The subject improvements were constructed in 1982 and are presently

utilized as a subsidized multi-family residential complex. The improvements provide a

positive return to the land and contribute value well in excess of land value. As a result,

the opinion is formed that the highest and best use of the property as improved is forthe

current multi-family use for which the project was originally intended. The improvements

are physically suitable for this type of use; the improvements complement surrounding

developments in the area; and sufficient demand is evident Alternate uses for the improvements include conversion to a condominium project.

Location Description:

The market area of the subject property primarily is the Ukiah area. Ukiah

is located along U.S. Highway 101, 112 miles north of San Francisco and 230 miles

south of the Oregon state border. Ukiah is the county seat for Mendocino County and is

the largest populated city in the county. The area surrounding Ukiah consists of

agricultural land and associated rural residences, and mountainous areas. Major

transportation routes through the area include U.S. Highway 101 as well as State

Highway 253.

Highlights:

>> USDA Section 515 Development

>> Ideal for Non-Profit Investors

>> Original Owners/ Over 10 Yr. Hold

>> Motivated Seller

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