Albold
RESTRICTED USE APPRAISAL REPORT
15565 90th ST NW
Otsego, MN 55330
PID# 118-500-22120
Prepared for:
2022 Otsego Board of Appeal and Equalization
By:
Michael Vanderlinden, SAMA
Property Appraiser, Wright County
Minnesota Assessor License #2957
&
Jaimee S. Jensen, CMA
Property Appraiser, Wright County
Minnesota Assessor License #4284
Appraisal Date: January 2, 2022
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TABLE OF CONTENTS
General Information Page #
Letter of Transmittal 3
Summary of Salient Facts & Conclusions 4
Property Rights Appraised 5
Purpose of the Appraisal 5
Definition of Market Value 5
Effective Date of the Appraisal 5
Descriptive Data
Subject Location 6
Subject Aerial Photos 6
Subject Photos 7-8
Subject Improvement Sketch 9
Subject Improvements 10
Valuation
Sales Comparison Approach 11-18
Final Reconciliation 19
Certification 20
General Underlying Assumptions and Limiting Conditions 21-22
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LETTER OF TRANSMITTAL
May 9, 2020
2022 Otsego Board of Appeal and Equalization
Otsego, Minnesota
Re: 2022 Estimated Market Value of 13922 91st St NE, Otsego, MN 55330
Dear Board Members:
We submit this Restricted Use Appraisal Report for your consideration of the above referenced property for
the January 2nd, 2022 assessment date. As a Restricted Use Report, it is important to recognize that this
report may not be properly understood without reference to additional information contained in the
appraiser’s work file.
2022 Assessed Estimated Market Value $ 405,800
Market value of the fee simple interest as defined in this report $422,300
Recommended Action No Change
Respectfully submitted,
Mike Vanderlinden, SAMA
Property Appraiser, Wright County
Minnesota Assessor License #2957
Jaimee S. Jensen, CMA
Property Appraiser, Wright County
Minnesota Assessor License #4284
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SUMMARY OF SALIENT FACTS & CONCLUSIONS
Location 15565 90th St NE
Wright County PID 118‐500‐221207
Legal Description
Sect-22 Twp-121 Range-023 UNPLATTED LAND OTSEGO2 TH PRT OF NW1/4
OF NE1/4 DES COM NW COR TH S0D23'29"E ALG W LN 691.71FT TO POB TH
N89D05'38"E 314.87FT TH N0D23'29"W 691.71FT TO N LN TH N89D05'38"E
ALG SD N LN 66FT TH S0D23'29"E 691.71FT TH N89D05'38"E 248.15FT TO LN
PAR/W & 701.66FT W OF E LN AS MSD ALG S LN TH/OF TH S0D49'18"E ALG
SD PAR LN 619.67FT TO S LN TH S89D16'53" W ALG SD S LN 633.66FT TO
SW COR TH N0D23'29"W ALG W LN 617.62FT TO POB
Property Owner Robert Albold
Purpose of the Appraisal To estimate the market value of the fee simple interest of the subject
property as of January 2, 2022
Land Size 10.01 GIS Acres
Zoning Agricultural‐Rural Service Area, A‐1
Land Use Plan MD/HD Residential (west portion); Commercial (east portion)
Highest and Best Use As Vacant: MD/HD Residential
As Improved: SF Residential
The property is currently at it’s Highest and Best Use
Improvements 1978 One Story Dwelling
Wood frame on basement
1,008 Square Feet GLA above grade; 380 sf basement finish
Attached Garage 1,564 Square Feet
Sale History of the Subject Purchased on 8/31/2017 for $270,000
Sales Comparison Approach Value: $422,300
Final Reconciled Estimate of Market Value:
$422,300 (Four Hundred Twenty Two Thousand, Three Hundred Dollars)
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PROPERTY RIGHTS APPRAISED
The subject real estate will be appraised by estimating the market value of the fee simple interest of the
real property, assuming no encumbrances. Fee simple interest is defined as, “The most complete form of
ownership is the fee simple interest-i.e., absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by governmental powers of taxation, eminent domain, police
power, and escheat”.1 The complete bundle of rights includes but is not limited to the following:
The right to sell an interest
The right to lease an interest
The right to occupy the property
The right to mortgage an interest
The right to give an interest away
Ownership of the fee simple interest is equivalent to ownership of the complete bundle of rights. This
appraisal was for the purpose of developing an opinion of value for the real property. No personal
property or intangible assets are included.
