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Land Valuation 46 Commercial Land Site - SWC of Middle Street and Market Place Drive Analysis of Land Comparables Each of the land sales was analyzed in detail regarding any differences with the subject site that the market perceives as affecting value. Upward adjustments will be made to the sales for characteristics that are inferior to the subject site. Conversely, downward adjustments will be made to the sales for characteristics that are superior to the subject site. The land sales will be analyzed on the basis of price per square foot, which is the typical unit factor used in the market for residential land. The subject land has a total land area of 27,007 square feet or 0.62 acres. Elements of comparison for which adjustments are considered include property rights conveyed, financing, conditions of sale, market conditions/time, location, size, shape, topography, and zoning/density. A discussion of the items for which adjustments are considered follows: Property Rights Conveyed: If property rights different than those appraised for the subject property were transferred, an adjustment may be necessary (i.e., leased fee vs. fee simple). All sales were of fee simple interest and no adjustments were necessary. Financing: The opinions of market value in this appraisal reflect payment in cash or cash equivalent terms. An adjustment may be necessary when the payment is something other than cash, or financing terms differ from those typically available in the market. All sales represented market-rate, cash equivalent financing and no adjustments are indicated. Sale Conditions: Consideration is given to whether the transaction was arms-length or was influenced by conditions causing buyer or seller to be atypically motivated. All of the sales were considered to be arm’s length in nature and no adjustments were indicated. Market Conditions/Time: This reflects changes in prices, if any, between the date of each comparable sale and the valuation date, due to changes in market conditions. Price appreciation has been consistently observed in the market for retail commercial land over the past several years. Based on the research completed for this appraisal, upward adjustments of 3% annually were applied to the sales. Location: Takes into account location factors such as proximity to major access routes and shopping, visibility, surrounding development, and general area desirability/demand. The subject property is situated just east of Rice Street in a retail/commercial node located in the northeast quadrant of Rice Street and Little Canada Road. The property has an interior commercial location with good freeway access and proximity to the core TCMA.