HomeMy WebLinkAbout2008 05-19 CCP Board of Appeal & Equalization Reconvene ub �c�
City Council Meeting
Board of Appeal and Equalization
Reconvene
May 19, 2008
5:30 P.M.
City Hall Council Chambers
I 1. Meeting Called to Order, Roll Call (5:30 p.m.)
2. Local Board of Appeal and Equalization (LBAE) Certification Form
3. The Assessor's Appraisal Report
2781 Freeway Boulevard
4. Verification of Certification Form to County Assessor
5. Adjourn
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CITY Q��' BRQOKLY�J C�NTER
Lt7CAL BO�1RL� �F A?�F.�.�1L A.ND �C�C1l�LIZATI4N
�oo$ ,�ssessmer�t
APl�LlCATION FOR APPEAL
��liarch 17, 20A8 throu�h A�ni 18, 2�08
You mu�t r�t�um tfi�is aa�lic��iorr b� Anril 1�. 20€}8
to be plac�c! c�r� the A��nda f€�r trte
Local Baard of Appea! and Equ��izat�on
May 20a8, �':�t3 P.N[.
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Nam�(s) �6�, ,$�1Z �,4=riE-!l ��"l�.5 LL
Daytime Cantact Number: ���1� i 9 F �-7Ea
Property Address�- .7� g �f��.� �`.�1� R /�1�
Property Identfi�a#ion Num�er r �'�l
2Q08 Es�imafed NFark�t Ualue ,7
What is the r��so�t for your 2008 assessmertt appeal?
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Wh�n did yau purchase yc�wr home?
Date af Purr.���e n'�Dzl9Q purctsase P'rice
Have ya�u chang�d your property sinc� ifite �urchase? {maint�n�rt�e, upgrades,
remodeling or stn�ctural damage) Pleas� list a bri�fi c��scfiption belaw w[th an estimated
cost.
�faic/��
Have �+ou had a recent �ppr�isal for refinancing� pur�has� ar a market �r,aiysis by a
real .estate agent completed v�ithin the las# year? Yes or� No
lf so, what was #he determi�at'sfln af vafue?
Piea�e bring ai� documenta�on sup�ofing yaur a{aim ryF ouen�alua�an or
errqneaus classification tc� the �.acal Board of Ap�ai ar�d Equafi�atic�n.
fn ord�r t�a appeat your va�ua�ion an appointment ta vi�w the property will be requir�d.
5£6-d Z00/ZBed LZ9-Z LE0£-L66-6�Z A� '8 a6etTr� rua�ru��y-W0�i3 9t 80 8� ,-aE-fii0
City of Brooklyn Center
630� Sba,z�g�e Cz�ee� �arkvvay
Brookiyn Center, Minnesota 55430
City Assesspr
Nancy 'VV'ojcik
Dear Nancy,
I bought the building and properry in 2000. I paid 275,OOp.�O for the Iat and
$�.,53�,'�04.00 for the buil+ding at 2781 Free�ay Blv�d. The �buildi�cg has �1,038 square
fee�t and �he last tw� ��ars �,OOQ square feet �as been empry.
I w�s tald commercial real esta�e has been u�p in �rice �nnd. T don't believe it's true.
Resxde�o.t�a� pzoperty has gone dowu in value so you can't raise thear taxes, so T feel that's
why �ou are hittitig the commemial properties so hard.
I have owzaed cam�nercial properties for years in Minnea.polis anc� Spring T.al.ce Park and
ha�e ne�ver seen ara izzcz�ease liJ�e Yhis.
Tl�.ere is a lot of commercial �ro�erty for lease and #hat can't be dri'ving tlxe properLy
rralue up.
The increase is 12,64S.Q1 iu�z o�.e y�ear at a 20.7% incxease.
�Z 2007 the esrtimated mark�t vaIue was 1,730,000.00 and tt�e value for 2008 is
2,070,OQ0.00.
Z w��l be back in Niinnesota on May 6, 2008.
Re ectfi�� submi
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Franz �'amily Pro�perties, LLC
Presid�n,�
Allen J. �'�n�
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Franz Engineering
2781 Freeway Boulevard
Brooklyn Center, MN 55430
PID 35-119-21-23-0086
2008 Local Board of Appeal and Equalization
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Zoning: PUD I-1
Land Area: 99,279 sq. ft. 2.28 Acres
Year Built: 2001
GBA: 22,712 sq. ft.
Industrial Flex Building
Owner Occupied with Multi-Tenant Spaces
City of Brooklyn Center
A Millennium Community
TO: 2008 Broc�klyn Center Local Board of Appeai and Equalization
RE: Franz Engineering
Franz Family Properties, LLC
2781 Freeway Blvd.
Brook(yn Center, MN 55430
Mr. Franz contacted the Assessor's office on May 7, 2008 to complete an interior
inspection on his property located at 2781 Freeway Blvd. This inspection was
requested by the Local Board of Appeal and Equalization. An interior inspection was
completed on May 8, 2008. Mr. Franz provided the Assessor's office with his 2007
income and expense data on May 12, 2008. The 2008 estimated market value af the
property is $2,190,000 for taxes payable in 2009. Althaugh Mr. Franz's appeal
application states the 2007 estimated market value in error, Mr. Franz stated that it was
his intention to appeal the 2008 estimated market value of $2,190,000
In reviewing Mr. Franz's property, I found that the physical characteristics of the
structure were correct. The property was constructed in 2001 and is in good condition.
There is a first floor area of 21,038 sq. ft. and a second floor area of 1,674 sq. ft., for a
total gross building area of 22,712 sq. ft. The building exterior is finished in decorative
block with gable roof and asphalt shingles. Interior finish has a finro story open entry
with ceramic tile floor and sheetrock finish. Tenant finish areas include carpete with
r n' st comer of
sheet ock fi ish and ceiling tiles. Warehouse area is located at the southea
il 'n 'n 1 wi h ram The
t h e b u d i g a n d i c u d e s t w o l o a d i n g d o o r s a n d o n e l o a d i n g d o c k a r e a t p
warehouse area is currently used only by Franz Reprographics. Mr. Franz currently has
three total tenant spaces in the bui{ding, with interior connecting hal{way, shared
restrooms ar�d lunchroom. All tenant spaces have an exterior access. The subject
property has 75% office, which is non-typical for an industrial-flex building.
