevard, west of Figueroa Street, Broadway,
north of 120th Street and County of Los Angeles, and east of Van Ness/Arlington Avenues.
TRANSPORTATION ACCESS
The neighborhood is directly served by two freeways. To the east is the Harbor Freeway (Interstate 110),
which runs in a north/south direction. To the north is the Santa Monica Freeway (Interstate 10), which runs
in an east/west direction from the Pacific Ocean to the California state line.
Local streets that provide sufficient access to the subject property include Exposition Boulevard to the
north, Figueroa Boulevard to the east, Martin Luther King Boulevard to the south, Vermont Boulevard to
the west.
Page | 14

Public transit in the neighborhood is provided by the Metropolitan Transportation Authority (MTA). Buses
run along major arterials within the neighborhood. The light rail transportation network that serves the
neighborhood is the MTA Exposition Line. The line connects the Blue Line from Downtown Los Angeles to
Culver City, along Exposition Boulevard, and is planned to be extended all the way west to Santa Monica
in the near future.
LOCAL GOVERNMENT
Local government services are provided primarily by the city of Los Angeles, the largest city government in
the state. The mayor is elected in a citywide vote, with 15 city council members elected by each district.
The subject property is part of Council District 8. The city controls land use planning, building codes, and
construction (although state codes override in some cases). In 2000, a new city charter gave some land
use advocacy role to local neighborhood councils. The city has 35 neighborhood Community Plan Areas.
As previously mentioned, the subject property is within the South Los Angeles Community Plan, which is
currently being updated by the planning department.
The community was once within of the Community Redevelopment Agency (CRA-LA), a quasi-public
agency that provided assistance through funding support to eliminate blight by promoting affordable
housing and creating jobs. As of February 1, 2011, CRA-LA was eliminated.
Public Services
Utility service in the city is provided by the Los Angeles Department of Water and Power (DWP). It is a
city-owned utility, and as such, is exempt from the deregulation effecting privately owned utilities. Well
over half its power comes from coal and nuclear plants (some out of state), most owned by the DWP. As
a result it has more than adequate power, and in fact has been selling excess power at a profit to other
utilities. Water is also provided by DWP, and is also adequate in supply for the foreseeable future. Sewer
service is by Los Angeles City.
The city of Los Angeles Fire Department and Los Angeles Police Department provide the community
residents with protection.
LAND USE
According to the Los Angeles City Planning Department, the South Central Los Angeles community is
approximately 15.8 square miles. The dominant land use in the neighborhood is residential (single and
multifamily) with complimentary retail and institutional uses. The following chart shows the South Los
Angeles Communitys current land use breakdown:
Page | 15

Land Use Acres Percent

Residential: 4,113 47.7%
Commercial: 863 10.0%
Industrial: 275 3.2%
Open Space: 754 8.7%
Government (Public): 2,621 30.4%
Source: City of Los Angeles South Los Angeles Community Plan
DEMOGRAPHIC PROFILE
A recent neighborhood demographic analysis, published by Claritas, Inc., compares the one-, three- and
five-mile radius from the subject area in comparison to Los Angeles Metropolitan Statistical Area (MSA).
DEMOGRAPHIC ANALYSIS
1-Mile Radius 3-Mile Radius 5-Mile Radius Los Angeles County
Population 2000 13,241 224,963 593,540 9,519,338
Population 2011 13,000 231,158 612,903 10,019,309
Population 2016 13,136 237,996 632,831 10,417,734
% Growth 2000 - 2011 -1.8% 2.8% 3.3% 5.3%
% Growth 2011 - 2016 1.0% 3.0% 3.3% 4.0%
Households 2000 4,653 77,139 215,437 3,133,774

Households 2011 4,373 78,310 220,046 3,240,963
Households 2016 4,375 80,459 227,069 3,363,588
% Growth 2000 - 2011 -6.0% 1.5% 2.1% 3.4%
% Growth 2011 - 2016 0.0% 2.7% 3.2% 3.4%
Median Household Income 2011 $39,039 $49,661 $53,669 $52,218

Average Household Size 2.9 2.9 2.8 3.0
% Owner-Occupied Housing 18.9% 39.5% 44.7% 48.1%
% Renter-Occupied Housing 81.1% 60.5% 55.3% 51.9%
Source: Claritas
As presented, the one-, three-, and five-mile radii have relatively slower population and household growth
relative to the Los Angeles MSA metro area as a whole. Income levels are lower within the one- and three-
mile radii than of Los Angeles MSA as a whole. A significant portion of households are renters.
SOUTH LOS ANGELES COMMUNITY PLAN AREA
The South Central Los Angeles Community Plan contains the communities of Adams, Exposition Park,
and South Vermont. These communities were developed as part of the early settlements of the city on
September 4, 1781. The area was historically part of a flood plain where the Los Angeles River fanned
out. Agriculture was once the areas main industry. In 1869, the city built a railroad network that linked Los
Angeles to the East. The Sana Fe Railroad resulted in the real estate boom of the 1880s. The rail system
Page | 16

spread along the old Santa Monica Boulevard (now Exposition Boulevard) and was a major catalyst for the
growth of the South Central area. In 1880, the University of Southern California was established. In 1898,
the first brick building was built near Vermont and Santa Monica (now Exposition). This area was called
the University District and was mostly a ranch area. By the early 1920s, the area was developed into a
residential district of cottages, bungalow courts and apartment houses. The focus of this report is
Exposition Park and the University of Southern California.
Exposition Park
Exposition Park was originally created in 1872 as an agricultural park consisting of 160 acres set aside of
the Southern District Agricultural Society. In 1913, it was renamed Exposition Park to anchor the California
Museum of Science and Industry, the National Armory, the Domed National History Museum and the
Sunken Garden (renamed Rose Garden in 1928). Today Exposition Park is one of the top five main tourist
destinations in Southern California with four million visitors annually. Its attractions include California
African American Museum (opened in 1984), California Science Center and the Air and Space Museum,
EXPO Center, Natural History Museum of Los Angeles County, Exposition Park Rose Garden, Science
Center School and Amgen Center for Science Learning, Los Angeles Memorial Coliseum, the Swimming
Stadium, and Los Angeles Sports Arena.
Some of the major stakeholders operating at the park are the State of California, the 6th District Agricultural
Association (also known as, the California Science Center), the California African American Museum, the
City of Los Angeles, the County of Los Angeles, the California Science Center Foundation, and the
University of Southern California.
The Coliseum and Sports Arena are under the authority of the Los Angeles Memorial Coliseum
Commission pursuant to a December 30, 1955 Management Agreement, as amended and restated,
formed under the Joint Exercise of Powers Act. The Commission holds the rights, title and interest in the
Coliseum, Sports Arena, incidental and accessory buildings, structures, and appurtenances. The
Commission currently has long term ground leases with the State of California that expire on December
31, 2054. The State of California owns the underlying leased fee interest in the land.
The Natural History Museum of Los Angeles County is under the authority of the County of Los Angeles.
The County operates the museum under a long term ground lease with the State of California.
The Los Angeles Memorial Coliseum was built in 1928. This stadium has a seating capacity of 92,500.
Once home to the Los Angeles Raiders, Los Angeles Rams, Los Angeles Dodgers, and UCLA Bruins
football team, it is currently the venue for the University of Southern California Trojans football team. It
hosted two Olympic Games (1932 and 1984), two Super Bowls (1967 and 1973), and the World Series
(1959). The Coliseum was declared a National Historic Landmark in 1984 and is listed on the National
Register of Historic Places. In 2006, the city adopted an ordinance for the Coliseum District Specific Plan
in the hopes of attracting an NFL team back to Los Angeles. The proposal would reduce seating capacity
to 78,000. Since then, two other locations in Southern California have plans to build a stadium, the City of
Industry and Downtown Los Angeles.
Page | 17

The Los Angeles Sports Arena was built in 1959. It was the site of John F. Kennedys acceptance speech
in 1960 during the Democratic National Convention and the Freedom Rally in 1961 hosted by the Western
Christian Leadership Conference. It was primarily used as a stadium for the Lakers until 1967 when they
moved to the Forum in Inglewood. In 1984, the Clippers became the second professional basketball team
to play at the Sports Arena until 1999 when they moved to the Staples Center along with the Lakers. Since
then, it has been the space for high school tournaments and colleges games. USC began to host
basketball games there in 1960 until it built its own venue and moved to the Galen Center in 2006. UCLA
also played there until Pauley Pavilion opened on the UCLA campus in 1965/66. The Sports Arena seats
up to 16,740 for boxing, 16,161 for basketball, and 14,546 for hockey. In early 2011, an EIR was approved
to turn the now functionally obsolete Sports Arena into a soccer stadium or amphitheater. Future
redevelopment plans are unknown.
As of the date of this appraisal, the Commission is renegotiating a lease that would allow USC to manage
the Coliseum and Sports Arena.
University of Southern California

Just north of Exposition Park is the University of Southern California (USC), the first private university in
California. USC is bound by Exposition Boulevard on the south, Vermont Avenue on the west, Jefferson
Boulevard on the north and northeast, and Figueroa Street on the east. The University Park campus is
approximately 229 acres. There are approximately 153 buildings and residence halls totaling
approximately 8.0 million square feet, including a new sports arena (Galen Center 2007) and the Ronald
Tutor Campus Center (2010). USC is currently in the process of updating a Master Plan, which would
include redeveloping the University Village into a mixed-use retail and student housing.
In 2010, US World News ranked USC #23 as the Best College in the United States. USC's four year, full-
time undergraduate program has over 17,000 undergraduate students. Over 19,500 graduate and
professional students are enrolled in different programs, including business, law, social work, and
medicine.
In addition to its strong academics program, USC sponsors a variety of intercollegiate sports and
competes in the NCAA Pacific 12 conference. As of January 2012, members of the Trojans sports teams
has won 94 NCAA team championships (#3 in the nation), and 363 NCAA individual championships (#2 in
the nation). Since 1904, Trojan athletes have won 258 medals at the Olympic Games. It is the only
university in the world with the distinction of having at least one athlete win a gold medal every summer
since 1912. As previously mentioned, the Coliseum at Exposition Park is the venue for the USC Trojan
Football team.
IMMEDIATE SUBJECT SURROUNDINGS
The subjects immediate surrounding area is considered to extend for about a block in any direction from
the subject. The following table summarizes our findings for this immediate surrounding area.
Page | 18

DIRECTION LAND USE

Exposition Boulevard, Metro Expo Line, University of Southern California campus,
North
followed by North University Park.
Martin Luther King Boulevard, followed by a mix of commercial and residential uses.
South Manuel Arts High School is on the west side of Vermont Avenue, south of Martin
Luther King Boulevard.
Figueroa Corridor, followed by Harbor Freeway (I-110), and industrial uses east of
East
the Harbor Freeway.
Vermont Avenue, followed by retail uses on Martin Luther King, Jr. Boulevard, and
West
single-family residential uses along secondary arterials.
New Developments
The focus of new developments in the area is focused along the Figueroa Corridor and economic
development spurred by the University of Southern California. Most new developments arise out of the
need for more student housing. New developments in the neighborhood include the following:
1) Vermont Transit Avenida Project 1A: landscaped medians from MLK to Exposition, 2002.
2) Shrine Interior/Exterior streetscape upgrades, 2002
Page | 19

3) Los Angeles Child Guidance Clinic, 2002
4) LA Memorial Sports Arena Restoration, 2003
5) Orthopaedic Hospital Outpatient Medical Center, 2003
6) California African American Museum Renovation, 2003
7) Radisson Hotel Renovation, 2003
8) Exposition Park Intergenerational Community Center - renovation of LA Swim Stadium and family
pools, creation of child care center, senior center, community garden, amphitheater, 2004
9) Textere Plaza (NEC 23rd/Figueroa), 2004
10) Exposition Park Parking Garage, 2004
11) Dr. Theodore T. Alexander Science Center School & Amgen Center for Science Learning K-5
school, partnership between California Science Center and LAUSD, 2004
12) USC 37th Street Parking Structure (PS1), 2005
13) Vermont Transit Avenida Project Phase 1B: Landscaped medians from Exposition to Vermont,
2005.
14) The Tuscany, Mixed-use 120-units with ground floor retail; 2006
15) Radisson Hotel Parking Structure (PS2), 2006
16) USC Galen Center, 2006
17) University Credit Union Building (SEC Exposition/Flower), 2007
18) Orthopaedic Hospital Universally Accessible Playground (Grand/Adams), 2007
19) Vermont Avenue Senior Housing 140 units, 2007
20) Natural History Museum of LA County renovation and expansion, 2008
21) California Science Center Phase II World of Ecology, 2009
22) University Gateway Student Housing (421 units) (NWC Jefferson Blvd/Figueroa Blvd.), 2010
23) West 27th Place (530 West 27th Street) 1st LEED Platinum Student Housing in the nation, 2011
24) Los Angeles Trade Tech College Expansion and Renovation, 2011
25) ICON Plaza, 6-story Mixed-Use Apartment (NEC of Exposition Park & Figueroa Blvd.), Fall 2012
26) Exposition Light Rail (Phase 1), Spring 2012
27) Mount St. Marys College new classrooms and housing planned.
28) University of Southern California new student center, classrooms, university club, and Master
Plan (currently in the public hearing process), including proposed mixed-use retail/housing
development for University Village.
CONCLUSION
The six parking lots are located within Exposition Park. Exposition Park is bound by Exposition Boulevard
to the north, Figueroa Street to the east, Martin Luther King Jr. Boulevard to the south, and Vermont
Avenue to the west. It consists of approximately 160-acres located immediately south of the University of
Southern California. Several major developments have recently occurred particularly surrounding the
USC area. The South Los Angeles Community Plan is currently being updated to reflect development
goals for the area. This will be further discussed in the Zoning section of the report.
Page | 20

SIX PARKING LOTS AT THE COLISEUM MARKET ANALYSIS
MARKET ANALYSIS
The subject property is improved with six parking lots utilized for major events held at the Los Angeles
Coliseum, Sports Arena, and daily activities at Exposition Park. The Market Analysis of this report forms a
basis for assessing market area boundaries, supply and demand factors, and indications of financial
feasibility. We rely upon the National Parking Association Survey (latest survey published in 2010) to
provide a brief overview of the Parking Industry and understand the supply and demand factors for the
subject property. We include our survey of competing parking facilities within the immediate area of the
subject to provide a supply and demand analysis for the subject.
MARKET CONCEPT
According to the National Parking Association, the parking industry consists of owners, operators,
managers, valets and other private and public entities that cater to hospitals, hotels, restaurants/retail
centers, colleges/universities, civic centers, municipalities, airports, parking lots, meters and garages that
own or manage parking. There is a clear distinction between private versus public parking facilities. While
some real estate owners have a distinct parking lot operator such as private parking garages within
Central Business Districts (CBDs) and off-airport parking, there is a less direct relationship for public
parking entities since most of them use parking lots and garages as part of their ancillary services or
transportation services. Municipal/parking garages are often funded through bond measures and often fail
to provide enough cash flows to support the debt coverage ratio associated with the bonds. They are often
built to support convention centers and publicly funded projects necessary to promote urban districts and
are often seen to provide benefit through sales tax and other public revenues. In the case of
colleges/universities and hospitals, parking rate structures are low (subsidized) or even free.
Considering the segments discussed above, the subject property is seen as a hybrid between Municipality
and College/University. The subject lots are mostly used for the general public at Exposition Park and also
utilized by attendees of the Coliseum for USC football games. In terms of revenue, the municipality
segment generates the least in terms of revenue at $2,863 per space. The annual revenue per space for
the college/university category is $4,998 per space.
NATIONAL PARKING REVENUE VOLUME
Source: NPA 2010 Parking in America
Page | 21

