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2002 05-06 CCP Board of Appeal & Equalization
Form No. A.F. 4 - Notice to Clerk of Meeting of Board of Review Equalization OFFICE OF COUNTY ASSESSOR TO THE CLERK OF THE Ci ty OF Brooklyn Center HENNEPIN COUNTY, MINNESOTA NOTICE IS HEREBY GIVEN, That the Sixth day of May at Seven o'clock P. M., has been fixed as the date for the meeting of the Local Board of Appeal and Equalization in your C tv for said year. This meeting should be held in your office as provided by law. Pursuant to the provisions of the Minnesota Statutes Section 274.03, you are required to give notice of said meeting by publication and posting, not later than ten days prior to the date of said meeting. Given under my hand this Eighth day of February , 20 County Assessor Hennepin County, Minnesota HC200 (1/02) CITY OF BROOKLYN CENTER 2002 LOCAL BOARD OF APPEAL AND EQUALIZATION Q ([31 IN AGENDA LOCAL BOARD OF APPEAL AND EQUALIZATION CITY OF BROOKLYN CENTER MAY 6, 2002 7:00 P.M. 1. Call to Order 2. Roll Call 3. The Statement of the Purpose of the Board of Appeal and Equalization 4. The Assessor's Report 5. Appearances by taxpayers with appointments. A) Keith Wendt 6400 Willow Lane N. Brooklyn Center, MN 55430 PID# 36- 119 -21-41 -0005 6. Appearances by taxpayers without appointments. 7. Consideration of Written Appeals. A). Mr. Mike Salloway Miller Management Company Re: Willow Lane Apartments 7015 Brooklyn Boulevard Brooklyn Center, MN 55429 PID# 27- 119 -21 -33 -0010 B) Mr. Orlando Pellegrino Flanagan /Bilton Attorneys at Law Re: Freeway Business Center II & III 6707 Shingle Creek Parkway and 6701 Parkway Circle Brooklyn Center, MN 55430 PID #'s 35- 119 -21 -12 -0013 35- 119 -21 -12 -0014 35- 119 -21 -13 -0009 C) Mr. Stephen Hart Hart Property Consultants Re: Brookdale Square Shopping Center 6900 Shingle Creek Parkway Brooklyn Center, MN 55430 PID# 02- 118 -21 -24 -0020 D) Garden City Court Apartments 3407 -3417 65 Avenue North, Brooklyn Center, MN 55429 PID #'s 34- 119 -21-42 -0018 34- 119 -21-42 -0019 34- 119 -21-42 -0020 34- 119 -21-42 -0021 34- 119 -21-42 -0024 34- 119 -21-42 -0025 34- 119 -21-42 -0026 8) Motion to Affirm the Balance of the Assessment 9) Adjournment sr # 1 i i i wi t # � t , AL tq -�� 4 - = _ - - s vy • Al City of Brooklyn Center A Millennium Community April 23, 2002 Keith Wendt 6400 Willow Lane N. Brooklyn Center, MN 55430 RE: 2002 Valuation Dear Mr. Wendt: Thank you for your cooperation during my inspection of your property on April 16, 2002. As mentioned in our phone conversation on April 18 we have determined a change in your 2002 valuation from $209,600 to $192,700. This reduction in value is due to a functional obsolescence of having a flat roof. Your petition rights are still open with the Board of Equalization. At your request I have placed you on the agenda for the Board scheduled for May 6, 2002. 1 have included a comparison grid that includes two recent sales on the river. Thank rY ou very much for your time and consideration with this matter. If you Y have any further questions, please feel free to contact our office at 763-569 - 3354. Sincerely, c Kelley Gillen Appraiser 1 6301 Shingle Creek Parkway Recreation 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 MEMO To: Nancy Wojcik , From: l<elley Gillen Subject: Appraisal of 6400 Willow Lane N., Brooklyn Center Date: April 18`", 2002 Mr. Wendt expressed a concern with the recent increase of his estimated market value. He feels that due to his home being located in the Mississippi River flood plain he would not be able to rebuild his home if destroyed and may have problems selling it. I had spoken to a mortgage banker regarding financing properties located in a flood plain and he had said that a home in a 100 year flood plain would probably require $200 to $300 additional per year in flood insurance. He also explained, that the home could be purchased by cash, contract for deed or a conventional loan. Mr. Wendt also feels that having a flat roof takes away from the architectural appeal of the home and that there has been some leaking of water due to the flat roof. He feels it structurally needs to be changed to a gable roof and to replace the roof would be an estimated cost of $60,000. Mr. Wendt's current market value is $209,600 with a taxable value of $170,300. In reviewing his home on April 16` it is my recommendation to make a —15% adjustment to allow for the flat roof. I feel in comparison to surrounding properties that have sold in the flood plain within the last three years, Mr. Wendt would not have a problem selling his home at the current market value. With the reduction of 15% Mr. Wendt's market value would be reduced to $192,700. His taxable market value would remain at $170,300. Kelley Gillen s 'x 77771- 3 T m • i » x � 3.. ,�: + cam' o, !� :: .. ,. afi� m g �, � � 4, �"�. �"' �€� `*' �`„�"��� �� "` -'���' ✓, a t e x '� � �` s �� 1 ,�� �, s� f.� - ��`" 5�� '�` '" '*�,y'`�'`�'k�- ��a�5, ' ' ' �✓.^4 Ys ���i�i w�� a � L rM� 5. �„f` ���'�t''}i � �� �r , ���T ���: w �" MY ti 5„, f,^� ;. +f.°j - ', `F_ '+F �..? t x✓ 3 ° m +' y o 1 4 2 �', �j �� �� .ss�'�a "', ( k i ,fir z k `� "?sx*,�.. � .� � } '' �.�- 5; s �'� °�+,f**��"'�i���' ✓ z . •�T �� `� M 2 I � w'�1 4 � „`+ WO �^ a- m.. 'r" - 4 -^' g ✓ ' Ems L et 5 k4 + ,yvs .,�-�t i � "i`�'� 4.,.2' M°1 T" v P� �' S3�f � link i, may, ?ice..✓ •q w 3 r 4 '4 mo t, r y �ES ' '° qp cry a� ��• � ,�� �r^ �' 'T" xr �v �' fit: a� rri, :: e o ^� 'R y c s, Yom All �'t � i 7 `�.. 's 3,,. 3XFo-4' MAP S � "s�y�°w�' `�� - � �s.- �'"��*a`�'`��v� � rx� •�� � r^. .����8� ,��""��i"� �' �c"�. �" t > `'� "'>�s' t � �' �"r f"',�z�'� .`yi t v K `m" ° ,.r � r� '�e,.� i•-'�. °�k z ,� "c w�.,;, ;_ RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID APPRAISAL OF I ADDRESS - 6400 WILLOW LANE N BROOKLYN CENTER, MN. MARKET VALUE AS OF. 11212000 Comparable sales are adjusted to represent the characteristics of the subject property. SUBJECT COMP. #1 COMP. #2 ADDRESS 6400 6408 6448 ADDRESS STREET WILLOW LA N WILLOW LA N WILLOW LA N STREET PID 36- 119 -21 -41 -0005 36- 119 -21 -41 -0004 36- 119 -21 -41 -0009 PID SALE PRICE : $192 ,000 SALE PRICE Financing Adjustment $0 $0 Financing Adjustment Sale Price � $242,000 $192,000 Sale Price (Adjusted for Finance) (Adjusted for Finance) SALE DATE 7/1/00 4/1/00 SALE DATE Sale Price $279,700 1$222,000 Sale Price (Adjusted for Time) { (Adjusted for Time) 'LOCATION GOOD SIMILAR SIMILAR LOCATION ................... ............................... ..... ........................................................... ................ ........................ e............................ -,............................................... -........................... .......................................................... SITE / VIEW -GOOD / NEGATIVE GOOD/ NEGATIVE GOOD/ NEGATIVE SITE / VIEW ...................................... ............................... . ........................ ........ ................ ........................ ............................. ............................................... ,........................... ......................................................... . STYLE RAMBLER RAMBLER RAMBLER STYLE ........... ............................... ............................... . ................................ ............ .............. .............. e............................. ............................................... ................ _ ......... .......................................................... 3uality of Construction . AVERAGE . SIMILAR : ........................... .SIMILAR W . Quality of Construction .. .. . . . ..... . ................................ ...... YEAR BUILT /EFF. AGE 1957/1968 7958/1970 1958/1975 YEAR BUILT / EFF. AGE ............................... ........................................................................................................ e............................-..................................................................................................... ............................... I�ONDITION AVERAGE SUPERIOR SUPERIOR CONDITION .................. ............................... ....................................................................................................... .t............................, ..................................................................................................... ............................... =3oom Count Above Grade 2 BDRMS / 1 BATH 2 BDRMS / 1 BATH: 2 BDRMS/ 1 BATH Room Count Above Grade 1 =Total /Bdrms /Baths I =Total / Bdrms / Baths F 11 ............................ ............................. ................... ............ ...........0.. ................ .................. .......................................................... SIZE Is.f.l 1216 1472 ($4,000) 1142 $1,100 SIZE (s.f.) .................... ............................... ........................................................................................................ e ............................................................................_.................................................... ............................... :3SMT AREA & FINISH 1216/ 50%1 BDRM /FMLY / On 472/30 % / BDRM /FMLY /OT( $ 10,000 1142/50 % /FMLY / OTH BSMT AREA & FINISH ................... ............................... ........................................................................................................ e .................................................................................................................................. ..........I.................... HEAT / AIR COND. HOT WATER FORCED AIR/ AC ? ($4,000) FORCED AIR / AC ($4,000) HEAT / AIR COND. .................... ............................... ........................................................................................................ e .................................................................................................................................. ............................... 1 GARAGE ( #cars) 2 3 ($4 ,000) 2 GARAGE ( #cars) .................. .. ............................... ........ ..................................................... ... ............................................... ... ..................... FIREPLACE (S) 1 2 ($2,000) 2 ($2,000) FIREPLACE (S) .............................................................................................................................................................................................................................................................................................. ............................... PORCH / DECK / PATIO DECK/ GL. & SC. PORCH DECK /GL. PORCH ($10,000) GL. PORCH ($12,000) PORCH / DECK / PATIO ............ ............................... ................................................................ ...... ulagal , f; S ' ivfY ......_.......... ............................... .............................................................. ............................... FAMILY RM, NEW i GARAGE, NEW ROOF, KITCHEN EFF AGE i 4 SEASON PORCH, REMODELING 1970 1 ($25,000) NEW SIDING ($15,000) REMODELING ........................................ ..........:................................................................ ................ ........................ . ............................ ............................................... ............................ ............... .. ... . .................................... . Net Adjustment ($39,000) ($31 ,900) Net Adjustment Indicated Value $240,700 $ 190,100 Indicated Value Valuation Reconciliation: $ 192700 1 COMMENTS: In reviewing the sales of residential properties on the river in Brooklyn Center, we were able to find two homes near the subject property on the river that are similar in lot size and building style. We have decided to reduce the market value due to the subject property having a flat roof, structurally in need of repair. 05/03/2002 CITY OF BROOKLYN CENTER � I 0 _--- COMP 2 SUBJECT ''`' COMP 1 T � J COMPARABLE SALES N W E S Comparable Address Sale Date Sale Price 1 6408 Willow La N July, 2000 $242,000 2 6448 Willow La N April, 2000 $192,000 G: /depts /gis /users /assess /projects /wendt i I Comparable #1 Address: 6408 Willow La N Sale Date: July 2000 Sale Price: $242,000 GBA: 1472 Year Built: 1958 ° i .R" Comparable #2 Address: 6448 Willow La. N Sale Date: April 2000 Sale Price: $192,000 GBA: 1142 Year Built: 1958 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 36- 119 -21 -41 -0005 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 100 Back: 99 6400 1/ WILLOW LA N 55430+ Right: 391 Left: 409 Ownerl: WENDT KEITH W Owner3: Owner2: WENDT ALICE M Owner4: Zoning: R1 Prim /sec: Yr.blt: 1957 Area: 39998 Acres: .92 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 100 Depth: 395 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2002: 76000 133600 209600 1703 H RL 100 2001: 65000 113800 178800 1548 H RL 100 2000: 54900 98200 153100 1861 H RL 100 Legal Description: = == NO LOT AND BLOCK GIVEN UNPLATTED 36 119 21 COM AT A PT DIS 636 FT SLY PAR WITH THE CTR LINE OF W RIVER ROAD FROM A PT IN THE N LINE OF GOVT LOT 3 DIS 542 5/10 FT E ALONG SAME FROM THE CTR ..MORE LEGAL Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT PID 36- 119 -21 -41 -0005 ASSESSMENT YEAR 2002 SUB -REC O1 HOUSE# 6400 F/A 1/ STREET WILLOW LA N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 76000 MARKET BUILDING VALUE 133600 MACHINERY VALUE TOTAL MARKET VALUE 209600 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 170300 QUALIFYING IMPROVEMENT AMOUNT - MARKET VALUE SUBJECT TO TAXATION 170300 TAXABLE MARKET VALUE TAX CAPACITY 1703 Make changes: press ENTER; or Fl, F2, F4, F5, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT PID 36- 119 -21 -41 -0005 ASSESSMENT YEAR 2001 SUB -REC 01 HOUSE# 6400 F/A 1/ STREET WILLOW LA N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE RL HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 65000 MARKET BUILDING VALUE 113800 MACHINERY VALUE TOTAL MARKET VALUE 178800 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 154800 QUALIFYING IMPROVEMENT AMOUNT - MARKET VALUE SUBJECT TO TAXATION 154800 TAXABLE MARKET VALUE TAX CAPACITY 1548 Make changes: press ENTER; or F1, F2, F4, F5, F8 AEC G CITY ASS'S fWATE DATA P ut & ... _L5QR JjAl_ Nit. Rating -BA 11121ber Dwl. Type Bsint. Area Ac(�111 Sq Ft Excellent Effective 1 3 SF 1216 Ver, Go d F unctional % *-X X_ zOnin - 9 --R-1 T7 0 r aN�I/SF�h Standard 31 Finished Bsmt, Substandard 4 Manual of op Yes 5 0 Interior Interior No Condition ensions B_ Plaster I Excellent 1 27 4V 1080 W—MENDT I I�hcelrock 2 SficeLrock Good 2 eg LOT BLOCK 3 6 13 78� Paneiino UNPLATTFO 1A I 1 P1 3 Paneling Averaae _jj!�ighoorfiood I"Itille Deck a t lis Trim Tri m Fair 4 V. I Substandard 5 er, 6, ------ _ 6 36 Len-th Area 3-t� Pi Softwood 2 Softwood 2 ------ Gow! Finish 2 Deluxe House Room Count 22 3 Construction / 1 -5 L2 I Full Painted 3 Painted 3 2 - Ofliel 1------ 4 Other er 4 "T Roosts ms toe Patio 4_1 0. Wood Frame I x Area Floor Floor Bedrooms .1 M 2 Ot her 4 Carpet -- 2 V X Carpet 2 1 Living Quality I - 5 1 Qualit I - 5 71 Exterior 81'al!sffilu Porch Tile 3 Other 3_ 1,7 t Vail 3 I Brick Stolle Glazed Area 42 • FijLCP utlf"retc 4 Kitchen 7_0 F Biths Other ""2 Adi. Prop. IDIluence Stucco 3 Quall y t I - 5 None S Spa Total Rath ____ V F Screened Area Flee. Scr Delvxc Deluxe of Metal 5 94 vice ' F�n 1 1 Full 2 Fl A;i e 3 ,r Masonite 6 Quality I - 5 )As Standard I L.Af 1'4 1 - Date View Other 7 Open Area Substandard 2 1 % iz I - Frice 129467 V inyl 8 I lleati". Bath Rating Path 2 1 6_ Ycs I uw! 2 Oualit- I Hot Water t Ouality I - 5 Quality I - 5 C��c PJernti =: c — 3 ( n%r Roof Tvve Garage #1 Forced Air 2 2 - Date 1989.03-- 2 - Price .I-x I .- , Gable I Floor Area 744 Electric Fireplace 121000 N o I xe I Hip 2 Gravity 4 # of GN / �Y_t ",....... 3 xt Walls Other 5 None 2 - Code Mansard __ None , 7 _7 '-- - 1 -7 4 Oualliv 1 _F�i -- ()uality I - 5 T - Date Add "d Fair Flat 5 Condition Bsmt. Room Count 11 Room ("gUU4 2 Room Coinit 3 - Price . ..... Total Rooms A Total Rooms Total Rooms- _L Sub Roof Cover Attached Code Gambrel /N"hunber Cars s Jrooins Bedrooms -!n �"l i;9 11 TUCkunder 3 am i o I Sh ingles I Detached 2 room, Wo od Family F, Other AppF. No. Perinit Dat", '0010 P &I G 3 1/y Built-in 4 Kitchc�n ining, 4f ;41 - - :. /e ap"! c "F ile 4 Garage #2 Other �t h le 7,U, 4 A 13 1 7- F7Sff� NVindows Floor Area _� _7,, AlejDate 17� Other Standard I 2 Y Casement Y� Land (1tar. - - a c . ter.-i s ii �s 2j Non-Standard 2 Dbl. I lufLo Ext. Walls j C - U 3 i Patin Door, Attached I Payed Street V I Number Cars _1 0 0 4 j GI idcini�i /V Curbs 2 4 0 9 Awning,/ 4 Condition X Sidewalk Notes Sew��,� Avail. 4 R-o.o-f--damago-,---unab.L*--t-c- 3 9 1 ,)JST 2 4 of i Detached 2 Water A vail 5 10 0_ Lcvcl 3 Walkout . Tuckunder 3 V%,*16pal r_,__gradG__3_-on__1_ot Gas 4 Quality I - 5 Built-In 4 --w a s__d u 0—t 0—f-Lo 0 d P L& LIM— 1 .'� H Buried Elec. 7 5 F Pool Ki,.t-r-h-en.--.ar-*-a--has-.-bton—upd— ( _'. ., te 81 6 Air Conditioning/ Area Rhw - Q I 'Yes On River Y Quality I - 5 0 - v 7 1 deck-i-ng---p-o.-o-r—a.d.j—qual-- iver Rating 0 ------ 2 ' Wooded 11 _und_*r__d*.c_k__1_o_w__quAJ Othor 10 jr_t_UrAL_Sb.0_W_-L_t*.M P.0-r-ar-Y Influences 12 e V4 _92 aid- ADDRESS J•D• BUILDING PERMITS Date Number Value Type 3 SALES INFORMATION D ate Source Price/Terms YEAR LAND BUILDINGS TOTAL HMST fit 19 19 19 19 19 • _ ��, � r •, .. �,�� <�j, �. E �,�� -� �_� �• 3�- tt q -Zt -y� - 000 `- ��.� .�- �I���!� -: � _ � ��, n. 717 F F h� P a g j "- -- 7V I N Ww"S Nkkl! Age 5.1 " WK CITY ASSESSOR - REAL Es5ME DATA 7J 1 j f',. '; DwI. Ty Bstnt. Area Kif.Hating _ .Actual - 9 Sal Unful. I" , Scl Ft I Uffective 1 41-0 36—j___9—P_j — - in. 'MA __ —Al- 4 S-F 1472 2 % Nci I ' Zoning P I Veiv (rood X _-, - i)" r-1-1 ood Crawl/Slab I Slandird I Economic lT, )fill. (i 1, A Finished Bsjut. Substandard _t Manual -6-408. _W_LLLOMLA__M I % 30 Obsolete Yes ------- No Interior Interior Condition T D D R -PAULSON Bsmt. Quality/Class Plaster I Plaster I Excellent 1 48 x Z 1344 I thru Xt------ -- - - -- -- - -- -- -: Shectrock 2 Sheetrock 2 Good 2 LOT BLOCK 4 parl(1inR 31 IF Paneling 3 Aveian 3 32 4 128 UNPLATTED P1 Trim 4 Dorm Deck Baths Trim Fair Stalin ers Length I Area 57J Spa _Pai �dwood I x Hardwood I Substandard 5 2 F Soffivood 2 Softwood 2 Finish 2 1 Deluxe House Room Count X Q uality 1 -5 1 *1 1 Full Paited 3 Painted 3 n ooms 3 Construction Q otlicr Other 4 Total R :T L_ Wood Fran Patio —1 Floor Bedrooms I'ard Masonry Walls 2 Area — Floor 3 'v$i1IR Other 3 Bath Rating wood _X I ------ �Vood I Family 21 2 Living Quality I - 5 1 Quality I - 5 3 _S��Pet Carpet rxterior Walls/Trim Porch Tile 31 Other 3 Dining Stone I Glazed Area 961 Fire Concrete 4 Kitchen X in 4 I 1 Brick 2 1 # of 1 Bath Other 5 Spa Sp a Total Baths 11 Arca Ilimence 3 Quality I None LsL- 1 3— #of Wood 4 Screened Area I Quality I - 5 1 LP Deluxe Deluxe Metal 5 I Elec. Service Full 1 Full Sales Fl !in.., 3 1 Masonite 6 Quality I - 5 I 1 Standard I I X ' /4 1 - Date Z0_0ff0_7_-- I Other 7 Open Area I Substandard 2 1 1 I -Plice ?42000 _ Vinyl I Heating Bath Rating Bath Ratin _1472- I Oualitv I - 5 I 1 liot Water I Quality l - Qode Quality I - 5 - Yes 1 Ga 0- -- - --- ll.iAlipca S28, Electric — 3 Fireplace 2 -P rice rape #I Forced Air 2 2 - Date 1-9-84 Fireplace 1 15000 - 0 Gable I Floor Area I flip 2 1 GravitV 4 4 of # of Vcs No Flat Char2e Mansard 3 Ext. Walls op Other 5 None None s 2 Code Mans, 3 I Gambrel 4 Number Cars P Quality I - 5 I-1 Quality 1 - 5 I 3 - 'Date Add 4 Flit 5 Condition 1 Bsint. Room Count I" Room Count - 2"" Room Count 3 - Price Roof Cover r, ms Attached Total Rooms -g, Total Rooms Total Roo Sub V Detached Bedrooms Bedrooms -C ---- -- �VPCh 2 p 1 3 ass Shingles I Bedrooms - - - 1 A04 Wood Shakes 2 Tuckunder 3 I Family ____Other L3ccdon Permit F� P&G 3 Built -In 4 1 Kitchen Living Appr. No. '0 0 12 - ape Slate Tile 4 Garage #2 Other J a*S _ T,1 _4 'Windo Kitchen te Appr. Da I 94fl 110 1 __ 99711 Fl7or Area 32 A --I Casement I Other Standard V f )c - ----- 2 Dbl. Hung 2 1 Ext. Walls Non-Standard 2 1 Land Chrrilcleris0c 2-- Paved Street 1 0 0 - -------- 4 Gliders 3 Number Cars I Style Awning 4 Condition 2 Curbs 2 __42 0 Patio Doors Attached I Notes Sidc�,valk 3 0____ TUNNEL IN A-S.EMENT.-TO Sewer Avail. 41 2 # of I Detached 2 ii! 1 3 NValkout Tuckunder 3 DETACHED Water Avail 5 4 __GARAG_E_- Gas 6 Built-in 4 1 -. J LL -th -NEW-.XI-T-CH-COUNTEP.S-,-CT-f-LR— Buried Elec. 7, Ar,:,a - -- Pool AND_NEW_.APP_L.__NEW_E.XT___- --- - - - 1. , , -,, . - ___ - - - 39.727 - -- Alley 8 In, Air Conditioning, Area _R 0-0 F-AN D-C E-1 LING SLAESP R AY Y On River 9 1 oil 7 Yes -ED__THRU.OUT_HOU_SE__BSM_T_FR River Rating 06 8 No 2 Quality I - 5 F LNISHMAI-SERV-1-CE-DOOR I -, I�alh - 9 TO EXTERJOR-UZONE-ADD-T-L Wooded 11 pe --- Influences 10 _W_1NDD_U__ADJ_EFF_AGE_& _L2 L__Z_, 1,_00 0111C1.4 �r�,��r �+, s y• ' }� ,'�- 1 . �, � � v} r .A:1•.;jt(yy�R; .`F. :rrifN:.` :.� R,cw' "yfi:��', ��v,' "i�` �,- ems _ ' ... - 'r"' .1 i'" .,,�•` X15 .,:y" � �... � ,�� - � - _ i /r qq _. Y ff } Jr' Af t :W t ; � 11 t ✓ � .7 111 _ -!�' � � �� ' ���•� �, ..� • may. ,1. � �' r '�ii / " ��. ` ��:.;•K'';f. �f. %'� �•�;;h �... :;uszt' .`"': t�s .. ,a , ,. 1 b l v' : a4' ':SSOI2 - 121,f1I,1r.S "i A DAT 1 , K , is >s rs � -4_ � ._r,.. - - - - -- -- - ._... -. q I r l. p Sq Ft c �.,.� F�I..i :celh nt Effective - ,. 4n, c ^* f ,•=s :a ?,f j Lnain ` e Bsmt. Area I - Very Go o d R: _tin 2 I unctioral °" -- -- 1hUui. .36- 1.1- R- 2.k= 4- 1__QO.n 1 1 �4E -- - - - - - -- - - econo % - - -- -- - -- r � Craw]/ . �_ Standard 3 ; licfress — IManual Unfin. (;B/', 6448 - __._.__- WI_LL.O_�1--LA._N Fi nished Bsmt. Substandard 4 % r.�0 Ubsolctc , Yes gsmt. 4 a .hty /C:Iass [ta 1 Plaster 1 _Excellent --�i- .__...__ _,__. - - - - -- - - -- - ____. .. _ -.. No Interior Condition Dit,re Interior Condn icx;:: _I 4 I I tneaing Paneling 3 Good A vera ge -- -- -. ;LANE.--------- _— f�. -HA- I� Q��1 1 thru _ _Sh 2 She�trock X '-Ga 19 X74 ----- LOT BLOCK _ REG_I8- ._------_._-- ?' E R1=D -LAND UR h:,od1T.atin Dormers Beck lk�t {a., - -- _Trim 1 Trim Fate 4 � _'.3 -- - -- ^ Softwood - 2 Soft"ood 2 Substandard 5 _! - 1.enath I I Area spa (lardwooc{ I I Hardwoo l � - aa:.... - 3 Construction Quality 1 o u � Painted � I XI a - - -- -- - -- -- - -- -- - -- nd - -- -_ - l Finish 2 ( Deluxe � ['atnted 3 _ House Room Connt q x _ ..i,_ 4 wood Frame, I Patio / � 1 Other 4 I Other 41 Total Rooms t:u,cia!d 5 I Masonry Walls 2 1 Area % _ Floor _I Floor Bedrooms 21 Stating Other 3 I Bath Rating; 9dood 11 X 1 Wood 1 Family i Gewd 1_ I Quality I 5 I Quality I 5 4 1 Carpet 21 Carpet 2 Living 1 1 1_. ' _ Exterior Walls/Trim Porch 31 F p i 'file 31 Ot - - 3 Dining_ - ,__,___ „-- - - - --- ----- ..- - -. -.__ 3 Stone 1 Glared Area Fi Concrety 4 1 I Total Baths _ _ Kitchen 1 _ 1 Bri ck 2 I : # of _ j Baths Ba Other 1, '.,zi, t . up_ Inllaenc S tucco 3 Quality I - 5 I 1 None SS Lia Sp _ I I t - 1 ~— Wood 4 Screened Area ualit I - o ' [�e Deluxe # of I - _____T ^_�__Y -_j nlal 2 ( - Metal 5 I Elec. Service Full - - - - ~ 1 PuII Sales 2 11 PI area 1. 3 X Masonite 6 1 Quality I - 5 { 1 Standard I YA 1 - Date . F 0 _0-fl_04 View Other 7 1 Open Area I Substandard 2 I 1 %2 1 -Price 19 2000 G.B. Area _Vinyl 8 I Fleatina th Bating Bath Rating ual 2 Oualitv I - 5 I 1 Hot Water I -- I Quali Ba ty 1 - 5 3 Quality 1 - 5 1_ „�„ -Code __ Partial 4;onsf. ry `totes aor lnsp,__ i.;ertive 3 X Roof Type Garage #1 1 Forced Air 2 211 2 - Date 1 4,641:7_ Yes l I _ cs I 1 . A rcls. rppeai Gable 1 Floor Area 440 Electric 3 I Fireplace Fireplace 2 - Price 850 1 No 2 _ client i Hip 2 �C I Gravity 4 1 # of j # of I Left Tag: Yes No , Good 2 j( Mansard 3 Ext. Walls 4 1 Other 5 Non None 2 Code hIa 1: ' IV cnw v____._ 3 _ Gambrel 4 Number Cars ^�- I I Ouality l - i 1 3 Quality 1 - 5 I - 3 - Date Add g (' i s 4 Flat 5 Condition I Bsmt. Room Count I V Room Count 2°” Room Count i 3 - Price sianc!ard 5 Roof Cover Attached 1 X Total Rooms E; Total Inf Rooms 41 Total Rooms Sub ?uatitwC' r ss Shingles 1 11 Detached 2 Bedrooms 1 B edrooms _ Bedrooms , 3 Code A04 Wood Shakes 2 Tuckunder 3 I Family 11 Fam ily _ O th _ � ma flasg !7r aazataa ra er lus -` - - -. - - --- - -__ --- P e& G 3 Built -In 4 Kitchen Livit - -� -1 Appr. No. Pamir. hate 0020 ..,,n;c Slate Tile 4 Garage #2 Other ” ',aae '7r' , - ', A r. Date i_.sl lot. In:,p 1 1Vindow's Floor Area 33 1 II:iv;hen 1r4 °ym�: � 1 pp 19984707 j9980707 -- t 2. -- - -- - - Casement l j I other -- -- 3 Db1. Ilona Ext. Walls _ _ I Non- Standard 2 - F Land Char,!cleri;':c- -- - -- - rc z. 4 Gliders 3 Number Cars j �� I Paved Street Str le Awning 41 Condition _ {Curbs 2 - -- ;urr Patio Doors _Attached 1 Sidewalk 5 ;F 2 # of I E Detached 2 X 2 E� 6RE$.S_ht- LMDD�,lB - - -- S e,,ver Avail. =1 ,' ^l cl ~ 3 - walkout Tuckunder 3 2ND_._G.ARtA&E__FOR�LORAG_E W ater Avail 5 1 _�a� _V4'ic�th_ - 12 6 .= 1 Quality I -5 1 Built-In 4 �_g X!CELLENT__ TE.W----- - - - - -- Gas _ 1.- C33 - - -- 5 I Pool S- TEE.- B.ANK.j_- ISLAND- _Y - -EW Buried L lcc. - - 7 :`, "a 29 0. 5.- - - - - -E 6 Air Conditioning_ Area aKERG QOW.N_ W I-TH- BR_UE1'� X 4 -S EA-80 J�1 _P 7 . - Yes 1 I - _OR CH___ __ -- O n River `_ 1.__._ I ... r l e No 2 I Quality l - 5 I -U- ROOF._- NE.WE.R River xatin .__ I0 . _ ___3 _ - - -- �_t,l:c !�;,t „ a.. - - - -- Woo l F_EM_VE_lGE tlPGRAQE.O E an 5., -- -- 10 E Influences 12 Acrc a - -- - _- - 1 ..} - ...�:: _ M.,.s,. �.,,.,_,�...�.,.�..;.....,,®,_� . p �-... m... n.. �„@,_.., ��,:_ m.. �mu. �_-_,.-.,. �•„..-,_.-..,_-..,, a�. �. a.. �.-_., �. m. T. s,_.... Aa�,.,..,», �» ��.. m.-„ �,., �.,...-.,_-, s,.. �,. aa. ,v,,.- ...�.o,..n,•.,.,,,..w..A_ „, �� �' � �t^'S ¢� �.�� s< x ° r'�r� '� - �` 1 �s::. ^” r tT f e s£ 'S,^`F`���+n�y�� ��"� • _ z "a."u'Lit ., Z. `I! azazlA` t�C/ "Y IW s tZ '.,' ` Z' - ,�'x �r rl ,L t °sm - - t 'ti�� • � o y ?, yr � ._... •b.F{ .ai.. 1 .w���t� HC W'1 �3' �' �.:� �Y�� � � � �' J�� - N,. Y. J , A"M ASSESSOR - REAL ESTATE DATA V Unflnislik-LI GB k 09.101" Vj WON" AM KO Duel. Type Molt. Area I Kit Rating Actual 6RA Sq Ft Effective cclicrit 1 -4-980 1144 Ex Very Good 2 Functional % IT'n'l jy Zonille p X Crawl/Slab Standard 3 F.conomic % Finished ll�ml. Substanda 4 Manual Unfin. OBA 6 S 0 .0 ___W-1 LLO W--LA--N T s � % 6 5 No Interior Interior Condition 1 1 44] 113smi. 0ualitv/Cl,1. Plaster I pl;stcr Excellent 44 26� �heetrc Sheetrock ------ - - S BLOCK 1 ) 'JO I N L OT —DF.,LANrr;r " I X __ ' 00 L Average I thru ck 2 Paneling 3 1_ Panel 3 B." 6 481 WILLOW-21-UEF Vatinj! Dormers Decli Baths trim Trim Fail Lcm_'th P. 4 0 _SP�' 6,11i11 1 11 __�ubstandard 5 X Area I ___X flardwood Finish 2 Deluxe flw( 2 SoL��LoqLi_ 2 c 3� — 34 _ Paint: 3 1 House Rooll'. Count ---------- ---- Construction Quality 1 -5 Full 41 otal Roorns 8 4 _�Vood Frame I X Patio 0111Cr f sy;' Bedrooms 5 Masonry Walls 2 Area Floor Floor Family Bath Rating N"'god Wood I r, g Other 3 Quality I - 5 Quality I - 5 Carpct E3 lerior Walls /Prim Porch Tile Od1cr 3 __A Kit Stolle I Glazed Area ___-Fi Concrete 41 - - __tire — Other chen 4 Brick 2 #01' Baths - Baths g SI)l otal Baths I` Fl Awil llflucnce Stucco - 3 quality I - i I - I _-_.._.._- --- - - -_- __ 4 Screened Area __None S a 4 of _ De!uxe W ood �y 5 _1�c -vice Metal 5 Elec. Sej Sales .i re;! _)C I'vlasonite 6 quality I - 5 1 Standa X 3 1 ' 4 _ ir w Other 7 1 Open Area 14� S;"'hsdt:""dard 1 /2 1 - Price I ago 0 0 (;M. Al ilos: Vinyl 8 11eatin:4 Bath Rating Bath Rating Yartial 'o In(,- jor Ilisil 2 ouality - 1 Hot Water 1 L* Quality I - 5 1 - Code 1 -5 Quality I -5 e #1 Forced Air 2 2 - Date X_ Roof Tvvc Garau Gable I X Floor Area 5281 Electric 3 Fireplace Fireplace 2 - ]'rice Hip 2 Gravity 4 9 of 4 of Vcs '3 2 - Code Fln Charg� - arls, 3 Ext. Walls Other 5 None None ---- -- M ansa rd 3 Gambrel 4 Number Cars ou _k1q:L_I - 5 J Oualit 3 _ Date Add 3 - Price i Flat 5 Condition Bsuit. Room Count V Rodin Coll it 21"Rooy I - 5 n) Count Sul' Sj Total Rooms _Total Rooms Roof Cover Attached 31 'I'otal Rooms Shingles I X Detached 2 Bedrooms 21 Bedrooms B05 ......... . Bedrooms Other Infornia6w, _ffood Shakes 2 1 Tuckunder 3 FanL1 11 G 3 Built-In 4 fT App r. No. I 1 0010 SlateTile 4 1 Garne #2 Other ' 'Vindows Floor Area Appr. Date 19980709 Kitchen' 19980709 A __X Other Standard I C aseme nt C _X_ Non-Standard 2 Lana it Ch a rw t c 0.51 i t, s 3 Dbl. hung 2 Ext. Walls -- ------- Paved Street t' 3 Number Cars -Gliders urbs 2 C Left Awning 4 Condition Sidewalk 3 Patio Doors Attached I Notes Real Detached 2 Sewer Avail. 4 2 X #of r=j_anJL_tr_o.1 __111 Water Avail 5 J 1] , Width :phi "-.vel 3 Walkout Tuckunder 3 4 Quality I -5 Built-In 4 Larga--t-r-i 19_p_A_t_JL6__d_oor Gas 6 t_-Eff. DojL(h__ P 02 ------- Tca Pool 11 _250 5 flo-o-r- -1-r-h 011—Ar-Will—& Buried Elcc. 7 AT Allev 8 6 Air Conditioning Area _Ls t —f- .1 -r— b-a th-, X Oil River 9 Oil Lake 5 River Rating 10 3__ Lake Rating No 2 Quality I - Wooded I I L 9 Influences 12 Acrca-p - 3 i i 7,t 1 0 $ L7 ;' \ Z El cn Qe m m � r m ❑ m. ° 1,r 0 M '"q IT1 2 ',,...o --� i, ', +'r: +' w•a .v ' " re..I. .4'?�kti ,, ..�., ,, ,' 1 i F, -�,I , Y i ..�,,, _ I � ,,„„.,.w....M,«w . w „a. ,,ve,.+•nu, w ..,,,, , ..F IMPROVEMENT VALUE COMP 19 RATE VALUE ADPITIVES SECTION AREA Item No. Value Residence Fireplace Fir Patio Doors at Walk -out Bsm't Finish Wal y BrzwaY 2 Fix -Bath Garage 2 F 3 Fix -Bath 3 F 4 Fix -Bath Porch i 4 F Air Cond. Additives TOTAL Total Replacement TO Less Depreciation % Total Value Improvements Land Value Total Est. Market Value '^:dL; `,�:_•`i: :its" ':: ✓3 :�A <'s', � x s' `�'�:'a• i�:. .y <�� "✓ ..- }.,... . •:': ., •y " a r an v River Sale Address: 6500 Willow La N Sale Date: July 1999 Sale Price: $189,000 GBA: 1192 Year Built: 1980 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT _ 03- 118 -21 -31 -0041 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 81 Back: 81 3901 1/_ BURQUEST LA 55429+ Right: 125 Left: 125 Owners: ROLAND JOHN J.O. Owner3: Owner2: ROLAND BEVERLY J Owner4: Zoning: R1 Prim /sec: Yr.blt: 1956 Area: 10125 Acres: .00 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 81 Depth: 125 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2002: 27000 133800 160800 1417 H R 100 2001: 26500 111900 138400 1288 H R 100 2000: 24100 94600 118700 1465 H R 100 Legal Description: LOT 6 BLOCK 2 PEARSON'S NORTHPORT 4TH ADDITION Type PID or ADDRESS: press ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURB 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT _ 03- 118 -21 -31 -0041 3901 1/ BURQUEST LA SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 5/1991 89000 4 P =0 / i I / Prosy F1. F2, f5. F8 PROPERTY DATA SYSTEM SALES COMPARABLES DATA REQUEST CURR 337 PROPERTY ID YEAR --- - - - - -- Subject Address ----- - - - - -- NEXT 0311821310041 2002 3901 BURQUEST LA Sel Comparables Address Sale Date Sale Price Wgt Insp 1011821140075 5018 ZENITH AVE N 08/01 165000 132 Y 0311821430004 5401 SAILOR LA 05/01 154900 131 Y 0311821310034 3806 BURQUEST LA 09/01 167000 129 Y 0311821310028 3912 BURQUEST LA 08/01 155900 126 Y 0311821430090 5510 FRANCE AVE N 10 /01 179900 125 Y 0311821440001 5324 NORTHPORT DR 09/01 140000 123 Y 0311821430003 5330 NORTHPORT DR 11/01 160000 120 Y 3411921320006 6415 LEE AVE N 06101 165000 119 Y 3411921140034 3306 65TH AVE N 12/01 155000 119 N 3411921110058 6724 BEARD AVE N 10 /01 190400 118 Y _ 3411921310017 6325 FRANCE AVE N 05/01 152000 115 Y 3311921420071 6331 SCOTT AVE N 08/01 157500 114 Y Enter order of selection then press FNTER: or F1. F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/06/02 CURB 436 ' NEXT PROPERTY ID: 03- 118 -21 -31 -0041 YEAR: 2002 ADDRESS 3901 BURQUEST LA CLASS: B06 DT: SF STYLE ONE LEVEL MANUAL: NO GBA 1412 (SQ.FT.) AGE: 32 YRS ZONED: R1 BASIC RATE $ 80.42 ADJ. RATE $ 82.83 -> EXT. WALL: 1.0% ( +) SHAPE: 2.0% ( +) ADJ.RATE *GBA: $ 116955 -> ADD BSMT $ 14120 = 1412 SgFt @ $10.00 Rate -> DED UNF.GBA: $ - SgFt @ $40.00 Rate ADJUSTED TOT: $ 131075 ADDITIVE AMT: $ 25511 -> GARAGE : 10759 DORMERS: PAT.DOORS: 1000 -> WALKOUT: AIRCOND: 1694 DECKS -> PATIOS 910 PORCHES: POOLS -> BATHS 3500 FIREPLC: 2000 FIN.BSMT.: 5648 TOTAL COST $ 156586 ADJUSTMENTS 85.5% -> DEPRECIATION: 85.5% INFLUENCES: % -> FUNCTIONAL ECONOMIC : % BLDG VALUE $ 133800 BLDG MARKET VALUE $ 133800 FLAT CHGS $ LAND MARKET VALUE $ 27000 TOTAL MARKET VALUE: $ 160800 * ;'T z ' s PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT _ 03- 118 -21 -34 -0014 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 128 Back: 128 5325 1/_ FRANCE AVE N 55429+ Right: 89 Left: 83 Owners: THIELMAN SYLVESTER A Owner3: Owner2: THIELMAN ROSE MARY Owner4: Zoning: R1 Prim /sec: Yr.blt: 1957 Area: 11008 Acres: .00 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 128 Depth: 86 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT 9 bOwn 2002: 28100 119100 147200 1255 H R 100 2001: 27600 101500 129100 1141 H R 100 2000: 25100 83600 108700 1242 H R 100 Legal Description: LOT 5 BLOCK MALCOLM'S LAKEVIEW ADDITION Tvoe PID or ADDRESS: oress ENTER: or F1, F2. FS PROPERTY DATA SYSTEM SALES COMPARABLES DATA REQUEST �CURR 337 PROPERTY ID YEAR --- - - - - -- Subject Address ----- - - - - -- NEXT _ 0311821340014 2002 5325 FRANCE AVE N Sel Comparables Address Sale Date Sale Price Wgt Insp 0311821430022 3712 53RD PL N 04101 137500 139 N 0311821420011 5643 NORTHPORT DR 03/01 136000 138 N _ 0311821420022 5509 BROOKLYN BLVD 06/01 144900 138 Y _ 0311821430026 3707 54TH AVE N 03/01 144000 137 Y 0311821310058 3825 56TH AVE N 06/01 157000 131 Y 1011821120059 5225 EWING AVE N 01/01 135096 131 Y _ 0311821130043 3800 FRANCE PL 10/01 163900 130 Y _ 0311821130007 5712 NORTHPORT DR 11/01 150000 129 Y _ 0311821430078 3600 55TH AVE N 01/01 133400 127 Y _ 0311821130065 3624 ADMIRAL LA 03/01 140000 126 Y _ 3411921140033 3300 65TH AVE N 06/01 150000 125 Y 0311821430010 3712 54TH AVE N 06/01 141000 125 Y Enter order o f selec then cress ENTER: or F1. F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY �CURR 436 NEXT PROPERTY ID: 03- 118 -21 -34 -0014 YEAR: 2002 ADDRESS CLASS: DT: STYLE MANUAL: GBA (SQ.FT.) AGE: YRS ZONED: BASIC RATE $ ADJ. RATE $ -> EXT. WALL: N SHAPE: l b N ADJ.RATE *GBA: $ -> ADD BSMT $ = SgFt @ $ Rate -> DED UNF.GBA: $ = SgFt @ $ Rate ADJUSTED TOT: $ ADDITIVE AMT: $ -> GARAGE DORMERS: PAT.DOORS: -> WALKOUT: AIRCOND: DECKS -> PATIOS : PORCHES: POOLS -> BATHS FIREPLC: FIN.BSMT.: TOTAL COST $ ADJUSTMENTS -> DEPRECIATION: % INFLUENCES: % -> FUNCTIONAL % ECONOMIC : % BLDG VALUE $ BLDG MARKET VALUE $ FLAT CHGS $ LAND MARKET VALUE $ TOTAL MARKET VALUE: $ Tvpe PID. Press ENTER: or F1. F2. F£ PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/06/02 CURB 436 NEXT _ PROPERTY ID: 03- 118 -21 -34 -0014 YEAR: 2002 ADDRESS 5325 FRANCE AVE N CLASS: B07 DT: SF STYLE ONE LEVEL MANUAL: NO GBA 1092 (SQ.FT.) AGE: 35 YRS ZONED: R1 BASIC RATE : $ 98.42 ADJ. RATE : $ 98.42 -> EXT. WALL: % ,( +) SHAPE: ( +) ADJ.RATE *GBA: $ 107474 -> ADD BSMT : $ 10920 = 1092 SgFt @ $10.00 Rate -> DED UNF.GBA: $ = SgFt @ $40.00 Rate ADJUSTED TOT: $ 118394 ADDITIVE AMT: $ 23510 -> GARAGE : 5282 DORMERS: PAT.DOORS: -> WALKOUT: AIRCOND: 1310 DECKS 2640 -> PATIOS PORCHES: 4410 POOLS -> BATHS 3500 FIREPLC: 2000 FIN.BSMT.: 4368 TOTAL COST $ 141904 ADJUSTMENTS 84.0% -> DEPRECIATION: 84.0% INFLUENCES: % -> FUNCTIONAL ECONOMIC : % BLDG VALUE $ 119100 BLDG MARKET VALUE $ 119100 FLAT CHGS $ LAND MARKET VALUE $ 28100 TOTAL MARKET VALUE: $ 147200 Tvoe PID. Press ENTER: or F1. F2. F8 MRY 06 2002 3:34RM HP LRSERJET 3200 p.2 tiller Management Company 5871 Cedar Lake Road S., #103 - St. Louis Park, MN 55416 Phone 952 -925 -1510 - Fax 952- 925 -9443 Web: www.millermanagamentco.com May 6, 2002 City of Brooklyn Center 6301 Shingle Creek Parkway Brooklyn Center, MN Attention: Nancy Wojcik RE: 2002 Valuation, Willow Lane Apartments P I D# 27- 119 -21 -33 -0010 Dear Ms. Wojcik, In accordance with our phone conversation today, the purpose of this letter is to request a hearing with the County Board of Equalization. I'm disappointed that we were unable to arrive at a more equitable resolution. Sincerely, C' M. Salloway M REAL ESTATE MANAGEMENT FOR OVER 40 YEARS Mimvwla Mmf..