Mr. Franz currently has one tenant area of 4,162 sq. ft. vacant. This area had been
tenant space and is now used by Franz Technology Services, and Franz Reprographics
storage area. This is a change in actual rent collected as prior assessments did not use
two additional #enants. The 2008 and prior assessments had been based on five tenant
spaces, with the largest space owner occupied. This information was based on a prior
review that showed tenant suite 100 was Franz Repro., suite 120 was John Oliver
Assoc., suite 140 was vacant, suite 160 was Noran Clinic and sui#e 180 was occupied
by Applique. Mr. Franz's property is currently 20% vacant at this time.
A review of Mr. Franz's actua12007 income and expenses data was completed but due
to data rivac his documentation is not included in this re ort. A market based income
P Y P
6301 Shingle Creek Parhway Recreatiore and Community Center Phone TDD Number
Brooklyn Center, MN 55430-2199 (763) 569-3400
City Hall TDD Number (763) 569-3300 FAX (763) 569-3434
FAX (763) 569-3494
www.cityofbroolzly�tice�ater.org
approach was calculated on the subject property using both the office and warehouse
market rents and a market vacancy of 20%, which is reflective of the northwest
industrial market. The market rents were calculated based on 75% office and 25%
de i re ort. Colliers
i warehouse. The market based income a roach is inclu d in th s
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I International market information has also been included for our review. The valuation
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by market based income approach calculated at $1,870,000 or $82.34 per sq. ft.
Two comparable sales were found in Hennepin County for the sales ratio study of
October 1, 2006 through September 30, 2007. After adjusting the comparable
properties to the subject for time, age, location and size, the indicated value range by
sales market approach was $1,852,000 to $2,100,000.
The original permit for construction listed a valuation of $1,210,250 in 2001, for the
structure. There have been two permits since construction for tenant finish. The two
ermits were for $175 000 in 2002 and 219 000 in 2005.
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After reconciliation of the three a roaches to value it is the Assessor s
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recommendation to reduce the 2008 assessment from $2,190,000 to $1,870,000. This
value places the most weight on the income approach and the Brooklyn Center
comparable sale.
Respectfully,
l' �1/4�
d
Nanc W 'cik SAMA
Y J
City Assessor
Rep°rtName: City of Brooklyn Center Pr�tea: si�si�oos
PropSumm_Public Page: 1
Public Property Summary
This information is a summary of available data and is not guaranteed to be complete or accurate.
PID 35-ll9-21-23-0086
Buildings on File: 1
Property Name: Franz Engineering 'j%� r
Property Address: 2781 Freeway Blvd
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Brooklyn Center, MN 55430 I `�;s j
Multiple Address: No i I �I
Lot/Block: 001/001
Addition: Shingle Greek Sth Addition
Legal(120):
Owner(s): Franz Family Properti
Lot Size: 99,279 Sq.Ft. 2.28 Acres
Zoning: PUD/I1
Gross Office Area Percent:
Building Use: 392 Industrial Engineering Bldg/100%
Stories: 2
Avg Story Height: 18
Avg Clear Height: 10
Actual Year Built: 2001
Effective Year Built: 2001
Renovated Year:
First Floor Area: 21,038
Gross Building Area: 22,712
Basement: No
Parking:
Property Classification: Industrial
2008 EMV: 2,190,000
2007 EMV: 2,070,000
2006 EMV: 1,730,000
EMV/GBA: 96.42
Hennepin County Property Map Print Page 1 of 1
Hennepin County Property Map Tax Year: 2008
The data contained on this page is dertved from a campilation of records and maps and may cw�Win discrepancies that can onlybe discWsed by an accurate surveY Perfurtned M' a lice�sed
laad surveynr. The perimeter and area {square footage and acres) are apOroximates aad may con[ain discrepancies. The informatMn on this page shouid be u5W for reference purD�s only.
Heanepin County daes not gua2ntee the accLraCy of materlal herein containeG an0 is not responsible for any misuse or misrepresentatlon of ffiis infortnation or�iTS derrvatives.
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Selected Parcel Data �ace Pr�ocea: s/is/2oos iz:ia:zx PM
Parcel ID: 35-119-21-23-0086 Current Parcel Date: 5/9/2008
Owner Name: FRANZ FAMILY PROPERTIES LLC
Parcel Address: 2781 FREEWAY BLVD BROOKLYN CENTER MN 55430
Property Type; INDUSTRIAL-PREF Sale Price: ;275,000.00
Homestead: NON-HOMESTEAD Sale Date: O6/2000
Area (sqft): 99997 Sale Code: VACANT LAND
Area (acres): 2.30
A-T-B: TORRENS
Market Total: ;2,070,OOOAO
Tax Totai: ;72,542.28
I� http://gis.co.hennepin.mn.us/HCPropertyMap/Locator.aspx?PID=3511921230086 5/15/2008
I Hennepin County Property Map Print Page 1 of 1
Hennepin County Property Map Tax Year: 2008
The data contained on this page is derived from a compilation of records and maDS and may contain discrepancies that can only be disclosed by an accu2te survey pertormed by a licensed
i land surveyoa 7he perimeter and area (square footage and acres) are approximates and may contain discrepancies. The information on this page should be used for reference purposes only.
I 'I Hennepin County does no[ guarantee the accuracy of material herein contained and is no[ responsible for any misuse or misrepresen[ation of this information or its derivatives
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Selected Parcel Data �ate Printed 5/15/2008 12:15:28 PM
Parcel ID: 35-119-21-23-0086 Current Parcel Date: 5/9/2008
Owner Name: FRANZ FAMILY PROPERTIES LLC
Parcel Address: 2781 FREEWAY BLVD, BROOKIYN CENTER, MN 55430
Property Type: INDUSTRIAL-PREF Sale Price: $275,000.00
Homestead: NON-HOMESTEAD Sale Date: O6/2000 s
t 3;
Area (sqft): 99997 Sale Code: VACANT LAND
Area (acres): 2.30
A-T-B: TORRENS t i�
Market Total: �2,070,000.00
Tax Total: $72,542.28 �il
'II
http://gis.co.hennepiri.mn.us/HCPropertyMap/Locator.aspx?PID=3511921230086 5/15/2008
Report Name: Taxpayer Inquiry City of Brooklyn Center Printea: si�si�ooa
Page: 1
Taxpayer Inquiry
Dis,�la.v PiD House Nbr Street Name iJnit Zi}� Code
35-119-21-23-0086 2781 Freeway Blvd 55430
Last Name First Name MI Owner Taxnaver Resident
Franz Family Properties LLC y y y
Frontage Left Side Rear Side Right Side Eff. Width Eff. De�th Pronertv Area Acreage Zoning P/S Exemnt Code School Dist Watersheci Yr Built
340 0 0 0 0 350 99,279 2.28 PUD/I1 0286 14 2001
Year Ver #Subs Land Value Bldn Value Mach Value Tot Mkt Value Tax Ca� Hmstd Midvr Rel H P/T %Own P/C
2008 1 1 575,000 1,615,000 0 2,190,000 43,050 N N N I 0 N
2007 1 1 398,000 1,672,000 0 2,070,000 40,650 N N N I 0 N
2006 1 1 382,500 1,347,500 0 1,730,000 33,850 N N N I 0 N
Lot: 001 Block: 001 Addition: Shingle Creek Sth Addition
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City of Brooklyn Center PID: 35-119-21-23-0086 Property Type: I- Industrial
Commercial Field Card Property Address: 2781 Freeway Blvd Zoning: PUD/II
Lot Block: 001 001
Addition: Shingle Creek Sth Addition Owner(s): Franz Family Proper[ies LLC
Printed: 5/15/2008 District:
Assessment Year: 2009 Neighborhood: 0016 Project(s):
Version: 1 Watershed: 14
Building: 1 School District: 0286
Zoning: PUD/I1 Name: Franz Engineermg �ssept�lt7 $asl�' Gr�oss�Income: g
Area Ratin Ve Good
�ii��...
