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LAND APPRAISAL REPORT
<br />7925161ST
<br />File No. 15JUL1OD
<br />Borrower n/a Census Tract 0502.24 Map Reference 34 C2
<br />Property Address 7925 161 st Ave NW
<br />o City Ramsey County Anoka State MN Zip Code 55303
<br />a Legal Description
<br />LL Sale Price $ n/a Date of Sale n/a Loan Term n/a yrs. Property Rights Appraised 0 Fee • Leasehold • De Minimis PUD
<br />wActual Real Estate Taxes $ exempt (yr) Loan charges to be paid by seller $ n/a Other sales concessions n/a
<br />o Lender/Client City of Ramsey Address 445 East Lake Street, , MN 55391
<br />Occupant vacant Appraiser David C. Hughes Instructions to Appraiser Estimate the fair market value of an undifferentiated 15
<br />acres of an unimproved site; PID 16-32-25-24-0002 Iocated in the city of Ramsey in Anoka County.
<br />Location • Urban • Suburban 0 Rural
<br />Built Up ❑ Over 75% 0 25% to 75% • Under 25%
<br />Growth Rate • Fully Dev. ❑ Rapid @ Steady • Slow
<br />Property Values 0 Increasing • Stable • Declining
<br />Demand/Supply • Shortage 0 In Balance • Oversupply
<br />Marketing Time Under 3 Mos. • 4-6 Mos. • Over 6 Mos.
<br />o Present Land Use 82% 1 Family 2% 2-4 Family 1% Apts. % Condo 10% Commercial
<br />o % Industrial 5 % Vacant %
<br />Good Avg. Fair Poor
<br />Employment Stability • 0 • ❑
<br />Convenience to Employment • 0 • ❑
<br />Convenience to Shopping • 0
<br />Convenience to Schools • 0 • •
<br />Adequacy of Public Transportation • 0 • ❑
<br />Recreational Facilities • 0
<br />Adequacy of Utilities • 0 • •
<br />cc Change in Present Land Use ❑ Not Likely @ Likely (*) Taking Place (*)
<br />_ (*) From residential To public park
<br />Property Compatibility • 0• ❑
<br />Protection from Detrimental Conditions •
<br />w Predominant Occupancy 0 Owner • Tenant 5 % Vacant
<br />Police and Fire Protection • •
<br />Single Family Price Range $ 30,000 to $ 655,000 Predominant Value $ 160
<br />General Appearance of Properties • • •
<br />Single Family Age 00 yrs. to 70 yrs. Predominant Age 18 yrs.
<br />Appeal to Market • 0 • ❑
<br />Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): Subject is located in Ramsey, an area
<br />consisting of single family homes of various styles, sizes, ages and values. Schools are in the Elk River and the Anoka -Hennepin School Districts.
<br />Ramsey has limited employment opportunities. Recreation (primarily outdoor) and police and fire protection are adequate. No adverse noise factor, typical
<br />nature and residential views.
<br />Dimensions undifferentiated = 15. Sq. Ft. or Acres • Corner Lot
<br />Zoning classification R1 - Single Family Residential Present Improvements 0 do • do not conform to zoning regulations
<br />Highest and best use • Present use Other (specify) site is currently un-improved, proposed park improvement
<br />Public Other (Describe)
<br />OFF SITE IMPROVEMENTS
<br />Togo level
<br />Elec. •
<br />Street Access 0 Public • Private
<br />Size large acreage site
<br />Gas •
<br />Surface bituminous
<br />Shape irregular
<br />w
<br />Water •
<br />Maintenance 0 Public • Private
<br />View nature/res
<br />San. Sewer •
<br />0 Storm Sewer 0 Curb/Gutter
<br />Drainage adequate runoff to low areas
<br />• Underground Elect. & Tel.
