Appraisal Report JPG (264 Keystone).pdf

26-037

AN APPRAISAL

OF

AN INDUSTRIAL BUILDING

LOCATED AT

264 KEYSTONE AVENUE,

RENO, WASHOE COUNTY, NEVADA

OWNED BY

THE CITY OF RENO

PREPARED FOR

THE CITY OF RENO

FOR THE PURPOSE OF

ESTIMATING THE FOLLOWING VALUES

VALUATION SCENARIO DATE OF VALUE

MARKET VALUE APRIL 16, 2026

6121 Lakeside Drive, Suite 160, Reno, NV 89511

775.322.1155 | Fax 775.322.1156 | jpgnv.com

Reese Perkins, MAI, SRA Scott Q. Griffin, MAI

Cindy Lund Fogel, MAI Sarah K. Fye, MAI Carson T. Cooke

April 27, 2026

Brynna Nichols, MBA Senior Management Analyst City of Reno Public Works 1 E. First Street, Reno, Nevada 89501 Email: nicholsb@reno.gov

Re: Appraisal – 264 Keystone Avenue, Reno, Washoe County, Nevada

Dear Ms. Nichols:

This is in response to your request for an appraisal of an industrial building located at 264 Keystone Avenue, Reno, Washoe County, Nevada. The subject property is summarized in the chart below:

SUBJECT PROPERTY SUMMARY

Property Type Industrial Building Property Address 264 Keystone Avenue, Reno, Nevada

Property Location The East Side of Keystone Avenue and the South Side of the Union Pacific Railroad Right-of-Way, Reno, Washoe County, Nevada

Washoe County APN 011-350-30

Legal Description

A parcel of land situated in the northwest quarter of the southwest quarter of section 11, Township 19 North, Range 19 East, MDB&M, in the City of Reno, County of Washoe, State of Nevada

Owner of Record City of Reno

Land Area (per Survey) Gross Land Area: 1.23± Acres (53,623± Square Feet) Net Usable Land Area: 1.001± Acres (43,595± Square Feet)

City of Reno Zoning Designation MD-NWQ (Mixed-Use Downtown Northwest Quadrant District)

City of Reno Master Plan Designation DT-MU (Downtown Mixed-Use) Flood Zone Designation Zone “X” (Unshaded) Highest & Best Use Conclusion-As Vacant Mixed-Use Development Highest & Best Use Conclusion-As Improved Continued Use of the Industrial Improvements

SUBJECT IMPROVEMENT SUMMARY

Building Type Industrial Building Year Built 1967 Gross Building Area 28,015± Square Feet Finished Office Space 3,186± Square Feet (11.37%) Coverage Ratio 52.24% (Based on Gross Land Area) Occupancy Vacant Construction Concrete Block Quality/Condition Average/Fair mailto:nicholsb@reno.gov

This appraisal is being prepared for the purpose of estimating the Market Value of the fee simple interest of the subject property as of a current date of valuation. The client and intended user of the appraisal report is the City of Reno. The intended use of the appraisal report is for internal management purposes and the possible disposition of the subject property. Any other use of this appraisal report requires the written authorization of this appraisal firm.

This is an appraisal report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for an appraisal report. The report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). This appraisal firm is not responsible for unauthorized use of this report. I have not performed services as an appraiser regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

After careful consideration of all data available, and upon thorough personal investigation of the subject property and comparable properties analyzed, it is my opinion that the Market Value of the fee simple interest in the subject property is:

FINAL MARKET VALUE CONCLUSION

Property

Description Value

Addressed Property Rights

Appraised Date

Of Value Value

Conclusion 264 Keystone Avenue, Reno, Nevada Market Value Fee Simple Interest April 16, 2026 $2,340,000

Respectfully Submitted, Reese Perkins, MAI, SRA Nevada Certified General Appraiser License Number A.0000120-CG

TABLE OF CONTENTS

SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS

PURPOSE OF APPRAISAL

PROPERTY RIGHTS APPRAISED

DEFINITIONS OF PROPERTY RIGHTS APPRAISED

CLIENT, INTENDED USER & INTENDED USE OF THE APPRAISAL

DATES OF APPRAISAL

MARKET VALUE DEFINED

SCOPE OF APPRAISAL

STATEMENTS OF LIMITING CONDITIONS

RENO-SPARKS AREA MAP

RENO-SPARKS AREA ANALYSIS AND DESCRIPTION

NEIGHBORHOOD MAP

NEIGHBORHOOD DESCRIPTION

SUBJECT OVERHEAD AERIAL MAP

SUBJECT EXTERIOR PHOTOGRAPHS

SUBJECT PLOT MAP

SUBJECT LAND AREA SUMMARY

RECORD OF SURVEY MAP 5402B

PROPERTY IDENTIFICATION AND SITE DESCRIPTION

DESCRIPTION OF SUBJECT IMPROVEMENTS

1ST LEVEL BUILDING SKETCH

2ND LEVEL BUILDING SKETCH

HIGHEST AND BEST USE ANALYSIS

INTRODUCTION TO VALUATION ANALYSIS

SALES COMPARISON APPROACH TO LAND VALUE

COMPARABLE LAND SALES CHART

COMPARABLE LAND SALES MAP

COMPARABLE LAND SALE PROFILE

LAND VALUE ANALYSIS & CONCLUSION

COMPARABLE LAND SALES ADJUSTMENT CHART

INCOME APPROACH TO VALUE

MARKET RENT ANALYSIS

COMPARABLE INDUSTRIAL BUILDING RENTAL CHART

COMPARABLE INDUSTRIAL BUILDING RENTAL MAP

COMPARABLE INDUSTRIAL BUILDING RENTAL PHOTOGRAPHS

COMPARABLE INDUSTRIAL BUILDING RENTALS ANALYSIS AND DISCUSSION

VACANCY AND CREDIT LOSS ANALYSIS

OPERATING EXPENSE ANALYSIS

CAPITALIZATION RATE ANALYSIS

INCOME APPROACH TO VALUE SUMMARY & CONCLUSION

SALES COMPARISON APPROACH TO VALUE

COMPARABLE INDUSTRIAL BUILDING SALES CHART

COMPARABLE INDUSTRIAL BUILDING SALES MAP

COMPARABLE INDUSTRIAL BUILDING SALE PROFILE

COMPARABLE INDUSTRIAL BUILDING SALES DISCUSSION AND COMPARISON

COMPARABLE INDUSTRIAL BUILDING SALES ADJUSTMENT CHART

FINAL PROPERTY VALUE CONCLUSION

EXPOSURE AND MARKETING TIME

CERTIFICATION

STANDARD ASSUMPTIONS AND LIMITING CONDITIONS

QUALIFICATIONS OF APPRAISER REESE PERKINS

ADDENDA

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SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS

