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In his comparable sales analysis, Atkinson separately valued
(1) “the structure and its minimum site”16 and (2) “the excess
land”. Table 5 shows his conclusions.
Table 5
Item Value
Improvements with 67,000 sq. ft. $384,000
site area,1 12,800 sq. ft. bldg.
area @ $30 per sq. ft.
Excess land 400,000 sq. ft. @ $6.60 2,640,000
per sq. ft.
Contamination considerations (132,000)
2,892,000
1 The value is calculated as the product of the building area
and the price per square foot; it is not affected by the 67,000-
square-foot site area.
In his analysis of the excess land, Atkinson selected six
sales of other properties, briefly described these other
properties, and presented a matrix showing adjustments up or down
in order to reflect differences between the other properties and
their sales, on the one hand, and the Lafayette Property and its
status on the date of decedent’s death, on the other hand. He
made adjustments for differences on account of location, size,
accessibility to rail facilities, traffic exposure, street
16 Atkinson does not explain his concept of “minimum site” and
his choice of 67,000 square feet. However, our examination of
the assessor plat map in his expert witness report suggests that
67,000 square feet may be the approximate area of that part of
the Lafayette Property from the frontage on Mathew Street to the
rear of the building.
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