In terms of the size of operation, the college/university segment comprised of the largest segment in terms
of total spaces per facility, with 8,938 spaces per facility. The municipal, segment, on the other hand, is
second to lowest at 2,159 spaces per facility.
AVERAGE TOTAL SPACES PER FACILITY
The annual revenue per space is lowest for college/universities at $635 per space, followed by
municipalities at $1,249 per space. This reflects the fact that these entities generally do not operate
parking as a for profit venture but parking is seen as an adjunct to the primary revenue, i.e. public city
services or public educational services.
REVENUE PER SPACE
Page | 22

The chart on the next page summarizes the average rates for the Colleges/University segment:
The least expensive multiple day visitor rate (per day) is $5.14 and the most expensive is $7.87.
The least expensive one day visitor rate is $5.23 and the most expensive is $7.71.
The least expensive student rate per year is $235 and the most expensive is $481.
The least expensive student rate per semester is $120 and the most expensive is $203.
The least expensive event maximum daily rate is $5.27 and the most expensive is $9.84.
The least expensive faculty rate is $250 and the most expensive is $581.
COLLEGE/UNIVERSITIES PARKING RATES
The NPA survey included 158 colleges/universities. The survey also suggests that the College/University
segment was not as hard hit by the recession (2007-2009). In fact, while 16% reported a decrease in
revenues, 66% reported an increase. Most of the 16% reporting decreases attributed this to decreased
enrollment, moving to free parking, or losing lots that generated revenues in the past. The 66% reporting
an increase attributed the growth to increased enrollment, increases in parking spaces built, raising rates,
and collecting additional revenues during major city events. During this recession, 45% of
College/University operations stated they raised rates, 54% stayed the same, and 1% decreased rates
over last year. Operators are raising rates or opening more garages on campus with increased enrollment.
The NPA does not have a parking rate survey for the Municipal segment because these have such a large
free parking or subsidized parking component.
Page | 23

OVERVIEW OF PARKING LOTS WITHIN EXPOSITION PARK AND USC

Demand
Demand for the subject parking lots is directly linked to the Coliseum, Sports Arena, and tourists visiting
Exposition Park. Primary demand for the subject parking lots are driven by major events at the Coliseum
and the LA Sports Arena. All of the lots are full during USC football games. Other demand is driven by the
uses at Exposition Park, such as the Natural History Museum of Los Angeles County for Parking Lot 3.
The parking lots are occasionally used for filming. The following lists the major events and attendance at
the Coliseum and the Sports Arena. In the case of filming, we noted the event, but were not provided with
the number of attendees since most film productions rent out the entire parking lots. We did not include
the number of events for 2012 because we were not provided with this information and any published
information is subject to change. We were also unable to obtain the number of visits to the Natural History
Museum and other museums at Exposition Park.
COLISEUM ATTENDANCE
2009 # of 2010 # of 2011 # of # of
Month Events Average Events Average Events Average Total Events Average
January - - - 4,337 1 4,337 1,500 2 750 5,837 3 1,946
February 6,229 1 6,229 - - - - 3 - 6,229 4 1,557
March - - - 13,468 1 13,468 - - - 13,468 1 13,468
April 23,062 2 11,531 - - - 16,550 2 8,275 39,612 4 9,903
May 71,383 2 35,692 67,400 2 33,700 47,900 2 23,950 186,683 6 31,114
June 226,455 3 75,485 185,825 2 92,913 800 4 200 413,080 9 45,898
July - - - - - - 110,520 6 18,420 110,520 6 18,420
August 8,952 2 4,476 - - - - - - 8,952 2 4,476
September 159,481 2 79,741 - - - 207,967 3 69,322 367,448 5 73,490
October 93,374 2 46,687 - - - 157,314 2 78,657 250,688 4 62,672
November 175,784 2 87,892 - - - 158,363 2 79,182 334,147 4 83,537
December 86,700 2 43,350 - - - - - - 86,700 2 43,350
Total 851,420 18 47,301 271,030 6 45,172 700,914 26 26,958 1,823,364 50 36,467
Source: USC and Los Angeles Coliseum Memorial Commission
LA SPORTS ARENA
2008 # of 2009 # of 2010 # of 2011 # of # of
Month Events Average Events Average Events Average Events Average Total Events Average
January 62,291 11 5,663 - - - - - - 72,854 12 - 62,291 11 5,663
February 9,204 2 4,602 10,253 2 5,127 3,227 1 3,227 27,163 4 6,791 22,684 5 4,537
March 30,265 6 5,044 5,867 2 2,934 6,795 2 3,398 29,500 5 5,900 42,927 10 4,293
April 39,217 30 1,307 46,424 4 11,606 15,735 5 3,147 1,650 3 550 101,376 39 2,599
May 62,994 13 4,846 34,130 1 34,130 5,400 3 1,800 24,772 3 8,257 102,524 17 6,031
June 21,577 4 5,394 12,354 3 4,118 13,190 5 2,638 14,502 9 1,611 47,121 12 3,927
July 30,728 4 7,682 5,557 1 5,557 - - - - 1 - 36,285 6 6,048
August 35,928 3 11,976 32,753 4 8,188 50,717 6 8,453 31,882 8 3,985 119,398 13 9,184
September 17,726 2 8,863 7,257 1 7,257 14,500 2 7,250 - - - 39,483 5 7,897
October 67,802 5 13,560 84,588 5 16,918 35,090 4 8,773 21,982 7 3,140 187,480 14 13,391
November 4,723 1 4,723 4,010 2 2,005 3,147 1 3,147 14,025 3 4,675 11,880 4 2,970
December 40,247 1 40,247 68,663 3 22,888 49,692 2 24,846 18,651 4 4,663 158,602 6 26,434
Total 422,702 82 5,155 311,856 28 11,138 197,493 31 6,371 256,981 59 4,356 932,051 142 6,564
Source: USC and Los Angeles Coliseum Memorial Commission
The charts above suggest that on average, the Coliseum has 20 to 24 events. A review of an EIR
prepared in early 2000s for the Coliseum District Specific Plan reveals that the average number of annual
events used to be 30 to 35. The number of events held at the Coliseum over the past three years has
declined significantly. There is potential to increase the demand for parking by increasing the number of
events held at the Coliseum. Although we were not provided with data for the second half of 2010, we
conclude that the highest levels of attendance per event ranging from 43,000 to 80,000 occur from
Page | 24

September thru December, when the USC Trojan Football Team hosts their games. The average number
of attendants to any event at the Coliseum is 36,500 people.
The Sports Arena hosts more events from concerts, INS ceremonies, and religious gatherings. The
number of events average 35 in the past four years, with an average attendance of 6,500 people. The
majority of attendance to the Sports Arena will use Parking Lots 4, 5, and 6, which are closer to the Sports
Arena. Due to extensive operating costs and deferred maintenance, an EIR was approved in January
2011 to redevelop the Sports Arena to another use such as a soccer stadium or amphitheater. It is
currently uncertain what the future redevelopment of the site will be. There is potential to increase the
utilization of the Parking Lots with the redevelopment/renovation of the Sports Arena.
While requested, we were not provided with any reports documenting the occupancy of the parking lots for
each major event held at the Coliseum. However, we believe that these facilities are underutilized given
that there are only 57 special events annually, or about 1 event per week. The 1999-built Staples Center,
a 20,000-seat arena, with 3,300 on-site parking stalls and 16,000 adjacent parking stalls, hosts 250 events
per year, or 5 events per week. Indeed, the number of events has declined since the early 2000s partly
due to the economic recession and partly due to the opening of L.A. Live in 2007, which hosts the
Grammys and other concerts at the Nokia Theater.
Supply
In our research of the market, there are approximately 19,000 parking stalls in the general vicinity of the
subject that include the five competitive parking facilities below and several smaller lots.
Exposition Park Owned Parking Facilities
We estimate that there are 2,100 parking stalls within Exposition Park in addition to the 3,400 parking
stalls on the Six Parking Lots that comprise the subject property. In total, there are approximately 5,500
parking spaces at Exposition Park. The rates for Exposition Park are in the chart $10 for daily parking, and
$10 to $25 per stall for special events.
Comparable Parking Facilities
The comparable properties are outlined in the table that follows:
COMPETITIVE PROPERTIES
No. of Covered Surface Distance Monthly
No. Property Name Stalls Stalls Stalls From Coliseum Daily Rate* Special Events* Permits*
1 USC - University Park Campus (On/Off) 9,787 7,311 2,476 > 0.4 Mi. $8 $20- $25 $67 - $92
2 USC - Parking Center 1,738 1,738 None 0.7 Mi. $5 $20 $51
3 Shrine Auditorium Parking 1,100 N/Av N/Av 0.6 Mi. $7 $25 N/Av
4 Exposition Park Structure 2,100 2,100 0 At Expo Park $10 $10-$25 N/Av
5 Automate Parking - Surface Lots 530 N/Av 530 0.15-0.25 Mi. N/Av $30-$50 N/Av
Sub. 6 Park ing Lots 3,400 None 3,400 At Expo Park $10 $10-$25 Negotiable
18,655
* Includes 10% Parking Occupancy Tax
Source: Landauer Research
The chart above indicates that the rates for the subject property appear reasonable. The most competitive
properties for the subject parking lots are parking spaces available at USC. Parking for USC consists of
Page | 25

parking structures and surface parking lots. Parking Structures A, B, D, and X are on-campus parking
structures, PS1, PS2 are off-campus parking structures, and the Parking Center is an off-campus parking
structure, east of the Harbor Freeway, which is reportedly underutilized due to its location. Surface parking
lots are scattered on-campus and throughout university owned housing. Daily rates for the University are
typically $8.00. Daily rates are expected to increase to $10.00 as of July 1, 2012. This seems to be in line
with the subjects current daily rate. Special events rates for USC football games parking structures
closest to the Coliseum (PS1 and PS2) are typically $25.00, and $20.00 for parking structures that are
further away. As of July 1, 2012, rates for USC football games are going to increase to $25.00. This is in
line with the parking rates for the subject property. Although the representative from Automate Parking
(Data No. 5) would not disclose their rate for special events, a third party source indicates that they charge
up to $30 to $50 for USC football game event, and the spaces are full on football game days. We place
less reliance on this comparable. We conclude that the subject propertys parking rates appear
reasonable.
Proposed Parking Lots/Facilities

Due to the built-out nature of the surrounding neighborhood, there is limited land for parking lots. An
interview with the Director of Transportation at USC suggest that there may be potential demand to use
the subject parking lots for student, staff, and employee parking should the campus continue to expand
and build classrooms, labs and buildings on existing on-campus parking lots as was the case with the
construction of PS1 and PS2. To our knowledge, there is no proposed parking facility expected in the near
future.
SWOT ANALYSIS
SWOT is an acronym for the internal strengths and weaknesses of an asset and the environmental
(external) opportunities and threats facing that property. Based on our analysis of the subject property we
have identified the following strengths, weaknesses, opportunities and threats.
Strengths
The subject parking lots are conveniently located within the Coliseum, Sports Arena, Exposition Park,
and the University of Southern California;
The parking lots are heavily utilized during major events such as USC football games, concerts, etc.
The area is generally built-out. There are no known parking facilities that are proposed for future
development in the subjects market area in the foreseeable future.
Weaknesses
The parking lots do not generate daily demand and are underutilized when the Coliseum and/or Sports
Arena are not being used;
The Coliseum and Sports Arena are in need of major repairs;
The areas towards the west side of Vermont Avenue and south side of Martin Luther King Boulevard
are perceived to be unsafe.
Page | 26

Opportunities
As USC continues to see demand for more classrooms and buildings on campus, parking off-campus
would be necessary. The subject parking lots could provide additional parking for university students.
Threats
The 1999-built Staples Center and 2007-built LA Live located three miles north in Downtown L.A. has
captured most major events in the last decade.
If and when an NFL Stadium gets built next to the Staples Center in the next few years, USCs football
team could relocate to Downtown Los Angeles.
The opening of the MTA Expo Line could lower demand for parking.
CONCLUSION
The subject property captures a unique market segment in the parking industry. Generally, the municipal
and college/university market segments generate the lowest revenues. The demand for parking on the
subject parking lots is low compared to newer venues in Los Angeles. Nonetheless, the lots support the
uses at the Coliseum, L.A. Sports Arena, and Expo Park. We anticipate that as more events are held at
the Coliseum and with possible redevelopment of the L.A. Sports Arena, an increase in the number of
events would increase greater demand for parking.
Page | 27

SIX PARKING LOTS AT THE COLISEUM SITE ANALYSIS
SITE ANALYSIS
The subject property consists of six parking lots surrounding the Los Angeles Coliseum within Exposition
Park. The lots are located on the east side of Vermont Avenue, north side of Martin Luther King
Boulevard, and west side of Figueroa Street. The following description is based on our property
inspection, Los Angeles Countys Assessors Records using RealQuest, Preliminary Title reports prepared
by Fidelity National Title, and land surveys prepared by PSOMAS (January through March 2012). The
appraisal is of each individual parking lot and each parking lot is further described in detail, followed by
comments regarding easements, encroachments, deed restrictions, reciprocal park rights, and/or common
ingress/egress.
SITE SUMMARY
Utilities
Water LADWP
Sewer LADWP
Natural Gas The Gas Company
Electricity LADWP
Telephone Multiple Providers
Mass Transit MTA, DASH
Jurisdictional
Land Use District South Los Angeles Community Plan
Flood Map Panel 06037C1620F
Flood Map Date September 26, 2008
Flood Zone Zone X
Flood Zone Description Zone X is the flood insurance rate zone that corresponds to the 500-year floodplains. No Base
Flood Elevations (BFEs) or depths are shown within this zone.
We have provided an ALTA survey on the following pages.
Page | 28

Page | 29

PARKING LOT #1
Parking Lot 1 is situated at the northeast corner of Vermont Avenue and Martin Luther King Boulevard. It
has additional frontage and access along Bill Robertson Lane. The site totals approximately 107,199
square feet of net site area. The State of California owns three non-contiguous parcels of approximately
59,225 square feet of net site area. The Los Angeles Memorial Coliseum Commission (City of Los
Angeles) owns two non-contiguous parcels and an alley of approximately 47,974 square feet of net site
area. The site is summarized as follows:
SITE SUMMARY
Parking Lot #1
Total Gross Site Area 2.65 Acres 115,616 SF
Total Net Site Area 2.46 Acres 107,199 SF
Gross Site Area (State of CA) 1.49 Acres 64,805 SF
Net Site Area (State of CA) 1.36 Acres 59,225 SF
Gross Site Area (LAMCC) 1.17 Acres 50,811 SF
Net Site Area (LAMCC) 1.10 Acres 47,974 SF
APNs Ownership Zoning
Portions of 5037-027-927 State of California RD1.5-1
Portions of 5037-027-928 State of California R4-1
Portions of 5037-027-933 State of California C2-1
Portions of 5037-027-934 State of California R4-1
5037-027-929 LAMCC C2-1
5037-027-930 LAMCC R4-1
Infrastructure
Primary Road Martin Luther King, Jr. Boulevard
Primary Road Frontage 345 Feet (Est.)
Primary Road Traffic Lanes 2-Lanes per direction; Asphalt Paved; 90 feet street dedication
Secondary Road Vermont Avenue
Secondary Road Frontage 371 Feet (Est.)
Secondary Road Traffic Lanes 3-Lanes per direction; Asphalt Paved; 100 feet street dedication
Additional Road Bill Robertson Lane (Formerly Menlo Avenue)
Additional Road Frontage 347 Feet (Est.)
Additional Road Traffic Lanes 1-Lane per direction; Asphalt Paved; 60 feet street dedication
Sidewalks/Curbs & Gutters Concrete / Concrete
Traffic Signal Yes
Source: PSOMAS Engineering (March 8, 2012). "Gross" is defined as the area of the subject fee parcel as legally
described hereon and "Net" is defined as the remaining subject parcel after subtraction of existing street easements.
A preliminary report (Title No. 12-725143321-RH), dated January 24, 2012, prepared by Fidelity National
Title was reviewed. (The appraisers note an error in the legal description, which exclude Lots 9 and 10.
These lots are State-owned and therefore assume that the total site area for the State-owned portion
includes Lots 9 and 10).
There are expired oil and gas leases and other expired lease documents that do not affect the overall use
or marketability of the site.
Page | 30