SUBJECT PROPERTY SUMMARY

Property Type Industrial Building Property Address 264 Keystone Avenue, Reno, Nevada

Property Location The East Side of Keystone Avenue and the South Side of the Union Pacific Railroad Right-of-Way, Reno, Washoe County, Nevada

Washoe County APN 011-350-30

Legal Description

A parcel of land situated in the northwest quarter of the southwest quarter of section 11, Township 19 North, Range 19 East, MDB&M, in the City of Reno, County of Washoe, State of Nevada

Owner of Record City of Reno

Land Area (per Survey) Gross Land Area: 1.23± Acres (53,623± Square Feet) Net Usable Land Area: 1.001± Acres (43,595± Square Feet)

City of Reno Zoning Designation MD-NWQ (Mixed-Use Downtown Northwest Quadrant District)

City of Reno Master Plan Designation DT-MU (Downtown Mixed-Use) Flood Zone Designation Zone “X” (Unshaded) Highest & Best Use Conclusion-As Vacant Mixed-Use Development Highest & Best Use Conclusion-As Improved Continued Use of the Industrial Improvements

SUBJECT IMPROVEMENT SUMMARY

Building Type Industrial Building Year Built 1967 Gross Building Area 28,015± Square Feet Finished Office Space 3,186± Square Feet (11.37%) Coverage Ratio 52.24% (Based on Gross Land Area) Occupancy Vacant Construction Concrete Block Quality/Condition Average/Fair

DATES OF APPRAISAL

Date Description Date Dates of Inspection March 30 & April 16, 2026

Effective Date of Value April 16, 2026 Completion Date of Appraisal April 27, 2026

FINAL MARKET VALUE CONCLUSION

Property Description

Value Addressed

Property Rights Appraised

Date Of Value

Value Conclusion

264 Keystone Avenue, Reno, Nevada Market Value Fee Simple

Interest April 16, 2026 $2,340,000

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PURPOSE OF APPRAISAL

This appraisal is being prepared for the purpose of forming an opinion of the Market Value of the subject’s Fee Simple Interest, as of a current date of value.

PROPERTY RIGHTS APPRAISED

The subject property is appraised as held in fee simple ownership, affected by typical encumbrances such as mortgages, easements and zoning ordinances.

DEFINITIONS OF PROPERTY RIGHTS APPRAISED

Fee Simple Estate Defined

Fee Simple Estate is defined as “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.” 1

CLIENT, INTENDED USER & INTENDED USE OF THE APPRAISAL

Client The City of Reno Intended User of Report The City of Reno Intended Use of Report Internal Management Purposes & Possible Disposition of Property

DATES OF APPRAISAL

Date Description Date Dates of Inspection March 30 & April 16, 2026

Effective Date of Value April 16, 2026 Completion Date of Appraisal April 27, 2026

MARKET VALUE DEFINED

Market Value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

1) Buyer and seller are typically motivated;

2) Both parties are well informed or well advised, and acting in what they consider their own best interests;

3) A reasonable time is allowed for exposure in the open market;

4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and

5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by any one associated with the sale.2

1 Source: The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, 2022, page 73 2 Rules and Regulations, Federal Register, Vol. 55, No. 165, Page 34696, 12CFR Part 34.42(f)

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SCOPE OF APPRAISAL

• An inspection of the subject property

• Identification and analysis of the subject neighborhood

• Interviews with representatives of the subject ownership

• Review of data on the subject property provided by the subject ownership, the City of Reno and the

Washoe County Assessor’s Office

• Analysis of the physical and legal attributes of the subject property

• Analysis of the easements encumbering the subject property

• Completion of a Highest and Best Use Analysis

• Preparation of a direct sales comparison approach to land value to assist in analyzing the highest and best use of the subject property

• Research and analysis of comparable rental rates and vacancy rates in similar industrial properties

• Preparation of an income approach to value utilizing a direct capitalization analysis

• Research and analysis of comparable industrial property sales and listings

• Completion of a sales comparison approach to value

• Correlation of the approaches to value to arrive at the Market Value of the subject property as of the April

16, 2026 date of value

• Analysis and determination of an appropriate exposure and marketing time for the subject property

• Preparation of the appraisal report

STATEMENTS OF LIMITING CONDITIONS

EXTRAORDINARY ASSUMPTIONS

An extraordinary assumption is defined as “An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser’s opinions or conclusions.”3 This appraisal has been prepared subject to the following extraordinary assumptions:

• The valuation analysis, as set forth herein, assumes that the easements identified by Exceptions 17, 20, 21, and 24 have been abandoned or relinquished.

• The appraisal analysis and conclusions of value, as set forth herein, assume that the legal description of permanent easement for sanitary sewer, the legal description of permanent easement for Keystone retaining wall, and the legal description of permanent easement for Union Pacific Railroad Retrac wall, as prepared by Battle Born Ventures, LLC, copies of which are set forth in the addenda to this appraisal report, have been recorded and encumber the subject property

• This appraisal is based upon the extraordinary assumption that the legal description and land area set forth in the legal description of property boundary prepared by Battle Born Ventures, LLC, a copy of which is set forth in the addenda to this appraisal report, is accurate.

• the use of extraordinary assumptions, as used in this appraisal, if found to be false, could alter the appraiser's opinions or conclusions.

HYPOTHETICAL CONDITIONS

A hypothetical condition is defined as “A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.”4 This appraisal has been prepared subject to the following hypothetical conditions:

• None

3 Source: USPAP 2024 Edition, Definitions; The Appraisal Foundation, Page 4.

4 Source: USPAP 2024 Edition, Definitions; The Appraisal Foundation, Page 4.

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RENO-SPARKS AREA MAP

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RENO-SPARKS AREA ANALYSIS AND DESCRIPTION

The Reno-Sparks metropolitan area is situated on the eastern slopes of the Sierra Nevada Mountain Range in a large valley known as the Truckee Meadows. Two major freeways serve the region. Interstate 80 runs in an east-west direction through Reno, while U.S. 395/I-580 runs in a north-south direction through Reno. The following summarizes Reno’s vicinity to other major metropolitan areas in the region.