v
g n' Area (SqFt): Vacancy Percent:
Effective Gross Income:
y
Site Rating: Good p�al Construction (%o) Basement Area Percent:
Land Quality: A01-Land Bsmt. Use Code: Operating Expense:
Contamination: Overall Qualiry:
Architectural Appeal: Average Bsmt. Use Code Suffix: Net Income:
Flood Plain Map Ref: Construction Quality: Good Elevator(s): 2 Capitalization Rate:
I �I PUD Ref; Gross Rent Multiplier:
Construction Type Masonry
Allowable Units: Bwldm Condit�o N ood mbm aH w Rent Square Feet:
Excess Land (SqFt): g Electrical Serv�ce. Average Security System: Y
Zoning Vaziance: N ���S�atn�l��i�`r g Average
Frontage: 340 Primary Exterior Wa11s: Concrete Sprinkler Type Percent Yes 100
L,eft Side: Secondary Exterior Walls: Date: 06/O1/2000
Rear Side �t`�#t)
RoofConstruction: Wood Price: $275,000
Right Side: Roof Type: Flat Heating 1: Package Unit 100 Code: 99
Effective Width: Roof Cover: Asphalt Shingles Heating 2: Desc: Conversion-X Sales
Effective Depth: 350 C1����� S t tf 3 ,�yq,� y l�
Effective Water: 0
Pro e Area S Ft 99,941 453 Industrial Flex Bldg E 80
P rt1' 9 A/C 1. Package 100 Appraiser ID: 11
Acreage: 229 344 Office Bldg 2� ,vC 2: Appraisal Date: OS/08/2008
Pazk: A/C 3: Reason: Board of Review
Park Quality:
�t 0 Result: Interior
On Lake:
Lake ualit �!'�cls�io� att�i Ag� ��I�E� i� t'
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On River: Functional Actual Age: 2001 First Floor Area: 21,038
River Quality: Economic 6ffective Age: 2001 Gross Building Area: 22 12 Appraiser ID:
Landscape Quality: Physical Renovated Age: Net Rentable Area: 20,400 Appraisal Date:
A��r� T�tut q sr Mezzanme Area
Buried Electric yl Tota1 Floor Area Reason:
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Curbs i re�, a�. e
r� M�> „�i,� a� Result:
Gas U Parkmg-Surface 83 Land Buildin Percent: 440.0
Irregulaz Shape Floor Area Percent: 22.7 Left Tag: Yes No
Paved Street
Sewer Available Perimeter Length: 764
Sidewalk Office Area:
Water Available Cttoss Office Area Percent: Value:
��'y� Net Office Area Percent: Desc: I
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PUD restrictions prevent use as service station, convenience store or fast food. This pazcel is served by the pond on
cc,��d����. o�,a� �'�i h. (0088) ESA. Office bldg of 20,670 sq ft planned (app.00-014) Deed restriction by ESA prohibits Ext Stay Hotel.
2ND FLOOR 1674 SQ FT STE A9281,B 5553, C 4162 Created by division 98 p 99 #990056. Central Hallway
I between Franz and Tenant area. Shared restrooms and lunchroom. Second Floor azea used as office with 2 offices,
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Average Story Height: g�� 1 conference and 2 other rooms. Public restrooms off Franz Lobby azea. Each tenant space has employee
Number of Stories: Z.� bathrooms. Bathrooms finished with ceramic tile, 5/2008 4,262 sq. ft tenant space vacant. I
Average Clearance Height: 15A j
Finished Ceiling Height: l0A
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Income/Lease:
Tenant:
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59' DISTANCE BETWEEN
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SUITE A ��S'l
9,281 S0. FT.
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5,553 SQ. FT.
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P�mits are requrred for an e�
�+caJ and ptu�nbing wo�C. Y ectrical,
SUITE C
4,162 SQ. FT.
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65' DISTANCE BETWEFJV D(ISTS
(GREATER T1iAN t/2 DIAG. DIST.)
FUlST FLOOI� Z1.03� sq. ft.
SEGO1dD Ft006! s 1,67•8 se�. ft.
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INDUSTRIAL North of 694 I I I I
BROOKLYN CENTER, MINNESOTA I I
2008 Assessment I I I I I
Clr Ht
Use 2008 Unit �008 �MU
LOCATION Code Area 2008 EMV Values :.:.I_ LAND 2007 EMV
Bertleson Bro's 16 Land 59,625 Land $355,000 $5.95 $20.46 Land $239,000
1801 -67th Ave. N. 453E1 GBAI 16.6661 Buildingl $865,000 $51.90 I I Building� $721,000
PID 35-119-21-14-0005 I L:B Ratiol 3.58 Totall $1,220,000 $73.20 I I Total $960,000
Built -1972 1990 Addn and 2007 remodel I I 16.67% I 6.67%
�rsf� �,�QQ7 a3,3��a�444 t�£� 5Fj �;rir3: 4� rern�r:ef.. ................:.......lttt�tc�iemerti�f
ftie 14.10 Lan
d 315 000
st�'E�'23T:::' ::::::::::::::::>::::::::::::::;>:::::::<-:::::;>::s::::>::::>::':''':::_::_:<_:>:>::''''::>::::::>::" '>::>:::?:::<>:::<:::>'::>::>::::>::>:::;_:s ;::s>:_>::»:>'':<'
�s:::::: �ana �s ��s �,n,� �aaa,�aa. S
�3 Buildin 745 000
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..........................4O6B::::>::>::»:::<iGBA»:<:<:i<:1:9'6FFIOs:::<:::::s�vildin �UQ::::::>::>::>: 3� I 9
5::::::::::
ota 1 060 000
P�#�:36*338-�1�32:'" ::;::::<::..:::>�:>z; ::z:::>!;:;<.;;,t
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-t10$� #3 #�tbv �d ]`�ta� $4 „1'E�,�lt1 $6Pr 6'�.
