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Other Sales Considered— `'As-is-`Basi. <br /> We also present the following comparable sales which reflect direct market evidence of <br /> properties in need of renovation and stabilization, which reflects our subject property's "as-is" <br /> condition. Generally, these sales were purchased as dark, vacant buildings, which were <br /> subsequently renovated and occupied. <br /> 17315 Zane Street, Elk River, MN <br /> 1 <br /> This 7,000 SF commercial/retail building, originally built in 1992 but renovated in 2005, sold on <br /> 02/21/2013 for$525,000, or$75.00 per SF. The property had been an auto sales dealer/lot, was <br /> vacant at the time of sale, and was purchased for the conversion to a dialysis center. The <br /> property was bank-owned at the time, but had been actively marketed for 1,260 days (3.45 <br /> years). We confirmed this sale directly with the seller, who stated that there were no unusual <br /> sale conditions. <br /> This property is considered to be overall slightly superior to the subject in that while it is located <br /> farther out of the Twin Cities (north of the subject along Highway 10), it has much better access <br /> than the subject, and at least equal visibility. We were unable to obtain the exact renovation <br /> costs,though we note that the change in use (auto sales to dialysis center) is significant, and likely <br /> 90 1 <br />