1999-10-26 CC Workshop Meeting - Laserfiche WebLink

Home Browse Search

was considered generally level and at roadway grades, requiring no fill. The subject is inferior to this comparable in location, as well as the subject's need for fill. 18XX Main Street (northeast comer of Main Street and Peterson Trail) sold for $40,000 on 5/21/99. The price per square foot was $1.33. The lot was 30,000 s.f. (150' x 200'), and was considered generally level and at roadway grades, requiring no fill. The subject is inferior to this comparable in location, as well as the subject's need for fill. Considering the above data, the subject's estimated value is bracketed by the latter sales on Main Street, and the earlier sales also Main Street, within the Industrial Park subdivision. We are estimating the subject's market value range to be between $.95 to $1.10 /s.f. Any refinement to this value would be based on the prospective use at the time of sale (e.g., commercial or high- density residential). This value also considers the current supply of commercial zoned parcels. Any new commercial parcels would need to be subdivided from the corner property at Main Street and 20` Avenue. Other commercial land is available in Lino Lakes at the interstate, however this land is significantly more expensive, and is more regional or auto - service in nature as opposed to neighborhood commercial. Additionally, this value includes the subject's versatility in respect to potential use, being that it is in a redevelopment district, that can allow business, high - density residential or other related uses. Therefore: 45,000 s.f. at $.95 to $1.10 /s.f. = $47,500 to $55,000* *these values assume the buildings razed, and water and sewer service available in front of the site. Statement of Compliance with USPAP: Our analyses, and conclusions were developed and this Restricted Appraisal Report was prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Standards Committee of the Appraisal Foundation. List of Deg artures of Standards: Standard Rule 1 -2 (c) "consider easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances or other items of a similar nature." Explanation of Departure: The client is familiar with the area, no adverse easements, encumbrances, restrictions, leases, reservations, covenants, declarations, or special assessments were located. 9