�A City of Brooklyn Center A great place to start. A great place to stay. May 6, 2002 Mr. Mike Salloway Miller Management Company 5871 Cedar Lake Road S., #103 St. Louis Park, MN 55416 Re: 2002 Valuation, Willow Lane Apartments P I D # 27- 119 -21 -33 -0010 7015 Brooklyn Blvd, Brooklyn Center Dear Mr. Salloway: Thank you for your cooperation during the review process of the 2002 assessed valuation of Willow Lane Apartments, located at 7015 Brookyn Blvd., Brooklyn Center. As mentioned in my phone message Friday, May 3 , I am recommending no change to the 2002 estimated market value and sustaining the 2002 valuation at $2,292,100 for taxes payable in 2003. After review of the income and expense data provided and present market rents of other HL apartments it is my recommendation that the property value remain the same. Apartment complexes from 48 -75 units in Brooklyn Center have an average assessed value of $48,591 per unit. Your 2002 valuation of $2,292,100 or $39,519 per unit is well below the average estimated market value. This value has already taken into account the overall condition of the property and below market rents. Should you wish to continue your appeal, your petition rights are still open with the Minnesota Tax Court. For information on the Tax Court, contact the Tax Court office, 25 Constitution Avenue, Judicial Center, St. Paul, MN 55155. The telephone number is (651) 296 -2806, or by internet at www.taxcourt. state. m mus. Thank you very much for your time and consideration with this matter. If you require additional assistance please feel free to contact my office at (763) 569- 3357 for assistance. Sincerely, Nancy Wojcik City Assessor 6301 Shingle Creek Pkwy, Brooklyn Center, MN 55430 -2199 • City Hall & TDD Number (612) 569 -3300 Recreation and Community Center Phone & TDD Number (612) 569 -3400 • FAX (612) 569 -3494 An Affirmative Action /Equal Opportunities Employer RPR 22 2002 10:04RM HP LRSERJET 3200 P,3 FROM: mast CtAg IN�ttt CTTT of am" CtNTIN RE?IAIIK �N� U "t- POST PAID MINNEAPUM, MN 1 Ll CWK VALUE NO'T'ICE PERMIT NO. 2282 tail w -rtw on. 763 swMe no: 1 76Z)wnw jam to 2w PROPERTY ID: 27- 119 -21- 33-010 ZOit Paysbie 2002 201a paN } PROPERTY ADDRESS: MO M KTJ e<01 CLASSIFICATION: LON IMM LN ESTIMATE1 ,' vIARICET VALUE: LIMITED MARKET VALUE: QUALIFY G IMPROVEMENT VALUE: ; MARKET VALUE SUBJECT TO TAXATION: 42,90%00 ... ibis MUM =taus vow ZMR I ramty "Intl" for property taws P*m# is 2001. now rarials ft pophow MI 09 tbgdf =tioa provided as this MUce. The IroMp Cwtor Loci kwd of appeal am tedium sit wAisi0' a f�. madly, 1w a, tour, at 7:00 ra a the rest nrre 3tatioa. It you hwe gwstloss rortta0 thin Pwrolwrol AM 0 dauMatioi, or if you AA to schedule as sppoi ow"t to appear ktore the Iasrd, caitact the WOO bow 'Manor•: PMCe pr1W to kWW.F Wil t2, t00t, at 17631 369-= 0. s rtol a MOP I" a, 21Kj 7:00 M. rest rirr scatiaa. 6m WWI" autNw. �tri, btlo I� TO: um a LAISC REal,fl► Wa r1LLH WJMnl Nf w 3"7 1tCIL1101 NUM. y •' ar. Lm "AL as 5na r loll 11,1, 1111, III I dII1iI„1,I11,1,11,11f1„11„1111 SUBJECT PROPERTY WILLOW LANE APARTMENTS PI # 27- 119 -21 -33 -0010 - 4 021 _ // r i t ui1Yn1 u�uuo� Nei t AN D • r ADD O TI 00 COMM KAZA 63.T ` 1 2 83 EAST W N N / .......... .a. `� ••a'1 \ r, 290.8 WEST 152.4 (I) . • ;• • • • ♦'• ..,� :O0.L Nbd`La' OW PART Of�r , ►� \\ LOT 1 I 62.64 i \ F - - � \ (80 96) CONDO NO 529 BOULEVARD PLAZA 1 CONDOMINIUM 240.79 9 \ S89 62.64 ------ - - - --- LLJ cz` \� ry 470,03 e \' 70TH AVE N . 8� 121 60 1"17 127 60 (37) (36) (21) `\ 0 \ 127 1 27 • I27 15 (38) " ^ (35) (22) 90, In In N 127 12 o o . ,n 3 '' n 14 N 3 2 (39) `- (34) " °z (23) (12) 127 127 127 ct /� n a p Q 0 N' 4 M z L 13 - 4 �' 3 ('l,,d�. — /l' (40) ..{ �° (33) (24) W (13 /� a ct/ V n �O u wF�l 2 f if it rLa t e 11J 127 127 Q � •,� CITY ASSESSOR • REAL ESTATE DATA Construction Basement Parking Apartment Breakdown Property Name Print Date 0 A) Steel Frame 1 Basement % Ramp 1 I Numbe Type Area WILLOW LANE APARTMENTS-53 B) Rein. Conc. 2 Bsmt. Use Code 400 Surface 2 - X n n Eff PID # Prop Type: C) Conc. Blk. 3 Plumbing Underground 3 VI VJ 36 1 Br 27-119-21-33-0010 A HL D) Wood Frame 4 X Above Average 1 # of Spaces 121 �, 2 12 Br - 923 Property Address: S) Pre -Fab 5 Average 2 X Area ;238 1 3 Br 1 266 7015 BROOKLYN BLVD Other 6 Below Average 3 j �3a�age s, JFI i'� SSAVG: Exterior Walls Electrical Floor Arl r' ° dd t y�,xv' 4% 0 0 Rents as of 1 E 1997 Owner Brick 1 X Above Average 1 # of Spaces E 0 Actual Type Economic 9 C Stucco 2 Average 2 Rent @$; 3 0 WILLOW LANE REALTY - - -- ---- - - - - -- X ����� � Eff � Taxpayer Wood 3 Below Average 3 I Detached �,V �a�7� X {BB 1 Br Metal 4 Height � Underground 538 2 B Concrete 5 Aver /Story 1 0.0 Attached 3 654 3 Br Legal Description Glass 6 # of Stories 3.( Sprinkler System A V 6 i LOT 1 BL O C K i Other 7 Clear Heiq�j� 5, , Q % of Area / v 0 0 0 Rental /Expense Infgration ELM I CKY' $ ADDITION Roof Structure `Elevator Pool Gross Income $ f i o kl Wood 1 X None X Indoor 1 Vacancies n. f l 0 0 (y/ Land Data Construction Quality Steel 2 Quantity Outdoor 2 Eff. Gross Income $ ) Frontage S $ 5 Excellent 4 Precast 3 Security System Flat Charge: Operating Expense $ Depth t+l Q 3.5 Other 4 Yes 1 X Add. Net Income $ Area /Sq. ft. 148 028 Good 3 Roof Cover No 2 Sub, Cap Rate 0 0 (po i Irreg. Shape 2.5 Pitch & Gravel 1 CDE. GRM .0 Zoning Average 2 X Wood Shingles 2 BUILDING PERMITS Rent /Sq. Ft. $ .00 ; Area Rating ,ma 1.5 Asp. Shingles 3 / / Interior Inspected Site Rating 4 t) Low 1 Insulated Roof 4 No. Date Yes 1, .Allow Undo Use Codes Other 5 S No SAVD / 2 Trackage 1 3S2 100 % Heating Type Value $ Date - i - E - i 1 7 / 9 9 Yes 1 1 2 000 % Electric 1 % Appraiser Initials No 2 ' X 3 000 % Forced Air 3 % _ No. Date / / Cash Equivalency Sales Data Sewer 4 000 % Hot Water 4 1 0 0. Date 01/ 1984 Yes 1 ( X Arch. Appeal Space 6 % Type Value $ Price $ 1200000 No 2 Excellent 1 Pkg Unit 11 % Date / Water Very Good 2 H & C Air 12 Q % Price $ Yes 1 X Average 3 X Other ( #) % COMMENTS 50 / LINE No 2 Fair 4 Building Ph" ��/ 1 / ) 6 /' /{ Street Undersirable 5 F.F. Area "D 18 777 Yes 1 X Depreciation G.B. Area , 56331 No 2 Functional % N. R. Area 67;Z 4S$719- - / L - t' C ,�..•(, a /y f' d - Excess LandC! Economic % Mezzanine Yes Physical % Perimeter 'f S (j7i (.; � / � ct. . C r • ; �1 �- i - '� �. # J a �� r• 1, . Not 2 (X Const. Year 1 9 5 9 TP S S > ;; .. ll �?I ✓i: 9'.' Needs S 1�Correction Effective Year 1 9 75 Air Conditioning ✓�' �,; X `` ((( [ ' ,' p. Cn� �;, }� �L' S 1 REND�Pondition Package No 2 , x Excellent 1 Central 2 Good 2 Wall 3 X ( 9 X 0081 �; /��¢i ��t%A �!' � Average 3 % of Area A/C % - �.- / Fair 4 f Poor 5 f + 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS 48 TO 75 UNIT COMPLEXES Apartments Apartments 2002 Unit 2001 UNIT PROPERTY AREAS 2002 EMV Values (11 2001 ENV VALUES [1) GARDEN CITY COURT - HL Land 191,225 Land $468,000 $6,500 Unit Land $468,000 $6,500 Unit 340747 65TH AVE N GBA 66,960 Building $2,536,200 $37.88 [11 Building $2,347,000 $35.05 In PID: 34-119-2142-0018,19,20,21, 24, 25, 26(LA) Units 72 Total ;3,004,200 $44.87 14 Total $2,815,000 $42.04 I/1 4D Age 1963 Change 6.7 $41,725 Unit Change 28.0% $39,097 Unit Maranatha Residence Land 143,682 Land $455,000 $7,000 Unit Land $455,000 $7,000 Unit 5415 69TH AVE N GBA 68,707 Building $3,287,000 $47.84 [q Building $3,275,000 $47.67 (t] PID: 33-119-21-12-0106 Units 65 Total $3,742,000 $54.46 n1 Total $3,730,000 $54.29 N Age 1988 Change 0.3 $ 57,569 Unit Change 13.7 $57,385 Unit BROOKWOOD CROSSINGS 1 Land 169,470 Land $511,000 $7,000 Unit Land $511,000 $7,000 Unit 6201 LILAC DRIVE NORTH GBA 144,220 Building $3,583,000 $24.84 Building $3,525,000 $24.44 [1] PID: 36419-21-33-0167 Units 73 Total $4,094,000 $28.39 I/I Total $4,036,000 $27.99 [11 Age 1984 Change 1.4% $56,082 Unit Change 12.8% $55,288 Unit BROOKWOOD CROSSINGS 2 Land 142,070 Land $455,000 $7Aoo Unit Land $455,000 $7,000 Unit 6125 LILAC DRIVE NORTH GBA 91,655 Building $3,189,000 $34.79 [4 Building $3,142,000 $34.28 In PID: 36-119-21-33-0055 Units 65 Total $3,644,000 $39.76 m Total $3,597,000 $39.24 [11 Age 1984 Change 1.3 $56,062 Unit Change 16.8°/9 $55,338 Unit WILLOW LANE - HL Larne 131,615 Land $377,000 $6,50o Unit - Land $377,000 $e,5oo Unit 7015 BROOKLYN BLVD GBA 56,331 Building $1,915,100 $34.00 [4 Building $1,627,000 $28.88 I9 PID: 27419 -21-33 -0010 Units 58 Total $2,292,100 $40.69 p] Total $2,004,000 $35.58 [11 4D Age 1969 Change 14.4 $39,519 Unit Change 22.7% $34,552 Unit STERLING SQUARE Land 149,118 Land $351,000 $6,5oo Unit Land $351,000 $6,500 Unit 6640 & 6700 HUMBOLDT GBA 48,504 Building $1,885,000 $38.86 14 Building $1,669,000 $34.41 I/1 1400 & 140167TH AVE N Units 54 Total $2,236,000 $46.10 in Total $2,020,000 $41.65 pJ PID: 36419-21-22-0038,0039,0043, 0044 Age 1968 Change 10.7°A $41,407 Unit Change 19.9% $37,407 Unit BROOKHAVEN Larne 115,160 Land $351,000 $8,500 Unit Land $351,000 $6,5w Unit 1 929 000 $33.83 [I] 3907 65TH AVE N GBA 57,024 Building ; /] Building $1,522,000 $26.69 , I PID: 34-119-21-3"081 Units 54 Total $2,280,000 $39.98 [/1 Total $1,873,000 $32.85 [/1 Age 1968 Change 21.7% $42,222 Unit Change 18.3% $34,685 Unit MARVIN GARDENS Land 262,836 Land $416,000 $e,000 Unit Land $416,000 $s,000 Unit 6710 ORCHARD LANE N GBA 93,412 Building $2,176,000 $23.29 [IJ Building $1,973,000 $21.12 [11 PID: 33-119-2141-0104 Units 52 Total $2,592,000 $27.75 [l1 Total $2,389,000 $25.57 14 Age 1973 Change 8.5% $49,846 Unit Change 14.8% $45,942 Unit BROOKDALE TOWERS - HL Land 133,341 Land $325,000 $6,500 Unit Land $325,000 $6,Soo Unit 6915 HUMBOLDT AVE N GBA 69,810 Building $1,847,000 $26.46 (/] Building $1,835,000 $26.29 14 PID: 26-119-2144-0070 Units 50 Total $2,172,000 $31.11 [11 Total $2,160,000 $30.94 14 4D Age 1969 Change 0.6% $43,440 Unit Change 36.3% $43,200 Unit Victoria Townhomes - HL Land 291,400 Land $384,000 $6,o0o Unit Land $384,000 $s 000 Unit 6740 GRIMES PLACE GBA 57,562 Building $2,277,000 $39.56 [/J Building $2,076,000 $36.07 [/1 PID: 34119 -21 -21 -0026 Units 48 Total $2,661,000 $46.23 [q Total $2,460,000 $42.74 [1] 413 Age 1,979 Chan fie 8.2 $65 „438 Unit Change 24.1% $51,250 Unit TOTALS Land 1,729,917 Land $4,093,000 $ 6,926 Unit Land $4,093,000 $ 6,926 Unit and GBA 754,185 Building $24,624,300 $ 32.65 in Building $22,991,000 $ 30A8 14 AVERAGES Units 591 Total $28,717,300 $ 38.08 [q Total $27,084,000 $ 35.91 14 Change 6.03% $48,591 unit Change 19.38% $45,827 unit G\ DeptsXASSESSISPREDSHTWssessor12002cialAPT 48-72.XLS]2002 Totals 5/6/2002 MAR-18 -02 03:48PM FROM - Flanagan /Bilton T -047 P.001 /002 F-122 Flaiiagah I Bilton A Nationwide Practice Limited to Property Taxation Attorneys at Law 200 East Randolph Drive, Suite 6900 Chicago, Illinois 60601 -6900 Telephone: (312) 782 -5000 Facsimile: (312) 565 -0821 Fm To: City of Brooklyn Assessor Fronte Orlando Pellegrino Fax: 763 -569 -3494 Pages: 2 Phorw March 18, 2002 Re: Freeway Business II & III CG ❑ Urgent ❑ For Review ❑ Please Comment ❑ Please Reply ❑ Please Recycle • Comments: Attention_ Nancy Wojcik Confidettiaho,Xote The information contained in this facsimile message is legally privileged and confidential. The information is intended only fur the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are notified that any dissemination, distribution, or copy of this telecopy is strictly prohibited If you have received this telecopy in error, please immediately notify us by telephone and return the original message to us at the address above via United States Postal Service. Thank you. Notes to Receiving FAX Operator: 1) The Access number of the FAX machine at the sender's location is (312) 565-0821 2) If you do not receive all of the pages or if they are not in good condition, please contact the sender. MAR -18-02 03:48PM FROM — Flanagan /Silton T-047 P.002/002 F -122 Orlando Pellegrino From: Eric R. Dueholm [EDueholm @northco.com] Sent: Friday, March 15, 2002 11:56 AM To: 'opellegrino @flanaganbilton.com' Cc: Robin Zellmer Subject: Freeway Business Center 1, 11, 111 Orlando - Per your request, I am writing you to update you on the market conditions in the Freeway Business Center area and the leasing activity at Freeway Business Center I, II and III. Freeway Business Center II has been totally vacant since the fall of 2000. We have heavily marketed this building throughout 2000, 2001 and the first quarter of 2002. Although we had some activity in late 2000 and the first part of 2001, we were not able to secure a lease with any of the prospects at that time. Activity has been very. slow since May 2001. In 2001, half of all inquiries on the building were made in the first 4 months of the year. vacancy in the submarket continues to rise. when taking sublease space into account, the vacancy rate for distribution space in the northwest submarket is above 25fi. Transactions are getting done in the low to mid $3.00psf range. Free rent and substantial improvement allowances are common. we currently have no proposals out on the building. Although the building has nice office space at the front end, we have been told that over half of it must be demolished before occupancy by another tenant due to the fact that wood studs had been used in its construction in the past. This is a significant cost to the building (likely in excess of $100,000 including the reconstruction of the restrooms). Freeway Business Center III was vacated by 'Target Corporation in the spring of 2001. It was vacant throughout the balance of 2001. it is now occupied by Travelers Express Corporation, who was an existing tenant at Freeway Business Center I. we were very fortunate to have secured this tenant due to the general economy and the office market. Although the office market is slow in the Twin Cities in general, it is particularly weak in the Shingle Creek Parkway area. Of the 10 -15 multi- tenant office buildings we track in the immediate market, vacancy rates are slightly above 25% as of the end of 2001. Orlando, please let me know if you have any additional questions. Eric INDUSTRIAL North of 694 B' F ' % OOatr vN CENTER MINN POT inn n r_ t t �t . } ::. .:� a ..i §: 29112 EM VI L OC.&TIM 2002 emv values LAND Freeway Commerce Center E &W Land 238,755 Land $662,500 $2.77 $12.49 Land 1600 & 1700 Freeway Blvd. GSA 81,008 Building $2,320,000 $28.64 Building PID 35- 119 -21. 14-0011 & 0004 L:B Ratio 2.95 Total $2,982,500 $36.82 Total Built •1969 15.84°, St Paul Properties Land 321,200 Land $882,000 $2.75 $11.11 Land 1800 Freeway Blvd. GBA 102,580 Building $2,688,000 $26.20 Building PID 35 -119- 2144 -0008 L:B Ratio 3.13 Total $3,570,000 $34.80 Total Built -1971 14.85% 6840 Shingle Creek Building Land 369,869 Land $1,030,000 $2.78 $11.65 Land 6840 Shingle Creek Parkway GBA 113,412 Building $3,280,000 $28.92 Building PID 35- 119 -21 -21 -0003 L:B Ratio 3.26 Total $4,310,000 $38.00 Total Built-1972 4.18% Sale 12100 $3.690,000 6820 Shingle Creak Buiiding Land 409,347 Land $i,145,000 $2.80 $13.58 Land 6820 Shingle Creek Parkway GSA 146,868 Building $4,415,000 $30.06 Building PID 35- 119 -21 -12 -0002 L:B Ratio 2.79 Total $5,560,000 $37.86 Total Built -1973 3.06% Sate 12101 $4,795,000 Shingle Creek Industrial 830,658 Land $2,284,400 $2.79 $14.55 Land 6800 Shingle Creek Parkway GSA 173,183 Building A $5,366,600 $30.99 Building 6700 Shingle Creek Parkway GSA 80,551 Building B $4,438,300 $55.10 PID 36- 119 -21- 12.0015 L:B Ratio 4.80 Total $12,089,300 $69.81 Total Bldg A- built 1977 cir ht 16' Inc! Metz.- 5,291 Interior Remodel 7.94% Bldg B -Built 1973 clr ht 18' Sale Feb, 2001 $6,492,431 not open market, 1 bldg 3 parcels combined Improvement $900,000 Freeway Bushiness Center 1 Land 265,921 Land $750,000 $2.82 $12AI Land 6601 Shingle Creek Parkway GSA 75,074 Building $2,550,000 $33.97 Building PID 35- 119- 21 -13- 0017, 0013 L:B Ratio 3.54 Total $3,300,000 $43.96 Total Built -1985 7.49% Freeway Busiiness Center Land 192,067 Land $538,000 $2.80 $16.66 Land 6707 Shingle Creek Parkway GBA 76,246 Building $2,662,000 $34.91 Building PID 36- 119 -21 -12 -0013 L:B Ratio 2.52 Total $3,200,000 $41.97 Total Sold 12199 $3.000.060 Not good sale 7.74 Freeway Bushsness Center 111 Land 272,723 Land $760,000 $2.79 $12.10 Land 6701 Parkway Circle GBA 74,848 Building $2,540,000 $33.94 Building PID 36- 119 -21- 12-0014, 13-0009 L:B Ratio Total $3,300,000 $44.09 Total Built -1986 7.49% Bradley -1600 67th Bldg, Land 366,609 Lauri $1,022,800 $2.79 $12.38 Land 1600 - 67th Ave. N. GBA 135,936 Building $3,517,200 $25.87 Building PiD 36- 119-21 -11 -0012 L:B Ratio 2.70 Total $4,540,000 $33.40 Total Built -1978 0,89% Spec #8 - PALMER PLAZA Land 490,758 Land $1,355,700 $2.79 $9.80 Land 6660,69,879 Shisvia Hess Pity GSA 154,177 Building $3,452,300 $22.39 Building PID 35- U 400 SAWAO. 0011 NRA 143,295 Total $4,808,000 $31.18 GBA Total L:B Ratio 3.18 5.74 NRA Built -1979 SALE 1211997 - $3,500,000. Shingle Creek Plaza - Spec 9 land 229,038 Land $625,000 $2.73 $14.41 Land 6801 Shingle Creek Parkway GBA 85,232 Building $2,675,000 $31.38 Building 36- 119 -21- 12-0008 2001 AEMV 2.69 Total $3,300,000 $38.72 Total Built -1480 6.45% 2002 Unit 2002 Et 1 LOCATION 2002 emv Values LAND Sunilte Business Center Land 272,354 Land $750,000 $2.75 $13.4s Land 6665 Parkway Circle GBA 73,000 Building $2,920,000 $40.00 Building PID 35- 119 -21 -13 -0011 L:B Ratio Total $3,670,000 $50.27 Total 0.00% Shingle Creek Plaza II Land 329,657 Land $930,000 $2.82 sio.o1 Land 2700 Freeway Blvd. GBA 78,977 Building $2,370,000 $30.01 Building PID 35- 119 -21- 23.0001 L:S Ratio 4.17 Total $3,300,000 $41.78 Total Bulk -1982 3.13% Steffens Building Land 104,536 Lard $297,900 $2.85 $11.00 Land 1601 -67th Ave. N. GBA 34,574 Building $852,100 $24.65 Building PID 35- 119 -21- 14.0014 L:S Ratio 3.02 Total $1,150,000 $33.26 Total Built -1978 1.77% Hiawatha Rubber Land 170,379 $477,000 $2.80 $16.43 1700 - 67th Ave. N. GBA 76,840 Building $2,323,000 $30.23 Building P1035. 119 - 2141-0013 L:B Ratio 2.22 Total $2,800,000 $36.44 Total 1998 addition of 37,410$/ 9.38% New Imp. - Johnson Controls Lard 59,625 Land $169,900 $2.80 s1z06 Laud 1801 - 67th Ave. N. GBA 16,666 Building $550,100 $33.01 Building PID 35- 119.21- 14-0005 L:B Ratio 3.58 Total $720,000 $43.20 Total Built -1972 81990 Addn. 2.86% Coachman Building Land 90,570 Land $258,100 $2.85 $13.47 Land 6660 Shingle Creek Parkway GBA 34,800 Building $961,900 $27.64 Building PID 35- 119 -21- 14-0006 US Ratio 2.60 Total $1,220,000 $35.06 Total Bul t -1978 16.19% Hoffmann Engineering Land 333,478 Land $924,600 $2.77 $13.25 Land 6630 James Ave. N. GBA 120,250 Building $3,495,400 $29.07 Building PID 35- 119 -21- 14-000380002 L:B Ratio 2.77 Total $4,420,000 $36.76 Total Built -1971 0.23% Qwest Land 89,623 Lard $255,000 $2.85 $11.83 Land 6640 Shingle Creek Parkway GBA 27,156 Building $805,000 $29.64 Building PID 35- 119 - 2144.0007 L:B Ratio 3.30 Total $1,060,000 $39.03 Total Built -1970 3.92% Improvement $35,000 Franz Engineering Lard 99,279 Land $375,000 $3.78 $16.67 land 2781 Freeway Blvd GBA 22,712 Building $1,300,000 $57.24 Building PID 35- 119 -21 -23 -0086 L:B Ratio 4.37 Total $1,675,000 $73.75 Total 7.14% excluding Improvements Built 2001 Improvement $1,300,000 Owest M10237 Land 78,736 Land $250,000 $3.18 $10.41 Land 110185th Ave N GBA 19,600 Building $570,000 $29.08 Building PID 36- 119 -21- 32.0082 L:B Ratio 4.02 Total $820,000 $41.84 Total Built -1960 2.50% Improvement $20,000 Schmitt Music Land 203,119 land $1,116,500 $5.50 s11.41 Land 2400 Freeway Blvd GBA 54,124 Building $1,213,500 $22.42 Building 35- 119 -21 -24 -0004 L:8 Ratio 3.75 Total $2,330,000 $43.05 Total Built 1974 Improvement $15,000 4.95% Land 5,818,301 Land $16,859,400 $2.90 $12.74 Land GBA 1,867,814 Building $57,265,400 $30.82 Building L:S Ratio 3.13 Total $74,124,800 $39.90 Total 5.77% Improvements $2,270,000 Mean Size 97,780 84,402 Weighted Mean Value 39.90 40.59 INCOME WORKSHEET 2002 PAY 2003 PROJECTN - Freaway4koh"wei,Cemtsl, 0 ADDRESS 6707 Shingle. Creek.Paticway - OWNER DJS HoWhW (GCE Capital) PROPERTY TYPE - CC : INDUSTRIAL NET LEASES YEAR BUILT Sold 12/99 $3,( INCOM ANALYSIS GROSS BUILDING AREA 76,246 OFFICE INCOME $331,688 NET RENTABLE AREA 76,246 WAREHOUSE INCOME $122,000 .... - ....................... i Bk dW Rmt MEZZANINE INCOME $0 € OFFICE AREA 45,750 60% PGI $453,688: 5.95 sy Mc can WAREHOUSE AREA 30,500 40% ... - ......................... MEZZANINE AREA 0 0% LESS: VACANCY $54,443 OFFICE RATE $7.25 EGI (before concessions) $399,245 WAREHOUSE RATE $4.00 MEZZ. RATE % LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 12.00% FREE RENT $0 SQUARE FEET VACANT 9,150 SQUARE FEET OCC. 67,096 EGI $399,245 % OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $10,064 2.52% FREE RENT 0.00% LEASING $15,432 3.87% TURNOVER RATE 40.00% TENANT IMPROVEMENTS $16,909 4.24% TENANTS REMAINING 60.00% RESERVES $15,249 3.82% AV. LEASING PERIOD 5 MANAGEMENT $19,962 5.00% TOTAL EXPENSES - $77,617 19.44% EXPENSES /SQ.FT. $1.10 amawrr MANAGEMENT 5.00% TENANT IMP. COST - NEW $5.00 12002 CAPfTAI. mbYALUE- $3,200,000 RENEWAL $2.50 PER SQ.FT. GBA $41.97 EXPENDABLE VAL. OF TI 60.00% PER SQ.FT. NRA $41.97 Capitalized value of reserve • $151,651 RES. FOR REPLACEMENT $0.20 SQ FT EXPENSE RATIO - 19.44% LEASE COMMISIONS -NEW $1.75 SQ FT LAND AREA - 192,067 RENEWAL $0.75 SQ FT EFFECTIVE TAX RATE 4.63% CAP'RATE, TAX'.RATE O,S6s/e- 2002 ASSESSED VALUE $3,200,000 OVERAL!E. RATE 10 05% PER SQ.FT. NRA $41.97 5/6/02 Indno694Freeway Bus It 82 INCOME WORKSHEET 2002 PAY 2003 PIIDI " PID 35= 118 - 2142-0044, 13 -0009 PI30 IEL : I+(AM .........,. Fraaway Bus1161110" Cerftr in ADDRESS' :' 6701 Parkway Circle ZONING 11 . OWNER Freeway III Hoidings(GE Capital) / Target is 100 Tenant PROPERTY TYPE - CC: INDUSTRIAL NET LEASES YEAR BUILT Builf -1986 INCOME ANALYSIS GROSS BUILDING AREA 74,848 OFFICE/LAB INCOME $299,360 NET RENTABLE AREA 74,848 WAREHOUSE INCOME $159,035 ....... n Real MEZZANINE INCOME $0 OFFICE/LAB AREA 37,420 50% PGI $458,385 t.0 _....... - .......... _ ...... � Sq Ft GBA s WAREHOUSE AREA 37,420 50% MEZZANINE AREA 0 0% LESS: VACANCY $55,007 OFFICE/LAB RATE $8.00 EGI (before concessions) $403,388 WAREHOUSE RATE $4.25 MEZZ. RATE LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 12.00% FREE RENT $0 SQUARE FEET VACANT 8,982 SQUARE FEET OCC. 65,866 EGI $403,388 % OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $18,862 4.68% FREE RENT 0.00% LEASING $21,407 5.31% TURNOVER RATE 25.00% TENANT IMPROVEMENTS $12,349 3.06% TENANTS REMAINING 75.00% RESERVES $14,970 3.71% AV. LEASING PERIOD 5 MANAGEMENT $20,169 5.00% TOTAL EXPENSES - $87,756 21.75% EXPENSES/SQ.FT. $ 2 10' iVViYU6ilYu' ilill�ul�dilll�ldl ,lllirli�I1WVIudWt I $WNFIV I I,ll! IINdI,I M.I�i�l ! 9Ln;��.Irlrz MANAGEMENT 5.00% TENANT IMP. COST - NEW $5.00 12002 CAPITALIZED VALUE $3,300,000 RENEWAL $2.50 PER SQ.FT. GBA $44.09 EXPENDABLE VAL. OF TI 60.00% PER SQ.FT. NRA $44.09 Capitalized value of reserve - $156,661 RES. FOR REPLACEMENT $0.20 SQ FT EXPENSE RATIO - 21.75% LEASE COMMISIONS -NEW $2.00 SQ FT LAND AREA - 272,723 RENEWAL $1.50 SQ FT EFFECTIVE TAX RATE 4.63% CAP RATE 9.00ati TAX RATE 0.560/6. IPER 2002 ASSESSED VALUE $3,300,000 1 RATIO OVERALL RATE 9.5696 SQ.FT. NRA $ 44.09 1.00 land area GBA 2002 QV — 2002 BV 2002 EMV 35- 119 -21 -12 -0014 193,073 75,074 $520,000 $2,550,000 $3,070,000 35- 119 -21- 13-0009 79,650 0 $230,000 $0 $230,000 Total 272,723 75,074 $750,000 $2,550,000 $3,300,000 5/6/02 Indno6941'reeway Bus 111 82 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 35- 119 -21 -13 -0009 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 1/_ 55430+ Right: Left: Owners: DJS HOLDINGS,INC Owner3: Owner2: Owner4: Zoning: PUDI1 Prim /sec: Yr.blt: 0000 Area: 79650 Acres: 1.83 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT 9 60wn 2002: 230000 230000 3850 LI 0 2001: 230000 230000 3850 LI 0 2000: 230000 230000 6320 LI 0 Legal Description: __= NO LOT AND BLOCK GIVEN REG. LAND SURVEY # 1564 TRACT C TVae PID or ADDRESS: cress ENTER: or F1. F2. F8 I PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT _ 35- 119 -21 -13 -0009 1/ SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 9/1999 3284000 / / I PROPERTY DATA SYSTEM TAXPAYER INQUIRY ICURR 319 PROPERTY ID I I NEXT 35- 119 -21 -12 -0013 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 217 Back: 6707 1/_ SHINGLE CREEK PKWY 55430+ Right: Left: Owners: DJS HOLDINGS, INC Owner3: Owner2: Owner4: Zoning: PUDI1 Prim /sec: Yr.blt: 1982 Area: 192067 Acres: 4.41 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 320 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2002: 538000 2662000 3200000 63250 I 0 2001: 525000 2445000 2970000 58650 I 0 2000: 525000 2405000 2930000 98120 I 0 Legal Description: __= NO LOT AND BLOCK GIVEN REG. LAND SURVEY # 1564 TRACT A Tvoe PID or ADDRESS: cress ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY ICURR 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT _ 35- 119 -21 -12 -0013 6707 1/ SHINGLE CREEK PKWY SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 12/1999 3000000 31 X Allocation 11/1995 2650000 1 X RELATED COMPANIES 12/1993 9675000 1 X WITH OTHERS SEE CRV i Press F! . F2. F:. . F= PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT _ 35- 119 -21 -12 -0014 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 309 Back: 6701 1/_ PARKWAY CIR 55430+ Right: Left: Ownerl: FREEWAY III HOLD INGS, LLC Owner3: Owner2: Owner4: Zoning: PUDI1 Prim /sec: Yr.blt: 1986 Area: 193073 Acres: 4.44 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 970 Mkt Land Mkt -Bldg Mkt-Mach Mach Mkt Tot Tx Capacity Hd PT 9 aOwn g P Y 2002: 520000 2550000 3070000 60650 I 0 2001: 520000 2320000 2840000 56050 I 0 2000: 520000 2160000 2680000 89620 I 0 Legal Description: __= NO LOT AND BLOCK GIVEN REG. LAND SURVEY # 1564 TRACT B Tvpe PID or ADDRESS: press ENTER: or Fl. F2. F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT 35- 119 -21 -12 -0014 6701 1/ PARKWAY CIR SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 9/1999 3500000 29 X allocation per buyer 12/1993 9675000 1 X WITH OTHERS SEE CRV 2/1985 933000 1 PER CRV DATE 2/20/85 / 1 / CITY ASSESSOR • REAL ESTATE DATA Construction Basement Parking Apartment Breakdown Property Name Print Date 04/ 0 3 / 0 0 A) Steel Frame 1 Basement % Ramp 1 Number Type Area Fr 9914 ftT— R rl@ - t_"- ^ I I I B) Rein. Conc. 2 Bsmt. Use Code o Surface 2 14 Eff PID # Prop Type: I C) Conc. Bik. 3 y, Plumbing Underground 3 1 Br 7 5— 1 19 -2 1 " 1 1 1 d T_ I` D) Wood Frame 4 I Above Average 1 # of Spaces 2 Br Property Address: S) Pre -Fab 5 Average 2 y Area 3 Br 6707 SHINGLE CREEK PKWY Other 6 Below Average 3 Garage TOTAL: AVG: Exterior Walls Electrical Floor Area Rents as of / Owner Brick 1 Above Average 1 I # of Spaces Actual Type Econ njS YAt n T N_ S I Stucco 2 Average 2 I X Rent @$ Eff Taxpayer I Wood 3 Below Average 3 l Detached 1 1 Br Metal 4 Height Underground 2 I 2 Br Concrete 5 X Aver /Story Attached 3 I 3 Br Legal Description I Glass 6 # of Stories 1 0. Sprinkler System AVG LOT BLOCK I Other 7 Clear Height 9 Q %of Area 4-1-041. Rental/Expense ental /Expenselnformation REG. . LAND SURVEY * 1 564 Roof Structure Elevator Pool Gross Income $ i Wood 1 None Indoor 1 Vacancies n 0 Land Data Construction Quality Steel 2 Y Quantity Outdoor 2 Eff. Gross Income $ Frontage 7 Excellent 4 Precast 3 Security System Flat Charge: Operating Expense $ Depth I n 3.5 I Other 4 Yes 1 Add. Net Income $ .Area /Sq. ft. I 1 9p; R 7 I Good 3 Roof Cover No 2 Y Sub. Cap Rate A A Q Ilrreg. Shape YEs I 2.5 Pitch & Gravel 1 1 CDE. GRM n ;Zoning —�l1ln * Average 2 Wood Shingles 2 BUILDING PERMITS Rent /Sq. Ft. $ r n Area Rating I I 1.5 Asp. Shingles 3 Interior Inspected Site Rating I I Low 1 Insulated Roof 4 No. Date Yes 1 :Allow Un /Ar I I Use Codes I Other 5 � No 2 Trackage 1 j 0-" %I Heating Type Value $ Date Yes 1 2 0 0 0 p'/r 2M % Electric 1 %': Appraiser Initials No 2 I Y 3 n n n 4SC 6,0_5q _ Forced Air 3 % No. Date / / Cash Equivalency Sales Data Sewer 4 11 % Hot Water 4 % Date / Yes 1 Y Arch. Appeal Space 6 % _ Type Value $ Price $ No 2 Excellent 1 Pkg Unit 11 % Date / Water Very Good 2 H & C Air 12 % Price $ Yes 1 Y Average 3 }f Other ( #) % COMMENTS 50 / LINE No 2 Fair 4 Building Area Street Undersirable 5 F.F. Area 76P46 Yes 1 � Depreciation G.B. Area 's A'S No 2 Functional % N.R. Area Excess Land Economic % Mezzanine 6910 Yes 1 Physical % Perimeter 1 10 No 2 Const. Year I C)RP TFr Needs Soil Correction Effective Year 0-0-" Air Conditioning Yes 1 ( pE condition Package 1 No 2 i t Excellent 1 Central 2 Good 2 Wall 3 Average 3 Y % of Area A/C 000 Fair 4 Poor 5 ,: ��•Yt �'k "�: y . � _ _ �Y� _ � =7. !uY ' � ++, �. ' ,� � ;:�:�,` u ,r±; �� ��_ ���s ` °,�s ,. •, ,�._ .. <. . - .,,� >., . �s , _. — � _ � ..� f o ,ail :sh w ar III III JI s ((X r CITY ASSESSOR • REAL ESTATE DATA Construction Basement Parking Apartment Breakdown Property Name Print Date 04/03/00 A) Steel Frame 1 Basement % Ramp 1 Number Type Area F_ r_ - owjky lNUS " r T_ T T I B) Rein. Conc. 2 Bsmt. Use Code 0 Surface 2 Eff PID # Prop Type: I C) Conc. Bik. 3 y Plumbing Underground 3 1 Br —. 3 — 1 1 9— t 1 — 12- 0 A 14 T I D) Wood Frame 4 Above Average 1 # of Spaces 2 Br Property Address: S) Pre -Fab 5 Average 2 X Area 3 Br 6701 PARKWAY C I R Other 6 Below Average 3 I Garage TOTAL: AVG: Exterior Walls Electrical Floor Area Rents as of / Owner Brick 1 X Above Average 1 I # of Spaces Actual Type Economic FREEWAY 1 1 1 HOLD T NGS, 11 Stucco 2 Average 2 X Rent @$ Eff Taxpayer I Wood 3 Below Average 3 I Detached i 1 Br Metal 4 Height Underground 2 2 Br Concrete 5 Aver /Story T Attached 3 I 3 Br Legal Description I Glass 6 I # of Stories T Sprinkler System A� LOT BLOCK I Other 7 Clear Height 7 % of Area 0 d/ Rental /Expense Information REG. LAND SURVEY N 1564 Roof Structure Elevator Pool Gro - ' - ---- - Z Wood 1 None X Indoor 1 I Vac Land Data Construction Quality Steel 2 X Quantity Outdoor 2 I Eff. Frontage :F n q Excellent 4 I Precast 3 Security System Flat Charge: Ope Depth 470 3.5 I Other 4 Yes 1 I Add. Net .Area /Sq. ft. 1 9 3 0T3 Good 3 I Roof Cover No 2 I X Sub, Cal Irreg. Shape 2.5 Pitch & Gravel 1 CDE. GRI Zoning P I 1 , Average 2 Wood Shingles 2 BUILDING PERMITS Rer Area Rating E ' 1.5 X Asp. Shingles 3 .Site Rating I E I Low 1 I Insulated Roof 4 No. Date / / Yes .Allow Un /Ar I I Use Codes I Other 5 No Trackage 1 344D f no %I Heating Type Value $ Dati Yes 1 1 2 0 %I Electric 1 % / / Apo No 2 Ix 3 � n % Forced Air 3 % No. Date Sewer 4 0 % Hot Water 4 % Date Yes 1 I X Arch. Appeal Space 6 % Type Value $ Price $ No 2 Excellent 1 Pkg Unit 11 % Date Water Very G ood 2 H & C Air 12 % Pri $ Yes 1 X Average 3 X Other ( #) % COMMENTS 50 / LINE No 2 Fair 4 Building Area street Undersirable 5 F.F. Area T4848 10 Lt sod bv_ T araet . 95Z Off i Till 4/30 /01 Yes 1 X Depreciation G.B. Area 74648 No 2 Functional % N.R. Area Excess Land Economic % Mezzanine Yes 1 Physical % Perimeter 132 No 2 X Const. Year 1 9a6 + II TF Needs Soil Correction Effective Year 0 0 0 0 I Air Conditioning Yes 1 RFMgondltlon C Package 1 No 2 Excellent 1 Central 2 Good 2 Wall 3 Average 3 X I% of Area A/C noon % Fair 4 Poor 5 uY � a Y 3' Aw It, 42=17 a < 7777 PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 02- 118 -21 -24 -0020 Pt.Con: Mt.Adr: Y HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 830 Back: 5900 1/_ SHINGLE CREEK PKWY 55430+ Right: Left: Ownerl: BRADLEY REAL EST ATE INC Owner3: Owner2: Owner4: Zoning: C2 Prim /sec: Yr.blt: 1971 Area: 1012123 Acres: 23.20 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 1123 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2002: 4600000 200000 4800000 95250 C 0 2001: 4600000 100000 4700000 93250 C 0 2000: 6100000 500000 6600000 222900 C 0 Legal Description: LOT 1 BLOCK 1 BROOKDALE SQUARE 2ND ADDITION Tvoe PID or ADDRESS: press ENTER: or F1, F2, F8 CITY ASSESSOR • REAL ESTATE DATA ( Construction Basement Parking Apartment Breakdown Property Name Print Date 04/03/ A) Steel Frame 1 Basement C Ramp 1 Number Type Area Brookda i e S4luare 1 B) Rein. Cone. 2 Bsmt. Use Code 350 Surface 2 M Eff PID # Prop Type: C) Conc. Blk. 3 X Plumbing Underground 3 1 Br 02- 1 1 8- 21 —E4 -0080 A C D) Wood Frame 4 Above Average 1 I #of Spaces 1679! 2 Br Property Address: S) Pre -Fab 5 Average 2 X I Area 627 0 0 t 3 Br 5900 SHINGLE CREEK PKWY Other 6 Below Average 3 I Garage TOTAL: AVG: Exterior Walls Electrical I Floor Area Rents as of / Owner I Brick 1 X Above Average 1 I # of Spaces Actual Type Economic BRADLEY REAL ESTATE INC stucco 2 Average 2 X Rent @ $ Eff Taxpayer Wood 3 Below Average 3 I Detached 1 1 Br Metal 4 Height Underground 2 2 Br Concrete 5 Aver /Story 1 '7 . 1� Attached 3 3 Br Legal Description I Glass 6 # of Stories 1 d Sprinkler System A V G LOT 1 BLOCK 1 I Other 7 Clear Height _ d % of Area 01 0 0° Rental /Expense Information BROOKDALE SQUARE 2ND ADD I T I O Roof Structure Elevator Pool Gross Income $ Wood 1 None X I Indoor 1 Vacancies 0 0 8' Land Data Construction Quality Steel 2 X Quantity I Outdoor 2 Eff. Gross Income $ Frontage 1930 Excellent 4 I Precast 3 Security System I Flat Charge: Operating Expense $ Depth 1 1 23 3.5 I Other 4 Yes 1 I Add. Net Income $ .Area /Sq. ft. 10 1 e 123 Good 3 I Roof Cover No 2 I Sub. Cap Rate .009% _ Irreg. Shape YES 2.5 X I Pitch & Gravel 1 1 I CDE. GRM 0 .Zoning C2 Average 2 I Wood Shingles 2 BUILDING PERMITS Rent /Sq. Ft. $ 00 _ ,Area Rating 2 1.5 I Asp. Shingles 3 / Interior Inspected .Site Rating 2 Low 1 I Insulated Roof 4 No. 1 0 %" Date 0 01 j /998 Yes 1 .Allow Un /Ar I I Use Codes I Other 5 No 2 Trackage 1 413 71 %1 Heating Type 4" bO V S value $ 753000 Date Yes 1 2 38 0 24%1 Electric 1 % ' Appraiser Initials No 2 I X 3 350 5 %1 Forced Air 3 % No. Date / / Cash Equivalency Sales Data Sewer 4 000 % I Hot Water 4 % Date / Yes 1 X Arch. Appeal ' Space 6 % Type Value $ Price $ No 2 Excellent 1 Pkg Unit 11 % Date / Water Very Good 2 H & C Air 12 % Price $ Yes 1 X Average 3 X Other ( #) / COMMENTS 50 / LINE No 2 Fair 4 Building Area Street Undersirable 5 F.F. Area 181100 9999 FORMER CINEMA THEATER, 1971 - SHOPPING CENT Yes 1 I X Depreciation G.B. Area 189200 No 2 I Functional % N.R. Area 176901 ER, UA THEATER, RESTRAUNT, 1981. Excess Land Economic % Mezzanine Yes 1 I Physical % Perimeter 4263 No 2 X Const. Year 1971 TF Needs Soil Correction Effective Year 1980 Air Conditioning Yes 1 I RENOUondition 199 Package 1 No 2 )( Excellent 1 Central 2 Good 2 Wall 3 Average 3 X % of Area A/C 0000 Fair 4 Poor 5 r , _. 3; a -,. E;'it'„ - � f T 3aq 1 M �% ��� w ��dldGi6 BROOKLYN CENTER SHOPPING CENTERS L:B 2002 EMV to LOCATION AREAS Ratio 2002 EMV 2002 Unit Value Land Boulevard Shopping Center 96,654 4.87 Land $530,000 $5.48 $7.02 Land 6215 Brooklyn Boulevard 19,862 Building $148,500 $7.48 Building PID 34- 119-21- 43-0006 Total $678,500 $34.16 Total Change 14.50 Brookdale 1,906,640 7.55 Land $13,700,000 $7.19 $11.22 Land 1108 Brookdale Center 252,392 Building $7,700,000 $3051 GBA Building PID 02- 23-0021,02 -31 -0055 & 199,922 Total $21,400,000 $84.79 GLA Total 02-32 -0013 Improvement 53485A W00 GBA Change 4.90% Brookdale Square 1,012,123 5.72 Land $4,600,000 $4.54 $4.74 Land GBA w/o 5900 Shingle Creek Parkway 176,901 GBA Building $200,000 51.13 Theaters Building GBA w/o PID 02- 118 -21 -24 -0020 139,585 Theaters Total $4,800,000 $27.13 GBA Total Change 2.13% $34.39 GBA w/o Theaters Humboldt Square 179,689 4.46 Land $853,500 $4.75 $9.77 Land 6800 Humboldt Ave. N. 40,250 Building $902,600 $22.42 Building PID 36- 119 -21 -22 -0047 Total $1,756,100 $43.63 Total Change 1142% Northbrook Shopping Center 336,725 5.07 Land $1,398,400 $4.15 $6.92 Land 1910 - 57th Ave. n. 66,444 Building $931,600 $14.02 Building PID 02-13- 0024,0025,0026, &0028 Total $2,330,000 $35.07 Total Change 3.10% Shingle Creek Center 192,171 4.52 Land $1,218,300 $634 $15.26 Land 6100 Shingle Creek Parkway 42,553 Building $1,713,700 $40.27 Building PID 02 -12-14 & 15 Total $2,932,000 $68.90 Total Change 8.19% Brookview Plaza 281,276 4.07 Land $1,407,000 $5.00 $10.03 Land 5951 Earle Brown Dr. 69,099 Building $1,413,000 $20.45 Building PID 02-118-21-12-0013 Total $2,820,000 $40.81 Total Change 1.08% TOTALS and MEANS 4,005,278 6,00 Land 23,707,200 $5.92 [/]Mean Land 667,501 Building 13,009,400 $19.49 [/]Mean Building Total $36,716,600 $35.01 [/] Mean Total G:\Depts\ ASSESS \SPREDSHT\ Assessor \2002cia \[SHOPCTR.XLS]2002 INCOME WORKSHEET 2000 PAY 2001 PROPERTY TYPE - CC: COMMUNITY SHOPPING CENTER NET LEASES YEAR BUILT 9999 INCOME ANALYSIS RETAIL > 15,000[/] $362,400 GROSS BUILDING AREA 185,524 RETAIL < 15,000[ $564,496 NET RENTABLE AREA 176,901 THEATRE $111,948 RETAIL > 15,000[/ 60,400 RESTAURANT $68,984 RETAIL < 15,000[/] 70,562 PGI $1,107,828 THEATRE 37,316 RESTAURANT 8,623 LESS: VACANCY $276,957 RETAIL> 15,000[/] RATE $6.00 RETAIL < 15,000[/] RATE $8.00 EGI (before concessions) $830,871 THEATRE RATE $3.00 RESTAURANT RATE $8.00 LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 25.00% FREE RENT $0 SQUARE FEET VACANT 44,225 SQUARE FEET OCC. 132,676 EGI $830,871 RENT CONCESSIONS 0.00% LESS: EXPENSES $154,788 FREE RENT 0.00 LEASING $49,753 TURNOVER RATE 25.00% TENANT IMPROVEMENTS $39,803 TENANTS REMAINING 75.00% RESERVES $24,926 AV. LEASING PERIOD 5 MANAGEMENT $24,926 TOTAL EXPENSES - $294,197 EXPENSES /SQ.FT. $3.50 MANAGEMENT 3.00% W $10.00 TENANT IMP. COST - NEW •, . x „ m ,..._.. � e. RENEWAL $0.00 EXPENDABLE VAL. OF TI 60.00% PER SQ.FT. GBA $25.87 PER SQ.FT. NRA $27.13 RES. FOR REPLACEMENT 3.00% EXPENSE RATIO - 35.41% LEASE COMMISIONS -NEW $3.00 SQ FT LAND AREA - 1,012,123 RENEWAL $1.50 SQ FT EFFECTIVE TAX RATE 4.629% 2001 Emv $4,700,000 IF"R!!�;'''.:' { PERCENTAGE CHANGE - 2.13% TA?h RATS ., p - 1. 10/4 2002 Land Value $4,600,000 1 , __ �A11.LsIlA`I `:'` =''•: s := :- 1[I.16�/. 