<br />❑ Sidewalk 0 Street Lights
<br />Is the property located in a HUD Identified Special Flood Hazard Area? No Yes
<br />Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): The subject site does not appear to be in a FEMA
<br />designated flood zone. No adverse easements, encroachments or any other adverse conditions were noted by the appraiser.
<br />The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar
<br />adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior
<br />to or more favorable than the subject property, a minus (-) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less
<br />favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject.
<br />ITEM I SUBJECT PROPERTY
<br />COMPARABLE NO. 1
<br />COMPARABLE NO. 2
<br />COMPARABLE NO. 3
<br />Address 7925 161 st Ave NW
<br />Ramsey
<br />20xxx Nowthen Blvd
<br />Nowthen, MN 55303, Anoka Cnty
<br />xxxx Nowthen Blvd
<br />Nowthen, MN 55303, Anoka Cnty
<br />xxxx Nowthen Blvd
<br />Nowthen, MN 55303, Anoka Cnty
<br />Proximity to Subject
<br />5.64 miles N
<br />6.08 miles N
<br />5.97 miles N
<br />Sales Price
<br />$ n/a
<br />$ 70,000
<br />$ 73,000
<br />$ 76,000
<br />Price $/Sq. Ft.
<br />$
<br />$ 6,979/ac
<br />$ 11,231/ac
<br />$ 10,660/ac
<br />a Data Source
<br />inspect/county
<br />County/RealtorMLS
<br />County/RealtorMLS
<br />County/RealtorMLS
<br />a Date of Sale and
<br />o Time Adjustment
<br />DESCRIPTION
<br />DESCRIPTION
<br />+(—)$ Adjust.
<br />DESCRIPTION
<br />+(— )3 Adjust.
<br />DESCRIPTION
<br />+(—)$ Adjust.
<br />n/a
<br />01/2015
<br />05/2015, dom 32
<br />05/2015, dom 32
<br />w Location
<br />Ramsey
<br />Nowthen
<br />0
<br />Nowthen
<br />0
<br />Nowthen
<br />0
<br />SiteNiew
<br />15 ac, rural
<br />10.3 ac, rural
<br />+39,480
<br />6.5 a., rural
<br />+71,400
<br />7.13 a., rural
<br />+66,180
<br />wooded
<br />Tight
<br />Tight
<br />medium
<br />-5,000
<br />Tight
<br />topography
<br />level
<br />level
<br />level
<br />level
<br />utilities
<br />none
<br />none
<br />none
<br />none
<br />appeal
<br />_good
<br />good
<br />good
<br />good
<br />Sales or Financing
<br />Concessions
<br />n/a
<br />0
<br />Conventional
<br />17,500
<br />0
<br />CD
<br />0
<br />Cash
<br />0
<br />Net Adj. (Total)
<br />X + ❑ - $ 39,480
<br />X + ❑ - $ 66,400
<br />X + ❑ - ' $ 66,180
<br />Indicated Value
<br />of Subject
<br />Net ;56,4 % !
<br />$ 109,480
<br /><Net 91,0 14 :
<br />$ 139,400
<br />j Net ,137,1
<br />$ 142,180
<br />Comments on Market Data: See additional comments.
<br />Comments and Conditions of Appraisal: The subject has not been sold within the last three years. No other previous sales were noted within the last one year
<br />for any of the comparable sales used in this report.
<br />z
<br />0
<br />a
<br />Final Reconciliation: The income and cost approaches to value were not used due to the lack of sufficient data with which to form a meaningful value
<br />o estimate. The direct sales com.arison a..roach is deemed to offer the most reliable indication of value. The final value is rounded.
<br />U
<br />w
<br />1 ESTI
<br />MARKET VALUE, AS DEFINE OF SUBJECT PROPERTY AS OF July 10, 2015 to be $ 118,000
<br />David C. Hughes
<br />• Did • Did Not Physically Inspect Property
<br />Appraiser(s) Review Appraiser (if applicable)
<br />[Y2K]
<br />Hughes Appraisal Services
<br />
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