MILES BETWEEN RENO & MAJOR METROPOLITAN AREAS

Market Direction From Reno Miles From Reno

San Francisco West/Southwest 190± Miles Los Angeles Southwest 450± Miles

Portland Northwest 440± Miles Salt Lake City East 520± Miles

Las Vegas Southeast 450± Miles Phoenix Southeast 745± Miles

The Reno-Sparks metropolitan area’s location is a positive amenity due to its proximity to major California markets, as well as the recreational and scenic amenities afforded by its proximity to the Sierra-Nevada Mountains and Lake Tahoe. Lake Tahoe is a 45-minute drive from downtown Reno and is the second largest alpine lake in the world, with 72 miles of Lake Frontage. Lake Tahoe also offers the greatest concentration of downhill skiing facilities in North America.

The Truckee Meadows is located at an elevation of approximately 4,400 feet above sea level and offers a semi-arid climate. The following chart summarizes weather data for the Reno area.

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RENO WEATHER

The primary source of water for the region is the Truckee River, which originates at Lake Tahoe, approximately 30 miles southwest of Reno, and terminates at Pyramid Lake approximately 30 miles north of Sparks. The river flows through the heart of downtown Reno and along the southern edge of Sparks. The Truckee River is a major recreational and scenic amenity for the region.

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Population, Growth and Employment Since 1970, the Truckee Meadows have been one of the fastest growing areas in the nation. The following summarizes historical population estimates for the region.

HISTORICAL POPULATION ESTIMATES

Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reno 238,615 242,158 244,612 248,806 255,170 258,230 264,318 274,129 277,517 281,015 283,378

Sparks 93,581 95,726 96,928 100,140 102,543 103,230 107,489 111,735 113,816 115,240 117,116 Unincorporated 109,750 110,432 110,383 111,291 112,088 112,146 113,306 115,771 117,426 117,599 118,877 Washoe County 441,946 448,316 451,923 460,237 469,801 473,606 485,113 501,635 508,759 513,854 519,371

Source: Nevada State Demographer

Unemployment in Nevada has historically fluctuated in the region. Unemployment increased substantially in the first and second quarters of 2020 due to the Covid-19 Pandemic.

However, unemployment rates recovered from 2022 to the current date. Unemployment rates for Nevada and individual counties in the state are summarized in the following chart.

NEVADA UNEMPLOYMENT DATA-DECEMBER 2025

Area Labor Force Number Employed Number Unemployed Unemployment Rate

Nevada 1,713,961 1,629,418 84,543 4.93% Carson City 30,378 29,161 1,217 4.01%

Churchill County 11,513 11,046 467 4.06% Clark County 1,264,516 1,198,399 66,117 5.23%

Douglas County 25,082 24,060 1022 4.07% Elko County 28,404 27,383 1021 3.59%

Esmeralda County 319 299 20 6.27% Eureka County 730 697 33 4.52%

Humboldt County 8,782 8,464 318 3.62% Lander County 2,547 2,439 108 4.24% Lincoln County 1,870 1,785 85 4.55%

Lyon County 31,316 29,951 1,365 4.36% Mineral County 1,080 980 100 9.26%

Nye County 19,545 18,340 1205 6.17% Pershing County 2,463 2,378 85 3.45% Storey County 1,816 1,721 95 5.23%

Washoe County 279,717 268,573 11,144 3.98% White Pine County 3,881 3,742 139 3.58%

The unemployment rate for Washoe County and Nevada has historically averaged between 1% and 2% below the national average. The following chart summarizes the unemployment rate history for the State of Nevada.

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UNEMPLOYMENT RATE GAP-NEVADA VS. U.S.

Nevada offers one of the most liberal tax structures in the country. Nevada levies no personal or corporate income tax. Nevada’s Freeport law exempts from taxation merchandise warehoused, assembled, or processed in the State of Nevada. Real estate taxes in the State of Nevada are limited by the State constitution to a maximum of $5 per $100 of assessed valuation.

The assessed valuation is 35% of the Assessor’s estimate of the taxable value of the property.

Although it is not located in Washoe County, construction of the Tesla Gigafactory in nearby Storey County within the Tahoe Reno Industrial Center has had a huge impact on the entire region. This project precipitated other large tech users, including Google and Apple, along with other smaller users, to move into the region. As a result, demand for housing and services has increased significantly in the area.

Gaming and Tourism Market The Reno-Sparks area offers a large variety of hotel and motel rooms, including gaming and non-gaming facilities. Most of the hotel-casino facilities are located within the downtown Reno core area. Additional hotel-casino developments are in southern Reno along South Virginia Street including the Atlantis Casino resort and the Peppermill Hotel/Casino. The Grand Sierra Resort is located on the Reno-Sparks border and the Nugget Casino Resort is located east of Reno in central Sparks. The following chart summarizes the most recent data available for gaming revenue for the Reno-Sparks/Washoe County area, as well as other areas within the state.

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GAMING WIN DATA

Source: Nevada Gaming Control Board

The following summarizes data provided by the Reno-Sparks Convention and Visitors Authority, regarding visitor counts for the Reno-Sparks area.

ESTIMATED VISITOR COUNTS-RENO/SPARKS AREA

Source: Reno-Sparks Convention and Visitors Authority

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ECONOMIC OUTLOOK

(Source: Nevada Department of Employment, Training and Rehabilitation Labor Market Summary October/November 2025)

ECONOMIC INDICATORS

(Source: Nevada Department of Employment, Training and Rehabilitation Labor Market Summary October/November 2025)

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Residential Market In general, the residential market in Reno-Sparks has seen growth over the past five year period. Currently, the residential market has shifted from a hyper-competitive seller’s market to a market which has generally stabilized. The following tables summarize data as reported in the most recent Sierra Nevada Realtors Reno-Sparks Market Report.

SIERRA NEVADA REALTORS RENO-SPARKS MARKET REPORT SUMMARY

Source: Sierra Nevada Realtors, December 2025

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Multifamily Market The following summarizes data from the 4th Quarter 2025 Apartment Survey, which is a quarterly survey conducted by Johnson Perkins Griffin, LLC.