2002 Building Value $200,000 G:\Depts\ ASSESS\ SPREDSHT1Assessor \2002cia \[SHOPCTR.XLS] BROKDSQ 5/6/02 ShopctrBROKDSQ t w ` INCOME WORKSHEET 2000 PAY 2001 PROPERTY TYPE - CC: COMMUNITY SHOPPING CENTER NET LEASES YEAR BUILT 9999 INCOME ANALYSIS RETAIL > 15,000[/] $362,400 GROSS BUILDING AREA 185,524 RETAIL < 15,000[/] $564,496 NET RENTABLE AREA 176,901 THEATRE $111,948 RETAIL > 15,000[/] 60,400 RESTAURANT $68,984 RETAIL < 15,000[/] 70,562 PGI $1,107,828 THEATRE 37,316 RESTAURANT 8,623 LESS: VACANCY $276,957 RETAIL > 15,000[/] RATE $6.00 RETAIL < 15,000[/] RATE $8.00 EGI (before concessions) $830,871 THEATRE RATE $3.00 RESTAURANT RATE $8.00 LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 25.00% FREE RENT $ SQUARE FEET VACANT 44,225 SQUARE FEET OCC. 132,676 EGI $830,871 RENT CONCESSIONS 0.00% LESS: EXPENSES $154,788 FREE RENT 0.00% LEASING $49,753 TURNOVER RATE 25.00% TENANT IMPROVEMENTS $39,803 TENANTS REMAINING 75.00% RESERVES $24,926 AV. LEASING PERIOD 5 MANAGEMENT $24,926 TOTAL EXPENSES - $294,197 EXPENSES /SQ.FT. $3.50 NOU$.;, %- -.0 MANAGEMENT 3.00% TENANT IMP. COST -NEW $10.00 2002 CAP1'I' ,VALUE $4,4t10,00tt 'v.. _ .. . RENEWAL $0.00 EXPENDABLE VAL. OF TI 60.00% PER SQ.FT. GBA $23.72 PER SQ.FT. NRA $24.87 RES. FOR REPLACEMENT 3.00% EXPENSE RATIO - 35.41% LEASE COMMISIONS -NEW $3.00 SQ FT LAND AREA - 1,012,123 RENEWAL $1.50 SQ FT EFFECTIVE TAX RATE 4.629% 2001 Emv $4,700,000 CAP RATE 11.00% PERCENTAGE CHANGE - -6.38% TAX RATE 1.16% 2002 Land Value $4,200,000 OVERALL RATE 12.16% 2002 Building Value $200,000 G:\Depts\ ASSESS \SPREDSHT\ Assessor \2002cia \[SHOPCTR.XLS]BROKDSQ (2) 5/1/2002 SHOPCTRBROKDSQ (2) K b ♦ b 5 ;,,m<;s... •.... { •' .�j'.<;h}''m r'3•;? �, x:l;E SSE � � �.. .200LA SSMEN;T,rREUtEW °REC R s '� r .: ,, s l o k :4 .. Date Of Inquiry: ?lL7�l Z� r Property Address: Sl Taxpayer Name(s): PID #:�, Phone Number: (W)( �' Address: City: .,.'-- - State: Zip: Issue:(circle one) Value Class .General Tax Questions Owner(s) Concerns: Owner satisfied by phone? (Circle one) Yes No (If no, continue) �� - '':Z �,t',::rtp dR%xC•'a; b +i'.':. ?"i.. .•Zxyx,, ,." ;':g'> �:.� •.� " �' ,� :1 .fi ".i,�`•�, Y.,. g�y�. v'��< Date of Sale: Sale Price: Has There Been Remodeling Since Purchase? As.sessin :� �m itm " s ,, 043��`�:. Appraiser second contact by Phone /letter: By: Date: Property Review Appointment Scheduled: Appr. #: Date: Time: Review Appraisal Completed By: Date: Canc1 sion ± 'si - � Appraisal result from: S ��D� � � Z �,� .r*.�i�+s,&a•�� :.+u'.�.e.e. �:' s!' ..c: t� n�:.��: '�' .r ... ;::r ..., •Y'i ::`,"'�: .'?.,'d :....mac:.,_ Taxpayer Notified by: (circle one) Phone .Letter Date: Appraisal CAA Chg's Entered By: Date: Change Order Completed By: Date: Amended Value Notice Sent By: Date: Additional Comments: 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS 48 TO 75 UNIT COMPLEXES Apartments Apartments 2002 Unit 2001 UNIT PROPERTY AREAS 2002 EMV Values (/j 2001 EMV VALUES[/) GARDEN CITY COURT - HL Land 191,225 Land $468,000 $8,soo Unit Land $468,000 $6,500 Unit 340747 65TH AVE N GBA 66,960 Building $2,536,200 $37.88 [n Building $2,347,000 $35.05 [/J PID: 34-119 -21- 42-0018,19, 20, 21, 24, 25, 26(LA) Units 72 Total $3,004,200 $44.87 In Total $2,815,000 $42.04 [n 4D Age 1963 Change 6.7% $41,725 Unit Change 28.0% $39,097 Unit Maranatha Residence Lard 143,682 Land $455,000 $7,000 Unit Land $455,000 $7,000 Unit 5415 69TH AVE N GBA 68,707 Building $3,287,000 $47.84 in Building $3,275,000 $47.67 [n PID: 334 1 9- 21-1 2 -01 06 Units 65 Total $3,742,000 $54.46 In Total $3,730,000 $54.29 In Age 1988 Change 0.3% $57,569 Unit Change 13.7% $57,385 Unit BROOKWOOD CROSSINGS 1 Land 169,470 Land $511,000 $7,000 Unit Land $511,000 $7,000 Unit 6201 LILAC DRIVE NORTH GBA 144,220 Building $3,583,000 $24.84 [n Building $3,525,000 $24.44 [n PID: 36419 -2133 -0167 Units 73 Total $4,094,000 $26.39 [n Total .$4,036,000 $27.99 [n Age 1984 Change 1.4% $56,082 Unit Change 12.8 $55,288 Unit BROOKWOOD CROSSINGS 2 Land 142,070 Land $455,000 $7,000 Unit Land $455,000 $7,000 Unit 6125 LILAC DRIVE NORTH GBA 91,655 Building $3,189,000 $34.79 [n Building $3,142,000 $34.28 [n PID: 36-119-21-33-0055 Units 65 Total $3,644,000 $39.76 [n Total $3,597,000 $39.24 [n Age 1984 Change 1.3 $56,062 Unit Change 16.8 $55,338 Unit WILLOW LANE - HL Land 131,615 Land $377,000 $e,soo Unit Land $377,000 se,soo Unit 7015 BROOKLYN BLVD GBA 56,331 Building $1,915,100 $34.00 In Building $1,627,000 $28.88 In PID: 27-119-21-33-0010 Units 58 Total $2,292,100 $40.69 [n Total $2,004,000 $35.58 Ul 4D Age 1969 Change 14.4 $39,519 Unit Change 22.7% $34,552 Unit STERLING SQUARE Land 149,118 Land $351,000 $6,500 Unit Land $351,000 $6,500 Unit 6640 & 6700 HUMBOLDT GBA 48,504 Building $1,885,000 $38.86 [n Building $1,669,000 $34.41 [n 1400 & 1401 67TH AVE N Units 54 Total $2,236,000 $46.10 In Total $2,020,000 $41.65 [n PID: 36-119-21-22-0038,0039,0043, 0044 Age 1968 Change 10.7%. $41,407 Unit Change 19.9% $37,407 Unit BROOKHAVEN Land 115,160 Land $351,000 $6,500 Unit Land $351,000 $B,soo Unit 3907 65TH AVE N GBA 57,024 Building $1,929,000 $33.83 [n Building $1,522,000 $26.69 [/J PID: 34 -119- 2131 -0081 Units 54 Total $2,280,000 $39.98 [n Total $1,873,000 $32.85 In Age 1968 Change 21.7% $42,222 Unit Change 18.3 $34,685 Unit MARVIN GARDENS Lard 262.836 Land $416,000 $s,000 Unit Land $416,000 $e,000 Unit 6710 ORCHARD LANE N GBA 93,412 Building $2,176,000 $23.29 In Building $1,973,000 $21.12 [n PID: 33-119-21-11-0104 Units 52 Total $2,592,000 $27.75 [n Total $2,389,000 $25.57 [n Age 1973 Change 8.5 $49,846 Unit Change 14.8% $45,942 Unit BROOKDALE TOWERS - HL Land 133,341 Land $325,000 $6,500 Unit Land $325,000 $6,sm Unit 6915 HUMBOLDT AVE N GBA 69.810 Building $1,847,000 $26.46 [4 Building $1,835,000 $26.29 in PID: 26- 119 - 2144.0070 Units 50 Total $2,172,000 $31.11 [n Total $2,160,000 $30.94 [n 4D Age 1969 Change 0.6% $43,440 Unit Change 36.3 $43,200 Unit Victoria Townhomes - HL Land 291,400 Land $384,000 $e,000 Unit Land $384,000 $8,000 Unit 6740 GRIMES PLACE GBA 57,562 Building $2,277,000 $39.56 [n Building $2,076,000 $36.07 [n PID: 34119 -21 -21 -0026 Units 48 Total $2,661,000 $46.23 In Total $2,460,000 $42.74 [n 4D Age 1979 Change 8.2 $55,438 Unit Change 24.1% $51,250 Unit TOTALS Land 1,729,917 Land $4,093,000 $ 6,926 Unit Land $4,093,000 $ 6,926 Unit and GBA 754,185 Building $24,624,300 $ 32.65 (/1 Building $22,991,000 $ 30.48 [) AVERAGES Units 591 Total $28,717,300 $ 38.08 In Total $27,084,000 $ 36.91 in Change 6.03% $48,591 unit Change 19.38% $45,827 unit G: MD eptsXASSESSISPREDSHTWssessor\2002da1 [APT 4&72.XLS]2002 TMals 5/6/2002 2002 INCOME APPROACH ANALYSIS APARTMENTS GARDEN CITY COURT - HL YEAR OF CONSTRUCTION: 1963 3407 - 65TH AVE N PID: 34-119-21-42-0018,19,20,21, 24, 25, 26(LA) 72 UNIT ECON ACTUAL TOTAL UNITS MIX RENT RENT ECON RENT 0 STUDIOS $470 $0 $0 6 1 BEDROOMS $635 $600 $3,810 66 2 BEDROOMS $750 $700 $49,500 0 3 BEDROOMS $950 $0 $0 0 GARAGES $35 $0 $0 NO ACTUALS RECIEVED ECONOMIC ACTUAL MONTHLY ADJ. RENT $53,310 TOTAL ANNUAL ADJ. RENT $639,720 $597,600 TOTAL NUMBER OF UNITS 72 GROSS BUILDING AREA 66,960 I CAPITALIZATION PROCESS ECONOMIC ACTUAL POTENTIAL GROSS RENT (PGI) $639,720 $597,600 LESS: VACANCY & COLLECTION LOSS %OFPGI 2.0% ($12,794) 2.0% ($11,952) OTHER MISC INCOME 2.0% $12,794 2.0% $11 EFFECTIVE GROSS INCOME $639,720 $597,600 LESS: ANNUAL EXPENSES OfPGI 30% ($191,916) 30% ($179,280) LESS: RESERVES FOR REPLACEMENT 2 L/. ($12,794) 2% ($11 TOTAL ALLOWANCE 32% ($204,710) 32% ($191,232) ANNUAL NET INCOME $435,010 $406,368 RETURN ON & OF PERSONAL PROPERTY $9,216 $9,216 $800 /UNIT @ 16% NET INCOME TO REAL PROPERTY ,j LIUAR Tax Rates CAPITALIZATION MARKET TAX RATE 279 3.58% 4D TAX RATE 1.62% OVERALL RATE 10.0% BLENDED TAX RATE 1.76% BLENDED TAX RATE 3.58% TOTAL CAP RATE 13.6% 13.6% 13.6% CAPITALIZED VAL O F PR OPERTY $3 ,135,000 $2,925,000 CAPITALIZED VALUE PER UNIT $43,542 $40,625 LV oer Unit BV per f/1 2002 Land $468,000 $6,500 2002 Bldg $2 $37.87 CORRELATED 2002 VALUE BY INCOME APPROACH $3,004,000 PID Land Value Bldg Value EMV 34- 119 -21-42 -0018 Sub 1 - HL 93% $ 72,400 $ 393,100 $ 465,500 Sub 2 - A 7% $ 5,400 $ 29,600 $ 35,000 2002 per [� Total 100% $ 77,800 $ 422,700 $ 500,500 2002 per Unit 34 -119 -21-42 -0019 Sub 1 - HL 93% $ 72,400 $ 393,100 $ 465,500 Sub 2 - A 7% $ 5,400 $ 29,600 $ 35,000 Total $ 77,800 $ 422,700 $ 500,500 34- 119 -21-42 -0020 Sub 1 - HL 93% $ 72,400 $ 393,100 $ 465,500 Sub 2 - A 7% $ 5,400 $ 29,600 $ 35,000 Total $ 77,800 $ 422,700 $ 500,500 34- 119 -21-42 -0021 Sub 1 - HL 93% $ 72,400 $ 393,100 $ 465,500 Sub 2 - A 7% $ 5,400 $ 29,600 $ 35,000 Total $ 77,800 $ 422,700 $ 500,500 34 -119 -21-42 -0024 Sub 1 - HL 93% $ 72,400 $ 393,100 $ 465,500 Sub 2 - A 7% $ 5,400 $ 29,600 $ 35,000 Total $ 77,800 $ 422,700 $ 500,500 34- 119 -21-42 -0025 Sub 1 - HL 93% $ 72,400 $ 393,100 $ 465,500 Sub 2 - A 7% $ 5,400 $ 29,600 $ 35,000 Total $ 77,800 $ 422,700 $ 500,500 34- 119 -21-42 -0026 2A 100% $ 1,200 $ - $ 1,200 Total $ 1,200 $ - $ 1,200 GRAND TOTAL $ 468,000 $ 2,536,200 $ 3,004,200 CITY ASSESSOR • REAL ESTATE DATA , Construction Basement Parking I Apartment Breakdown A) Steel Frame 1 Property Name Print Date 0 4 0 3 / 0 0 % Basement °6 Ramp 1 Number Type Area GARDEN CITY COURT B) Rein. Conc. 2 I Bsmt. Use Code 000 Surface 2 Xi Eff PID # Prop Type: C) Conc. Blk. 3 Plumbing Underground 3 1 1 Br S50 34-119-21 A HL D) Wood Frame 4 j )( Above Average 1 #of Spaces 1 12 Br 8550 Property Address: S) Pre -Fab 5 Average 2 X Area 3 Br 3411 65TH AVE N Other 6 Below Average 3 Garage I TOTAL: 1 ?_1VG: xZC i Exterior Walls Electrical Floor Area Rents as of Owner I Brick 1 X Above Average 1 # of Spaces Actual Type Economic GARDEN CITY COURT Stucco 2 1 Average 2 X Rent @ $ Eff Taxpayer Wood 3 Below Average 3 I Detached 1 I I 1 Br Metal 4 Height Underground 2 2 Br Concrete 5 I Aver /Story 9 � Attached 3 3 Br Legal Description Glass 6 # of Stories 3 Sprinkler System A V G LOT BLOCK Other 7 I I Clear Height 9 . d % of Area 0 0 0 06 Rental /Expense Information REGISTERED LAND SURVEY NO. 0 Roof Structure Elevator Pool Gross Income S Wood 1 X None X Indoor 1 Vacancies 0 0 0% Land Data Construction Quality Steel 2 Quantity j Outdoor 2 I Eff. Gross Income S Frontage Excellent 4 Precast 3 j Security System I Flat Charge: Operating Expense S Depth 3.5 Other 4 ! Yes 1 j Add. Net Income S IAr eON*• ft. 32340 Good 3 Roof Covor I No 2 I X Sub. j Cap Rate 0 0 0'/ Irreg. Shape NO 2.5 I Pitch &Gravel 1 CDE. GRM 0 'Zoning RS Average 2 1 X Wood Shingles 2 j BUILDING PERMITS I Rent /Sq. Ft. S 0 0 !Area Rating 1 5 j Asp. Shingles 3 3 j / Interior Inspected Site Rating Low 1 1 Insulated Roof 4 1 No. Date j Yes 1 Allow Un /Ar I Use Codes Other 5 j ! No 2 Trackage 11 352 100 j Heating Type Value S I Date Yes 1 12 000 °'° 1 Electric 1 { °6 Appraiser Initials No 2 I X 13 000 j °6 Forced Air 3 °o I No. Date / I Cash Equivalency Sales Data Sewer 4 000 Hot Water 4 Date Yes 1 X Arch. Appeal Space 6 °6 j Type Value S j Price $ No 2 Excellent 1 Pkg Unit 11 Date Water Very Good 2 I H & C Air 12 °6 Price S Yes 1 X Average 3 I X Other ( #> I COMMENTS 50 / LINE No 2 I I Fair 4 Building Area Street Undersirable 5 F.F. Area 3720 j SEE ALSO 0018, 001 9, 0020, 0021 , 0025. 72 UNITS TOTAL Yes 1 I X I Depreciation G.B. Area 1 1 1 6 D No 2 I I Functional olo N.R. Area Excess Land I Economic °6 Mezzanine ✓ Yes i Physical U ` Perimeter 2S2 No 2 X Const. Year 1963 TF Needs Soil Correction Effective Year 0000 Air Conditioning Yes 1 I RENOrC ondition Package 1 No 2 I Excellent 1 Central 2 Good 2 I Wail 3 4varana 4 Y • -f A,— A'r A n n n ° CITY ASSESSOR • REAL ESTATE DATA Construction Basement Parking Apartment Breakdown Property Name Print Date 04/03/00 A) Steel Frame 1 Basement % Ramp 1 I Number Type Area GARDEN CITY COURT B) Rein. Conc. 2 I Bsmt. Use Code 000 Surface 2 Eff PID # Prop Type: C) Conc. Blk. 3 Plumbing Underground 3 11 Br 55 0 'AA A A D) Wood Frame 4 X j Above Average 1 I #of Spaces 1 12 Br 13 50 Property Address: S) Pre -Fab 5 Average 2 I X Area 3 Br 3411 65TH AVE N Other 6 j Below Average 3 I Garage TOTAL. 1 EAVG: Exterior Walls I Electrical Floor Area I Rents as of ! Owner Brick 1 X I Above Average 1 # of Spaces Actual Type Economic CARDEN CITY COURT Stucco 2 Average 2 X Rent @ $ ! Eff Taxpayer Wood 3 Below Average 3 Detached 1 j 1 Br Metal 4 Height Underground 2 2 Br Concrete 5 Aver /Story 9 Attached 3 3 Br Legal Description Glass 6 I # of Stories 3 Sprinkler System AVG LOT BLOCK Other 7 I Clear Height y d %6 of Area 0 0 0 �, Rental /Expense Information Roof Structure Elevator Pool Gross Income S REGISTERED LAND SURVEY NO. 0 Wood t j X j None X Indoor t j I vacancies 0 0 0/0 j Land Data Construction Quality Steel 2 Quantity Outdoor 2 I Eff. Gross Income S Frontage I �IJ Excellent 4 j Precast 3 j Security System Flat Charge: Operating Expense S ;Depth j q 3.5 I Other 4 Yes 1 Add. Net Income S Area /Sq. ft. :ke34 0 j Good 3 Roof Cover I No 2 X Sub. I Cap Rate 0 0 11/ 2.5 Pitch & Gravel 1 1 GRM Irreg. Shane NO i I I CDE. .0 Zoning Average 2 1 X Wood Shingles 2 i BUILDING PERMITS Rent /Sq. Ft. S 00 !Area Rating i 1.5 j Asp. Shingles 3 1 3 / / Interior Inspected j Site Rating Low 1 Insulated Roof 4 No. Date / Yes 1 { Allow UniAr Use Codes Other 5 No 2 i Trackage 1 352 100 % Heating Type Value S Date Yes 1 2 000 °6 Electric 1 ( Appraiser Initials No 2 ! X 3 0 0 0 °6 Forced Air 3 °a j No. Date / / Cash Equivalency Sales Data i Sewer 4 000 ° Hot Water 4 °6 j Date Yes 1 j( Arch. Appeal Space 6 °6 Type Value S Price S - - No 2 Excellent 1 Pkg Unit 11 °6I Date Water Very Good 2 H & C Air 12 I % I Price S Yes 1 )C Average 3 X Other ( #) COMMENTS 50 / LINE -- -- — No 2 I Fair 4 Building Area j Street I Undersirable 5 FF.Area 3720 SEE ALSO 0018, 001 9, 00 002 . 002S. 72 UNITS TOTAL Yes 1 Ix 1 Depreciation G.B. Area 1 1 160 No 2 I Functional % N.R. Area Excess Land I Economic % Mezzanine b ` Yes i I Physical 1 ,6 Perimeter "b "y !FP No 2 IX Const. Year 1963 T �X b Needs Soil Correction Effective Year 0000 Air Conditioning Yes 1 I RENOV ondition Package ry',�S1 No 2 Excellent 1 I Central n 2 Good 2 Wall 3 Average 3 I X % of Aa A/C, ' 0000 °61 CITY ASSESSOR • REAL ESTATE DATA Construction I Basement Parking Apartment Breakdown Property Name Print Date 04/03/00 A) Steel Frame 1 Basement Ramp 1 Number Type Area B) Rein. Conc. 2 Bsmt. Use Code 000 Surface 2 Eff PID # Prop Type: C) Conc. Blk. 3 Plumbing Underground 3 1 Br 34 -1 1 9 -21 —42 -0026 A LA D) Wood Frame 4 Above Average 1 #of Spaces 2 Br Property Address: S) Pre -Fab 5 Average 2 Area 3 Br Other 6 Below Average 3 Garage TOTAL: AVG: Exterior Walls Electrical Floor Area Rents as of / Owner Brick 1 I Above Average 1 I # of Spaces Actual Type Economic GARnFrN C T T Y COURT Stucco 2 j Average 2 Rent @ $ Eff Taxpayer Wood 3 Below Average 3 Detached 1 1 Br Metal 4 Height Underground 2 2 Br Concrete 5 Aver /Story a Attached 3 3 Br i Legal Description Glass 6 # of Stories d Sprinkler System A V G j LOT BLOCK Other 7 Clear Height % of Area 0000% Rental /Expense information REGISTERED LAND SURVEY NO. 0 Roof Structure Elevator Pool Gross Income S Wood 1 I None Indoor 1 1 Vacancies 0 0 0?/o i Land Data Construction Quality Steel 2 Quantity Outdoor 2 I Eff. Gross Income S i Frontage Excellent 4 Precast 3 Security System j Flat Charge: Operating Expense S ;Depth 3.5 Other 4 Yes 1 Add. Net Income S i IAreai Sq. ft. 31704 Good 3 Roof Cover No 2 Sub. Cap Rate 001% Irreg. Shaoe NO 2.5 I Pitch & Gravel 1 j COE. GRM .0 jzonmg j R5 Average 2 Wood Shingles 2 BUILDING PERMITS Rent /Sq. Ft. S 00 Area Rating 1.5 Asp. Shingles 3 / Interior Inspected 'Site Rating Low 1 Insulated Roof 4 I j No. Date / Yes 1 Allow Un /Ar I Use Codes Other 5 I No 2 j j Trackage 1 3522 100 Heating Type Value Date Yes 1 I 2 0 0 0 Electric 1 1 °b j / / Appraiser Initials 11 No 2 3 000 Forced Air 3 j i No. Date Cash Equivalency Sales Data Sewer 4 000 Hot Water 4 °o Date Yes 1 Arch. Appeal Space 6 ° o Type Value S Price S No 2 ( Excellent 1 Pkg Unit 11 Date Water Very Good 2 H & C Air 12 j ° Price S Yes 1 i Average 3 Other ( #) o6 COMMENTS 50 / LINE No 2 + Fair 4 Building Area Street Undersirable 5 F.F. Area Yes 1 Depreciation G.B. Area No 2 Functional i N.R. Area Excess Land Economic Mezzanine Yes 1 Physical % Perimeter No 2 j Const. Year 0000 TF Needs Soil Correction Effective Year 0000 Air Conditioning CITY ASSESSOR • REAL ESTATE DATA Construction park orion Basement o p � -- - - - Apardtnnt Breakdown Property Name 12/09/98 A) Steel Frame 1 Basement /a Ram 1 Number Type Area GA RDEN C I TY_�QU e Rein. Cones 2 esmt. Use Code Q� a Surface - - 2 X _ - Eft PID # Prop Type: C) Conc. Blk. 3 Plumbing Underground 3 1'1 Br - - - -- - -- D) Wood F rame a Above Average 1 # of Spac 2 Br 34 -Li 9 - 21 - 42 AOPI A— T - - - - -- X - - - - -- - - -- - - - - - -- - - � - - - -- 850 Property Address: S) P re-Fab 5 Average _ - -- 2 X Area - - - -- - -- 3 Br 3409 6 5TH AVE N other 6 Below Average 3_ -- Garage TOTAL. 1 2AVG: Exterior Wail$ Electrical Floor Area Rents as of Owner Brick -- _- 1 X _Above Aver age - 1 -- - # of Spaces -- _ Actual Type Economic rcAR D E N S: ZL� _CQUR_T - -- Stucco - - - - -2 Av erage - 2 x Rent @ $ - - - -- -- - -- - - - -- - E Taxpayer ^ Wood 3' Below Average 3 Detached - 1 1 Br M 4 Heigh Underground 2 - - _ _ - - - 2 Br Concrete 5 Aver / Story Q ` Attached 3 3 Br Legal Descnption Glass 6 # of Stories 3. Sprinkler System TOT*V G LOT BLOC Other 7 Clear Height 9 . 0' % of Area 0000% Rental/Expense Information REGISTERED LAND SURVEY NO. 0 Roos Structure Elevator i pool Gross Income $ — Wood X None X Indoor 1 Vacancies 0 0 0 Land pay Construction quality Ste 2 Quantity Outdoor 2 Eff. Gross income $ Frontage Exce llen t — a - Pre 3 Seeurky System Flat Charge: Operating Expense $ - -- Depth 3.5 Other 4 Yes 1 -_ _ Add.._ Net Income $ Area / Sq. ft. O 7 O 5 Good 3 Roof Cover No 2 X Sub_ - -- _ -_ -- --- _--- ___ - -- Cap Rate - 0 0 0 Irreg. Shap -- -NO 2.5 Pitch & Grave 1 _ _ _ CDE. GRM .0 Zon R 5 A verage 2 - - X — Wood Shingles 2 _ - BUILDING PERMITS Rent / Sq. Ft $ 00 Area Rating 1.5 - Asp. Shingles _ _ 3 Interior inspected - - - -- ---- - - - - -- — Site Ratin Low 1 Insula R 4 No. Date Y 1 Allow Use Codes Un /Ar -- -- -- -- - -- - - -- -- - - - -- -- -- -- - - - - - -- --- - - - --! ll -- - -- Other 5 - No - -- -- - - - - -- -- 2 -y _ trackage 1 352 10 0 % Heating Type Value S Date Yes 1 2 0 0 0 % Electric 1 % Appraiser Initials No 2 X 3 00 %a Forced Air 3 % No. Date Cash Equivalency Sales Day Sewer 4 000 Hot Water 4 % Date - -------------- - - - - -- - -- Yes 1 X Arch. Appeal Space 6 T ype Value $ Price $ No 2 Excellent 1 Pkg Unit 11 _ -_ i Date - - - - -- — Water I Very Good 2 H & C Air 12 Price $ Yes 1 X Average 3 X Other #) oa COMMENTS 50 / LINE No 2 Fair 4 Building Area _ _Street Under sirabie 5 F.F. Area 3720 SEE ALSO 0018,0019 72___UN TO TAL Yes 1 Depreciation G.B. Area 11160 No 2 Functional %a N.R. Area Excess Land I Economic %i Mezzanine _ Yes 1 Physical ° /w Perimeter 2 S 2 No 2 X i Cones. Year 1963 AtrTT n y j Needs Soil Correction j Effective Year 0 0 0 0 I Air Conditioning Yes 1 R E N O V CondBion Package 1 CRY ASSESSOR • REAL ESTATE DATA Constriction L - - Bas.ntent _ _l - - pacing Apartment Ormkdown i Property Name 12/09/9 A) Steel Frame 1 Basement -% Ramp 1 Number Type Area G a r d o n City C ourt B) R Conc. 2 — Bsmt. Use Code 000 Surface — _— z ?Q _ Eff I PID # - Prop Type C) Conc. Bik. 3 Plumbing —� Underground 3 11 Br 34 x_1_19 - 21 - 4 2 - 0025 A _ _T_ D) Wood Frame 4 X Ab Av era ge 1 #of Spaces 112 Br Property Address: S) Pre -Fab 5 Average 2 T X Area 3 Br 3413 6 5TH AVE N Other 6 Below Average 3 Garage TOTAL. 1 g►vG: Extedor Walls I Elec - Floor Area Rents as of Owner Brick 1 X Above Average 1 # of Spaces Actual Type Economic j G ARD EN CIT C Stucco 2 Av erag e 2 X Rent @ $ Eff ^ Taxpayer^ v -Wood - 3 — Below Average 3 Detached 1 1 Br Metal 4 "ght Underground 2 2 Br Concrete 5 Aver i Story 9.() Attached 3 3 Sr Legal Description Glass 6 # of Stories 3. Sprinkler System TOTAN G LOT BLOCK Other 7 Clear Height 9.0 % of Area 0000% RsnWExpenw httormatton REGISTERED LAND SURVEY NO. 0 Roof Stricture Elevator I Pow i Gross Income $ Wood I X None X Indoor 1 Vacancies 000% L and Data Constructlon Quality S 2 Quantity Outdoor 2 Elf. Gross I $ Front Exce llen t _ 4_ , Pre 3 security System Flat Charge: Operating Expense $ Depth _3. _ Other 4 Yes _ 1 Add_ Net Income $ Are i S 11 . 32340 Good - - -- 3 - Roof Cover No 2 X _ Sub. -- -� - - - - ' Cap Rate Irreg. Shape: NO 2.5 Pitch & Gravel 1 _ CDE. GRM - - -_ -- 0 Zon ing R Average 2 �X Wood Shingles 2 BUILDING PERMITS Rent / Sq. Ft. $ 00 Area Rating 1.5 _ — Asp. Shin 3 3 Interior Inspected Site Ratin Low 1 Insulated Roof 4 No. Date Yes 1 Allow UnlAr Use Codes Other 5 - No -- _ - - - - -1 -- 2 Trecksgs 1 352 100 %q Westing Type - - values - - -- Date - - -- ! -- Yes 1 2 00 0 % E lectric 1 % Appraiser initials No 2 X 3 00 - — °/ « Forced Air - - 3 r- /' No. Date Cash Equivalency Sales Data j Sewer 4 000 % Hot Water 4 %a Date Yes 1 X Arch. Appeal S 6 % Type - Value $ - -_- - - -- Price $ - - - - -. - - -- No 2 Excellent 1 Pkg Unit 11 _ /« -- t Date - -- - -- - Water i Very Good 2 H & C Air 12 %« Price $ Yes 1 X Average 3 X Other ( #) ° /w' COMMENTS 50 / LINE No 2 Fair 4 Building Area _ street Undersirable 5 F.F. Area _— 3720 S A LSO 0018, 001 9, 002 72 UNITS TOTAL Yes 1 X Depreciation G.B. Area 1 1 160 No 2 - Functional % N.R. Area Excess Land Economic •/a Mezzanine Yes 1 Phys •/a Perimeter 252 - ~ No 2 X Const. Year 1 9 6 3 AtrTUI Needs Soil Correction Effective Year 0000 Air Conditionino - CITY ASSESSOR - REAL ESTATE DATA T- C o - - --- Park - Ing Apartment Breakdown Properly Name 12/09/98 A) Steel Frame 1 Basement Ramp 1 Number Type Area onc. 2 Bsmt. Use Code 000 Surface 2 Ell r Ell __ _C0_UR_T_______ B) R - ein. C Underground 3 PID # Prop Type: C) Colic. Blk. 3 D) Wood Frame 4 Above Average I _HL_ X Plumbing # of Spaces 2 Sr Property Address: S) Pre-Fab 5 Average 2 X Area 3 Br 3 41 5 65TH AVE N Other 6 Below Average 3 Garage TOTAL: _AVG: A p Exterior Walls Electrical Floor Area Rents as of I Owner Brick 1 X Above Average 1 # of Spaces Actual Type Economic -GARDER--CI-TY _CGUP_T__ St cco 2 Average 2 1 X Rent P $ Ell _4 _ -- - -_ - - - - -- - --- __ __ Taxpayer Wood 3 Below Average 3 - Detached T 1_Br Metal 4_ Height Underground 2 2 Ell Concrete 5 Aver Story 9 O� Attached 3 3 Ell Legal Description Glass 6 i # of Stories �3 Sprinkler System T0 4 Other 7 Clear Height % of Area nfornutliiiin LOT BLOCK �9. 0 0000% Rentel/Expense I REGISTERED LAND SURVEY NO. 0 Roof Structure 1 Elevator Pool Gross Income $ Wood 1 X None X� Indoor 1 Vacancies 000% Land Dab Construction Ouslity Steel 2 Quantity Outdoor 2 Eff. Gross Income $ Frontage Excellent 4 Precast 3 Security System Flat Charge: Operating Expense $ Depth 3.5 Other 4 Yes Net Income $ pt ' Sq. ft.j L Add. Good 3 Roof Cover No 2 1 X 1 1 Cap Rate .000% Area Sub. Irreg. Shape; 2 5 Pitch & Gravel 1 COE. GRM NO 0 Zoning R5 j Average 2 X Wood Shingles 2 Rent Sq. Ft. $ 00 - - -- BUILDING PERMITS Area Rating 1.5 1 Asp. Shingles 3 1 3 Interior Inspected Site Rating Low I Insulated Roof 4 No. Date Yes Allow Un/Ar Use codes Other 5 i I No 2 Trackage 352 J t 100 Heating Yes 1 Type Value $ Date _� 2 000 %Fiie�nc 1 1 % Appraiser Initials T Na 2 >( _3 000 o/� Forced Air 3 No. Date Cash Equivalency Sales Data SO 4 000 -4 Hot Water 4 Date Yes Arch. Appeal Space 6 Type Value $ Price $ No 2 Excellent Arch. Pkg Unit 1 % Date WSW Very Good 2 H & A # r ) - 1 2 Price $ Yes- Average 3 Other 501 LINE No 2 Fair 4 Building Area Street Undersirable 5 F F. Area 3720 SEE ALSO 0018,0019,00P-1,0024,0025. 72 UNITS TOTAL Yes 1 Depreciation G.P. Area 1 1 160 No 2 Functional % N.R. Area - Excess Land Economic % - Mezzan ine Yes i Physical--. % Perimeter ESP No 2 Const. Year 1963 T — At X_5__ Needs Sol) Correct on Effective Year 0 0 0 0 Air Conditioning Yes R E N 0 VCondItIon Package 1 No 2 Excellent 1 Central 2 Good 2 j- 3 Wall Average 3 X j % of_Area A/C 0000 % Fiair 4 - 4 i Poor 5 CITY ASSESSOR • REAL ESTATE DATA Construction Parking Apartment Breallullown Property Name 12/09/98 A) Steel Frame 1 Basement %I Ramp Type Area _ Number Ga 13 rdon City Court B) Rein Conc. 2 e Code 000 Surface 2 EN PID # Prop Type: C) Conc. Blk. 3 Plumbing Underground 3 liar 550 1--- 34-119-21-42-0019 A HL D) Wood Frame 4 X Above Average i # of Spaces - - 1 - 12 Br 850 1 Property Address: S)-Pre--Fab ----- 5 Average 2 X Area 3 Br 3417 65TH AVE N i Other 6 Below Average 3 Garage TOTAL: I FAVG: Exterior Wells Electrical Fl Area Rents; as of Owner Brick 1 X Above Average 1 #of Sp Actual Type Economic GARDEN CITY COURT Stucco 2 1 Average 2 X Rent@ $ - - Eft Taxpayer Wood 3 Below Average 3 Detached 1 1 Br - Metal 4 Height Underground 2 2Br Concrete 5 Aver / Story 1 9 0 Attached 3 3 Er Legal Description Glass 6 1 # of Stories 3 Sprinkler System TOTAIVG '- Other 7 Clear Height 19 0 % of Area Rental/Expense Information LOT BLOCK 0000% Renta REGISTERED LAND SURVEY NO. 0 Root Stirticture Elevator Pool Gross Income $ Wood - i indoor Vacancies I I Lr . 000% Land Data Construction Quality Steel X X 2 Quantity Outdoor 2 1 Elf. Gross Income $ Frontage Excellent 4 Precast 3 Security System Flat Charge: Operating Expense $ Depth 3.5 Other 4 Yes - 1 Add. Net Income $ Area Sq. tt: 26664 Good 3 Root Cover No 2 X Sub. I Cap Rate 000% Irreg. Shape NO 2.5 Pitch & Gravel I I CDE. GPM 0 BUILDING PERMITS Rent Sq. Ft. $ 00 1 Zoning RS Average 2 X Wood Shingles 2 - - --f - t Area Rating i 1.5 Asp Shingles 3 3 Interior Inspected Site Rating Low Insulated Roof 4 No. Date Yes Allow Un/Ar, Use 1 Other No Trackage 1 352 Hosting Type Value $ Date Yes 1 %1 Electric 4 1 i I Appraiser Initials --2 C ) 0 0 - I No 2 X 3 000 % Forced Air 3 No- Date Cash Equivalency Sol" Data SO~ 4 000 Hot Water 4 Date 1 Arch. Appeal P 61 Type Value $ Price $ Yes S ace No 2 1 Excellent Arch. Pkg Unit Date Water Very Good 2 4 , H & C Air 12 Price $ Yes 1 ljc Average 3 X 1 1 Other ( # ) COMMENTS 50 LINE No 2 Fair 4 Building Area Strom Undersirable 5 1 F.F Area 3720 SEE ALSO 0018,0020,0021,0024,0025. 72 UNITS TOTAL Yes 1 X Depreciation ! f- G. B. - Area 1 1 160 -4 No --- - 2 — Functional N.R. Area Excess Land Economic mezzanine Yes 1 Physical Perimeter X - No 2 , X Const. Year 1 9 6 3 AI Ti F Yes 1 Needs Soil Correction Effective Year 0000_ Air Conditioning = J R E N 0 ViCondition Package 1 2 - _ No Excellent 1 T Central 2 Good 2 Wall 3 % Average 3 of Area A/C 0000 % CITY ASSESSOR REAL ESTATE DATA Cons truction Basement Parking Apartment Breakdown Property Name 12/09/98 A) Steel Frame 1 _ Basement J Ramp Number Type RT- B) Rein. Cones Bsrm. Use Code Surface 2 Eff PID M Prop Type: C) Conc. Blk. 3 1 Plumbing Underground 3 ------ -Br A-- HL D) Wood Frame 4 Av erage # of Spaces 2 B, X Property Address: S) Pre•Fab 5 Average 2 Area 3 Br X- 3407 6 5T AVE N i Other 6 Below Average 3 Garage TOTAL: Exterior Wells Ejectrical Floor Are Rents as of Owner i Brick 1 X Above Average 1 # of Spaces Actual Type Ec I j--GARDEN--C,LTY -CGUR-T Stucco 2 Average 1 2 X Rent @ $ Eff + I Taxpayer l� Wood 3 i Below Average 3 De tached 1 1 Br Metal 4 Height L�nderqround___ 2 Br _ 1 Concrete 5 i Aver / Story i Attached 3 , r 3 Br + Legal Description Glass 6 # of stories Sprinkler System TOT*VG LOT BLOCK I Other i C lear Height 9 % of Area 0 0 O.P. RentallExpens• lidormst REGISTERED LAND SURVEY NO. 0 Roof Structure Pool Gross Income $ 7- T j Wood 1 -1 X None X indoor Vacancies LOW Deft 77- Construction Quality Steel 2 Quantity Outdoor 2 Eft. Gross Income $ Frontage Excellent - 4 i Precast 3 Security System Fiat Charge: Operating Expense $ Depth 'i I 3.5 Other 4 Yes 1 1 Net Income $ Area / Good 3 Roof Cov - Add Ar Sq. 11.1 26675 1 w Cap Rate No 2 Sub- Irreg. Shape! NO 2�5 Pitch & Gravel 1 GRM .- Zonin - g CDE. Average 2 X Wood Shingles 2 BUILDING PERMITS Rent Sq. Ft. $ Area Rating 1 1.5 Asp. Shingles 3 3 Interim Inspected Site Rating Low 1 insulated Root 4 i No. Date Yes F -- -- --- --- — -T - - I I - - -- I - - - -: - - - --- --- - I Allow Un/Ar Use Codes I Other 5 No 000 100 Heating 1 352 Type Value $ Date Trackage I —;4�- Yes 1 1 2 1— Electric 1 Appraiser Initials - - r - - 4 No 2 K 3 000 %i Forced Air 3 No. Date Cash Equivalency Sales i Server 4 ()00 Hot Water 4 9/6� Date Yes 1 Arch. Appeal Space 6 %1 Type Value $ Price $ No 2 Excellent Pkg Unit 1 Date 4 1 -1 1 12 Weller very Good 2 H & C Air o/ Price $ 4 Yes 1 I Average 3 X Other # — COMMENTS 50 LINE N o 2 Fair 4 BulldingAres Sir" Undersirable 5 F F. Area 3720 SEE ALSO 0019,00120,0021,0024,0025. 72 UNITS TO Yes 1 Depreciation G:B Area 1 1 16 No 2 Functional /.I N R. Area EXCO" LOW Economic Mezzanine Yes I Physical %i Perimeter 252 No 2 Const. Year 1 963 AIU Hoeft Soil - Cornection Effective Year 0 0 0 0 Alr Conditioning Yes 1 7 R E NO VCondltion Package --_I - - --- 4 No 2 Excellent 1 Central 2 W Good 2 all 3 Average 3 i of Area kC 0000 1/6 4 IF t - Fair 4 _ CITY ASSESSOR • REAL ESTATE DATA Construction 1 Basement I Parking Apartment Breakdown - ----------- , - - - - -: - -- J - -- ---- - Property Name 12/09/98 A) Steel Frame 1 ! Basement °/ Ramp 1 Number Type __- At ,. GARDEN --- C-LLY- -COURT . - B) Rein Conc. 2 Bsmt. Use Code Surface 2 X ft PID # Prop Type: C) Conc. Elk 3 Plumbing Underground 3 11 Br - �4- 1_1.4-21-4 00 - A T D) Wood Frame a X Above Average i i # of spaces - 1 1 2 Br Property Address: S) Pre -Fab 5 Average - 2 t Area 3 Br 3411 65TH AVE N Other - _- 6 - r -- r Below Average 3 - - Ga ngs - - TOTAL. -. - 1 pAVG_ _ - - -- rr Exterior Walls Electr Floor Area Rents as of / Owner Brick 1 X Above Average 1 # of Spaces Actual Type Eeonom Stucco 2 Average 2 ti Rent @ $ Elf - - -- - - -- X - - - -- -- - - i - -- - - - - -- - -- Tax paARDEN- _ALT -Y- CQU.RT -- I Wood 3 Below Average 3 Detached 1 ! 1 Br Metal a Height -- - Underground 2 2 Br ---- - - - - -- - -- �_ - -- - -- � - -- - -- - j - - - - - - -- - - -- I Concrete 5 Aver i Story T Oi Attached 3 t 3 Br - Other 7 r - �- Legal Description t Glass 6 t # of Stones 3. Or Sprinkler System _ -- TO yl�yr, - -- ' REGISTERED LAND SURVEY N 0 . 0 Roof Structuro Clear Height i9 , O j � of Area 0 0 0 0 %_ _ ___ RentWExpenw Irtforrrtstlort I Elevator �- _ Po ol Gross Income $ LOT BLOCK _ X Indoor 1 Vacancies -- - None -- - - -- - - - - Wood 1 � IC I- _ Land Data Construction Quality Steel - 2 Quantity ± Outdoo _2 -_ } Elf. Gross_ Income $ - - - - - +- - xce - r- - -- - - - -- - - - + - { stem � Flat C Expense $ 3.5 I t illy Sy C h arge: Op 9 Ex - P -- - -- - - - -- - - - - -- - Depth Frontag Excellent ` 1 Precast 3 Secur Yes 1 Add, Net Income $ - - - - - - -- -- P- - + - - -- -- -- - rt - - �- - Other -- - - - -- - 4 ._.i - -i - - - - -- - - - -- -- - - - - - - - - -- - -- - Area / sq.n. 32340 Good 3 + Roof Cover No - - 2 - L X I Sub. -- , . - ; Cap Rate - - -- - - - -- oo � - -- - - - - -- - - - - - -- T - - -, Irreg. Shape' - -- 2.5 Pitch &Gravel 1 CDE. GRM - - - -- - N O - - - L_ - - Zonrng R 5 Average 2 X Wood Shingles 2 BUILDING PERMITS Rent / Sq. Ft $ ) -- t- - - - - r - - - -- - -- - 1 15 Asp Shingles 3 3 In inspected Area R ati n g Site Rating 1 Low 1 I nsu l ate d Roof 4 No. Date Yes 1 --- - - t - -- - -- - - --- -- - - Allow Un /Ar i Use Codes Other 5 _ No - 2 - - - Value $ Date Trackage 1 _3 5_2 1 0 0 % Heati Type - -- - - - + - - - - -- -- - No 2 3 - - -- -- - . /d - Forced Air - - - -- Electric 1 % Appraiser initials - - - - - -- -- 0 0 0 - -1 - '+ - 1 No. - - - - Date Cash Equivalency Sales Data Yes 1 tt"_ 2 - - 0 - °d. 3 ow _ - - - 'X 000 - Value $ Date Seaver a 0 0 0 � / Hnt Water a /°� -- - - - - - - - - - - - - - - - - - - -- - -- Yes 1 Arc A pp eal � Space 6 1 , °/ TYPe Pnce $ i - -- -- f- - - °� - - - -- ° No 2 Excellent 1 , Pk Unit 11 _Date / Water Ve ry Good 2 } H _& C Air - - - 1 2 t - - - -. - / Price $ -- - - - - -- - - Yes 1 Average 3( Other ( #) / COMMENTS 50 / LINE No 2 Fair - - 4 -- Building Area --- - -- - - -� -- � —! FF Area 3720 i SEE ALSO 001$, 0019, 0020, 0021 r 0025. 72 UNITS TOTAL Street Unde rsirable 5 } _ _ _ Yes 1 Depreciation i G.8 Area 1 1160 No 2 -------- - - - - -- -- Excess Land Economic �d Me Area Mezzanine i Const. Year 1 963 � Perimeter 252 No 2 Yes 1 Ph sical _ - -- - - - - - - -- - - -- A trTu�fi Needs Soil Correct Effective Year - + - -- - - - — - - -- 0 0 0 0 - - __ - AIr Conditlonin g - -- - - - -- - - - -- - - - Yes 1 R E N O VCo ndItIon Package 1 No 2 1 Central i Central 2 - -- -- -- -- - - - -- - -- - -- t en - } -- - - Good 2 Wall 3 Average 3 a of Area A/C 0000 % - CITY OF BROOKLYN CENTER 2002 LOCAL BOARD OF APPEAL AND EQUALIZATION v F „ k p COY �'� "�� _ i ��� � ■�� May 6, 2002 Letter of Transmittal 2002 Local Board of Appeal and Equalization To The Honorable Mayor and City Council: As you know, each year the City Council is required by our Charter to sit as the Board of Appeal and Equalization. The purpose of this Board is to review the work of the Office of the City Assessor and to hear valuation and classification appeals. The 2002 Board of Equalization is scheduled to begin at 7:00 p.m. on Monday, . May 6, 2002. In addition to the valuation notices mailed to all individual property owners, the City Clerk has published and posted notices of this meeting as required by state statute. The attached report is presented for your information. The report contains a review of the Board's powers and responsibilities, information from our office regarding the 2002 assessment and an overview of recent market activity. The issues before the Board of Appeal and Equalization are questions of value and classification of Brooklyn Center properties for the January 2, 2002 assessment for taxes payable in 2003. Respectfully submitted, Nancy J. ojci 40 City Assessor 2002 Brooklvn Center Board of Eaualization Meetinq Aqenda: 1. Meeting called to order, roll call. (7:00pm) 2. The statement of the purpose of Board of Review and a review of the board's duties. 3. The Assessor's Report. 4. Appearances by taxpayers with appointments. 5. Appearances by taxpayers without an appointment 6. Consideration of written appeals. 7. Adjourn. Purpose of the Board of Appeal and Equalization Minnesota Statutes, Section 274.01, provides that the governing body of each city or a duly appointed board will serve as the local Board of Appeal and Equalization. This review is held each spring. The board has the responsibility to review the assessed valuation and classification of property within the city. This year's review is limited to the 2002 assessment; which affects taxes payable in 2003. The review by the board should focus only on either the market value or the classification of each property. The board should not directly concern itself with issues of actual property taxes of a particular property. Duties of the Local Board Appeal and Equalization 1. See that all taxable property is properly assessed, valued, and classified. 2. Add any omitted property to the assessment. • Limits of Authority for the Local Board of Aoaeal and Eaualization 1. The authority of the board extends over individual parcels only. No changes may be made by percentage, class, or property type. Changes in the aggregate assessment may be made by the state board of equalization. 2. The total of all changes made by the' local board of appeal and equalization must not reduce the aggregate assessment by more than 1 %. Should this occur, than none of the changes of the local board of appeal and equalization will be allowed. This limitation does not apply to clerical corrections. 3.' The local board of review does not have the authority to reopen previous assessments. An example of this is the 2001 assessment for the taxes payable in 2002. Homeowner's that received their 2002 tax statement in March, 2002, are not able to appeal the 2001 estimated market value listed. 4. Should the board wish to raise any assessment, the owner must be notified. 5. It is necessary for a majority of the board to be present for any valid board action to be taken. 6. The board should carefully consider any cases where taxpayers feel aggrieved by the proposed assessment. All available evidence should be considered. The board then has authority to adjust the assessment as it deems just. 7. The initial 2002 meeting is scheduled for May 6th. The board must complete its work within 20 days or receive a written extension from the Commissioner of Revenue. Any actions taken after 20 days without an authorized extension will be invalid. The assessor's recommendation is to complete all board business at the first meeting, if possible. Should a second meeting be necessary, it must be held no later than Sunday, May 26, 2002. A motion to sustain the assessment or to adjust the assessment may be made upon completion of the discussion of each property or may be held until all appeals have been heard. Review Procedures — 2002 Assessment Informal 1. Discuss assessment procedures and the valuation methodologies employed by the assessor's office. 2. Review market information, sales and property characteristics with the owner by phone or in the assessor's office. 3. Provide the owner with nearby assessed values and /or sales of homes similar to the subject property. 4. Suggest the owner have a market analysis provided by a local Realtor. 