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l'i f--�iuual full Service Appraisers 10010 60th Street No., Stiflwater. MN 55082.8351 (651) 777.9 ' Certified Geiieiai and Hesidential Appraise FAX (651) 777 01 19 F -Malt. pen /►eldinctp�conrcasLnci LirensPC m Minnesota and Wisconsin m4w.penfieldapprcrsers c017) WILLIAM A. SCHWAB, CA -S, C.R.A., I.F.A.•S PATRICIA M. SCHWAB � 1 SNnK,r Anprar�er P E N FI E L D • IN C. MARK W. McGRATH Stfviny All Afew of Appraisal Needs Senror Aptsra,; P March 13, 2013 Dallas Larson City Administrator City of Centerville 1880 Main Street Centerville, MN 55038 Re: Estimate of Value Lot 14, Block 2 Burque Addition #1 File #372 -13 Dear Mr. Larson: Pursuant to your request, I viewed the above referenced parcel. I also reviewed the survey you sent me, which includes the drainage easements and setback lines. It is my understanding the city will be selling this parcel with certain conditions as outlined in the, "Request for Proposals." The lot is about a half an acre in size with about 140 feet of lake frontage on Peltier Lake. The lot is encumbered by a drainage easement over about the westerly half of the lot. When taking into consideration the setback requirements, the building area is only about 2,400 square feet and is triangular in shape. The lot is an open corner lot with County Road 14 along the south edge of the lot. There are very few lake lots with municipal utilities available on the open market. I was unable to locate any recent vacant land sales of fake shore property on Peltier Lake. I did find a similar lot on Forest Lake and was able to extrapolate a land value from some improved property sales with lake frontage. Based on this data, I have estimated the value of a typical vacant lake front lot with 75 feet of shoreline and having a building area of 4,800 square feet on Peltier Lake to be $150,000.00 or $2,000.00 a foot of lake shore frontage. 13