91-22 AUTHORIZING SALE OF PROPERTY - 614 EAST CANTRELL STREET

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, � • . DIRECT SALES COMPARISON (MARKET� APPROACH The Direct Sales Comparison Approach is an appraisal technic�u� by which market value is estimated directly by comparison of the subject property with current offerings and/or �ricer paid in recent market transactions of other similar �and comparable properties. It is a process of analyzing and correlating similar properties recently sold and then adjusting them so they are related to the subject property. The reliability of this technique is dependent upon: 1. The degree of comparability of each property with the subject property 2. The date of sale in relation to the date of the current ap raisal takin into a P , ccount market changes during the inter�im 3. Reliability of the sales data 4 . Appropriate,adjustments for unusual conditions, if any, affecting price or terms of the sale The following sales were considered in estimating the Market Value of the subject property. SALES DATA 1. 2555 Parkway Ct. - Reported sold for $98, 000 in October 1989 an is a 6000 S. f. metal sided one story buildinq with 1.51 acres of M-1 zoned land reflecting a 5.F. value of the building $16. 34. 2 . 1820 Hub�ard Ave. - Reported sold for $145, 000 in March 1990 and is a 6, 412 s. F. Truck repair facility on a 2 . 64 acre site with M-1 zoning reflecting a building S.F. value of $22 . 62 . 3 . 744 N. Church St. - Reported sold for $82 , 500 in March 1988 and is a 7500 S. F. older C.B. warehouse building oi� a 11,250 S.F'. M-1 zoned 1ot reflecting an overall value of $11.00. 4 . 3710 Greenswitch Rd. - Reported sold for $250, 000 in February 1989 and is a 20, 000 S.F. metal sided one story plant/office building on 2 acres of M-1 zoned land reflecting an overall building S.F. value of $12 . 50.