5. Review by physically inspecting the property and recalculating the value based on characteristics gathered in the new inspection. 6. Discuss with the owner the valuation recommendation based on the review performed. Formal 1. Local Board of Appeal and Equalization (city level) 2. County Board of Equalization 3. Minnesota Tax Court 4. Abatement Summary The assessor's office will make every effort to resolve as many questions possible prior to the board. Those property owners still wishing to be heard at the board will be given an opportunity to express their individual concerns. The assessor's office will have an appraisal prepared for all properties where the owner has notified the assessor's office of their intent to appear at this f this report will be year's board of review. A copy o t s ep rt provided to each board member and the p property owner. Please remember that the issue at hand is the market value or classification of the property at hand, not the taxes. Cases that the board feels may be too difficult or complex to decide may . be affirmed. The property owner will then have the opportunity to continue on to the County Board of Review. County Board The 2002 County Board of Appeal and Equalization will be held beginning June 17, 2002. Taxpayers wishing to appear must have appealed to their local board of review and must register with the county board prior to June 10, 2002 Call (612) 348 -7050 for an appointment. At the County Board level the county assessor's office will perform an independent appraisal of each property. Should a reduction to the assessment be indicated, it is offered to the owner. The county will also notify the owner if their review indicates either no change or an increase. At this point, the owner can accept the reduction, withdraw the appeal, or continue on, to be heard by the County Board of Appeal and Equalization. State Tax Court State*law also provides that a property owner can appeal to the Minnesota Tax Court. For information on the Tax Court, contact the Tax Court office , 25 Constitution Avenue, Judicial Center, St. Paul, MN 55155, telephone number (651) 296 -2806. The filing deadline for the 2002 assessment is April 1, 2003. The deadline is typically the last business day in March in the year the taxes are payable, but was recently changed to April 1, 2003. i Abatements This is a process allowing assessors to correct a clerical or appraisal error. Application must be rec#jVed by assessor no later than December 31 for the year the taxes are payable. This is a diser and decision of the assessor is final. The City of Brooklyrren#eeharges; a $45.00 application fee for an abatement application. However, in most cases the assessors office is able to inform the property owner prior to application if approval is likely. • What is Market Value? Minnesota Statute (272.03, subdivision 8) defines market value as: "Market value means the usual selling price at the place where the property to which the term is applied shall be at the time of assessment, being the price which would be obtained at a private sale or at an auction sale, if it is determined by the assessor that the price from the auction sale represents an arm's- length transaction. The price obtained at a forced sale shall not be considered. " The text, The Appraisal of Real Estate. Twelfth Addition, copyright 2001, The Appraisal Institute, defines market value as: "The most probable price, as of a specked date, in cash or in terns equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, • knowledgeably, and for self - interest, and assuming that neither is under undue duress." The fundamental points in these definitions include: 1. It is the most probable price, not the highest, lowest, or average. 2. It may be the actual price, but isn't necessarily so. 3. It is expressed in terms of money (a cash basis). 4. A reasonable amount of time is allowed for exposure in the marketplace. 5. Buyer and seller are motivated by self - interest. 6. Buyer and seller are both well informed, or advised, and are acting prudently. 7. The definition recognizes the present use of the property, as well as other potential uses. 8. Assumes an arm's- length transaction in the open market. Classification Issues In addition to appeals concerning the valuation of property, the Board may also consider appeals of the classification of the property. Minnesota uses a classification system to shift the burden from one group, or class, of property to another. Examples include homestead residential, non - homestead residential, apartments (four or more units), agricultural, commercial, and "contiguous" commercial. Depending on the classification, a property may have a tax liability of approximately one -half of a percent of its value to nearly five percent of its value. Due to the significant differences in tax liability, it is natural for owners to seek the most advantageous classification for their property. There are however, specific rules and requirements regarding these issues and the documentation necessary to prove the qualification for the requested classification. In cases, which are unusual, we normally review the matter with the Hennepin County . Assessor's Office and /or the Hennepin County Attorney's Office. Because of this prior research, we would anticipate that any classification issues which come before the Board may be of an unus ,*; ortechnical nature. We would advise caution on these issues. Depending mar e Orr, the -Board -may wish to have a formal legal opinion as the basis of its' aetiork kf�-t opinion cannot be obtained in a timely manner, the current classification should be affirmed and the matter referred to the County Board of Equalization. 2001 Reinspection Program for the 2002 Assessment summer of 2001 our office conducted re-inspections for the 2002 assessment of the During the summ p residential properties North of 57 Avenue, West of Shingle Creek Parkway and South of Interstate Highway No. 694. This review area consisted of approximately 2,330 residential properties. All parcels were inspected from the exterior and the assessor's office inspected the interior of 82% or 1,915 of these homes. The re- inspection process began in mid May, and was essentially completed by the end of September. The re- inspections were performed by; Appraiser I, Kelley Gillen, Appraiser Technician, Karen Casto and Data Collector, Nate Maher. Following the review of the scheduled quartile, our focus switched to the residential properties with new improvements. We then reviewed the new improvements of an additional 697 residential properties, 491 of these properties required inspections. We estimate that the total number of residential properties inspected in 2001 was approximately 2,406. The total number of interior inspected properties was approximately 1, 988. • How Taxes Are Calculated Tax Rates are calculated for each taxing district. Amount Levied -------------------------------- - - - - -- =Tax Rate(s) Total Tax Capacity or Market Value (Tax Base) The Total Tax Extension Rate is calculated by adding the rates of all the districts for the specific property or location. County +City +School +Miscellaneous --------------- - -- =Total Tax Extension Rate The second type of tax is market value tax. This tax is levied directly against market value. The taxes for a specific property are calculated by multiplying the Taxable Market Value by the > tax capacity class rate to yield the parcel's tax capacity. That amount is multiplied by the total tax extension rate to arrive at the actual amount of tax levied against the tax capacity of the property. Then the taxable market value is multiplied by the total of all market value rates. Lastly the homestead credit is subtracted if the property is a homesteaded residential property. Example - $132,000 Estimated market value of a homesteaded residential property in Brooklyn Center, in SD 281 for taxes payable in 2002, with a Limited Market Value of $116,600 $116,600 x 1.0 %= $1,166 x 146.909 % = $1,712.95 (TMV)(Class Rate)(Tax Cap.)(Tax Cap Rate)(Tax Capacity Tax) Plus$116,600 x 0.27366% = $319.08 (TMV) X (Total Market Value Rate) = (Market Value Tax) Plus $116,600 x .01906% = $22.22 (TMV) X (Mrkt Value Sewer Dist Rate) = (Market Value Sewer Tax) Less Homestead Credit - $267.00 Total Tax $1,787.25 r. 2002 Assessment Tax Capacity Payable in 2003 Property Type Breakdown Apartments 11% Residential r ' Commercial f.: 31% Y fC .fiS a.4 Pr�X ,MFG i + a �# , '� • xa; <' Farm Industrial 0% 10% ■Apartments ❑ Commercial ❑ Industrial ❑ Farm ❑ Residential 2002 ASSESSMENT QUESTIONS Aaril 2002 Whv did my market value change? The value of your property changes as the market indicates (through analysis of sales) or due to changes in the property (permit work, characteristic changes, etc.) The estimated market value is the most probable price that a well informed buyer would pay a well informed seller for a property without either party being unduly forced to buy or sell. If you have specific questions you may elect to speak with an appraiser on your specific property. You recently reviewed mfr property this last summer and told me there were no chanaes to my characteristics, why did mfr value increase? The value of your property is based on reported and recorded market sales data collected over the past year. Your 2002 assessed value is based on rates that are determined through analysis of this residential sale data. These rates change as indicated by recent market sales. Your 2002 value may have increased or decreased even though the characteristics of your home have not changed. This change in value may be based solely on the market data. Any changes in your property characteristics either positive or negative may also impact the final estimated value of your property. Is there a limit on how much you can chanae my value? There is no limit on the change in estimated market value. However, the limited market value or the taxable value for residential, agricultural or non - commercial seasonal recreational properties (homestead or non - homestead) is limited. The increase in the property's taxable value may not exceed; (1) 10% of the previous year's taxable value, or (2) 15% of the difference between the current year's market value and the previous year's taxable value, whichever is greater, excluding improvements. Can I appeal this valuation of my property? You should first review sale information from our neighborhood. Review homes Y 9 similar in style and size to yours. If you still feel that your value should be changed you may wish to speak with an appraiser and schedule an appointment to review your home. If you plan to attend The Local Board of Appeal and Equalization we must review your property prior to scheduling you on the agenda. In some cases we may come to a mutually acceptable adjustment to your value without your appearance before the board. What can / do as a senior citizen with a limited income if I feel you are taxinq me out of my home? i citizen i ' he property As a senior cit en t is important to remember to file for p p y tax rebate and property tax refund. These programs are designed to shield you from excessive increases in property tax and /or property taxes, which are too high when compared to your income. In addition to these programs there is also a senior citizen property tax deferment program available. You may also wish to contact our local legislature to voice our concerns regarding tax changes for Y 9 Y 9 g 9 senior citizens. Can I have you also look at my 2001 valuation for taxes Davab/e in 2002? No. The previous year's valuation has already been finalized. Your 2002 tax statement that you received in March is based on your 2001 valuation. Questions regarding that value would have to have been addressed at the time you received that valuation notice, or at the 2001 Local Board of Review. What will my 2003 taxes be with this change? The tax rates have not been determined for the 2003 taxes. We will have a better idea of estimating taxes when the legislature adjourns in May. You will receive a Truth in Taxation notice in November, 2002, which will give you an estimate of the 2003 taxes. Typically the Truth in Taxation notice does not include school district referendums. Please be observant of any local referendum issues in your school district. If you would like an estimate using this years tax rates we can give you an estimate or you may call Hennepin County Tax Estimates at (612) 348 -7835 for assistance. Assessment Valuation Procedures Residential Sales occurring in the prescribed study period October, 2000 through September, 2001, are analyzed by comparing them to the previous assessment and the preliminary assessment in process. Adjustments are then made either to the land values or to the computerized rate tables employed by the CAMA system in calculating the building values. This computer assisted mass appraisal system allows the assessor's office to value properties according to their individual characteristics. Examples of these characteristics include age, condition, size, style, amenities, functionality, and location. The preliminary final assessment is then analyzed statistically to ensure accuracy and uniformity. This process is greatly assisted by the relatively large sample of residential sales each year, giving the statistical analyses a high degree of reliability. The Brooklyn Center residential assessment falls well within all accepted measurement guidelines for mass appraisal accuracy and uniformity. Apartment The apartment assessment is based on a combination of market sale activity and analysis of the rental market. Even in years without adequate sale information, changes in rental rates and occupancy levels are valid, accurate measures of changes in market value. Apartments are sold primarily for their potential to generate future income for the buyer. Therefore, the analysis of the likely (economic) income is a proven and widely accepted approach to valuation. Commercial / Industrial The valuation of these properties is primarily accomplished through an analysis of the rental market, potential income, and the sale market. What are typical investor expectations? What are typical investor yield requirements for different market segments? These are two key questions where market activity can provide some guidance. The potential market (economic) income to a property is best estimated by analyzing recent leases, rental listings, and published data like the Real Estate Tracking Service of the Minnesota Real Estate Journal or the Colliers Towle Report. All of these sources and more have been employed by the assessor's office to ensure that the current assessed values follow the market as closely as possible. 2002 CITY OF BROOKLYN CENTER FINAL RESIDENTIAL TAXES INCLUDES HENNEPIN COUNTY SOLID WASTE MARKET VALUE LEVY HOMESTEAD TAXES 11 Anoka Hennepin 279 Osseo 281 Robbinsdale 286 Brooklyn Center Market Value 2001 Tax 2002 Tax 2001 Tax 200 Tax 2001 Tax 2002 Tax 2001 Tax 2002 Tax $40,000 $504 $464 $548 $484 $513 $546 $502 $499 $45,000 $567 $522 $617 $545 $578 $614 $565 $561 $50,000 $630 $580 $685 $605 $642 $683 $628 $624 $55,000 $693 $638 $754 $666 $705 $751 $691 $686 $60,000 $757 $696 $822 $726 $770 $819 $753 $748 $61,000 $769 $708 $836 $739 $783 $833 $766 $761 $62,000 $782 $720 $850 $751 $796 $847 $778 $773 $63,000 $794 $731 $863 $763 $809 $860 $791 $786 $64,000 $807 $743 $877 $775 $821 $874 $804 $798 _$65,000 $820 $755 $891 $787 $834 $888 $816 $811 $66,000 $832 $766 $904 $799 $847 $901 $829 $823 $67,000 $845 $778 $918 $811 $860 $915 $841 $836 $68,000 $857 $789 $932 $823 $873 $929 $854 $848 $69,000 $870 $801 $946 $835 $886 $942 $866 $861 $70,000 $883 $813 $959 $848 $898 $956 $879 $873 $71,000 $895 $824 $973 $860 $911 $970 $891 $886 $72,000 $908 $836 $987 $872 $924 $983 $904 $898 $73,000 $920 $847 $1,000 $884 $937 $997 $917 $911 $74,000 $933 $859 $1,014 $896 $950 $1,011 $929 $923 $74,700 $942 $867 $1,024 $904 $959 $1,020 $938 $932 $75,000 $946 $871 $1,028 $908 $963 $1,024 $942 $935 $76,000 $958 $882 $1,041 $920 $975 $1,038 $954 $948 $77,000 $978 $899 $1,063 $937 $995 $1,056 $973 $965 $77,700 $992 $910 $1,077 $949 $1,009 $1,069 $986 $977 $78,000 $998 $915 $1,084 $954 $1,014 $1,075 $992 $983 $79,000 $1,017 $932 $1,105 $971 $1,034 $1,093 $1,011 $1,000 $80,000 $1,037 $948 $1,126 $988 $1,053 $1,112 $1,030 $1,017 $81,000 $1,057 $965 $1,147 $1 $1,073 $1,131 $1,049 $1,035 $82,000 $1,076 $981 $1,168 $1,022 $1,092 $1,149 $1,068 $1,052 $83,700 $1,110 $1,009 $1,204 $1,051 $1,125 $1,181 $1,100 $1,082 $84,700 $1,129 $1,026 $1,225 $1,068 $1,145 $1,199 $1,119 $1,099 $85,000 $1,135 $1,031 $1,231 $1,073 $1,151 $1,205 $1,125 $1,104 $86,500 $1,165 $1,056 $1,263 $1,099 $1,180 $1,233 $1,153 $1,130 $87,500 $1,185 $1,072 $1,284 $1,116 $1,199 $1,251 $1,172 $1,148 $88,500 $1,204 $1,089 $1,305 $1,133 $1,219 $1,270 $1,191 $1,165 $89,500 $1,224 $1,105 $1,326 $1,150 $1,238 $1,288 $1,210 $1,183 $90,500 $1,244 $1,122 $1,347 $1,167 $1,258 $1,307 $1,229 $1,200 $91,500 $1,263 $1,138 $1,368 $1,184 $1,277 $1,325 $1,248 $1,217 $92,500 $1,283 $1,155 $1,389 $1,201 $1,297 $1,344 $1,267 $1,235 $93,500 $1,303 $1,171 $1,410 $1,218 $1,316 $1,363 $1,286 $1,252 $94,500 $1,322 $1,188 $1,432 $1,235 $1,336 $1,381 $1,305 $1,269 $95,500 $1,342 $1,204 $1,453 $1,252 $1,355 $1,400 $1,324 $1,287 $96,500 $1,362 $1,221 $1,474 $1,269 $1,375 $1,418 $1,343 $1,304 $97,500 $1,381 $1,237 $1,495 $1,286 $1,394 $1,437 $1,362 $1,321 $98,500 $1,401 $1,254 $1,516 $1,303 $1,414 $1,455 $1,381 $1,339 Yom $ 99,500 $1,421 $1,270 $1,537 $1,320 $1,433 $1,474 $1,400 $1,356 $100,500 $1,440 $1,287 $1,558 $1,337 $1,453 $1,492 $1,419 $1,374 6/2/2002 2002 CITY OF BROOKLYN CENTER FINAL RESIDENTIAL TAXES INCLUDES HENNEPIN COUNTY SOLID WASTE MARKET VALUE LEVY HOMESTEAD TAXES 11 Anoka Hennepin 279 Osseo 281 Robbinsdale 286 Brooklyn Center . Market Value 2001 Tax 200 Tax 2001 Tax 1 2002 Tax 2001 Tax 2002 Tax 2001 Tax 2002 Tax $105,000 $1,529 $1,361 $1,653 $1,413 $1,540 $1,576 $1,504 $1,452 $110,000 $1,627 $1,444 $1,758 $1,498 $1,638 $1,669 $1,621 $1,539 $115,000 $1,726 - $1,526 $1,864 $1,583 $1,735 $1,761 $1,742 $1,626 _ ," $119,300 $1,811 $1,597 $1,955 $_1,657 $1,826 $1,841 $1,846 __$_ 1,700 $120,000 $1,824 $1,609 $1,969 $1,668 $1,843 $1,854 $1,862 $1,712 $125,000 $1,940 $1,691 $2,089 $1,754 $1,962 $1,947 $1,983 $1,799 $130,000 $2,060 $1,774 $2,215 $1,839 $2,082 $2,040 $2,103 $1,886 $135,000 $2,179 $1,856 $2,342 $1,924 $ 2,202 $2,133 $2,224 $1,973 V" $136,100 $2,221 $1 $2,382 $1,942 $2,244 $2,153 $2,265 $1,992 $145,000 $2,419 $2,021 $2,595 $2,094 $2,441 $2,318 $2,465 $2,147 $150,000 $2,539 $2,104 $2,722 $2,179 $2,561 $2,411 $2,585 $2,234 $155,000 $2,659 $2,186 $2,849 $2,264 $2,680 $2,504 $2,706 $2,320 $160,000 $2,779 $2,269 $2,976 $2,349 $2,800 $2,596 $2,826 $2,407 $170,000 $3,018 $2,434 $3,229 $2,519 $3,039 $2,782 $3,067 $2,581 $180,000 $3,258 $2,599 $3,482 $2,689 $3,278 $2,968 $3,308 $2,755 $190,000 $3,497 $2,764 $3,736 $2,859 $3,518 $3,153 $3,549 $2,929 $200,000 $3,737 $2,929 $3,989 $3,029 $3,757 $3,339 $3,791 $3,102 $210,000 $3,977 $3,094 $4,242 $3,199 $3,996 $3,524 $4,032 $3,276 $220,000 $4,216 $3,259 $4,496 $3,369 $4,235 $3,710 $4,273 $3,450 $230,000 $4,456 $3,425 $4,749 $3,539 $4,475 $3,895 $4,514 $3,623 $240,000 $4,696 $3,590 $5,002 $3,709 $4,714 $4,081 $4,755 $3,797 $250,000 $4,935 $3,755 $5,256 $3,879 $4,953 $4,266 $4,996 $3,971 $260,000 $5,177 $3,920 $5,512 $4,049 $5,192 $4,452 $5,242 $4,145 $275,000 $5,536 $4,167 $5,811 $4,305 $5,551 $4,730 $5,602 $4,405 $300,000 $6,136 $4,580 $6,526 $4,730 $6,149 $5,194 $6,205 $4,840 $350,000 $7,334 $5,406 $7,793 $5,580 $7,345 $6,122 $7,411 $5,708 $400,000 $8,532 $6,231 $9,060 $6,431 $8,542 $7,050 $8,617 $6,577 512/2002 CITY OF BROOKLYN CENTER 2002 TAX CAPACITY RATES Area Wide Ratio: 32.4875 ANOKA OSSEO ROBBINSDALE BROOKLYN Area Wide Rate: 156.497 ISD #11 ISD #279 ISD #281 CENTER ISD #286 SCHOOL 29.082 30.092 30.213 26.338 COUNTY 50.409 50.409 50.409 50.409 CITY (INCLUDES HRA) 58.901 58.901 58.901 58.901 MISCELLANEOUS 7.386 7.386 7.386 7.386 M-.V. School 0.02284 0.06264 0.21625 0.13677 Rates (market value) City 0.05741 0.05741 0.05741 0.05741 Solid Waste 0.01906 0.01906 0.01906 0.01906 TOTAL M.V. RATE 0.2708 0.2708 0.2708 0.2708 TOTAL TAX CAP. RATE 145.778 146.788 146.909 143.034 LAST YEAR (PAY 99) 135.098 139.675 129.499 130.028 COMMERCIAL- INDUSTRIAL Effective % rate is applied to market value. VALUELESS THAN $150,001 EFFECTIVE TAX RATE %- 2001 3.4313 3.5696 3.5512 3.4454 EFFECTIVE TAX RATE %- 2002 3.7742 3.8302 2.4909 2.1230 COMMERCIAL - INDUSTRIAL Effective % rate is applied to market value. VALUE GREATER THAN $150,000 EFFECTIVE TAX RATE %- 2001 4.7893 4.9593 4.9226 4.7681 EFFECTIVE TAX RATE %- 2002 5.2818 5.3446 3.2443 4.6286 APARTMENTS Effective rate is applied to market value. EFFECTIVE TAX RATE %- 2001 3.4132 3.5851 3.3615 3.3849 • EFFECTIVE TAX RATE %- 2002 3.7185 3.7823 2.9051 3.0275 2002 vs 2001 VALUATION CHANGES FOR BROOKLYN CENTER RESIDENTIAL PROPERTIES Payable 2003 TO 2002 PERCENTAGE OF NUMBER OF PERCENTAGE OF CHANGE PARCELS RESIDENTIAL PARCELS -34 % TO -20 % 5 0.06% -19 % TO -10 % 3 0.04% -9 % TO -1% 9 0.1% NO CHANGE 56 0.7% +1% TO +5% 106 1.3% +6% TO +10% 400 4.9% +11 % TO +20% 5,908 72.5% +21 % TO +30% 1,556 19.1% +31 % TO +40% 79 1.0% +41 % TO +50% 24 0.3% +51 % and Over 6 0.1% TOTAL 8,152 100.0% Parcels with increasing values - 8,079 99.1% Parcels with an increase of more than 10% - 7,573 92.9% Parcels with an increase of more than 20% - 1,665 20.4% Parcels with declining values - 17 0.2% G: \DEPTS\ASSESS \BOARD\2002 \PARCEL % 2002.XLS 03/29/2002 CHANGES MADE TO 2002 ASSESSMENT CITY OF BROOKLYN CENTER OVERALL OPrepared by the Brooklyn Center Assessor's Office VALUE CHANGE City ide All (Includes all property es ty (I P P I`tY types) 13.5% (Excluding new construction) 12.5% City Wide - Resid. (Single Family - Detached Only) 16.3% (Excluding new construction) 16.0% Commercial (excluding new construction) 3 . 0 % Industrial 4 . 8 % Apartments 9.3% Condominiums 22.4% Co -ops 15.0% Townhouses 18.3 (Excluding new construction) 1 �o Double Bungalows 17.4% Residential Neighborhoods #50 River Influence 13.9% (excluding new construction) 13 #51 North West 14.6% (excluding new construction) 14.4% #52 North East 14.3% (excluding new construction) 14.3% #53 West Central 20.9% (excluding new construction) 20.7% #54 South East 14.6% (excluding new construction) 14 #55 South West 14.2% (excluding new construction) 14.0% #56 Waterfront 7.6 (Includes River and Lake Properties) (excluding new construction) 7.4% 3Z" MLS SALESXLS102 CHANGE CITY OF BROOKLYN CENTER MINNEAPOLIS BOARD OF REALTOR'S MLS SALE STATISTICS SINGLE FAMILY RESIDENTIAL PROPERTIES 2001 SALE 2000 SALE PERCENTAGE INFORMATION INFORMATION CHANGE FOR 2002 FOR 2001 ASSESSMENT ASSESSMENT Number of Homes sold 452 403 +12.16% % of Listings Sold 72.3 84.66 - 14.60% Average List Price $142,399 $124,679 +14.21% Average Sale Price $142,706 $125,463 +13.74% % of List Price Received 100.21 100.63 - • Median Sale Price $144,900 $126,900 +14.8% Average Number of Days on Market 25 18.4 +11.80% Information listed is for MLS District 363 (Brooklyn Center) only. The source information listed has been provided by the Multiple Listing Service, 2001 Residential Activity Report. This information represents only MLS marketed homes. Total homes sold includes single - family, condominium and townhome properties. As of the morning of April 29, 2002 the Realtor's — RMLS system indicated that 103 residential properties in Brooklyn Center went off market after January 1, 2002 and were closed sales as of April 29, 2002. The average sale price for these 103 Brooklyn Center single - family residential properties that sold and closed in 2002 was $149,779 with an average of forty days on the market. The average listing price was $149,066. • Pa*of 6 Single Family Residential Custom Report: BOARD REVIEW RES RES 1 1591106 4207 LAKESIDE Sold $78,000 662 1 1 1971 AVENUE 2 1613512 3311 LAWRENCE RD Sold $181,250 1528 2 4 1958 3 1618208 5612 LILAC DRIVE N Sold $157,900 1290 2 4 1956 4 1623985 3218 64TH AVE. N Sold $157,700 1008 2 3 1959 5 1624701 6106 QUAIL AVENUE Sold $151,000 960 2 3 1958 NORTH 6 1626781 7107 EWING AVE Sold $150,000 960 2 3 1957 COLFAX 7 1627196 6007 AVENUE Sold $163,000 960 2 3 1954 NORTH 8 1630087 6601 CAMDEN Sold $113,400 1340 2 2 1975 DRIVE 9 1630455 5620 GIRARD Sold $145,000 1030 1 3 1952 AVENUE N 10 1630856 3306 65TH AVE N Sold $155,000 1395 2 3 1959 11 1630977 2906 MUMFORD RD Sold $148,000 1164 2 3 1958 12 1631186 5532 KNOX AVE N Sold $129,000 950 1 2 1949 13 1631224 4306 63RD AVE N Sold $156,900 1120 2 3 1960 14 1631427 7185 UNITY AVE N Sold $131,250 924 2 2 1985 ORCHARD 15 1631794 6342 AVENUE Sold $140,000 1196 1 3 1958 NORTH 16 1632762 5100 HOWE LANE Sold $139,900 1089 1 3 1959 NORTH 17 1632832 6654 XERXES PL N Sold $106,900 1111 2 2 1983 18 1634398 3508 ADMIRAL LANE Sold $135,500 1000 1 3 1955 NORTH 19 1634577 912 WOODBINE LANE Sold $182,000 1796 2 4 1963 20 1634881 5327 COLFAX AVE Sold $106,000 650 2 2 1941 NORTH 21 1635320 5500 ALDRICH Sold $137,000 968 2 2 1984 DRIVE N 22 1637279 6812 DUPONT AVE Sold $168,000 1160 2 4 1968 N 23 1637715 6113 DUPONT AVE Sold $155,800 1040 2 2 1956 NORTH http:// www. northstarmis .com/Search/Scripts/Rpt.asp 04/29/2002 Pa, of 6 24 1638369 7100 UNITY AVE N Sold $125,000 1012 2 2 1979 25 1638552 6418 MAJOR Sold $160,000 1105 2 2 1965 AVENUE N 26 1638719 3819 58TH AVE Sold $137,000 1000 1 3 1955 27 1638800 6801 REGENT AVE N Sold $154,397 1005 2 3 1958 28 1638936 5919 PEARSON Sold $173,600 1232 2 5 1955 DRIVE I http:// www. northstarmis .com/Search/Scripts/Rpt.asp 04/29/2002 P4 of RES oe 1638985 6718 O718 N Sold $164,900 888 u 4 1907 30 1689280 6020 WILLOW LANE N Sold $320.000 2052 3 4 1988 oi 1639361. 6425 SCOTT AVE N Sold *135.000 1180 3 u 1958 32 1630483 6807 PERRY AVE. N Sold n148.960 1008 1 3 1958 E � 33 1639834 6218 CAMD E N AV Sold *16e900 1610 u o 1956 � N ' G|RARm 34 2639846 5415 AVENUE Sold o118.900 850 1 3 1e27 NORTH os 1639872 5111 QUEEN AVE w Sold $154.900 1028 2 3 1865 � 36 2640301 5540 UOGAN AVE N OnW $134,850 1144 2 3 1947 oUP�mT�V� 37 1640764 6430 Sold $135900 1050 1 2 1965 N ' n$ 1641379 64*8 WILLOW LNN Sold o207.e00 1417 o 5 1858 � 39 1641726 5319 RNOXAVENUE Sold *1*0.000 715 1 3 1940 40 1641732 6607 FRANCE AVE Sold *153.000 1069 2 3 1858 41 1641988 ALomCHAVE �� OOO9 N Sold o140.000 832 2 2 1851 42 3000164 7125 UNITY CIRCLE Go|d $146100 1054 2 2 1983 NORTH Lee Avenue 43 2��@� 6212 Sold s150000 1620 2 3 1856 North ' Fremont Avenue 44 �2000373 7224 F ' Sold $13g9OO S8H 2 2 194O North ' � � 4e 2000450 *812 71st Avenue N. Sold n164.500 1800 2 4 1958 VN\TY�\RL�E 46 2000715 7118 N Sold *129.900 1054 2 2 1979 47 3008982 5646 8RYANT AVE N Sold $148.800 1206 2 4 1950 48 2000899 6222 Lilac DrNn Sold $147.900 1210 1 B 1855 49 21019 5650 5O50 Sold *145000 1126 2 2 1949 N ' 50 2001098 5942 YORK AVE N Sold *148.000 1050 1 u 1955 51 2001178 7242 KNOX AVE N Sold $173.000 978 2 4 1978 52 2001251 6918 Logan Ave. N. Sold *161.000 1138 2 3 1960 so 2001365 8RDOKLYN 01��� OVV1 Sold $141000 104 1 4 1956 BLVD 54 2001302 5312 Ound Ave N. Sold *154.000 1008 2 3 1959 ss 2001560 4957 Brooklyn Blvd. Gn|d u13e.000 1025 1 u 1940 56 2002882 5013 EVV|NG AVE. N Sold s143.400 1100 2 3 1956 http://www.northstarmls.com/Search/Scripts/Rpt. asp 04/29/2002 mf� ����� �� RES ' sr R002003 7100 Girard Avenue Sold s154.900 1000 1 5 19e5 e8 2002733 5*28 72mD CIRCLE Sold $107.*00 yuo 1 2 1983 s$ 20803225 5427 PENN AVE mO Sold $164.900 1190 u 3 1950 � oV 2003473 4521 xauhmneor. Gn|d *100.000 1144 2 3 1970 � 61 03746 2000 uOoo DR Gu|U $1e4.900 1627 2 n 1953 au 2004161 2801 O3nd Ave N Sold $154.500 1328 2 3 1957 � ALDR|�HAVE 63 20&�� 5907 Sold *134900 1088 1 3 1950 N ' 64 2004842 5743 G|eAmo AVE N Sold u149.900 1248 2 3 195e ea 2005188 500 07th Ave N Gu|d $147.000 1500 2 3 1853 mm 2005246 O/OO Perry AVE N Sold *127.000 025 1 2 1951 Colfax Avenue 67 2O0 ��l 5228 North Sold *144.000 1100 o 8 1946 � 68 2005557 7235 7235 Go|g $145000 1300 1 8 1953 AVE.m ' me 2005689 2830 67th Lane North Sold *110.e00 1112 2 u 1983 7012 Oliver n� m Sold *158 rn 2006171 ,er e n . OOO 1168 2 3 1e62 ��mmndnno 71 2006704 3612 Drive Sold *1*2.500 1000 1 8 1955 Bryant Avenue 72 2006896 7224 N Sold *176.519 1142 2 3 1963 Emerson 73 �8I�C�� 5540 Avenue N. Sold *149.e00 1740 2 3 1947 58u^ Admiral Sold $1Ooaon 1118 2 3 195e / 74 ��2��� i mnm no . ' 7112 HALIFAX AVE Sold $17� 7s 2007928 » . 000 1260 2 4 1964 76 2008039 6207 LEE AVE N Sold $159.900 1080 2 3 1956 8712 72ND AVE N Sold *1O1 77 2008180 o . 000 860 2 3 1958 O3O1 FRANCE Sold *148 7o ����� « . 900 1059 1 3 1955 79 2008205 3901 JOYCELANE Gn|d *151.000 1102 1 3 1955 WO 20808852 1301 O8TH LANE N 8n|d *124.900 1322 2 2 1983 81 2009356- 3313 O'HENRYRDN Sold $143.000 1080 2 4 1958 no 2009674 6812 PERRY AVE N Sold o101.900 686 1 2 1954 au 2009838 7125 Newton Ave. N. Sold $151/400 1168 1 3 1962 84 2011094 5403 Emerson Ave N Sold *165.000 984 2 4 1989 http 04/29/2007 NO of RES as :011127 5306 Howe Lane Sold $163,000 958 2 * 1958 os 2011206 6718 Scott Ave. North Gold *144,200 rOO o u 1955 87 2012030 1424 55TM AVE N Sold *155.000 1340 1 4 1952 88 2012328 5101 03nd Ave N Sold *139.900 1150 1 3 1950 89 2012890 6418 Girard Avenue m Sold $158.000 1040 o 3 1957 eU 2013051 5709 Brooklyn Blvd. Go|U *131.800 70* 1 2 1950 91 2013207 6536 Orchard AxN Sold *147.900 SsD 1 3 1959 Girard Avenue eu 2013519 0406 Sold $149900 1058 1 3 1957 North ' 93 :013520 6481 JUNE AVE m Sn|U $159.000 1058 1 O 1957 94 2013660 0519 Beard Ave No Sold o149.900 968 1 8 1958 � 95 2013876 6706 FRANCE AVE. Sold *158.400 860 1 3 1953 e6 2015023 2819 O'Hon,yRd Gn/d s149.900 1020 4 4 1958 � er 2015148 U 0019 mumfbnd Sold *105.000 1004 o 3 1959 PERRY 98 2015317 6800 AVENUE Gu|d $118.000 660 1 2 1954 NORTH 99 2015451. 5212 France Ave N Gu/d *155.900 118R 2 3 1959 100 2015892 5344 Morgan Ave N Gu|d $150.000 1206 1 3 1949 101 2016026 7101 Unity Ave m 8u|d $135.400 924 2 2 1980 102 2016736 3900 FRANCE PL 8u|d $160.000 1168 2 3 19e5 103 201I93% 5619 Knox Ave N Sold $112.000 793 1 2 1950 104 2020606 5019 ZENITH AVE N 8u|u $180.000 1020 2 5 1955 U LEE AVENUE U U 10e 2023499 U 6236 NO Sold U *155.000 U 1168 1 2 1956 =�=lmeaSoftware Copyright C Marken am � All information contained herein is for the exclusive use of authorized MLS Subscribers: Copyright C 2001-2002 Regional Multiple Listing Service of Minnesota, Inc. All Rights Reserved. For mortxma,Muo problems o, suggestions please contact the Help Desk o, call e51-251-5*oo. http://www.northstannls.com/Search/Scripts/Rpt.asp 04/29/2002 RESIDENTIAL SALE INFORMATION FROM REALTORS MLS SYSTEM CITY OF BROOKLYN CENTER, MN YEAR NUMBER OF AVERAGE % CHANGE MEDIAN SALE % CHANGE SALES SALE PRICE PRICE 1994 345 $78,878 $78,572 1995 288 $82,583 4.70% $81,900 4.24% 1996 310 $85,153 3.11% $85,000 3.79% 1997 313 $88,620 4.07% $88,900 4.59% 1998 344 $98,679 11.35% $97,900 10.12% 1999 323 $115,439 16.98% $120,500 23.08% 2000 118 $128,456 13.47% $143,948 30.86% 2001 452 $142,706 11.09% $144,900 0.66% 2002 103 $149,779 4.95% $148,950 2.79% * MLS data collected has changed for 2001. MLS data now includes single - family, townhomes and condominiums. Average January 1999 assessed value of single family homes in Brooklyn Center was $90,100 Average January 2000 assessed value of single family homes in Brooklyn Center is $ 105,600 Average January 2001 assessed value of single family homes in Brooklyn Center is $135,098 . Average January 2002 assessed value of single family homes in Brooklyn Center is $140,540 G:1Dep1s%ASSESSI30ARD12002V2002 MLS SALES.XLS]MLS SALE INFO 5/2/2002 Growth Analysis of Townhome Neighborhoods 2002 Assessment Nbad # Townhome Complex Percent of Growth 100 Evergreen Estates 20.2% 105 Rosemary Terrace 44.9% 110 Humboldt Square 44.1% 115 Riverwood 21.7% 120 Brookwood 13.3% 125 Northbrook Estates 38.5% 130 Madsen Floral 9.5% 140-144 Moorwood 17.6% 150-152 Hi -Crest 14.6% 160 Earle Brown Farm Estates 18.0% 170 -172 Earle Brown Farm Townhomes 22.6% 180-188 Creek Villas 19.0% 190-194 Mallard Creek 19.0% 195 Beard Avenue Condo's 15.9% 196 Riverwood Estates N/A Townhomes in Brooklyn Center saw an average increase of 15.4% in the 2002 assessment for taxes payable in 2003, excluding new construction. f � CITY OF BROOlk CENTER 2002 TOWNHOME SALE ANALYSIS SALES FROM OCTOBER, 2000 TO SEPTEMBER, 2001 NBHD TOWNHOME COMPLEX # of Units # SALES AVG. SALE PRICE 100 Evergreen Estates 8 0 No Sales 105 Rosemary Terrace 10 0 No Sales 110 Humboldt Square 9 1 $114,500 115 Riverwood 20 3 $117,133 120 Brookwood 32 0 No Sales 125 Northbrook Est. 8 2 $125,400 130 Madsen Floral 28 3 $119,933 140 -144 Moorwood 36 1 $126,220 150 -152 Hi -Crest 60 3 $115,400 160 Earle Brown Farm Estates 100 11 $103,845 170 -172 Earle Brown Farm Townhomes 20 0 No Sales 180 -188 Creek Villas 103 9 $117,644 190 -194 Mallard Creek 206 25 $117,658 195 Beard Ave 3 0 No Sales Totals 643 58 TOWNHOME SALES BY STYLE # SALES TOWNHOME STYLE AVG. MKT VALUE AVG. SALE PRICE 2 Rambler $96,650 $91,631 11 Split Entry /Split Foyer $119,561 $124,349 2 Split Level $116,733 $119,933 1 1 112 Expansion $0 $0 33 Two Story $106,364 $110,897 G:\Depts\ASSESS\ BOARD \2002 \[fHSALES.XLS]Townhomes Sales 2001 CITY OF BROOKLYN CENTER Estimated Market Value and Sale Price Townhome Averages Assessment Years 1994 to 2002 Taxes Payable Average Market Number of Average Sale Y 9 Assessment Year Year Value Sales Price 1994 1995 $62,481 16 $65,565 1995 1996 $61,223 102 $64,816 1996 1997 $63,923 35 $68,550 1997 1998 $66,460 50 $70,718 1998 1999 $65,256 52 $68,305 1999 2000 $69,272 60 $73,296 2000 2001 $78,112 67 $82,891 2001 2002 $95,476 49 $98,576 2002 2003 $110,107 55 $115,228 This summary information was provided by the Brooklyn Center Assessor's Office March 28, 2002. VALUATION GROWTH 1982 THRU 2002 ASSESSMENTS City of Brookl Center Sub urban Hennepin County Assessment Year" Apartments Commercial Industrial Residential Apartments Commercial Industrial Residential 1982 12.0% 10.9% 6.4% 5.9% 1983 10.2% 1.0% 9.8% 4.1% 1984 7.2% 3.3% -5.0% 0.7% 1985 1.5% 6.4% 1.2% -0.5% 1986 5.9% 8.5% 6.2% 1.2% 1987 7.4% 6.5% 4.8% 3.6% 1988 9.9% 3.1% 2.7% 4.7% 1989 0.9% 6.8% 5.8% 2.0% 1990 0.9% 5.2% 6.3% 1.9% 0.0% 2.4% 2.7% 3.5% 1991 4.1% 0.6% -0.9% -0.5% -4.7% -3.3% -0.1% 1.1% 1992 -8.1% 1.8% -10.6% -0.9% -5.5% -7.1% -5.7% 0.9% 1993 -3.9% -3.5% -6.2% 0.5% -7.4% -6.7% -5.7% 2.7% 1994 2.1% -7.2% 2.0% 0.0% -0.7% -0.8% -5.0% 4.2% 1995 -0.9% -2.1% 2.8% 1.1% 2.7% 3.4% 2.0% 4.7% 1996 -3.8% -4.6% 10.1 % 4.5% 4.7% 8.0% 6.1 % 3.6% 1997 3.9% 0.8% 3.3% 2.7% 5.8% 7.7% 5.8% 3.8% 1998 20.0% 5.9% 10.6% 5.1% 12.5% 9.1% 7.4% 3.9% 1999 9.0% 2.1% 7.2% 8.0% 9.4% 4.6% 8.5% 6.5% 2000 10.5% 3.7% 9.1% 13.3% 14.5% 7.5% 6.6% 10.6% 2001 22.5% -0.3% 9.3% 15.3% 18.8% 6.1% 7.0% 15.3% 0 0 0 2002 9.3 /0 3.0 /0 4.8% 16.1 /o City of Broo Center Suburban Hennepin County Assessment Year" Apartments Commercial Industrial Residential Apartments Commercial Industrial Residential Total 5 Year Growth 71.3% 12.2% 39.5% 44.4% 61.0% 35.0% 35.3% 40.1% Total 10 Year Growth 68.7% -3.4% 37.6% 49.6% 54.8% 28.5% 27.0% 57.3% Total 15 Year Growth 68.2% 18.8% 56.3% 61.3% Growth listed occurred in the calendar year preceding the assessment year. The changes in value indicated by the growth shown in this chart impact the property taxes in the year following the stated year of assessment. 2002 Assessment is preliminary until completion of the local board of review in May and the county board of equalization in • June. G:1DeM MLS 511LES.XIWWN -Gr wMh 92-01 5/2/2002 Brooklyn Center Homestead Tax History ASS �Y AR W Change/l'ear Med► Value Mark Change Payable Tsa[ X R #286 Ho Tax ead %Cha ' ' Change 1971 3.5% $21,495 1972 $562 1972 3.1% $23,530 9.47% 1973 $502 - 10.69% 1973 6.0% $23,750 0.93% 1974 $556 10.87% 1974 11.6% $23,750 0.00% 1975 $463 -16.66%- 1975 8.5% $28,675 20.74% 1976 $542 16.94% 1976 6.3% $30,965 7.99% 1977 $556 2.67% 1977 7.0% $33,130 6.99% 1978 $686 23.24% 1978 9.1% $37,400 12.89% 1979 $661 -3.60% 1979 11.5% $44,900 20.05% 1980 $611 -7.59% 1980 11.4% $52,900 17.82% 1981 $437 - 28.41% 1981 12.3% $55,800 5.48% 1982 $368 - 15.91% 1982 9.9% $59,700 6.99% 1983 $431 17.11% 1983 2.2% $61,800 3.52% 1984 $496 15.23% 1984 3.6% $61,800 0.00 1985 $580 16.85% 1985 3.8% $61,600 -0.32% 1986 $530 -8.57% 1986 1.3% $62,700 1.79% 1987 $554 4.50% 1987 3.0% $65,700 4.78% 1988 $575 3.71% 1988 5.0% $68,900 4.87% 1989 $651 13.36% 1989 4.1% $70,600 2.47% 1990 $817 25.37% 1990 4.1% $71,300 0.99 1991 $805 -1.43% 1991 2.7% $71,000 -0.42% 1992 $868 7.84% 1992 3.5% $70,900 -0.14% 1993 $909 4.75% 1993 3.1% $72,000 1.55% 1994 $939 3.27% 1994 3.2% $72,000 0.00% 1995 $1,000 6.46% 1995 2.6% $72,800 1.11% 1996 $1,044 4.44% 1996 2.8% $77,700 6.73% 1997 $1,175 12.52% 1997 3.0% $80,000 2.96% 1998 $1,201 2.21% 1998 2.3% $83,700 4.63% 1999 $1,270 5.75% 1999 1.6% $90,100 7.65% 2000 $1,243 -2.13% 2000 2.7% $105,600 17.20% 2001 $1,541 23.97% 2001 3.4% $119,300 12.97% 2002 $1,700 10.32% 2002 2.8% $136,100 14.08% 2003 2003 1.2% N/A 1 30 Year Total 154.4 ° / ®> 86.3 30 Year Total 147:1 %: -_. 