.:.:>;i>;:>;:.: a 2.91%
::.:;:::::::i::i::i:�::.... �ttl�:T:��;:
�:�,�i.,�0 .::::::::.i::i:.::.::.>ii
Franz Engineerinq 10 Land 99,279 Land $575,000 $5.79 $22.06 Land $398,000
2781 FreewayBlvd 392E� GBAI 22,712 Buildinp� $1,675,000 $71.11 Building� $1,672,000
PID 35-119-21-23-0086 L:B Ratio{ 4.37 Totall $2,190,000 $96.42 Total� 52,07Q000
75°io Offlce 5.80%� 19.65%
Bullt 2007
Global North 24 Land 96,372 Land $575,000 $5.97 $22.52 Land $575,000
2000 Freeway Blvd 4076 GBAI 26,4281 Buildinq $1,595,000 I $60.35 Buildinq $1,405,000
PID 35-119-21-13-0022 I L:B Ratio 3.65 Total $2,17Q000 $82.11 Total $1,980,000
suin zooa I I s.so^io I I I o.zs�io
iw5in. �ssm O;S�fc^.c^EF�?iF "3'� 2�9u
Qwest 16 Land 89.623 Land $512.000 $5.71 $15.51 Land $359,000
6540 Shinqle Creek Parkway 407C� GBA 27.156 Buildinal $878.000 $32.33 Building� $1,011,000
PID 35-119-21-14-0007 L:B Ratio 3.30� Total $7,390,000 $51.19 Total� $1,370,000
Built -1970 1.46%I 3.79%
8Y@ifeii':;:
S.SufEdilt ::s:;:>:>: >:::>:?:>::>::::>:'s>:;!:;;;>:<:: ::>:::::z:>::::>':: i»::»::s::s:::::::'':>:';
>::::>;::::>;:<:::>:::«:»::>:<:::>:<:::>:::::::>::>:::>::::>::>::>::::>::::>::::>::::>:::z:>:::
'E8...........i.a[sd......9Fl4.S36:::::i:>::::::L:a�it�»::>:»»::: OQQ>:<:>::<:::':: 3i6�::: $16.17 Land $418000
Q,..
.;;;::»::>:.,..;......::::::::...::..:....:::.:i::;:::;::r
"{.��.�.�[[;�:i�7�lii%{�{/g:> ::;i::i:i:ii:Eit:it:t:i<i:i:i2:::<i:;:;i:i:::::i:ii:i:::i:;��i:i:;;i:;i:i::i:t:ii:i:;t%:;i:i:ii:ii::: y
I�, ..::::::::.:::::::::::::::::::::::..::::::::::::::::::::.::::.....453�:>::::;:;:::::>:::[iBf[<.;:.;:.;:.:3A .�::>.:<:::;::�il�t 1:�EOG�:::>::>::>::> �s82::: I Buildin. $1,192,000
.:::::::::::::::::::::7:.::::::�:.1.::::. Z
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::.�::::::::::::::::::::::iiiiii:.i:.i:.i::.:::.::.::.::.::.iiiiiiiiiiiiii:..............::::::::::::::
F1�:35t�:�:9:2'E:'1:4:0Q'F?4;:::<>::>::>::>::>::::>::::>::>>::>::::>::::>:>::s:::::::>:::>:;::::>::::»::>::>::>::::>:::>::<;:>::::»::::;
L.B.�a'Ht�............3.02;>::::»::»::»::Ta't�#>:>::::»: 'E fl�OQ::::>::>::>::: �8i8�::: Total $1,610.000
0
�:;:�i;:�: ;:"s"; �;::�;s;sis;:GS;:;:�::�:�;:�;:::i:�i:�i:�ii;z�::�:;;�;:�;:�iiiis;i;:�;:
`:`fBifd� e'E3�8 i::'i`i;`;?i;i i;:'?i;";ii .i'i'i: i?i; i%;i7i;i i`i;`i i;:::'';'; ;"i;'??;`i;`?;??;ii'<''' '`?;s;: i8;:;`?;?;`3;:: 5 83
?:ii::i�:::iSiSi:�iSii:%�:�i:�i;:�;:>;i'iiSii:�:::?�:�;:�;:�;:�;:�;iiiiiiii::z�;: '�.�7
.....................................................................:::::::::.�::.�:::::::::::.�:�;:�;:�;:�;:;�:;;;;;:�;:��;:�;:<;�:o�o;:�;:�:««�x�>::o���;:�:�;::�;:�;:�::�;;;��;;;;;��;:;o:�<�;:�;;;;;;:::.�:?l��..;:o;;;;;:�»;>;;;r... 1 /o
Coachman Buildinq 16 Land 90.570 Land $515,000 $5.69 $19.65 Land $362,000
6660 Shingle Creek Parkway 406A GBAI 34.80� Buildin4 $1,265,000 $36.35 I Building� $1,208,000
PID 35-119-21-14-0006 L:B Ratiol 2.601 Total $1,78Q000 $51.15 I I Totall $1,570,000
Built -1978 13.38%� I 12.14%
FEol��ta�r &tatiortSt�sfe Cmmtfr[sary Za Land 7�43�4 Latitl �9S U00 $8,68: �38.� Land $295,000
S'� $h[tigEe Creek Pa�kSVay_ �7A GBA. 38,EIZ�i #�u�I�g $3 7i6 �B't.8� Buildin�� $2,985,000
I?ID35-9�9 Ft 32-0054 Bu�It2003 L:B#taf�o,_; 7:�� ...7`�taT. ;�3,93t1,DU0 $9283 Total� $3,280,000
flf�ice t FocscE �ss�itaiaEy C�iEz��Carag� 783:°ta 21.03%
I
I
Schmitt Music 17 Land 203,119 Land $985,000 $4.85 $13.44 Land $1,700,000
2400FreewayBlvd 407D1 GBAI 54.124 Buildinal $1,745.000 $32.24I I Building� $660,000
35-119-21-24-0004 11-Zonel L:B Ratiol 3.75 Totall $2.730.000 I $50.4d I I Totall $2,360,000
L'ar ffy Usea63e Lan�E �r�� Built 1974 I I 7.20%I 8.76°/,
7ax G�i::f �iEin� F�endir:� 4oe ��ip i,944,QQ4 I I�npr�2ement� S2nn,�nn
Sunlite Business Center 24 Land 272,354 Land $1,300,000 $4.77 $14.36 Land $1,025,000
6665ParkwayCircle 453AI GBAI 73.903I Buildinal $2,610,000 $35.32I I Buildingl $2,765,000