AVERAGE SIZE, RENT & VACANCY RATE BY UNIT TYPE

CATEGORY STUDIOS

1 BED/1

BATH

2 BED/1

BATH

2 BED/2

BATH

3 BED/2

BATH TOWNHOME TOTALS

Average SF-By Unit Type 462 SF 726 SF 865 SF 1,072 SF 1,306 SF 1,244 SF 910 SF Average Rent-By Unit Type $1,331 $1,573 $1,601 $1,924 $2,339 $2,074 $1,759 Average Rent/SF-By Unit Type $2.88 $2.17 $1.85 $1.80 $1.79 $1.67 $1.93 Indicated Vacancy Rate-By Unit Type 5.25% 2.65% 2.70% 2.39% 3.87% 3.54% 2.77%

OVERALL AVERAGE RENT & VACANCY-PRIOR & CURRENT QUARTER

Category 3rd Quarter 2025 4th Quarter 2025 Change Average Vacancy 2.40% 2.77% +37 Basis Points

Average Rent $1,751 $1,759 +$8 or +0.46%

COMPARISON OF RENTAL RATES & VACANCY RATES TO PRIOR QUARTER

UNIT TYPE

AVERAGE RENT AVERAGE VACANCY

3rd Qtr. 2025 4th Qtr. 2025 Result 3rd Qtr. 2025 4th Qtr. 2025 Result Studio $1,335 $1,331 -$3 3.23% 5.25% +2.03%

1 Bedroom/1 Bath $1,555 $1,573 +$18 2.09% 2.65% +0.56% 2 Bedroom/1 Bath $1,600 $1,601 +$1 2.54% 2.70% +0.16% 2 Bedroom/2 Bath $1,927 $1,924 -$3 2.27% 2.39% +0.12% 3 Bedroom/2 Bath $2,338 $2,339 +$1 4.02% 3.87% -0.15%

Townhouse $1,968 $2,074 +$105 2.53% 3.54% +1.01%

TOTALS $1,751 $1,759 +$8 2.40% 2.77% +0.37%

RENTAL AND VACANCY RATES BY SUB-MARKET AREA

AVERAGE RENT AVERAGE VACANCY

Area Sub-Market 3rd Qtr. 2025 4th Qtr. 2025 Result 3rd Qtr. 2025 4th Qtr. 2025 Result

1 Northwest Reno $1,815 $1,818 +$2 2.31% 2.53% +0.21% 2 Northeast Reno $1,582 $1,592 +$9 3.15% 3.47% +0.32% 3 W. Sparks/N. Valley $1,541 $1,564 +$24 2.43% 3.28% +0.85% 4 East Sparks $1,905 $1,898 -$7 2.48% 2.23% -0.25% 5 West Reno $1,676 $1,714 +$37 3.63% 4.47% +0.84% 6 Southwest Reno $1,572 $1,559 -$13 2.87% 2.39% -0.48% 7 Brinkby/Grove $1,269 $1,278 +$8 1.35% 1.02% -0.34% 8 Airport $1,599 $1,597 -$1 3.70% 3.32% -0.38% 9 Lakeridge $1,832 $1,850 +$18 1.53% 2.69% +1.16%

10 South Reno $1,833 $1,838 +$5 2.25% 2.88% +0.63% 11 Downtown Urban $1,698 $1,740 +$42 2.40% 3.61% +1.20%

Overall Reno-Sparks $1,751 $1,759 +$8 2.40% 2.77% +0.37%

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OVERALL RENO/SPARKS RENT & VACANCY DATA-ALL UNIT TYPES

Category 4th Quarter 2025 Average Square Feet Per Unit Surveyed 910± Square Feet Average Rent For Units Surveyed $1,759 Per Month Average Rent Per Square Foot For Units Surveyed $1.93 Per Square Foot Average Overall Vacancy Rate For Units Surveyed 2.77%

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Industrial Market To diversify the economic base of the area, community leaders have focused upon the expansion of the industrial segment of the economy. The industrial industry has experienced substantial growth over the past decade because of the region’s central location, good transportation, infrastructure and liberal tax laws. Numerous major U.S. and foreign corporations have headquarters or have located large facilities in the area, including Tesla, Google, Apple Amazon, International Gaming Technology (IGT), Barnes and Noble, Patagonia, Sherwin Williams, Wal-Mart, J.C. Penney’s, R.R. Donnelley and many more.

The Tahoe-Reno Industrial Center (TRIC) is one of the largest industrial parks in the world, spanning over 100,000 acres east of Reno and Sparks in Storey County, Nevada. TRIC has become a national hub for data centers and advanced manufacturing, hosting major facilities for companies such as Tesla, Switch, Google, and Apple. TRIC’s rapid development has been a major driver of the region’s industrial growth, fueling demand for land, jobs, and infrastructure throughout the Reno-Sparks metropolitan area.

As most major cities in the western portion of the United States are located within relatively close proximity and driving time to Northern Nevada, the Reno-Sparks area is a major distribution warehousing center. This development is further being enhanced by the favorable tax environment in the state of Nevada. Leases for industrial users in the Reno-Sparks market are typically based upon triple net lease terms. The CBRE Reno Industrial Market View 4th Quarter 2025 Report indicates the following:

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COMMENTARY-CBRE RENO INDUSTRIAL MARKET VIEW 4th QUARTER 2025

The charts on the following page summarize the overall and submarket industrial markets, and include data related to rental rates and vacancies. The data is from the CBRE Reno Industrial 4th Quarter 2025.

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INDUSTRIAL RENTS & VACANCIES BY SUBMARKET

HISTORICAL INDUSTRIAL DATA

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Retail Market The Reno-Sparks area now has three regional shopping centers and numerous neighborhood or local shopping centers. The three major regional centers are Meadowood Mall, the Shayden Summit Mall, and the Legends at Sparks Marina.

According to the Nevada Department of Taxation, taxable sales in the region have increased significantly over the past decade. The following chart summarizes historical taxable sales totals for Washoe County.