PARKING LOT #2
Parking Lot 2 is situated on the west side of Bill Robertson Lane, north of Martin Luther King Boulevard. It
does not have access frontage on Vermont Avenue since the east side of Vermont Avenue is improved
with a streetscape. The site totals approximately 387,610 square feet of net site area. The State of
California owns approximately 675,627 square feet of net site area. The City of Los Angeles owns a street
of approximately 11,983 square feet of net site area.
SITE SUMMARY
Parking Lot #2
Gross Site Area (City of LA) 0.28 Acres 11,983 SF
Net Site Area (City of LA) 0.28 Acres 11,983 SF
5037-027-923 State of California RD1.5-1
5037-027-932 State of California RD4-1
5037-027-924 City of Los Angeles RD1.5-1
5037-027-925 City of Los Angeles RD1.5-1
Infrastructure
Primary Road Bill Robertson Lane (Formerly Menlo Avenue)
Primary Road Frontage 1,200 Feet (Est.)
Traffic Signal No
We reviewed a legal description prepared by PSMOAS.
We were informed that the site once had a sink hole. We were not provided with any copies of documents
that discuss the nature of this sink hole. We assume the sink hole has been properly filled and that it does
not affect the highest and best use or overall marketability of the site.
PARKING LOT #3
Parking Lot 3 is situated on the west side of Bill Robertson Lane, south of Exposition Boulevard. It does
not have frontage on Vermont Avenue, which is improved with streetscape. It is north of 39th Street, a
tertiary street. The site totals approximately 131,575 square feet of net site area. The State of California
owns approximately 124,214 square feet of net site area. The City of Los Angeles owns a 20-foot alley
and northern portion of 39th Street of approximately 7,361 square feet of net site area.
Page | 31

SITE SUMMARY
Parking Lot #3
Gross Site Area (LAMCC) 0.18 Acres 7,779 SF
Net Site Area (LAMCC) 0.17 Acres 7,361 SF
5037-028-903 State of California OS (Open Space)
Portion of 5037-028-909 LAMCC OS (Open Space)
Portion of 5037-028-909 LAMCC OS (Open Space)
Infrastructure
Primary Road Bill Robertson Lane (Formerly Menlo Avenue)
Secondary Road 39th Street
Secondary Road Frontage 360 Feet
Primary Road Traffic Lanes 1-Lanes per direction; Asphalt Paved; no access to Parking Lot
Traffic Signal No
Title was reviewed.
PARKING LOT #4
Parking Lot 4 is situated on the west side of Hoover Street, north of Martin Luther King Jr. Boulevard. The
site totals approximately 65,221 square feet of net site area.
SITE SUMMARY
Parking Lot #4
Net Site Area 1.50 Acres 65,221 SF
Infrastructure
Primary Road Hoover Street
Traffic Signal No
Source: PSOMAS Engineering (March 8, 2012). "Net" is defined as the remaining subject parcel after subtraction of
existing street easements.
Page | 32

A preliminary report (Title No. 12-725143377-RH), dated February 17, 2012, prepared by Fidelity National
Title was reviewed. This site is reportedly affected by a vesting deed dated May 1885 by the Sixth District
Agricultural Association. It establishes that the land be held in Trust for the following purposes, as a
place for holding Agricultural Exhibitions or Fairs, and shall be managed and controlled by the party of the
second part for that purposes, and also for the purposes so far as consistent therewith of leasing or
otherwise managing the same so as to raise a revenue for meeting the expenses of holding such
Exhibitions or fairs; and especially so far as consistent with the above for the purposes, for the purpose of
holding exhibitions of horses, cattle, and other stock, and of the agricultural, horticultural, viticultural,
mechanical manufacturing and domestic products of Agricultural District No. 6 with a view to the
improvement of all the industries in the same, (Book 139, Page 219). The site is restricted for the use as
an Agricultural Park Grounds.
There is also an agreement to a grant of egress/ingress to the California Science Center, which is located
northeast of the site and an unrecorded lease for the California Science Center to lease the Exposition
Park premise. This does not directly affect the highest and best use or the overall marketability of the site.
PARKING LOT #5
Parking Lot 5 is situated at the northwest corner of Martin Luther King Jr. Boulevard and Hoover Street.
The site totals approximately 77,061 square feet of net site area.
SITE SUMMARY
Parking Lot #5
Infrastructure
Primary Road Martin Luther King Jr. Boulevard
Secondary Road Hoover Street
Secondary Road Frontage 215 Feet (Est.)
Secondary Road Traffic Lanes 1-Lanes per direction; Asphalt Paved; 80 feet street dedication
Traffic Signal Yes
Source: PSOMAS Engineering (March 8, 2012). "Net" is defined as the remaining subject parcel after subtraction of existing
street easements.
Page | 33

improvement of all the industries in the same, (Book 139, Page 219). An updated deed restriction dated
May 1888 also indicates that the site shall be disposed of by the said party of the second part, to the best
advantage, for the purpose of beautifying and improving said Agricultural Park Grounds, and also for the
purpose of meeting the Trust, including expenses of litigation (Book 450, Page 145). The site is restricted
for the use as an Agricultural Park Grounds.
There are expired covenants along certain portions of the Parcel (lots 6-11), and utility easements along
the site, which do not affect the overall marketability of the property.
PARKING LOT #6
Parking Lot 6 is situated at the northwest corner of Martin Luther King Jr. Boulevard and Figueroa Street,
extending west to the east side of Hoover Street. The site totals approximately 297,195 square feet of net
site area.
SITE SUMMARY
Parking Lot #6
5037-027-910 State of California OS (Open Space)
Infrastructure
Primary Road Martin Luther King Boulevard
Primary Road Frontage 1,164 Feet (Est.)
Primary Road Figueroa Street
Additional Road Hoover Street
Additional Road Frontage 207 Feet (Est.)
Additional Road Traffic Lanes 1-Lane per direction; Asphalt Paved; 80 feet street dedication
Traffic Signal Yes
Source: PSOMAS Engineering (March 8, 2012). "Net" is defined as the remaining subject parcel after subtraction of existing
street easements.
The site is owned by the State of California. We have relied upon PSOMAS for the site area. A copy of the
map is shown in the following pages.
A preliminary report (Title No. 12-725143379-RH), dated February 15, 2012, prepared by Fidelity National
Page | 34

May 1888 also indicates that the site shall be disposed of by the said party of the second part, to the best
advantage, for the purpose of beautifying and improving said Agricultural Park Grounds, and also for the
purpose of meeting the Trust, including expenses of litigation (Book 450, Page 145). The site is restricted
for the use as an Agricultural Park Grounds.
Finally, the preliminary title report records an approved plan for telecommunication/cell towers that affects
the southeastern most portion of the subject property. The agreement is between the ownership and three
companies: AT&T, Verizon, and Sprint. The site is not reportedly receiving any income from these
telecommunications companies and based on the description of the plans, the telecommunication/cell
towers are at the Coliseum. We were not aware of any telecommunication/cell towers on-site. However,
we reserve the right to amend this assumption should new evidence prove otherwise.
TOPOGRAPHY AND DRAINAGE: The sites are generally level at road grade. During our inspection, we
observed no drainage problems and assume that none exist.
UTILITIES: All utilities are available to each site in adequate quality and quantity
to serve the highest and best use as if vacant and as improved.
SOIL CONDITIONS: A soil report was not provided for use in this appraisal. We are not
qualified to render a technical opinion regarding soil conditions.
Further, representatives of ownership indicate that no significant
detrimental conditions existed at the subject sites as of the date of
inspection. Therefore, it is assumed that the load-bearing capacity is
sufficient to support any reasonably probable improvements.
WETLANDS: Based on our site inspection, we do not suspect the presence of

jurisdictional wetlands on the subject site. However, we were not
given a wetlands survey. If subsequent engineering findings reveal
the presence of wetlands, it could affect the subject properties
market value. We reserve the right to amend our value conclusion
Page | 35

should wetlands be determined to be on each site at a later date.
SEISMIC HAZARD: The subject properties are not believed to be within a seismic hazard
zone.
HAZARDOUS SUBSTANCES: We are not aware of any underground storage tanks. We did not
conduct an extensive search for the said item, and are not qualified
to detect such materials or underground storage tanks. The
existence of hazardous materials or underground storage tanks may
have an effect on the value of the property. Therefore, for the
purpose of this appraisal, we specifically assume that the properties
are not affected by any hazardous materials and/or underground
storage tanks that may be present on or near the property.
Further, the site is located in an area of minimal flood risk and does not suffer from any known
environmental conditions. Based upon the foregoing, we are not aware of any physical issues with the
subject site that would prevent it from being developed with its highest and best use, as vacant, or as
improved.
Page | 36

ZONING
With the exception of Parking Lots #1 and #2, the subject property is zoned for Open Space. Parking Lots
#1 and #2 are currently zoned [Q]C2-1, C2-1L, RD1.5-1 and R4-1. The applicable zoning information for
each subject is summarized as follows:
ZONING SUMMARY
Parking Lot #1 and 2 Detail
Zoning Code RD1.5-1
Zoning Description Restricted Density Multiple Dwelling
Zoning Jurisdiction City of Los Angeles
Permitted Uses One-Family Dwellings, Two-family Dwellings, Apartment Houses, Multiple Dwellings
Legally Conforming Yes
Zoning Change Yes to Open Space (OS)
Zoning Density Equal to FAR
Floor Area Ratio (FAR) 3 to 1
Maximum Building Height 45 FT
Minimum Lot Width 50 FT
Front Yard Setback 15 FT
Side Yard Setback 10% lot width <50 ft.; 5 ft.; 3 ft. min; +1 ft. for each story over 2nd, not to exceed 16 ft.
Rear Yard Setback 15 FT
Source: City of Los Angeles, Generalized Summary of Zoning Regulations
Page | 37

ZONING SUMMARY
Parking Lot # 1 and 2 Detail
Zoning Code R4-1
Zoning Description Multiple Dwelling
Permitted Uses Apartment Dwellings, Limited Ground Floor Commercial, Home Occupations,
Churches, Schools, Child Care, Homeless Shelter
Floor Area Ratio (FAR) 3 to 1
Maximum Building Height No limit
Minimum Lot Width 50 FT
Front Yard Setback 15 FT
Side Yard Setback 10% lot width, 10 ft. max, 5 ft. minimum
Rear Yard Setback 15 Ft. + 1 Ft. for each story over 3rd; 20 Ft. max
Parking Lot # 1 Detail
Zoning Code [Q]C2-1 ([Q] is a qualified classification, a restriction on the property of a zone change
to ensure compatability with surrounding property.)
Zoning Description General Commercial
Permitted Uses Office, Retail, Hotel, Multi-family Residential
Floor Area Ratio (FAR) 1.5 to 1
Maximum Building Height None
Minimum Lot Width None for commercial uses; sames as R4 zone for residential, which is 50 ft.
Front Yard Setback None
Side Yard Setback None for commercial uses; same as R4 zone for residential, which is 10% lot width <
50 ft.; 5 ft.; 3 ft. min.,; +1 ft. for each sstory over 2nd, not to exceed 16 ft.
Rear Yard Setback None for commercial uses; sames as R4 zone for residential, which is 15 ft. +1 ft. for
each story over 3rd., 20 ft. max.
Parking Lot #1 Detail
Zoning Code C2-1L
Zoning Description General Commercial
Permitted Uses Office, Retail, Hotel, Multi-family Residential
Zoning Change Unknown
Zoning Density Yes to Open Space (OS)
Floor Area Ratio (FAR) 1.5 to 1
Maximum Building Height Not to exceed 6 stories or 75 FT.
Minimum Lot Width None for commercial uses; sames as R4 zone for residential, which is 50 ft.
Side Yard Setback None for commercial uses; same as R4 zone for residential, which is 10% lot width <
50 ft.; 5 ft.; 3 ft. min.,; +1 ft. for each sstory over 2nd, not to exceed 16 ft.
Rear Yard Setback None for commercial uses; sames as R4 zone for residential, which is 15 ft. +1 ft. for
each story over 3rd., 20 ft. max.
Page | 38

ZONING SUMMARY
Parking Lot # 3, 4, 5, 6 Detail
Zoning Code OS-1XL
Zoning Description Open Space
Permitted Uses Parks and Recreation Facilities, Nature Reserves, Closed Sanitary Landfill Sites,
Public Water Supply Reservoirs, Water Conservation Area
Zoning Change Not Likely
Floor Area Ratio (FAR) N/A
Maximum Building Height None
Minimum Lot Width None
Side Yard Setback None
Rear Yard Setback None
An interview with a Los Angeles city planner suggests there will likely be a zone change for Parking Lots 1
and 2 to OS, Open Space, in order to be consistent with surrounding land uses. The zone change will take
place as part of the South Los Angeles Neighborhood Community Plan (NCP) update. The NCP update
will likely be adopted in 2013, after another public hearing and council hearing.
In addition, there is a Coliseum District Specific Plan (Ordinance #177558)1. The Specific Plan permits
only uses and activities that are associated with the Stadium use, which are listed as follows:
a) The operation of a sports entertainment and public gathering facility, including but not limited to
sporting events, pageants, concerts, broadcasts of any events at the Stadium, live entertainment,
religious gatherings, exhibitions, conventions, conferences, meetings, banquets, civic events,
patriotic celebrations and other similar events;
b) The sale of confections, soft drinks, food and other items for consumption on-site or off-site and the
sale of alcoholic beverages for consumption on-site;
c) The sale of merchandise, souvenirs and novelties;
d) Retail uses including, but not limited to the sale or rental of other products or services;
e) Offices and medical facilities related to the Stadium, NFL, NFL Teams, sports, entertainment and
other permitted uses;
f) Other uses as are customary and usual in connection with the operation of sports, entertainment,
public gather facilities and other permitted uses;
g) Restaurants, bars, cafes and outdoor eating areas;
h) Kiosks and vendor carts;
i) Sponsor and hospitality tents, pavilions and exhibits;
j) Special events and temporary uses including carnivals, circuses, parades, street fairs, festivals,
and performances;
1
TheordinancewasadoptedinMay2006,withtheintentofattractinganNFLteambacktoLosAngeles.Theordinance
originallyhada5yearexpirationdate.TheexpirationdateandanymentionofNFLwereeliminatedin2009.Since2009,AEG
hasannouncedplanstobuildafootballstadiumnexttotheStaplesCenter,andhasgarneredmuchsupport.
Page | 39

k) Temporary filming activities;
l) Museums, exhibitions, cultural facilities; and
m) Parking areas.
Furthermore, any proposed development will have to go through an environmental process. A copy of the
Specific Plan boundaries from Ordinance No. 177558 is shown below.
Lastly, there is deed restriction on Parking Lots 4, 5, and 6 dating back May 1885. The Sixth District
Agricultural Association establishing that the land be held in Trust for the following purposes, as a place
Page | 40

for holding Agricultural Exhibitions or Fairs, and shall be managed and controlled by the party of the
May 1888 also indicates that Parking Lots 5 and 6 shall be disposed of by the said party of the second
part, to the best advantage, for the purpose of beautifying and improving said Agricultural Park grounds,
and also for the purpose of meeting the Trust, including expenses of litigation (Book 450, Page 145). The
site is restricted for the use as an Agricultural Park Grounds. Therefore, no residential or commercial uses
are allowed on-site.
Food and Agricultural Code (Section 4106)
The State of California adopted legislation that limits the use of the subject property to parking in order to
support the operations and functions of the California Science Center. This is found in The Food and
Agricultural Code Section 4106. The code concludes with a provision that indicates, Neither the City of
Los Angeles nor the County of Los Angeles shall impose any tax upon tickets purchased authorizing the
use of parking facilities owned by the California Science Center. The intent of the legislation is to ensure
sufficient parking and encourage a revenue source to support the museums. Our appraisal includes an
extraordinary assumption that if the parking lots were owned by a private party, then the city or county
would collect the parking occupancy tax. Therefore, we have included the parking occupancy tax as an
expense in the pro-forma.
CONCLUSION
The subject site comprises six parking lots used to support the uses at the Coliseum and L.A. Sports
Arena. According to LAMC Section 12.21.A.4.(e), one automobile space is required for each five fixed
seats contained within a stadium.
All of the parcels are or will be zoned Open Space by the City of Los Angeles. Legally permissible uses
within the Open Space zoning district include parks and recreational facilities, nature reserves, closed
sanitary landfill sites, public water supply reservoirs, and water conservation area. The subject parking lots
are used in conjunction with the sites permitted use as parks and recreational use, which makes the
current use legally conforming. Parking Lots 1 and 2 are currently zoned for various residential and
commercial uses; however, the planning department is in the process of changing the zone to Open
Space as part of the community plan update. Parking Lots 4, 5, and 6 are restricted to Agricultural Park
Grounds thereby limiting the sites legally permissible uses. In addition, the Food and Agricultural Code
(Section 4106) limits the use of the subject property to parking in order to support the operations and
functions of the California Science Center. Given the zoning, deed restrictions, and state legislation
associated with the subject property, parking use is the only consideration given in determining the highest
and best use of the site, as though vacant.
Page | 41

