Agenda - Council - 04/11/2017 - Laserfiche WebLink

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LAND VALUE CONCLUSION Based on the preceding analysis and adjustments, the comparable land sales provide a range of adjusted value indications from $3.19 to $5.34 per SF of land area, with an average of$4.64 and a median of$5.01 per SF of land area. Giving roughly equal weight to each comparable, though less weight to comparable 3, it is our opinion that the applicable unit value is $5.00 per SF of land area, resulting in the following indicated land value: Indicator Unadjusted Price per SF Adjusted Price per SF Range $2.68 - $9.63 $3.19 - $5.34 Average $6.13 $4.64 Median $6.09 $5.01 Site Size(SF) Value per SF Total 71,996 $5.00 $359,980 Opinion of Value Site as Vacant - Rounded to Nearest: $10,000 $360,000 Other Sales or Listings Considered In addition to the comparables analyzed above, we also considered the following listings and/or sales in our analysis and conclusion: 2520 N Ferry Street, Anoka This former Sinclair Gas Station is located on the northeast quadrant of US Highway 10 and Ferry Street N, in Anoka. The site is located just off the interchange, and access is considered average. Visibility is considered average to below average. The building and canopy remain on the site, but according to the listing, the tanks have been removed and there is a no action letter from the MPCA. The building area is 500 SF, and the year built was 1966. The asking price for this property is $239,000, or $10.55 per SF of land area. The property has been on the market for 2,573 days (or over 7 years). Overall, it is considered to have general comparability to the subject, and while it has inferior visibility, it has superior access to the subject. It's location closer to the core City of Anoka is also a factor. The most important consideration is the very long time the property has been exposed to the market, which would indicate a lack of interest at the list price. 69 1 Page