WASHOE COUNTY TAXABLE SALES HISTORY

Fiscal Year Taxable Sales Percentage Change 2009/2010 $5,176,981,699 -9.30% 2010/2011 $5,282,936,232 2.05% 2011/2012 $5,522,605,351 4.54% 2012/2013 $5,824,726,136 5.47% 2013/2014 $6,370,684,534 9.37% 2014/2015 $6,817,588,648 7.02% 2015/2016 $7,550,466,734 10.70% 2016/2017 $7,989,009,111 5.81% 2017/2018 $8,531,252,745 6.79% 2018/2019 $8,829,863,974 3.50% 2019/2020 $9,250,415,486 4.76% 2020/2021 $11,049,067,465 19.40% 2021/2022 $12,267,765,904 11.02% 2022/2023 $12,383,862,434 0.94% 2023/2024 $12,060,254,541 -2.61% 2024/2025 $12,551,997,965 4.08%

Source: Nevada Department of Taxation

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The Colliers Reno Retail 4th Quarter 2025 Report indicates the following:

COMMENTARY-COLLIERS RENO RETAIL REPORT 4th QUARTER 2025

The following charts summarize the overall and submarket retail markets, and include data related to rental rates, vacancies, development, and sales. The data is from the Colliers Reno Retail 4th Quarter 2025 Report.

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RETAIL RENTS & VACANCIES BY SUBMARKET

RETAIL RENTS & VACANCIES BY PROPERTY TYPE

RETAIL QUARTERLY SALES VOLUME & TAXABLE SALES

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Office Market The Reno-Sparks office market consists of a variety of product types, from older second and third generation properties, to new, high-end Class A office space. The CBRE Reno Office Market View 4th Quarter 2025 Report indicates the following:

COMMENTARY-CBRE RENO OFFICE MARKET VIEW 4th QUARTER 2025

The following charts summarize the overall and submarket office markets, and include data related to rental rates and vacancies. The data is from the CBRE Reno Office Market View 4th Quarter 2025.

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OFFICE RENTS & VACANCIES BY SUBMARKET

HISTORICAL OFFICE DATA

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Construction Activity Construction activity in the area has seen tremendous growth over the decade. The chart and graph below show total building permits for Washoe County, the City of Sparks and the City of Reno.

BUILDING PERMITS ISSUED

(Reno, Sparks & Unincorporated Washoe County)

Transportation The Reno-Tahoe International Airport serves the Reno-Sparks area. The airport offers daily departures to over 30 North American destinations with non-stop or one-stop service. This level of service is normally found in cities with populations four to five times the size of the Reno-Sparks area.

The airport is currently undergoing a major expansion by the RTIA known as the More RNo. This project includes the expansion and improvement to the ticket hall, remodel of the terminal mezzanine, terminal entrance, and concourse. In addition, other improvements will be completed including the addition of a new loop road, a new consolidated car rental facility, and parking expansion. The following chart summarizes passenger statistics for the Reno-Tahoe International Airport.

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RENO-TAHOE INTERNATIONAL AIRPORT STATISTICS

The Reno-Sparks area also has adequate rail service and bus service. The area has excellent access to trucking facilities. Rail service through the area is provided by Union Pacific Railroad. The rail lines pass through downtown Reno with most of the rail traffic involving freight transportation. Additionally, Amtrak provides passenger rail service to the area.

Hospitals, Education and Public Services The Reno-Sparks area has five private general hospitals and one Veterans’ Administration hospital. Construction was completed in 2022 on the newest regional hospital, Northern Nevada Sierra Medical Center, which is located at the southeast corner of Longley Lane and Double R Boulevard.

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The Washoe County School District provides public schools. The University of Nevada- Reno is situated on a 200-acre campus just north of downtown Reno. There are approximately 21,000 students currently enrolled at the University. The area is also served by the Truckee Meadows Community College, which has an enrollment of approximately 10,000 students per year. Both institutions have seen tremendous growth in enrollment over the past decade.

Each of the municipalities in the Reno-Sparks area offers police and fire protection.

Municipal recreational facilities in the Reno-Sparks area include several golf courses, several indoor/outdoor swimming pools, numerous public parks and several public libraries. RTC Ride provides public transportation to the region.

Summary

In summary, the Reno-Sparks area has experienced rapid population growth over the past several decades due to the excellent quality of life. Unemployment increased substantially in the first and second quarters of 2020 due to the Covid-19 Pandemic. However, the unemployment rates in the Reno-Sparks area have since normalized and are now at historically low levels. The Reno-Sparks market has seen a rapid influx of new businesses and residents, particularly from California, due to the lower tax structure of the area, and the quality of life. This growth is not without problems however, as price increases in for-sale homes and rent increases in apartment projects have priced out many lower wage workers. However, the Reno-Sparks market continues to show growth in the various real estate sectors, including residential, office, retail and industrial.

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NEIGHBORHOOD MAP

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NEIGHBORHOOD DESCRIPTION

The subject property is located on the east side of Keystone Avenue immediately south of the Union Pacific Railroad right-of-way. The neighborhood is bounded on the north by Interstate 80, on the east by downtown Reno, on the south by the Truckee River and on the west by McCarran Boulevard. The neighborhood described above is largely commercial in nature, but includes a variety of uses, such as light-industrial, older single-family residences, professional offices, and multi-family projects.

Major Roadways The major roadway connecting Reno-Sparks and the west Reno area is Interstate-80.

Interstate-80 generally forms the northerly boundary of the subject neighborhood. The subject neighborhood has good accessibility to Interstate 80 from an interchange at Keystone Avenue.

Additional interchanges are located further east at Virginia Street/Center Street, and further west at McCarran Boulevard. As Interstate 80 intersects with Interstate 580 in central Reno, the subject neighborhood has good access to the Reno-Sparks area. Interstate 80 also provides access to California to the west, and continues across the United States to the east.

Major roadways within the subject neighborhood include Keystone Avenue, Second Street, and Fourth Street. Fourth Street is the main east-west road through the central portion of the subject neighborhood. Fourth Street was formerly the U.S. 40 Highway and connects east and west Reno with downtown Reno and continues east to Sparks.

Truckee River The Truckee River runs along the south portion of the neighborhood and runs from west to east. The major commercial and casino developments in the eastern portion of the neighborhood, west of the downtown Reno area, are located on the north side of the river, while the financial district and major office buildings are located south of the Truckee River. Near the subject property, the Truckee River is generally improved with residential, retail and office uses.

