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<br />LAND SALES ANALYSIS <br /> <br />The comparable sales presented on the preceding pages are analyzed to ascertain the <br />market value of the subject land. A typical common denominator in the analysis of <br />commercial land is the sale price per square foot ($/SF) of land area. Comparable sale <br />prices range from $6.89/SF to $8.45/SF. <br /> <br />. <br /> <br />Elements of comparison for which adjustments are considered include property rights <br />conveyed, financing, conditions of sale, market conditions/time, location appeal, <br />parcel size, parcel shape, soil conditions and topography, and zoning/intended use. If <br />a comparable sale is superior to the subject for the value factor under analysis, the <br />comparable receives a downward adjustment. Conversely, if a comparable is inferior <br />to the subject site for a particular value-enhancing factor, the comparable is adjusted <br />upward. <br /> <br />Property Rights Conveyed: The property rights appraised for the subject reflect fee <br />simple interest. Each of the comparable sales involves conveyance of the fee simple <br />interest and no adjustments are indicated. <br /> <br />Financing: The comparables are cash or cash equivalent transactions and no <br />adjustments are required for atypical or unusual financing. <br /> <br />Conditions of Sale: The salcs are arms length transactions and no adjustments are <br />indicated for unusual conditions of sale. <br /> <br />e <br /> <br />Market Conditions/Time: The comparable land sales transpired between October <br />2003 and September 2005. To reflect appreciating land values, an upward adjustment <br />of 5% (non-compounded) per year is indicated to each comparable from its date of sale <br />to the effective date of this report which is January 2006. <br /> <br />Location: The subject property fronts a major arterial highway in an area where <br />existing development is largely residential, office, or public in character. The subject <br />is not located in a retail area. Those sales which are considered to have a superior <br />location are adjusted downward in the analysis. Sales with an inferior location are <br />adjusted upward. The adjustment for location considers traffic exposure and <br />visibility, highway access, and quality and style of surrounding development. <br /> <br />Parcel Size: The subject land area is 6.82 acres. Typically, there is a correlation <br />between parcel size and sale price per unit of land area. Relatively small sites tend to <br />sell on a higher price per square foot basis than very large parcels. A concerted effort <br />was made to secure comparable sales reasonably similar in size to the subject land, <br />sales that would appeal to a similar type of buyer/developer. No size adjustments are <br />required. <br /> <br />- <br /> <br />BRKW APPRAISALS, INC. <br /> <br />PAGE 38 <br />