PURPOSE OF THE APPRAISAL
The purpose of this report is to arrive at a reliable estimate of market value of the fee simple interest of
the real property of the subject property, as of the effective date of the 2022 Assessment, January 2nd,
2022, for taxes payable in 2023.
DEFINITION OF MARKET VALUE
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:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and each acting in what they consider their own
best interest;
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable
thereto; and
The price represents the normal consideration for the property sold, unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.2
EFFECTIVE DATE OF THE APPRAISAL
The effective date of the appraisal is January 2nd, 2022. The property inspection of the subject property
was conducted on April 27h, 2022 by Mike Vanderlinden and Jaimee Jensen (Property Appraisers) and
Lori Thingvold (Principal Commercial Appraiser).
1 Appraisal Institute, The Appraisal of Real Estate, 13th ed. (Chicago: Appraisal Institute, 2013), 5.
2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002), 177‐178.
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SUBJECT LOCATION
7
SUBJECT PHOTOS
8
SUBJECT PHOTOS
9
SUBJECT IMPROVEMENT SKETCH
Foundation Square Feet 1,008
Attached Garage Square Feet 1,564
Main Level Finished Square Feet 1,008
Lower Level Finished Square Feet 380
Gross Living Area Square Feet (above grade) 1,008
Total Finished Square Feet 1,388
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SUBJECT IMPROVEMENTS
Type of Building: Single Family Dwelling
Date of Construction: 1978
Quality of Construction / Grade: 6.5
General Condition: Average
Number of Stories: One Story
Foundation Size: One with basement 1,008 sf
Gross Living Area (GLA): 1,008 Square Feet (Above Grade)
Basement Finish Area: 380 Square Feet
Total Finished Square Feet: 1,388 Square Feet
Substructure: 8"x16" Concrete Footing and approx. 4" Concrete Slab
Foundation Type: 8" Concrete Block
Foundation Shape: Rectangular
Exterior Wall: Vinyl Lap & Architectural asphalt shingles
Windows: Casement & Double Hung Windows
Roof Type: Gable– 4/12 to 9/12 roof pitch
Roof Cover: Architectural Asphalt
Floor System: ½ “ plywood over 2 x 8 floor joists
Framing: Framed w/ 2x4 lumber, 16" on center w/ 7/16” OSB Shthg.
Insulation: R‐21 ‐ Wall Insulation
Interior Walls: 1/2 " Gypsum Drywall, Taped and Painted
Interior Ceiling: Drywall
Interior Flooring: Carpet, Luxury Vinyl Plank
Doors: Hollow core Luan and oak trim
Cabinets: Oak w/ Formica Counters
Trim/Millwork: Oak
Heating: Gas Forced Air
Cooling: Central AC
Plumbing: Adequate
Electrical: Adequate
Ventilation: Adequate
Fenestration: Adequate
Total Number of Bedrooms: 2
Bedroom Location: 2 Main Level
Total Number of Bathrooms: 1
Bathroom Location: One Full, main level
Entrances: 3 ‐ 2 from exterior, 1 from attached garage
Garage: 1,564 Square Feet, 2 Car Attached with 30 X 36 addition
Walkouts: None
Fireplaces: None
Open Porch: Yes – 72 sf open front
Screen Porch: None
Deck SF: None
Patio SF: Yes – 432 sf off rear of home
Driveway Surface: Gravel Driveway
Parking Spaces: 4+ exterior spaces
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SALES COMPARISON APPROACH
The sales comparison approach involves the analysis and correlation of data on similar recently sold
properties. This approach to value is based on the principle of substitution which states that “when several
similar or commensurate commodities, goods, or services are available, the one with the lowest price will
attract the greatest demand and widest distribution”.3 Thus, sales in the open market of properties with
generally similar characteristics and utility are good indicators of value. This approach also relies on the
concept of value in exchange, which measures under market conditions what informed purchasers would
offer for a property given the comparisons they make and the alternatives available for consideration. This
approach gives a direct indication of the actions of buyers and sellers in the real estate market.
