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<br />DAHLEN & DWYER, INC. <br /> <br /> <br />Sale #5 was the sale of a 36,700 SF parcel zoned Medium Density. Residential. <br />The sale price included approximately $70,000 for the cost of utility relocation and <br />soil corrections. Upward adjustments were made under size/utility and zoning. <br /> <br />The indicated adjusted prices ranged from a low of $3.06/SF for Sale #2 to <br />a high of $6.21/SF for Sale #3. A mean price of $3.90/SF is indicated. These sales <br />were chosen as the most comparable to the subject and, as such, the subject value <br />would be expected to fall within the adjusted range. Based upon current economic <br />conditions, the location of the subject, and the supply of this type of land available <br />for development, it is felt that a value near the low end of the range can be <br />substantiated in the marketplace. It is felt that a value of $3.25/SF would reflect the <br />current market attitude for the subject site. Following are the calculations: <br /> <br />13,510 SF @ $3.25/SF = <br />Rounded: <br /> <br />$43,908 <br />$44,000 <br /> <br />LAND VALUE <br /> <br />$44,000 <br /> <br /> <br />38 <br />