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doc12022 6ab7ab40-4496-4d5c-9521-368e4875e49c_Attachment_K_-_Appraisal_Report_2026_-_310_Maria_Ave-artifacted.pdf

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Page 1

9 item(s) JSON
text (9)
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            "text": "AN APPRAISAL REPORT"
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            "text": "679 East Third St.\n308-310 Maria Ave.\nSt. Paul, MN 55106"
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            "text": "Ms. Jennifer Dull\nSenior Project Manager\nCity of St. Paul\nDepartment of Planning and Economic Development\n25 West 4^{th} St., Suite 1300\nSt. Paul, MN 55102"
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            "text": "AS OF"
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            "text": "August 17, 2026"
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            "text": "Dwight W. Dahlen, MAI SRA\nDahlen, Dwyer, Foley & Tinker, Inc.\n2711 Wilds Lane NW\nPrior Lake, MN 55732"
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Page 2

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            "text": "Dwight W. Dahlen, MAI SRA\nDaniel E. Dwyer\nSean M. Foley\nJeffrey A. Dahlen, MAI\nMichael T. Tinker, MAI"
        },
        {
            "id": "p2.4",
            "order": 4,
            "type": "title",
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            "text": "DAHLEN, DWYER, FOLEY & TINKER",
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            "text": "Your Local Valuation Experts since 1978\nReal Estate Appraisals Consultation\nExpert Witness Market Research"
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            "text": "August 18, 2026"
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            "text": "Ms. Jennifer Dull\nSenior Project Manager\nCity of St. Paul\nDepartment of Planning and Economic Development\n25 West 4^{th} St., Suite 1100\nSt. Paul, MN 55102"
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            "text": "RE: 679 East Third St"
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            "text": "Dear Ms. Dull:",
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            "text": "In accordance with your request, I have prepared an “appraisal report” an opinion of market value on a 13,956 sf vacant parcel with the potential for a mixed-use development in the Dayton’s Bluff neighborhood of St. Paul. The purpose of this appraisal is to provide an opinion of market value for the subject property. This appraisal contains the appropriate “scope of work” deemed necessary to produce credible assignment results relevant to the “intended use.” The City of St. Paul is identified as the “intended user.”"
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            "text": "The opinion of market value is predicated on the definition of market value as developed herein. Subsequent to my investigation, I have formed an opinion concerning the market value as of August 17, 2026 as follows:"
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            "text": "ONE HUNDRED EIGHTY THOUSAND DOLLARS\n($180,000)"
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Page 3

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            "text": "This appraisal report has been made in conformity with the following:"
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            "children": [
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                    "text": "The \"Uniform Standards of Professional Appraisal Practice\" (USPAP) promulgated by the Appraisal Standards Board (ASB) of the Appraisal Foundation.",
                    "marker": "1."
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                {
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                    "text": "City of St. Paul authorization.",
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            "text": "This appraisal has been made subject to certain limiting conditions and assumptions as hereinafter expressed. Such facts and information as contained herein were obtained from sources that I consider reliable and are true to the best of my knowledge and belief."
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            "id": "p3.4",
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            "text": "The following report describes my method of approach, contains data gathered in my investigation, and demonstrates my analysis in developing the opinion of market value. I appreciate the opportunity for this assignment and welcome any questions you may have in regards to my analysis."
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            "text": "Respectfully submitted,"
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            "text": "DAHLEN, DWYER, FOLEY & TINKER, INC."
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            "text": "Dwight W. Dahlen, MAI SRA"
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            "text": "Certified General Real Property Appraiser"
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            "text": "MN License #4001430"
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            "text": "DWD/dwd"
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Page 4