30'Yr Annuaiiz 6.2% 3U Yr Ann' ed 5:1% utilized 4:9% 20 Year Total 60.8% 86.4% 20Year_Totai� 165.6% 20 Yr. Annualized 3.0% 43% 20 Yr Annualized i 8.3% 10 Year Total 27.5 %''' 68.9 %` 10 Year Total 71.6%. 10 Yr. Annualized 2.7 °l0 6.9% 10 Yr An nualized 7.2% 5 Year Total 12.8% 56.5% 5 Year Total i 40.1% 5 Yr. Annualized 2.6% 11.3% 5 Yr. Annualized I 8.0% * The stated change in the CPI is for the year preceeding the stated assessment year. 5/2/200211:38 AM G1 .�DUOWUNN/ - ASTVbmesleatl Tar H M Single Family al 2002 Com parison Values Residential Revised 5/2/2002 I 1 1 T Number Median I % Changel Average Average Ratio # Ratios I % Ratios I # Ratios I % Ratios Area of Sales Ratio C.O.D. I Total value I E.M.V. Sale Price Range I Under 85%1 Under 85%1 Over 105%1 Over 105% 02 Asmt City (All Residential) 377 96.3 6.6 16.0% $139,437 $143,703 73.1-131.0 13 3.60% 65 17.24% 01 Asmt City (All Residential) 377 I 95.8 6.3 15.5% $119,976 $125,382 79.4-126.7 22 5.84% 42 11.14% I 00 Asmt City (All Residential) 360 I 94.8 7.1 1 14.7% 1$105,579 $110,661 72.3-104.1 30 8.33% 49 13.61% I I I 99 Asmt City (All Residential) 383 ( 94.9 6.3 8.0% $90,044 $95,113 74.0-135.9 32 8.36% 41 10.70% 02 Asmt Townhomes 55 95.9 5.8 15.4% 1$110,107 $115,228 80.4-115.6 5 9.09% 5 9.09% 01 Asmt Townhomes 49 95.7 6.6 21.4% I $95,476 $98,576 85.2 -132.1 0 0.00% 7 14.29% I I 00 Asmt Townhomes 67 94.7 5.8 12.3% I $78,112 $82,891 74.9-114.6 6 I 8.96% 4 5.97% I I 99 Asmt Townhomes 60 94.4 6.1 5.6% 1 $69,272 $73,296 76.5-128.1 4 6.67% 4 6.67% 02 Asmt Doubles 0 N/A N/A N/A $0 $0 0 0 0.00% 0 I 0.00% I 01 Asmt Doubles 1 95.8 0.0 8.9% $159,500 $166,500 95.8 0 0.00% 0 I 0.00% 00 Asmt Doubles 2 94.8 0.2 15.1% $136,900 $144,350 94.8 0 I 0.00% 0 0.00% 99 Asmt Doubles 1 6 94.4 4.1 4.8% $123,450 $127,767 93.0-103.9 0 0.00% 0 0.00% I 02 Asmt Condo's 9 95.8 4.9 14.9% $80,667 $84,789 :6.8 -108.1 0 I 0.00% 1 11.11% 1 I 01 Asmt Condo's 6 97.9 I 6.60 19.6% $65,517 $68,200 4.8.107.9 1 I 16.67% 1 16.67% I 00 Asmt Condo's 8 94.8 5.4 9.1% $57,800 $63,238 79.6-98.0 2 25.00% 0 0.00% I 99 Asmt Condo's 10 95.1 4.4 0.8% $50,200 $53,855 84.5-99.3 1 I 10.00% 0 0.00% I Prepared by CITY OF BROOKLYN CENTER 5/2/2002 Residential 202 Final Value Revised 0102 FINAL - Target 95.7 Number Median % Average Averaag Averaae Ratio #Ratios _ %Ratios *Ratios % 1/3 Ratios ` Area (of Sales Ratio C.O.D. Change Land value E.M.V. 1 Sale Price Range i Under 85 %l - Und er 85 %I Over 105 %` Over 105% City JAII Residential) 444 96.5 I 6.5 15.7% _ _ $134.654 5138,807 73.1 -131 16 3.60% 75 1 16.89% City (SF 5046) 377 96.3 6.6 16.0% 5739,437 IS143.703 73.1 -131 13 3.45% 65 17.24% 4101 - 9101 (SF 5046) 203 93.3 1 5.8 5739.742 5148.665 73.2 - 115.5. 14 6.80% 13 6A0% _ _ -- ... -- 1 - Ar. Land Value N 50 - 6 - 100.1 6.9 13.5% _ $29.90 $161,440 $161,340 86.1413.2 0_ 0.0% 1 20.00% N51 56 95.2 5.8 114.5 _ $28.000 $137,689 $144,039 78 -110.4 2 3.57% 7 12.50% N 52 48 99.6 7.8 114.1% $27,500 5146.952 $147.769 80.7 -120.7 1 2.08% 12 25.0% N 53 126_ l 96.9 5.9 120.7% $27.500 5144.787 5147.938 79.7423.1 4 3.17% 19 15.08% N 64 96 I 924 6 $25.100 $176.926 5135,755 73.2 -112.6 10 1 8 1 8.33% N 55 32 1 97.0 5 .0 1 14.0% $27,500 $139.997 $141.992 $8.4 -121.3 0 0.00% 5 1 15.63 N56 (RL's) 1 1 124.3 0.0 1 7.3% 573.700 5233.600 5188.000 124.3 0 0.00% 1 10.0% QaUC18ss01 0 - - - -- -- -- - - - -- - QaUClass 02 0 Qal /Class 03 1 0 0.0 0.0 _ S $ - 0 0 #DIV/01 0 #DIV/0: Got/Class 0 Class 04 1 4 1 99.3 _ .8 1 f 193.625 $195.450 94.2 -103.9 0 0.00% 0 0. QaUClass 05 1 8 100.6 4.4 1 $ 175,838 $170.838 94.6 -118 0 I 0.00% 2 1.99% Qal /Class 06 1 68 98.9 6.7 I - - - ; 152.44.5 891 5154,243 - 82.9 -122.2 - 1 1.01% 12 12.13% Q81 1Class 07 264 4 -- _ 95. 6.1 - r - - S 736. 5742.553 76 -122.7 17 17.82% 32 33.54% Qal /Class 08 I 25 93.1 6.4 I $ - 116.136 $1231701 -- 80.3 -110.8 3 3.22% 4 - - - -- 4.30% Qal /Class 09 ( 4 94.8 14.9 I S 82.675 S 90.760 1 73.2 -121.3 1 1.05% 1 1.05% Qal/Class 10 I 0- 1. -- - 1 QallClass 11 _ I 0 - QaIlClass 12 1 0 Sale Price under $70,000 2 94.5 4.8 _ _ 47.950 S 49.751 9049.1 0 0.00% 0 0.0 Sale Price $70,00 to $90,000 2 105.9 14.5 ; _ 77.250 $- 73.450 90.2 -721.3 0 0.00% 1 50.0 Sale Price $90,001 to $105,00 4 106.0 9.3 $ 104.575 $101,114 87.8414.2 0 0.00% 2 50.0 1 A Sale Price $105,001 to $120,000 26 100.9 _ 9.1 5 116.604 $ 83.8422.7 2 7.69% 12 46.15% Sale Price $120,001 TO$150,00 242 95.1 5.8 $ 135,966 $142,259 80.7422.7 7 2.89% 27 11.16% Sale Price $150,001 to $180,000 109 93.1 14.9 . - IS 149.643 $159,842 80.7408 6 5.50% 5 L59% Sale Price $180,001 to $200,00 5 100.91 4.9 1 l ; 193,220 $187 9 0 0.00% 1 20.0% Sale Price $200,001 and Over 1 1 98.5 1 -. 7 0.0 1 S 2150 _ _ .7 5218 900 98.5 0 I 0.0% 0 0.0 -_ 1 .... 1 . .7 1 1 EMV under $70,000 3 99.5 1 3.3T 1 - I $ 5511sK ! _$ 55,800 90 -99.1 0 l 0.00% 0 I 0.00% EMV $70,00 to $90,000 2 104.5 - 16.6 - 1 1 l j 86.9501 $ 85.700 87.8 -121.3 0 _ I 0.00% 1 ( 50.0 EMV $90,001 to $105,000 7 86.6 6.1 1 I ; 160.614 1 1112.129 83.8 -99.5 2 1 28.57% 0 1 0.0% EMV $105,001 to $120,00 28 89.3 7.9 1 5 113,971 I $126.863 73.2 -114.2 _ 9 1 32.14% 2 I 7.14% EMV $120,01 to $150,00 242 95.1 5.8 7i 135,966 1 $142.259 80.7 122 7 7 2.89% 27 11.16% 0 EMV $150,001 to $180,0 75 100.6 5.9 l _ I $ 157401 1 $156.682 89.9 122.2 _ 0 _ 0.00% 20 26.67% EMV $180,001 to $200.000 5 100.9 2.1 t 1 l $ 186.240 � $186.280 94.2 -103.9 0 0.00% 0 0.0% 0 EMV $200,1 and Over 1 2 108.2 9.0 ''J' 1 ( 5 218.800 l 5203.450 98.5418 0 0.00% 1 50.0% Rambler 1 281 96.0 6.3 I I 1 $-138.275 l $143.089 79.3 -122.7 11 3.91% 39 13.88% Split Entry 1 16 94.6 8.9 1 - 1 $-153.425 _7 $156,5_38 86.6 -120.7 - 0 0.00% 4 25.0% Split Level 22 95.2 5.5 1 1 1 $155.405 $158.975 89.8418 0 0.00% 3 13.64% 1 114 Exp. 1 35 94.7 6.7 1 1 1 5119.877 I 4127.792 78.4 -114.2 6 17.14% 3 8.57% 1 112 Exp. 4 94.7 - 9.8 I l I.-M9175 _ - 1 S141,375 73.2 -107.4 1 25.00% 1 25.0% 1 314 Exp. 0 0.0 0.0 . 1 ....,. -,., 1 - .. 1 $0 0 0 #DIV /01 0 #DIV/0: 2 Story 5 94.2 5 8 1 1-- _...1, 5172,780 1&164.525 82.3 -100.9 1 20.00% 0 0.0% Influences (A & B Quality Adj.) Highway/Freeway ( -.04) 1 20 91.9 5.9 5131.315 $141.980 75.8 -110.8 3 15.00% 1 5.0•A Apartments ( -.061 9 8.2 - - _ $130456_ $139.600 78 -118 2_ _ _ 22.22% 1 11.11% Commerciallindustrial ( -.01) I 3 92.8_ 10.3 5737.333 $-1" - .518 85.3 - 114.2 _ 0 0.00% 1 33.33% Thru Street ( -.04) 45 92.2 7.5 1 S_ 129,053 S_ 137,389 80.7 -119.9 4 8.89% 4 8.89% Railroad (No Adj.) 0 0.0 0.0 1 SO $6 0 0 #DIV10i 0 #DIV/0: Park ( +.03) 17 99.2 4.6 1 5746,247 5147,359 89.1 -108.9 4 23.53% 2 11.76% Airport ( -.03) 2 -- 94.1 2.7 - 1 $-141 100 $150,00 91.6 -9 6 0 _.7 0 0 0 0.% Lake ( +.10) 0 1 - - - - - -- "' "#DIVIOI #DIVIO1 11 River (No Adj.) 1 118 0 $-221,900 0 "[ $188,0 1 118 0 0 1 -- - 100.0°x6 Townhouses A Condominiums All Townhouses (637) 55 95.9 5.8 15.4% S12. 1 $110,107 1 $115,228 80. -115.6 5 _9.09% 5 9.09% RAMBLERS 3 94.4__ 6.3 - $85.333 $68.875 _88.2 -106.2 0 I 0.00% 1 3333% SE18F 21 94.7 6.0 _ _ _ _ ;118,624 $124.310 80.4105 _ _ _ 2 _ _ _ 9.52% 0 0.0 SPLIT LEVEL 3 91.4 5.9 5110.433 5719,933 84.8 -101 1 33.33% 1 3333% 1 112 Exp 0 0.0 0.0 $0.. .. _.. $0 - 0 - - 0 #DIV/01 0 ( #DIV/0: 2STORr 28 95.9 5.4 - -_ I 51118.339 5116.736 83.2415.6 2 1 7.14% 4 14.29% Condominiums 9 95.8 4.9 14.9 %1 &10,00 560.667 584.789 86.8 -108.1 0 0.00% 1 11.11°x6 Double Bungalows _ , 15omolnth 0 89 5 1 0.0 1 1 17.4%1 $220, 00 I ;246.90 I 89.5 1 1 00! 0% 0 X0.0% 3 BROOKLYNCENTER - 316/2002 RESIDENTIAL STATISTICS 5ALES:33117298 4.5 °k CONDO STATISTICS m APTS` -•A,HL SALES:101233 4.3% COM =C,GC,NP DIRECT RATIOS MEDIAN MEAN COD I 2002 DIRECT RATIOS MEDIAN MEAN COD FARM =BF,F,FF,FP 96.1% 96.8% 6.4 2002 95.3% 95.4% 4.6 LAND =LA,LC,LI,LL,LR 2001 81.7% 83.1 7.0 2001 77.5% 77.5% 4.7 N RES= B,BJ,D,DJ,P,R,RL INFERRED RATIOS OTHER = CHANGED PROP TYPE SALES GROWTH: 18.6% INFERRED RATIOS SALES GROWTH: 23.24/0 SAMPLE GROWTH: 16.4% PROP TYPE GROWTH: 16.1% SAMPLE GROWTH: 214% PROP TYPE GROWTH: 19.5% m X MEDIAN: 95.1% X MEDIAN: 94.8% X MEDIAN: o X MEAN: 96.7% X MEAN: 0 94.9 X MEDIAN: 92-60/a 96.5 /o X MEAN: 94.9'/o X MEAN: o COMIIND STATISTICS SALES:7 1200 0 92.6/0 3.5.6 RES ON LAKE STATISTICS SALES:11108 0.9% TOWNHOUSE STATISTICS SALES:511637 0 DIRECT RATIOS MEDIAN MEAN 8.0% COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 0 2002 96.8% 100.5% 5.3 2002 124.5% 124.3% 0. m 2401 89.0% 88.3% 11.9 2001 114.1% 114.1% 0.0 2002 97.1% 97.2% 5.8 Z 2001 82.1% 82.4% 6.3 m u NFERRED RATIOS SALES GROWTH: 14.4% INFERRED RATIOS SALES GROWTH: 8.9% INFERRED RATIOS SALES GROWTH: 17.74'o Z 'AMPLE GROWTH: 4.9% PROP TYPE GROWTV 1.5% S MPLE GROWTH: 17.0% PROP TYPE GROWTH: 7.3% SAMPLE GROWTH: 17.0% PROP TYPE GROWTH; 18.1% MEDIAN: 93.4% X MEDIAN; 90.3% X 1EOIAN: -C MEAN: 92.6% X MEAN: 133.5% X MEDIAN: 122.4% . X MEDIAN: 89.6% EAN: 133_5% X MEAN: 0 96.1 % X MEDIAN: 98.8% 122.4 /o X MEAN: 96_4% X MEAN: o m 7.3,6 T STATISTICS SALES :7199 x,741; RES OFF LAKE STATISTICS SALES :330 /7191 4.8% DB, TP STATISTICS SALES:1i57 1.80/0 ( n DIRECT RATIOS MEDIAN MEAN COD 2002 102 5% 99 3% 7 9 DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2002 2002 96.0% 96.7% 6.3 2001 91.0% 88.6% 7.1 2001 81.7% 83.0% 6.9 90.8% 90-6% 0.0 2001 IFERREO RATIOS 76.1 % 76.1% 0.0 SALES GROWTH: 13.6% INFERRED RATIOS SALES GROWTH: 16.7% INFERRED RATIOS SALES GROWTH- 10.1% AMPLE GROWTH: 3.8% PROP TYPE GR 19.1 /o MEDIAN: 94.5% X MEDIAN: NTH. 9,3 %o SAMPLE GROWTH: 16.4% PROP TYPE GROWTH: 16.3% SAMPLE GROWTH: 3.0% PROP TYPE GROWTH: 16.8 °k MEAN: 99.4 /o X MEDIAN: 95.1% X MEDIAN: 95.0% X MEDIAN: 92.0% X MEAN: 96.8% X MEAN: 96.6% X MEAN: 78.4% X MEDIAN: 88 .8 0 /0 96.5% X MEAN: 78.4% X MEAN: o 88.8 /o STRATIFICATION(SINGLE FAMILY HOMES) RZ STATISTICS SALES:010 0.0% BY EMV BY PRICE DIRECT RATIOS MEDIAN MEAN COD N 3 0 -99K 88,7% 2 % 2002 W 0-99K 103.5% 2001 A 335 100.199K 96.9% 337 100 -199K 96.9% co 2 200 -299K 111.8 %i 1 200 - 299K 99.3% INFERRED RATIOS ID 300 -399K 300-399K SALES GROWTH: 400.499K 400 -499K SAMPLE GROWTH: ~ ' PROP TYPE GROWTH: 0.0% 500K+ 500K+ X MEDIAN: 0.0% X MEDIAN: 0.0 0k - X MEAN: 0.0% X MEAN: 0.04'0 D N m I .L'.ILY.`7..i�.YILI SEbNt1AL *: I�`:;�:::::= 03113/02 'ICIPALITY # SALES MEDIAN MEAN COD MUNICIPALITY # SALES MEDIAN MEAN COD )MINGTON 755 95.0% 95.6% 6.9 MEDINA 48 95.3% 96.2% 5.6 BROOKLYN CENTER 331 96.1% 96.8% 6.4 MINNEAPOLIS BROOKLYN PARK 719 94.9% 95.9% 6.5 MINNETONKA 484 95.3% 95.5% 5.7 CHAMPLIN 231 95.0% 95.6% 6.9 MINNETONKA BEACH 12 96.0% 96.9% 3.4 CORCORAN 24 96.4% 94.9% 6.0 MINNETRISTA 45 96.5% 96.8% 5.4 CRYSTAL 346 95.2% 97.0% 7.4 MOUND 162 94.7% 96.2% 7.3 DAYTON 39 96.3% 97.1% 5.3 NEW HOPE 215 95.9% 96.6% 6.3 DEEPHAVEN 55 95.7% 94.6% 6.0 ORONO 114 95.7% 96.1% 5.4 EDEN PRAIRIE 644 95.0% 94.8% 5.6 OSSEO 19 96.6% 96.3% 7.0 EDINA 547 95.0% 94.5% 9.8 PLYMOUTH 564 95.8% 95.5% 5.5 EXCELSIOR 21 97.5% 98.1% 5.2 RICHFIELD 477 95.3% 96.0% 6.8 GOLDEN VALLEY 239 94.8% 95.4% 7.7 ROBBINSDALE 254 95.1% 97.1% 4.2 GREENFIELD 14 96.4% 99.2% 10.5 ROCKFORD 2 94.8% 94.8% 5.3 GREENWOOD 7 97.1% 97.7% 4.8 ROGERS 43 96.1% 96.1% 4.1 HANOVER 1 95.2% 95.2% 0.0 ST ANTHONY 74 94.5% 96.1% 8.6 HASSAN 21 95.4% 96.6% 11.5 ST BONIFACIUS 33 96.0% 95.5% 5.7 F INS 111 95.1% 96.2% 4.6 ST LOUIS PARK 612 95.9% 97.9% 7.1 nNDENCE 27 95.8% 95.2% 7.2 SHOREWOOD 88 95.1% 95.7% 5.6 LONG LAKE 12 96.0% 95.6% 2.4 SPRING PARK 1 96.3 96.3% 0.0 LORETTO 12 96.5% 96.0% 5.6 TONKA BAY 20 96.4% 95.5% 5.2 MAPLE GROVE 588 96.4% 96.9% 5.0 WAYZATA 34 96.5% 92.9% 8.3 MAPLE PLAIN 24 95.1% 97.1% 6.1 WOODLAND 8 96.1% 91.5% 5.7 MEDICINE LAKE 1 95.0% 95.0% 0.0 SUBURBAN HENNEPIN 8078 95.4% 96.0% 6.5 'PROPERTY TYPES: B,BJ,D,DJ,P,R,RL ALL HENNEPIN`"' 8078 95.4% 96.0% 6.5 2002 EMV / 10 -2000 THRU 9 -2001 SALES - TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES 1997 THRU 2002 GROWTH IN RESIDENTIAL ASSESSED VALUE AND TAX CAPACITY AVERAGE SINGLE FAMILY VALUE AND TAX CAPACITY TAX YEARS 1997 THRU 2001 Median Value Percentage Tax Capacity Percentage Change Change Single Family Residential Payable 1997 $77,700 $834.00 Single Family Residential $80,000 2.96% $842.50 1.02% Payable 1998 Single Family Residential ° o Payable 1999 $84,000 5.00 $903.00 7.18 /o Single Family Residential $90,100 7.26% $992.65 9.93% Payable 2000 Single Family Residential Payable 2001 ` $105,600 17.20% $1,248.40 25.76% Single Family Residential $119,300 12.97% $1,193.00 -4.44% Payable 2002 Single Family Residential $136,100 14.08%. $1,361.00 14.08% Payable 2003 Current state law limits the growth in taxable value to a 10% increase from the previous years taxable value, or 15% of the difference, whichever is more. Therefore, the actual median taxable market value for single - family properties in Brooklyn Center is $115,500 for the taxes payable in 2003, which represents the typical home. t� G: 1DepteMSESS130ARD12002V 4JWMISCYLSIvakm w Capacity 5!2/2002 COMPARISON OF THE BROOKLYN CENTER PROPERTY TAX BASE BY PROPERTY TYPE 2000 TO 2003 TAX YEARS TAX TAX TAX TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TAX CAPACITY CAPACITY TOTAL PAY PERCENTAGE CAPACITY CAPACITY PROPERTY 2000 TAX OF 2000 TAX 2001 TAX OF 2001 TAX CHANGE CHANGE 2002 TAX OF 2002 TAX CHANGE CHANGE TYPE CAPACITY BASE CAPACITY BASE (Dollars) (Percent) CAPACITY BASE (Dollars)_ (P APARTMENT $2,120,750 10.08% $2,218,557 9.73% $97,807 4.61% $2,675,013 10.62% $456,456 20.57% COMMERCIAL $8,719,591 41.45% $9,336,100 40.93% $616,509 7.07% $9,477,082 37.63% $140,982 1.51% o ° ° ° 499 541 22.08 /o $2,990,856 11.87 /o $229, 214 8.30% INDUSTRIAL $2,262,101 10.75/0 $2,761,642 12.11 /0 $ , RESIDENTIAL $7,930,743 37.70% $8,490,114 37.22% $559,371 7.05% $10,040,474 39.86% $1,550,360 18.26% FARM $3,180 0.20% $3,450 0.02% $270 8.49% $3,743 0.01% $293 8.49% II TOTALS $21,036,365 $22,809,863 $1,773,498 8.43% $25,187,168 $2,377,305 10.42% NOTE: Payable 2003 tax capacity totals are based on values as of March 30, 2002. Adjustments for changes to state classification rates by the 2002 legislature are not reflected in these totals. Prepared by Brooklyn Center Assessor's Office 5/2/2002 COMPARISON OF THE BROOKLYN CENTER ASSESSED VALUE BY PROPERTY TYPE 2001 to 2003 TAX YEARS TOTAL PAY PERCENTAGE PERCENTAGE TOTAL PAY PERCENTAGE PROPERTY 2001 OF PAY 2001 TOTAL PAY 2002 OF PAY 2002 2003 OF PAY 2003 T TYPE VALUATION VALUE VALUATION VALUE VALUE . APARTMENT $115,338,600 8.75% $142,100,200 9.54% $150,619,300 9.01% COMMERCIAL $281,665,500 21.37% $285,707,400 19.19% $285,831,300 17.10% INDUSTRIAL $83,471,500 6.33% $90,199,500 6.06% $103,857,300 6.21% RESIDENTIAL $837,135,000 63.52% $970,702,600 65.19% $1,130,851,900 67.65% FARM $320,000 2.00% $360,000 0.02% $367,000 0.02% TOTALS $1,317,930,600 $1,489,069,700 $1,671,626,800 NOTE: Payable 2003 valuation totals are based on values as of March 30, 2002. Residential taxable market value total for 2002 pay 2003 was $936,777,400. More than 93% of all residential properties in Brooklyn Center will have taxable value that is lower than the estimated market value for the taxes payable in 2003. G 0aPft 3E"VMRD=2VUWMWy&$lmWW v WN y Prepared by Brooklyn Center Assessor's Office 5/2/2002 i PID STYLE PURCH. PRICE SO. FT. RATIO SALE DATE 01- 118 -21 -33 -0039 RAMBLER 102,000 670 95.8 12/31/2001 03- 118 -21 -24 -0101 153000 1000 94.8 06/22/2001 34- 119 -21 -34 -0113 148650 1032 95 07/20/2001 28- 119 -21 -44 -0011 160000 1135 96.9 11/02/2001 01- 118 -21 -22 -0065 147000 1160 94.1 09/07/2001 03- 118 -21 -21 -0053 169400 1232 96 06/20/2001 03- 118 -21 -43 -0003 160000 1489 97 11/27/2001 02- 118 -21 -14 -0098 SPLIT ENTRY 157900 927 89.9 07/02/2001 03- 118 -21 -11 -0010 SPLIT ENTRY 146000 954 94 10/20/2001 34- 119 -21 -32 -0112 SPLIT LEVEL 147100 1012 103 05/04/2001 34- 119 -21 -32 -0101 SPLIT LEVEL 147000 1012 94 12/04/2000 36- 119 -21 -21 -0084 SPLIT LEVEL 165000 1092 92 05/25/2001 25- 119 -21 -31 -0080 SPLIT ENTRY 170000 1234 99 09/26/2001 36- 119 -21 -22 -0009 SPLIT ENTRY 175000 1356 96 08/23/2001 • 01- 118 -21 -34 -0043 EXPANSION 119900 900 96 10/27/2000 02- 118 -21 -41 -0122 120000 975 94 10/30/2000 01- 118 -21 -33 -0140 125500 1030 94 08/29/2001 01- 118 -21 -23 -0071 139000 1071 94 04/26/2001 10- 118 -21 -12 -0036 134900 1130 93.7 08/16/2001 26- 119 -21 -44 -0092 176550 1350 93.5 09/01/2001 36- 119 -21 -34 -0023 165000 1572 97 09/30/2001 01- 118 -21 -32 -0031 TWO STORY 195000 2006 95 03/14/2001 01- 118 -21 -43 -0108 218900 2032 99 06/01/2001 36- 119 -21 -13 -0021 320000 2656 76 01/01/2002 • PI D 01- 118 -21 -33 -0039 Address: 5409 Fremont Ave N Neighborhood: Southeast Sale Date: 12/31/2001 Sale Price: $102,000 0 00 Architectural Style: Rambler Gross Building Area Above Grade: 670 Sale Price Per Sq. Ft.: $152 Features: # of Bedrooms: 2 # of Baths: 1 Fireplaces: None Central Air Conditioning: Yes Finished Basement: None Garage: 2 Car, Detached Porches / Deck Glazed Porch, 202 sq.ft. =a INS s _ = IN i PID: 03- 118 -21 -24 -0101 Address: 5819 Halifax Ave N Neighborhood: Southwest Sale Date: 6/22/2001 Sale Price: $153,000 Architectural Style: Rambler Gross Building Area Above Grade: 1,000 Sale Price Per Sq. Ft.: $153 Features: # of Bedrooms: 3 # of Baths: 2 Fireplaces: 2 Central Air Conditioning: Yes - Finished Basement: 90 %, One Family Room and One Bedroom Garage: 2 Car, Detached Porches / Deck None Y - F-4= _ PI D: 34- 119 -21 -34 -0113 Address: 4213 63` AVE N Neighborhood: WEST CENTRAL Sale Date: 7/20/2001 Sale Price: $148,650 Architectural Style: Rambler Gross Building Area Above Grade: 1,032 Sale Price Per Sq. Ft.: $144 Features: # of Bedrooms: 3 # of Baths: 2 Fireplaces: None Central Air Conditioning: Yes Finished Basement: 60 %, One Family Room Garage: 2 Car, Detached Porches / Deck None r ' NI �g PID: 28- 119 -21-44 -0011 Address: 6906 PERRY AVE N Neighborhood: NORTHWEST Sale Date: 11/2/2001 Sale Price: $160,000 Architectural Style: Rambler Gross Building Area Above Grade: 1,135 Sale Price Per Sq. Ft.: $141 Features: # of Bedrooms: 3 # of Baths: 2 Fireplaces: None Central Air Conditioning: Yes Finished Basement: 50 %, One Family Room and One Other Garage: 2 Car, Detached Porches / Deck Deck 210 sq.ft. _ : oft woll • PID: 01- 118 -21 -22 -0065 Address: 6021 Fremont Ave N Neighborhood: Southeast Sale Date: 9/7/2001 Sale Price: $147,000 Architectural Style: Rambler Gross Building Area Above Grade: 1,160 Sale Price Per Sq. Ft.: $126 Features: # of Bedrooms: 4 # of Baths: 1 Fireplaces: None Central Air Conditioning: NO Finished Basement: 40 %, One Family Room Garage: 2 Car, Detached Porches / Deck Deck, 192 sq.ft. } s q ; PID: 03- 118 -21 -21 -0053 Address: 6024 HALIFAX PLACE Neighborhood: SOUTHWEST Sale Date: 6/20/2001 Sale Price: $169,400 Architectural Style: Rambler Gross Building Area Above Grade: 1,232 Sale Price Per Sq. Ft.: $137 Features: # of Bedrooms: 5 # of Baths: 2 Fireplaces: 2 Central Air Conditioning: Yes Finished Basement: 66 %, One Family Room and One Bedroom Garage: 1 Car, Attatched Porches / Deck Deck 192 sq.ft. Glazed Porch 200 sq.ft. PID: 03- 118 -21-43 -0003 Address: Southwest Sale Date: 11/27/2001 Sale Price: $160,000 Architectural Style: Rambler Gross Building Area Above Grade: 1,489 Sale Price Per Sq. Ft.: $107 Features: # of Bedrooms: 2 # of Baths: 3 Fireplaces: 2 Central Air Conditioning: Yes Finished Basement: 50 %, One Family Room and 2 Other Rooms Garage: 2 Car, Attatched Porches / Deck None f _ E ew = 3= _ PID: 02- 118 -21 -14 -0098 Address: 5837 James Ave N Neighborhood: Southeast Sale Date: 07/2/2001 Sale Price: $157,900 Architectural Style: Split Entry Gross Building Area Above Grade: 927 Sale Price Per Sq. Ft.: $170 Features: # of Bedrooms: 4 # of Baths: 2 Fireplaces: 2 Central Air Conditioning: Yes Finished Basement: 75 %, One Family Room and Two Bedrooms Garage: 2 Car, Attatched Porches / Deck Deck 49 sq.ft., Glazed Porch 79 sq.ft. AID- PID: 03-118-21-11-0010 Address: 3118 61S Ave N Neighborhood: West Central Sale Date: 10/20/2001 Sale Price: $146,000 Architectural Style: Split Entry Gross Building Area Above Grade: 954 Sale Price Per Sq. Ft.: $153 Features: # of Bedrooms: 4 # of Baths: 2 Fireplaces: None Central Air Conditioning: Yes Finished Basement: 75%, One Family Room and Two bedrooms Garage: 2 Car, Attatched • Porches / Deck Deck 96 sq.ft. I Aw - g L PID 34- 119 -21 -32 -0101 Address: 6406 Kyle Ave N Neighborhood: Southeast Sale Date: 12/4/2000 Sale Price: $147,000 Architectural Style: Split Level Gross Building Area Above Grade: 1,012 Sale Price Per Sq. Ft.: $145 Features: # of Bedrooms: 3 # of Baths: 1 Fireplaces: None Central Air Conditioning: Yes Finished Basement: 70 %, One Family Room Garage: 2 Car, Detached Porches / Deck None. PID: 34- 119 -21 -32 -0112 Address: 6419 Kyle Ave N Neighborhood: West Central Sale Date: 5/4/2001 Sale Price: $147,100 Architectural Style: Split Level Gross Building Area Above Grade: 1,012 Sale Price Per Sq. Ft.: $145 Features: # of Bedrooms: 3 # of Baths: 1 Fireplaces: None Central Air Conditioning: : Yes a g Finished Basement: 50 %, One Family Room and One Other Garage: None Porches / Deck None Film _ .� k� � ' q i P g y,y F Mw T :Pw 1p III III i IN v • 111 • -• •• is • - L �€ 4 s - R PI D: 36- 119 -21 -34 -0098 Address: 6252 Bryant Ave N Neighborhood: Southeast Sale Date: 6/15/2001 Sale Price: $159,900 Architectural Style: Split Level Gross Building Area Above Grade: 1,182 Sale Price Per Sq. Ft.: $135 Features: # of Bedrooms: 3 # of Baths: 2 Fireplaces: 1 Central Air Conditioning: Yes Finished Basement: 50 %, One Family Room and One Other Garage: 2 Car, Detached i, Porches / Deck Deck 108 sq.ft. = 4s. PI D: 25- 119 -21 -31 -0080 Address: 7236 Camden Ave N Neighborhood: Northeast Sale Date: 9/26/2001 Sale Price: $170,000 Architectural Style: Split Entry Gross Building Area Above Grade: 1,234 Sale Price Per Sq. Ft.: $137 Features: # of Bedrooms: 4 # of Baths: 2 Fireplaces: None Central Air Conditioning: Yes Finished Basement: 75 %, One Family Room, Two bedrooms and One Other Garage: 2 Car, Attatched Porches / Deck Deck 364 sq.ft. u� - _ Y P I D: 36- 119 -21 -22 -0009 Address: 6801 Dupont Ave N Neighborhood: Northeast Sale Date: 8/23/2001 Sale Price: $175,000 Architectural Style: Split Entry Gross Building Area Above Grade: 1,356 Sale Price Per Sq. Ft.: $129 Features: # of Bedrooms 5 # of Baths: 3 Fireplaces: 2 Central Air Conditioning: Yes Finished Basement: 85 %, One Family Room and Two Bedrooms Garage: 2 Car, Attatched Porches / Deck Deck 55 s q .ft. >f. - '�E - _ a Ask P I v - - ZU X NO �• ai f a;s • •• ••• • - • :—• •• • _ -_ - _ PID: 02- 118 -21-41 -0122 Address: 5555 Humboldt Ave N Neighborhood: Southeast Sale Date: 10/30/2000 Sale Price: $120,000 Architectural Style: Expansion Gross Building Area Above Grade: 975 Sale Price Per Sq. Ft.: $123 Features: # of Bedrooms: 3 # of Baths: 1 Fireplaces: None Central Air Conditioning: None Finished Basement: 50 %, One Family Room Garage: 1 Car, Detached Porches / Deck None PI D: 01- 118 -21 -33 -0140 Address: 5327 Dupont Ave N Neighborhood: Southeast Sale Date: 8/29/2001 Sale Price: $125,500 Architectural Style: Expansion Gross Building Area Above Grade: 1,030 Sale Price Per Sq. Ft.: $121 Features: # of Bedrooms: 3 # of Baths: 1 Fireplaces: None Central Air Conditioning: None Finished Basement: 50 %, One Family Room Garage: 1 Car, Detached Porches / Deck None 3 � � UL" Idlll.l, — AMA J - w PID: 01- 118 -21 -23 -0071 Address: 5835 Emerson Ave N Neighborhood: Southeast Sale Date: 4/26/2001 Sale Price: $139,000 Architectural Style: Expansion Gross Building Area Above Grade: 1,071 Sale Price Per Sq. Ft.: $129 Features: # of Bedrooms: 4 # of Baths: 1 Fireplaces: None Central Air Conditioning: Yes Finished Basement: None Garage: 2 Car, Detached Porches / Deck None � w PID: 10- 118 -21 -12 -0036 Address: 5111 Drew Ave N Neighborhood: Southwest Sale Date: 8/16/2001 Sale Price: $134,900 Architectural Style: Expansion Gross Building Area Above Grade: 1,130 Sale Price Per Sq. Ft.: $119 Features: # of Bedrooms: 4 # of Baths: 1 Fireplaces: None Central Air Conditioning: Yes Finished Basement: None Garage: 2 Car, Detached Porches / Deck None 1 � PI D: 26- 119 -21-44 -0092 Address: 1821 Irving Ave N Neighborhood: Northeast Sale Date: 9/2001 Sale Price: $176,550 Architectural Style: Expansion Gross Building Area Above Grade: 1,350 Sale Price Per Sq. Ft.: $130 Features: # of Bedrooms: 4 # of Baths: 3 Fireplaces: None Central Air Conditioning: Yes Finished Basement: 75 %, One Family Room and One Other Garage: 2 Car, Matched Porches / Deck None -� � - - ='�` � . .� .:,,.�, � � a- '°� � z ,���- tom � 4 ve AS- WE Minn •• - • 1• • ` • 111 • T � 'k VA N AU ma zr ml 7� rte • - - � S - PID: 01- 118 -21 -43 -0108 Address: 501 Bellvue Lane Neighborhood: Southeast Sale Date: 6/2001 Sale Price: $218,900 Architectural Style: 2 Story Gross Building Area Above Grade: 2,032 Sale Price Per Sq. Ft.: $107 Features: # of Bedrooms: 3 # of Baths: 3 Fireplaces: None Central Air Conditioning: Yes Finished Basement: None Garage: 2 Car, Matched Porches / Deck Open Porch, 144 sq.ft. my - III PID: 36- 119 -21 -13 -0021 Address: 6620 Willow Lane N i Neighborhood: Residential River Sale Date: 1/2002 Sale Price: $320,000 Architectural Style: Two Story Gross Building Area Above Grade: 2,656 Sale Price Per Sq. Ft.: $120 Features: # of Bedrooms: 3 # of Baths: 3 Fireplaces: 2 Central Air Conditioning: Yes Finished Basement: None Garage: 4 Car, Attatched Porches / Deck Deck, 260 sq. ft. 5/02/02 • COMMERCIAL AND INDUSTRIAL ANALYSIS 2001 VS. 2002 % Change Type of Property 2001 EMV Totals 2002 EMV Totals New Construction Excluding Improv. Auto $10,102,200 $10,297,50 1.9% Auto Dealers $22,777,000 $22,777,000 0.0% Banks $6,032,700 $6,102,300 1.2% Bowling $1,502,000 $1,608,800 7.1% Fast -Food $2,964,2001 $3,389,300 $410,000 0.5% Hotel / Mote $39,166,3001 $39,7 $1,088,100 -1.2% Medical Office $6,994,100 $7, 892,600 $673,500 3.2% Office Large $28,720,800 $29,420,000 2.4% • Office Sm $9,7 21,200 $11,0 44,500 - 13.6% Office Condominiums $1 ,252,000 $1,339,000 6.9% Restaurant $8,389,300 $9,178,400 $246,000 6.5% Retail $65,802,600 $ $ 300,000 8.6% Shopping Center $34,970,500 $ 36,458, 10 0 $3,685,600 -6.3% Theater $11,150,000 $ 11,150 ,000 $0 0.0% Commercial Total $249,544,900 $262,167,600 $6,403,200 2.5% Industrial North $ 68,567,000 $72,523,700 $2, 270,000 2.5% Industrial South $25,481,200 $ 31,027,800 $4,480,000 4.2% Industrial Total $94,048,2001 1 $1 03,551,500 $6,750,000 2.9% Total C & I Assessment $343,593,100 $365,719,100 $13,153,200 2.6% . G: \DeptsW SSESS \SPREDSHTAssessor12002cia\[2002 Grow4h.)ds]2002 C & I Y' Ainne P au l * T ow l e MARKET OVERVIEW enormous amount (2 million sq. ft.) of sublease space still available with { Continuing the reporting schedule 60% of it in Class A.properties. #¢ begun last year, the following report When this is factored in, the overall provides data for the six -month metro vacancy rate jumps to 16.2%. p eririod f rom second q uarter 2001 With equilibrium being in the 6 -10% to fourth quarter 2001. vacant range, the Twin Cities metro area is in the overbuilt phase of the pendulum real estate cycle, and the Once again new development Y P dominated the second half of 2001, has swung from being a landlord's with 2.3 million sq. ft. in 20 new market to a tenant's market. i k+ properties added across the metro area. Three former sin g le tenant In an overall review of the market, 0 C „ totaling 228,000 sq. ft. there were a few surprises, with the ;1 were also added to our study, as Minneapolis and St. Paul Out -of -CBD they are now multi- tenant. And, sectors each claiming absorption of °' over 200,000 s ft. The St. Paul Out _: three properties totaling 129,000 q 91r _: p p g of -CBD also had one of the lowest sq. ft. were removed as two are � medical office and another is slated vacancy rates at 7.7% including for demolition. The Twin Cities metro sublease space. The traditionally strong Southwest sector r rted area office market now stands at 65.9 g Y,Y million sq. ft. gains of 229,794 sq. ft., and the West sector followed with 197,548 sq: ft. HIGHLIGHTS After reporting midyear that demand After reporting negative absorption . Six -month absorption of 11 million sq. k had come to an abrupt halt, there is midyear, the Minneapolis CBD rallied was reported, but it was not enough to offset with tenant g rowth of 79,580 s ft. the 2.3 million sq. ft. of new space that came good news to report for yearend. A g q on line in 20 proper des.The resulting vacancy healthy overall six -month absorption rose from 11.5% to 13.2%,When sublease is of 1,238,878 sq. ft. was posted, Several sectors that showed red factored in, that figure rises to 16.2% exceeding the 1.1 million sq. ft. flags of softening midyear are still . In terms of vacancy for direct and sublease logged during the same period last struggling, especially when sublease space combined, Washington County is the year. Historically, commercial real vacancy is added to direct space lowest at .9% and Minneapolis Out -of -CBD nc Dakota Count is now at is the highest at 27.2 %. Other soft sectors estate activity lags behind a poor vac Y y are Dakota County (23.3%), the Northwest economy and we have not yet seen 23.3% overall, the Northwest sector (21 S %), the Southwest (18.3 %) and St. Paul the full impact of this recession. But, is 21.5 %, Minneapolis Out -of -CBD is CBD (17.4 % ). the tenant growth claimed is higher 27.2 %, and St. Paul CBD is at 17.4 %. The Twin Cities metro market is in the than many US metro markets, and Washington County has the lowest overbuilt phase of the real estate cycle and is a testament to the strength and vacancy at .9 %. has shifted to a tenant's market Watch for rental rates to soften and creative deal making diversity of our business base. in all dosses of space. Rental rates continued to flatten in The 1.2 million sq. ft. of absorption most sectors with the exception of • As predicted in 1999, the Minneapolis CBD was outpaced b the new su 1 the Minneapolis and St. Paul Out -of- vacancy rate including sublease space of 540 p y pp y CBDs, which both r increases sq. ft hit 13.9% by fourth quarter 2001. of 2.3 million sq. ft. The resulting p .2002 could be like 1 993 with an overabundance vacancy rose from 11.5% second in net asking rents of up to 7 %. See of space and slow market conditions. quarter 2001 to 13.2% by fourth the chart On p age 9. Pictured above is the new 50 South Sixth quarter 2001. Plus, there is an once tower by Hines and Lend Lease in Downtown Minneapolis. As with the first half of the year, As predicted, Class A rental rates was moved from Class C to Class B investment sales were slow the began to tick downward. A dip of because of its recent improvements and second half of the year for three 1.83% brought the average net asking a 100,000 sq. ft. expansion. reasons. First, there were fewer rent to $16.60 psf. Real estate taxes properties for sale. Second, there was also dropped, by 2.7% to $5.76 psf, Class B asking rents dipped by 1 % . a gap between what sellers wanted as did total operating expenses, by $12.49 psf. Average taxes were steady and what buyers were willing to pay. 4.13% to $11.83 psf. at $3.77 psf. Total operating expenses Third, there was some apprehension rose 3.29% to $10.86 psf. on both sides due to rising vacancies The Class B segment's vacancy also and softening rents in office and rose, from 8.3% to 10.9 %, because Class C buildings suffered the greatest industrial properties. of negative six -month absorption of setback, with negative six -month 49,848 sq. ft. and the addition to the absorption of 64,278 sq. ft among four MINNEAPOLIS CBD survey of the former HGA Building, a buildings. This caused a rise in the Universe Includes: vacant 67,000 sq. ft. property slated for vacancy rate, from 12.4% to 17.7% by • 86 buildings multi - tenant use. The 511 Building fourth quarter 2001. • 24,641,006 rentable sq. ft. ® Colliers Towle Real Estate • 13.9% vacancy including sublease VACANtY AND ABSORPTION • 79,580 sq. ft. absorption MINNEAPOLISIST. PAUL METROPOLITAN AREA • 1.1 million sq. ft. new space added NUMBER TOTAL TOTAL MARKET STUDY OF RENTABLE AMOUNT VACANCY NET SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION After reporting negative annual Anoka County 2nd Qtr. 2000 12 489,966 56,594 11.6% 25,462 absorption second quarter 2001, the 2nd Qtr. 2001 13 466,966 28,048 6.0% 49,546 Minneapolis CBD rallied somewhat 4th Qtr. 2001 11 L :. 464,300 22,129 4.8% 5,919 during the last six months posting Dakota County 2nd Qtr. 2000 28 1,533,524 258,351 16.8% 144,349 tenant gains of 79,580 sq. ft overall. 2nd Qtr. 2001 34 1,645,164 232,575 14.1% 112,649 However, because more space was 4th Qtr. 2001 39 x ° 1,919,545 356,784 18.6% 19,955 added than was absorbed, the overall vacancy limbed from 7.5% to Minneapolis CBD 848,264 848,264 y Class A 2nd Qtr. 2000 14 11,401,676 463,166 4.1 11.9% by fourth quarter 2001. When 2nd Qtr. 2001 14 11,472,592 641,245 5.6% - 109,749 available sublease space of just under 4th Qtr. 2001 16 ;12,626,256 1,554,913 12.3% 187,326 500,000 sq. ft. is factored in, the Class B 2nd Qtr. 2000 31 6,910,758 428,176 6.2% - 56,869 vacancy rate is 13.9 %. 2nd Qtr. 2001 30 w 6,813,731 565,704 8.3% - 99,530 4th Qtr. 2001 33 7,234,897 785,457 10.9% -49,848 The Class A segment saw the most in the last six months. The Class C 2nd Qtr. 2000 14 K 1,964,861 259,594 13.2% 29,591 activity 2nd Qtr. 2001 12 1,803,577 223,079 12.4% 94,525 biggest news is the debut of more 4th Qtr. 2001 11 1,621,495 287,357 17.7% - 64,278 than 1 million sq. ft. of new Class A offices ace. Fift South Sixth W Renovated 2nd Qtr. 2000 26 �� 3,215,783 333,345 10.40% 348,498 space. 2nd Qtr. 2001 26 3,168,913 305,448 9.6% 18,027 completed by developers Hines and 4th Qtr. 2001 26 -j 3,158,268 299,068 9.5% 6,380 Lend Lease Real Estate Investments. Subtotal 2nd Qtr 85 1 23,493,078 1,484,281 6.30% 1,169,484 The 29 -story tower with 640 ,000 S q. ace i5 78% occup ied. 2nd Qtr. 2001 82 � 23,258,813 1,735,476 7.5 /o - 96,727 ft. of office space p 4th Qtr. 2001 86 x..24,641,006 2,926,795 11.9% 79,580 900 Nicollet was completed by Ryan Co's. The 11 -story building has Minneapolis 2nd Qtr. 2000 16 ?��- 1,385,516 132,825 9.6% 20,428 ft. Of office s pace that Out -of -CBD 2nd Qtr. 2001 18 �. 1,719,067 288,592 16.8% 164,779 460,000 sq. P 4th Qtr. 2001 19 "' 1,962,592 309,009 15.7% 217,783 is 77% occupied. This contributed to six -month absorption totaling Northeast 2nd Qtr. 2000 30 2,199,500 281,462 12.8 % - 46,759 Metro 1 21,787 187,326 sq. ft. Because new supply 4th Qtr. 2001 30 2,946 686 314,398 10.7% 82,055 outpaced demand, the vacancy rate more than doubled from 5.6% second Northwest 2nd Qtr. 2000 13 993,996 259,139 26.1% -5,686 quarter 2001 to 12.3% by fourth 2nd Qtr. 2001 14 1,143,587 215,602 18.9% 193,128 4th Qtr. 2001 16 1,241,601 234,713 18.9% 52,417 quarter 2001. Rental rates in the Class C segment slid 2001 the end result for the Renovated As the BD' development $m e C s c cle of 0 Y 3.68 /o to $10.47 psf; average real estate segment was very little change in status. the past few ears winds down, there g Y taxes shot u b 13.58% to $6.38 p sf Minimalabsorption p y p of 6,380 sq. ft. barely are three final projects underway. re buildings reported taxes than in improved the vacancy rate, from 9.6% to Marquette Plaza, a 530,000 sq. ft. past); and total operating expenses 9.5 %. The same held true for Renovated facility, is leasing 100,000 sq. ft. to stayed the same at $6.38 psf. asking rents: They remained steady at the Minneapolis Public Library on an $10.76 psf. Real estate taxes rose by just interim basis while they build a new Although there was leasing activity in 1.31% to $2.32 psf, and total operating library. Stone Arch Plaza (62,000 several buildings during the last half of expenses stayed the same at $7.12 psf. sq. ft.) is mostly leased with one of its eight floors available. Padilla Spear ® Colli Towle Reap eat. Beardsley will be the anchor tenant �/ACACY AND A�SOPTI® wi th 39,000 sq. ft. in the 80,000 sq. MINNEAPOLISIST. PAUL METROPOLITAN AREA 2000 -2001 ft. River Parkway Place. NUMBER TOTAL TOTAL MARKET STUDY OF RENTABLE AMOUNT VACANCY NET ST. PAUL DATE BLDGS AREA VACANT RATE ABSORPTION St. Paul cBD Universe Includes: Class A 2nd Qtr. 2000 3 1,084,466 182,273 16.8% 244,157 • 37 buildings 2nd Qtr. 2001 4 UJ 1,618,488 426,803 26.4% 289,492 . 7,754,031 rentable sq. ft. 4th Qtr. 2001 4 1,652,854 364,939 22.1% 61,864 °m= • 15.8 % vacancy Class B 2nd Qtr. 2000 24 4,748,914 487,329 10.3% 239,637 • 17.4% vacancy with sublease 2nd Qtr. 2001 23 ;n 4,743,566 703,212 14.8% - 221,231 4th Qtr. 2001 21 4,604,273 691,889 15.0% 11,323 • 57 ,291 sq. ft. net absorption Class C 2nd Qtr. 2000 12 1,315,705 153,000 11.6% 9,646 Little change occurred in the St. Paul 2nd Qtr. 2001 13 `£ `" 1,423,375 160,465 11.3% 100,205 g 4th Qtr. 2001_ 12 1,496,904 165,038 11.0% -4,573 CBD during the six -month period x between second uarter and fourth Subtotal 2nd Qtr. 2000 39 7,149,085 822,602 11.5% 493,440 q 2nd Qtr. 2001 40 7,785,429 1,290,480 15.5% 168,466 quarter 2001. Net absorption of 4th Qtr. 2001 37 7,754,031 1,221,866 15.8% 57,291 57 ,291 sq. ft. improved the vacancy Paul 2nd Qtr. 2000 22 1,928,806 190,707 9.9% 14,649 rate slightly, from 16.6% to 15.8 %. t-of -CBD 2nd Qtr. 2001 21 1,995,176 303,404 15.2% 70,681 When available sublease space is 4th Qtr. 2001 19 2,011,317 150,556 7.5% 262,848 factored in, however, that rate rises Southwest 2nd Qtr. 2000 20 4,932,809. 