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ti I ANtAL B PI 11 Nc Lhc. Appraisal Report Review continued Description: I have personally inspected the subject and have found the appraisal report to adequately describe the community, the subject's area and neighborhood and the site. It is assumed that all factors concerning building improvements are correct as detailed in the appraisal report. Zoning: 11/4 As cited in the report and shown on report's Zoning Map exhibit, the property was within a B -1A zoni district, a Limited Business and Processing District. In this district, R -4, Medium Density Mi'ltiple Family Apartments and very limited business uses are permitted. It is noted that the zoning was recent changed to B -2, a Limited Business District. This zoning district provides for office and limited servic N employment and institutional uses which are freestanding in nature, require larger sites and are or can 1 compatible with adjacent uses. Except where specifically listed, the limited business district is not intended to accommodate retail or wholesale businesses. Highest and Best Use: I concur with the appraiser's opinion that the highest and best use of the subject property is a commerc use. A commercial use is a legal use (with limitations), physically possible, suitable for the land size characteristics, subject to the zoning limitations, compatible with the surrounding uses and results in th highest value. In this zoning district R -4 medium density apartment uses are permitted, but the subject parcel is considered small for an economic or feasible apartment building development. It is exposed t heavy traffic, an adverse condition for residential use. While it has good public exposure and corner s accessibility, it is small for many uses. Land Value Analysis: The appraisal report cites commercial land sale market data, which bracket the estimated land value pc square foot. The appraiser has provided adequate description of these land sales and an appropriate comparative valuation analysis in support of his estimated market value. It is noted that these sales are somewhat "dated but my investigation of market data found limited data that was better, due to the 1: of market demand in recent years. The following are my comments and evaluation of the comparable sales he has used: Comp 1. Reasonably similar in size and similar in the use for which it was developed. Somewha different in its surrounding environment, but rated equal in location. B -3 zoning has less limitations for development. Some allowance should be added for "razing" costs. Comp 2. Not rated a good comparable. On Larpenteur, but rated to have a superior commercial location and the B -3 zoning has less limitations for development. 3