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ARKET APPROACH OVERVIEW
<br />To value the subject property, we will complete a market
<br />approach to value via a direct comparison process. The
<br />market approach based direct comparison with ad-
<br />justments for items of difference is the best method.
<br />-350-
<br />\NMSEY LAND SALES
<br />No. Property / Date Of
<br />City, Sale
<br />I 3
<br />67.51 141st Ave NW Sep., 2004
<br />Ramsey
<br />Sunfish Lake Blvd
<br />Ramsey
<br />13930 Radium St NW
<br />Ramsey
<br />6750 143rd Ave NW
<br />Ramsey
<br />Jul., 2004
<br />Jul., 2004
<br />4 14440 Azurite St NW 4A Jun., 2004
<br />Ramsey
<br />$53,761 92,783 $0.58 2.13 Industrial, Rotary
<br />Systems
<br />Oct., 2003
<br />6 13900 Radium St NW
<br />Ramsey
<br />Aug., 2003
<br />$60,611
<br />59,815 31.01 1.37 Precise Metalcraft
<br />High/Max.
<br />Low/Min.
<br />Average
<br />Purchase
<br />Price
<br />We will begin this valuation by examining, in summary
<br />form, all of the industrial land sales in the city of Ramsey.
<br />Overall, we have reviewed a total of .6 sales and a sum-
<br />mary is presented on this page for review: We will in-
<br />clude a sales map and a comprehensive review of the
<br />comparables on the next pages.
<br />Our most recent sale, sale one was purchased by Basalt
<br />Properties, in September, 2004 for $361,548 ($2.53/SF).
<br />The parcel was 3.29 acres and the buyer owned the ad-
<br />jacent lot. Sale two was purchased for $80,000 ($2.09/
<br />SF) in July, 2004. The parcel was 0.88 acres and the
<br />buyer owned the adjacent lot.
<br />The next four sales were by the City of Ramsey and
<br />were Tax Increment Financing (TIF) sales. Sale three was
<br />purchased by the Huntington Family in July, 2004 for
<br />$361,548
<br />$80,000 38,200 $2.09 0.88 Future expansion
<br />$40,944 55,975 $0.73
<br />$238,491 156,620 $1.52 3.60 Office/Warehouse
<br />$361,548
<br />$40,944
<br />$139,226
<br />Total Price
<br />Land $/SF
<br />Area (SF) Overall
<br />143,148 $2.53 3.29
<br />156,620
<br />38,200
<br />91,090
<br />$2.53
<br />$0.58
<br />$1.41
<br />Total
<br />Acres
<br />intended
<br />Use
<br />To be Light
<br />Manufacturing
<br />1.29 Radium Business Ctr
<br />$40,944 ($0.73/SF) and the lot was 1.29 acres. The sale
<br />price prior to the TIF was $125,944 ($2.25/SF). Sale four
<br />was purchased by HSHT, LLC in June, 2004 for $53,761
<br />($0.58/SF) and the lot was 2.13 acres.
<br />The sale price prior to the TIF was $208,761 ($2.25/SF).
<br />Sale five was purchased by W Properties in October,
<br />2004 for $238,491 ($1.52 /SF) and the lot was 3.60 acres.
<br />The sale price prior to the TIF was $306,961 ($1.96/SF).
<br />Sale six was purchased by L &D Properties in August,
<br />2003 for $60,61 ($1.01 /SF) and the lot was 1.37 acres.
<br />The sale price prior to the TIF was $125,611 ($2.10 /SF).
<br />For our analysis, we will be using the sales price prior to
<br />the TIF for our adjustments as our subject property sale
<br />will not include aTIF.
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