296,553 6.0% 255,484 to 17.4 %. Class A 2nd Qtr. 2001 27 > >, 5,619,345 657,076 11.7% 361,789 4th Qtr. 2001 30 6,302,417 935,169 14.8% 325,907 Class A buildings led the way with Class B 2nd Qtr. 2000 119 8,743,074 830,661 9.5% 22,231 , re tenant airs reporting 61,864 s ft. 2nd Qtr. 2001 106 9,017,794 1,171,521 13.0% 37,229 g p g q 4th Qtr. 2001 109 9,216,561 1,441,039 15.6% - 96 ,113 Though still troubled, the vacancy rate decreased from 26.6% to 22.1 %. The Subtotal 2nd Qtr. 2000 139 13,675,883 1,127,214 8.2% 277,715 2nd Qtr. 2001 133 <..'i 14,637,139 1,828,597 12.5% 399,018 vacancy is in two buildings: 4th Qtr. 2001 139 .. 15,518,978 2,376,208 15.3% 229,794 the World Trade Center and Washington 2nd Qtr. 2000 6 359,077 35,124 9.8% 26,073 400 North Robert. County 2nd Qtr. 2001 8ra 523,413 38,261 7.3% 161,199 4th Qtr. 2001 8 523,463 4,573 0.9% 33,688 Class A net rental rates remained West 2nd Qtr. 2000 8 1,730,654 90,972 5.3% 341,238 steady at $15.53 psf , as did real estate Class A 2nd Qtr. 2001 11 2,367,330 259,448 11.0% 468,200 taxes at $4.25 psf. Total operating 4th Qtr. 2001 11 2,368,262 246,093 10.4% 15,219 expenses ticked up by 1.58% to Class B 2nd Qtr. 2000 72 7,, 4,640,381 599,085 12.9% 86,136 $10.30 psf. 2nd Qtr. 2001 63 :, 4,638,107 725,328 15.6% - 128,517 4th Qtr. 2001 62 j � 4,634,022 588,699 12.7% 182,329 The Class B segment posted minimal six - Subtotal 2nd Qtr. 2000 80 r 6,371,035 690,057 10.8% 427,374 b abso of 11,323 ft., with 2nd Qtr. 2001 74 " 7,005,437 984,776 14.1 339,683 sq 4th Qtr. 2001 73 x..'; 7,002,284 834,792 11.9% 197,548 the vacancy rate remaining steady at Metropolitan 2nd Qtr. 2000 471 59,579,466 5,338,356 8.9% 2,546,529 15.0% The Galtier Plaza conversion ? tal 2nd Qtr. 2001 463 63,020,616 7,260,262 11.5% 1,684,209 to office space is halfway completed, 4th Qtr. 2001 475 65,985,803 8,751,823 13.2% 1,238,878 and leases have been signed for 70% of the building. Class B rents dropped W by 1.75% to $10.67, as did real estate More development is under construction Several adjustments were made in taxes, by 2.3% to $2.49 psf. Total by Hillcrest Development: 2300 the total rentable area of the St. Paul operating expenses rose by 1.94% to Kennedy Street (500,000 sq. ft.) and Out -of -CBD sector, with the healthy $9.47 psf. Stinson Tech 749 (55,000 sq. ft.). end result of six -month absorptio Average net asking rents rose by of 262,848 sq. ft. and an improv4 The Class C segment had tenant 7.83% to $13.36 psf. Real estate taxes vacancy rate of 7.5 %, down from losses of 4,573. sq. ft; the vacancy spiked up from $2.17 psf to $2.93 15.2% midyear. remained steady at 11 %. The average psf, and total operating expenses Two buildings were removed from the net rental rate jumped up by 10.96% increased by almost 8% to $8.95 psf. survey of this sector: 1185 N. Concord to $9.21 psf, due to more of the buildings reporting their asking ST. PAUL OUT-CBD (101,000 sq. ft.) in South St. Paul rents this survey. Average real estate Universe Includes: was shifted to Dakota County, and taxes also rose, by 8% to $1.35 psf; ' 19 buildings 555 Park St. (43,000 sq. ft.) was however, total operating expenses ' 2,011,317 rentable sq. ft. removed as it is medical office. Also, an ased on average, by 15 % to ' 7.5 % vacancy annex expansion at the Grigg- Midway decre decre psf. • 7.7% vacancy with sublease building added 100,000 sq. ft. • 262,848 sq. ft. net absorption While no new multi - tenant development is underway, the 150,000 sq. ft. first phase of US Bancorp's 350,000 sq. ft. operations OFFICE BUILDINGS SOLD • 2001 center is under construction in the BUILDING NAME CITY PRICE PSF YR BLT West Side River Flats. This will Interlachen Corporate Center Edina $157 2000 deplete the CBD multi - tenant market Bass Creek Corporate Center Plymouth $134 ' 000 as bank operations move into their DiaSorin Building Stillwater $131 1992 own facility. Grand Oak One Eagan $116 1999 MINNEAPOLIS OUT -CBD Mycogen Seeds Building Eagan $102 Al 1996 Universe Includes: Wirth Park III Golden Valley $ 91 1983 • 19 buildings 3033 Campus Drive Plymouth $ 9(v 1985 • 1,962,592 rentable sq. ft. 11100 Bren Rd Minnetonka $ 87 1978 • 15.7 % vacancy ADC (12501 -701 Whitewater) Minnetonka `Y$ 87 1984 • 27.2% vacancy with sublease Hamline Office Building Roseville $ 83 1984 • 217,783 sq. ft. net absorption Piper Jaffray Plaza St. Paul 4ke $ 73 1980 The Minneapolis Out -of -CBD reported HGA Architects Building Minneapolis $ 66 1915 above average activity during the past Plymouth Court Plymouth $ 66 1970 six months. Hillcrest Development's 2125 East Hennepin Mir eapolis $ 65 1917 new Stinson Tech 400 -500 buildings Brighton East Office Center ,New Brighton $ 63 1984 totaling 265,000 sq. ft. came on line Arden Hills Tech Center Arden Hills $ 57 1963 nearly half occupied. ShaeferRichardson's Lakewood Building Minneapolis $ 57 1928 615 1st Ave NE, the 156 ,000 sq. ft. Valley Creek Office Centre Woodbury $ 56 1980 renovated Banks Building that was Triad Building Brooklyn Park $ 51 1982 unoccupied at midyear, is now 92% 1573 Selby Ave St. Paul $ 48 c.1925 leased. This contributed to total six - Christopher &Banks H� Plymouth $ 42 1996 month net absorption of 217 ft. The vacancy rate improved from 16.8% 5300 Edina Building` Edina $ 36 1965 to 15.7% by 4th quarter 2001. 5910 Rice Creelkwy Eagan $ 35 2000 1300 Harmori'Place Minneapolis $ 22 1920 Ridge Rurry Burnsville $ 18 1987 Drake Merble Building St. Paul $ 16 1910 Wabasha Court St. Paul $ 13 1941 0 2002 Colliers Towle Real Estate Tenant gains were reported in almost half of the buildings with strong ' ; Y I � ... absorption in Court International. MINNEAPOLIS /ST. PAUL METRO AREA © 2002 Colliers Towle Real Estate #anne new development is FOURTH QUARTER 2001 _ but the renovation 0% 2 4 1 k 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% of the 80,000 sq. ft. Drake Marble Washington County 8% - METRO AVERAGE Building is nearly complete with County ° Direct Space 13.2% tenant occupancy to begin in Out -of -CBD 77/O 0 METRO AVERAGE March 2002. Anoka " ' 7 9% with Sublease Space County 16.2% Minneapolis 13.9% Average asking rents increased by CBD 5.2% to $11.30 psf. However, thanks Northeast '14.5% to changes in classifications and tax' rates in Ramsey County, average real West 16% estate taxes dropped by 16.48% to St. Paul CBD 17.4% $2.28 psf. This in turn decreased total operating expenses by 3.19% Southwest , ' 18.3% to $6.98 sf. _ ° p Northwest .21.5 /o Dakota ""'" 23.3% Minneapolis o Out -of -CBD « =-� 27.2 /o x - Direct Space "'; Sublease Space STATED A L E TAL RATES A EPE SES ® Colliers Towle Real Estate MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - SECOND QUARTER 2001 vs. FOURTH QUARTER 2001 (PSF) AVERAGE MARKET AVERAGE NET RENT RANGE AVERAGE TOTAL EXPENSES SECTOR NET RENT LOW-HIGH LOW-HIGH PROPERTY TAX (including taxes) 2001 2001 2001 2001 2001 2001 2001 2001 2nd 0 4th 0 2nd 0 4th 0 2nd 0 4th 0 2nd 0 4th 0 Anoka County $11.15 $11.09 $6.60- $14.00 $6.60- $14.00 $2.76 $2.87 $6.33 $6.81 Dakota County $11.25 $11.30 $8.25- $16.00 $6.50- $16.00 $2.73 $2.70 $6.69 $6.31 Minneapolis CBD Class A $16.91 $16.60 $14.25 - $21.50 $14.25 - $21.50 $5.92 $5.76 $12.34 $11.83 Class B $12.60 $12.49 $8.50- $15.75 $8.50- $15.50 $3.80 $3.77 $11.23 $10.86 Class C $10.87 $10.47 $4.25 - $14.50 $6.75 - $12.65 $1.62 $1.89 $6.29 $6.23 Renovated $10.80 $10.76 $4.50 - $14.00 $4.50- $14.00 $2.29 $2.32 $7.14 $7.12 Mpis.Out -of -CBD $12.39 $13.36 $7.50 - $18.25 $7.50 - $22.00 $2.17 $2.93 $8.29 $8.95 Northeast $11.43 $11.87 $5.00- $15.50 $4.90 - $16.00 $2.44 $2.66 $7.35 $7.20 Northwest $9.67 $9.60 $7.00 - $12.13 $6.50 - $12.75 $2.60 $2.29 $7.09 $6.89 St. Paul CBD Class A $15.66 $15.53 $12.50 - $20.00 $12.50 - $20.00 $4.25 $4.25 $10.14 $10.30 Class B $10.86 $10.67 $7.00-$14.50 $6.00 - $14.50 $2. 55 $2.49 $ 9.29 $9.47 Class C $8.30 $9.21 $5.25- $11.00 $5.00- $13.00 $1.25 $1.35 $6.57 $5.56 St. Paul Out -of -CBD $10.74 $11.30 $5.75- $14.00 $8.50- $15.00 $2.73 $2.28 $7.21 $6.98 Southwest Class A $15.80 $16.14 $12.95 - $19.25 $14.00 - $19.25 $5.36 $4.83 $11.29 $10.75 Class B $12.67 $12.50 $7.50 - $17.25 $7.50 - $17.25 $3.36 $3.65 $8.66 $9.18 Washington $12.63 $12.92 $9.00- $14.50 $9.50 - $15.50 $2.91 $3.26 $7.33 $7.50 West Class A $16.82 $16.50 $16.50- $17.50 $13.50 - $17.50 $5.78 $4.85 $11.88 $10.68 Class B $12.27 $12.30 $9.00 - $16.00 $9.00 - $16.75 $3.68 $3.80 $9.03 $9.41 • st ?,'^. j" q -..SZ<')`h.,�.�"".4j:£:" z.41.'''ti. S O U7 9R,. ?,. 'F° °T7 ,�+'. °:.�:;:�: Vii'` - ` ,fie' Universe Includes: r -,„ '".'.. .k� •;,:1 -. y. .L: .;Y.'!w: w:': .G; .L:: °,> E' .S °. °E• �t�h,�..x.y w S "'.�tii ^i•: ::s:.. =x:.. ..-= ..:,:; • 139 buildings �y4 F 3; : yy .: , • 15 > 518 > 978 rentable s ft. .° • 15.3% vacancy • 18.3% vacancy with sublease - • 229,794 sq. ft. net absorption The Southwest sector emerged a met area leader in a couple of respe( during the six months from secoi quarter to fourth quarter 2001: added the most new buildings (t and it claimed the second highE Opus Northwest built Flagship Corporate Center, a 138,000 sq. ft. Class A absorption (229,794 sq. ft.). building in Eden Prairie. 4 Despite this tenant growth, tl NORTHEAST METRO NORTHWEST vacancy rate rose from 12.5% Universe Includes: Universe Includes: 15.3% because more space was adds • 30 buildings • 16 buildings than was absorbed. Also, when t] • 2,946,686 rentable sq. ft. • 1,241,601 rentable sq. ft. 540,370 sq. ft. of sublease is adde • 10.7% vacancy • 18.9% vacancy the vacancy rate hits 18.3 %. • 14.5% vacancy with sublease • 21.5% vacancy with sublease • 82,055 sq. ft. net absorption - 52,417 sq. ft. net absorption The Class A segment welcome four new buildings to the surve The Northeast metro welcomed three Despite absorption of 52,417 sq. ft., Opus Northwest complete new small buildings totaling 82,000 a high vacancy of 18.9% vacancy Flagship Corporate Cen r, sq. ft. and 81% occupied. These continues to plague the Northwest 138,000 sq. ft. building i1W( properties accounted for most of the Prairie and Grandview Square, sector. Few buildings reported tenant 82,055 sq. ft of six -month absorption, gains for the six -month period since United Pr ft. property Edi e which improved the vacancy rate midyear 2001. United Pr ft. n from 11.1% to 10.7% by 4th quarter Normandale 8000 Tower add( 2001. However, if the 113,947 sq. ft. The majority of the absorption 240,000 sq. ft. of office space of sublease space is factored in, the occurred in two buildings, totaling Bloomington. Also added to tl vacancy rate is 14.5 %. 100,500 s ft., added to the survey. . survey was Centennial Lakes I Landcor's newly constructed Bell (130,000 sq. ft.) as it is now multi-tenai Added were: Main Street Village Tower Commerce Center of 71,528 Building G in New Brighton, sq. ft. in Osseo is 91 % occupied. Also Healthy Class A absorption Silverview Office Center in Mounds added to the survey was J. Reynold's 325,907 sq. ft. was reported, b View and Willow Marsh Office Financial Center, a fully occupied because supply outpaced deman Park in White Bear Lake. No new 29,000 sq. ft. building in Maple Grove. the v acancy rate increased fro development is under construction 11.7% to 14.8 %. or planned at this time. Construction is underway at The Village, a 90,000 sq. ft. project in Average Class A rental rates went i Asking rents ro s e 3.8 % to $11.8 7 Brooklyn Park by Kraus Anderson. by 2.15% to $16.14 psf. Real esta psf, as did real estate taxes, by taxes dropped by 9.89% to $4.E 9% to $2.66 psf. However, total Rental rates remained steady at $9.60 psf, as did total operating expensE operating expenses dipped by 2% psf; however, average real estate taxes by 4.78% to $10.75 psf. to $7.20 psf. decreased by nearly 12% to $2.29 psf. Total expenses also dipped slightly, Several new buildings were al; added to the Class B se from $7.09 psf to $6.89 psf. Liberty Property Trust com to Flying Cloud Corporate Campus The net result of tenant losses and in Eden Prairie with three buildings gains in 27 of the 62 Class B buildings totaling 142,648 sq. ft. Also added to the was six -month absorption of 182,329 urvey was Metro Place I & H (30 sq. ft., which improved the vacancy ft.), former single tenant properties from 15.6% to 12.7 %. 7hat are now multi - tenant. Class B rents remained stable at $12.30 Class B tenant losses of 96,113 sq. ft. psf. Real estate taxes rose by 3.3% were reported for the last six months to $3.80 psf, as did total operating of the year, which raised the vacancy i expenses by 4.2% to $9.41 psf. 0 rate from 13 to 15.6 In development news, two facilities Class B rents dipped slightly, from _ are under construction: Carlson $12.67 psf to $12.50 psf, as did . *'` Real Estate's 401 Carlsson Parkway real estate taxes, from $3.36 sf to p (215,000 sq. ft.) and Wayzata $3.25 psf. Total operating expenses Ryan Co. built 900 Nicollet, a 460,000 Executive Park (114,000 sq. ft.) rose, from $8.66 psf to $8.78 psf. sq. ft. Class A building in Minneapolis. by Dunbar Development. Also of note in this area is the General Mills WEST campus expansion that is planned Universe Includes: was re- categorized to the Northwest to accommodate the 1,700 workers • 73 buildings sector. Golden Valley Town Square, General Mills acquired with Pillsbury. • 7,002,284 rentable sq. ft. a recently completed mixed -use A six -story 324,000 sq. ft. office • 11.9% vacancy project by Brookstone Real Estate, building is planned along with a • 16% vacancy with sublease has 45,700 sq. ft. of office space and 138,000 sq. ft. employee service • 197,548 sq. ft. net absorption was added to our study center, cafeteria and gym. Strong six -month gains of 197,548 (� g� ft. were tor, which improved d t vacancy . SIX NET AUSO PT� — OFFICE fourth MINNEAPOLIS /ST. PAUL METRO AREA rate from 14.1% to 11.9% by 2ND QUARTER — 4TH QUARTER 2001 C 2002 Colliers Towle Real Estate quarter 2001. -Class B buildings 1.6% claimed 92% of the absorption. 0.4% The Class A segment posted minimal 18.5% six -month absorption of 15,219 sq. IN Anoka ft. The resulting vacancy rate dropped ■ Dakota from 11% to 10.4 %. The most 0MpIsCBD _ ■ Mpis Out available space is in Duke - Weeks' new ONE 1600 Tower added midyear 2001. ®NW ❑ sw E St. Paul CBD Average Class A net rents dipped ■St. Paul Out slightly, from $16.82 psf to $16.50 ® Washington psf. Average real estate taxes reported ■west a sharp drop of 16% to $4.85 psf, as did total operating expenses, which MARKET SECTOR ABSORPTION SQ. FT. MARKET SECTOR ABSORPTION SQ. FT. decreased by 10% to $10.68 psf. ANOKA COUNTY 5,919 ST. PAUL CBD 57,291 Several building adjustments were DAKOTA COUNTY 19,955 ST. PAUL OUT-OF-CBD 262,848 made to the Class B segment. MINNEAPOLIS CBD 79,580 SOUTHWEST 229,794 Bassett Creek Office (33,000 sq. ft.) MINNEAPOLIS OUT-OF-CBD 217,783 WASHINGTON COUNTY 33,688 as removed from the survey as it is NORTHEAST 82,055 WEST 197,548 dical office space, andJ.Reynol&s NORTHWEST 52,417 - Financial Center (29,000 sq. ft.) TOTAL 1,238,878 sq. ft. Interstate Partners' Grand Oak VI11, a 40,000 sq. ft. facility in Eagan, will be ready for occupancy in March 2002. Average -�� � � - M �• °'�� � Average rents remaine d v ` " - $11.30 psf, as did real estate taxes at $2.70 psf. Total operating expenses dropped by 5.7% to $6.31 psf. ■ WASHINGTON COUNTY Universe Includes: • 8 buildings • 523,463 rentable sq. 'ft. 0.9% vacancy • 33,688 sq. ft. net absorption Washington County is the healthiest Under construction in Minnetonka is Carlson Real Estate's sector in the metro area with 401 Carlson Parkway (215,000 sq. ft). occupancy of 99.1%. It is the only sector to claim zero sublease space. ANOICA COUNTY DAKOTA COUNTY Six -month absorption of 33,688 sq. ft. improved the vacancy rate from Universe Includes: Universe Includes: 7.3% to .9 %. This was mostly due to • 11 buildings • 39 buildings tenant gains in Gateway Center. • 464,300 rentable sq. ft. • 1,919,545 rentable sq. ft. • 4.8% vacancy • 18.6% vacancy Average asking rental rates went up • 7.9% vacancy with sublease • 23.3% vacancy with sublease by 2.3% to $12.92 psf; real es • 5,919 sq. ft. net absorption • 19,955 sq. ft. net absorption taxes rose 12% to $3.26 psf. JW operating expenses increased 5y Activity in Anoka County was Since midyear, Dakota County 2.2% to $7.50 psf. static the last six months, but reported absorption of 19,955 sq. ft. — it continues to have one of the not quite enough to offset the healthiest occupancy rates in the addition of space in two new metro area. Minimal tenant gains of buildings totaling 76,000 sq. ft. Thus, 5,919 sq. ft. were reported, which the vacancy rate rose from 17.5% to improved the vacancy rate from 6.0% 18.6% by 4th quarter 2001. to 4.8 %. Added to the survey: Centre Pointe No new development was added or is Business Park V, a new 27,170 sq. planned, despite the residential, retail and ft. building by Roseville Properties Colliers International surveys industrial sprawl that creeps north. in Mendota Heights that is 70% 96 office markets in the U.S., occupied, and the US Federal Credit Union, a 49,000 sq. ft. building in on a quarterly schedule. Net rental rates remained stable at ` Net re psf. Real estate taxes climbed Burnsville that is 87% occupied. Also To receive highlights of by nearly 4% to $2.87 psf. Total added was Southcross Commerce these studies, contact operating expenses made the biggest Center (67,000 sq. ft.) in Eagan. Christine Peters at jump in the metro area, with a 7.58% 612/347 -9314 or increase to $6.81 psf. Two buildings totaling 131,000 sq. ft. in cpeters @towle.com South St. Paul were shifted from Out- of -St. Paul CBD to Dakota County. COLLIERS LNIIHNAHONAL Ik MINNEAPOLIS/ST. PAUL METRO AREA - FOURTH QUARTER 2001 MULTI- TENANT PROJECT NAME SIZE/SF CITY DEVELOPER STATUS Eagandale Commerce Center 49,000 Eagan Paramount P Gateway Office Plaza II 94,800 Burnsville Kraus Anderson P Grand Oak 11 56,000 Eagan Interstate Partners i� Grand Oak VII 100,000 Eagan Interstate Partners P Grand Oak VIII 40,000 Eagan Interstate Partners U/C Mendota Office Center VI 40,000 Mendota Heights United Properties P Riverwoods Corporate Center 110,000 Eagan United Properties P Thomas Lake Executive Center 36,000 Eagan Lovering Johnson P Dakota County 525,800 Depot East 160,000 Minneapolis CSM Corporatrdja P Marquette Plaza 530,000 Minneapolis FRM Assorg�iates U/C River Parkway place 80000 Minneapolis Ryan Confod nies U/C Stone Arch Plaza 62,000 Minneapolis Brighton Development U/C Minneapolis CBD 832,000 2100 Summer Street 160,000 Minneapolis Out -of -CBD Hiliceest Dev /RREEF P 2300 Kennedy Street 500,000 Minneapolis Out- of- CBD.,K,*llcrest Dev /RREEF P Stinson Tech 749 Bldg. 55,000 Minneapolis Out -of -CBD Fillcrest Dev /RREEF U/C Minneapolis Out -of -CBD 715,000 Arbor Lakes 1 -III 300,000 Maple Grove Opus Northwest LLC P The Village 90,000 Brooklyn Park '�' Kraus Anderson U/C & P Wedgwood 14 & 15 130,000 Maple Grove TOLD Development P Northwest 520,000 It Drake Marble Building 80,000 St. Paul Out-of- -CBD Wellington U/C St. Paul Out -of -CBD 80,000 "A"e Capital Pointe I & II 300,000 Eden Prairie Northco & GE Capital P MarketPointe II 220,000 'Edina Ryan Companies & P Lutheran Brotherhood Eden Prairie Corporate Center 130,000 Eden Prairie Andreas Development Co. P Lake Smetana Business Park B 50,000 Eden Prairie Liberty Property Trust P Twin Lakes Executives Park 38,064, Savage Ray Leathers U/C Southwest 738,000 Eagle Point Office Center 1 -111 620,000 Lake Elmo United Properties P Inwood Hills of Oakdale - 80,200 Oakdale Welsh Companies P Woodlake Office Center 100,000 Woodbury Kraus - Anderson P Woodlane Office Center 100,000 Woodbury Robert Muir Co. P Washington County ? 400,200 401 Carlson Parkway 215,000 Minnetonka Carlson RE U/C 3501 Plymouth Blvd 47,000 Plymouth Carlson RE P Golden Valley Execufi Plaza 72,000 Golden Valley Amberg LLC P Plymouth CityCenter ' 30,000 Plymouth Quest P Wayzata Executte Park 114,000 Wayzata Hammer Residences Inc. & U/C Wayham L.L.C. West 0 478,000 Metro Total Under Construction (U /C) =1.3 million o Metro Planned /Proposed (P) = 3.1 million * Metro Total = 4.3 million Key: P = Proposed or Planned • U/C = Under Construction ® Colliers Towle Real Estate I ` -� COLLIE RVTO uvs c.'.S.V,:.=: ^. ����� M AR K ET ;p.; -° __ • Competition could be fierce, because y most of the big blocks of space are located OIITL ® ® IC next to each other and offer si lar n Foy c amenities, parking and price. The Many companies downsized their t "£ u of differentiation will be subtle. staffing levels, but not their space. roI When the economy recovers and these - • Minneapolis CBD will be in for an companies rehire, they will not need extended high vacancy period. additional space. This will delay the real estate recovery somewhat. SOUTHWEST SECTOR .I .. -, 2002 could be like 1993 when there • With no new development under was an overabundance of space and construction, the Southwest sector will slow market conditions. Creative deal i play catch -up filling the 1.4 million making and persistence is what paid sq. ft. of new space added in the past off then. Tenants will find deals in all 18 months and the 540,000 sq. ft. of classes, but the best values will be in sublease space available. Plus, a long- term consideration is the 750,000 sq. ft. the Class B buildings. There is also Marquette Plaza & River Parkway Place of office space that Best Buy will add an opportunity for existing tenants to located in Downtown Minneapolis to the market in 2003. While it may of extend their lease terms early at better completed in 2002. blended rates. will be con p may not be multi- tenant space, it will impact the market. MINNEAPOLIS CBD • Downtown Minneapolis is at 13.9% • The 2002 vacancy is split between WEST SECTOR vacant overall today, including direct Class A & B buildings, whereas 10 . Two developments are under and sublease space. We predict that by years ago it was predominantly in five construction, which will add to the the end of 2002, that rate will rise to Class A buildings, when the second 410,000 sq. ft. of new space adder 17 -17.5% due to the following: quarter 1992 vacancy stood at 22.4 %. in 2001. 401 Carlson Par #} 1. Three buildings totaling 672,000 sq. This is a time of opportunity for (213,000 sq. ft.) and Wayzata c4 ft. will come on line: Marquette Plaza downtown to attract new business Park (104,000 sq. ft.). We foresee q (530,000 sq. ft.), Stone Arch Plaza because of lower rents, especially in the vacancy peaking in 2002 and then (62,000 sq. ft.) and River Parkway Class B. There are several choices that making a steady recovery. Place (80,000 sq. ft.). are well located in the core of the CBD. . Traditionally a strong, desirable area Light rail lower taxes large blocks of 2. Substantial vacancies will occur as g g rents should hold steady. space, and large floor plates are also American Express Financial Advisors alluring benefits. ST. PAUL CBD moves out of more than 600,000 sq. • Even with no new multi -tenan ft. in Class B buildings. • landlords will react in different ways, development planned, St. Paul', 3. Over 500,000 sq. ft. of sublease depending on their capital structure. downtown office market still face. Some will hold rents up on their best challenges. The engines of absorptioi space is available. spaces. Some with low vacancies will P have full tanks of space and do not nee( 4. Assume healthy absorption tion of hold rates because they don't have to more. These are Ecolab, Minnesota Life P 500,000 sq. ft. lease. Some will stay the course and St. Paul Cos., US Bank, Wells Fargo an( make deals that make sense without government agencies. Risks to the St • By yearend 2003, we predict the much rent discounting. Others will Paul market include US Bank movie vacancy will be 17.25 - 17.75% make deals. to their own building and out of th because Pillsbury will be vacating core and Conseco downsizing. its space downtown to its expanded • What we'll likely see are landlords General Mills campus in Golden pulling tenants out of Class B into Valley, and Wells Fargo Mortgage will Class A buildings, and out of Class C 'Other aspects downtown such a be moving into its new headquarters into Class B buildings. housing and entertai nment are doing well at the former Honeywell property. TA I MARKET OVERVIEW How OLD is OLD? " Yl II Our retail survey includes 327 multi- Age is important in retail. :Every "five tenant retail centers over 30,000 to seven years, retailers must reinvent square feet in the metro area. themselves to maintain interest from In addition, we survey multi -use shoppers. Fast -paced upstarts who" ". "j properties that house more than woo the consumer with "lifestyle" {" 20,000 sq. ft. of retail space, such merchandising geared to all "their as in the office towers in downtown interests will eclipse dated,.tired Minneapolis. The amount of concepts. The internet, too, offers fresh . space surveyed has increased by products in an interactive "setting with 1.2 million sq. ft. in the past year to the ultimate convenience of shopping 47.7 million sq. ft. Eight properties from home. .: were added to our survey; nine , properties were deleted due to razing, Of the 48 million sq ft of multi tenant " repositioning, or downsizing. retail space surveyed by Colliers Towle, the median age of local shopping centers Overall vacancy rates hover at 6.5 %, is 20 years old; the average age is 24 a minor change from last year. Retail Years old. Approximately 66% of the HIGHLIGHTS vacancy rates have ranged from 6.1 % multi-tenant space was built prior to Target Corp. opened a 160,000 to 10.5% during the last 10 years. 1990. And 76% of the vacancy in the q. ft. flagship sto -re on Nicollet same universe is in centers built before Mall in downtown Minneapolis. With While the amount of new square 1990. Another view: One third of the shopping on two levels, customers footage in our Towle Report retail retailspacewasbuiltinthe past l2years, have enjoyed using the vermaport universe continues to creep forward but only 24% of the vacancies are found (cart escalator).The store is 1/3 larger at about one million sq. ft. per year, in these "newer" centers• than an average Target store. the real growth in the retail market is As we review the individual centers • Renovations and updating continue freestanding discount stores - namely within size and geographic sectors, it to be the survival strategy for retail Target and SuperTarget, Wal -Mart, is clear that vacancies in older centers centers, along with adding the Kohl's, Sam's Club and Costco. These stay vacant longer than vacancies in restaurants and movie theaters. powerhouses have grown at twice newer centers. Plus, in the past ten • Home Place closed its last store the rate of traditional multi - tenant yes, almost all new construction has here, providing a rare vacancy in the retail. The estimated 11 million sq. ft. been pre- leased, and in most cases the Southwest area. of these freestanding discounters is anchor tenants are still in their primary • In the Northwest Sector, an in addition to the 47.4 million sq. ft. lease term. announcement was made for a 350,000 in our survey. sq. ft. retail project in Brooklyn Park Redevelopment is needed for the lowest " along the new Highway 610 corridor. Almost all the absorption of space 20% of the market. Obsolete retail • The trend in retailing is to group happened in the Southwest Sector space with low ceilings, poor visibility, together stores and products with a and Dakota County combined. With inadequate parking and signage, and similar demographic appeal —it's called 17 million sq. ft., these two sectors other factors of doom, has little use, "lifestyle merchandising." represent 35% of the retail universe even for service tenants. Retailing • Mall of America celebrates its tenth but 60% of the space absorption. is driven by. change. Real estate for anrnversary this year. Last year's sales were successful retailing must allow for successful changeovers as each five -to- � to be flat at $860 million. seven life cle completes. Yea cY P At Burnsville Center, a $1 million renovation addressed the vacancy S left at the regional mall when the 4- screen theater closed at the end Ah last year. Old Navy, Gap Kids arW a: Baby Gap will occupy the old theater _- area. The Mall's lighting, signage and ;gym carpeting were redone. MINNEAPOLIS The 3 million sq. ft. of retail space in Minneapolis is shared equally by the CBD and the outlying Robert Muir Co. built The Village of Blaine, a 465,000 sq. ft. community center. neighborhoods. Of the 33 properties covered in our survey, the current ANOKA COUNTY overall vacancy rate is 8.2 %, up from Population growth continues to fuel area. Vacancy rates are currently last year's 7.0 %. In the Minneapolis retail development in the northern at 6.1 %. Almost 430,000 sq. ft. CBD, we show over 100,000 sq. ft. suburbs. Current overall vacancy of space is vacant in the area's 56 of retail space vacant within office rate in Anoka County's 33 centers is shopping centers. buildings, or a 10.9% vacancy rate. 6.2%, or 320,873 sq. ft. vacant in a Within City Center and Gaviidae, universe of 5.2 million sq. ft. In Apple Valley, Fischer Marketplace the vacancy rate is 18.3% continues to add tenants: Bed, Bath & There have been positive retail additio The Village of Blaine, a sharp, new Beyond, ' Sam's Club and Barnes and the CBD, notably the new 160,00 465,000 sq. ft. development completed Noble are joining the 100 acre site. to ft. Target store and new retail and by Robert Muir Co. is home to Wal- Scheduled for a 2002 completion, restaurants t Nicollet Mall. Mart, Home Depot and Cub Foods. the retail center has 525,000 sq. The architecture creates an urban village ft. Nearby, a new shopping center, Across the street on Hennepin environment. Hillcrest Acres, has been proposed for Cty Road 42 and Foliage Avenue. Avenue, Bloch E (formerly known In Lino Lakes, Ryan Cos. is Home Depot is the proposed 115,000 as Minneapolis Lifestyle Center) is constructing Town Center, a 350,000 sq. ft. anchor store. underway with the Renaissance hotel sq. ft. community center that and retail framework in place. Grand includes a Kohl's and a 182,000 Cub Foods anchors Rosemount Opening for the $174 million project sq. ft. SuperTarget. Completion is Village, a new 90,000 sq. ft. is scheduled for Fall 2002. Latest scheduled for 2003. retail development by Oppidan tenants to be announced are Hard Investments. Rock Cafe and Borders Books. The Nearby in Coon Rapids, Riverdale total project contains 160,000 sq. Village development continues with In Lakeville, the Avalon Real Estate ft. of retail space plus 86,000 sq. ft. the opening of Linens `N Things Group has received approvals to devoted to the 17- screen theater. The and Costco. Sears and Old Navy are develop a 100 -acre retail and office center is 80% pre - leased. scheduled for 2002. This project will development, TimberCrest. It will Debate continues on the proposed have 840,000 sq. ft. when complete. include a 182,000 sq. ft. SuperTarget $100+ million redevelopment at and up to 370,000 sq. ft. of additional DAKOTA COUNTY retail and restaurant space. Opus the important urban intersection With over 7 million sq. ft. of retail Corp. and United Properties also have of Nicollet and Lake Street where space, Dakota County has 15% of plans for some retail development the is sited. Down the street, t the total retail universe of the metro in Lakeville. the former Sears Tower site, M_ The Great Lake Center has had trouble getting tenant commitments. © Comers Towle Read Estate The City and lender have regained V A CA MY AND B R O control of the property. MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - FIRST QUARTER 2000 -2002 MARKET NUMBER GROSS TOTAL ANNUAL q q SECTOR STUDY OF LEASABLE AMOUNT PERCENT NET Oalhoun S a 142,000 s ft. DATE CENTERS AREA VACANT VACANT ABSORPTION mall at the epicenter of Uptown, ANOKA COUNTY plans to double the amount of office Neighborhood 2000 22 1,594,560 146,129 9.2% - 74,660 space on the second floor to 52 ,000 2001 22 1,682,820 107,263 6.4% 127,126 sq. ft. by converting it from retail. The 2002 21 1709,831 154,288 9.0% - 141,628 Community 2000 9 1,934,413 70,947 3.7% 35,669 first floor of 75 ,000 sq. ft. continues 2001 9 1,743,977 88,431 5.1% - 17,484 as retail and restaurants. 2002 10 2,334,227 92,425 4.0% 4614006 Regional 2000 1 816,000 73,440 9.0% , NORTHEAST METRO 2001 1 822,000 82,000 10% ,560 This sector has 42 retail properties totaling 2002 2 1,145,900 74,160 6.5 %„ _ 27,180 6.2 million sq. ft. Vacancy rate overall Total 2000 32 4,344,973 290,516 6.7 -8,431 is 7.2%, u from last 5.5 %. 2001 32 4,248,797 277,694 6% 107,082 p Y 2002 33 5,189,958 320,873 % 646,558 There is currently 450 ,000 sq. ft. DAKOTA COUNTY of available space, and there was Neighborhood 2000 39 2,245,975 285,30y 12.7% - 16,695 negative absorption of 90 ,000 sq. ft. 2001 38 2,265,652 166 dC` P 7.4% 120,424 2002 40 2,444,712 1W,3'7 7.4% - 14,510 in the past year. Grocery- anchored Community 2000 14 3,112,861 t&7,533 6.0% 8,106 neighborhood centers usually the 2001 14 3,001,507 154,402 5.1% 33,131 industry darling show a surprising 2002 15 3.547,89A� 188.961 5.3% 520,713 vacancy rate of 17.8 %. It is not Regional 2000 1 1,31,4 -;343 6,935 0.5% 1,065 surprising, then, that there has 2001 1 1070 10,000 0.9% -3 ,065 2002 1 - r't,070,000 60,000 5.6% - 50,000 not been a new grocery- anchored Total 2000 54,E "6;673,179 479,815 7.2% -7,524 neighborhood center built in the 2001 53 6,337,159 331,249 5.2% 150,490 fa since 1990, a sign of the inroads 2002 X56 7,062,602 430,318 6.1 % 456,203 de by large box grocers like Cub . MINNEAPOLIS Neighborhood 2000 1 b 9 507,554 19,204 3.8% 52,837 nbow and Sam's Club. 2001 9 528,611 32,521 6.2% - 13,317 42002 9 529,758 8,806 1.7% 24,974 In New Brighton, discussion continues Community =No,2000 4 985,076 95,720 9.7% -5,061 about razing and redeveloping a " 2001 4 924,521 21,590 2.3% 74,130 Brighton Village Shopping center. 2002 4 834,521 5,500 0.7% 16,090 The previous anchor Lund's grocery, Regional - 2000 3 712,054 92,220 13.0% 30,925 2001 3 712,054 90,558 12.7% 1,662 closed in 1999. 2002 2 712,053 130,000 18.3% - 39,442 NORTHWEST Downtown Retail 2000 15 833,661 46,039 5.5% n/a Mixed -Use 2001 16 832,821 64,476 7.7% 6,044 The sector includes 32 properties Downtown Retail 2002 18 931,507 101,778 10.9% 30,068 totaling 5.3 million sq. ft., Total 2000 31 3,038,345 253,183 8.3% 78,701 representing 11.2% of our total 2001 32 2,998,006 209,145 7.0% 62,475 marketplace. Over 400,000 sq. ft. 2002 33 3,007,839 246,084 8.2% 31,690 of retail space is vacant in this sector that includes the fast - growing Maple Toys "R "Us closed its store on a land townhouse/senior housing and retail/ Grove area. Vacancy is 7.7 %, a parcel by Brookdale Mall. The parcel medical project. decrease from 9.1 % last year. was subdivided into three lots and an apparel store, K & G, now occupies Robert Muir Co. is planning a The City of Brooklyn Center extended the original store. 350,000 sq. ft. retail center in the deadline to August 2002 for Brooklyn Park. Park Village, slated the renovation of Brookdale Mall. The razing Of Village North for groundbreaking in Spring 2002, Marshall Field's has not yet begun its shopping center in Brooklyn Park is sited on 35 acres and could be the 46 lanned renovation, as mistakenly is scheduled for early 2002. Kraus- first retail project to occur along the ported last year. Anderson and HuntGregory will new 610 corridor. redevelop the 1971 center as a Dt Arbor Lakes II, a 300,000 sq. ft. joint venture of Opus Corp. and RED VAUNCY AND MORMON © Colliers Towle Real Estate Development, will be anchored by the MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - FIRST QUARTER 2000 -2002 second Von Maur department store MARKET NUMBER GROSS TOTAL ANNUAL ' STUDY OF LEASABLE AMOUNT PERCENT NET in this market and Dave & Busters , a SECTOR DATE CENTERS AREA VACANT VACANT ABSORPTION gaming and restaurant complex; both NORTHEAST will open in 2003. A third anchor has Neighborhood 2000 32 2,163,383 142,034 6.6% 25,916 not been announced. Plans include 2001 32 2,158,221 176,787 8.2% - 34,827 150,000 s ft. of "lifestyle" shop 2002 32 2,167,129 230,223 10.6% - 53,436 q Y P Community 2000 7 1,568,225 108,480 6.9% 201,518 space. The combined Arbor Lakes 2001 7 1,579,665 111,220 7.0% -2,740 developments total 1 million square 2002 7 1,611,307 80,696 5.0% 30,524 feet. Last year Arbor Lakes I (12 Regional 2000 4 3,293,477 368,319 11.2% 15,205 buildings) was sold to Kimco Real 2001 3 2,774,882 69,620 2.5% - 101301 g Realty 2002 3 2.449.738 136.952 5.6% - &=,832 Corp. for $53 million. Total 2000 43 7,025,085 618,833 8.8% 442,639 2001 42 6,512,768 357,627 5.5% X138,868 The Rouse Company has proposed 2002 42 6,228,174, 447,871 7.2 Ama %: - 90,244 a new regional center in Maple NORTHWEST Neighborhood 2000 21 1,633,925 226,058 1 3:'8°fo' - 79,593 Grove for 1 -494 and MN Hwy 610. 