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<br />Nagell Appraisal Incorporated | 952.544.8966 Page 63 <br /> <br />Sales Comparison Approach – Continued <br /> <br /> <br />Discussion of Adjustments <br /> <br /> <br />Property Rights: Refers to the ownership interest conveyed at the time of sale. Properties with leases or <br />other encumbrances in place can sell for more or less than comparable properties that sell fee simple <br />interest. The sale prices of the comparable properties were not impacted by existing lease terms (if any). <br /> <br /> <br />Financing: The impact financing may have had on the sale price, favorable interest rate or term. All <br />sales were cash or estimated to be near or at market rates. <br /> <br /> <br />Conditions of sale: Reflects non-market conditions, which may or may not have impacted the sale <br />price, such as differing motivations of buyer or seller (related parties, distressed or liquidation sale, <br />listings, pending, occupancy, assemblage, etc.), impending eminent domain proceedings, influence du e <br />to tax ramifications, or lack of market exposure. <br /> <br /> <br />Market Conditions: The market appears to be indicating an upward adjustment of about 3% annually for <br />commercial land. <br /> <br /> <br />Location: This adjustment is based on the appraiser's judgment. It takes into consideration surrounding <br />land uses, intended use, neighborhood characteristics, traffic, exposure and access. Comparable 2 <br />adjusted for proximity to Maplewood Mall. Comparables 3 and 6 adjusted for good trade areas with traffic. <br /> <br /> <br />Zoning/Use: Comparables had similar uses. <br /> <br /> <br />Physical Characteristics: Shape and topography adjustments reflect the market preference for <br />rectangular and level parcels, which optimize development potential. <br /> <br /> <br />Improvements: The subject and comparables are rated similar. <br /> <br /> <br />Utilities: The comparables have public utilities available, no adjustment. <br /> <br /> <br />Site Size: Adjustments recognize larger parcels of land typically sell for less per SF than smaller sites. <br />Comparables adjusted accordingly. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />