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Land Valuation 48 <br />Commercial Land Site - SWC of Middle Street and Market Place Drive <br />Zoning: This category addresses differences in zoning and the resulting density of the possible <br />uses of the site. The subject property is zoned for PUD, which allows for significant flexibility of <br />development. The highest and best use of the site was concluded to be for retail/commercial <br />uses, similar to what was allowed in the zoning of the comparable properties. Therefore, no <br />adjustment was concluded necessary for this category. <br />Below is an adjustment grid that summarizes the adjustments made for each sale property. <br /> <br /> <br />Subject Sale 1 Sale 2 Sale 3 Sale 4 <br />Address SWC Middle St. & <br />Market Place Dr. <br />228 Little Canada Road <br />East <br />2158 Rice Street 435 County Highway 96 11736 Ulysses St NE <br />City, State Little Canada, MN Little Canada, MN Saint Paul, MN Shoreview, MN Blaine, MN <br />Usable Land Area (Acres) 0.62 Acres 0.54 Acres 0.73 Acres 1.50 Acres 1.49 Acres <br />Usable Land Area (SF) 27,007 SF 23,522 SF 31,799 SF 65,340 SF 64,904 SF <br />Transaction Type -- Closed Closed Closed Closed <br />Transaction Date -- Dec-18 Dec-16 Jun-16 Oct-18 <br />Price Per Usable Land SF $14.03 $17.30 $16.84 $11.56 <br />Property Rights 0% 0% 0% 0% <br />Financing 0% 0% 0% 0% <br />Conditions of Sale 0% 0% 0% 0% <br />Market Conditions (Time) 4% 11% 12% 5% <br />Subtotal 4% 11% 12% 5% <br />Location / Visibility -15% -30% -25% 0% <br />Size 0% 0% 0% 0% <br />Shape / Utility 0% 0% 0% 0% <br />Soils / Topography 0% 0% 0% 0% <br />Zoning / Density 0% 0% 0% 0% <br />Subtotal -15% -30% -25% 0% <br />Gross Adjustment 19% 41% 37% 5% <br />Overall Adjustment -12% -22% -16% 5% <br />Indicated Price Per Usable Land SF $12.40 $13.44 $14.15 $12.14 <br />Physical Adjustments <br />Transaction Adjustments <br />Comparable Land Sales Adjustment Grid