Several older residences located on Riverside Drive have been converted to office, commercial, coffee shop and restaurant uses. Idlewild Park is located along the Truckee River.

Due to its proximity to the river, many portions of the subject neighborhood lie within the river's floodplain. Of the various floodplain classifications promulgated by the Federal Emergency Management Agency (FEMA), those which have the greatest impact on property values are the "AE" and "floodway" designations. Properties located in the "AE" zone can, and

26-037 27 frequently are, developed with a variety of uses (commercial, industrial, residential, etc.) in both the cities of Reno and Sparks. The main constraints to development of properties in the "AE" zone are the cost of additional engineering and fill material required to raise the bottom of the lowest floor beam or basement floor one foot above the base flood elevation.

Railway/ReTRAC The Union Pacific Railroad passes through the central portion of the subject neighborhood. Along with Interstate 80, the Union Pacific Railroad generally parallels the Truckee River, crossing the river at various points throughout the neighborhood. The Union Pacific Railroad is primarily utilized for freight service.

Through the neighborhood and downtown Reno, Granite Construction completed the ReTRAC train trench project in 2005, which involved the depression of the railroad tracks through downtown Reno. This has resulted in a fully grade-separated two-track main line railroad corridor through the central portion of downtown Reno. This project was the largest public works project ever constructed in the City of Reno.

Industrial Market Industrial utilizations are generally found in the neighborhood west of Keystone Avenue along Dickerson Road, as well as throughout portions of the east neighborhood adjacent to the Union Pacific Railroad tracks. These industrial uses include small manufacturing and repair facilities and outside storage yards. Other industrial uses are also located along West Fourth Street, which include self-storage facilities and industrial uses with outdoor storage areas.

Commercial & Retail Uses Commercial uses in the immediate neighborhood include neighborhood shopping centers and other retail uses, most of which are located along Keystone Avenue. The corner of Keystone Avenue and West Fourth Street is largely a commercial intersection. Keystone Square, a multi-tenant neighborhood shopping center, lies at the northwest corner of Keystone Avenue and West Fourth Street. The intersection of Keystone Avenue and West Fourth Street is entirely fronted with commercial uses, which include Keystone Square, a Chevron gas station and mini-market, a Maverik Gas Station, and various frontages of the previously mentioned Keystone Square Shopping Center, including a Ben’s Discount Liquor, Wells Fargo bank branch and Dotty’s casino. There are a variety of fast-food restaurants that are located near this intersection.

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Keystone Commons is a Mixed-Use project located at the northeast corner of Keystone Avenue and 5th Street. The retail portion of this project includes Cracker Barrel, In-N-Out Burger, Starbucks, Chipotle, Mountain Mike’s Pizza and Firehouse Subs. This center also has a multi-family component which is still in the planning phases.

Jacobs Investments, Inc., through its wholly owned subsidiary Jacobs Entertainment, Inc.

(JEI) and other entities has been purchasing properties in the west downtown area as part of a 20-block project bordered on the north by I-80, on the east by West Street, on the south by Second Street and on the west by Keystone Avenue. To date Jacobs has acquired or controlled over 100 properties for a large redevelopment project that is called Reno’s Neon Line. The district is planned to include thousands of units, including affordable housing components. In addition to residential uses, Neon is planned to have retail, office and restaurants that are pedestrian friendly with new streetscapes and wider sidewalks, Neon is anchored by the J Resort, formerly known as the Sands Hotel-Casino, on the east and the Gold Dust West Casino on the west, both of which are owned by Jacob’s.

Other smaller retail uses, including bars and restaurants, are located within the neighborhood along West Fourth Street, Keystone Avenue, and West Second Street. A multi-tenant retail center is also located on the northeast corner of West Fourth Street and West McCarran Boulevard in the west portion of the subject neighborhood.

Office Market The subject neighborhood is considered a secondary office market and mostly involves smaller one to three story professional office developments which are interspersed through the neighborhood. The largest concentration of office space in the general neighborhood is located around Saint Mary’s Regional Medical Center in the far eastern portion of the neighborhood;

these office uses are mostly medical uses. Other smaller office projects are located along Keystone Avenue, and along West McCarran Boulevard.

Residential Market Residential uses within the subject neighborhood include single-family and multi-family uses and several condominium projects. Single-family residential growth started in the eastern portion of the subject neighborhood and progressed westward. The area near Keystone Avenue involves older homes constructed from the 1930s to the 1950s. The neighborhood is near northwest Reno, which has the largest concentration of multi-family projects in the Reno market.

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Within the immediate neighborhood, Westlook and The Retreat are two newer projects located along the West Fourth Street corridor. Other residential uses include older mobile home parks, condominium and townhome projects along the Truckee River corridor.

Other Uses

Saint Mary’s Regional Medical Center lies at the intersection of West Sixth Street and North Arlington Avenue within the far eastern portion of the subject neighborhood. Numerous low-rise medical office buildings have also been developed within the proximity of Saint Mary’s Regional Medical Center. In addition, many of the older residences have been converted into medical offices and other professional or commercial uses in this area.

The subject neighborhood is also near the University of Nevada campus and the Gateway District; these areas are located just northeast of the subject neighborhood.

Idlewild Park and the Oxbow Nature Study Area are located along the Truckee River in the central portions of the subject neighborhood. There is a walking/bike path along the Truckee River from the western portion of the subject neighborhood to downtown Reno. This path also continues past downtown Reno and terminates past Vista Boulevard in Sparks.

The neighborhood has access to all typical public services. Fire protection is provided by the City of Reno Fire Department. The City of Reno Police Department provides police protection. Public transportation is provided by the Regional Transportation Commission (RTC), which does maintain bus stops along major roadways in the neighborhood.

