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INTRODUCTION <br /> This appraisal report reflects the data found and the opinions concluded from an appraisal of <br /> two vacant land parcels located in Elk River, Minnesota. The subject lots are located at the <br /> southeast corner of US Highway 10 and Joplin Street. Per client request, separate land <br /> values are concluded for each of the parcels. <br /> The subject parcels are remnant lots; Parcel 1 is 12,522 SF and fronts on US Highway 10. <br /> Parcel 3A is around 28,500 SF and is a long, narrow strip of land that appears to be half of a <br /> vacated street. Neither parcel is platted, has a legal description or a PID. The subject lots <br /> are bare land and given their size and/or access, do not appear to have stand alone <br /> development potential. The highest and best use is to assemble with adjacent properties to <br /> the south. <br /> NOTE: Parcels are appraised reflecting the as is remnant condition. If appraised as part of a <br /> larger buildable parcel the allocated portions of the two subject parcels would likely be higher. <br /> VALUE TYPE, CONDITION & STABILITY OF PROPERTY <br /> Market Value <br /> Type of Value: <br /> See Definitions Section for Market Value Defined <br /> As-Is Value <br /> Condition of Value: <br /> As of the effective date of the appraisal. <br /> Stabilized <br /> Stability of Property: <br /> The subject is vacant land. <br /> 2 Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com <br />