pf_01787 - Laserfiche WebLink

Home

1 1 1 1 1 E. V. DOLAN CO. REALTOR AND APPRAISER DESCRIPTION OF THE PROPERTY Improvements (continued) E. VINCENT DOLAN, MAJ. NORTHERN FEDERAL BUILDING ST. PAUL, MINNESOTA 55102 stoves and hoods. The lunchroom area has .111 ;1sph,11t. the floor with newly pane led walls and acoustical t i to ceiling. At th,; north and of this level is the Lounge, cusLod ian office, workshop and boiler room for the oldest portion of Lhe building. Cenerally, the building is in good condition and has been well maintained; ' however, Like all school buildings, it suffers a good deal of functional obsolescence if it is to be converted to some other use. ' VALUATION PREMISE In arriving at the Market Value Of the subject property. I have used two different approaches. First, I have treated the property as vacant land have and used sales of vacant commercial and residentially zoned lane[ in the City of Roseville to estimate the value of the tract if it were vacaw. . The second group of sales are sales of existing school buildings In the metropolitan area which are used, for the most pert. for some type Of educational Or school-rel,lt ed purpose. It has been Illy experience Lhi1L LhOse school buildings which were sold for conv,.rsion ' to some other use such as nursing hoinos or condominiums did not command ill, ;rppreciabIy higher price in the marketplace t11.I11 the valua of comparable vacant land. In this report. I have not use(] a Cost Approach because, Lhe buildings were: built over a lollg period of time and suffer a great deal of functional obsolescence which is very difficult to measure. BeC,Icrscr there are ;in adequate number of sales of school buildings in the metro- polir,an area, l believe chit this is the' "I"Cliod which would be typically employed by the buyer and s,.-ller and, theretoro, best reflects Lite k thi ai - ing in the marketpl.Ice. 1 0 1 1 Page 5