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22382 -City of Elk River <br />Land Analysis <br />November 20, 2023 <br />Page 13 <br />SUMMARY OF FINDINGS <br />It is important to note that the comparable sales have not been adjusted to a specific subject <br />property and not al I of the comparable sales presented herein have been verified. Further, the <br />indications of price per developable acre are based on our estimates of developable land. <br />Based on our investigation, unit sale prices for single-family, medium-density and high- <br />density residential land on a per developable acre basis are summarized as follows: <br />Single-Family Residential Land <br />Range: <br />Median: <br />Mean: <br />(Average 56.1 1 Acres with a <br />Density of 2.4 Units per Acre) <br />2021-2023 Sales Mean: <br />Excluding Outliers Sales 9& 13 <br />Range: <br />Median: <br />Mean: <br />(Average 54.23 Acres with a <br />Density of 2.5 Units per Acre) <br />Medium-Density Residential Land <br />Range: <br />Median: <br />Mean: <br />(Average 16.58 Acres with a <br />Density of 6.4 Units per Acre) <br />2021-2023 Sales Mean: <br />Excluding Outliers Sales 1 and 5 <br />Range: <br />Median: <br />Mean: <br />(Average 19.30 Acres with a <br />Density of 6.1 Units per Acre) <br />$9,356 to $75,758 per Acre <br />$34,247 per Acre <br />$37,210 per Acre <br />$36,470 per Acre <br />$13,675 to $67,416 per Acre <br />$34,247 per Acre <br />$36,238 per Acre <br />$42,831 to $136,816 per Acre <br />$71,274 per Acre <br />$80,295 per Acre <br />$84,520 per Acre <br />$55,716 to $125,185 per Acre <br />$71,274 per Acre <br />$77,912 per Acre <br />PATCHER ME SSNER <br />Valuation Counselors <br />