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BETTJIt :RE IRO iEl i A rf E I` Abb <br />R E A L E S T A T E A P P R A I S E R S <br />November 14, 1995 <br />Mr. Joel Hanson <br />City Administrator <br />City of Little Canada <br />515 Little Canada Road <br />Little Canada, Minnesota 55117 -1600 <br />RE: 2822/2826 Rice Street <br />Little Canada, Minnesota <br />Roy and Anna Guerin - Owners <br />Dear Mr. Hanson: <br />In accordance with your request, I have made a careful inspection of the captioned property <br />which, is more particularly described elsewhere in this report, and have made a study of <br />conditions affecting its value. <br />The property comprises a 42,432 SF tract of land located at the northeast corner of Rice Street <br />and Little Canada, within the City of Little Canada, Ramsey County, Minnesota. The site is <br />improved with a one story, two tenant store building with partial basement containing 3,600 SF <br />of gross building area. The building was constructed in 1961. The property is zoned <br />commercial. <br />The property under appraisal comprises two tax parcels reflecting Parcels 0020 and 0021. <br />Both tax parcels are under the same ownership. The parcels have been combined to form the <br />property under appraisal with the estimate of value reflecting both tax parcels. The highest <br />and best use of the property is for the demolition of the existing improvements and the <br />development of the land into a more intensive commercial use. <br />The estimate of value, as stated in this report, reflects the property in its "as is" condition. The <br />value conclusion reflects what a willing buyer would pay a willing seller for the property <br />recognizing that the buyer would be responsible for demolition of existing improvements in <br />preparation for redevelopment. <br />S P R U C E T R E E 33I3TRE S U I T E 3 1 4 <br />1 6 0 0 U N! V_ 5. S l T Y A V E N U E <br />S A I N T P A U L M E N i N E S J i A 5 51 04 <br />612.64606114 FAX 1 2.546.8086 <br />Page 48 <br />