SIX PARKING LOTS AT THE COLISEUM IMPROVEMENT ANALYSIS
IMPROVEMENT ANALYSIS
The subject property is currently operating as Six Parking Lots at the Coliseum. The following table
provides a summary of subject improvements.
IMPROVEMENT SUMMARY
Description No. Stalls
Parking Lot 1 - Gated fence, striped parking, 2-sided billboard, and a maintenance storage area 400
Parking Lot 2 - "Playfield," a 2009-built soccerfield with steel gate; Leighton Avenue; Gated fence, striped parking 800
Parking Lot 3 - Gated fence, striped parking 500
Parking Lot 4 - No gate, striped parking 250
Parking Lot 5 - Gated fence, striped parking 250
Parking Lot 6 - Steel-gate fence, striped parking, 2-sided billboard 1,200
3,400
Building plans were not provided in conjunction with this appraisal. Several documents were reviewed to
determine the total number of parking stalls. We have relied upon the number of stalls provided by the
University of Southern California. We reserve the right to amend the numbers should a different or more
accurate number of parking stalls be provided.
Page | 42

SIX PARKING LOTS AT THE COLISEUM IMPROVEMENT ANALYSIS
The following is a description of the subject improvements and basic construction features derived from
public records and our physical inspection of the subject.
IMPROVEMENT DESCRIPTION - Parking Lots

Site & Common Area Components Fair Average Good Not Observed
Parking & driveways - asphalt paved w/ concrete curbs &
x
sidewalks
Landscaping - minimal landscaping including commercial grass,
x
mature trees & shrubs
Parking lot lighting - light poles x
Other - Steel Gate/Fencing around Parking Lots 1, 2, 3, and 6;
x
Maintenance/Storage area on Lot 1
Billboard Poles - Parking Lots 1 and 6 x
Soccer Field - Parking Lot 2 x
AVAILABLE AMENITIES
Handicapped parking;
RV/ Bus Parking on Lot #2
Open 8:30 to 5:00pm, 7 days a week; and
Lighted parking lot.
DEFERRED MAINTENANCE
Our observation of the property indicated no significant items of deferred maintenance.
CONCLUSION
The existing improvements maintain an average overall design and functional utility. Furthermore, there
were no signs of major deferred maintenance upon inspection. Consequently, there are no known physical
factors that could be considered to adversely impact the marketability of the improvements.
Page | 43

SIX PARKING LOTS AT THE COLISEUM ASSESSMENT & TAXES
ASSESSMENT & TAXES

Real estate tax assessments are administered by Los Angeles County, and are estimated by jurisdiction
on a county basis for the subject. The property is subject to the property tax rules of the State of California,
which control the activities and policies of local assessment jurisdictions. These laws were significantly
modified on June 7, 1978, when the State's voters passed Proposition 13, amending Article XIII of the
State Constitution.
Proposition 13 eliminated the practice of periodic reassessment of properties based on market value
appraisals. Instead, real property is subject to reassessment (i.e., revaluation at full or partial current
market value) only with a change in ownership or new construction. Otherwise, increases in assessed
value are limited to 2% per year. The basic tax rate is 1% plus the rates needed to service any bonded
indebtedness. Special assessments can also be added, and are often related to the installation of public
infrastructure.
The subject property is currently owned by the State of California. There are currently no tax assessments
on the property. The subject property is within Tax Area Nos. 198 and 34, which have the same tax area
rate of 1.245849%. We have used this rate in the income capitalization section of the report.
Special Assessment
In addition, there is a Street Lighting Maintenance Assessment fee for Parking Lots 1 through 6 as
authorized by Proposition 218. Our interview with the State of California indicates that are no other special
assessments besides street lighting. The State provided us with information for their assessed portion of
the parking lots. We were not provided with the assessment for the City of Los Angeles portion of the
parking lots and we were unable to obtain the information from the City for Parking Lots 1 and 2, but
believe that their assessed portions would not significantly impact the value. Using the information
provided from the State, we allocated the Street Lighting Maintenance Assessment fee for each of the
parking lots in our pro-forma analysis.
Page | 44

SIX PARKING LOTS AT THE COLISEUM HIGHEST & BEST USE
HIGHEST & BEST USE

In appraisal practice, the concept of highest and best use represents the premise upon which value is
based. The four criteria the highest and best use must meet are:
Legally permissible;
Physically possible;
Financially feasible; and
Maximum profitability
Highest and best use analysis involves assessing the subject both as if vacant and as improved.
AS VACANT
Legally Permissible
All of the parcels are or will be zoned Open Space by the City of Los Angeles. Legally permissible uses
within the Open Space zoning district include parks and recreational facilities, nature reserves, closed
sanitary landfill sites, public water supply reservoirs, and water conservation area. The subject parking lots
are used in conjunction with the sites permitted use as parks and recreational use, which makes the
current use legally conforming. Parking Lots 1 and 2 are currently zoned for various residential and
commercial uses; however, the planning department is in the process of changing the zone to Open
Space as part of the community plan update. Parking Lots 4, 5, and 6 are restricted to Agricultural Park
Grounds thereby limiting the sites legally permissible uses. In addition, the Food and Agricultural Code
(Section 4106) limits the use of the subject property to parking in order to support the operations and
functions of the California Science Center. Given the zoning, deed restrictions, and state legislation
associated with the subject property, parking use is the only consideration given in determining the highest
and best use of the site, as though vacant.
Physically Possible
All of the parcels are adequately served by utilities, has sufficient size and access, etc. The parcels would
support a site layout for any of the legally probable uses. There are no known physical reasons why the
subject site would not support some type of improvement related to serving the museums, the Coliseum,
the Sports Arena, or other public venues which are in the immediate block of the subject property.
Financially Feasible/ Maximum Profitability

The determination of financial feasibility is dependent primarily on the relationship of supply and demand
for the legally permissible and physically possible land uses versus the cost to create the uses.
Due to the restricted uses on-site, we believe that parking lots would be the most financially feasible use
as if vacant.
CONCLUSION: HIGHEST AND BEST USE AS VACANT
Based on the foregoing analysis, the highest and best use as vacant is to be improved as parking lots.
Page | 45

SIX PARKING LOTS AT THE COLISEUM HIGHEST & BEST USE
HIGHEST AND BEST USE AS IMPROVED

Legally Permissible
The subject parcels are improved and operated as parking lots serving the Coliseum, LA Sports Arena,
and Exposition Park. This use is consistent with the previously analyzed highest and best use as vacant
and with the subjects surrounding land uses.
Physically Possible
The subject improvements were discussed in detail in the Improvements Analysis section. The parking lots
are considered functional for their use.
Financially Feasible
The financial feasibility for parking lots is based on the amount of rent that can be generated, less
operating expenses required to generate that income; if a residual amount exists then the land is being put
to a productive use. As will be indicated in the income capitalization approach, the subject is capable of
producing a positive net cash flow and continued utilization of the subject as parking lots is financially
feasible. Conversion of the subjects improvements to an alternative use would not be financially feasible
at this time.
Maximum Profitability
The maximally profitable use of the subject as improved should conform to neighborhood trends and be
consistent with existing land uses. There are no alternative uses that could generate sufficient revenue to
satisfy the required rate of return on investment and provide a return on the land. The subject property is
located at Exposition Park, south of the University of Southern California. The current use as parking lots
supports the Coliseum, L.A. Sports Arena, and Exposition Park. Overall, it appears there are no alternative
uses of the existing improvements that would produce a higher net income and/or value over time than the
current use.
CONCLUSION: HIGHEST AND BEST USE AS IMPROVED
Based on the foregoing, the highest and best use of the property as improved is consistent with the
existing use, as parking lots. We have valued the fair market value of the subject property as six parking
lots, which is consistent with the highest and best use. In this instance, we believe the most likely buyer
would be parking investor/parking lot operator such as LNR, who would purchase the parking lots as a
safe investment and have a third-party parking operator manage the parking lots, or a major Coliseum
tenant such as USC.
Page | 46

SIX PARKING LOTS AT THE COLISEUM APPRAISAL METHODOLOGY
APPRAISAL METHODOLOGY
In appraisal practice, an approach to value is included or omitted based on its applicability to the property
type being valued and the quality and quantity of information available.
COST APPROACH
The cost approach is based upon the proposition that the informed purchaser would pay no more for the
subject than the cost to produce a substitute property with equivalent utility. This approach is particularly
applicable when the property being appraised involves relatively new improvements that represent the
highest and best use of the land, or when relatively unique or specialized improvements are located on the
site and for which there exist few sales or leases of comparable properties.
SALES COMPARISON APPROACH

The sales comparison approach utilizes sales of comparable properties, adjusted for differences, to
indicate a value for the subject. Valuation is typically accomplished using physical units of comparison
such as price per square foot, price per unit, price per floor, etc., or economic units of comparison such as
gross rent multiplier. Adjustments are applied to the physical units of comparison derived from the
comparable sale. The unit of comparison chosen for the subject is then used to yield a total value.
Economic units of comparison are not adjusted, but rather analyzed as to relevant differences, with the
final estimate derived based on the general comparisons.
INCOME CAPITALIZATION APPROACH
The income capitalization approach reflects the subjects income-producing capabilities. This approach is
based on the assumption that value is created by the expectation of benefits to be derived in the future.
Specifically estimated is the amount an investor would be willing to pay to receive an income stream plus
reversion value from a property over a period of time. The two common valuation techniques associated
with the income capitalization approach are direct capitalization and the discounted cash flow (DCF)
analysis.
METHODOLOGY APPLICABLE TO THE SUBJECT
In valuing the subject, the income capitalization approach to value is considered to be the most applicable
and has been utilized. The cost comparison was not used because of the scarcity of market activity
involving Open Space land sales. Similarly, the sales comparison approach was not used because of the
scarcity of market activity involving publicly-operated parking lots/structures.
Page | 47

SIX PARKING LOTS AT THE COLISEUM INCOME CAPITALIZATION APPROACH
INCOME CAPITALIZATION APPROACH

The income capitalization approach is a method of converting the anticipated economic benefits of owning
real property into a value through the capitalization process. It is based on the premise that value is
created by the expectation of future benefits. This approach requires an estimation of the net operating
income of a property. The estimated net operating income is then converted to a value indication by use of
either the direct capitalization method or the discounted cash flow analysis (yield capitalization).
Direct capitalization uses a single year's stabilized net operating income as a basis for a value indication.
It converts estimated "stabilized" annual net operating income (NOI) to a value indication by dividing the
NOI by a capitalization rate. The capitalization rate chosen includes a provision for recapture of the
investment and should reflect all factors that influence the real property value, such as tenant quality,
property condition, neighborhood change, market trends, interest rates and inflation trends. The
capitalization rate can be inferred from local market transactions, or when transaction evidence is lacking,
obtained from varies sources such as interviews with market participants, national investor surveys and
band of investment analysis.
The discounted cash flow (DCF) analysis focuses on the operating cash flows expected from the property
and the anticipated proceeds of a hypothetical sale at the end of an assumed holding period. These
amounts are then discounted to their present value. The discounted present values of the income stream
and the reversion are added to obtain a value indication. Because benefits to be received in the future are
worth less than the same benefits received in the present, the DCF analysis weights income projected in
the early years of the holding period more heavily than the income and the sale proceeds received in the
latter half of the projection period.
The subject is an income generating asset and we believe investors would only consider using the direct
capitalization method.
MARKET RENT ANALYSIS

The market, or economic, rent for the subject is estimated by comparing each subject property to other
comparable parking lots and structures located within its competitive area. The rent comparables were
chosen based upon location, condition and amenities offered.
SUBJECT PROPERTIES AND DAILY RENTAL RATE ANALYSIS

The following table depicts the subjects unit mix, current asking daily rates.
SUBJECT RATE INFORMATION
Stall Type No. of Stalls Asking Rate

Daily Rates 3,400 $10
Special Events 3,400 $10-$25
Totals/Average: 3,400
Page | 48

According to the Exposition Park website, daily rates increased from $8.00 to $10.00 on July 1, 2011.
According to the Classic Parking Assistant General Manager, rates for special events range from $10,
$15, $20, and $25, and are set by the Exposition Park General Manager based on the type of event and
expected attendance. The State Board is still discussing special event increases, although several groups
oppose any future rate increases. While requested, we were not provided with any financial reports, which
include deposits, tickets sold and number of vehicles parked for each event, revenue, accounts receivable,
purchase reports and a variety of budget reports.
The subject parking lots and other parking lots/structures within Exposition Park are operated by Classic
Parking Inc. The lease between the Office of Exposition Park Management and Classic Parking, Inc. is
effective from January 1, 2010 through December 31, 2013, plus two optional years. Classic Parking, Inc.
has managed all of Exposition Parks parking lots and structures for over 20 years. The contract indicates
that Classic Parking does not charge a management fee, but retains 12.95% of the gross revenue. The
projected maximum expenditure is $2,046,585. Based upon the contract, Classic Parking Inc. provides the
staffing for daily parking and event parking, security, sweeping, traffic control, and equipments. While
shuttle and valet service is available, we were not informed that this is part of the service provided for the
Six Parking lots at the Coliseum.
In the Market Analysis section we took an in-depth look into the comparables to try and decipher the
primary drivers of market rates. For the subject property, special events, such as USC football games, are
the main source of parking revenue.
Page | 49

RENT COMPARABLE MAP
The following map provides a visual of the rent comparables locations relative to the subject.
COMPETITIVE PROPERTIES
No. of Covered Surface Distance Monthly
No. Property Name Stalls Stalls Stalls From Coliseum Daily Rate* Special Events* Permits*
1 USC - University Park Campus (On/Off) 9,787 7,311 2,476 > 0.4 Mi. $8 $20- $25 $67 - $92
2 USC - Parking Center 1,738 1,738 None 0.7 Mi. $5 $20 $51
3 Shrine Auditorium Parking 1,100 N/Av N/Av 0.6 Mi. $7 $25 N/Av
4 Exposition Park Structure 2,100 2,100 0 At Expo Park $10 $10-$25 N/Av
5 Automate Parking - Surface Lots 530 N/Av 530 0.15-0.25 Mi. N/Av $30-$50 N/Av
Sub. 6 Park ing Lots 3,400 None 3,400 At Expo Park $10 $10-$25 Negotiable
18,655
* Includes 10% Parking Occupancy Tax
Source: Landauer Research
ESTIMATE OF MARKET RENT

Daily Parking Comparables
We have summarized the daily parking rates of the facilities that daily parking.
Page | 50

