Deed - Civic Center - File 155, 1938 pt1

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-11- perty uses, legislation, availability of fin- ancing and the like. The subject neighborhood is not, in the appraiser's opinion, the best location for the subject building. The downtown business center would be preferable. There are few restaurants and consumer services such as post offices, retail stores and the like in the subject neighborhood. The stores that are located in the neighborhood are secondary in nature. There is a scarcity of adequate off- street parking facilities in the neighborhood. These economic factors have been considered in terms of obsolescence. In the case of the subject property the appraiser feels that in its present condition it would have a very limited appeal if placed on the open rn'rket for sale. This would be due primarily to the high degree of functional obsolescence or poor floor plan for other uses than courtrooms. Even if acquired by a public body such as the city, unless used for court purposes major changes would probably have to be made such as reparti- tioning, elimination or addition of restroom facilities, changes in electrical fixtures and conversion to a more fuel efficient HVAC system. As mentioned earlier in this report, the pro- perty suffers an additional functional obsole- scence from the lack of required off-street parking and this item has been measured by considering in -lieu payments to the city for equivalent parking facilities furnished else- where. The city, the appraiser recognises, is under no obligation to provide parking. Income Approach In utilizing the income or capitalization of income into value approach, the appraiser has made a survey of a number of both general and professional office buildings in the vicinity; these include both high-rise and low-rise build- ings within a four or five block area of the downtown center of San Leandro. These rent comparables include some new actual rents as well as projected rental levels, and they have