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            "text": "Certification",
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            "text": "I certify that, to the best of my knowledge and belief:"
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            "text": "- the statements of fact contained in this report are true and correct;"
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            "order": 4,
            "type": "text",
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            "text": "the reported analyses, opinion, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions;"
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            "text": "I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved;"
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            "text": "I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment;"
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        {
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            "text": "my engagement in this assignment was not contingent upon developing or reporting predetermined results;"
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            "text": "my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal;"
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            "text": "- I have made a personal inspection of the property that is the subject of this report;"
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            "text": "no one provided significant real property appraisal assistance to the person signing this certification;"
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            "text": "I have not performed a previous appraisal of the subject property / an appraisal review involving the subject property / an appraisal consulting assignment involving the subject property within the three years prior to this assignment."
        },
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            "text": "the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute;"
        },
        {
            "id": "p4.13",
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            "text": "- the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives;"
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            "text": "as of the date of this report, I have completed the continuing education program of the Appraisal Institute; and"
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            "text": "as of the date of this report, I have completed the Standards and Ethics Education Requirement of the Appraisal Institute."
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            "text": "August 18, 2026\nDate"
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Page 5

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            "text": "679 East Third St, St. Paul, MN 55106\n308-310 Maria Ave."
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            "text": "Brief Property Description",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p10.5",
            "order": 5,
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            "bbox": {
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            "text": "The subject property is comprised of vacant land, three parcels, at the northeast corner of East Third St. and Maria Ave., a commercial area in the Dayton's Bluff neighborhood of St. Paul. The parcel is comprised of 13,956 sf."
        },
        {
            "id": "p10.6",
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            "type": "heading",
            "bbox": {
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            "text": "Scope of the Appraisal",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p10.7",
            "order": 7,
            "type": "text",
            "bbox": {
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            "text": "This report has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) promulgated by the Appraisal Foundation. The scope of the appraisal encompasses the required research and analysis to prepare a professional report in accordance with the purpose of the appraisal and its intended use."
        },
        {
            "id": "p10.8",
            "order": 8,
            "type": "text",
            "bbox": {
                "l": 58.56,
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            "text": "The three key elements of the scope of work include the level of inspection; the extent of research involved; and the level of analysis. The following scope of work identifies the most significant procedures conducted in the development of this appraisal which complies with requirements of the Uniform Standards and addresses the needs of the client. This report contains those procedures I consider the most appropriate for this particular property and appraisal assignment."
        },
        {
            "id": "p10.9",
            "order": 9,
            "type": "text",
            "bbox": {
                "l": 58.8,
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            "text": "The appraisal assignment commenced with an interview with the client about the property characteristics, assignment conditions (i.e. hypothetical conditions and/ or extraordinary assumptions), the date and definition of value, and the intended use and intended users of the report."
        },
        {
            "id": "p10.10",
            "order": 10,
            "type": "text",
            "bbox": {
                "l": 58.56,
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                "r": 571.44,
                "b": 254.16
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            "text": "Once the specific property information was obtained, an appropriate scope of work was identified for this specific assignment. The following section of the report includes the disclosure of the scope of work deemed necessary and applicable for this assignment:"
        },
        {
            "id": "p10.11",
            "order": 11,
            "type": "heading",
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            "text": "Inspection",
            "attrs": {
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            "level": 3
        },
        {
            "id": "p10.12",
            "order": 12,
            "type": "text",
            "bbox": {
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            },
            "text": "The site was inspected on August 17, 2026 by Dwight W. Dahlen, MAI which is effective date of this appraisal."
        },
        {
            "id": "p10.13",
            "order": 13,
            "type": "footer",
            "bbox": {
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            "text": "Dahlen, Dwyer, Foley & Tinker Inc. – Real Estate Appraisers & Consultants",
            "attrs": {
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        },
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            "id": "p10.14",
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            "type": "footer",
            "bbox": {
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                "b": 38.88
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            "text": "4",
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    }
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Page 11

