4.3. SR 11-02-2015 - Laserfiche WebLink

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Sales Comparison Approach —continued Discussion of Adjustments Property Rights: Refers to the ownership interest conveyed at the time of sale. Properties with leases or other encumbrances in place can sell for more or less than a comparable property that sells fee simple interest. All sales, regardless of leased fee or fee simple interest appear to have sold at market. Financing: The impact financing may have had on the sale price, favorable interest rate or term. All sales were cash or estimated to be near or at market rates. Conditions of Sale: Reflects non-market conditions which may or may not impact market value, such as differing motivations of buyer or seller (related parties, distressed or liquidation sale, assemblage, listings, pending sales, etc.), impending eminent domain proceedings, influence due to tax ramifications, lack of market exposure, vacancy, or leased-fee and fee- simple adjustments. Comparables 3, 4, 5 and 6 sale prices appear to have been discounted somewhat due to bank-ownership or government sale. Market Conditions: The market has been relatively stable starting in 2011 through year-to- date 2015. Location: This adjustment is based on the appraiser's judgment. It takes into consideration surrounding land uses, intended use, neighborhood characteristics and access. Comparables 1, 2, 6 and 7 adjusted for superior highway frontage. Comparable 3 adjusted for more outlying location. Comparable 6 also adjusted for closer proximity to the TCMA. Intended Use: All comparables rates similar. No adjustment necessary. Site Size: Adjustments recognize smaller parcels of land typically sell for more per SF than larger sites. Comparables adjusted accordingly. Physical Characteristics: Comparable 2 adjusted for having a small storage building on site at the time of sale. Utilities: Comparable 2 adjusted for no access to municipal sewer/water. Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 45