RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_- Carlough Road, Mahwah & Upper Saddle River, Bergen County, N. J. Apple Ridge, Mahwah, LLC to Toll NJ IV, LLC Apple Ridge USR, LLC to Toll NJIV, LLC Date: December 15, 2016 Sale Price: $30,750,000.00 Block: 127 Lots: 1,3,4,.5,6,7 Zone: R-40 (Mahwah) Block: 401 Lot 284 Zon R-1 (Upper Saddle River) Book: 2517 Page: 191 & 1497 Acres: 111.31 Approvals: 78 Single Family Residential Sites Analysis: Sale reflects $394,231.00 per residential building lot, unadjusted. Comment: The property was conveyed with approvals for a seventy-eight (78) lot residential subdivision with each lot having an average size of approximately 1.00 acre. The former Apple Ridge Country Club closed in 2015 and 2015 and all improvements will be demolished by the purchaser. In addition, environmental contamination including arsenic and lead will also be remediated by the purchaser. The development will be known as The Preserve at Upper Saddle River and Orchard Ridge at Mahwah. Base prices will range from $1,449,995.00 to $1,689,995.00. ae en wg Seressaeaae nee { u Fs - 69 - a & RESEARCH