PID 35-119-21-13-0011 I L:B Ratio Total� $3,910,000 $52.91 I Total� $3,790,000
Bullt 1997 3.17% 10.82%
Freeway Busisness Center III 17 Land 193,073 Land $975,000 $5.05 $24.55 Land $735,000
6701 ParkwayCircle 453DI GBA 74,848 Buildinql $3,765,000 I $50.30 Building $3,785,000
PID 35-119-21-12-0014 I L:B Ratio Totall $4,740,000 I $63.33 Total $4,520,000
Built -1986 I I I 4.87%I Per JA RSI 4.63%
��€t� u,�Mt�o�v ����M3�rao I I I
Freeway Busisness Center 1 14 �and 345.577 Land $1,297.000 $3.75 $13.16 Land $1,297,000
6601 Shingle Creek Parkway 453D� GBAI 75,0741 Buildinq� $3,249,000 $43.28 Building� $2
PID 35-119-21-13-0017, 0013. 0009 I L:B Ratiol 4.601 Totall $4,546,000 $60.55 I I Total� $4,282,000
�o4c3 $f22fF�::S 5'E2,�%'(.�4i3 {3 �+uF,�elsi Built -1985 I I 6.17% I 30.271 I 5.86%
Clr Ht
Use 2008 Unit 2008 �MV:
LOCATION Code Area 2008EMV Values::/i:AND:: 2007EMV
FfeeN!ay Bust&t►ess Eetrter II 2D f:artd 482,..q..67 i.and S8r€U,�ti� St1;H9 $22.os Land $732,000
67p7 Slij�tgleCreeli Pa�[fwajt rt���' G$A<: 7�; ,�1� Bu►tdt(1g 5�,30Q $+43.2$::: Building $2,808,000
Plp �S 1.T9 �i2�tid�I3 G s RatEq 252 7otat ,.Sa,2a9;S109 $55 di.:: I 7otal $3,540,000
5 7�°�0 13.46%
Hiawatha Rubber 74.5 Land 170,379 Land $835,000 $4.90 $18.08 Land $650,000
1700-67thAve.N. 494� GBA 76,840 Building� $2,245,000 $29.22 Building� $2,200,000
PID 35-119-21-11-0013 L:B Ratiol 2.221 Totall $3,080,000 $40.08 I I Totall $Z,850,000
I I I 8.07%� 9•s2%
Freeway Business Center 24 Land 329,657 Land $7,200,000 $3.64 $14.89 Land $1,200,000
2700 Freeway Bivd. 453AI GBAI 78.9771 Buildinq $3,710,000 $46.98 Building $2,440,000
PID 35-119-21-23-0001 I L:B Ratiol 4.17 Totall $4,910,000 $62.17 Total $3,640,000
So3� �GC3;xG07 �S�,�GG,GGG f�43.3� [iti Built -1982 I 34.89% I I I 6.12%
1 I E��rcve *���.�oo I
Freeway Commerce Center W 24 Land 120.970 Land $665,000 $5.50 $19.01 Land $466,000
1700 Freeway Blvd. 406B GBAI 46,2601 Buildinq+ $1,635,000 I $35.34 Building $1,624,000
PID 35-119-21-14-0076 L:B Ratio� 2.62� Total $z,soo,000 $as.�2 I I Totail $s,oso,000
5olt1 11130/(66 $2,144,227 ($48.35 1l1� Built -1969 10.05% 38.46%
Sandvik 241 Land 136,961 Landl $750,0001 $5.481 $15.921 Land $527,000
1600 Freeway Blvd 406B1 GBA 40,504 Buildingl $1,430,000 I $35.31 Buildinq $1,523,000
PID 35-119-21-14-0017 Built 7969 L:B Ratio 3.38I Total $2,180,000 I $53.82 Total $2,050,000
Sold 81912005 a2,150,000 {$53.08 Cftl I I 1.46% I I I in above
I f� �rcv�l *�90�,�00 I I
Shingle Creek Plaza Spec 9 19 Land 229,038 Land $1,080,000 $4.72 Land $870,000
6507 Shingle Creek Parkway :53A GBA 85.232 Buildinpl $2.870.000 $33.67 Building $2,820,000
35-119-21-12-0008 4flGF L:B Ratiol 2.691 Totall $3,95Q000 1 $46.34 Total $3,690,000
Built-1980 I 7.05% 19.81%
St Paul Properties 22 Land 321,200 Land $1,200,000 $3.74 $12.80 Land $1,170,000
1800 Freeway Blvd. 407A GBAI 102,5801 Buildinal $2.970.000 I $28.37 Buildinq $2,680,000
PID 35-119-21-14-0008 I L:B Ratio 3.13 Total� 54.110.000 I $40.07 Total $3,850,000
Built -1971 I I 4.16% I I I 10.32%
I tF:3�;rf�;;�l c�t��.���2 I I I
6840 Shingle Creek Building 22 Land 369,869 Land $1,345,000 $3.64 $12.46 Land $1,345,000
6840 Shingle Creek ParkwaV 406AI GBA 113,412 Buildinql $3,265,000 $28.79 I I Buildinp $2,765,000
PID 35-119-21-21-0003 I L:B Ratio 3.26 Totall $4,610,000 $40.65 I I Total $4,110,000
Built-1972 I I 10.95% 1 I 4.31%
I tr��-eoae� ��r r,e�u
I JamesAue�srtt�e.r.s 93 Land 8gg,4Y8 #;a►id �9,28�k,IIQQ �375:: $71.69 Land $1,210,000
6530 Jatr�es Rst� 'qg4,�
csa :��z,n� �,�aa�� sd su�ia��� l Sz,aoa,000
PED:ST� 'E'E�21 14-iliiQ380D02:
t;H R,a#iES Zfi2 TnEai $3 898 i1Uil �3Ft 6Hi: I Totalf $3.614,000
B..v:.ii.t 99T4 �86"fa I I 5.30%
;l�i{ea+ 9 14Mri^ a M� f_� yi! 4�V�n4iJ��/l'����f�� I I
8fadley �64� 67t#f:Btdg 35 Lattd 3��,fii�9 $3 335,dfip $13.64 Land $1,335,000
7$�i3 -67th A�r�#'� 4a6p.
