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RECONCILIATION <br />Value Opinion by Cost Approach Not Applied <br />Value Opinion by Income Approach Not Applied <br />Value Opinion by Sales Comparison Approach 81,000 2.48 per SF <br />The subject is vacant land. Therefore, the Cost Approach is not applicable. <br />The Income Approach is not used. Very limited rental data of vacant land renders the <br />Income Approach an unreliable indicator. <br />The Sales Comparison Approach to value analyzed recent sales of properties as compared <br />with the characteristics of the subject property. Adjustments were made to the comparables to <br />make them as similar to the subject as possible. This results in an indication of market value at <br />which the typical buyer would be willing to pay for the subject property. The comparables used <br />are all competing properties located in the subject market and are considered to provide a <br />reliable estimate of market value. Sales data for the subject property was average. <br />Conclusion: The Sales Comparison Approach is considered the only relevant indicator of <br />value. Therefore, the appraised value opinion is: <br />Final Value Opinion <br />Final Value Opinion 81,000 2.48 per SF <br />Note: Properties that are unstable, distressed, or have unusual condition and/or motivated <br />sellers tend to sell below market value. Based on market observations and discussions with <br />various market experts, discounts for such properties can range from 10 to 50% + when <br />compared to normal market transactions. <br />Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 47