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Sales Comparison Approach —continued <br /> Listed below is the adjustment grid for the comparables listed on the previous pages. <br /> Comparable items of significant difference are adjusted for. <br /> Parcel 3A <br /> SALES COMPARISION ADJUSTMENT GRID <br /> Parcel 3A Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sale 6 <br /> P3A,SEC of US 2603-2nd X000(Bench 4231 State SWC of 3rd& )000(E. Pt. )000(-198th <br /> Address Hwy 10&Joplin, Avenue N, Street, Highway 7, Hwy 55, Douglas Rd, Avenue NW, <br /> Elk River Minneapolis Red Wing St. Louis Park Buffalo Cottage Grove Big Lake <br /> Proximity Subject 30 miles SE 70 miles SE 30 miles SE 16 miles SW 45 miles SE 7 miles NW <br /> Property Rights Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple <br /> Financing Market Cash Cash Cash Cash Conventional Conventional <br /> Conditions Typical Typical Typical Typical Premium Typical Typical <br /> Sale Date Current Oct-15 Mar-15 May-13 3/2014&5/2015 Oct-14 May-14 <br /> Location Average Good Fair Good Average Avg/Good Average <br /> Frontage Average None US Hwy 61 State Hwy 7 State Hwy 55 US Hwy 61 US Hwy 10 <br /> Use Commercial Indust/Res Commercial Comm/Indust Commercial Commercial Industrial <br /> Site Size 28,500 13,068 17,424 7,208 30,878 11,326 25,265 <br /> Phys. Char. Long/Narrow Landlocked Landlocked Average Average Long/Narrow Average <br /> Utilities Available Available Available Available Available Available Available <br /> Sale Price Current $7,880 $7,110 $10,000 $61,645 $13,100 $20,000 <br /> Price/SF $0.60 $0.41 $1.39 $2.00 $1.16 $0.79 <br /> Adjustments <br /> Property Rights Fee Simple <br /> Financing Market <br /> Conditions Typical -3511.0 <br /> Net Adjust 0% 0% 0% -35% 0% 0% <br /> Part Adj.$/SF $0.60 $0.41 $1.39 $1.30 $1.16 $0.79 <br /> Sale Date Current <br /> Equalized$/SF $0.60 $0.41 $1.39 $1.30 $1.16 $0.79 <br /> Location Average -20% 20% -20% -10% <br /> Frontage Average 10% -10% -10% -10% -10% -104io <br /> Use Commercial 15% 5% 10% <br /> Site Size(SF) 28,500 <br /> Phys. Char. Long/Narrow 10% 10% -150/; -1,5% -15% <br /> Utilities Available <br /> Net Adjust 15% 20% -40% -25%p -20% -15%0 <br /> Adjusted Price/SF $0.69 $0.49 $0.83 $0.97 $0.93 $0.67 <br /> Note: Wide variation in sale price is not uncommon given the current market, outlying location <br /> and remnant appeal. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 45 <br />