SUMMARY RENTAL COMPARISON - DAILY RATES

Comparable Stall Type $/Day
USC - University Park Campus (On/Off) Covered/Uncovered $8.00
USC - Parking Center Covered $5.00
Shrine Auditorium Parking Covered/Uncovered $7.00
Expo Park Covered $10.00
Subject - Parking Lot #3 Uncovered $10.00
The University of Southern Californias daily rate for on-campus daily rates will rise from $8.00 to $10.00
per day, single-entry, starting July 1, 2012. The subject raised its rates from $8.00 to $10.00 in July 2011.
For this reason, we believe the subject is at market.
Special Events Parking Comparables
We have summarized the daily parking rates of the facilities that offer covered parking.
SUMMARY RENTAL COMPARISON - SPECIAL EVENTS

Comparable Stall Type $/Event
USC - University Park Campus (On/Off) Covered/Uncovered $20-$25
USC - Parking Center Covered $20
Shrine Auditorium Parking Covered/Uncovered $10-$25
Expo Park Covered $10-$25
Automate Parking - Adjacent to Coliseum Uncovered $30-$50
Subject - Parking Lots #1, 2, 3, 4, 5, 6 Uncovered $10-$25
Rates for special events range from $10 to $25 per event, depending on demand. USC Football games
tend to generate the highest parking rate. USC Parking Lots and Structures will begin to charge $25.00 for
all lots during USC football games. This is in line with the market rent for the subject for USC football
games. The representative from Automate Parking (Data No. 5) would not disclose the rates charged for
special events, reporting that rates vary per event. A third party source reported that parking rates at this
lot can go up to $30 to $50 for USC football games. Since Automate Parking is an independently-run
parking operator, it has the flexibility of charging significantly more for USC football games at $30 to $50.
Placing less weight on this comparable and more weight on the USC Parking Structures and Shrine
Auditorium, we believe that the subject property special events rates are at market. Furthermore, we
assume that any parking operator will maximize profit by charging more for events that have higher
attendance and less for events that have lower attendance.
Other Parking Comparables

In addition to parking rates at the Coliseum, we examined the special parking rates of parking lots
adjacent to the Staples Center, approximately 3 miles north of the subject. The Staples Center is another
sporting venue that hosts basketball (Los Angeles Lakers, Los Angeles Clippers) and hockey (Kings)
games. It is adjacent to the LA Live Complex and Los Angeles Convention Center. Special events parking
rates of parking lots surrounding the Staples Center depend on the event and distance to the Staples
Center, but are generally $8.00 to $20.00 per event. Our concluded special parking rate appears in line
with the rates at the Staples Center.
Page | 51

MARKET RENT CONCLUSIONS
Based on the foregoing analysis and discussion, the subjects market rate conclusions of $10 for daily
rates and $10 to $25 per special events rates appear reasonable.
OPERATING STATEMENT
A reconstructed operating statement based on historical operating statements was provided to us by USC,
which extracted the operating statement from data provided to them from the Office of Exposition Park
Management. The Effective Gross Revenue is based on parking income. We were not provided with any
information pertaining to daily parking occupancy, tickets sold and revenue collected for each special
event. In addition to parking revenue, we have included billboard income for Parking Lot 1 and 6. USC
extracted the expense for each parking lot from the average expense ratio during 2003-2009 of 15% for
special events and 19% for the daily parking (Parking Lot 3). Classic Parking retains 12.95% of the gross
revenue, but did not have an additional breakdown of the parking lots operating expenses. The State of
California did not provide us with a breakdown of the operating expenses at the time of the appraisal, but
informed us months later that the operating expenses are closer to 25%.
RECONSTRUCTED OPERATING STATEMENT - PARKING LOT #1

400 Stalls 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 Grubb & Ellis Pro-Forma
Revenue Nominal $ Stall Nominal $ Stall Nominal $ Stall Nominal $ Stall Nominal $ Stall Nominal $ Stall
Effective Parking Rental Revenue $47,250 $118 $91,380 $228 $71,062 $178 $58,635 $147 $86,340 $216 $87,000 $218
Billboard Income $11,100 $28 $11,100 $28 $11,100 $28 $11,100 $28 $11,100 $28 $0 $0
Effective Gross Revenue $58,350 $146 $102,480 $256 $82,162 $205 $69,735 $174 $97,440 $244 $87,000 $218
Expenses
Real Estate Taxes - $0 - $0 - $0 - $0 - $0 $6,312 $16
Special Assessment - $0 - $0 - $0 - $0 - $0 $1,234 $3
Property Insurance - $0 - $0 - $0 - $0 - $0 $870 $2
Parking Occupancy Tax - $0 - $0 - $0 - $0 - $0 $8,700 $22
Utilities - $0 - $0 - $0 - $0 - $0 $870 $2
Repairs & Maintenance - Facility - $0 - $0 - $0 - $0 - $0 $2,610 $7
Payroll & Benefits - $0 - $0 - $0 - $0 - $0 $13,050 $33
General & Administrative - $0 - $0 - $0 - $0 - $0 $3,480 $9
Management - $0 - $0 - $0 - $0 - $0 $1,305 $3
Replacement Reserves - $0 - $0 - $0 - $0 - $0 $435 $1
Total Operating Expenses $7,088 $18 $13,707 $34 $10,659 $27 $8,795 $22 $12,951 $32 $38,867 $97
$0
OE as % of EGR 12.1% 13.4% 13.0% 12.6% 13.3% 44.7% $0
$0
Net Operating Income $51,263 $128 $88,773 $222 $71,503 $179 $60,940 $152 $ 84,489 $211 $48,133 $120

Other Income 0 $0 0 $0 0 $0 $50,000 $63 $120,000 $150 $120,000 $150
Expenses
Property Insurance - $0 - $0 - $0 - $0 - $0 $5,450 $7
Utilities - $0 - $0 - $0 - $0 - $0 $5,450 $7
Management - $0 - $0 - $0 - $0 - $0 $8,175 $10
Replacement Reserves - $0 - $0 - $0 - $0 - $0 $2,725 $3
OE as % of EGR 15.0% 15.0% 15.0% 12.6% 11.6% 42.7%
Page | 52


Daily Parking Revenue $365,648 $731 $349,169 $698 $548,986 $1,098 $756,744 $1,513 $963,288 $1,927 $850,000 $1,700
Billboard Income 0 $0 0 $0 0 $0 0 $0 0 $0 $0 $0
Effective Gross Revenue $594,866 $1,190 $518,071 $1,036 $650,266 $1,301 $977,228 $1,954 $1,052,578 $2,105 $950,000 $1,900
Expenses
Utilities - $0 - $0 - $0 - $0 - $0 $9,500 $19
Management - $0 - $0 - $0 - $0 - $0 $14,250 $29
OE as % of EGR 17.5% 17.7% 18.4% 18.1% 18.7% 48.6%
Net Operating Income $491,010 $982 $426,394 $853 $530,767 $1,062 $800,374 $1,601 $ 856,160 $1,712 $488,758 $978

Billboard Income 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0
Expenses
Special Assessment - $0 - $0 - $0 - $0 - $0 $157 $1
Utilities - $0 - $0 - $0 - $0 - $0 $850 $3
Management - $0 - $0 - $0 - $0 - $0 $1,275 $5
OE as % of EGR 15.0% 15.0% 15.0% 15.0% 15.0% 43.6%

Billboard Income 0 $0 0 $0 0 $0 0 $0 0 $0 $0 $0
Expenses
Utilities - $0 - $0 - $0 - $0 - $0 $900 $4
Management - $0 - $0 - $0 - $0 - $0 $1,350 $5
OE as % of EGR 15.0% 15.0% 15.0% 15.0% 15.0% 43.6%
Page | 53


1,200 Stalls 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 Grubb & Ellis Pro-Forma
Billboard Income $14,580 $12 $15,312 $13 $15,312 $13 $15,312 $13 $15,312 $13 $15,312 $13
Expenses
Utilities - $0 - $0 - $0 - $0 - $0 $5,653 $5
Management - $0 - $0 - $0 - $0 - $0 $8,480 $7
OE as % of EGR 14.7% 14.7% 14.5% 14.4% 14.6% 43.6%
PARKING RENTAL REVENUE

While requested, we were not provided with the financial reports for each lot which would include deposits,
tickets sold and number of vehicles parked for each event, revenue, accounts receivable, purchase
reports and a variety of budget reports. We used the historical revenues provided to estimate the effective
rental revenue in our pro-forma, keeping in mind that the economy is anticipated to slightly improve in
2012.
OTHER INCOME
Billboard Income (Parking lots 1 and 6)
Other income consists of two, double-sided billboards, one on the south side of Parking Lot 1 and the
other on the south side of Parking Lot 6.
The lease of the double-sided billboard in Parking Lot #1 is between the Los Angeles Memorial Coliseum
Commission, lessor, and CBS Outdoor Inc., lessee. The lease commenced The monthly rent is reportedly
$925, or $11,100 annually. August 19, 2006 and expired one year later. It is currently on a month-to-month
lease. Since this income is paid directly to the Los Angeles Memorial Coliseum Commission, the income
will not accrue to a new buyer in the event of a sale or transfer of ownership. We have excluded this
income for Parking Lot #1.
The lease between the State of California, lessor, and Viacom Outdoor Inc., lessee, is for 360 square feet
(or two parking stalls) of Parking Lot #6. The lease commenced July 1, 2003 and expired June 30, 2008.
Since the lease expired, the tenant has been paying a month-to-month rent of $1,276 per month, or
$15,312 annually. All improvements constructed on the land, such as wires, equipment, and other
appurtenances are owned by the lessee and shall be removed by the lessee at its sole cost and expense
within 60 days of the termination of the lease.
We did not provide any billboard rent comparables in our appraisal and this is considered other income.
The lessees, which are currently paying month-to-month rent, could hypothetically terminate their lease at
any time and take their billboard signs with them should the landlord increase their current rent. The city of
Page | 54

Los Angeles has a billboard moratorium that restricts the future erection of billboards. We assume,
therefore, that the month-to-month leases will be in-place for an indefinite period of time. The lessees will
pay the monthly rent until either party decides to terminate the contract.
Playfield (Parking Lot 2)
There is currently an agreement dated April 2, 2009 between the City of Los Angeles and the California
Science Center for the use of the Playfield, situated on Parking Lot 2. The term is for five years and
renewable for 20 additional years. This was part of a land exchange agreement in June 2000. The city
makes an annual payment for the use of the park for $50,000 for the first year and $120,000 for the next
two years. The current payment is $120,000. The payment for the fourth and fifth years will be
renegotiated 60 days prior to the end of the third year. If it is not renegotiated, the payment for the fourth
year will be $120,000, plus a Consumer Price Index (CPI) adjustment.
Other than its daily use as a sports field for the community, the Playfield can be used as parking for Major
Events at the Coliseum. The City is responsible for covering the turf to accommodate parking. Failure of
the City to provide the Playfield as parking will result in damage payment of 250 parking spaces times the
currently prevailing rate for similar spaces in the park. On non-major event days, the City has the right to
organize, supervise, conduct, permit and schedule sporting activities between 7:00 am and 10:00 pm,
seven days a week, including holidays. The City has the right to park up to 191 vehicles on Parking Lot 1,
unless there is a major event. The City is responsible for maintenance, equipments, staffing, and security.
The City of Los Angeles pays the California Science Center $120,000 for the use of the Playfield and we
have include this income in our analysis as it would be paid to a subsequent owner.
OPERATING EXPENSE ANALYSIS
Operating expenses are periodic expenditures necessary to maintain the real property and continue
production of the effective gross income, and reflects assume prudent and competent management. For
parking lot properties, operating expenses are typically divided into three categories:
Fixed expenses;
Variable expenses; and
Reserves for Replacement.
It is noted that expenses associated with debt financing, depreciation, or other accounting items are not
considered in this analysis.
The subjects stabilized operating expenses were previously estimated in the reconstructed operating
statement, the expense items were not itemized. Thus, we have also included two sets of expense
comparables as a percentage of Effective Gross Revenue (EGR) metric. The first set of expense
comparables is a summary of over 15 nationally owned off-airport parking structures. The second set of
expense comparables were provided by USC Transportation Services and also summarized as a
Page | 55

percentage of EGR. In our pro-forma, the expenses will include items that we believe are applicable to
operate the subject property as six individual parking lots.
Expense Comparables and Industry Benchmarks

The following tables summarize expense data that we believe are relevant to the subject property as a
parking lot operation. We have gathered the data from national off-airport parking facilities and USC-
owned parking facilities. The survey includes parking structures and parking lots.
EXPENSE COMPARABLES
National Off-Airport Parking USC
Minimum Average Maximum
Expenses % EGR % EGR % EGR % EGR
Real Estate Taxes 2.2% 4.5% 7.9% N/Av
Property Insurance 0.3% 0.9% 1.5% N/Av
Utilities 0.9% 1.9% 3.4% 0.2%
Repairs & Maintenance - Facility 1.7% 2.7% 4.1% 3.4%
Payroll & Benefits 19.1% 28.2% 38.2% 24.0%
General & Administrative 4.0% 7.1% 18.3% 4.6%
Management 0.0% 0.0% 0.0% N/Av
Replacement Reserves 0.0% 0.3% 1.1% N/Av
Total Operating Expenses 28.2% 45.7% 74.7% 32.2%
Fixed Expenses
Fixed expenses are those expenses that do not change regardless of whether or not the property is
occupied. Property taxes and property insurance are the most common fixed expenses. These are
expenses that may fluctuate from year-to-year, but generally remain stable, and the owner will pay those
expenses whether or not the property is occupied.
Real Estate Taxes

The subjects stabilized real estate tax liability will need to be re-assessed given the new land areas and
assessed value of the properties. The tax area rate is 1.245849%. We also included a Street Lighting
Maintenance Assessment.
Property Insurance
Property insurance expenses typically include fire and extended coverage and owners liability coverage.
We estimate property insurance to be 1% of EGR.
VARIABLE EXPENSES
Variable expenses are any expenses that will increase or decrease depending on the occupancy of the
property. Typically these expenses also fluctuate from month-to-month. Utility expenses such as electric,
heat, gas, water, and sewer are all typically variable expenses. Contracted services such as property
management, landscaping and janitorial may also be variable expenses.
Page | 56

Parking Occupancy Tax

The State of California is exempt from paying a parking occupancy tax of 10% to the city of Los Angeles.
Any other parking operator will be required to pay the 10%. Therefore, we anticipate the fee to be 10% of
effective parking rental revenue.
Utilities
Utility expenses include electricity, water, trash and sewer. Utilities incurred for a parking lot will be at the
lower end of the range compared to parking structures, which are improved with more light fixtures and
other costs associated with maintenance. We estimate utilities to be 1% of EGR.
Repairs & Maintenance - Facility

The facilities repairs and maintenance expense includes general repair, maintenance, landscaping and
upkeep of the lots, grounds, and the like. We estimate repairs and maintenance at 3% of EGR.
Payroll & Benefits

This expense is reflective of the salary and benefits for parking lot attendants, cashiers, and maintenance
personnel. With the exception of Parking Lot 3, the parking lots do not operate on a daily basis. Therefore,
we expect payroll and benefits for all lots except Lot 3 to be below the average at 15% of EGR. Our
concluded payroll and benefits expense for Parking Lot 3 is 20% of EGR.
General & Administrative

This expense category includes telephone, legal expenses, audit and other related expenses. We
anticipate the cost be at the lower end of the range at 4% of EGR.
Management Fee
Management fees will vary depending on the parking lot operator. Management expenses are typically
negotiated as a percentage of collected revenues (effective gross revenue) as is the case with Classic
Parking. However, some management fees for parking facilities range from 1.5% to 3% of EGR. In this
case, we have estimated the management fee to be 1.5% of EGR.
Reserves for Replacement

Investors in properties of the subject size may establish a reserve fund (or consider the cost as an
accounting measure) for replacing improvements with a shorter physical life than the economic life of the
property. These items include the roof, HVAC systems, plumbing systems, electrical systems, parking lot
resurfacing, etc. Of these items, parking lot resurfacing and repainting is generally the most expensive. It
is customary and prudent to deduct an annual sum to establish a reserve fund to replace short-lived items
throughout the project's life. This expense attempts to stabilize periodic capital expenditures made
throughout a typical holding period, as it is recognized that most property owners and managers do not
actually set up a reserve sinking fund, but rather expend monies out of cash flow during the years
requiring the capital expenditures.
In this instance, the subject property is average condition and we dont anticipate much in the way of
reserves for parking lot resurfacing. The stabilized estimate for replacement reserves was concluded at
0.5% of EGR.
Page | 57