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SUBJECT OVERHEAD AERIAL MAP

SUBJECT HIGHLIGHTED IN BLUE

SOURCE: WASHOE COUNTY WRMS

26-037 31

SUBJECT EXTERIOR PHOTOGRAPHS

OVERALL VIEW OF SUBJECT PROPERTY FACING NORTHEASTERLY FROM

KEYSTONE AVENUE

VIEW OF KEYSTONE AVENUE FACING IN A NORTHERLY DIRECTION

TOWARDS WEST 4TH STREET

26-037 32

OVERALL VIEW OF SUBJECT PROPERTY FACING SOUTHEASTERLY FROM

KEYSTONE AVENUE

VIEW OF KEYSTONE AVENUE FACING IN A SOUTHERLY DIRECTION FROM THE

UNION PACIFIC RAILROAD RIGHT-OF-WAY

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VIEW OF SUBJECT PROPERTY FACING NORTHWESTERLY FROM VINE STREET

VIEW OF VINE STREET FACING IN A NORTHERLY DIRECTION TOWARDS WEST

4TH STREET

26-037 34

VIEW OF SUBJECT PROPERTY FACING SOUTHWESTERLY FROM VINE STREET

VIEW OF VINE STREET FACING IN A SOUTHERLY DIRECTION TOWARDS WEST

2ND STREET

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VIEW OF THE ALLEY ABUTTING THE SUBJECT'S SOUTHERLY PROPERTY LINE

FACING EASTERLY FROM KEYSTONE AVENUE

VIEW OF THE UNION PACIFIC RAILROAD RETRAC WALL EASEMENT FACING

EASTERLY FROM KEYSTONE AVENUE

26-037 36

VIEW OF RETRAC RAILROAD TRENCH

ADDITIONAL VIEW OF KEYSTONE AVENUE FACING NORTHERLY

26-037 37

VIEW OF THE RETRAC RAILROAD TRENCH FACING WESTERLY FROM VINE

STREET

VIEW OF THE ALLEY ABUTTING THE SUBJECT’S SOUTHERLY PROPERTY

LINE FACING WESTERLY FROM VINE STREET

26-037 38

VIEW OF SANITARY SEWER PERMANENT EASEMENT LOCATED AT THE

SUBJECT’S NORTHEASTERLY PROPERTY CORNER

VIEW OF THE UNION PACIFIC RAILROAD RETRAC WALL EASEMENT FACING

WESTERLY FROM THE SUBJECT’S EASTERLY PROPERTY LINE

26-037 39

CLOSEUP VIEW OF THE SUBJECT PROPERTY FACING SOUTHWESTERLY

FROM NEAR THE SUBJECT’S NORTHEASTERLY PROPERTY CORNER

CLOSEUP VIEW OF THE SUBJECT PROPERTY FACING NORTHWESTERLY

FROM NEAR THE SUBJECT’S EASTERLY PROPERTY LINE

26-037 40

SUBJECT PLOT MAP

SUBJECT PLOT MAP ENLARGED

SUBJECT FILLED IN YELLOW

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SUBJECT LAND AREA SUMMARY

According to the records of the Washoe County Assessor's Office, the subject property, which is identified as APN 011-350-30, has dimensions of 175 feet by 300 feet, indicating a land area of 52,500± square feet (1.2052± acres). In a survey prepared by Battle Born Ventures, LLC, identified as Exhibit “B” Legal Description of Property Boundary, a copy of which is set forth in the addenda to this appraisal report, the land area of the subject property is estimated to contain 53,632± square feet (1.23± acres). For the purposes of this appraisal, I have utilized the land area as calculated by Battle Born Ventures, LLC, and it is assumed to be correct.

APN 011-350-30 Land Area: 175' x 300' 52,500± SF (1.2052± Ac)

Dimension Land Area: 179.63' x 297.40' x 179.57' x 299.70' 53,623± SF (1.23± Ac)

15' x 297.40'/297.59' 4,462± SF

69.96' x 85.08'/85.96' 5,895± SF Less Area Encumbered by Retrac Easement: 15' x 68.93' (1,034± SF)

Net Sanitary Sewer Easement 4,861± SF

Land Area Per Survey 835± SF Less Area Encumbered by Retrac Easement: 10' x 10', 6' x 5' (130± SF)

Net Keystone Retaining Wall Easement 705± SF

10,028± SF

Gross Land Area (Per Survey) 53,623± SF

Retrac Wall Easement (4,462± SF) Net Sanitary Sewer Easement (4,861± SF) Net Keystone Retaining Wall Easement (705± SF)

Total Easements (10,028± SF) Net Usable Land Area 43,595± SF

Total Easements

Easements

Net Usable Land Area Summary

Less Easements

Assessor

Survey (Dated 03/05/2026)

Keystone Retaining Wall Easement

Sanitary Sewer Easement

Retrac Wall Easement

26-037 42

RECORD OF SURVEY MAP 5402B

SUBJECT PROPERTY LEGAL DESCRIPTION

Washoe County A.P.N.

Record of Survey Map

Parcel Number Document # Recording

Date Recording

Entity 011-350-30 5402B N/A 4100118 4/4/2012 Washoe County

26-037 43

PROPERTY IDENTIFICATION AND SITE DESCRIPTION

SUBJECT PROPERTY SUMMARY

Property Type Industrial Building Property Address 264 Keystone Avenue, Reno, Nevada

Property Location The East Side of Keystone Avenue and the South Side of the Union Pacific Railroad Right-of-Way, Reno, Washoe County, Nevada

Washoe County APN 011-350-30 Owner of Record City of Reno

Land Area (per Survey)

Gross Land Area: 1.23± Acres (53,623± Square Feet) Net Usable Land Area: 1.001± Acres (43,595± Square Feet)

City of Reno Zoning Designation MD-NWQ (Mixed-Use Downtown Northwest Quadrant District)

City of Reno Master Plan Designation DT-MU (Downtown Mixed-Use) Flood Zone Designation Zone “X” (Unshaded) Highest & Best Use Conclusion-As Vacant Mixed-Use Development Highest & Best Use Conclusion-As Improved Continued Use of the Industrial Improvements

SUBJECT PROPERTY LEGAL DESCRIPTION

The subject property is identified as a parcel of land situated in the northwest quarter of the southwest quarter of section 11, Township 19 North, Range 19 East, MDB&M, in the City of Reno, County of Washoe, State of Nevada.

Reference is made to a complete Metes and Bounds legal description of the subject property prepared by Battle Born Ventures, LLC, identified as Exhibit “B” Legal Description of Property Boundary, a copy of which is set forth in the addenda to this appraisal report.

SUBJECT FRONTAGES

North East South West A.P.N. 011-350-46

(City of Reno/UPRR Right-of-Way)

Vine Street 20 Foot Wide Alley Keystone Avenue

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SUBJECT PROPERTY ROADWAY DESCRIPTIONS & ACCESS

The subject property is located on the east side of Keystone Avenue and on the west side of Vine Street, immediately adjacent to the Union Pacific Railroad right-of-way/Retrac trench.