C�Jt �35,936 ��dlt+g $$,665,OOD $�6 96 I Building $3,525,000
�'lC �6-1'E�21 _1'( Q.Q12 RditG 2,7�1 1'Srta) S6,.QGG,Q��M $3B,7,8>; Total $4,860,000
�G�I� 97@ 'j,88% 10.45%
682a St��rigleCreeJcButEd�r[9: 22 Land :#Q9,�7 Lattd $'�,SQO,�OQ $�86 512.90 Land $1,433,000
662DShing]eCfeek:Parkway: ;406B �BA �46868 8uii�fin
g �8 780;DD0 $25,7+1 Building $3,817,000
F?lE� 36 'E'E9-29. 1�-�!aa2 L;B Ratio. �:TB
'E4t�1 $6,28Q�000 $3.�.86: Total $5,250,000
Built 3973 k£7°fo I I 16.67%
I I I I I I I
Spec #8 PALMER PLAZA 24 Land 426,891 Land $1,550,000 $3.63 $13.01 Land $1,500,000
685Q6Q&70 Shingle Creek Pky 4061 GBA 155,506 Buildinql $4,002,000 $25.74 I I Buildinq $3,570,000
35-119-21-22-0053 4531 NRA 144,728 Totall $5,552,000 $35.70I GBAI Total $5,070,000
Brown College/ officelWH I L:B Ratio 2.75 I 9.51% I NRAI I 6.69%
I I Built -1979 I I
Medtronic 16 18 Land 830,658 Land $2,900,000 $3.49 $4.03 Land tt0a,;
6800 Shingle Creek Parkway 406 GBA 195.332� Buildina A� $5,066,600 $25.94 I Building A::::;':`:::$&;S4&;SAR<
6700 Shingle Creek Parkway 494 GBA 80,551 I Buildinp BI $3,35Q800 $17.15 I I Building B $�f;86438�;
PID 35-119-21-12-0015 L:B Ratiol 4.251 Totall $11.317,400 I $41.02 I I Total �t4.4QT444:
Clr Ht
Use 2008 Unit 2t108 �I�IV:
LOCATION Code Area 2008 EMV Values::;:,/tAND:.:: 2007 EMV
Bldg A- built 1977 clr ht 16' Incl Mezz.- 5,291 13.09% Q F2`ib:
Bldg B-Built 1973 clr ht 18'
i'....
I
I��prov. Corsversion af Mezz to 2nsJ flr, addtl I I
mechanicaE area and conversion af inezz to 2nd flr I I I I
nffero en f,Rf�n
Land 5 Lend $23,Q94,QQQ �4.�9 #�IVI�►E s L2titi $22,£+55,900s
I GBA:: 4,93?,774 Bw`tdih� ;$6B 339,4D0 $34 32 8t�iitling $6a;�1?,4�:
I L:B Ratio 3:If� Tntai �91,�33,dEi� �4? S1 Tat�# $83`�73,dOQ::
I
°Ia Gl'osuttr z �8�'y� ExsE �triprav °��o1�fh 1Q��k°/�
I 9tn���itNc:ie�t �a�� �t#£# EF`t¢+rs� ��:�eritK
1 i' I
Weighted Mean Value�
G:\S PREDSHTWssessor\2008cia\[INDN0694.x1sx]2008 Industrial
I I I I I
J I I I I I
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MARKET INCOME WORKSHEET 2008 pay 2009
j
P.R �9.21..�-0d8€i..........
R T
R4J�C NAME Franz.Erzgineerir�c�
i
AiD�RESS.` ::::::s::::::: �7� Freewa�, BB�d:::::
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V�NER
PROPERTY TYPE CC WDUSTRIAL NET LEASE ANALYSIS
YEAR BUILT 2002 INCOME ANALYSIS
GROSS BUILDINGAREA 22,712 OFFICE INCOME $219,180
NET RENTABLE AREA 22,712 WAREHOUSE INCOME $26,682
BlendedRent i
Outdoor Storage 0 OUTDOOR STOR. INCOME $0
OFFICE AREA 18,265 75% PGI $245,862 ia.ss
SqFt GBA
WAREHOUSE AREA 4,447 25%
MEZZANINEAREA 0 0% LESS: VACANCY $49,172
OFFICE RATE $12.00 EGI (before concessions) $196,690
I WAREHOUSE RATE $6.d0
OUTDOOR STORAGE RATE $0.00 LESS: RENT CONCESSIONS $0
VACANCYALLOWANCE 20.00% FREE RENT $0
SQUARE FEET VACANT 4,542
SQUARE FEET OCC. 18,170 EGI $196,690
OF EGI
RENT CONCESSIONS 0.00% LESS: EXPENSES $15,898 8.08%0
FREE RENT 0.00% LEASING $6,359 3.23%
TURNOVER RATE 25.00°lo TENANT IMPROVEMENTS $16,439 8.36%
TENANTS REMAINING 75.00% RESERVES $7,495 3.81%
AV. LEASING PERIOD 5 MANAGEMENT $9,834 5.00%
TOTAL EXPENSES $56,026 28.48%
EXPENSES/S .FT
Q 3.50
0`6fi:
1�C)�:::::>::::>:::::;:::>::>:<:>::::>::::::>::::::>::::[:>::::::>::::<::::::<::::>::::::>:::::::::>::::::>::::::>::�'��€... 4...
MANAGEMENT 5.00%
TENANT IMP. COST NEW $15.Q0 20€1� !�AR'ITaLI�EP;UA�.:k�E::::::ii:i;S1:;
1
RENEWAL $10.00 PER SQ.FT. GBA $82.34
EXPENDABLE VAL. OF TI 50.Q0% PER SQ.FT. NRA $82.34
Capitalized value of reserve $99,403
RES. FOR REPLACEMENT $0.33 SQ FT
EXPENSE RATIO 28.48%
LEASE COMMISIONS-NEW $2.50 SQ FT LAND AREA 333,478
RENEWAL $1.50 SQ FT EFFECTIVE TAX RATE 2.70%
Multi-Tenant Bldg
l�QQ.lo.
T�k....�A..:� .�C,�?t�6 2008 ASSESSED VALUE $1,870,000
Z3�f�AF:�: RAT� 4°�: 82. 3 1.00
7,�a._...... PER SQ.FT. NRA 4
5H5/2008 INDN0694.xIsxMarketFranz 82
P
Industrial Flex Industrial Showroom Comparble Grid
Hennepin County
GBA from 18,000 to 25,000 sq. ft.
