PROPERTY EVALUATION (RESTRICTED REPORT)
Concluded Land Value:
SUMMARYOFADJUSTMENTS
Unadjusted
Adjusted
%
$/Sq Ft
$/Sq Ft
Change
Sale One
$
20.66
$ 9.30
-55%
Sale Two
$
7.65
$ 8.74
14%
Sale Three
$
5.36
$ 5.39
1%
Sale Four
$
6.17
$ 7.21
17%
Sale Five
$
8.28
$ 8.99
9%
Sale Six
$
24.33
$ 10.07
-59%
Range
5.36
- 24.33
5.39 - 10.07
-59% -
17%
Average
$
12.08
$ 8.28
-3%
Median
$
7.97
$ 8.87
9%
Upper Quartile
$
17.57
$ 9.22
14%
Lower Quartile
$
6.54
7.59 $
1%
Standard Deviation
8.2
1.7
30%
No single comparable provided a leading indication of value. While comparables #1 and #6 are also located within the same mobile home park as the subject, they consist of finished lots with a permanent foundation and utility hook-ups. Comparable #5 has the same zoning as the subject, but is a slightly larger lot and a normal shape. The remaining comparables are similar to the subject in regards to size and location, but required minor adjustments given the superior zoning. As a result, we have concluded between the average and the median of the adjusted range. We have concluded to a base value of $8.50 per square foot for the subject property. As previously noted in the methodology section of the report, each section of the portion of lot C-81 has been analyzed separately given the size and location. The eastern portion of the subject as highlighted below has limited usability given that the land has a width that ranges from 14 feet to 17.70 feet. Unless this portion of the land is assembled with the land directly east or west of it, there are few developmental uses that would be feasible outside of an amenity such as a dog park, storage unit, or small laundry room. As a result, we have applied a 50% discount to the concluded land value and have concluded to $4.25 per square foot for the eastern section of the lot.
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