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Sales Comparison Approach –continued <br /> Discussion of Adjustments <br /> Property Rights: Refers to the ownership interest conveyed at the time of sale. Properties <br /> with leases or other encumbrances in place can sell for more or less than a comparable <br /> property that sells fee simple interest. All sales, regardless of leased fee or fee simple interest <br /> appear to have sold at market. <br /> Financing: The impact financing may have had on the sale price, favorable interest rate or <br /> term. All sales were cash or estimated to be near or at market rates. <br /> Conditions of Sale: Reflects non-market conditions which may or may not impact market <br /> value, such as differing motivations of buyer or seller (related parties, distressed or liquidation <br /> sale, assemblage, listings, pending sales, etc.), impending eminent domain proceedings, <br /> influence due to tax ramifications, lack of market exposure, vacancy, or leased-fee and fee- <br /> simple adjustments. Buyer of Comparable 4 reports paying a significant premium due to <br /> assemblage and captive buyer. <br /> Market Conditions: On average, the market has been somewhat stable over the last 5 <br /> years. No market adjustment is applied. <br /> Location: This adjustment is based on the appraiser's judgment. It takes into consideration <br /> surrounding land uses, intended use, neighborhood characteristics and access. Comparables <br /> 1, 3 and 5 adjusted for closer proximity to the TCMA. Comparable 2 adjusted for more outlying <br /> location. <br /> Frontage: Comparable 1 doesn't have road frontage—adjustment required. <br /> Intended Use: Comparables 1, 3 and 6 adjusted for properties with less commercial potential <br /> due to zoning and/or surroundings. <br /> Site Size: No adjustments necessary. When dealing with remnant sites, size often has little <br /> impact on the property value, as demand is generally poor and most sites are acquired for <br /> assemblage purposes. <br /> Physical Characteristics: The subject is landlocked. Comparables 3, 4, 5 and 6 adjusted for <br /> more appealing site characteristics. <br /> Utilities: All comparables have city services. No adjustment required. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 43 <br />