2�
Name: Franz Reprographics Johnson Controls IRET Properties
1801 North 67th Ave, 5095 Nathan La,
Address: 2781 Freeway Bivd I Brooklyn Center, MN Plymouth, MN
PID 35-119-21-23-0086 II 35-119-21-14-0005 12-118-22-13-0013
Year of Construction: 2001 I 1972 1987
Effective Year. 2001 I 1985 1987
Construction Quality Condition Good II Averaqe Good
E�erior: Deco Block II Conc. Block Conc. Block
FirstFloorArea 21,038 II �17,044 20,505
Gross Building Area: 22,712 II 17,044 20,505
Basement: None II 0 0
Total Office Area: 13,818 II 9,900 8,202
Stories: 2 II 1 1
Averaqe Storv Ht Clear Ht: 18' 15' II 18' 16' 18' 15'
Useable Land Area: 99.941 II 60.112 95.450
L/B Ratia 4.40 3.53 4.65
Sale Date (Date of Deed): II 6/15/2007 7/17/2007
5ale Price: II $1,150,000 $2,000,000
Case Equivalent Price: II $1,150,000 $2,000,000
Personal Property: II $0 $0
Buyer put $440;000
into renovations before Bldg designed for 2
occupying the bldg. tenants. Prior purchase
Updated tenant finish in 2006 $1,770,000,
Additional Comments: added loadinp dock w/addtl land.
Cash Equivalent of Real Estate: $1.150.000 $2.000.000
Sale Price Per Sq. Ft. GBA II $67 $98
Adjustments ll
Time: II 1.06 1.05
Location: II 1.00 OJ5
Land/Bldg Ratio: II 1.03 1.00
Age: 1.25 1.25
Construction Quality Condition: 1.25 1.00
Size: I 1.02 1.00
Parking: II 1.00 1.00
Net Adjustment: II �.s� 1.05
Adj Sale Price II $1,852,000 $2,100,000
Market Indicated Value Range: $1,852,000 to $2,100,000
PROPERTY USE: Ind. light Mfg. MUNICIPALITY: BROOKLYN CENTER Code: 494 RC: 00
COMPLIX NAME: Johnson CoMrols COUNTY: HENNEPIN GBA 17044 WD
ADDRESS: 1801 North 67th Avenue PIN 35-119-21-14-0005 Seq 1 Ratio Y Comp: Y
AUDETOR ID: 956370 MULTI PID: N COMMUNITY: NBRHOOD:
PROPERTY DESCRIP'RON MARKET DATA
Year Built/Effective Year Built: 1972 1985 Buyer: 1801-67th Avenue, L.LC.
Const Quality/ Condition: a`���E GOOD Seiler: Johnson Controls, Incorporated
Const dass/ No. of Bidgs: �n eea�iny war 1
Exterior Type/ Roof Type: Conaete sbck �t ��e Data: aate of Sale: 6/15/D7
2nd Exterior Type/ Roof Cvr. Tar and Gravd
Totai Purchase Price: $1,150,000
SIZE 8� U5ES Down Payment Amount $0
First Floar Area/ GBA: 17,044 SF 17,044 SF T
Total Floor Area/ NRA: ,F TERMS
Bidg Perim.J Shape/ Units: 554 Ff Rectangie 1
Mezzanine Area/ Use: SF
Assume Ind: N
Bsmt Area/ %Fln/ °r6: SF 0°k 0% GBA Z
Bsmt tJse: PMT- INT- PMTS-
Bsmt Fin/ SF 0% GBA BALLOON DATE-
First Floor Use:
Frst Aoor SF/ 17,044 SF 1009�o GBA Equivalent Price: 6.71% $1,150,000
2nd+ Fioor Use: Cash Equivalent Adj:
2nd+ Aoor SF/ 5F 0% GBA LESS: Personal Property: ;0
Tot Of� Area: 9,900 SF 58% GBA PLUS: Speaal Asse.ssments: Ind:N $0
Primary Heating/ Pct Farced Nr 10096 Cash EquivaleM of Reat Estate: $1,150,000
Secondary Heating/ Pct:
Air Conditioning Pct: 100% Sale Analysis: Saie Price Per Sq. Ft. TFA:
Sprinklers/ Elevators: Sale Price Per Sq. Ft GBA: $67.47
Garage/ Ramp Spaces; Sale P�ice Per Sq. Ft. NRq:
Surface Parking Space: 63 Sa�e Price Per Sq. Ft. Land Area: $19.13
Paridng Surface Type: Asphalt Sale Price Per Room:
Multiple Tenancy: N Income D�ta:
Bidg Ht/ Avg ClearHt: 18.0 FT 16.Q FT
5tories: �.o PRIVATE DATA
Avg. Finished Ceiling Ht: FT
Total Land Area/ Topography: 60,112 SF level Rent $chedule:
Useable Land Area: 60 ,itz sF pRIHATE DATA
Zoning/ Land Def Cd: Ii F
7rackage/ UtilitiPS: N aM avaitable
Land Blg Ratlo/ F�ccess Land: 3.53 to One N
i
Environmentai Concem Ind: N
Other Amenities:
Summary Comments:
Property was open maricet with brokers determining price. Properry had been listed with CB Richard qlis. Property will be owner oaupied company tliat handles
office supplies and fumiture. Property currentiy is approx. 50% office 50°k warehouse. Some racicing is allowed. New owner plans to remodei inte�ior and add 3
additional delivery doars starting fall 2007.
PUBLIC********ACE********PUBLIC
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PROPERN USE: Indl Flex B(dgs. MUNIQPALIIY: PLYMOUTH CAde: 453 G RC: 00
�OMPLEX NAME: COUNTY: HENNEPIN GBA 20505 WD
ADDRESS: 5095 NATHAId Il►NE NORTH PIN 12-118-22-13-0013 Seq 1 Ratio Y Comp: Y
AUDITOR ID: 957577 MULTI PID: N COMMUNTTY: NBRHOOD:
PROPERTY DESCRIPTION MARKtT DATA
Year Built/Effective Year Built: 1987 1987 g�y�; IRET pRppERTIES,L.R
Const QualityJ Condition: A�� GOOD Sener: HPI-NATHAN, L.LC.
