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Nagell Appraisal Incorporated | 952.544.8966 Page 51 Sales Comparison Approach – Continued Listed below is the adjustment grid for the comparables listed on the previous pages. Comparable items of significant difference are adjusted for: Description Subject 1 2 3 4 5 2400 2665 4729 XXX 9436 8460 County Road H2 Victoria Street N Grand Avenue NE 153rd Street Ulysses St NE Franlo Road Mounds View Roseville Columbia Heights Apple Valley Blaine Eden Prairie Proximity Subject 6.11 mi SE 3.89 mi SW 25.7 mi S 3.31 mi NW 20.5 mi SW Financing Market Financing Financing Cash Cash Cash Conditions Typical Typical Typical Typical Typical Typical Market Conditions --Aug-16 Dec-17 Sep-17 Mar-16 Jun-18 Location Average Average Average Average Average Good Zoning/Use Apartments Apartments Apartments Apartments Apartments Senior Apartments Phys Char Average Average Average Average Average Average Improvements n/a None None None None None Size n/a ---------- Age n/a ---------- Condition n/a ---------- Utilities Public Public Public Public Public Public Sale Price --$1,525,000 $1,200,000 $1,425,000 $1,910,000 $765,000 Number of Units 63 - 135 105 83 114 191 41 Units per Acre 27.4 - 35.5 18 17 87 21 45 Site Size (SF)165,498 249,163 214,751 57,064 399,010 40,075 $6.12 $5.59 $24.97 $4.79 $19.09 $14,524 $14,458 $12,500 $10,000 $18,659 Cond. Adj. +/- Financing Market Conditions Typical Market Conditions -- 0%0%0%0%0% $14,524 $14,458 $12,500 $10,000 $18,659 Adjustments +/- Location Average -20% Zoning/Use Apartments Phys Char Average Improvements n/a Utilities Public Number of Units 63 - 135 -5% Site Size (SF)165,498 0%0%0%0%-25% $14,524 $14,458 $12,500 $10,000 $13,994 Net Adjustment Adjusted Price per Unit Address Price per Unit Net Cond. Adj. Effective $/Unit Price per SF - Site Size