2001 21 1,612,700 288,423 1i`g% - 62,665 Scheduled for 2004, the project has 2002 20 1,518,187 166,678 11.0% 81,725 commitments from Nordstrom Community 2000 11 2,777,282 425,256_>'15.3% 182,630 and Marshall Field's. Fifteen miles 2001 11 2,885,294 170 qz 5.9% 263,731 2002 11 2,830,308 203,669 7.2% - 32,102 northwest of Maple Grove on 1 -94, Regional 2000 1 986,000 39,000 4.0% 91,000 the Outlets at Albertville (306,000 2001 1 986,000 40 4.0% 0 sq. ft.) continue to be swamped by 2002 1 986,000.0 39,000 4.0% 0 Total 2000 33 5,397,207 690,314 12.8% 194,037 customers who are willing to drive 2001 33 5,483,'994 498,330 9.1% 201,066 a little longer for bargain prices on 2002 32 _ 1 5;334,495 408,687 7.7% 49,623 upscale brands like Polo, Nautica, SCOTT COUNTY " = and Tommy Hilfiger. The center Neighborhood 2000 4.r 526,074 40,006 7.6% N/A expanded by nine stores this year. 2001 A -3 258,069 31,723 12.3% 72,273 The outlet center is not included in 2002, 3 226,074 38,813 17.2°% - 19,404 Community 2000::Y 2 319,125 33,415 10.5 /0 - N/A our survey data, but its retail sales 2001 3 670,481 141,128 21.0% 170,287 impact the department and specialty 2006: '' 3 700,481 153,442 21.9% - 12,314 stores in the area. Total ..2000 6 845,199 73,421 8.7% N/A e ; k2bo1 6 928,550 172,851 18.6% - 16,079 ST. PAUL SOUTHWEST ' 2002 6 926,555 192,255 20.7% - 19,404 The current vacancy rate is 7.1 %, Neighborhood 2000 26 1,824,864 129,251 7.1% 47,784 a slight change from 7.4% a 2001 26 2,017,176 124,136 6.2% - 99,227 2002 28 2,226,618 69,961 3.1% 100,855 year ago. The renaissance of the Community 2000 10 1,730,683 29,853 1.7% 37,610 downtown area continues with 2001 10 1,803,172 29,128 1.6% 729 restaurants, professional hockey, 2002 10 1,803,168 56,569 3.1% - 27,441 riverfront development and the Regional 2000 4 5,489,592 277,000 5.0% - 11,886 Science Museum. All have added 2001 4 5,532,018 235,000 4.2% 42,000 2002 4 5,825,767 312,408 5.4% 216,341 vitality and people to downtown St. Total 2000 40 9,045,139 436,104 4.8% 73,508 Paul. Good news came from Marshall 2001 40 9,352,366 388,263 4.2% - 56,498 Field's as they began a $17 million 2002 42 9,855,753 438,938 4.5% 452,712 renovation, downsizing the store from World Trade retail and Galtier is underway with retail stores in 225,000 sq. ft. to 170,000 sq. ft. Plaza, were deleted from our retail Lawson Commons. study in the past two years as they Away Depot from downtown, Home De However, the downtown retail core were converted to office or other has dwindled by more than 200,000 use. The Wabasha Avenue corridor is has had an off - and -on interest in sq. ft. over the past two years. Two slated to become the new downtown the Lexington- University site, whi h downtown shopping centers, retail spine, and that transformation would redevelop the existing 89, sq. ft. shopping center. �^ �ilil. u I III .u��&I!.11114=���1114114111*A SC07T COUIN[7Y muommsTowle Real Estate O ������� ��� ��������O��� �� o���s���������� � ����Q��0 ��� ����������� ` , � M|NNEApOL|S/ST, PAUL METROPOLITAN AREA ' FIRST QUARTER 2OUU-2VV2 the average vacancy rate ia 21%. � Alm»s two-thirds o{ the retail universe NUMBER GROSS TOTAL ANNUAL MARKET STUDY OF LsmmABms AMOUNT PERCENT NET iu Scott County was built bz the past SECTOR murs CENTERS AREA VACANT VACANT ABSORPTION three years. The t newest projects ST. PAUL total 000 sq. ft. and their current Neighborhood 2000 12 730 231 O4488 ' 9' 0% 25 022 rate is5.7Y�./\�oosL 2001 12 73213O 4GB18 O�� gO�8 average vacancy ' ' ' 82961 all the found in 2002 11 680.550 40.593 6.0% 44.325 ` ' Community 2080 5 1.138.030 94.38; 8.3% -47.380 centers built before lAgO. 2001 5 1.138.030 87.835 6.0Y6 26.545 2003 4 1.119.782 45.955 4.1% -28.i2U In vv��buadded Downtown 2OOU 5 4G Shakopee mwn 2.4S7 �52.B84 54.T�� �� to Mixed-Use 2OO1 3 23�OS3 41445 i75Y& 1BSOO ' develop - ' ' ' - ' n�url{vvv l0A ozx} (�vI��. 10. Also, 2002 4 197,312 55�83 2��� '14�3� ' ' ' ' Suou op���dao�� l82�l0O Total 2800 22 2320758 411732 17796 -22:258 ` ^^~^��^ '- 2001 21 2 156 74y6 18'053 og.�'ak�n� an Archer Farms 1S 19S7'�� 143 7�1q� 1'7O7 grocery conopooczzt. Home Depot, ' � . . ��,~ . WASHINGTON CO. '`* across the sLrecL, is scheduled for Neighborhood %OOO S 673.471 40.277 1U.O75 bzB�*o��2O02. 2001 11 682.019 33.652 ' 76.625 �� 2002 11 G8237O 72�B0 � '39O44 ' ' '- ' O'Connell S (�UOOO ]�1 Community 2000 11 2850879 63 '124366 ---- ` ` -�' '' 2001 11 2'855'857 ''~'~~'3'Y6 5Y6 80'g0O in Savage will open bz summer [ 3002 H 2,41133� 1O�4Yt -151'iOO 2002. Tenants will include � ' Drug, [}000 Brothers Coffee, Total 2000 20 3.524.35O v �2�O.268 6.2% -114,291 Pilgrim & � Subs. 2001 22 3.537.O76`� 133.040 3.8% 157.591 2002 20 3 , 01 323,184 10.4% -190,144 SOUTHWEST WEST ~ Historically this dominant sector Neighborhood 2000 32 B 143106 7.9% +8n37 '/' `~- 2001 32 '-1 1O8 5 40'G43 has low vacancy rates, and that 2002 33 '� 111.854 5.9Y6 92 distinction continues with an overall Community 2000 10 `*^ 1.670.032 32.116 1.9Y6 15.141 vacancy rate of 4.5%. In fact, with 2001 431,1 2.158.558 192.442 8.9Y6 '119.089 the sector representing 21% of the zooVMo 1.993.604 47.587 2.496 114.855 total rocUm ozdvmrsc of retail space, Regional 2 0' 2 1870OOO 1TOOU 1 47538 �"�� 1 1 3 ��q� O'SO0 ��cscctoron�'oc�rcsoo1�l496n�c�c ---� ' ' ' ' ' total vacancy. �v`2V02 1 1.157.764 500 O96 3.000 Total ' 2000 44 5.158.310 193.222 3.7% 14,642 �O01 43 �.O24.O17 3U41�5 G 196 'G�S48 There in 10 million sq. ft. of retail . . . 2002 44 5.050.071 159.941 3.2& 210,244 space in this sector, one-quarter METROPOLITAN TOTAL of which is the Mall of America. Neighborhood 2000 308 131�n241 1 1S5874 g1�� -5T351 ' ' ' ' ' ' o some &Y(]��vacancies are 2001 208 13,505 790 1' 8U�� ' 183O84�8Q ' 87U Al apparent, oosL�ncvvelldisguised 2002 208 14.084.132 1.038.456 74'�� 76248 ` Community 2000 83 17,767,481 1.224.278 6 3U3'WV7 ao�oo�ru�or���. �onuoaiouiabot6m 2001 85 18.080.379 835.343 5.2% 339 works for the MOA: 5.2 million sq. 2002 83 19.186.626 1.124.632 5.8% 892.111 ft. are slated for the adjacent 53-acru Regional 2000 14 14.281.468 873.914 6.1% 204.407 site where the Met Center once stood. 2001 18 12.935.953 528.678 4.1% '54.764 The land was acqui boan}dato�c 2002 14 13347222 753O30 ' ' ' 5G�� ' S5 ' 988 deal ''' Metropolitan olitmn '-' orts Downtown Retail 2000 20 1' 298 158 298S23 ' 23' 19& �a Mixed-Use 2001 20 1.089.814 105.821 9.9% -18.9VO' (�oozno�aioobnI)ccczobcrvv}aen the Net Absorption 2002 22 1.128.819 157.681 14.0% 15630- MC)A swapped its 39-ocrc Kelley Total 2000 325 40.525.348 3.592.987 7.7Y& 450.923' Farm property with the MAC for 2001 324 45.801.938 2.855.731 5.8Y& 430.045 no additional cash. Early plans 2002 327 47.748.799 3.110.582 8.5% 1.549.805 for the expansion include rotail, entertainment attractions u ------- performing arts center), hotels and office WEST space. Development is slated for 2003. The second- tightest retail market In Edina, Southdale regional mall in the Twin Cities is the Western continues its $30 million addition Suburbs. There are 44 centers THE BEST SHOPPING of a 16- screen movie theater and comprising 5 million sq. ft. Overall MONEY CAN BUY two national restaurant chains: P.F. vacancy rate is 3.2 %, and 160,000 Chang's and The Cheesecake Factory. sq. ft. of space was absorbed this • In January 2000, the City Up to three -hour waits for the past year. Like the Southwest sector, Council of Brooklyn Park agreed restaurants encourage customers to the West market has premium rents, to pay the developer $2.9 million shop while they wait. concentrated retail areas, and little in pay -as- you -go TIF funding for land for development. Brookdale's redevelopment.. The In Eden Prairie, 40 new stores were city agreed to provide the TIF for added to Eden Prairie Center, which In St. Louis Park, TOLD Development five years beginning 2003. The expanded 300,000 sq. ft. to 1.2 has broken ground onParkComm,�.a, anticipated value of the mall after million sq. ft. New theaters, and a mixed -use development of housing renovations are complete is $75 a new upscale anchor, Von Maur and retail on Excelsior Blvd. million, up from its present value department store, add excitement to of $50 million. the strong retail mix. Deleted from our survey was 7 -Hi Shopping Center in Minnetonka • The City of Minneapolis provided In Bloomington, Sam's Club plans a that became the site for a newly a $90 million subsidy for the new 137,000 sq. ft. store on West opened SuperTarget. The 182,000 new Target store in Downtown 78th Street. Work is expected to sq. ft. store includes Archer Farms Minneapolis (or $562.50 psf). begin in Spring 2002. grocery. • The City also provided $39 million WASHINGTON COUNTY Farther west is Delano Crossing, in city help for the $174 million a new 120,000 sq. ft. retail center project on Block E . We survey 3.1 million sq. ft. of including a Coburn's grocery and 0 shopping center space in Washington Snyder Drug. Oppidan Investments Minneapolis is Considering... County. The overall vacancy rate is the developer. • $104 million City of Minneapolis is 10.4% or 323,184 sq. ft. vacant. subsidy to redevelop Lake and This is a big change from last year's In Plymouth, the new 98,000 sq. ft. Nicollet intersection by K -Mart. 3.8 %, and the previous year's 6.2 %. Plymouth Marketplace opened with Because of the development cycles, it a Lund's grocery. It was developed • A $52 million discount on is not uncommon for a fast - growing by North American Properties, principle and accrued interest on area to have fluctuating absorption as which is creating a mixed -use loans the City of Minneapolis made new buildings are added. project with senior housing. in 1987 and 1991 to Brookfield for Gaviidae I and 1I. The project was At this time, Washington County $280 million, and the City loan was has 6.5% of the metro area's retail $29.5 million at 6% interest. space and 10% of the area's retail vacancy. Eagle Valley Marketplace OppidanInvestment Woodbur by RETAIL CENTERS BY AGE vs. VACANCY YEAR BUILT MIDPOINT AVERAGE 2002 VACANCY Community 1998 1984 5.9% Neighborhood 1978 1977 7.4% Regional 1975 1976 5.6% Retail- downtown 1980 1968 14.0% Metro Total 1982 1978 6.5% TA I RINTS AND A © Colliers Towle Real Estate MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - FIRST QUARTER 2001 VS. FIRST QUARTER 2002(PSF) MARKET NET RENT RANGE AVERAGE CAM AVERAGE SECTOR TAXES ANOKA 2001 2002 2001 2002 2001 2002 Community $5.00 - $22.00 $8.00 - $23.00 $1.76. $2.33 $2.96 $3.58 Neighborhood $5.00 - $16.00 $4.50-$18.00,- $1.94 $1 $2.26 $2.31 Regional $15.00 - $40.00 $10.00 - $60.00 $9.50 $9.50 $4.94 $7.00 DAKOTA CO Community $5.00 - $25.00 $8.00 - $10.00 `$1.93 $1.94 $3.38 $2.79 Neighborhood $8.00 - $20.00 $4.00 - $20.00 $1.98. $1.89 $1.75 $2.27 Super Regional $10.00 - $85.00 $10.00 - $85.00 $5.70 $5.70. $10.79 $10.79 MINNEAPOLIS Community $7.00 - $25.00 $3.50 - $25.00 $5.26 $4.28 , $3.37 $3.54 Downtown Retail Mpls $10.00 - $75.00._ $10.00 - $100.00 $7.46. $6.78 $4.38 $3.75 Neighborhood $10.00 - $25.00 $13.00 - $28.00: $3.79 $3.37 $3.47 $5.42 Regional ' $10.00 - $65.00 $20.00 - $65.00 -$10.98 $16.15 $11.60 $4.43 NORTHEAST Community $7.00 - $22.00 $7.00 - $22.00 $2.39 $2.27 $3.14 $2.81 Neighborhood $6.00 - $20.00 $5.00 - $20.00 $1.74 $2.18 $1.88 $1.62 Regional $10.00 - $50.00 $10.00 - $100.00 $7.21 $7.19 $10.51 $10.50 • NORTHWEST Community $6.00 - $24.00 $4.00 - $24.00 $1.85 $1.87 $3.23 $3.89 Neighborhood $5.00-$18 .00 $4.00 - $24.00 $2.15 $2.57 $2.55 $2.53 Super Regional $15.00 - $35.00 $15.00 - $35.00 $8.00 $8.00 $8.25 $8.25 SCOTT Community $8.00 - $18.00 $5.00 - $20.00 $2.44 $2.77 $2.41 $2.05 Neighborhood $7.00 - $14.00 $8.00 - $17.00 $2.18 $2.20 $1.66 $2.63 ST. PAUL Community $8.00 - $17.00 $8.00 - $17.00. $2.90 $1.98. $2.31 $3.25 Downtown Retail St. Paul $6.00 - $30.00 $12.00 - 55.00 $8.87 $9.72 $3.73 $2.17 Neighborhood $4.00 - $27.00 $8.00 -$30.00 $2.88 $3.02 $2.71 $3.06 SOUTHWEST Community $8.00 - $40.00 $10.00'- $40.00 _ $2.41 $2.34 $4.36 $4.51 Neighborhood $7.00 - $ 29.00 $7.00 - $30.00 $2.60 $2.99 $3.35 $140_ Regional $15._00 - .$90.00 $16.00 - $100.00 $11.76 $15.41 $12.33 $11.26 WASHINGTON Community $8.00 - $25.00 $5.50 - $25.00 $1.59 $1.82 $2.49 $2.95 Neighborhood $5.00 - $20.00 $6.00 - $18.00 $2.46 $2.13 $2.10 $2.10 WEST Community $6.00 - $30.00 $5.00 - $30.00 $2.89 $3.85 $4.42 $5.02 Neighborhood $7.00 - $24.00 $6.00 - $28.00 $2.11 $2.28 $2.21 $3.41 Regional $15.00 - $100.00 $15.00 - $100.00 $5.35 $7.24 $13.87 $14.07 • -; SALES o ft - \ I 4x•4 -Y es a . - W Consolidated investment Properties Inc. paid $13.5 million for the 293,000 sq. ft. Birch Run Station in Maplewood. The seller was Lowe Enterprises on behalf of Keystone Holding Co. In ?Maple Grove, Arbor Lakes I was sold by Opus Corporation to Kimco Realty Corporation. The 466,000 sq. ft. lifestyle center began development in 1999. Estimated sale price was `$53 million for the 12 buildings. . t . Crow Holdings paid $12.4 million or $132 psf for Colonial Square Shopping Center in Wayzata. This center is anchored by a 43,000 sq. ft. Lund's grocery. Calhoun Village Shopping Center,_ Minneapolis was sold by Carlson Real Estate to a local investor. The 89,000 sq. ft. center sold for $12.4 million or $139 psf. (All information about the sale of these properties is believed to be correct. How - ever, ive make no warranties on the accuracy of the above details.) In Eden Prairie, Hartford Place, Phase II sold for 52.7 million. The project 193,470 sq. ft. Sale price included PetsXiart and Mattress Giant. WE COLLIERS lTOWLE'S • Retail development is a favorite part retirement. Salaries went up 50% of a mixed -use project that includes between 1980 and 2000 thus pushing RETAIL MARKET office, housing nd transportation. p g o OUTLOOK g P people into higher tax brackets. And, Examples include Southwest Station - because boomers married later than job layoffs have affected already shaky Eden Prairie; City Bella - Richfield; Park their parents, they will be paying consumer confidence, and the holiday Commons East - St. Louis Park. bills longer. season was uncomfortable for most retailers. K -Mart filed for bankruptcy Bricks vs. clicks: While the pre— . Local tax assessors are being aggressive in January 2002. holiday season was difficult for most in valuations for free - standing retail retailers, online shopping increased stores. A local restaurant chain is paying • Overall the consumer is paying less significantly, up 36% (over last year) almost $10 psf in taxes for a new 5,000 attention ($) to apparel and shoes and between November 19 and December sf free- standing building in Washington more attention to electronics, home 24, according to Bizrate.com. Other County while the same restaurant is comforts and home improvements. The reports indicate a 15% increase for fourth a $4 sf in taxes for a new 5,000 sf power of effective merchandising and quarter e- tailing, while traditional retail paying p advertising (A la Target and Kohl's) will reported same - stores growth of just over store as an end -cap on a strip center. make the difference in who survives. 2% (Star.Tribune, 1/02). . Retail developers are revisiting an old Presentation and the right inventory are critical. • According to Shopping Center News concept- second story space over retail (Feb. 2002), baby boomers now head stores. With Class A and B finishes, • As discount giants include groceries up 45 million households. Boomers the space attracts professionals who in their stores, there will be less grocery are allocating less money to shopping want to be conveniently located but shopping done at strip centers with a centers due to rising college costs for offer an upscale environment. At The grocery anchor. While the convenience their children, declining stock market Village of Blaine, office space rates are of a local store merits some edge, the big profits, and the need to plan for $21 gross psf and the 25,000 sq. ft. is purchases are made at the big stores. 40% leased. SHOPPING CENTERS UNDER CONSTRUCTION - 2002 0 Colliers Towle Real Estate MINNEAPOLIS /ST. PAUL METROPOLITAN AREA PROJECT NAME SIZE CITY /SECTOR DEVELOPER STATUS Rogers Retail Center 350,000 Rogers/Anoka Co. Ryan Cos U/C Town Center 350,000 Lino Lakes /Anoka Co. Ryan Cos U/C Anoka County Subtotal 700,000 BridgePoint Station 30,000 South St. Paul /Dakota Co. JBL Companies P Crossroads 142,000 Lakeville /Dakota Co. DR Horton P Hillcrest Acres 1,829,000 Apple Valley /Dakota Co. Hillcrest Properties P TimberCrest 550,000 Lakeville /Dakota Co. Avalon Real Estate U/C Dakota County Subtotal 2,551,000 Block E 160,000 Minneapolis/CBD McCaffrey Interests U/C Redevelop Lake & Nicollet 350,000+ Minneapolis /CBD Sherman Associates P Minneapolis Subtotal 510,000 Arbor Lakes II 450,000 Maple Grove /Northwest Opus U/C Park Village 300,000 Brooklyn Park/Northwest Robert Muir Co. P Regional Ctr.(Field's and Nordstrom) 800,000 Maple GrovelNorthwest Rouse Co. P Shoppes On Brooklyn Blvd 43,000 Brooklyn Center /Northwest Christianson Corp. U/C Northwest Subtotal 1,593,000 O'Connell Square 60,000 Savage /Scott Co. Gary Janisch . U/C Scott County Subtotal 60,000 City Bella 40,000 Richfield /Southwest Grammercy Corp. P Southwest Subtotal 40,000 City Walk n/a Woodbury/Washington Co. Sanjurjo Co P Eagle Valley Marketplace 73,000 Woodbury/Washington Co. Oppidan Investments P Forest Lake Marketplace 95,000 Forest Lake/Washington Co. North American Properties U/C Washington Heights 7 acres RosemountlWashington Co. Hillcrest Properties P Washington County Subtotal 168,000+ Delano Crossing 120,000 Delano/West Oppidan Investments U/C West Subtotal 120,000 TOTAL: 19 projects 5.4 million square feet, 3.2 million sq. fL planned /proposed, and 2.2 million sq. ft. under construction Kev: P = Proposed or Planned • U/C = Under Construction • BROOKLYN CENTER AUTO STORES AND SERVICE STATIONS • 2002 Automotive EBA = Effective Building Am (baseanent am taken at 1/2 wm4 Growth Gmwrh 4.0 2001 LS 2002 UNIT 2002 EMV / 2001 UNIT EMV / LOCATION AREA Ratio 2002 Values VALUES LAND 2001 Values VALUES LAND DWre'. LAND 39,988 10.40 Land $240,000 $6.00 $12.98 Lind $240,000 $6.00 $1232 Lend 6501Hum6otdt Ave. N. GRA Building $279.000 $72.64 Building $252,600 $65.68 Bolding PID 35- 119 -21- 14-0010 EBA 3,846 Total $519,000 $134.96 Total $492,600 $128.08 Total Change 5.36% change 3.99% Change Sale 6 /2001- $1,300,M Not Open Market, Included out[tandlog debt BroolnlaleCarwash LAND 34,989 6.80 Land $275,000 $7.86 $16.29 Lend $275,000 $7.86 $15.61 Land SM Brooklyn Blvd. GBA Building $295,000 $57.30 Building $271,200 $52.68 Building PID 03- 118 - 21-44.0032 EBA 5,148 Total $570,000 $110.72 Total $546,200 $106.10 Total Change 4.36% change 4.00% Change Mobile & Car Wash LAND 28,072 5.24 Land $210,500 $7.50 $21.96 Land $210,500 $7.50 $21.96 Land 6849 Brooklyn BWd. GBA Building $405,900 $75.80 Building $405,900 $75.80 Building PID 34- 119 -21- 22-0016 EBA 5,355 Total $616,400 $115.11 Total $616,400 $115.11 Tod Change 0.00% change 4.00% Change Bumper To Bumper LAND 72,975 4.88 Land $383,100 $6.26 $8.95 Land $383,100 $5.25 $8.88 ]and 2105- 57thAve.N. GBA Building $270,000 $18.06 Building $264,900 $17.72 Budding PID 02- 118 -21. 42.0033 ERA 14,950 Total $653,100 $43.69 Tod $648,000 $43.34 Tod Change 0.79% change 4.00% mane Chd,Ws Service LAND 18,900 6.86 Land $75,000 $3.97 $11.31 Land $70,000 $3.70 $11.05 Land 5300 Dupont Ave. N. GRA Building $138,800 $50.40 Building $138,800 $50.40 Budding PID01- 118 -21- 34.0085 ERA 2,754 Total $213,800 $77.63 Tod $208,800 $75.82 Tod Change 2.39% Change 3.98% Change Phesto>r Tire LAND 43,350 5.20 Land $325,000 $7.50 $13.61 Land $325,000 $7.50 $13.09 Land 5445X- Ave.N. GBA Building $265,000 $31.79 Budding $242,600 $29.11 Building PID03- 118 - 2144.0030 ERA 8,335 Total $590,000 $70.79 Tod $567,600 $68.10 Tod Change 3.95% - Change 3.99"A Change GoodyearTite LAND 52,642 6.32 Land $394,800 $7.60 $11.30 Land $394,800 $7.50 $10.78 Land 5501 Xeaea Ave. N. GBA Building $200,000 $24.01 Budding $172,600 $20.72 Budding PID 03.118- 2144.0033 EBA 8,330 Total $594,800 $71.40 Tod $567,400 $68.12 Tod Change 4.83% m®ege 4.00% Change • Mid. Media LAND 53,143 6.39 Land $398,600 $7.60 $10.68 Land $372,000 $7.00 $10.12 Land 1206 Brookdale Center GBA Building $169,000 $20.31 Building $165,700 $19.91 Building PID03- 118.21- 14-0032 EBA 8,322 Total $667,600 $68.20 Tod $537,700 $64.61 Tod Change 5.56% Change 3.98% Change Phillips 66 - Land Only LAND 25,414 Land $228,700 $9.00 $9.00 Land $228,700 $8.00 $9.00 Land 6901 Baooldyn Bid. GRA Building $0 Bddmg $0 Budding PID 27- 119. 21,334100 EBA Total $226,700 Tod $228,700 Tod 0.00% 0.00% Terry'. Amoco LAND 24,675 8.59 Land $172,700 $7.00 $16.91 Land $172,700 $7.00 $15.74 land 604 Brooklyn Blvd. GBA Building $220.000 $76.68 Budding $215,700 $75.08 Budding PID 03,118 -21- 12.0002 EBA 2,873 Total $392,700 $136.69 Tod $388,400 $135.19 Tod Change 1.11% change 3.99% Change Sup - America LAND 14,520 8.34 Land $132,000 $9.09 $18.11 Land $130,000 $8.95 $17.48 Land 1901 -57th Ave. N. GBA Building $131,000 $75.20 Budding $123,800 $71.07 Building PID 02- 118 - 21.42.0004 ERA 1,742 Total $263,000 $150.98 Tod $253,800 $145.69 Tod Change 3.62% Change 3.97% Change SuperAmedca LAND 70,786 11.93 Land $624,000 $8.82 $20.12 Lend $600,000 $8.48 $19.05 Land 6545 West River Rd. GRA Building $800,000 $134.66 Building $748,700 $12621 Buildng PID 36- 119 -21 -13 -0118 EBA 5,932 Total $1,424,000 $240.05 Tod $1,348,700 $227.36 Tod $200,000 Impnavmenl 2001 Change 5,58% Change 2.00% ExcludingImpmvemcnt Change HoadaySratiomtme LAND 53,803 10.09 Land $473,000 $8.82 $25A1 Land $450,000 $8.40 $24.65 Land 42066thsta GBA 5,312 Building $889.000 $167.36 Budding $871,500 $164.06 Budding 3611421- 13-0113 ERA 5,312 Total $1,362,000 $256.40 Tod $1,321,500 $248.78 Tod Change 3.06% Change 6.00% Change Bill West76 LAND 16,393 6.93 Land $88.4011 $8.00 $15.58 Land $98,400 $6.00 $15.37 Land 2000- 570%Ave.N. GBA Building $157,000 $66.41 Budding $153,600 $64.97 Building PID112.11841 -134W7 EBA 2,364 Total $265,400 $108.04 Tod $252,000 $106.60 Total Charge 1.35% cluegt 3.96 C Brook a r, Cho LAND 38,000 27.94 Land $342,000 $9.00 $12.61 Land $342,000 $9.00 $12.54 Land 5710XemsA -N. GBA Building $137,000 $100.74 Shading $134,600 $98.97 Budding PLD03- 118.21- 140021 EBA 1,360 Total $479.000 $35221 Tod $476,600 $350.44 Tod Change 0.50% Change 3.99% Change Humboldt Temco LAND 25,031 16.31 Land $137,000 $6.26 $11.60 Land $130,000 $4.99 $11.31 Lead 6840HumboldtAve.N. GBA Building $166,000 $103.38 Budding $164,500 $103.07 Budding PID 36- 119 - 24220036 EBA 1,596 Total $302,000 $189.22 Tod $294,500 $184.52 Tod Change 2.55% change 3.99% Change Nal'. Comm LAND 38,025 LehM $186.000 $6.13 $9.91 Land $190,000 $5.00 $9.43 Land 35- 119 -21 -11-0005 GBA 2,072 Building $182,000 $87.84 Budding $168,700 $81.42 Building 150569thAve ERA 2,072 Total $377,000 $181.95 Toad $358,700 $173.12 Tod 1966 L:B Ratio 18.36 Change 5.10% Change 3.97% Change Totak and Memos LAND 661,506 Land $4,704,800 $7.22 $15.81 Land $4,612,200 $7.08 $15.51 Land AUTO STORES A SERVICE 5/312002 BROOKLYN CENTER AUTO STORES AND SERVICE STATIONS GBA Building $5,592,700 $69.66 Building $4,750,300 $59.16 Building EBA 80,291 Total $10,297,500 $128.25 Tort $10,102,200 $125.82 Tom! G:ND pm \ASS SS \SPRIDSHT \Assn \2002cia \[AUTO- XISS}ALrM STORES & SERVICE 1.93% Change 02 to 01 17.85 Change 01 to 00 • AUTO STORES 8 SERVICE 5!3!2002 BANKS Brooklyn Center, Minnesota L:B 2002 UNIT 2001 UNIT 2000 UNIT LOCATION AREAS Retie 2002 EMV VALUES [Q 2001 EMV VALUES [q 2000 EMV VALUES [Q City -County Credit Union Land 134,454 5.99 Land $739,000 $5.50 [/J Land $735,000 $5.47 [/J Land $735,000 $5.47 [/J 6010 Earle Brown Or GBA 22,431 Building $779,400 $46.21 [/J Building $772,500 545.80 (/J Building $840,700 $49.85 [/] 02- 118.21 -11 -0011 NRA 16,866 Total $1,518,400 $67.69 [/j Total $1,507,500 $67.21 (/J Total $1,575,700 $7025 (Q Age 1990 Change 0.7% $90.03 NRA Change -4.3% $89.38 NRA Change -2.3% $93.42 NRA EMV to Land $1129 EMV to Land $11.21 EMV to Land $11.72 Firstar Bank Land 45,024 4.61 Land $380,000 $8.44 p[ Land $380,000 $8.44 [/J Land $380,000 $8.44 (/J 5540 Brooklyn Blvd GBA 9,757 Building $641,200 $65.72 [/J Building $639,200 $65.51 [/J Building $639,200 $65.51 [/] 03. 118.21 -41 -0013 NRA 9,757 Total $1,021,200 $104.66 [/J Total $1,019,200 $104.46 [/J Total $1,019,200 $104.46 2 Tenant Property Age 1992 Change 02% $104.66 NRA Change 0.0% $104.46 NRA Change .5.6% $104.46 NRA EMV to Land $2268 EMV to Land $22.64 EMV to Land $22.64 HoneywelUAlliant Credit Land 105,841 17.49 Land $655,000 $6.19 [/J Land $655,000 $6.19 [/J Land $655,000 $6.19 [/J 5825 Xerxes Ave N GBA 6.051 Building S177,700 $35.00 [n Building $154,500 $25.53 [/j Building $154,500 $25.53 [/J 03- 118 -21 -14 -0026 NRA 6,051 Total $832,700 $137.61 [/J Total $809,500 $133.78 [/j Total $809,500 $133.78 [ Age 1980 Change 2.9% $137.61 NRA Change 0.0% $133.78 NRA Change - 14.8% $133.78 NRA EMV to Land $7.87 EMV to Land $7.65 EMV to Land $7.65 Marquette Bank -Brkdl Land 85,150 4.76 Land $640,000 $7.52 p[ Land $640,000 $7.52 [/J Land $640,000 $7.52 5620 Brooklyn Blvd GBA 17,881 Building $700,000 $39.15 [/J Building $690,000 $38.59 [/J Building $510,000 $28.52 [!] 03.118 -21-41 -0001 NRA 14,720 Total $1,340,000 $74.94 [/J Total $1,330,000 $74.38 [/J Total $1,150,000 $64.31 [/J Age 196111992 Change 0.8% $91.03 NRA Change 15.7% $90.35 NRA Change 0.0% $78.13 NRA Effective Age 1986 EMV to Land $15.74 EMV to Land $15.62 EMV to Land $13.51 Marquette Bank (auto) Land 61,775 Land $293,000 $4.75 [/j Land $280,000 $4.53 [/j Land $280,000 $4.53 pJ 5920 Brooklyn Blvd GBA 1,960 Building $47,000 $23.98 [!j Building 540,000 $20.41 [Q Building $30,000 $15.31 [/] 03- 118 -21 -12 -0095 NRA 1,960 Total $340,000 $173.47 [!j Total $320,000 $16327 p[ Total $310,000 $158.16 [/[ Age 1978 Change 6.3% $173.47 NRA Change 32% $163.27 NRA Change 0.0% $158.16 NRA EMV to Land 55..50 EMV to Land $5.18 EMV to Land $5.02 • Norwest Bank Land 49,456 11.54 Land $400,000 $8.09 [/J Land $400,000 $8.09 [/) Land $400,000 $8.09 [/J 2901 Northway Dr GBA 4,285 Building $141,100 $32.93 (/J Building $139,300 $32.51 [/J Building $99,300 $23.17 [/J 02. 118 -21 -23 -0017 NRA 4,250 Total $541,100 $12628 [/J Total $539,300 $125.86 [/J Total $499,300 $116.52 [/J Age 1967 Change 0.3% $127.32 NRA Change 8.0% $126.89 NRA Change -282% $117.48 NRA EMV to Land $10.94 EMV to Land $10.90 EMV to Land $10.10 TCF Savings & Loan Land 34,601 7.95 Land $295,000 $8.53 [/J Land $295,000 $8.53 [fJ Land $295,000 $8.53 [/J 2950 Co Rd No 10 GBA 4,355 Building $213,900 $49.12 [!J Building $212,200 $48.73 [/J Building $191,900 $44.06 [/J 03- 118 -21 -14 -0030 NRA 4,355 Total $508,900 $116.85 [/J Total $507,200 $116.46 [/] Total $486,900 $111.80 [/J Age 1965 Change 0.3% $11 &85 NRA Change 42% $116.46 NRA Change -182% $111.80 NRA EMV to Land $14.71 EMV to Land $14.66 EMV to Land $14.07 TOTALS Land 516,301 Land $3,402,000 $6.59 p[ Land $3,385,000 $6.56 (/J Land $3,385,000 56.56 [!j GBA 66,720 Building $2,700,300 $40.47 [/J Building $2,647,700 $39.68 [!J Building $2,465,600 $36.95 [/J NRA 57,959 Total $6,102,300 $91.46 [/J Total $6,032,700 $90.42 [/J Total $5,850,600 $87.69 [/J Change 1.2% $10529 Change 3.1% $104.09 Change -8.5% $100.94 EMV to Land $11.82 EMV to Land $11.68 EMV to Land $11.33 O:lDeptzWSSESSYSPREOBHrA s swr200ZmagBAWS.xLSpanks A • 502002 it e p WLING CENTERS � 2002 Unit 2001 Unit 2000 UNIT 1999 UNIT LOCATION AREAS ^�^ 2002 Values [Q 2001 Values (Q 1 2000 VALUES (n 1999 EMV VALUES yl Earle Brown Bowl Land 177,294 5.03 Land $1,075,000 $6.06 [11 Land $1,075,000 $6.06 [/f Land $1,075,000 $6.06 [Q Land $1,075,000 $6.06 (/J 6440 James Circle North GBA 35,224 Building $533,800 $15.15 [Q Building $487,000 $13.83 [/J Building $427,000 $12.12 [/J Building $381,000 $10.82 [/J 35.119.21 -41 -0008 NRA 35,224 Total $1,608,800 545.87 (Q Total $1,582,000 $44.34 [4 Total $1,502,000 $42.64 [n Total $1,456,000 $41.34 [/J Lanes 36 Change 3.0% $45,67 NRA Change 4.0% $44.34 NRA Change 3.2% $42.64 NRA Change 4.0% $41.34 NRA Value per Lane $44,689 Value per Lane $43,389 Value per Lane $41,722 Value per Lane $40,444 Ape 1987 eff. EMV to Land $9.07 EMV to Land $8.81 EMV to Land $8.47 - EMV to Land $8.21 LynBrook Bowl Land 162,117 5.68 6357 Lilac Or N GBA 28,518 3 &119.21.42 -0016 NRA 26,518 Lanes 24 Age 1956 Beacon Bowl Land 70,820 8.79 6525 West River Rd GBA 8,060 36-119.21.13-0027 NRA 8,060 also 0028 & 0029 Lanes 10 Age 1957 .:.. ...'f' tCTA15 Lan 931 ;, 5..;;5: ' ' ':5`:::5 ::- :i:.:. %: >. 1 ..:..'>.:. i;i:>o.a alld f67500U ::..562 Li6d `''RD7 '000:5 PAM Id _; L:: - .' ;140,0110.�: X92 Total :- S1 ;d56:000:�:�'52026 - 40.ty. :: #211.28._, . EMV to Land $3.66 EMV to Land $3.55 i G:tDeptsWSSESS\.SPREOSHT Vtissessor12002cia1[BO W LING.XLS]2002 5WO02 FAST FOOD RESTAURANTS Brooklyn Center, Minnesota 2002 UNIT 2001 UNIT 2000 UNIT 9 AREAS 2002 EMV VALUES 2001 EMV VALUES 2000 EMV VALUES 4.00% 4.00% 100% 1 Burger King LAND 31,605 Land Land $222,000 $7.02 Land $222,000 $7.02 6110 Brooklyn Boulevard GBA 2,403 Building Building $103,000 $42.86 Building $168,300 $70.04 PID 34419 -21-43 -0042 UBldg. Ratio 13.15 Total Total $325,000 $135.25 Total $390,300 $162.42 Sold 6 /01 $380,000 $10.28 EMV to Land $12.35 EMV to Land Became American Legion Refer to Restaurants for 2002 Value 158.14 2 Taco Bell LAND 27,901 Land $223,500 $8.01 Land Land $223,500 $8.01 Land $223,500 $8.01 5532 Brooklyn Boulevard GSA 2,208 Building $231,800 $104.98 Building Building $214,300 $97.06 Building $210,100 $95.15 PID 03.118 -21.41 -0014 UBldg. Ratio 12.64 Total $455,300 $20620 Total Total $437,800 $198.28 Total $433,600 $196.38 $16.32 EMV to Land $15.69 EMV to Land $15.54 EMV to Land 4.00% 3 KFC LAND 18,615 Land $160,000 $8.60 Land Land $160,000 $8.60 Land $160,000 $8.60 5512 Brooklyn Boulevard GBA 1,698 Building $163,300 $96.17 Building Building $150,900 $88.87 Building $147,900 $87.10 PID 03418.21 -41 -0016 UBldg. Ratio 10.96 Total $323,300 $190.40 Total Total $310,900 $183.10 Total $307,900 $181.33 $17.37 EMV to Land $16.70 EMV to Land $16.54 EMV to Land 3.99% 4 Wendy's LAND 52,692 Land $452,000 $8.58 Land Land $452,000 $8.58 Land $452,000 $8.58 5545 Xerxes Avenue North GBA 3,025 Building $218,400 $72.20 Building Building $192,700 $63.70 Building $186,500 $61.65 PID 03.118 -21-41 -0023 UBldg. Ratio 17.42 Total $670,400 $221.62 Total Total $644,700 $213.12 Total $638,500 $211.07 $117.00 EMV to Land $12.24 EMV to Land $12.12 EMV to Land 3.99% 5 McDonald's LAND 44,354 Land $380,600 $8.58 Land Land $380,600 $8.58 Land $360,600 $8.58 5525 Xerxes Avenue North GBA 4,459 Building $380,700 $85.38 Building Building $351,500 $78.83 Building $344,500 $77.26 PID 03418 -21.41 -0020 UBldg. Ratio 9.95 Total $761,300 $170.73 Total Total $732,100 $164.18 Total $725,100 $162.61 $17.16 EMV to Land $16.51 EMV m land $16.35 EMV to Land 3.99% 6 KFC / A & W LAND 32,561 Land $275,000 $3.45 Land $229,000 $7.03 5430 Brooklyn Blvd GBA 3,152 Building $410,000 $130.08 Building $0 PID 03418 -21.44 -0036 UBldg. Ratio 10.33 Total $685,000 $217.32 Total $229,000 Partial Construction Improvamant $410,000 Not Open 112102 $12.59 20.09% exdudbg kr prowmw to 7 Hardee's LAND 44,888 Land $325,000 $724 Land Land $325,000 $724 Land $325,000 $7.24 1601 Freeway Boulevard GBA 4,380 Building $188,700 $43.08 Building Building $188,700 $43.08 Building $183,800 $41.96 35- 119.21 -41 -0014 UBldg. Ratio 1025 Total $513,700 $117.28 Total Total $513,700 $117.28 Total $508,800 $116.16 Vacant 2 Years $11.44 EMV to Land 511.44 EMV to Land $11.33 EMV to Land 0.00% 40te TOTALS LAND 220,055 Land $1,816,100 $825 Land Land $1,763,100 $8.01 Land $1,763,100 $8.01 GBA 18,173 Building $1,592,900 $87.65 Building Building $1,201,100 $66.09 Building $1,241,100 $68.29 UBldg. Ratio 12.11 Total $3,409,000 $187.59 Total Total $2,964,200 $163.11 Total $3,004,200 $165.31 1.17% excluding Improvements Fast Food within Shoonino Center Parcels Increase Burger King Id Brookdale Corner Subway @ Super America & Northbrook Plaza Leeann Chin @ Shingle Creak Center & Brookdale Corner Subs, Etc. @ Mn School of Business Panora @ Shingle Creek Center Coffee O Bagel @ Shingle Creek Center Applebees @ Brookdale (pad) G:\ DeptsW SSESS\ SPREDSHTW 5sessor \2002ciagFASTFOOD.XLSIFASTFOOD -2002 5/3/2002 HOTELS /MOTELS Brooklyn Center, Minnesota L:B 2002 Unit 2001 Unit 2000 REVISED # LOCATION AREAS Ratio 2002 EMV Values in 2001 EMV Values [q EMV 1 Americlnn Land 74,070 1.74 Land $590,000 $7.97 [/J Land $590,000 $7.97 [/) Land $590,000 2050 Freeway Blvd GBA 42,612 Building $3,500,000 $82.14 [!J Building $3,530,000 $82.84 [/J Building $3,150,000 35- 119 -21.13 -0021 Rooms 83 Total $4,090,000 $95.98 [/j Total $4,120,000 $96.69 [/J Total $3,740,000 Age 1998 Change -0.7% $49,277 Rm Change 10.2% $49,639 Rm Change -3.1% 2 Holiday Inn Land 297,182 2.46 Land $1,930,000 $6.49 [/J Land $1,930,000 $6.49 [/J Land $1,730,000 1501 Freeway Boulevard GBA 120,856 Building $2,180,000 $18.04 [/j Building $1,570,000 $12.99 [/j Building $2,270,000 35.119 -21.41 -0003 Rooms 216 Total $4,110,000 $34.01 [/j Total $3,500,000 $28.96 M Total $4,000,000 Sale 3/2001 •$2,250,000 Age 1971 Change 17.4% $19,028 Rm Change -12.5% $16,204 Rm Change -26.9% 3 SuperB land 105,813 2.88 Land $767,100 $7.25 [!J Land $767,100 [/J Land $767,100 6445 James Circle GBA 36,696 Building $1,942,900 $52.95 M Building $1,962,900 [/l Building $1,762,900 35- 119 -21.42 -0006 Rooms 102 $2,710,000 $73.85 [/J Total $2,730,000 [/J $2,530,000 Age 198 9 0 Change -0.7X $26,569 Rm Change 7.9% Rm Change -7.0% 4 Baymont Inn and Suites Land 89,882 2.32 Land $720,000 $8.01 M Land $720,000 pJ Land $720,000 6415 James Circle North GBA 38,700 Building $1,930,000 $49.87 [/J Building $1,950,000 [/J Building $1,560,000 35 -119 - 2142 -0011 Rooms 100 Total $2,650,000 $68.48 (/J Total $2,670,000 [/J Total $2,280,000 Age 1980 Change -0.7% $26,500 Rm Change 17.1% Rm Change -22.7% 5 Comfort Inn Land 47,761 Land $360,000 $7.54 [/] Land $360,000 [/j Land $360,000 1600 James Circle North GBA 27,504 Building $2,000,000 $72.72 M Building $2,014,000 [n Building $1,640,000 35- 119 -21-41 -0015 Rooms 60 Total $2,360,000 $85.81 [q Total $2,374,000 [/J Total $2,000,000 Angle Converse 560.7464 Age 1995 Change -0.6% $39,333 Rm Change 18.70% Rm Change 0.0% 6 Hilton Land 264,660 2.15 Land $1,852,600 $7.00 [!j Land $1,852,600 In Land $1,852,600 2200 Freeway Blvd GBA 123,069 Building $8,377,400 $68.07 [!j Building $8,687,400 [/J Building $8,087,400 35. 119.21 -13 -0012 Rooms 176 Total $10,230,000 $83.12 [/f Total $10,540,000 (/l Total $9,940,000 Don Erickson 566.8000 Age 1985 Change -2.9% $58,125 Rm Change 6.0% Rm Change -11.6% Removal of Nightclub 7 Country Inn Land 227,252 7.64 Land $1,477,100 $6.50 [/J Land $1,477,100 [/J Land $1,477,100 2550 Freeway Blvd. GBA 29,736 Building $3,191,900 $107.34 [/J Building $3,224,900 [/J Building $2,579,900 35- 119 - 21.24 -0008 Rooms 85 Total $4,669,000 $157.02 (/[ Total $4,702,000 [/J Total $4,057,000 Age 1997 Change -0.7% $54,929 Rm Change 15.9% Rm Change -14.5% 8 Motel Land 100,000 2.41 Land $700,000 $7.00 (/J Land $700,000 [!J Land $350,000 2741 Freeway Blvd GBA 41412 Building $3,629,000 $87.63 [/J Building $2,540,300 [![ Bldg $0 35.119.21.23 -0087 Rooms 127 Total $4,329,000 $104.53 [/J Total $3,240,300 [/J Total $350,000 Age 2000 Change 33.6% $34,087 Rm Change 825.8% Rm Change Improvement $900,750 Partial - Improvement - $2,540,300 LW LVr 9 Extended Stay America Land 116,913 2.57 Land $700,000 $8.04 Land Land $700,000 L-d Land $700,000 2701 Freeway Blvd GBA 45,450 Building $4,295,000 $94.50 M Building $4,329,000 [/J Building $3,596,000 35- 119 - 21.23 -0088 Rooms 104 Total $4,995,000 $109.90 [4 Total $5,029,000 [/J Total $4,296,000 Age 1999 Change -0.7% $48,029 Rm Change 17.1% Rm Change -12.5% Usable Landis: 87,077 $5.99 IV gross IV gross 10 Inn on the Farm Land 40,000 2.59 Land $200,000 $5.00 [4 Land $200,000 [Q Land $200,000 6150 Summit Drive GBA 15,439 Building $59,000 $3.82 M Building $61,000 [/j Building $41,000 35 -119 -21.44 -0009 Rooms 10 Total $259,000 $16.78 M Total $261,000 Total $241,000 Age Change -0.8% $25,900 Rm Change 8.3% Rm Change 0.4% TOTALS 1,363,533 Land $9,296,800 $6.82 M Land $9,296,800 $6.82 [/J Land $8,746,800 and 521,474 Building $31,105,200 $59.65 [/J Building $29,869,500 $57.28 M Building $24,687,200 AVERAGES 1,063 Total $40,402,000 $77.48 (/f Total $39,166,300 $75.11 [1 Total $33,434,000 Change -3.2% $38,008 Rm Change 17.1% $36,845 Rm Change -13.3% � e .w,ussESSSnneou,u..rwzrom.vnma. nsumz 5/3/2002 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS 2002 Unit 2001 Unit 2000 Unit PROPERTY AREAS 2002 EMV Values 2001 EMV Values 2000 EMV Values Park Nicollet Medical Clinic Land 160,197 [/J Land $785,000 $1.90 (/J Land $775,000 $4.84 [q Land $775,000 $4.84 [/J 6000 Earle Brown Drive GSA 31,98214 Building $1,715,000 $53.62 [/J Building $1,525,000 $47.68 [I] Building $1,525,000 $47.68 [/J 02418-2141-0005 NRA 31,982 [I[ Total $2,500,000 $78.17 [Il Total $2,300,000 $71.92 [/] Total $2,300,000 $71.92 (/J L:8 1977 Ratio 5.01 :1 NRA per [q $78.17 :1 NRA per [/] $71.92 [1[ NRA per [!J $71.92 (q Change in EMV 6.7% Change in EMV 0.0 1 /6 62ot),000 Change in EMV 5% Health Partners Dental Clinic Land 49,515(l Land $265,000 $5.35 [/J Land $265,000 $5.35 (/J Land $265,000 $5.35 [/J 5901 John Martin Dr GSA 6,000 [/[ Building $253,000 $42.17 [![ Building $210,000 $35.00 [/J Building $210,000 $35.00 [/J 02. 