Keystone Avenue, abutting the subject's westerly property line, is a two-way, four-lane asphalt-paved roadway with center turn lane, improved with concrete curbs, gutters, and sidewalks. North of the subject property and the Retrac trench, Keystone Avenue forms a signalized major intersection with West 4th Street. Vine Street, abutting the subject's easterly property line, is a way, four-lane asphalt paved roadway improved with concrete curbs, gutters, and sidewalks.

A 20-foot wide asphalt paved alley abuts the subject's southerly property line.

Principal access to the subject property is from a curb cut on Keystone Avenue near the subject's southwesterly property corner, a curb cut along the subject's easterly property line, abutting Vine Street, and a curb cut on Vine Street near the subject's southeasterly property corner. Additional access to the subject property is from the abutting 20-foot wide alleyway.

The map below depicts the subject's access points.

ACCESS AERIAL

26-037 45

SUBJECT PROPERTY ZONING DESIGNATION

Washoe County

A.P.N.

City of Reno RENOvation

Zoning Designation Subject’s

Compliance 011-350-30 MD-NWQ (Mixed-Use Downtown Northwest Quadrant District) In Compliance

SUBJECT ZONING MAP

26-037 46

SUBJECT ZONING DESCRIPTION

26-037 47

MASTER PLAN DESIGNATION DATA & MAP

Washoe County A.P.N. City of Reno Master Plan Designation

011-350-30 Downtown Mixed Use

MASTER PLAN MAP

26-037 48

FLOOD ZONE

The subject property is in a Flood Zone “X” (Unshaded). Areas within an “X” Flood Zone are considered to have a 0.2% change of flood zone hazard and therefore do not require flood insurance.

The map below depicts the subject’s flood zone, as provided by AgriData.

SUBJECT FLOOD ZONE MAP

26-037 49

TOPOGRAPHY AND SHAPE

The topography of the subject site is generally level and at grade with Vine Street. As a result of the development of the Retrac railroad trench, a bridge over the trench was constructed on Keystone Avenue. The subject property is below grade along its Keystone Avenue frontage. The elevation of the subject property ranges from approximately 4,525 feet above sea level to 4,527 feet above sea level.

26-037 50

SOILS

A soils report was not available to me. The subject property soil characteristics, using soils data provided by USDA and NRCS, are 624 Orr gravelly sandy loam, with 0% to 2% slopes. The map below depicts the subject’s soils, as provided by AgriData.

UTILITIES & PUBLIC SERVICES

Utility & Public Service Provider Availability

Electricity NV Energy On-Site Natural Gas NV Energy On-Site Telephone Various Carriers On-Site

Water TMWA On-Site Sewer City of Reno On-Site

Waste Disposal Waste Management Service Available Cable Charter Communications On-Site

Internet Various Providers On-Site Fire Protection City of Reno Fire Department Covered

Police Protection City of Reno Police Department Covered Public Transportation RTC Ride Stops In Vicinity

The subject property has reasonable access to all utility services, including electricity, water service, natural gas service, cable and phone service, and sewer and waste removal services. The subject property is located within the City of Reno, and has access to all typical public services, including police and fire protection. The subject property is located in close proximity to public transportation from RTC.

26-037 51

SUBJECT EASEMENTS & ENCUMBRANCES

Titel Report Provided Title Company Effective Date of Report

Yes Ticor Title of Nevada, Inc. October 17, 2025 Reference is made to the preliminary title report prepared by Ticor Title of Nevada, Inc., File No.

TTR2503670-CD, dated October 17th, 2025, a copy of which is set forth in the addenda to this appraisal report. As indicated in that report, exception 17 refers to an easement granted to Southern Pacific Pipelines, Inc. to construct, reconstruct, renew, maintain, and operate pipelines and appurtenances for the conveyance of petroleum or natural gas or products derived from either or both thereof (Book 696, Page 25, July 17th, 1963). The exact location cannot be ascertained of record.

• Exception 18 grants an easement to the City of Reno to reconstruct, reconstruct, maintain, and use a street or highway, Document No. 55795, dated March 22nd, 1966, the exact location of which cannot be ascertained of record.

• Exception 20 refers to an easement granted to the city of Reno, for a (42) inch storm drain and an

(8) inch sewer pipe, Document No. 993202, dated April 16th, 1985, the exact location and extent of said easement is not disclosed of record.

• Grants Exception 21 to Southern Pacific Pipelines a perpetual easement for pipelines and appurtenances for the conveyance of petroleum, natural gas or products derived from either or both, or other liquid fuels or slurries. This easement is identified as Document No. 1293215, dated December 14th, 1988, the exact location and extent of said easement is not disclosed of record. An agreement to modify the terms and provisions of that said document was recorded on January 18th, 1995 as Document No. 1864694.

• An easement was granted to the City of Reno for a (44) inch reinforced concrete drain pipe. This easement was recorded as Document No. 1308549 on March 3rd, 1989, the exact location and extent of said easement is not disclosed of record.

• Exception 24 refers to an easement granted to Southern Pacific Transportation Company for a pipeline 10 feet in width over the westerly portion of said land. This easement was recorded as Document No. 1352564 on September 29th, 1989.

• As the exact location status of the above mentioned easements is unknown, this appraisal report has been based upon the hypothetical condition that the easements and encroachments as set forth above, have been abandoned or relinquished. The valuation analysis and conclusions of value, as set forth herein, are subject to modification in the event that this is demonstrated to not be true.

• In addition, it is my understanding that the subject property will be subject to three permanent easements, including a permanent easement for Union Pacific Railroad Retrac wall, a permanent easement for sanitary sewer, and a permanent easement for the Keystone retaining wall. Legal descriptions and sketches of the permanent easements, as prepared by Battle Born Ventures, LLC, are set forth in the addenda to this appraisal report. The Union Pacific Railroad Retrac wall is located on the subject's northerly property line, adjacent to the Retrac trench, and extends from Keystone Avenue to Vine Street. The easement, which is 15 feet in width, contains 4,462± square feet.

• The permanent easement for sanitary sewer is located in the northeasterly portion of the subject site, abutting Vine Street along the subject property's…