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DESCRIPTION OF THE NEIGHBORHOOD Describing and defining the neighborhood of a property is a primary factor in the appraisal process. The neighborhood discussion reveals important characteristics of conformity, utility, and market. During the valuation process, sales of comparable properties within the neighborhood will ideally be found and have characteristics similar to the subject. The City of Elk River is an expansive community that covers 44 square miles. Much of the development activity is located in the south central portion of the city, along U.S. Highways 10 and 169 as well as the Mississippi River. The outlying areas of the city are mainly comprised of larger acreage residential properties, industrial uses and undeveloped land. The subject property is located in an older platted residential neighborhood within the heavily developed west central portion of the city along TH 10. Trunk Highway 10 is an arterial thoroughfare that includes both commercial and residential use properties within the immediate area. The downtown sector of Elk River is located approximately three blocks southeast of the subject. The Highway 169/10/101 interchange is located approximately 1.5 miles southeast. Schools and parks are located near the subject in addition to many dining, entertainment and shopping opportunities. Most of the city's newest development is along Highway 169. The neighborhood for the subject property generally includes those properties within the city limits of Elk River; however, the largely rural areas on the north and west ends of the city are not included. Land uses within the neighborhood generally include 1-4 family residential, multi -family, commercial, industrial, public, and some timber/agricultural uses. Most commercial use properties are located along the arterial routes of Highway 169 and 10. The neighborhood area is entirely within Sherburne County and within the Elk River School District. A map of the approximate neighborhood area utilized in this analysis is included below. y Source: Northstar MLS S.P. 7102-135RW C.S. 7102 (10=3) 902 Parcel 7102-902-229C Page 27