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Value Indicated via Sales Comparison Approach — "AS-STABILIZED" BASIS <br /> Based on the preceding analysis and adjustments, the comparable sales provide adjusted value <br /> indications ranging from $107.14 to$124.83 per square foot of NRA,with an average of$116.47, <br /> and a median of $118.64. Giving roughly equal weight to all comparables, it is our opinion that <br /> the applicable unit value is $115.00 per square foot. This results in the following estimate of <br /> value by the Sales Comparison Approach: <br /> Indicator Unadjusted Price per SF Adjusted Price per SF <br /> Range $67.66 - $145.03 $107.14 - $124.83 <br /> Average $108.08 $116.47 <br /> Median $113.57 $118.64 <br /> Size(NRA SF) Value per SF Total <br /> 8,998 $115.00 $1,034,770 <br /> Market Value"As-Stabilized" - Rounded . 000 $1,030,000 <br /> Other Sales or Listings Considered— "As-Stabilized"Basis <br /> In addition to the comparables analyzed above, we also considered the following listings and/or <br /> sales in our analysis and conclusion: <br /> 7157 Highway 10 NW, Ramsey, MN (PID#27-32-25-33-0005) <br /> This is the former Holiday Gas Station located on the northeast corner of Highway 10 and Ramsey <br /> Boulevard that was purchased by the City of Ramsey in July 2009. The land area is 87,120 SF. <br /> The sale price was $860,000, which is the equivalent to $9.87 per SF of land area. The Holiday <br /> station was subsequently constructed on the southeast corner of the same intersection. We note <br /> that this property has equal visibility as the subject, and at the time, had superior access <br /> characteristics. We chose not to include this sale in our analysis above given the buyer was the <br /> City of Ramsey, but we feel like this is a good comparable sale, when considering the fact that it <br /> is superior to the subject given its superior access characteristics. <br /> 87 Page <br />