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<br /> Page 64 Nagell Appraisal Incorporated | 952.544.8966 <br />Sales Comparison Approach – Continued <br /> <br /> <br /> <br /> <br />Conclusion: The comparables used are rated to be the most indicative of data analyzed and bracket the <br />subject value. Other sales reviewed were older, further and/or needed more adjustment. Adjustments are <br />made on a per square foot basis. The comparables utilized in t his analysis each have several similar <br />characteristics in common with the subject. While none are totally identical to the subject, each <br />represents a viable alternative to a prospective buyer of the subject property and, after adjustment, can <br />be utilized as an indicator of market value for the subject property. <br /> <br /> <br />Indicator Un-Adjusted Price per SF Adjusted Price per SF <br />Range $7.10 - $15.40 $7.70 - $12.93 <br />Average $11.00 $10.46 <br />Median $10.40 $10.68 <br /> <br /> <br />Sales 1, 4, and 5 are Kwik Trip gas stations and have an adjusted average of $9.23 per SF. Sales 2, 3, <br />and 6 are general commercial and have an adjusted average of $11.68 per SF. About equal weight given <br />to the sales comparables. Based on the subject characteristics, a rate at the mid-range is considered <br />appropriate. <br /> <br /> <br /> <br />Price per SF – General Commercial Land $11.50 <br />Price per SF – Kwik Trip Land $9.50 <br /> <br /> <br /> <br />As noted previously, the city provided one potential proposal for commercial development with a site of <br />about 1.5 acres. This value was based on either a gas station (Kwik Trip) or general commercial. The <br />appraiser has added another scenario, which is 100% commercial for the entire site. The values are <br />calculated by multiplying the site area by the price per SF: <br /> <br /> <br /> 1.5-acre Kwik Trip: 65,340 SF x $9.50 per SF = $620,000 rounded <br /> <br /> 1.5-acre general commercial: 65,340 SF x $11.50 per SF = $750,000 rounded <br /> <br /> 100% commercial development: 165,498 SF x $9.50 per SF = $1,550,000 rounded <br /> <br /> <br /> <br /> <br />