Gay Admin. Trust

The best comparable is comp #6 in the Sales Comparables section. Reason being is the size of the land relative to the building size is similar to the subject property. While comp #6 is a good comp, adjustments are needed as the subject property is in a superior location. Generally speaking, South of the Village is stronger than North of the Village and the Subject property is South of the Village.
The opinion of value number is not based on the rental income. Basing the value on the income would result in a much lower number. If I were to bring this property to the market, I would direct my marking to an Owner/User. When selling to an Owner/User the focus is solely on the per square foot number.
You will notice the PSF (per square foot) number for the building is very high based on $3,600,000. The reason it's so high is the building size is small relative to the land size. In other words, the value for the property is not in the building but in the Land. When reviewing the sale comps, look at the Land PSF graph for comp #6 and the subject property. You will notice they are very similar. The reason my opinion of value is not higher is you need to factor in many of the sale comps have little land relative to the building size, which skews the charts accordingly.

Located on a corner lot brings a premium to this valuation. The property is located on South Coast Highway, a major thoroughfare that runs along the coast through Laguna Beach. This area sees high foot and vehicle traffic, especially during peak tourist seasons.
Laguna Beach is a popular Southern California coastal city known for its beautiful beaches, art galleries, and upscale dining options. Main attractions include Main Beach Park, Laguna Art Museum, and the Festival of Arts.
Nearby retailers include luxury boutiques, art galleries, and upscale restaurants such as Montage Laguna Beach, Wyland Galleries, and Tommy Bahama.
The property is in close proximity to popular hotels like Surf & Sand Resort and The Ritz-Carlton Laguna Niguel, attracting high-end tourists and potential customers to the area.
Laguna Beach is known for its affluent residents and visitors, offering a strong consumer base for businesses in the area. The city's vibrant arts scene and picturesque surroundings make it a desirable location for both locals and tourists.

Laguna Beach, CA is a renowned coastal city in Orange County, known for its picturesque beaches, upscale art galleries, and luxury resorts.
The property is situated on S. Coast Highway, a prime location offering high visibility and foot traffic.
Nearby attractions include Main Beach Park, which features a historic lifeguard tower and volleyball courts, and the Laguna Art Museum, known for its contemporary art collections.
The area is home to a mix of retail shops, restaurants, and art galleries, making it a popular destination for tourists and locals alike.