Operating Expense Conclusion

The historical expense for the subject property was provided as 15% of EGR. Although we were not given
a breakdown of the expenses, we assume this does not include real estate taxes or insurance. For
expense items that we consider to be applicable for the subject property, the expense comparables range
from an operating expense ratio of 28.2% to 74.7%. Based upon our analysis, our concluded expense
coverage for the subject property is approximately 45% for Parking Lots 1, 2, 4, 5, and 6, and 50% for
Parking Lot 3.
DIRECT CAPITALIZATION
Direct capitalization is a method used to convert a single years estimated stabilized net operating income
into a value indication. The following subsections represent different techniques for deriving an overall
capitalization rate for direct capitalization.
Comparable Sales
The following chart shows a survey of parking lot/structure sales in Los Angeles County:
COMPARABLE CAPITALIZATION RATES

Sale Property Name Date $ / Stall Cap Rate
1 1215 S. Flower Street - Staples Center/Convention Parking Jun-11 $77,500 4.80%
2 105 Airport/Central Parking - El Segundo Office/Off-Airport Parking Feb-11 N/Av 7.75%
3 Eastern Columbia Bldg Garage Parking Lot/Structure - Downtown LA Sep-10 $10,811 5.5%
4 Park 'N Fly @ Park One - LAX Airport Parking Jul-09 $45,956 6.7%
5 400 S. Broadway/Central Parking - Downtown LA Jul-07 $75,301 5.7%
6 Valet Airpark - LAX Off-Airport Parking Jul-07 N/Av 8.7%
Estimated Cap Rate 4.8-8.7%
Overall Capitalization Rates (OARs) vary from 4% to 6% in Central Business Districts (CBDs) and 6% to
12% in non-CBD areas, such as off-airport parking lots/structures.
Investors typically purchase parking lots with the intent of holding the site for future development. Most
parking lots are therefore valued using a land residual technique based on the future development by
subtracting the cost of improvements from the total value of the potential real estate development on the
lot. In the Market Analysis and Appraisal Methodology sections of the report, we also mentioned that
privately-owned parking lots/structures differ from publicly-owned parking lot/structures. Privately-owned
parking lots/structures are much more profit driven and will maximize the highest possible parking
revenue. Hence, we expect the OAR to be lower for privately-owned parking lots.
Sale No. 1 was sold with entitlements for a mixed-use development. However, LNR, one of the largest
parking lot operators and owners in the city, purchased the 2.7-acre lot for the purpose of using it as
parking lot in the interim. Based on the parking revenue being generated from the Staples Center and Los
Angeles Convention Center, the OAR is estimated to be 4.8%. This property is significantly superior
compared to the subject in terms of zoning/development potential and its location. We expect a higher
OAR for the subject property.
Page | 58

Sale No. 2 was sold as part of an office development and an un-entitled vacant site for a hotel
development. El Segundo is an inferior location compared to DTLA. The appraisers estimate a 7.7% OAR
for the parking structure, operated by Central Parking as an off-airport parking structure and office parking
structure. Because the subject property is not operated on a daily basis, we expect a higher OAR for the
subject property.
Both Sale No. 3 and 5 are superior in location and utility in comparison to the subject property. Sale No. 3
was sold as part of a residential (loft conversion)/retail development in the South Park district and Sale No.
5 is another parking structure in the Old Bank District. These sales are superior compared to the subject
property. A higher OAR for the subject property is warranted.
Sale No. 4 and 6 are off-airport parking lots. Sale No. 4 is directly adjacent to Los Angeles International
Airport (LAX), with a development potential to be part of LAXs Master Plan. Sale No. 6, at the highest
end of the OAR range, is superior in terms of its daily utility as an off-airport parking lot. We expect a
higher OAR for the subject property.
In summary, the OAR from the sales ranged from 4.8 to 8.7%. We would expect the OAR for the subject
to be above the range of these sales because they are not dependent upon special event activity.
Published Investor Survey
We are not aware of any investor surveys that focus on OAR for parking facilities. We have not relied on
any investor surveys.
Market Participants
Given that parking lots are considered a unique investment type, we interviewed several local market
participants who are familiar with recent parking lot sales in the Los Angeles region and placed great
weight on their opinion for an overall capitalization rate.
Mr. Andrew Harper is Director at HFF (Holliday, Fenoglio Fowler, L.P.) and has over 13 years of
experience in commercial real estate. Prior to his current position, he was Vice President in the
Institutional Capital Markets Group at Grubb & Ellis, Director in the Capital Markets Group at Cushman &
Wakefield, and an Appraiser at CB Richard Ellis. Mr. Harper was the broker for Sale Nos. 4, Park N Fly @
Park One, Off-Airport Parking, and Sale No. 5, 400 S. Broadway, CBD Parking Garage. Mr. Harper opined
that given the location of the subject property, deed restriction that limits its use as parking lots, and under
the assumption that USC continues to host football games at the Coliseum, the subject parking lots could
yield an OAR ranging from 8% to 10%. On the other hand, in the unlikely scenario that USC no longer
uses the Coliseum, the subject parking lots would yield an OAR ranging from 13% to 15%.
Mr. Brendan McArthur is Vice President in the Development and Asset Strategy Group at Jones Lang
LaSalle (JLL) and has over a decade of real estate experience in markets covering the Southwest United
States and Mexico. He was Manager in the Finance Group for The Macerich Company, one of the
countrys largest owners, developers, and managers of regional shopping malls. Mr. McArthur was the
listing broker for Sale No. 1, the parking lot site next to the Staples Center. Mr. McArthur opined that given
Page | 59

the location and deed restriction that limits the subject propertys development potential, the OAR is close
to 10%.
Given these brokers opinions, we conclude an OAR between 9% to 10%.

Band of Investment
We have opted not to use the band of investment as alternate method for calculating the overall
capitalization rate.
CAPITALIZATION RATE CONCLUSION
The following table summarizes the OAR conclusions.
SUMMARY OF CAPITALIZATION RATES

Component Ranges
Comparable Cap Rates 4.8-8.7%
Market Participant Cap Rates 8.0-15.0%
Landauer Stabilized Estimate 9.0-10.0%
We have given considerable weight to all of the preceding sources. Considering the data presented, the
concluded overall capitalization rate is supported in the local market.
DIRECT CAPITALIZATION SUMMARY

Only a portion of parking lots 1, 2 and 3 are owned by the State of California. In order to ascertain the fair
market value of the States portion of these lots, we have valued the entire parking lot and then simply
used the indicated value per square foot and applied this to the square foot area owned by the State of
California. Therefore the concluded market value for Lots 1, 2 and 3 represent the State of Californias
ownership as a part of each parking lot, and not as a completely separate parcel. We felt it was
unreasonable to penalize the States ownership because in some cases it may not be contiguous, is very
odd shaped and is operated as part of a larger parking lot.
A summary of the direct capitalization of the subject parking lots is illustrated in the tables on the following
pages.
Page | 60

Parking Lot 1
DIRECT CAPITALIZATION SUMMARY - PARKING LOT 1
Revenue Nominal $ Stall

Effective Parking Rental Revenue $87,000 $218
Billboard Income $0 $0
Effective Gross Revenue $87,000 $218
Expenses
Real Estate Taxes $6,312 $16
Special Assessment $1,234 $3
Property Insurance $870 $2
Parking Occupancy Tax $8,700 $22
Utilities $870 $2
Repairs & Maintenance - Facility $2,610 $7
Payroll & Benefits $13,050 $33
General & Administrative $3,480 $9
Management $1,305 $3
Replacement Reserves $435 $1
Operating Expenses $38,867 $97
Net Operating Income $48,133
Capitalization Rate 9.50%
"As Stabilized" Value Indication for Parking Lot #1 $506,668 $1,267
Net Site Area 107,199 SF
Price Per SF $4.73
State of California SF 59,225 SF
"As Is" Value Indication (State of California) $279,923
"As Is" Value Indication (Rd) $280,000
Parking Lot 1 is heavily utilized by the general public since it is required to provide 191 free parking
spaces for Playfield use (Parking Lot 2). However, it generates the least amount of revenue amongst the
subject property lots. Therefore, we used an OAR of 9.5%.
Page | 61

Parking Lot 2

Other Income $120,000 $150
Expenses
Property Insurance $5,450 $7
Utilities $5,450 $7
Replacement Reserves $2,725 $3
"As Stabilized" Value Indication for Parking Lot #2 $3,377,558 $4,222
Total Net Site Area 387,610 SF
Price Per SF $8.71
"As Is" Value Indication (State of California) $3,273,141
"As Is" Value Indication (Rd) $3,273,000
Parking Lot 2 is improved with a Playfield, which generates $120,000 in revenue annually. This is income
is paid by the City of Los Angeles directly to the California Science Center but would be paid to any
subsequent owner of the property.
The rental for parking in Parking Lot 2 is higher than most lots because of its capacity to accommodate
RVs and trucks. It is close to the western side of the Coliseum. Therefore, we used an OAR of 9.25%.
Page | 62

Parking Lot 3

Daily Parking Revenue $850,000 $1,700
Effective Gross Revenue $950,000 $1,900
Expenses
Utilities $9,500 $19
Price Per SF $42.45
"As Is" Value Indication (State of California) $5,273,307
Parking Lot 3 is superior in location in terms of its close proximity to USC, Jesse Brewer Park, the Natural
History Museum, and now the Expo Line. It has the ability to generate daily parking income from the
Natural History Museum and future income once the Expo Line opens. For these reasons, we used a
lower OAR of 8.75%.
Page | 63

Parking Lot 4

Billboard Income 0 $0
Expenses
Special Assessment $157 $1
Utilities $850 $3
Price Per SF $7.74
Parking Lot 4 is situated south of the Coliseum, north of Parking Lot 5. Other than days when major events
take place, Parking Lot 4 is underutilized. Therefore, we used an OAR of 9.5%.
Page | 64

Parking Lot 5

Expenses
Utilities $900 $4
Price Per SF $6.93
Parking Lot 5 is situated on the north side of Martin Luther King Jr. Boulevard. Other than days when
major events take place, Parking Lot 5 is underutilized. Therefore, we use an OAR of 9.5%.
Page | 65

Parking Lot 6

Billboard Income $15,312 $13
Expenses
Utilities $5,653 $5
Price Per SF $11.93
Parking Lot 6 primarily serves the LA Sports Arena. It is situated at the northwest corner of Martin Luther
King Jr. Boulevard and Figueroa Street, with great access to the Harbor Freeway. Due to its good location
and access and greater utility, we use an OAR of 9.0%.
FAIR MARKET VALUE CONCLUSION

Based on our assumptions, herein, our concluded fair market value for the six individual parking lots is
summarized as follows.

Based on our analysis, we conclude that Parking Lot 1, 2, 4, 5, and 6 are underutilized parking lots. These
lots are utilized on days when there are major events at the Coliseum and/or Sports Arena. These lots had
a concluded fair market value below the comparables. Overall, Parking Lot 3 generates the most revenues
from daily parking and is much more similar to a typical parking lot operation.
Page | 66

FAIR MARKET RENTAL VALUE ANALYSIS

In order to determine if the fair market rent for the subject property, we conducted a parking rental survey
of leased parking lots. The results of our survey are summarized as follows. The most common unit of
comparison in estimating the market rent for the subject is the monthly rent on a per square foot basis.
PARKING RENTAL SUMMARY

Comparable No. 1 Comparable No. 2 Comparable No. 3 Comparable No. 4 Comparable No. 5
Property Name N/Av Confidential St. Vibiana Event Space Confidential LA County Flood
Control Channel
Address 14177-14433 Aetna DTLA 226 S. Main Street DTLA NW of
Street Riverside/Whitsett
City Van Nuys Los Angeles Los Angeles Los Angeles Valley Village
County Los Angeles Los Angeles Los Angeles Los Angeles Los Angeles
State CA CA CA CA CA
Property Type Parking Lot Parking Lot & Structure Parking Lot Parking Lot Parking Lot
Transaction Type Lease Lease Lease Lease Lease Renew al
Parcel ID Portion of 2240-008-903 Confidential 5161-026-034 and -035 Confidential Portion of 2357-022-
900, 2357-028-900,
2357-029-900
Transaction Date May-11 Dec-10 May-10 May-10 Jul-09
Land Size 3.10 Acres N/Av 0.97 Acres 0.94 Acres 1.26 Acres
No. of Stalls N/Av 800 Stalls N/Av 120 Stalls N/Av
Monthly Rental Rate ($/SF) $0.10/SF/Mo. $0.80/SF/Mo. (Est) $0.27/SF/Mo. $0.37/SF/Mo. $0.25/SF/Mo.
Monthly Rental Rate ($/Stall) N/Av $261.25/Stall N/Av $125/Stall N/Av
Lease Type NNN MG, Lessor pays RE Tax MG NNN NNN
Lease Term MTM 36 Months 36 Months 36 Months 40 Years, 30-day
Escalations/Comments N/Av 9% Annual Increase; Yr 1: $48,000; Yr 2: N/Av CPI Increases
Base Rent + 50% Gross $180,000; Yr 3:
Sales over $400,000 $186,000
Page | 67

The effective rate for parking rental space ranged from a low of $0.10 per square foot per month to a high
of $0.80 per square foot per month, varying from triple net to modified gross leasing. Rental No. 2 at the
highest end of the range warrants a downward adjustment for its lease type, superior location in
Downtown LA, and utility as parking for a residential development. Similarly, Rental No. 4 warrants a
downward adjustment for its superior location in Downtown LA. Rental No. 3 is used as an event parking,
similar to the subject. However the space hosts 55 events per year, which has a greater utilization rate
than the subjects average of 20 events per year. The subject rental rate would be lower. The comparables
further indicate that the larger the lot size, the lower the rental rate.
In addition to these signed leases, we researched listings of land that could be leased as parking lot
spaces. The listings are summarized as follows:
Listing No. 1: Pico/La Cienega Boulevard, Los Angeles - 7,000 SF @$0.12/SF/Mo., NNN
Listing No. 2: 15th/Central, Los Angeles (Industrial District) 11,966 SF @$0.32/SF/Mo., NNN
Listing No. 3: 11516 Vermont, Los Angeles 42,000 SF @$0.10/SF/Mo., NNN
The listings ranged from $0.10 to $0.32 per square foot per month, NNN.
Based upon these comparables, we conclude that the market rent for the subject depends upon location,
size of the lot, and utilization rate. Therefore, we conclude market rent to be as low as $0.05 per square
foot per month, NNN, for Parking Lots 1, 2, 4, 5, and 6, and a high of $0.35 per square foot per month,
NNN for Parking Lot 3.
CONCLUDED FAIR MARKET RENT
In applying a fair market rent to the subject property, we have also included utility rate (based on the
number of events and usage of the parking lots) as a factor on each of the lot in our subject property. We
determined that the fair market rent on the land should not exceed the net operating income on an annual
basis. Parking Lots No. 1, 2, 4, 5, 6 are underutilized on days when there are no major events happening
at the Coliseum or Sports Arena. A fair market rent below the low end of the range is warranted. Parking
Lot 2 is improved with a Playfield, which generates $120,000 in revenue annually. However, this income is
a direct result of an agreement between a developer and the City of Los Angeles to meet Open Space
requirements. It is not indicative of the use or economics of parking at the Parking Lot 2. Therefore, it is
omitted from our analysis. For Parking Lot 3, we have concluded a fair market rent at the high end of the
range because it also generates significant daily parking revenue. The fair market rent conclusion is
summarized as follows:
Page | 68

FAIR MARKET RENT (FMR)

Fair Market Fair Market
Total Net Site Area Rent Annual Rent State-Owned Rent Annual Rent
Acres SF ($/SF/Mo.) SF ($/SF/Mo.)
Parking Lot 1 2.46 107,199 SF x $0.05 $64,319 59,225 SF x $0.05 $35,535
Parking Lot 4 1.50 65,221 SF x $0.06 $46,959 $46,959
Parking Lot 5 1.77 77,061 SF x $0.06 $55,484 $55,484
Parking Lot 6 6.82 297,195 SF x $0.10 $356,634 $356,634
Relating these estimates of fair rental value to the previous value conclusions for each entire parking lot
property results in the following indicated capitalization rates:
RENTAL RATE ANALYSIS

Market Entire Indicated
Rent Property Value Rate
Parking Lot 1 $64,319 $506,668 12.7%
Parking Lot 2 $325,592 $3,377,558 9.6%
Parking Lot 3 $552,615 $5,585,806 9.9%
Parking Lot 4 $46,959 $504,786 9.3%
Parking Lot 5 $55,484 $534,300 10.4%
Parking Lot 6 $356,634 $3,544,901 10.1%
These indicated rates appear reasonable based upon the previously discussed OAR. The indicated rate
for Parking Lot 1 is slightly higher because the property value does not include the additional income from
the double-sided billboard. Generally, because of its high visibility and corner location, an owner would
attempt to secure additional income that could take advantage of the location. However, since the Los
Angeles Memorial Coliseum Commission has already secured this income, and with the billboard
moratorium in the city of Los Angeles, this revenue source is not available to Parking Lot 1. Therefore, the
market rent could be lower than $0.05 per square foot, lowering the rate slightly.
Page | 69

SIX PARKING LOTS AT THE COLISEUM RECONCILIATION
RECONCILIATION
The income capitalization approach is the only approach used to appraise the subject property due to lack
of truly comparable sales. Additionally, market participants have indicated they would analyze properties
like the subject based on their income generating capability, given the subjects zoning classification.
Therefore, the income capitalization approach was considered to produce the most reliable value
indication.
The value conclusions are summarized in the table below.