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Page 11 JSON
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            "text": "Research",
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            "id": "p11.2",
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            "text": "Information obtained which has been considered in this report includes, but is not limited to the following:"
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        {
            "id": "p11.3",
            "order": 3,
            "type": "list",
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                    "text": "City of Saint Paul zoning map and ordinances"
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                    "text": "Ramsey County GIS mapping software",
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                {
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                    "text": "Search of recent sales of both commercial and multiple-family land sales on MLS and the certificates of real estate value on file in the Department of Revenue State of Minnesota"
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        {
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            "type": "heading",
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            "level": 3
        },
        {
            "id": "p11.5",
            "order": 8,
            "type": "text",
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            "text": "The subject's highest and best use, \"as vacant\" was developed using data developed in my research. In the course of research and analysis for this report, I have considered the applicability of the three traditional appraisal methodologies. In my opinion since the property is vacant land only the sales comparison approach is appropriate for this analysis."
        },
        {
            "id": "p11.6",
            "order": 9,
            "type": "heading",
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            "text": "Presentation",
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            "level": 3
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        {
            "id": "p11.7",
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            "text": "After completing a study of those factors having a measurable influence on value, I have formulated an opinion of the subject's highest and best use, developed an opinion of market value consistent with this opinion and subsequently opined to the fair market rental value. I have subsequently prepared an “appraisal report” that complies with the current edition of the Uniform Standards of Professional Appraisal Practice."
        },
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            "type": "heading",
            "bbox": {
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            "text": "Property Identification",
            "attrs": {
                "block_label": "paragraph_title"
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            "level": 3
        },
        {
            "id": "p11.9",
            "order": 12,
            "type": "text",
            "bbox": {
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            "text": "The following legal was secured from Ramsey County property records and is only a partial."
        },
        {
            "id": "p11.10",
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            "type": "heading",
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            "text": "History of Ownership",
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            "bbox": {
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            "text": "Part of Block 33 Lyman Dayton's Addition"
        },
        {
            "id": "p11.12",
            "order": 15,
            "type": "text",
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            "text": "There is no information available to ascertain when the HRA acquired the property. The appraiser is very familiar with the former 2-story, 8-unit mixed-use commercial building with two main floor commercial suites the was destroyed by an explosion and subsequent fire in the late 1990's. It is my understanding the property is not currently offered for sale."
        },
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Page 12

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            "text": "Tax and Assessment Data – January 2, 2026",
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            "text": "The following information was secured from assessment records on file with Ramsey County, there are three parcels."
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                    "text": "Parcel ID #\n32.29.22.41.0008\n32.29.22.41.0007\n32.29.22.41.0010",
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                    "text": "Size\n4,356\n4,800\n4,800\n13,956",
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                    "text": "Land $\n$ 30,500\n$ 24,500\n$ 24,500\n$ 79,500",
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                    "text": "RE Tax\nExempt\nExempt\nExempt",
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            "text": "The subject property is currently zoned T1 which denotes the “traditional neighborhood district.” Several years, the City adopted a new zoning classification to promote transit oriented high-density residential development along the city's primary transportation arteries."
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                    "text": "Various types of educational facilities (schools, day care)",
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Page 13

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            "text": "Dimensional standards which control density for development other than single-family are identified below:"
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            "text": "This appraisal report has been prepared at the request of Ms. Jennifer Dull, Finance and Administrative/Real Estate Team City of St. Paul Department of Planning and Economic Development, the intended user. The intended use is for internal management purposes."
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            "text": "I am not aware of any adverse easements, encroachments or restrictive covenants that encumber the property. Should any easements or encroachments be discovered subsequent to a title examination which has an adverse affect upon market value, the appraiser reserves the right to review and amend the appraisal after examining the easement document."
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            "text": "Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired."
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Page 14

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            "text": "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:"
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                    "text": "a reasonable time is allowed for exposure in the open market;",
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                    "text": "payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and",
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            "text": "Source: “Code of Federal Regulations” Title 12 and the “Interagency Appraisal and Evaluation Guidelines” Federal Register 75 FR, December 2010"
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Page 15

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            "text": "The property is located in the Dayton's Bluff neighborhood on the bluff overlooking the CBD accessible via the Third Ave Bridge and East 7th St. Homes in the neighborhood are generally well-maintained and enjoy average marketability. According to recent MLS statistics, over the prior 12 months there have been 165 sales with the average price at $251,940 and the prior year 137 sales with the average at $242,815 an increase of 3.7%. The property is at the northeast corner of East Third and Maria Ave, an important commercia area for the neighborhood, a signalized intersection. Third Street is a major transportation route providing direct access to the CBD via the Third Street Bridge which is currently under construction and remains closed."
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Page 16

