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Sales Comparison Approach -continued <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. <br />Comparables 2, 3 and 5 adjusted for locations with less commercial development and/or <br />further proximity from TCMA. Comparable 6 adjusted for superior location at a busy <br />intersection. <br />Frontage/Visibility: The subject does not front on a highway, but has good visibility. <br />Comparables 2, 4, 5 and 6 adjusted for having more highway frontage while Comparable 3 <br />adjusted for not having highway frontage or visibility. <br />Zoning: Although subject and comparables have different zoning designations, it appears <br />that most of the comparables and subject have the potential to be used for commercial <br />development. However, city indicated that when Comparable 3 was purchased, the zoning <br />was focused more on industrial at the time-adjustment required. <br />Utilities: All comparables considered competing. <br />Physical Characteristics: Shape and topography adjustments reflect the market preference <br />for rectangular and level parcels, which optimize development potential. Comparables 1, 2, <br />4, 5 and 6 adjusted for having open, level sites requiring little in additional land development <br />costs. However, adjustments for Comparables 1 and 6 are off-site by irregular shaped sites. <br />Site Size: Adjustments recognize smaller parcels of land typically sell for more per SF than <br />larger sites. Comparables 2 and 6 adjusted for smaller site size while Comparable 5 adjusted <br />for larger site size. <br />Conclusion: The comparables used are considered good indicators of value for the subject <br />and are deemed to be the best of available data. Other sales considered were farther, <br />needed more adjustment and/or were more dated. After adjustment, all of the sales are <br />considered to provide a good indication of market value for the subject site. <br />The land sales have an indicated range of $6.50 to $8.15 per SF with an average of $7.46 <br />per SF. All comparables given equal consideration. Therefore, taking into account the above <br />discussion and the overall characteristics of the subject, including size, location and <br />development potential, a value of $7.50 per SF is considered appropriate for the subject site. <br />195,584 SF x $7.50 per SF = $1,466,880 <br />OPINION OF SITE VALUE: $1,467,000 <br />28 Nagell Appraisal & Consulting ~ 952-544-8966 ~ www.callnagell.com <br />