7.0. EDSR 07-11-1994 - Laserfiche WebLink

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ANALYSIS OF COMPARABLE SALES The seven proceeding sales, some typical industrial and some commercial, represent a cross section of properties that are similar to the subject. The subject is to be platted into a Business Park which operates neither as a typical industrial park or as highway commercial property. The Business Park concept is a blend of both and we agree that the highest and best use is Business Park. Some service or retail type businesses will take advantage of the highway frontage while light manufacturing businesses will locate on the rear of the subject property. We looked for comparable sales in other small communities but found no Business Park properties. Sales were either in industrial parks or in highway commercial areas. For that reason, it was felt that it was better to use local market comparables and blend them together as the subject is a hybrid property and represents both types of properties. Sales 1, 2, and 3 are representative of typical industrial park sales. Some have city services and some have private well and septics. All are located in industrial parks with no major arterial influence. Sales 4 and 5 are located in a commercial park with Highway 10 frontage. This property is serviced with private well and septic service. These commercial sites have a superior location to the subject but are representative of the subject's highway frontage. Sales 6 and 7 are located in a commercial park in an industrial zoned area near the City of Elk River's Industrial Park. The lots are located in front of a new school and have city services. These have no major arterial influence. We feel that the seven sales included here represent the Elk River market and help to give us the cross section of, sales that are necessary to value a Business Park situation. These sales will now be analyzed for their similarity to the subject site. • (24A)