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CORRELATION OF THE LAND SALES COMPARISON APPROACH <br />The subject property was compared to the preceding four land sales. These sale <br />properties are considered to be the best available for comparison to the subject <br />property and are considered to be an accurate reflection of the current demand for <br />these types properties. <br />Comparable sales one and three are about equally most recent. Comparable sale <br />two is least adjusted and most similar in size. Comparable sale three is most <br />proximate but is the oldest sale. <br />The direction of adjustments is mixed; subject is bracketed. The range in <br />price indicated by the forgoing adjustment analysis is from $1.59 to $2.42 per square <br />foot. The midpoint of the range is $2.01 per square foot and the average is $2.05 <br />per square foot. The median sale price is $2.09 per square foot. <br />In consideration of the data presented and after analysis and adjustment of the <br />previously reported comparable sales, we have estimated a value of $2.00 per square <br />foot of the land size for the subject property. <br />209,284 Sq Ft (Land Size) X $2.00 (Value /Sq Ft) = $ 418,568 <br />INDICATED VALUE BY DIRECT LAND COMPARISON APPROACH (ROUNDED): <br />$ 419,000 <br />