The sales comparison approach is a very reliable approach to value in estimating values of single-family
properties. The key to reliability of the sales comparison approach is directly related to the adequacy of the
market sales information and the degree of similarity of those sales to the subject property. When
comparable sale properties have been located, adjustments must be made to those properties for differences
between the factors that were considered in examining the
comparable sales. Typical adjustments include the following:
1. Time of Sale
2. Personal property sold with real estate & seller concessions
3. Terms and/or conditions of sale
4. Physical characteristics
5. Age, quality and condition of improvements
Adjustments are always made to the comparable sale, never to the subject property. The total adjustment
for each comparable is the sum of several individual items adjusted for in each sale. In the sales comparison
approach, appraisers estimate a price per unit. The unit of comparison may be the property as a whole; or
some smaller unit of measurement, considering that the subject property and the comparable properties are
single family residences. The units of comparison that are most commonly used and analyzed will include:
1. Per dwelling
2. Per square foot of above grade Gross Living Area (GLA)
3. Per square foot of Total Finished Square Feet (TFSF) which includes both above and below grade
finished square feet.
In determining an appropriate unit of comparison for the subject property, the appraisers considered the
ranges of variation of individual units of comparison.
Most buyers are not skilled at calculating an actual square footage but do understand the component of
space and what would be visually appealing. The same utility can be met with having different square
3 Appraisal Institute, The Dictionary of Real Estate Appraisal, 4th ed. (Chicago: Appraisal Institute, 2002), 177‐178.
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footages. Most buyers and sellers of single-family residential properties purchase a home based on the
property as a whole, therefore, the most appropriate unit of comparison is per dwelling unit. The final
adjusted sales prices were weighted based on overall comparability to the subject to arrive at a reconciled
final indication of market value.
The following pages contain photographs and descriptive information of the
comparable properties. Summaries of the adjustments used by the appraisers in the sales comparison
approach grid can be found below with analysis in the complete work file of the property.
TIME ADJUSTMENT Minnesota Department of Revenue Sale Study
SITE SIZE $18,500/acre – market extracted surplus land value > 1 ac, < 5 ac
$11,500/ac ‐ market extracted surplus land value > 6 ac < 10 ac
SITE IMPROVEMENTS Cost to make comparable
QUALITY OF CONSTRUCTION 5% per half grade – Wright County Residential Grade Table
GROSS LIVING AREA SF $40/square foot – Contributory value
BASEMENT FINISH SF $30/square foot – Contributory value
BEDROOMS $3,000 per bedroom
BATHS $3,000 per bath
FIREPLACE $3,500/ Unit
WALKOUT/LOOKOUT $7,500/ Unit Walkout
PRIMARY GARAGE: $12,000 per stall for differences of two, $6,000 per stall beyond
EXTRA FEATURES/BLDGS Market depreciated cost to make comparable
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COMPARABLE SALE #1
PID: 118‐500‐353301
ADDRESS: 16032 62
nd St NE
CITY/TOWNSHIP: City of Otsego
DATE OF SALE: 03/23/2022
GROSS SALE PRICE: $424,900
NET SALE PRICE: $424,900
BUYER: Unknown
SELLER: Linda and Gary Nelson
SOURCE: eCRV, MLS, County Property Files
YEAR BUILT: 1967
CONSTRUCTION TYPE: Split Entry ‐ Single Family Wood Framed Dwelling
QUALITY: 7.0
GROSS LIVING AREA: 1,218 Square Feet
BASEMENT FINISH AREA: 558 Square Feet
TOTAL FINISHED SF: 1,772 Square Feet
TOTAL GARAGE AREA: 768 SF Attached Garage
ATT. GAR. STALLS: 2
BEDROOMS: 4
BATHROOMS: 2
LAND AREA: 7.98 Acres
GROSS PRICE PER TOTAL FINISHED SQUARE FEET: $239.79
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COMPARABLE SALE #2
PID: 213‐200‐303200
ADDRESS: 13462 Meridian Ave N
CITY/TOWNSHIP: Monticello Township
DATE OF SALE: 11/3/2021
GROSS SALE PRICE: $475,000
NET SALE PRICE: $475,000
BUYER: Justin Engstrand and Samantha Wacloff
SELLER: Teresa & Scott Tellegen
SOURCE: eCRV, MLS, County Property Files
YEAR BUILT: 1992
CONSTRUCTION TYPE: Split Entry
QUALITY: 6.5
GROSS LIVING AREA: 1,084 Square Feet
BASEMENT FINISH AREA: 756
TOTAL FINISHED SF: 1,840 Square Feet
TOTAL GARAGE AREA: 512 SF Attached Garage
ATT. GAR. STALLS: 2
BEDROOMS: 3
BATHROOMS: 2
LAND AREA: 10.81 Acres
GROSS PRICE PER TOTAL FINISHED SQUARE FEET: $258.15
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COMPARABLE SALE #3
PID: 213‐100‐161301
ADDRESS: 2694 90
th St NE
CITY/TOWNSHIP: Monticello Township
DATE OF SALE: 6/14/2021
GROSS SALE PRICE: $310,000
NET SALE PRICE: $310.000
BUYER: Trevor & Martha Hillukka
SELLER: Tyrone & Jeanette Ecklund
SOURCE: eCRV, MLS, County Property Files
YEAR BUILT: 1977
CONSTRUCTION TYPE: 1 Story ‐ Single Family Wood Framed Dwelling
QUALITY: 6.0
GROSS LIVING AREA: 1,008 Square Feet
BASEMENT FINISH AREA: 340 Square Feet
TOTAL FINISHED SF: 1,348 Square Feet
