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~ ~ Sales Comvarison Ap ro oach This approach is based on the principle of substitution; that is, the value of the property is governed by the prices generally obtained for similar properties. In this approach, various sales of similar properties are compared to the subject and adjusted for the major differences. They were compared on a price per square foot (PSF) basis which is a commonly quoted indicator between the participants. The motivation for purchasers in this rype property is usually from individuals desiring their business location. The most recent similar neighborhood sales in [his size range are listed in the analysis below. The sales were all on Bonham street. All the sales were all cash or conventional financing; thus, no financing adjustment was warranted. They were ali arm's length transactions. No. Grantor Date Size/SF Sales Price SP/SF Zonine As Compared to Subject 1 BrownBuster 01/95 18,527 $15,000 $0.81 C Corner, sloping 2 Ingram/St. Josephs 03/95 43,502 $44,400 $1.02 GR Similar 3 Ford/Pshigoda 03/99 74,705 $50,000 $0.67 MF Corner 4 Savage/Noble 08/99 12,520 $6,500 $0.52 MF Corner 5 Stillwell/Clarkson 04/0I 33,323 $25,000 $0.75 C Smaller, corner 6 Conrad/Miller 08/01 19,060 $30,000 $1.57 G2F Corner, old imprv. 7 Nance/Kammer 08/01 65,310 $45.000 $0.69 2F Interior, street to street Subject 08/01 68,460 GR Interior, street to street Sales 1 through 2 are dated and sales 3 and 4 are slightly dated but all four show the same range of raw prices as do most of the more recent sales. Sale I was a mush smaller, corner site with sloping topography. Other than time, i[ was superior to [he subject. Sale 2 was a slighdy stnaller tract that also had dual frontage on Bonham and Maple. It was high sale for its time period. Sale 3 was inferior in zoning but a similar size and had comer access. Sale 4 was a small corner lot tha[ was superior in size. Sale 5 was a recen[ sale of a larger corner lot that had inferior topography. It was purchased as the site for 18 to 25 apartment units but the financing for the overall project has not yet been arranged due to the low rent levels in comparison to the costs of construction. The sale was inferior in topography with a sharp slope but it was also about half the size. Those two factors were offsetting and i[ indicated about $0.75 PSF for the subject. Sale 6 is the last closed sale in the neighborhood. It was clearly in a price level all its own for this s[rip at $1.57 PSF. That price seemed over marke[, especially when considering the cost of the demolition of a 320 SF inasonry buiiding and some concrete paving on the site. It had a sharp slope ro its rear but for its intended use, a fast lube, the slope was not a detriment. The corner location was offset by its demolition costs and the dual access of the subject. Size was its primary adjustment and it was -30%. It indicated about $1.10 PSF. Sale 7 was the current contract on the subject's parent tracts. It is inferior to Ihe actuai subject due to zoning and the I S' alley bisection. The alley closing will add another 3,150 SF to this property and give it increased utility as a entirely useable tract of land with dual access. Considering the added PAT MURPHY & ASSOCIATES 10