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1 VALUATION OF THE SUBJECT PROPERTY <br />i A search of non - residential sites in the Little Canada was made. A lack of current sales of non- <br />residential sites in Little Canada made it necessary to broaden the search into Vadnais Heights and <br />White Bear Lake. The criteria of this search was for current sales of non - residential type properties <br />with similar size, characteristics and utility. Of the lots located three were chosen to be the best <br />available. One sale is located in White Bear Lake near the White Bear LakeNadnais Heights <br />boundary line, one sale is located in Vadnais Heights and one sale is Little Canada. The sales in <br />Vadnais Heights and White Bear Lake like the subject border on Interstate 35E. The remaining sale <br />is located southwest of the subject property on Market Drive just east of Rice Street. All sales have <br />sold in the past 18 months and are the best available. Before adjustments the value ranged from <br />$2.08 - $2.99/ s.f. Adjustments were made to the comparables for all differences. A time adjustment <br />of 7% was necessary for Comparable 2. Other minor adjustments were made for size and utility. <br />After adjustments for difference the comparables range in value from $1.83 - $2.30 /s.f. Adjustment <br />grid is located in appraisers file. <br />Comparable 1 is located southwest of the subject property at XXX Market Drive. This comparable <br />sold October 27, 2003 for $2.85/s.f. The comparable is similar in size to the subject. It is open, level <br />and ready for improvements. It is well suited to any type of development. <br />Comparable 2 is located in a business /industrial setting much like the subject. It is located at XXX <br />Labor Industrial Court just north and east of Interstates 35E and 694 in Vadnais Heights. This <br />- omparables sold October 7, 2002 for $2.08 /s.f. The site is similar in size and has been improved <br />✓ith an office /warehouse type business. <br />Comparable 3 is located in White Bear Lake. It is located at XXX Centerville Road and like the <br />subject backs up to Interstate 35E. The comparable is slightly larger than the subject having a <br />narrow access point then opening to a large area currently being cleared for development. <br />All comparables are a good reflection of the subject. Two are similar in size, location, topography <br />and access. One is slightly larger and utility is better because of the site size. After adjustments the <br />value ranged from $1.83 - $230. The subject is an irregular shaped tract of land with varied depths <br />due to the ponding area. The subject is somewhat limited as to utility because of its shape. <br />Comparables 2 and 3 are the most recent sale of the three. Comparable 2 is similar in size to the <br />subject but better than the subject because of its shape which gives it better utility. Comparable 3 is <br />slightly larger than the subject, however due to its configuration all buildable area is located to the <br />back of the lot similar to the subject having its area of development primarily in the north portion <br />because of the ponding area and shape in the south portion. It is my opinion after analyzing all <br />comparables, Comparable 3 due to its shape and that it is the most recent sale is the best indicator <br />to value of the subject property. It is my opinion that the per square foot value of the subject property <br />as vacant would be $2.30 /s. f. or a site value of approximately $235,345.00. <br />