Fair Market Rent "As Is"

All six parking lots were appraised individually. Based on our analysis, we conclude that Parking Lot 1, 2,
4, 5, and 6 are underutilized parking lots. These lots are utilized on days when there are major events at
the Coliseum and/or Sports Arena. These lots had a concluded fair market value and fair market rent
below the comparables. Parking Lot 3 generates the most revenues from daily parking and is most similar
to a typical parking lot operation.
Page | 70

SIX PARKING LOTS AT THE COLISEUM ASSUMPTIONS & LIMITING CONDITIONS
ASSUMPTIONS & LIMITING CONDITIONS

1. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties appraised is clear and
marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value.
Landauer is not aware of any title defects nor has it been advised of any unless such is specifically noted in the report. However, Landauer
has not examined title and makes no representations relative to the condition thereof. Documents dealing with liens, encumbrances,
easements, deed restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance against
financial loss resulting in claims that may arise out of defects in the subjects title should be sought from a qualified title company that issues
or insures title to real property.
2. Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the property or properties
being appraised are structurally sound, seismically safe and code conforming; that all building systems (mechanical/electrical, HVAC, elevator,
plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in good
condition and free from intrusion by the elements; that the property or properties have been engineered in such a manner that the
improvements, as currently constituted, conform to all applicable local, state, and federal building codes and ordinances. Landauer
professionals are not engineers and are not competent to judge matters of an engineering nature. Landauer has not retained independent
structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the
condition of improvements. Unless otherwise specifically noted in the body of the report: no problems were brought to the attention of
Landauer by ownership or management; Landauer inspected less than 100% of the entire interior and exterior portions of the improvements;
and Landauer was not furnished any engineering studies by the owners or by the party requesting this appraisal. If questions in these areas
are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon. It is
specifically assumed that any knowledgeable and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory
engineering report relative to the structural integrity of the property and the integrity of building systems. Structural problems and/or building
system problems may not be visually detectable. If engineering consultants retained should report negative factors of a material nature, or if
such are later discovered, relative to the condition of improvements, such information could have a substantial negative impact on the
conclusions reported in this appraisal. Accordingly, if negative findings are reported by engineering consultants, Landauer reserves the right
to amend the appraisal conclusions reported herein.
3. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property was not
observed by the appraisers. Landauer has no knowledge of the existence of such materials on or in the property. Landauer, however, is not
qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated
groundwater or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the
assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such
conditions, or for any expertise or engineering knowledge required to discover them. The Client is urged to retain an expert in this field, if
desired.
Landauer has inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally inspect conditions
beneath the soil. Therefore, no representation is made as to these matters unless specifically considered in the appraisal.
4. All furnishings, equipment and business operations, except as specifically stated and typically considered as part of real property, have been
disregarded with only real property being considered in the report unless otherwise stated. Any existing or proposed improvements, on or off-
site, as well as any alterations or repairs considered, are assumed to be completed in a workmanlike manner according to standard practices
based upon the information submitted to Landauer. This report may be subject to amendment upon re-inspection of the subject subsequent
to repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date indicated; based upon
the information, conditions and projected levels of operation.
5. It is assumed that all factual data furnished by the Client, property owner, owners representative, or persons designated by the Client or
owner to supply said data are accurate and correct unless otherwise specifically noted in the appraisal report. Unless otherwise specifically
noted in the appraisal report, Landauer has no reason to believe that any of the data furnished contain any material error. Information and
data referred to in this paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessors Parcel
Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable
areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any material error in
any of the above data could have a substantial impact on the conclusions reported. Thus, Landauer reserves the right to amend conclusions
reported if made aware of any such error. Accordingly, the Client should carefully review all assumptions, data, relevant calculations, and
conclusions within 30 days after the date of delivery of this report and should immediately notify Landauer of any questions or errors.
6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the Letter of Transmittal.
Further, that the dollar amount of any value opinion herein rendered is based upon the purchasing power of the American Dollar on that date.
This appraisal is based on market conditions existing as of the date of this appraisal. Under the terms of the engagement, we will have no
obligation to revise this report to reflect events or conditions that occur subsequent to the date of the appraisal. However, Landauer will be
available to discuss the necessity for revision resulting from changes in economic or market factors affecting the subject.
7. Landauer assumes no private deed restrictions, limiting the use of the subject in any way.
8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposits or subsurface rights of value involved in this
appraisal, whether they be gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered
unless otherwise stated in this appraisal report. Unless otherwise stated it is also assumed that there are no air or development rights of
value that may be transferred.
9. Landauer is not aware of any contemplated public initiatives, governmental development controls, or rent controls that would significantly
affect the value of the subject.
Page | 71

10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with market fluctuations over time.
Market value is highly related to exposure, time promotion effort, terms, motivation, and conclusions surrounding the offering. The value
estimate(s) consider the productivity and relative attractiveness of the property, both physically and economically, on the open market.
11. Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated on the information and
assumptions contained within the report. Any projections of income, expenses and economic conditions utilized in this report are not
predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. The achievement of the
financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be
assured. Actual results may vary from the projections considered herein. Landauer does not warrant these forecasts will occur. Projections
may be affected by circumstances beyond the current realm of knowledge or control of Landauer.
12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any direct or indirect
recommendation of Landauer to buy, sell, or hold the properties at the value stated. Such decisions involve substantial investment strategy
questions and must be specifically addressed in consultation form.
13. Unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning ordinances or regulations governing
use, density, or shape are being considered. The property is appraised assuming that all required licenses, certificates of occupancy,
consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have
been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless otherwise stated.
14. This study may not be duplicated in whole or in part without the specific written consent of Landauer nor may this report or copies hereof be
transmitted to third parties without said consent, which consent Landauer reserves the right to deny. Exempt from this restriction is
duplication for the internal use of the Client-addressee and/or transmission to attorneys, accountants, or advisors of the Client-addressee.
Also exempt from this restriction is transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction
over the party/parties for whom this appraisal was prepared, provided that this report and/or its contents shall not be published, in whole or
in part, in any public document without the express written consent of Landauer which consent Landauer reserves the right to deny. Finally,
this report shall not be advertised to the public or otherwise used to induce a third party to purchase the property or to make a sale or offer
for sale of any security, as such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the
exemptions herein, who may possess this report, is advised that they should rely on their own independently secured advice for any decision
in connection with this property. Landauer shall have no accountability or responsibility to any such third party.
15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title into fractional interests will
invalidate the value estimate, unless such pro ration or division of interests has been set forth in the report.
16. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization.
Component values for land and/or buildings are not intended to be used in conjunction with any other property or appraisal and are invalid if
so used.
17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes only and are to be utilized
only to assist in visualizing matters discussed within this report. Except as specifically stated, data relative to size or area of the subject and
comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced,
or used apart from this report.
18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that
customarily employed by real estate appraisers. Values and opinions expressed presume that environmental and other governmental
restrictions/conditions by applicable agencies have been met, including but not limited to seismic hazards, flight patterns, decibel levels/noise
envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey, engineering study or
architectural analysis has been made known to Landauer unless otherwise stated within the body of this report. If the consultant has not
been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or made for any costs
associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation or warranty is made
concerning obtaining these items. Landauer assumes no responsibility for any costs or consequences arising due to the need, or the lack of
need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for
Flood Hazard Insurance.
19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and special assumptions set forth in
this report. It is the responsibility of the Client, or Clients designees, to read in full, comprehend and thus become aware of the
aforementioned contingencies and limiting conditions. Neither the Appraiser nor Landauer assumes responsibility for any situation arising out
of the Clients failure to become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the
scope of the real estate appraisal/consulting profession if so desired.
20. Landauer assumes that the subject analyzed herein will be under prudent and competent management and ownership; neither inefficient nor
super-efficient.
21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless
noncompliance is stated, defined and considered in the appraisal report.
22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to be correct. It is further
assumed that no encroachments to the realty exist.
23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable
barrier removal construction items in this report, Landauer has not made a specific compliance survey and analysis of this property to
determine whether it is in conformance with the various detailed requirements of the ADA. It is possible that a compliance survey of the
property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more
of the requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since Landauer has no specific
Page | 72

information relating to this issue, nor is Landauer qualified to make such an assessment, the effect of any possible non-compliance with the
requirements of the ADA was not considered in estimating the value of the subject.
24. Client shall not indemnify Appraiser or hold Appraiser harmless unless and only to the extent that the Client misrepresents, distorts, or
provides incomplete or inaccurate appraisal results to others, which acts of the Client proximately result in damage to Appraiser. The Client
shall indemnify and hold Appraiser harmless from any claims, expenses, judgments or other items or costs arising as a result of the Clients
failure or the failure of any of the Clients agents to provide a complete copy of the appraisal report to any third party. In the event of any
litigation between the parties, the prevailing party to such litigation shall be entitled to recover from the other reasonable attorney fees and
costs.
25. The report is for the sole use of the Client; however, 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. Appraiser 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 an appraisal report prepared by Landauer or portions of such report, to become part of or be referenced in any
public offering, the granting of such consent will be at our sole discretion and, if given, will be on condition that we will be provided with an
Indemnification Agreement and/or Non-Reliance letter, in a form and content satisfactory to us, by a party satisfactory to us. We do 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 us with an Indemnification Agreement and/or Non-Reliance letter.
Page | 73

SIX PARKING LOTS AT THE COLISEUM ADDENDUM
ADDENDUM A DEFINITIONS
ADDENDUM

DEFINITIONS
The following definitions are derived from The Dictionary of Real Estate Appraisal, Fifth Edition, published by the Appraisal
Institute.
Absorption Period: The actual or expected period required from the time a property, group of properties, or commodity is
initially offered for lease, purchase, or use by its eventual users until all portions have been sold or stabilized occupancy has
been achieved.
Absorption Rate: The rate at which properties for sale or lease have been or are expected to be successfully marketed,
sold, or leased in a given area over a duration of time.
Ad Valorem Tax: A tax levied in proportion to the value of the thing(s) being taxes; generally refers only to property taxes,
although technically the term is applicable to income taxes, ad valorem tariffs, special property taxes, etc. Exclusive of
exemptions, use value assessment provisions, and the like, the property tax is an ad valorem tax. (IAAO)
Assessed Value: The value of a property according to the tax rolls in ad valorem taxation; may be higher or lower than
market value, or based on an assessment ratio that is a percentage of market value.
Cash Equivalency: An analytical process in which the sale price of a transaction with nonmarket financing or financing with
unusual conditions or incentives is converted into a price expressed in terms of cash.
Contract Rent: The actual rental income specified in a lease.
Disposition Value: The most probable price that a specified interest in real property should bring under all of the following
conditions: 1) Consummation of a sale will occur within a future exposure time specified by the client; 2) The property is
subjected to market conditions prevailing as of the date of valuation; 3) Both the buyer and seller are acting prudently and
knowledgeably; 4) The seller is under compulsion to sell; 5) The buyer is typically motivated; 6) Both parties are acting in
what they consider their best interests; 7) An adequate marketing effort will be made during the exposure time specified by
the client; 8) Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 9)
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.
Effective Rent: The rental rate net of financial concessions such as periods of no rent during the lease term and above- or
below-market tenant improvements.
Excess Land: Land that is not needed to serve or support the existing improvement. The highest and best use of the
excess land may or may not be the same as the highest and best use of the improved parcel. Excess land may have the
potential to be sold separately and is valued separately.
Excess Rent: The amount by which contract rent exceeds market rent at the time of the appraisal; created by a lease
favorable to the landlord (lessor) and may reflect unusual management, unknowledgeable parties, a lease execution in an
earlier, stronger rental market, or an agreement of the parties. Due to the higher risk inherent in the receipt of excess rent, it
may be calculated separately and capitalized at a higher rate in the income capitalization approach.
Exposure Time: 1) The time a property remains on the market. 2) 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 estimate based on an analysis of past events assuming a competitive and open
market.
Extraordinary Assumption: An assumption, directly related to a specific assignment, which, if found to be false, could alter
the appraisers opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about
physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as
market conditions or trends; or about the integrity of data used in an analysis. (USPAP 2010-2011 ed.)
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.
Floor Area Ratio (FAR): The relationship between the above-ground floor area of a building, as described by the building
code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g., a ratio of 2.0
indicates that the permissible floor area of a building is twice the total land area.
ADDENDUM