TOTAL GARAGE AREA: 1,140 SF Detached Garage
ATT. GAR. STALLS: 0
BEDROOMS: 3
BATHROOMS: 2
LAND AREA: 5.42 Acres
GROSS PRICE PER TOTAL FINISHED SQUARE FEET: $229.97
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MAP OF COMPARABLE SALES
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SALES COMPARISON ADJUSTMENT GRID
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The estimated market value of the subject property derived from the sale comparison approach on the
given appraisal date is:
As of January 2nd, 2022: $422,300 (rounded)
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FINAL RECONCILIATION
Final Reconciled Estimate of Market Value:
$422,300
(Four Hundred Twenty Two Thousand, Three Hundred Dollars)
(Rounded)
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CERTIFICATION
We certify that, except as otherwise noted in the appraisal report:
We have no present or contemplated future interest in the real estate that is the subject of this appraisal
report.
We have no personal interest with respect to the property that is the subject of this report nor with the
parties involved. My compensation is not contingent upon the valuation conclusions within the appraisal
report.
To the best of our knowledge and belief the statements of fact contained in this appraisal report, upon
which the analyses, opinions and conclusions expressed herein are based, are true and correct.
This appraisal report sets forth all of the limiting conditions affecting the analyses, opinions and
conclusions contained in this report.
The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or
approval of a loan.
This appraisal report has been made in conformity with the Uniform Standards of Professional Appraisal
Practice.
No one provided significant assistance in preparation of the analyses, conclusions, and opinions
concerning the real estate that are set forth in this appraisal report to the undersigned.
Mike Vanderlinden, SAMA
Property Appraiser, Wright County
Minnesota Assessor License #2957
Jaimee S. Jensen, CMA
Property Appraiser, Wright County
Minnesota Assessor License #4284
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GENERAL UNDERLYING ASSUMPTIONS
The legal description used in this report is assumed to be correct.
No survey of the property has been made by the appraiser, and no responsibility is assumed in connection with such
matters. Sketches in this report are included only to assist the reader in visualizing the property.
No responsibility is assumed for matters of a legal nature affecting title to the property nor is an opinion of title
rendered. The title is assumed to be good and merchantable.
Information furnished by others is assumed to be true, correct and reliable. A reasonable effort has been made to
verify such information; however, no responsibility for its accuracy is assumed by the appraiser. All mortgages,
liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report. The
property is appraised as though under responsible ownership and competent management.
It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would
render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be
required to discover such factors.
It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and
laws unless non-compliance is stated, defined and considered in the appraisal report.
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless an
exception has been stated, defined and considered in the appraisal report.
It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state
or national governmental or private entity or organization have been or can be obtained or renewed for any use on
which the value estimate contained in this report is based.
It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the
property described and that there is no encroachment or trespass unless noted within the report.
It is assumed that information provided by the petitioner pertaining to the subject property is correct unless
otherwise noted.
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GENERAL LIMITING CONDITIONS
The appraisers will not be required to give testimony or appear in court because of having made this appraisal, with
reference to the property in question unless arrangements have been previously made therefore.
Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for
any purpose or by any person other than the party to whom it is addressed without the written consent of the
appraiser, and in any event, only with properly written qualification and only in its entirety. The distribution of the
total valuation in this report between land and improvements applies only under the reported highest and best use of
the property. The allocations of value for land improvements must not be used in conjunction with any other
appraisal and are invalid if so used.
Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through
advertising, public relations, news, sales of any other medium without written consent and approval of the
appraiser. Nor shall the appraiser, firm, or professional organization of which the appraiser is a member be
identified without written consent of the appraiser.