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Sales Comparison Approach -- continued Listed below is the adjustment grid for the comparables listed on the previous pages. Comparable items of significant difference are adjusted for. Description Subject 1 2 3 4 5 6 7 8 Address 8175 Riverdale Dr NW Ramsey 3887 Chelsea Road West Monticello 9541 152nd Ave NE Columbus 971 Mnnesota Ave N St. Peter 9535 Highway 10 NW Ramsey 7313 Novotny Road Baxter 8725 Jefferson Highway N Osseo 6845 Highway 10 NW Ramsey 572 Tamarack Avenue Long Lake Roximity -- 16.7 ni W 21.7 mi E 66.3 ni S 2.06 ni NW 87.4 ni N 8.85 mi SE 1.78 ni SE 17.7 mi S Roperty Rights Fee Sipple Fee Sipple Fee Simple Fee Sipple Fee Sipple Fee Sipple Fee Sipple Fee Sipple Fee Simple Financing Conventional Conventional Conventional Conventional Conventional CD Conventional CD CD Conditions Typical Adjacent Ow ner Typical Typical Typical Typical Typical Typical Typical Market Conditions -- Oct-16 Aug-16 Nov-17 May-18 Jul-15 Jan-16 Jul-18 Jan-18 Location Average Average Average Average Average Good Less visibility Average Average Zoning/use Comm/ RV Dealer Comm/ RV Dealer Comm / Trailer Dealer Comm / Boat Dealer Comm / Dealer Comm/ RV Dealer Commercial/Shop Commercial/Shop Comm/ Dealer Design Tw o Levels One Level One Level One Level One Level One Level Tw o Levels One Level One Level Site SF 30,452 243,500 119,790 71,438 41,818 54,885 19,166 155,509 25,265 L to B ratio 4.0 to 1 23.2 to 1 20.0 to 1 21.9 to 1 15.2 to 1 9.0 to 1 3.6 to 1 8.6 to 1 4.7 to 1 Age 1997 / E11 1978 / E15 1983, '05 / E14 1975 / E21 1966 / E25 1993 / E13 1939, 2008 / E15 1994 / E12 2001 / E9 Quality/Appeal Average Good Good Fair Average Average Average Average Metal Condition Dated Average Average Dated Average Average Average Dated Average Parking/Landspg Adequate Adequate Adequate Adequate Adequate Adequate Adequate Adequate Adequate Sale Rice -- $1,750,000 $795,000 $280,500 $300,000 $650,000 $500,000 $1,276,500 $381,660 GBA SF 7,596 10,476 6,000 3,258 2,744 6,080 5,392 18,135 5,400 Unadjusted Price /SF $167.05 $132.50 $86.10 $109.33 $106.91 $92.73 $70.39 $70.68 Adjustments +/- Roperty Rights Fee Sipple Financing Conventional Conditions Typical -10% Net Adj. -10% 0% 0% 0% 0% 0% 0% 0% Partially Adj. Price /SF $150.34 $132.50 $86.10 $109.33 $106.91 $92.73 $70.39 $70.68 Market Conditions Current Equalized Price /SF $150.34 $132.50 $86.10 $109.33 $106.91 $92.73 $70.39 $70.68 Location Average 10% Zoning/use Comm/ RV Dealer Design Tw o Levels L to B ratio 4.0 to 1 -19% -16% .. -11% .: -1 Age 1997/E11 2% 2% 5% 7% 1% 2% 1% -1% Quality/Appeal Average -10% -10% 10% 10% Condition Dated -5% -5% -5% .._ -5% Parking/Landspg Adequate GBA SF 7,596 -10% 5% Net Adjust -32% -29% -19I 7% 1% 3% Adjusted Price Per SF $102.23 $94.08 $74.90 $88.56 $86.60 $99.22 $71.09 $72.80 Nagel) Appraisal Incorporated 1952.544.8 .