Fractional Vacancy: The amount of vacant space need in a market for its orderly operation. In a stabilized market, where
supply and demand are in balance, fractional vacancy allows for move-in and move-outs. In markets for income-producing
property, fractional vacancy measures the lost rental income as leases roll over and expire.
Full Service Lease: See gross lease.
General Vacancy: A method of calculating any remaining vacancy and collection loss considerations when using discounted
cash flow (DCF) analysis, where turnover vacancy has been used as part of the income estimate. The combined effects of
turnover vacancy and general vacancy relate to total vacancy and collection loss.
Going Concern Value: 1) The market value of all the tangible and intangible assets of an established and operating
business with an indefinite life, as if sold in aggregate; more accurately termed the market value of the going concern. 2) The
value of an operating business enterprise. Goodwill may be separately measured but is an integral component of going-
concern value when it exists and is recognizable.
Gross Building Area (GBA): The total floor area of a building, excluding unenclosed areas, measured from the exterior of
the walls of the above-grade area. This includes mezzanines and basements if and when typically included in the region.
Gross Lease: A lease in which the landlord receives stipulated rent and is obligated to pay all of the propertys operating and
fixed expenses; also called full-service lease.
Hypothetical Condition: That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical
conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject
property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used
in an analysis. (USPAP, 2010-2011 ed.)
Investment Value: The value of a property interest to a particular investor or class of investors based on the investors
specific requirements. Investment value may be different from market value because it depends on a set of investment
criteria that are not necessarily typical of the market.
Land-to-Building Ratio: The proportion of land area to gross building area; one of the factors determining comparability of
properties.
Lease: A contract in which the rights to use and occupy land or structures are transferred by the owner to another for a
specified period of time in return for a specified rent.
Leased Fee Interest: A freehold (ownership interest) where the possessory interest has been granted to another party by
creation of a contractual landlord relationship.
Leasehold Interest: The tenants possessory interest created by a lease.
Lessee: One who has the right to occupancy and use of the property of another for a period of time according to a lease
agreement.
Lessor: One who conveys the rights of occupancy and use to others under a lease agreement.
Liquidation Value: The most probable price which a specified interest in real property should bring under all of the following
conditions: 1) Consummation of a sale within a short time period; 2) The property is subjected to market conditions prevailing
as of the date of valuation; 3) Both the buyer is acting prudently and knowledgeably; 4) The seller is under extreme
compulsion to sell; 5) The buyer is typically motivated; 6) Both parties are acting in what they considers to be their best
interests; 7) A normal marketing effort is not possible due to the brief exposure time; 8) Payment will be made in cash in U.S.
dollars or in terms of financial arrangements comparable thereto; and 9) 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.
Market Rent: The most probable rent that a property should bring in a competitive and open market reflecting all conditions
and restrictions of the specified lease agreement, including permitted uses, use restrictions, expense obligations,
concessions, renewal and purchase options, and tenant improvements (TIs).
Market Value: See body of report for market value definition used in this appraisal.
Marketing Time: An opinion of the amount of time it might take to sell a real or personal property interest at the concluded
market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure
time, which is always presumed to precede the effective date of an appraisal. (Advisory Opinion 7 of the Appraisal Standards
Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, Reasonable Exposure Time in Real
Property and Personal Property Market Value Opinions address the determination of reasonable exposure and marketing
time.)
Net Lease: A lease in which the landlord passes on all expenses to the tenant.
ADDENDUM

Net Net Net Lease: A lease in which the tenant assumes all expenses (fixed and variable) of operating a property except
that the landlord is responsible for structural maintenance, building reserves, and management. Also called NNN, triple net
lease or fully net lease.
Occupancy Rate: 1) The relationship or ratio between the income received from the rented units in a property and the
income that would be received if all the units were occupied. 2) The ratio of occupied space to total rentable space in the
building.
Overage Rent The percentage rent paid over and above the guaranteed minimum rent or base rent; calculated as a
percentage of sales in excess of a specified breakpoint sales volume
Prospective Opinion of Value: A value opinion effective as of a specified future date. The term does not define a type of
value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a
prospective date is frequently sought in connection with projects that are proposed, under construction, or under conversion
to a new use, or those that have not yet achieved sellout or stabilized level of long-term occupancy.
Rentable Area: For office buildings, the tenants pro rata portion of the entire office floor, excluding elements of the building
that penetrate through the floor to the areas below. The rentable area of a floor is computed by measuring to the inside
finished surface of the dominant portion of the permanent building walls, excluding any major vertical penetrations of the floor.
Alternatively, the amount of space on which rent is based; calculated according to local practice.
Retrospective Value Opinion: A value opinion effective as of a specified historical date. The term does not define a type of
value. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific prior
date. Value as of a historical date is frequently sought in connection with property tax appeals, damage models, lease
renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is
appropriate, e.g., retrospective market value opinion.
Shell Rent: The typical rent paid for retail, office, or industrial tenant space based on minimal shell interior finishes (called
vanilla finish in some areas). Usually the landlord delivers the main building shell space or some minimum level of interior
build-out, and the tenant completes the interior finish, which can include wall, ceiling, and floor finishes; mechanical systems,
interior electric, and plumbing. Typically these are long-term leases with tenants paying all or most property expenses.
Surplus Land: Land that is not currently needed to support the existing improvements but cannot be separated from the
property and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value
to the improved parcel.
Turnover Vacancy: A method of calculating vacancy allowance that is estimated or considered as part of the potential
income estimate when using discounted cash flow (DCF) analysis. As units or suites turn over and are available for re-
leasing, the periodic vacancy time frame (vacancy window) to re-lease the space is considered. Accordingly the income
estimate reflects a component of vacancy and is not true potential gross income but some level of effective gross income.
Usable Area: 1) For office buildings, the actual occupied area of a floor or an office space; computed by measuring from the
finished surface or the office side of corridor and other permanent walls, to the center of partitions that separate the office
from adjoining usable areas, and to the inside finished surface of the dominant portion of the permanent outer building walls.
Sometimes called net building area or net floor area. 2) The area that is actually used by the tenants measured from the
inside of the exterior walls to the inside of walls separating the space from hallways and common areas.
Value In Use: The value of a property assuming a specific use, which may or may not be the propertys highest and best use
on the effective date of appraisal. Value in use may or may not be equal to market value but is different conceptually.
Value Indication: An opinion of value derived through application of the appraisal process.
ADDENDUM

ADDENDUM B RENT COMPARABLES I
ADDENDUM

COMPARABLE NO. 1 USC COMPARABLE NO. 2 USC Parking Center
COMPARABLE NO. 3 SHRINE AUDITORIUM COMPARABLE NO. 4 EXPO PARK
COMPARABLE NO. 5 AUTOMATE PARKING
ADDENDUM

ADDENDUM C RENT COMPARABLES II
ADDENDUM

RENT COMPARABLE 1 14433 AETNA ST. RENT COMPARABLE 2 - CONFIDENTIAL
RENT COMPARABLE 3 ST. VIBIANA RENT COMPARABLE 4 - CONFIDENTIAL
RENT COMPARABLE 5 LA COUNTY FLOOD

CONTROL
ADDENDUM

ADDENDUM ' CLIENT ENGAGEMENT LETTER
ADDENDUM

LETTER OF INTENT & NOTICE TO PROCEED
March 2,2012
D. Michael Mason, MAI

Managing Director
Grubb & Ellis - Landauer Valuation and Advisory Services LLC
515 S. Figueroa Street, Suite 1550
Re: Notice to Proceed

Commercial Property Appraisal
Los Angeles Memorial Coliseum Parking Lots 1, 2,3,4,5 and 6
Fee: $11,500
Start Date: March 5,2012
Date Completion: March 16,2012
Dear Mr. Mason:
Prior to formal execution of a USC Purchase Order and in order to proceed and maintain
the project schedule, this letter shall serve as a formal notification that the University of
Southern California intends to enter into a contractual agreement on the above captioned
project.
You have agreed to the terms and conditions of the Purchase order and you are
authorized to proceed with the Work as of this formal Notice to Proceed Date Mach 5,
2012.
The Work shall proceed in accordance with the terms and conditions sct forth in a USC
Purchase Order.
The Consultant will be required to show evidence of insurance that complies in a USC
Purchase Order.
David Aghaei is the University's Assistant Director of Gifts and Acquisitions and your
contact person for this project. You can contact him at (213)S2I-6312.
ADDENDUM ( APPRAISERS QUALIFICATIONS
ADDENDUM

Professional Profile
Mike Mason, MAI, SRA

Managing Director, Los Angeles
Landauer Valuation Advisory Services
mike.mason@grubb-ellis.com
213.785.3229 direct
CAREER SUMMARY
Mr. Mason began his full-time appraisal career working in the family appraisal business, Mason, Mason & Mason.
Within three years he had achieved the SRA designation from the Appraisal Institute, and the following year was
awarded the MAI designation. While at his fathers firm he specialized in litigation support and expert witness
services. In August 1985, Mr. Mason was a partner at Stephens-Mason Associates Real Estate Appraisers and
Consultants, and completed appraisals on major income properties throughout Southern California. Projects
included every regional mall in Los Angeles and Orange counties, high-rise office buildings, industrial business
parks and apartment communities. Mr. Mason has been a qualified instructor for the Appraisal Institute
continuously since 1985 teaching basic and advanced appraisal courses. He participated in writing the textbooks,
The Appraisal of Real Estate and Appraising Residential Properties, published by the Appraisal Institute. Mr.
Mason has written several seminars and courses for the Appraisal Institute, and has also taught appraisal courses
in the undergraduate program at the University of Southern California and in the UCLA Extension program.
RESPONSIBILITIES
Managing Director, Landauer Valuation Advisory Services
SPECIALTIES
Litigation support for condemnation, easement valuation, conservation easements and real estate fraud
Expert testimony in State Superior Court and Federal Bankruptcy Court
Appraiser Standard of Care, USPAP Certified Instructor
EXPERIENCE
July 2010 to present Managing Director, G & E Landauer Valuation Advisory Services, LLC, Los Angeles
August 2008 to July 2010 Director of Litigation Support, Integra Realty Resources, Metro LA
August 2004 to August 2008 - Managing Director, First American Commercial Real Estate Services, Inc.
January 2000 to August 2004 Owner, D. Michael Mason & Associates
August 1985 to January 2000 Stephens-Mason Associates
June 1980 to August 1985 Appraiser with Mason, Mason & Mason
EDUCATION
Bachelor of Science Degree, California State University, Los Angeles
Certified General Real Estate Appraiser, California, License No. AG001673
PROFESSIONAL AFFILIATIONS
MAI Designated Member of the Appraisal Institute
SRA Designated Member of the Appraisal Institute
Member, International Right-of-Way Association
Grubb & Ellis Landauer VAS | 515 South Figueroa Street, Suite 1550 | Los Angeles, CA 90071 | 213.785.3229 | www.grubb-ellis.com\landauer
Joy Kwong, MPL, LEED AP
Associate Vice President | Los Angeles
PROFESSIONAL EXPERIENCE
Senior Appraiser, Los Angeles Grubb & Ellis Landauer Valuation Advisory Services, LLC. Ms. Kwong has performed
and participated in several real estate valuations which included the valuation of industrial (warehouse/flex, cold storage,
manufacturing, and data center), office, retail (shopping centers, boutique, and malls), multi-family apartments, senior
housing, hotels, residential (estate homes), and special purpose properties (movie/sound recording studios, hospitals, and
education buildings).
Prior to joining Grubb & Ellis Landauer, Ms. Kwong worked for CB Richard Ellis Valuation & Advisory Services as an
appraiser. Clients represented included financial institutions, pension funds, insurance companies, real estate asset
advisors, law firms, developers and private property owners. While at CB Richard Ellis, she was involved with the
companys nationwide sustainability initiatives.
Past experience also include work in the public sector and academia, such as the City of Los Angeles Council District 11,
Chinese Academy of Urban Planning and Design (Beijing, China), GreenLA Coalition, and USC School of Policy,
Planning, and Developments Center for Economic Development.
STATE & REGULATORY LICENSURE
California: State General Certified Real Estate Appraiser; License No. AG044069
EDUCATION
Ms. Kwong is a graduate of the University of Southern California, where she received a Masters in Planning (2011), with a
concentration in Economic Development, and International Development emphasis. Her undergraduate degree is also
from the University of Southern California, where she received a Bachelors of Science in Business Administration (2005),
with a Real Estate Finance emphasis.
PROFESSIONAL AFFILIATIONS
Appraisal Institute, Associate Member

Urban Land Institute, Member
SIGNIFICANT ASSIGNMENTS
18,000 SF Estate Home in San Juan Bautista, San Benito County
Americold (former Versacold) Cold Storage
AMB, Majestic Realty, ProLogis, RREEF Industrial Parks
Aerospace Corporation Campus (South Bay)
The Commons (Pasadena)
Downtown Los Angeles Sheraton
Eagle Rock Plaza (Mall)
Hastings Ranch Shopping Center (Pasadena)
Hollywood Center Studio
Long Beach Hilton
Midas Muffler (Norwalk, CA)
The Parking Spot (LAX Off-Airport Parking)
Proposed Albuquerque Studio (New Mexico)
Proposed Mixed-Use, Transit-Oriented Development (Culver City)
Proposed Office 1601 Vine (Hollywood)
Sara Lee Bakery Facility (Vernon)
Sunset Gower Studio (Hollywood)
Starwood Properties Retail Portfolio
St. Lukes Hospital (Pasadena)
Grubb & Ellis | Landauer Valuation Advisory Services, LLC Email: joy.kwong@grubb-ellis.com
515 S. Figueroa Street, Ste. 1550, Los Angeles, CA 90071 Direct: 213.785.3227
213.785.3225 (Main) | 213.489.1571 (Fax) Web: www.grubb-ellis.com

Parking Lot App

Diunggah oleh

Informasi Dokumen

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Parking Lot App

Diunggah oleh

Hak Cipta:

Format Tersedia

SUMMARY APPRAISAL REPORT

SIX PARKING LOTS AT THE COLISEUM

Los Angeles, CA 90039

Landauer Job No.: 12-2612-065

Report Date: March 19, 2012 (Final)

Assistant Director of Gifts & Acquisitions

University of Southern California

Los Angeles, CA 90089-7271

Assistant Section Chief

Professional Services Branch

Real Estate Division

State of California Department of General Services

GRUBB & ELLIS LANDAUER VALUATION ADVISORY SERVICES, LLC

March 19, 2012 (Final)

Mr. David Aghaei Mr. Michael Butler

RE: An Appraisal of Real Property

Los Angeles, CA 90039

Landauer Job No.: 12-2612-065

Dear Mr. Aghaei and Mr. Butler,

The six parking lots are summarized below.

SUBJECT PROPERTY SUMMARY

Parking Lot #2 800 Stalls APNs Ownership Zoning

Parking Lot #3 500 Stalls APNs Ownership Zoning

Parking Lot #4 250 Stalls APNs Ownership Zoning

Parking Lot #5 250 Stalls APNs Ownership Zoning

Parking Lot #6 1,200 Stalls APNs Ownership Zoning

MARKET VALUE CONCLUSION

Fair Market Rent "As Is"

GRUBB & ELLIS

Joy Kwong D. Michael Mason, MAI, SRA

SIX PARKING LOTS AT THE COLISEUM CERTIFICATION

Joy Kwong D. Michael Mason, MAI, SRA

AERIAL VIEW OF SUBJECT & SURROUNDINGS

BIRDSEYE VIEW OF SUBJECT LOOKING NORTH

BIRDSEYE VIEW OF SUBJECT LOOKING SOUTH

PHOTO 1 PARKING LOT #1, LOOKING EAST/ VIEW

PHOTO 5 PARKING LOT #4, LOOKING NORTH,

PHOTO 8 PARKING LOT #6, LOOKING NORTH/

PHOTO 9 TWO-SIDED BILLBOARD ON LOT #6 PHOTO 10 TWO-SIDED BILLBOARD ON LOT #1

PHOTO 13 FIGUEROA STREET, LOOKING

PHOTO 15 NORTHEASTERLY VIEW OF PHOTO 16 HOOVER STREET, LOOKING NORTH/

PHOTO 17 BILL ROBERSTON LANE, LOOKING

Property Name Six Parking Lots at the Coliseum

Physical Data Net Site Area (Owned by State of California)

Fair Market Value "As Is" $ Nominal Stalls $/Stall SF $/SF

Fair Market Rent "As Is" $ Nominal SF $/SF/Mo.

Est. Exposure Time 12 months

EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS

This appraisal employs the following extraordinary assumptions:

This appraisal employs the following hypothetical conditions: None.

REGIONAL ANALYSIS ...................................................................................................................................................................... 6

NEIGHBORHOOD ANALYSIS ......................................................................................................................................................... 14

IMPROVEMENT ANALYSIS ............................................................................................................................................................ 42

ASSESSMENT & TAXES ................................................................................................................................................................ 44

HIGHEST & BEST USE ................................................................................................................................................................... 45

APPRAISAL METHODOLOGY ........................................................................................................................................................ 47

INCOME CAPITALIZATION APPROACH ........................................................................................................................................ 48

ASSUMPTIONS & LIMITING CONDITIONS .................................................................................................................................... 71

ADDENDUM B: RENT COMPARABLES I

ADDENDUM C: RENT COMPARABLES II

ADDENDUM D: CLIENT ENGAGEMENT LETTER

ADDENDUM E: APPRAISERS QUALIFICATIONS

IDENTIFICATION OF THE PROPERTY

SUBJECT PROPERTY SUMMARY