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LAND APPRAISAL REPORT <br />MARKET DATA ANALYSIS <br />7925161ST <br />File No. 15JUL10D <br />ITEM 1 SUBJECT PROPERTY <br />COMPARABLE NO. 4 <br />COMPARABLE NO. 5 <br />COMPARABLE NO. 6 <br />Address 7925 161 st Ave NW <br />Ramsey <br />243xx St. Francis Blvd <br />St. Francis, MN 55070, Anoka Cnty <br />15641 Potassium St NW <br />Ramsey, MN 55303 <br />Proximity to Subiect <br />11.08 miles NE <br />2.33 miles E <br />Sales Price <br />$ n/a <br />$ 85,000 <br />$ 85,500 <br />$ <br />Price $/Sq. Ft. <br />$ <br />$ 4,821/ac <br />$ 8,550/ac <br />$ <br />D Data Source <br />inspect/county <br />County/RealtorMLS <br />County/RealtorMLS <br />Date of sale and <br />a Time Adjustment <br />DESCRIPTION <br />DESCRIPTION <br />+(—)$ Adjust. <br />DESCRIPTION <br />+(—)$ Adjust. <br />DESCRIPTION <br />+(—)$ Adjust. <br />n/a <br />07/2014 dom 46 <br />01/2015 dom 105 <br />-4 Location <br />Ramsey <br />St. Francis <br />Ramsey <br />o SiteNiew <br />15 ac, rural <br />16.34 ac, rural <br />-11,256 <br />10 ac, rural <br />+42,750 <br />wooded <br />light <br />heavy <br />-10,000 <br />light <br />a topography <br />level <br />level <br />level <br />utilities <br />none <br />none <br />none <br />appeal <br />good <br />good <br />average <br />+5,000 <br />Sales or Financing <br />Concessions <br />n/a <br />0 <br />Conventional <br />0 <br />Conventional <br />0 <br />Net Adi. (Total) <br />n + X - $-21,256 <br />X + n - $ 47,750 <br />n + n - $ <br />Indicated Value <br />of Subject <br />NeY ,25,0,,,% <br />$ 63,744 <br />Net i5;$ °h ! <br />$ 133,250 <br />Net ; 41a <br />$ <br />Comments: • Land: Market Data Comments <br />Confidential information related to pricing, motivations, negotiations, concessions, fees, etc, are not typically made known to those not a part of the <br />agreement or closing. Even when provided an interview that confirms parts of a transaction, the values herein are based on the assumption that the data <br />reported to the sources used is correct and reflects the specific marketable features. <br />The subject inspection found the subject site being appraised to be an unimproved 15 acres of buildable land located within the proposed highlighted <br />area boundaries and adjacent to the existing City of Ramsey Central Park. A visual inspection was performed as part of the scope of work for this <br />assignment. The immediate neighborhood includes neighboring sites with existing single family residences. The local MLS on-line records is the <br />resource used in providing similar site comparables. Some comparables are located across man made or natural boundaries and made necessary due <br />to fewer sales in the pool of readily available data. Markets are similar no location adjustments are made. <br />Site adjustments are not necessarily made per size alone but also for the quality of the physical characteristics. The comparables researched produced <br />and average cost of $8,448/ac. For purposes of this appraisal $8400/ac adjustment value is used. Vegetation, (wooded areas), of the subject and <br />comparables are estimates derived from mis data and county GIS aerial photos. Adjustments for wooded acres are made at $5,000/estimate <br />differences. Topography deviations are deemed equal, no adjustments for topography are made. Utilities are researched per comparable site. No <br />comparable site data include utilities on site. No adjustments for utilities are deemed necessary. Adjustments for appeal are made based upon site <br />access. Comparables located on paved county or paved municipal streets have similar appeal to market. Adjustments are made for non -paved roads at <br />$5,000. <br />The adjustments are mixed and the subject is bracketed. Comps two and three are the most recent. Comp four is the least adjusted. Comp five is the <br />most proximate. Equal weight is placed on all comparables. The final value is below the market area predominate value due to; the subject site is <br />undeveloped. The final value is rounded. <br />Note: The final opion of value is $118,000. <br />$118000 / 15 acres = $7867 per acre. <br />w <br />z <br />0 <br />U <br />Form LND.(AC) - "TOTAL" appraisal software by a la mode. inc.- 1-800-ALAMODE <br />