| LAND SALES SUMMARY & ANALYSIS | ||||||
| SUBJECT PROPERTY 679 East Third St | ||||||
| DATE OF VALUATION 17-Aug-26 | ||||||
| DESCRIPTIVE | SUBJECT | COMP #1 | COMP #2 | COMP #3 | COMP #4 | COMP #5 |
|---|---|---|---|---|---|---|
| ~ 1609 Jackson St | ~ 1609 Wheelock Drive | 601 Western Ave N | 514-516 Forest St | Phalen Village | ||
| Sales Price | N/A | $125,000 | $102,000 | $135,000 | $30,000 | $560,000 |
| Date of Sale | NA | Apr-25 | Mar-25 | Jul-26 | Jan-24 | Aug-23 |
| Land Size/SF | 13,956 | 13,068 | 16,117 | 9,583 | 5,279 | 49,223 |
| Zoning | T1 | RM-1 | RM-1 | B2 | H2 | T2 |
| Use | Vacant | Multi-fam | Multi-fam | Multi-fam | Duplex | 76 units |
| Utilities | Public | Public | Public | Public | Public | Public |
| Topography | Level | Wooded | Wooded | Level | Level | Sloped |
| Location | Dayton's Bluff | North End | North End | Thomas-Dale | Dayton's Bluff | East Side |
| Sales Price/SF | N/A | $ 9.57 | $ 6.33 | $ 14.09 | $ 5.68 | $ 11.38 |
| ANALYSIS | ||||||
| Property Rights | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Financing | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Conditions of Sale | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Adjusted Sales Price | $9.57 | $6.33 | $14.09 | $5.68 | $11.38 | |
| Time of Sale | 1.05 | 1.05 | 1.00 | 1.08 | 1.08 | |
| Zoning | 1.15 | 1.15 | 1.10 | 1.25 | 1.00 | |
| Size | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |
| Location | 1.00 | 1.00 | 1.00 | 1.00 | 0.95 | |
| Net Adjustment | 1.21 | 1.21 | 1.10 | 1.35 | 1.13 | |
| Adjusted Value | $11.55 | $7.64 | $15.50 | $7.67 | $12.84 | |
| Correlated Value/SF | $ 13.00 | |||||
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.
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.
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.