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            "text": "The subject property is comprised of vacant land, three parcels, at the northeast corner of East Third St. and Maria Ave. The parcel is comprised of 13,956 sf zoned to permit a mixed-use development."
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Page 17

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            "text": "The application of this approach involves market research to obtain recent sales of properties as similar as possible to the subject. The sale prices of those properties deemed most comparable tend to set the range in which the value of the subject property will fall. Differences between the subject and the comparables are analyzed and adjusted for based upon market reaction to the different feature which would typically include such things as location, soil quality, land area, topography and financing."
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                    "text": "there is availability of comparable sales data.",
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            "text": "I have reviewed and analyzed numerous recent sales, with an effort made to search out sales of properties in generally close proximity to the subject having a similarity of highest and best use. A common unit of comparison for buyers of residential development property in this market area is price paid per square foot of land area."
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            "text": "On the following pages is a presentation of the comparable sales which I believe possesses the highest degree of overall similarity to the subject property, and therefore provides a reliable indication of the market value. The appraiser has conducted extensive research to ascertain the most recent transactions of properties having a similarity of highest and best use. I have also interviewed Realtor's active in the market area, considered sales from RMLS."
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Page 18

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Page 21

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Page 22

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            "text": "I have developed considerable research trying to find the most recent sales of property having the potential for a mixed-use or multi-family development. I have searched for sales over the prior three year period in MLS and from the State of Minnesota's database of certificates of real estate value. I have found 5 sales that I consider appropriate for this valuation which brackets an acceptable range of value. It is of importance to note of the few sales zoned T1 to T4 with very few sales of parcels having the potential for a mixed-use development. I have presented a summary and analyses of the available data in the following spreadsheet."
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Page 26

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                    "text": "$5.68\n1.08\n1.25",
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                    "text": "1.21\n$7.64",
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                    "text": "1.10\n$15.50",
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                },
                {
                    "id": "p26.1.70",
                    "order": 71,
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                    "text": "1.35\n$7.67",
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                },
                {
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                    "text": "1.13\n$12.84",
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                    "id": "p26.1.72",
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                    "text": "Correlated Value/SF",
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                    "text": "$ 13.00",
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            "text": "Correlation",
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            "text": "In my opinion comparable #4, an older sale ( January of 2024) establishes the lower limit of value since zoning only permits a 2-unit dwelling. The property sold for $5.68/sf."
        },
        {
            "id": "p26.4",
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            "text": "Comparable sales #1 and #2 were assembled for a future multi-family development. The composite price was $7.78/sf and after adjustment indicates a value of $9.40/sf. I believe the subject is superior since the Jackson Street Apartment assemblage requires more sitework and has inferior zoning. The two transactions indicate a value greater than $9.40/sf."
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        {
            "id": "p26.5",
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            "text": "Comparable sale #5 is most similar but is an older transaction with the seller the St. Paul HRA. The price paid for a 76 unit apartment project near Lake Phalen, a superior area was $11.38/sf in the Summer of 2023. The zoning was T2 compared to the subject's zoning of T1."
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            "text": "Dahlen, Dwyer, Foley & Tinker Inc. – Real Estate Appraisers & Consultants",
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Page 27

9 item(s) JSON
footer (2) formula (1) heading (1) text (5)
Page 27
1 · TEXT
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3 · TEXT
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8 · FOOTER
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Page 27 JSON
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Page 28

211 item(s) JSON
figure (4) footer (2) footnote (7) heading (6) table (4) table_cell (182) text (6)
Page 28
1 · FIGURE
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Page 28 JSON
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            "text": "[p28.22.1]Square footage represents effective land size.",
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        },
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        },
        {
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}

Page 29

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footer (2) footnote (2) header (1) heading (2) table (1) table_cell (109) text (4)
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Page 30

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            "text": "July 9, 2023"
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