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A study of recent sales in the area finds a range in price from $2.40 to $9.01 a <br />square foot. The following chart summarizes the details of these sales. <br />Sale <br />Address <br />Sale Price <br />Date of <br />Zoning <br />Area <br />Price Per <br />No. <br />Sale <br />Acres <br />S .Ft. <br />Subject <br />93xx Evergreen Blvd <br />Industrial <br />13.33 <br />1 <br />93xx Evergreen Blvd* <br />1,531,987.00 <br />9/09 <br />Industrial <br />9.38 <br />$5.57 <br />2 <br />8770 Springbrook Dr. <br />459,340.00 <br />10/07 <br />Commercial <br />1.17 <br />9.01 <br />NW <br />3 <br />93 &Evergreen <br />690,000.00 <br />7/05 <br />Industrial <br />2.90 <br />5.42 <br />Blvd <br />4 <br />1760 116` Avenue <br />662,500.00 <br />6/04 <br />Industrial <br />2.16 <br />7.04 <br />NW <br />5 <br />10140 Flanders Street <br />925,650.00 <br />9/07 <br />Industrial <br />4.61 <br />4.61 <br />,NE <br />6 <br />10011 Xylite Street <br />1,442,925.00 <br />5/06 <br />Industrial <br />13.80 <br />2.40 <br />NE <br />*Sale I- Lot 2 of subject site. <br />Cited sales are relatively recent in time of transaction, with all, expect one nearby <br />property, are all industrially zoned. These comparable sales of vacant land <br />indicate an average lot size of 5.67 acres with an average price per square foot of <br />$5.68. Based on these recent sales, I deduce that the market value of subject <br />would fall in a range lower than the average sales price, due. to 40% of subject <br />encumbered by numerous utility easements, which limit total use of the site. <br />I conclude a value for the land is $4.46 per square foot. This then calculates to an <br />indicated value for subject's site as follows: 13.33 acres Qr 580,655 square feet x <br />$4.46 per square foot = $2,589,721.30, say $2,590,000.00. <br />I am hopeful this information is of help to you and if you need any additional <br />information, please feel free to call me at ext. 5522. <br />Sincerely, <br />Richard C. Erickson <br />Right of Way Specialist <br />Anoka County Highway Department <br />Certified General Appraiser <br />MN #40001311 <br />