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E. V. DOLAN CO. E. VINCENT DOLAN, M.A.I. REALTOR AND APPRAISER NORTHERN FEDERAL BUILDING ST. PAUL, MINNESOTA 55102 DISCUSSION OF COMPARABLE BUKDLNG SALES In this report I have used fuur sales, all of oLement-ary schools. It will be noticed that aLl of t.hc sales had approximate Ly again as much Land as the subject property and the s��1c pric, s of these ropert ins using only the land vaLue had fin ;-1 relativeLy sm;IIL variance their sale Prices, ranging from a low of $1.47 per square foot of land area to a high of $1.85 per square foot. of land area. None of these buildings had the commercial. potential and location of the subject It. property. can also be seen from these sales and the sales found in my appraisal report of the subject dated May 6, 1983, that. there has been no measurable appreciation in the sale prices of elementaryschools area. If anything, there may have been ' a slight drop in the square foot sale prices of elementary schools since May of do show that 1983. These sales iE the upper end of range of value was used, the indicate d Per square foot value of the improvements, including the land, would be $20.00 per square foot. ' Estimate of Value: 52,665 square feet at $20.00 per square foot. equals: $1.053,100 (S,ay) $1,000,000 CORRELATION AND CONCLUSION AS TO VALUE I , n this report, 1 have approached the value of the property as if vac land and, also, as improved with the present building. It would be ant my opinion that the subject property would be of at. least e greater value �.1s vacant land with a tar e equal or Probably to commercial purposes than as currently zonedlwith fthecbuildingyin`zoned ' place. Based on the information contained in this report and other information known to me, it is my opinion that the Market Value of the subject property as of November 17, 1986 is the sum of: ' ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($111001000) 1 Page 24