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on the average sale price of$3.70 SF, the PA concluded at a preliminary value (market value) for the 11.55 acres at $3.70 SF or $1,861,536. (A 15% deduction for the cost of sale (COS) was not applied to the estimate of market value by the PA to indicate a just value. Applying a 15% COS adjustment to the preliminary value would result in a just value of$1,582,306.) The PA testified that, considering a COS deduction, the current assessment for the subject of$1,091,062 or $2.17 SF is well below the value estimate of$1,861,536. The PA provided the property record cards for the subject and the comparable sales along with the location map showing that three of the sales were located along US Hwy 1 and 1 of the sales was located just west of US Highway 1 off of 41' Street. Summary of evidence presented by the petitioner: The petitioner requested a Just Value of$736,312 or $1.46 SF ($63,750 per acre) at the beginning of the testimony. The petitioner presented 5 comparable sales from CoStar. The comparable sales sold between $45,208 per acre to $157,368 per acre or between $1.04 SF to $3.61 SF. The sales ranged in size from 9.91 acres to 37 acres. The comparable sales were zoned a variety of different zonings. The different zonings included IG- Industrial General, RS-3 a residential zoning, a combination of both Commercial and Multifamily zonings, CG- General Commercial and a combination of CH- Commercial Heavy and CL- Commercial Light. (It is noted that Sale 5 at $3.61 SF was the PA's Sale 2. It is also noted that Sale 4, at $1.97 SF, was an auction sale and resold just over one year later for $3.65 SF, the PA's Sale 1.) There was no discussion of the sales in the evidence submitted. The petitioner testified that the subject property was both irregular in shape and was transacted by US Hwy 1. As a result, it is not two contiguous parcels. In addition, there is a parcel cut out of the back of the west side property. This resulted in physical and functional issues for the development of the subject property, including issues with the setbacks (legal issues). (The petitioner did not provide a tax map or survey demonstrating the shapes of the subject parcels. The petitioner did not value the property as two separate parcels.) Rebuttal Testimony: The PA testified that the parcel may have some setback issues. However, the west side parcel is approximately five acres and is a substantial piece (of adequate size) 2 2024-107 - 47- Page 3 of 4