Const Qass/ No. of Bidgs: �+rv sear�,g wax 1
Sale Data: Date of Sale: 7/17/07
Exterior Type/ Roof Type: Concrete 81ock Fiat
2nd Exterior Type/ Roof Cvr. Cano�ete elock euilt Up Membrane Totai Purchase Price: $2,000,000
SIZE 8e USES Down Payment AmouM: #2,000,000
First Aoor Area/ GBA: 2Q505 SF 20,505 SF Terms.
Total Floor Area/ NRA: 20,505 SF 1'ERMS
Bldg Perim./ Shape/ Units: �r,y�e No Data Availabie
Meuanine Area/ Use: SF Cash Equivalent Price: 6.fi6% $2,000,000
Bsmt Area/ %Fin/. SF 0% 0% GBA Cash Equivalent Adj:
Bsmt Use: LESS: Personal Property: #D
Bsmt Fn/ SF 0% GBA pLUS: Special Assessments: Ind:Y $0
Frst Hoor Use: off(Showitm/warehouse Equivalent of Real Estate: $2,000,000
Frst Fioor SF/ 20,505 SF 100% GBA
2nd+ Floor Use: Sale Malysis: Sale Price Per Sq. Ft. TFA: $97.54
2nd+ floor SF/ SF 0% GBA Saie Price Per Sq. Ft GBA: $97.54
Tot Off Area: 8,202 SF 4U�/o GBA Sale Price Per Sq. Ft. NRA:
Primary Heating/ Ptt: Pacicage Unit 40% Saie Arice Per Sq. Ft. Land Area: �20.95
Secondary Heating/ Pct: 5pace Meaters 60% Sale Price Per Room:
Afr Conditioning Pd: 40°k
Sprinklers/ Elevators: 100 Income Dat�:
Garage/ �tamp Spaces: PRTVATE DATA
Sufiace Parking Space: 44
Parking Surface Type: nsphalt Rent Schedule:
Mul�ple Tenancy: N PRIVATE DATA
Bldg Ht/ Avg pear Ht: 18.0 FT 15.0 FT
Stories: lA
Avg. Finished Ceiling Ht: 8.0 FT
ToWI Land Area/ Topography: 95,450 SF Level
Useable Land Area: 95,450 SF
Zoning/ Land Def Cd: I2 F
Tredcage/ Utilities: N
Land Blg Ratio/ Excess Land: 4.65 to one N
Environmental Concem Ind:
Other Amenilies:
Summary Commertt�:
Building designed for 2 tenants but was easily converted to 1 tenant This transaction is the finai sale imrdving a simulbneous upreit transacGon. The upreit was
a 1031 exchange for $1,400,000 representing a 70% interest in the property. The property was originalty purchased 2/2006 for �1,77Q000. The excess land was
sold 5/2006 for $275,000. Part of a mulli-state package purdiased from Hayt based on a predeterrtrined cap rate applied to the income. See additional
commen�.
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Tl�ere continues to be a strong demand for
AasortPT�oN vaea.NCY 24<32' clear space or high ceilings. Most of
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the deals cornpleted in 2007 that were over
18 J 50,000 SF were in buildings that offered 24'
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o clear or higher. A1so, a majority of the deals
F completed during the year were either �small
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z (under 30,000 SF) or Iarge (over 60,000 SF).
p There was little activity in the mid-range.
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o In Z008, the Northwest market will contintte
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Q� x r_ to have ��windlin; vacancy. Activity will re- ta
���s�` q� main strong, but the deals will take longer to
coinplete due to economic uncertainty, fewer
qttality options for tenants, or the right oppor-
tunity not being available. Deals will also be
f�r sharter terms, two anc� three years in term,
compared to the five an�j seven year deals that
were common just a few years ago.
11� 11 11. 11
Sm�rce: Colliers
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1
Bulk Warehouse
Dakota Gounry $2 00 $9 $2 Op $4 25 .$5;�5 $3 22 $0 97 �0 83
�!4'�.C�P��9,.'t,�A�s. �A�?R....�z�'L �.a `s .�a �W $c4 �Y����� �..��u�,� �l�s
r .,x,_���..,
Northwest $3 75 $14 00 $3 25 $5 00 $$�:65 $4 29 $1 17 $O.b9 $1:,,
s r a a,.. t�,.a-' #x x-rs c,s 1'fa" a a' st�'+v"'� w� 3^# n�. �a
,z „��aec�tt Counx.Y_ ���.�..�w y �+3���
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St. Paul/Northeast $4:00 $8.50 $3.50 $4.50 $7.�9 $4.08 $1.05 $0.49 $1..��:
3. h v. a.r�+ F w c awsz c a r z d.. �x* "u�`T.�' r�&s' :3` ws� u. �nF :K x�twr.e-;•Y�+rr�!a
;�ourhwest $4 2S $900_t s. .��0»=. i>��.. �a $�.3�3,r $l k�,.; i.� .r. $b
Washington Countq $9.50 $9.50 $4.75 $4.75 $9.50 $4.75 $1.19 $0 ?9 $1.9.�'°
Office/Showroom
Dakota County $5.00 $11:50 $4:00 $10.00 $8.b2 $4.97 $1.60 $1.74 $3:34�
�titine�polis -3�Ion CBR $6 OQ i I2 0 �,,.r a,
_..�u_ .r �.�1?�?_
Northwest $5.50 $10 50 $4 SO $9 50 $9 52 $5 69 $148 f $Z Z2 $3''70
St: Paui/Northeast $2.25 $11.50.,: $Z.?�. �i150 .g:. .$4.83.� S"w$� �b .F r �,�1��'���_
Southwest $4.50 $12.50 $4.00 $12.50 $9.47 $5.17 $1.95 $1.95 $3:90
Office/Warehouse
Dakota County $2 95 $14 00 $2 95 $12 00 $9.21 $5 51 $1 64 $151 $3.7.�
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_..��neapnlis,:- Non csD 0 9.�,;.�� �����"���,��s..���iP �:��.�ar:>����
Northwest $2.50 $12.00 $2.50 $12.00 $8 49 $4.73 $1.67 $1.63
c n� ry� ..'�w. x 5a.
c�COCt Ci011htj?. �•.7ti� `W:.�� -�Y 3-�� s c�,"�' s.'�, !'�F�...��.�.t��'.�
T Paul/Northeast $Z.25 $13.50 $2:25 $12.60� $8:27 $4Sb M $1.27 $1.15'
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:8o�thwest �395 �1 r �1.3�� �.=�,n.�,�������i�<,��.e�.��.�.
Washington County $4.25 $10.00 $4.25 $6.84 $9.74 $4.97 $1.31 $155
Source: Colliers :y
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