118 -21 -21 -0005 NRA 6,000 [/J Total $518,000 $86.33 [/J Total $475,000 $79.17 [Q Total $475,000 $79.17 [/J L:B C2 - 1979 Ratio 8.25 :1 NRA per [Q $86.33 :1 NRA per (/J $79.17 I/J NRA per [/J $79.17 [/J Change in EMV 9.1% Change in EMV 0.0% Change in EMV 6% Woodhaven Dental Assoc Land 28,336 M Land $125,300 $4.42 [/J Land $120,000 $423 [q Land $120,000 $4.23 [/J 5831 Brooklyn Blvd GBA 3,93611 Building $163,200 $41.46 [![ Building $163,200 $41.46 [/J Building $163,500 $41.54 [/J 03- 118 -21 -13 -0012 & 0013 NRA 2,755 [I[ Total $288,500 $73.30 [/J Total $283,200 $71.95 [!j Total $283,500 $72.03 [/J 4.8 Ct - 1970 Ratio 7.20 :1 NRA per [/J $104.72 :1 NRA per [Q $102.79 [/J NRA per [Il $102.90 [/[ Sold 1/10101 $270,000 Change in EMV 1.9% Change in EMV -0.1% Change in EMV 19% Northport Medical Caner Land 31,757 [I[ Land $142,900 $4.50 [/J Land $130,000 $4.09 [/J land $130,000 $4.09 [/J 5415 Brooklyn Blvd GBA 3,374 Building $158,100 $46.86 [/j Building $158,100 $46.86 [/J Building $158,600 $47.01 [Il 03 -118 -21.44 -0009 NRA 3,374 (/J Total $301,000 $8921 (/J Total $288,100 $85.39 [q Total $288,600 $85.54 [/J L:B C1 - 1960 Ratio 9.41 :1 NRA per [Q $8921 :1 NRA per [Q $85.39 [/J NRA per [/J $85.54 (/J Change in EMV 4.5% Change in EMV -0.2% Change in EMV 32% Group Health Medical Center Land 239,032 [/J Land $960,000 $4.02 [Il Land $960,000 $4.02 [/J Land $960,000 $4.02 [/] 6845 Lee Ave N GBA 25,199 [/f Building $1,120,800 $44.48 [/J Building $870,000 $34.53 [/J Building $872,100 $34.61 [/J 34- 119 -21.22 -0004 NRA 25,199 [/J Total $2,080,800 $82.57 [/J Total $1,830,000 $72.62 [q Total $1,832,100 $72.71 [!j L:8 C1 - 1975 Ratio 9.49 :1 NRA per [!J $82.57 :1 NRA per pJ $72.62 [/] NRA per [!J $72.71 [/J Change in EMV 13.7% Change in EMV A.1% Change in EMV 11% Brookpark Dental Clinic Land 50,111 [/J Land $250,500 $5.00 [1 Land $250,500 $5.00 [/J Land $185,000 $5.00 (/J 6437 Brooklyn Blvd. GBA 10,008 [Il Building $844,900 $84.42 [/J Building $512,800 $5124 (I) Building $233,600 $26.81 [/J 34- 119 -21-31 -0111 NRA 9,585 [/J Total $1,095,400 $109.45 [q Total $763,300 $76.27 [/] Total $418,600 $48.04 [/J L:B Yr Built 2000 Ratio 5.01 :1 NRA per [/[ $11428 :1 NRA per [/J $79.63 in NRA per [/j $65.08 [1 Improvement $673,500 0.0% Improvement $279,150 62.3% Change in EMV 11% Sold 712000 $650,000 2nd bldg was razed 6 combination w /above to build new clinic. PID of sale 34- 119.2131 -0104 Partial New Bldg w /existing bldg Brooklyn Blvd Chiropractic Land 14,415 [/J Land $15,000 $1.04 [Q Land $10,000 $0.69 In Land $10,000 $0.69 I/] 6142 Brooklyn Blvd GBA 994 [/j Building $51,000 $51.31 [/J Building $49,000 $49.30 [1) Building $49,000 $24.07 [/J 34. 119.21.43 -0037 -SR-2 NRA 994 [/J Total $66,000 $66.40 [!J Total $59,000 $59.36 [q Total $59,000 $28.98 [/J L:B R1(Conditlonal Use Permit) 4958 Ratio 14.50 :1 NRA per [Q $66.40 :1 NRA per [Q $59.36 [Q NRA per [/J $59.36 [/J 2 Sub Record Parcel C & R Located in Residence Change in EMV 11.9% Change in EMV 0.0% Change in EMV 59% PBC Clinic Land 67,442 [/J Land $338,000 $5.01 [!J Land $338,000 $5.01 [/j Land $338,000 $5.01 [/J 6120 Brooklyn Blvd GBA 14,034 [/J Building $207,000 $14.75 [/1 Building $171,000 $12.18 (Il Building $171,000 $12.16 34419 -21.43 -0060 NRA 7,017 [/J Total $545,000 $38.83 (/J Total $509,000 $36.27 [/J Total $509,000 $36.27 [/1 L:8 C1 - 1962 Ratio 4.81 :1 NRA per [Q $77.67 :1 NRA per [/J $72.54 [1) NRA per [/J $72.54 [/J Sold 11184 -$438,000 Change in EMV 7.1% Change in EMV 0.0% Change in EMV 27% River Road Dental Land 35,090 (/J 'Land $192,900 $5.50 [/f Land $192,900 $5.50 I/1 Land $192,900 $5.50 [/J 512 66th AVE N GBA 5,861 [/J Building $497,900 $84.95 [/J Building $486,500 $83.01 [!J Building $486,500 $83.01 [/J 36- 119 -21 -13 -0114 NRA 4,750 [/J Total $690,800 $117.86 [/J Total $679,400 $115.92 [/] Total $679,400 $115.92 [/J L:13 C2 - 1998 Ratio 5.99 :1 NRA per I/[ $145.43 :1 NRA per (q $143.03 in NRA per [/J $143.03 (/) Chan[1e in EMV 1.7% Chanae in EMV 0.0% Change in EMV 6% Land 730,345 Land 2,881,700 $3.95 Land 2,848,500 $3.90 (1) Land 3,248,200 $4.47 (/J TOTALS AND MEAN UNIT VALUES GBA 110,733 GBA 5,010,900 $4525 GBA 4,145,600 $37.44 [1] GBA 4,102,900 $36.86 [/J NRA 100,066 NRA $7,892,600 $78.87 NRA $6,994,100 $69.89 [Q NRA $7,351,100 $66.04 [/J Improvement $673,500 Improvement $279,150 TOTAL NEW IMPROVEMENTS $0 12.8% -4.9% 8.7% G 1 DeptsIASSES StSPREDSHMswssoA2002ciauMEDICALXLS ]Assessment & Unit Values 5/3/2002 BROOKLYN CENTER "B" OFFICE BUILDINGS 2002 2001 2000 Unit Unit Unit NU11taER PROPERTY AREAS 2002 EMV Valu 2001 errn Values 2000 EMV Values I I I I i I i 1 Earle Brown Tower _ (Land I _ _ 276.54 rA $1.400.00 53.06 IIII (Land (Land $1,400,000 $5.06 (A (Lend $1,400.0001 $5.06 IA Butt1974 8120 Earle Brown Drive I GBAI 139.978 In $3.210,000 $2293 In IBuldk I Build 1. $2,600,000 $18.37 [n Bulldino $2.700.000 $27.43 IA 9stories PID 35. 119 - 21.44.0003 - I NRAI 112.347 fA 1 $4.610.000 $3293 I (Total ITotal I $4,000,000 _$28.58 im Tolai $4,100,000 $37.43 IA LB Sale 1212000 $4,052,500 wm _ 1._9 A I NRA Der IA 641.03 Inn I NRA Der Ill Sm. eo �rn NM Der fAl $46.e4 I rA CIA - 1974 - _ I I I 1 Chan_ ae_in EMV 1 15.23%1 Cho in EMV Tax Stio 1 - 2.44%1 Cheops ME Tax Stip •5106 %I 2 Earle Brown Plaza Land 1 _ _185.670 JA _ S_1.000.000 $539 1 V Land Land $1.000 55.39 FA Land $1,000,0001 $5.39 rA Bull 1972 16040 Earle Brown Drive GBAI _ 55.380 In $620.000 s11 . 20 Irn IBUildinn_ BmldMa_ $610 ,000 $11.02 rn Buedine 1 $900,000 1 $11.74 rA 4 Stories 1PID 02. 118.21.11.0002 _ _ _NRAI _ m1 $1.620.000 m" ITotal Total 1 $1. 610,000 $29.08 In Total $1,900,0001 $29.80 rA wa. 3.35 :1 I NRA Der rAl $31.99 I rA NRA per [A $31.80 I [A I NRA per (III $32.59 I in Sale 10197 $1,850,000 I I Chanoe in EMV I o.62%1 Chars in E Chance in EMV . 15.28 1 Charge in EMV -4 33% a Brookdale Corp Center I _ lad 24 S1- 254,000 We rn_�Land Lars _ $1,254.000 Ss.1e vi Land $1,254,000 $5.18 [n Bdt 1982 16300 Shingle Creek Parkway OBAI lis"06 1 53,848,000 $32.97 m _ Buldo in_ Buldim_ $4,(f46,000 1 539.83 N BUWd rw $4,246.000 $36.40 [n BStodes PID 35.699.21.43 -W07 NRA 17 1_d31 rA I $5.100.000 543.72 fn IT_olal IT_ota_I $6,100,0001 $32.30 fA Tdal $5,500.0001 $47.15 IIA r1rbI 2.o 1) NRADerIA_Is4s.e8 r_n_ NRADer IAI 554 .eeIm I _ I NRADer IA $49.48Itn CIA - 1982 Sale 11.84 $9,250,000 1 Chano In EMV 1 - tea9_%I I I 50 1 10.91%1 1 $500,000 10.00%1 Sold 2/99 $4,970,000 I Incom@ 8 Exoen3@ Data . SUoOBed 1 1 4 SrOOk Corporate Center 11 Land 2zo0e1 rA 51,252,100 S3.69 rn Land Land $1.252,100 Ss.e9 rn Lend $1,252,100 S5.e9 � brl -- -- BuR1958 6200 shingle Creek Parkway _ GBA 116.040rn $4. 127.9001 sm.39Irn IBuldkwI $3,858,0001 $33.08 Ili 1Buldi.1 $3,858,0001 S4o.96(IA 6Stories IPID35. 119.21.43 -0008 NRAI 111.500 A 55. 380,000 S46d2 ITOtal 1 Total $5,110,000 $43.81 I m Total $5,110,000 Sst.71 IA LB 1 Ryan I Sandy Hansen 566.3533 1rb 1.69 �. 1 NRA Der r s4a.25 Irn I _ NRA Der TA S45.a3 m NRA per [A $s4.10 lA I CIA - 1986 _ Chews in EMV 5.28 %1 Chanoe n E - _ - - Chase in EMV 1 0.00% Chores in EMV -4.81% I sold 11/2000 $6,100,000 Not open Mrk{ - 3 Brookdale Corporate Center III _ _ Lad � 246,Se3 j _ $1,390,700 53.64 ( � A T Lam � Lam $1,390,700 Ss.64 I in _ Land _ $1.390,700 $5.64 r,L Buit 19M 6160 Summit Drive GBA 111- 9 07 11A $3,849,3001 _ S34.40 rn IBuidinn IBuddim $3.810.000 534.05 Im Buldim $3,810,000 $55.80 [A e Stories PID 35. 119.21. 43-0017 _ _ NRA_ _1_01_04711A $5,240.000 1 $46.82 In Tolal 1Tolal $5,200,000 $46.47 1Totsl $5,200,000 $66.23 fit Le Ryan / Sandy Hansen 566.3633 - aab - 2 20 :1 I _ NRA Der rn_I _ I51.a _rn I NRA Der (A Ss1.46 Irn NRA Der [AI $75.56 [A CIA - 1986 is Cha Sold 11/2000 o $5,800,000 noe in EMV 1 0.% Chace in Chanoe M in EMV I 0.00% I Chores EMV 3.95% 1 77 l I I ) I I 5 Brooklyn Crossing Land 143.269 r A $788.700 9551 1 W Lam Land _ $788.700 Slim in Land $788,700 $5.51 M Bull 1980 3300 Bass Lake Road GBA 58,338 fA $1.411.30_0 S24._19 In IBuldim I Buldem 1 _ _ _ _ $1.201.3001 520.59 1111 Buldim $1,211,300 $20.76 rA 6 Stories PID 03. 118.21.14.0033 _ NRA _ _ 53 .903 rA $2.200.00 537 71 m I Total (Total 1 _ _ _ _ _ $1,990.000 1 534.11 1 rn Total I $2,000,000 $34.28 [A us 1 CSM Bruce Cadand 646.1717 _ _ orb 2.4s ❑ - NRA Der fA 540.81 Irn I NRA per IRI $36.92 m I _ I NRA Oar III $37.10 {.9 CIA - 1980 _ - - - - in I `t - - - - -- _ C_ ha_n_o@ In - EMV _ 1 0.35% Chanoe _Chan_ ge_in _EMV _ - 0.SO% Chanoe in EMV 5.26% 7 MN School of Business (US West) Land _3 rn 1 $1.686.900 84.-5 r/l tam I Lord $1.743.000 35.01 Lam $1,743,000 55.01 rA Bu11195915910 Shingle Creek Parkway IG SA 70.913 rA1 $1,123. 51 5.84 Irn 1 Buldim I Buildim $777,000 $.97 IIA BuiWIM $621,0001 51177 VI 2 Stories I PID 02-118.21.214=1 1 NRA 88.100 rA _6 539." In (Total ITa_ta_t _ _ $2.520.000 $35.59 rn Total _ $2.364.0001 633.36 In C2 - 1969 Sale 10198 $2,100,000. Le IIWo 4.91 A NRA Der 541.32 NRA Der rill $37.06 1 NRA Der 1/1 $M. 76 III � I Chance in EMV 11.91% Chanoe in Cha nos M EMV 6.60% Ilf Chace M EMV 9.7% 9 High Tech Institute _ (Lend 144.789 m $907.000 S01.2111 I rn Lam Lam $907.000 $o.28 I rA Lam I $907,000 $a.2e rA Bull 1971 5707 Shingle Creek Parkway _ _ OBA 63,256 $1.843.000 $2825 1 In I Building I Buildirg 1 $1,483,000 522.73 IJIL Building $1.286,000 $19.71 in 6 Stories 02. 118.21.23.0018 1 NRAI 50 $2.750.000 1 542.14 I m Total Total _ __ _ _ $2.390,000 _ _ _$36.02 I In Total I $2.193,000 $33.61 [A Sam Cave aaas 2.221:1 NRA per P11 u4.09 IIn I NRA per rA $47.01 in NRA per rA $43.13 IV] C2 - 1971 w/1996.98 renovation 1 I Chanoe in EMV 1 15.06 %I Chanoe s EI Cheops in EMV 1 A98% 1 Change in EMV 7.18 %1 TOTALS 1,wrew 9,679,400 55.35 [A 9,735,500 55.39 [0 9,735,500 $5.39 IA TOTALS AND MEAN UNIT VALUES 734,932 20,030,600 $27.26 [A 18,985,300 525.83 W 18,632,300 $31.13 IA 29,110,000 540,43 10 28,720,800 $39.08 [1] 28,367,800 544.39 [7 I I I I I 500,000 GiDaotsvASSESSI. SPREDSHTAasessoA2002ciaV 512002 Pa" W09 Chace 3.44% I 1 Percaaaae Chars 1.24% _ _ _ P @/CBnfape Chan¢ _ •3_W% OFFICE BUILDINGS 5/3/2002 SMALL OFFICE BUILDINGS Brooklyn Center, Minnesota i 2061 2002 UNIT 2002 EMV: 2001 UNIT EMV: NUMBER LOCATION AREAS 2002 VALUES LAND 2001 VALUES LAND 1 Steen Engineering LAND 34,160 [q Land $153,700 $4.50 $9.93 Land $153,700 $4.50 $9.00 Built 1965 5650 Lilac or N GBA 3,894 [q Building $185,500 $47.64 Building $153,900 $39.52 1 Story 02- 118 -2142 -0032 NRA 3,894 [q Total $339,200 $87.11 Total $307,600 $78.99 Sold 11199 $330,000 LB Mio 8.77 (q $87.11 NRA per (/] $78.99 NRA per [q Change in EMV 10.27% Change in EMV 0.00% 2 Bailey Office LAND 8,568 [q Land $32,000 $3.73 $14.01 Land $32,000 $3.73 $12.61 Built 1930 902 53rd Ave N GBA 3,000 [q Building $88,000 $29.33 Building $76,000 $25.33 1 Story 01- 118- 21.'i4 -0081 NRA 1,50014 Total $120,000 $40.00 Total $108,000 $36.00 Sold 1211997 - $80, 000. LB Mib 2.86 [q $80.00 NRA per [1 $72.00 NRA per [q Change in EMV 11.11% Change in EMV 0.00% 3 M[lavetz LAND 55,000 (q Land $210,000 $3.82 $8.43 Land $165,000 $3.00 $6.79 Built 1966 1915 - 57th Ave. N. GBA 6,049(l Building $253,700 $41.94 Building $208,600 $34.49 $5.98 1 Story 2- 118 -21-42 -0035 w/ ry 0034 NRA 4,588 [q Total $463,700 $76.66 NRA per in Total $373,600 $61.76 0034 15,000 LBRarb 9.09 17 wro034 excess Ind w/0034 w/0034 $416,600 $69.20 wi0034 $45,000 Change In EMV 10.77% Change in EMV 7.39% 4 5615 Building LAND 30,056 [4 Land $151,000 $5.02 $16.97 Land $150,000 $4.99 $15.64 Built 1987 5615 Brooklyn Blvd. GBA 9,425 [q Building $359,000 $38.09 Building $320,000 $33.95 2 Stories 03418 -21.42 -0030 NRA 8,136 [q Total $510,000 $54.11 Total $470,000 $49.87 LB R.ko 3.19 Iq $62.68 NRA per [/] $57.77 NRA per [q Sale 1196 for $374,000 or $38.90 [q. Change in EMV 8.51% Change in EMV 0.00% 5 Brooklyn Peace Center LAND 46,61311 Land $233,000 $5.00 $13.64 Land $209,800 $4.50 $11.46 Built 1980 5637 Brooklyn Blvd. GBA 14.97314 Building $403,000 $26.92 Building $324,500 $21.67 3 stories 03- 118 -21-42 -0028 NRA 11;900 [q Total $636,000 $42.48 Total $534,300 $35.68 Sold Dec. 1998 for $625,000. LB Mi. 3.11 [q $53.45 NRA per [/] $44.90 NRA per (q Change in EMV 19.03% Change In EMV 0.00% 6 Brookdale Ten LAND 43,450 [q Land $305,000 $7.02 $17.79 Land $305,000 $7.02 $17.62 Built 1966 5740 Brooklyn Blvd. GSA 13,586 [q Building $468,000 $34.45 Building $460,400 $33.89 2 stories 03- 118 -21 -14 -0001 NRA 11,548 [q Total $773,000 $56.90 Total $765,400 $56.34 Sold 812000 $550,000 L:B R.ko 3.2011 $66.94 NRA per [1 $66.28 NRA per [q not open market Change in EMV 0.99% Change in EMV 0.00% 7 Brooklyn Crossings II LAND 181,754 [q Land $908,800 $5.00 $10.65 Land $908,800 $5.00 $10.07 Built 1987 3200 County Road 10 GSA 21,600 in Building $1,026,600 $47.53 Building $921,100 $42.64 1 story 03- 118 -21 -14 -0034 NRA 21,600 (q Total $1,935,400 $89.60 Total $1,829,900 $84.72 LB PLO. 8.41 [q $89.60 Change in EMV 5.77% Change in EMV 11.22% 8 Brookdale West Professional Building LAND 64,422[4 Land $297,000 $4.61 $14.97 Land $297,000 $4.61 $14.38 1968 5901 Brooklyn Boulevard GBA 19,847 [q Building $667,200 $33.62 Building $629,100 $31.70 2.5 Story 03- 118 -21 -12 -0001,13- 0001 NRA 15,958 [q Total $964,200 $48.58 Total $926,100 $46.66 C -1 Sold 1977 for $511,200. La ft [q $60.42 NRA per [/] $58.03 NRA per [/] Sold 3/2000 for $920,000 Change in EMV 4.11% Change in EMV 0.00% Centerbrook Office 9 (Brown & Co) LAND 35,200 [q Land $176,000 $5.00 $15.10 Land $176,000 $5.00 $13.69 Built 1970 5930 Brooklyn Blvd. GBA 10,692(n Building $355,600 $33.26 Building $305,900 $28.61 2Stories 03 -118 - 2142 -0006 NRA 8,125 [q Total $531,600 $49.72 Total $481,900 $45.07 Sold 512000 $525,000 LB Raw 3.29 17 $65.43 NRA per [/] $59.31 NRA per [q Change in EMV 10.31% Change in EMV 0.00% 10 Kruger Gallery Homes LAND 24,231 [q Land $121,200 $5.00 $7.68 Land $121,200 $5.00 $6.82 Built 1933 6045 Brooklyn Blvd GBA 1,09711 Building $65,000 $59.25 Building $44,000 $40.11 2 Story 03 -118 - 2142 -0087 NRA 1,097 [q Total $186,200 $169.74 Total $165,200 $150.59 LB R.b 22.09(l $169.74 NRA per (q $150.59 NRA per [q Change in EMV 12.71% Change in EMV 0.00% 11 6500 Building LAND 40,950 [q Land $200,000 $4.88 $9.46 Land $200,000 $4.88 $8.18 Built 1972 6500 Brooklyn Blvd. GBA 10,680 [q Building $187,200 $17.53 Building $135,000 $12.64 2 Stories 34- 119 -21 -13 -0084 NRA 9,100 [q Total $387,200 $36.25 Total $335,000 $31.37 Sold 412001 $380,000 LB Reno 3.83 Iq $42.55 NRA per [/] $36.81 NRA per [q 15.58% Value Chg per TC Slip 0.00% 12 Remax Building LAND 80,900 (q Land $404,500 $5.00 $7.42 Land $404,500 $5.00 $6.51 Built 1979 7240 Brooklyn Blvd. GBA 9,920 (q Building $189,000 $19.05 Building $115,300 $11.62 2 stories 28 -119 -21-41 -0204 NRA 7,500 [q BC Total $593,500 $60.54 NRA per [/J BC Total $519,800 $53.11 AddL Brk. Park Parcel -14 -0006 LB Mb 8.16(l Total• $600,600 $80.08 NRA per [/] Total* $526,900 $70.25 NRA per [/ • B. Park parcel valuation is - $7,100 - 1Rchrdea value M S. Park parcel - imudes value of B. Pant parcal Sold 12199 $553,900 multiple PID's Change in EMV 13.99% Change in EMV 0.00% OFFSMALL2002 5/3/2002 2001 2002 UNIT 2002 EMV: 2001 UNIT EMV: NUMBER LOCATION AREAS 2002 VALUES LAND 2001 VALUES LAND 13 7100 Corp PiazalCredit Union LAND 44,382 [q Land $222,000 $5.00 $21.62 Land $304,500 $5.00 $20.16 Built 1986 7100 Brooklyn Blvd GBA 12,160 [n Building $737,700 $60.67 Building $590,200 $48.54 2 story 27- 119 - 2133 -0097 NRA 11,190 [4 Total $959,700 $78.92 Total $894,700 $73.58 Sold 1991 for $1,275,000. LS R.S. 3.6514 $85.76 NRA pa $79.96 NRA per III Sold 712001 for $950,000 Change in EMV 7.27% Change in EMV 0.00% 2001 Reduction Land Size County Highway Taking 14 Associated Insurance LAND 53,240 17 Land $213,000 $4.00 $16.44 Land $213,000 $4.00 $13.66 Built 1988 2800 Freeway Blvd. GBA 13,936 [0 Building $662,400 $47.53 Building $514,400 $36.91 2 Stories 35- 119 -21 -22 -0052 NRA 12,550 [4 Total $875,400 $62.82 Total $727,400 $52.20 Le Rwb 3.82 [4 $69.75 NRA per VI $57.96 NRA per [il 1998 sale for $800,000 or $43.99 [Q. change in EMV 20.35% Change in EMV 0.00% 15 Salvation Army LAND 78,843 [q Land $400,000 $5.07 Built 1981 2300 Freeway Blvd GBA 14,796 In Building $616,700 $41.68 Exempt 1 Story 35- 119 -21- 24-0005 NRA 14,796[4 Total $1,016,700 $68.71 L8 R.ro 5.33(n $68.71 NRA per (/] VatanUcomes off exempt for 2002 Change in EMV 16 State Farm Building LAND 80,067 [4 Land $475,000 $5.93 $11.11 Land $475,000 $5.93 $10.69 Built 1986 5930 Shingle Creek Parkway GBA 12,008 [4 Building $414,400 $34.51 Building $380,700 $31.70 2 story 02- 118 -21 -21 -0002 NRA 9,990 [8 Total $889,400 $74.07 Total $855,700 $71.26 Le RA. 6.67 [4 $89.03 NRA per [11 $85.66 NRA per pl Change in EMV 3.94% Change in EMV 4.00% Average tLCe per • Land ' . ",..;$22,993 .; `,;'land.. . 9e., Pe '..$4,502;2DQ : $5 :47 $BT",92 B49ding '...... Building $6,679,ODtt....' $41;01` Buildln0' :: $5 $32.61 138'876.:. "Total 4:111 :::$g Oiti3 . rorei:: _ :; i;:: '43i 300: "" 7.91; <; ::::.... ::. ...1J..i:......: r:: . . i` t ` hAnge OFFSMALL2002 5/3/2002 RESTAURANTS Brooklyn Center, Minnesota A gp-W k 0 OF QA i. ION, 4Z� Growth 4.0% Growth 4.0% 1 Que Viet LAND 28,696 12.76 Land $143,600 $5.00 $11.68 Land $143,600 $5.00 $11.23 6100 Brooklyn Boulevard GBA 2,249 Building $191,500 $85.15 Building $178,700 $79.46 34-43-47 and 03-12-90 AGE 1972 Total $335,100 $149.00 Total $322,300 $143.31 Change 3.97% Change 3.97% 2 50's Grill LAND 48,476 9.73 Land $339,300 $7.00 $12.18 Land $339,300 $7.00 $11.71 5524 Brooklyn Boulevard GBA 4,980 Building $251,200 $50.44 Building $228,500 $45.88 03-118-21-41-0015 AGE 1968 Total $590,500 $118.57 Total $567,800 $114.02 Sold 4199 $530,000 purchased by tenant Change 4.00% Change 3.99% 3 Ground Round LAND 46,390 7.99 Land $371,100 $8.00 $17.62 Land $371,100 $8.00 $16.95 2546 County Road 10 GBA 5,808 Building $446,500 $76.88 Building $415,100 $71.47 02-118-21-31 -0049 AGE 1977 Total $817,600 $140.77 Total $786,200 $135.37 Change 3.99% Change 3.99% 4 Baker's Square LAND 43,200 10.39 Land $291,600 $6.75 $12.89 Land $291,600 $6.75 $12.40 5601 Xerxes Avenue North GBA 4,157 Building $265,300 $63.82 $0.00 Building $243,900 $58.67 $0.00 03-118-21-41-0002 AGE 1965 Total $556,900 $133.97 Total $535,500 $128.82 Currently Vacant 1/2102 Change 4.00% Change 3.98% 5 Denny's LAND 81,279 14.91 Land $365,700 $4.50 $8.36 Land $365,700 $4.50 $8.36 3901 Lakebreeze GBA 5,452 Building $313,400 $57.48 Building $313,400 $57.48 10-118-2131-0024 AGE 1978 Total $679,100 $124.56 Total $679,100 $124.56 Vacant for Hwy 100 Construction Change 0.00% Change 4.00% 6 Perkins LAND 51,417 9.52 Land $282,800 $5.50 $14.61 Land $282,800 $5.50 $14.04 5915 John Martin Drive GBA 5,400 Building $468,200 $86.70 Building $439,200 $81.33 02-118-21-12-0011 AGE 1972 Total $751,000 $139.07 Total $722,000 $133.70 Recommendation $677,000 Change 4.02% Change 0.00% 7 Davanni's LAND 38,576 10.33 Land $212,000 $5.50 $12.62 Land $212,000 $5.50 $12.13 5937 Summit Dr. GBA 3,734 Building $275,000 $73.65 Building $256,000 $68.56 02-118-21-12-0009 AGE 1981 Total $487,000 $130.42 Total $468,000 $125.33 Change 4.06% Change 4.00% 8 Olive Garden LAND 105,192 11.56 Land $736,300 $7.00 $12.85 Land $736,300 $7.00 $12.36 1601 James Circle GBA 9,100 Building $615,600 $67.65 Building $563,700 $61.95 35-119-2141-0018 AGE 1990 Total $1,351,900 $148.56 Total $1,300,000 $142.86 Change 3.99% Change 0.00% 9 Cracker Barrel LAND 182,744 18.74 Land $1,005,000 $5.50 $9.00 Land $1,005,000 $5.50 $8.88 1501 James Circle GBA 9,752 Building $640,000 $65.63 Building $617,000 $63.27 35-119-21-41-0019 AGE 1993 Total $1,645,000 $168.68 Total $1,622,000 $166.32 Change 1.42% Change 0.00% 10 Chi Chi's LAND 92,550 12.82 Land $700,000 $7.56 $12.43 Land $700,000 $7.56 s10.64 2101 Freeway Blvd. GBA 7,222 Building $450,000 $62.31 Building $285,000 $39.46 35-119-21-13-0006 AGE 1981 Total $1,150,000 $159.24 Total $985,000 $136.39 Sale 1212000 $1,200,000 Change 16.75% Change 23.59% 11 Denny's LAND 44,431 8.32 Land $330,000 $7.43 $19.76 Land $330,000 $7.43 $19.00 6405 James Cir N GBA 5,338 Building $548,100 $102.68 Building $514,400 $96.37 35-119-21-42-0012 AGE 1996 Total $878,100 $164.50 Total $844,400 $158.19 Change 3.99% Change 3.99% 12 TGI FRIDAY'S LAND 172,497 25.07 Land $905,600 $5.25 $10.31 Land $905,600 $5.25 $9.91 2590 Freeweay Blvd GBA 6,880 Building $872,000 $126.74 Building $803,600 $116.80 35-119-21-24-0007 AGE 1996 Total $1,777,600 $258.37 Total $1,709,200 $248.43 Change 4.00% New Improvement 0.00% New Imp, 13 Embers I Bridgeman's LAND 49,232 11.80 Land $270,700 $5.50 $9.40 Land $270,700 $5.50 $8.15 6201 Brooklyn Blvd. GBA 4,173 Building $192,000 $46.01 Building $130,700 $31.32 34-119-21-43-0007 AGE 1964 Total $462,700 $110.88 Total $401,400 $96.19 14 American Legion LAND 31,500 10.45 Land $157,500 $5.00 Land $222,000 6110 Brooklyn Blvd GBA 3,013 Building $246,000 $81.65 Building $103,000 34119-21-43-0042 AGE 1965 Total $403,500 $133.92 Total $325,000 Sold 6/01 $380,000 EFF 2001 Improvement $246,000 As a Burger King Former Burger King Gutted change 24.15% TOTALS LAND 799,252 Land $4,875,600 $6.10 $11-55 Land $4,718,100 $5.90 $10.50 GBA 65,040 Building $4,354,700 $66.95 Building $3,671,200 $56.45 Total $9,230,300 $141.92 Total $8,389,300 $128.99 Note: Additional Misc.Restaurants within shopping centers 12.96% Change 4.12% Change Excluding Improvements Applebee's @ Brookdale Center LeAnn Chin's @ Cub Shops Center House of Hui's @ Humboldt Square f.\assess\spredsht\steveb\96cia\rest.xis 5/3/2002 :L:B'; .a 2002 4.Init "iMNl1/ tO , _ ;;. 2!)01 UnttOA to # LOCATION AREAS .Rattc 2002' VIUBS , t and 2,001. 1�dILtOS ,Land' . Scoreboard Pizza @ Humboldt Square Chuck Wagon @ Northbrook Center Daddy -O's Cafe @ Boulevard Shopping Center . Panera Bread @ Shingle Creek Center Vitaros Opening in 2002 @ Shingle Creek Center G: ID eptsI4SSESSISPREDSHTAssessOA2002daVRestaurant .XLSJ2002 f.l assess \spredsht\steveb196cia\rest.xls 513!2002 Regal 2002 REGAL THEATER 36-119-21-13-0120 2002 Assessment . 36- 119 -21 -42 -0021 TOTAL LAND 594,440 GROSS BUILDING AREA 84,430 % 2002 VALUE ESTIMATED COST COMPLETE (Rounded) LAND $3,650,000 $6.14 100.0% $3,650,000 SITE IMPROVEMENTS Included BUILDING $7,500,000 $88.83 100.0% $7,500,000 $11,150,000 $11,150,000 STATUS 112101 100 % Complete Theater Opened for Business on Friday Sepember 15, 2000 20 Screen Stadium Style Seating $557,500 per screen Maple Grove @ $534,000 per screen for 16 screen theater (5% vacancy, 2% reserve, 12% cap rate) ALLOCATION TO PARCELS ASSESSED AREA VALUES NEW IMPROV. 36- 119 -21 -13 -0120 LAND 184,950 $1,135,600 BUILDING 20% $1,500,000 $1,010,000 TOTAL $2,635,600 36- 119 -21 -42 -0021 LAND 409,490 $2,514,400 BUILDING 80% $6,000,000 $4,100,000 TOTAL $8,514,400 TOTALS LAND 594,440 $3,650,000 $6.14 BUILDING 100% $7,500,000 $88.83 TOTAL $11,150,000 $5,110,000 G: \Depts\ ASSESS \SPREDSHT\ Assessor \2002cia \[REGAL.XLS]Rega12002 Page 1 BROOKLYN CENTER RETAIL ASSESSMENT YEAR 2002 Unit 2002 EMV to 2001 UNIT LOCATION BUILT AREAS 2002 EMV Values Land 2001 EMV VALUES Kohl's 1987 LAND 305,980 Land $2,200,000 $7.19 $12.62 Land $2,200,000 $7.19 2501 County Road 10 GBA 73,680 Building $1,660,000 $22.53 Building • $1,470,000 $19.95 PID 02- 118 - 2131 -0056 GLA Total $3,860,000 $52.39 Total $3,670,000 $49.81 L:B Ratio 4.15 Change 5.18% - Change 0.00% .J. C. Penny's 1965 LAND 79,009 Land $2,950,000 $37.34 $31.39 Land $2,950,000 $37.34 1265 Brookdale Center GBA 140,320 Building $2,480,000 $17.67 Building $2,480,000 $17.67 PID 02- 118 - 2132 -0009 Total $5,430,000 $17.67 Total $5,430,000 $17.67 L:B Ratio 0.56 Change 0.00% Change -6.38% Old penneys TBA parcel LAND 15,833 Land $149,000 $9.41 $9.47 Land $149,000 $9.41 1265 brookdale center GBA 10,269 Building $1,000 $14.61 Building $1,000 $14.61 02.118- 2132 -0010 Total $150,000 $14.61 Total $150,000 $14.61 Change 0.00% Change - 25.00% Dayton's 1966 LAND 125,017 Land $4,000,000 $32.00 $66.87 Land $4,000,000 $32.00 1100 Brookdale Center GBA 195,368 Building $4,360,000 $22.32 Building $4,360,000 $22.32 PID 02- 118 - 2132 -0011 Total $8,360,000 $42.79 Total $8,360,000 $42.79 L:B Ratio 0.64 Change 0.00% Change 0.00% Mervyn's 1966 LAND 430,090 Land $3,569,700 $8.30 $14.49 Land $3,226,100 $7.50 1200 Brookdale Center GBA 140,336 Building $2,660,300 $18.96 Building $2,609,700 $18.60 PID 02- 118 -21-32 -0014 Total $6,230,000 $44.39 Total $5,835,800 $41.58 (WAS 02- 32 -12) L:B Ratio 3.06 Change 6.75% Change -5.57% :Sears 1962 LAND 660,192 Land $5,028,000 $7.62 $13.45 Land $5,028,000 $7.62 1297 Brookdale Center GBA 180,669 Building $3,852,000 $21.32 Building $3,852,000 $21.32 PID 03- 118 -21.44 -0026 with TBA 211,004 Total $8,880,000 $49.15 Total $8,880,000 $49.15 L:B Ratio 3.65 Change 0.00% $42.08 with TBA Change 0.00% $42.08 Cub Grocery and Pad Shops 1999 LAND 560,138 Land $3,500,800 $6.25 $20.21 Land $3,370,000 $6.02 5245 Co Rd No 10 GBA 117,737 Building $7,819,200 $66.41 Building $7,640,000 $64.89 03- 118 -21 -14 -0035 grocery 68,850 Total $11,320,000 $96.15 Total $11,010,000 $93.51 L:B Ratio 4.76 2.82% 23.15% Target 1986 LAND 392,920 Land $2,358,000 $6.00 $17.05 Land $2,358,000 $6.00 6100 Shingle Creek Parkway GBA 117,328 Building $4,342,000 $37.01 Building $4,142,000 $35.30 PID 35- 119 -21-43 -0009 Total $6,700,000 $57.10 Total $6,500,000 $55.40 L:B Ratio 3.35 Change 3.08% Change 1.56% K -Mart / Thunder Alley 1971 LAND 517,492 Land $2,587,000 $5.00 $5.78 Land $2,587,000 $5.00 5930 Earle Brown Dr. GBA 119,332 Building $403,000 $3.38 Building $403,000 $3.38 PID 02-118-21-12-0010 Plus Mezzanine of17,3Wagft. Total $2,990,000 $25.06 Total $2,990,000 $25.06 L la Ratio 4.34 Change 0.00% $172.28 w/mezz Change -31.11% $21.87 Improvement $100,000 K & G Apparel 1989 LAND 146,710 Land $1,027,000 $7.00 $12.06 Land $1,508,500 $7.00 5425 Xerxes Ave. n. GBA 44,566 Building $743,000 $16.67 Building $301,500 $6.77 PID 03- 118 -21-44 -0035 Ind Mezz of 11,920 Total $1,770,000 $39.72 Total $1,330,000 $29.84 (Recent Division, reduced Land size) Improvement $200,000 Sold 2/28101 $1,140,000 L:B Ratio 3.29 Change 33.08% Change 36.36% Rainbow & Hlywd Video 1959 LAND 611,112 Land $3,666,700 $6.00 $11.09 Land $3,650,000 $5.97 6300 Brooklyn Blvd GBA 85,875 Building $3,463,300 $40.33 Building $2,870,000 $33.42 PID 34- 119 -21-42 -0030 Total $6,780,000 $78.95 Total $6,520,000 $75.92 L:B Ratio 7.12 Change 3.99% Change - 11.29% Walgreens 1959 LAND 70,316 Land $630,000 $8.96 $26.31 Land $630,000 $8.96 6390 Brooklyn Blvd GBA 13,905 Building $1,220,000 $87.74 Building $1,060,000 $76.23 PID 34- 119 -21-42 -0029 Total $1,850,000 $133.05 Total $1,690,000 $121.54 L:B Ratio 5.06 Change 9.47% Change 0.00% Jerry's New Market 1970 LAND 208,930 Land $1,253,600 $6.00 $6.00 Land $1,253,600 $6.00 5801 Xerxes Ave. N. GBA 30,922 Building $1,000 $0.03 Building $100,000 $3.23 PID 03- 118 -21 -14 -0024 Acres 4.80 Total $1,254,600 $40.57 Total $1,353,600 $43.77 stimate $600,000 Bldg Repairs needed L:9 Ratio 6.76 Change -7.31% Change 7.89% 5/32002 BROOKLYN CENTER RETAIL ASSESSMENT YEAR 2002 Unit 2002 EMV to 2001 UNIT LOCATION BUILT AREAS 2002 EMV Values Land 2001 EMV VALUES Best Buy 1971 LAND 234,187 Land $1,288,000 $5.50 $10.25 Land $1,288,000 $5.50 5925 Earle Brown Dr. GBA 52,920 Building $1,112,000 $21.01 Buildin $912,000 $17.23 PID 02. 118 -21 -12 -0007 Total $2,400,000 $45.35 Total $2,200,000 $41.57 L:B Ratio 4.43 Change 9.09% Change 0.00% Tires Plus 1981 LAND 59,049 Land $354,300 $6.00 $11.69 Land $354,300 $6.00 5927 John Martin Dr. GBA 16,454 Building $335,700 $32.11 Building $295,700 $28.29 PID 02- 118 -21 -21 -0015 Total $690,000 $66.00 Total $650,000 $62.18 L:B Ratio 5.65 Change 6.15% Change 4.84% Audio King 1982 LAND 69,453 Land $416,700 $6.00 $11.52 Land $416,700 $6.00 5939 John Martin Dr. GBA 14,918 Building $383,300 $25.69 Building $343,300 $23.01 'PID 02- 118 -21 -21 -0014 Total $800,000 $53.63 Total $760,000 $50.95 L:B Ratio 4.66 Change 5.26% Change 2.70% JoAnn Fabrics 1969 LAND 47,425 land $331,900 $7.00 $16.03 land $331,900 $7.00 2920 County Road 10 GBA 14 ,790 Building $428,100 $28.95 Building $418,100 $28.27 PID 02- 118 -21 -23 -0019 Total $760,000 $51.39 Total $750,000 $50.71 Vacant 1/2/2002 L:13 Ratio 3.21 Change 1.33% Change 5.63% Porter Cable 1968 LAND 19,837 Land $119,000 $6.00 $12.60 Land $99,200 $5.00 4315 68th Ave N GBA 3,200 Building $131,000 $40.94 Building $100,800 $31.50 34- 119 -21 -22 -0010 Total $250,000 $78.13 Total $200,000 $62.50 Sold 1/2001 $290,000 1--13 Ratio 6.20 Change 25.00% Change 11.11% Lowell's Auto/ Pacific Pools 1969 LAND 31,944 Land $170,000 $5.32 $10.33 Land $159,700 $5.00 4321 68th Ave N GBA 5,400 Building $160,000 $29.63 Building $130,300 $24.13 34- 119 -21 -22 -0011 Total $330,000 $61.11 Total $290,000 $53.70 L:9 Ratio 5.92 Change 13.79% Change 7.41% Pearle Vision 1973 LAND 25,519 Land $216,900 $8.50 $15.67 Land $216,900 $8.50 03 -118 -21-41 -0018 GBA 6,000 Building $183,100 $30.52 Building $153,100 $25.52 5515 Xerxes Ave N NRA 4,004 Total $400,000 $66.67 Total $370,000 $61.67 LB Ratio � 4.25 Change 8.11% $99.90 Change 27.59% $92.41 / 2nd Wind 1970 LAND 56,646 Land $400,000 $7.06 $13.24 Land $400,000 $7.06 1 5 NAPA 810 Xerxes Ave. N. GBA 14,827 Building $350,000 $23.61 Building $280,000 $18.88 PID 02- 118 -21 -23 -0022 NRA 14,827 Total $750,000 $50.58 Total $680,000 $45.86 L:B Ratio 3.82 10.29% $50.58 0.00% $45.86 .............................................................. ............................... E'# 2i) 1 �3�i_:::::: is;::: t��j:: i:;;:;:;:: ��: t: �:<;::: i:;:_:`. .'. .' i EE ::;:;::::: i2��`?:;:: E`' r';:;:;:? EE: #::' ? '" . :::::::::2�:::::::: :: < ' E ?5 �.•`.`. ` . ' , ` .': :' 3Q4 $QQ:� >:: � ?;:::::i ' 3:: i ::' �:::: i;:; i::;:' i::`?:`:':'•' .�::::�'�� ?�:�::'Tdffi1::::::�:i �:•,•': �: �i::: Eip� ii:::;;: ::i ;6ii0::::::::::� ;:;i 7i`2`:� 9.43 % -4.68% G1DeptsIASSESSiSPREDSHT wessoA2002ciagRETAIL.XLS]2002 New Imp. - $300,000 Now Imp. - #VAL i 5/3/2002 BROOKLYN CENTER SHOPPING CENTERS • L:B 2002 EMV to LOCATION AREAS Ratio 2002 EMV 2002 Unit Value Land 2001 EMV's Boulevard Shopping Center 96,654 4.87 Land $530,000 $5.48 $7.02 Land $530,000 6215 Brooklyn Boulevard 19,862 Building $148,500 $7.48 Building $62,600 PID 34 -119 -2143 -0006 Total $678,500 $34.16 Total $592,600 Chang 14.50% Brookdale 1,906,640 7.55 Land $13,700,000 $7.19 $11.22 Land $13,700,000 1108 Brookdale Center 252,392 Building $7,700,000 $30.51 GBA Building $6,700,000 PID 02 -23 -0021, 02 -31 -0055 & 199,922 Total $21,400,000 $84.79 GLA Total $20,400,000 02 -32 -0013 Improvement 53,685,600.00 GBA Change 4.90% Brookdale Square 1,012,123 5.72 Land $4,600,000 $4.54 $4.74 Land $4,600,000 GBA w/o 5900 Shingle Creek Parkway 176,901 GBA Building $200,000 $1.13 Theaters Building $100,000 U13A PID 02- 118 -21 -24 -0020 139,585 w/o Total $4,800,000 $27.13 GBA Total $4,700,000 Change 2.13% $34.39 GBA w/o Theaters Humboldt Square 179,689 4.46 Land $853,500 $4.75 $9.77 Land $815,000 6800 Humboldt Ave. N. 40,250 Building $902,600 $22.42 Building $802,900 PID 36- 119 -21 -22 -0047 Total $1,756,100 $43.63 Total $1,617,900 Chanqe 12.42% Northbrook Shopping Center 336,725 5.07 Land $1,398,400 $4.15 $6.92 Land $1,398,400 1910 - 57th Ave. n. 66,444 Building $931,600 $14.02 Building $861,600 PID 02 -13 -0024,0025,0026, &0028 Total $2,330,000 $35.07 Total $2,260,000 Chanqe 3_10 %_.. Shingle Creek Center 192,171 4.52 Land $1,218,300 $6.34 $15.26 Land $1,218,300 6100 Shingle Creek Parkway 42,553 Building $1,713,700 $40.27 Building $1,491,700 PID 02 -12 -14 & 15 Total $2,932,000 $68.90 Total $2,710,000 Chanqe 8.19% Brookview Plaza 281,276 4.07 Land $1,407,000 $5.00 $10.03 Land $1,407,000 5951 Earle Brown Dr. 69,099 Building $1,413,000 $20.45 Building $1,383,000 PID 02- 118 -21 -12 -0013 Total $2,820,000 $40.81 Total $2,790,000 Change 1.08% TOTALS and MEANS 4,005,278 6.00 Land 23,707,200 $5.92 [/]Mean Land 23,668,700 667,501 Building 13,009,400 $19.49 [/]Mean Building 11,401,800 Total $36,716,600 $55.01 [/]Mean Total $35,070,500 G:\Depts\ ASSESS\ SPREDSHT\Assessor \2002cia \[SHOPCTRXLS]2002 Brookdale Unit Unit Area 2002 Value Unit Value 2001Value Value 2000 Value Unit Value 1999 Value Value 02- 118 -21 -32 -0013 Land 1,623,046 12,300,000 $7.58 $12,300,000 $7.58 $12,300,000.00 $7.58 $12,448,000 $7.67 (02- 118 -21 -32 -0008) GBA /Building 252,392 7,700,000 $30.51 $3,441,000 $13.63 $13,800,000.00 $54.68 $8,575,000 $54.28 GLA /Total 199,922 20,000,000 $79.24 $15,741,000 $62.37 $26,100,000.00 $103.41 $21,023,000 $103.60 $30.51 $13.63 $54.68 $54.28 Sub 2 $225,000 Total both Subrecords $21,248,000 02. 118 -21 -31 -0055 Land 283,280 $1,390,000 $4.91 $1,390,000 $4.91 $1,390,000.00 $4.91 $1,250,000 $4.41 Building 0 $0 $0 $0.00 $0 Total 0 $1,390,000 $1,390,000 $1,390,000.00 $1,250,000 02- 118 -21 -23 -0021 Land 314 $10,000 $31.85 $10,000 $31.85 $10,000.00 $31.85 $2,000 $6.37 Building 0 $0 $0 $0.00 $0 Total 0 $10,000 $10,000 $10,000.00 $2,000 Total Land 1,906,640 21,400,000 $13,700,000 $7.19 $13,700,000.00 $7.19 $13,700,000 $7.19 Building 258,270 $6,700,000 $25.94 $13,800,000.00 $54.68 $8,575,000 $54.28 0 Total 205,800 $20,400,000 $78.99 $27,500,000.00 $108.96 $22,275,000 $108.56 $99.13 $137.55 $22,500,000 $137.05 G: 1 Depts\A SSESS SPREDSHT1 AssessoA2002cialSHOPCTR .XLS]Brookdale 5/3/2002 • • MALMBORG'S 10- 118 -21 -11 -0011 5105 Brooklyn Blvd Zoned R - 3 2002 UNIT 2001 UNIT EMV to 2000 UNIT EMV to # PROPERTY Characteristics 2002 EMV VALUES EMV to Land 2001 EMV VALUES Land 2000 EMV VALUES Land Sub 1 Greenhouse Land 185,694 Land $240,000 $1.29 $1.98 Land $240,000 $1.29 $1.94 Land $220,000 $1.18 $1.72 PT F GBA 52,435 Building $127,000 $2.42 Building $120,000 $2.29 Building $100,000 $1.91 L/Bldg. Ratio 3.54 Total $367,000 $7.00 Total $360,000 $6.87 Total $320,000 $6.10 Change 1.9% Change 35.8% Change 20.8% Sub2 House LAND 3,995 Land $27,200 $6.81 $38.95 Land $27,200 $6.81 $37.02 Land $24,000 $6.01 $34.87 PT R GBA 1,506 Building $128,400 $85.26 Building $120,700 $80.15 Building $115,300 $76.56 L/Bldg. Ratio 2.65 Total $155,600 $103.32 Total $147,900 $98.21 Total $139,300 $92.50 Change 5.2% Change 63.8% $24,400 New Imp. Change 54.3% $24,400 New Imp. Sub 3 Retail LAND 19,250 Land $96,300 $5.00 $9.94 Land $95,000 $4.94 $9.87 Land $95,000 $4.94 $7.53 PT C GBA 3,850 Building $95,000 $24.68 Building $95,000 $24.68 Building $50,000 $12.99 UBldg. Ratio 5.00 Total $191,300 $49.69 Total $190,000 $49.35 Total $145,000 $37.66 Change 0.7% Change 57.0% Change 19.8% TOTALS LAND 208,939 Land $363,500 $1.74 #REFI Land $362,200 $1.73 $3.34 Land $339,000 $1.62 $2.89 GBA 57,791 Building $350,400 $6.06 Building $335,700 $5.81 Building $265,300 $4.59 LIBldg. Ratio 3.62 Total $713,900 $12.35 Total $697,900 $12.08 Total $604,300 $10.46 Change 2.3% Change 46.5% Change 26.9% If Land is worth $15,000 per townhouse parcel $15,000 then 47 units implied by EMV Equals 9.70 units per acre redeveloped G: ID eptsl4SSESSISPREDSH71Awesso r12002daVGREENHOUSE.X/ S)2002 5/3/20022:05 PM EARL BROWN HERITAGE CENTER TAXABLE PROPERTIES 2002 Pay 2003 35- 119 -21-44 -0009 Subrecord 1 Subrecord 1 Subrecord 1 2001 UNIT 2000 UNIT 1999 UNIT # PROPERTY Characteristics 2001 EMV VALUES 2000EMV VALUES 1999 EMV VALUES 1 JINN - Land 40,000 Land - $200,000 $5.00 Land $200,000.00 $5.00 Land $200,000 $5.00 f GBA I 00 15,438 Buitdin 859 0 _ � . „_.., .$3.82 8uildinq $40.000.00 _ _ $2.59_ Building $58,000 $3.76 UNITS 10 Total - S - 259,000 I $16.78 Total _ $240,000.0 $15.55 Total I $258,000 $16.71 % of Total 64,8% I $25.900_ 64.2% $2_4,000 66.5% $25,800 2 D BARN - OFFICE LAND 10,300 Land 565.000 $6.31 Land 31 6 0 $65,000.0. (Land $65,000 $ $6.31 GBA = 3,709 GBBAA BLE 2,575 Building 1 575.900 I 529.48 Buildinq $69,000.00 $26.80 1 Building $65,000 $25.24 3,709 1 L/Bidg. Ratio 4 Total _ S140,900 S54.72 Total J$134.000.00 _ $52.04 Total $130,000 $50.49 - - -% of Total 35.2% l 0.358288771 33.5% 3 H BARN LAND 20,000 Land $0 - $0.00 Land $0.00 $0.00 Land $0.00 $0.00 GBA 4,965 Building $0 50.00 Building $0.00 $0.00 Bu $0.00 $0.00 L/Bldg. Ratio 1 4 Total _ $0 $0.00 Total $_0.00 1 $0.00 To $0.00 $0.00 H Barn -100% EXEMPT BEG. 1999 P 2000 % of Total 100.0% 1 #REFI TOTALS Land $265,000 Land $265.000.00 Land $265,000 Building $134.900 _ _ Building $1 09,000.00 Building $123,000 _ - Total I $399.900 I Total $374.000.00 Total $388,000 - IChange ! 3 IChanae 0 Change 1 - 43.5% IG:\ Depts\ ASSESS\SPREDSHT \Assessor\2002ciaVEBHC.XLS)2001 ebhc J 5/3/2002 5/02/02 COMMERCIAL AND INDUSTRIAL ANALYSIS 2001 VS. 2002 % Change Type of Property 2001 EMV Totals 2002 EMV Totals New Construction Excluding improv. Auto - $10,102,200 $10,297,500 I 1.9% Auto Dealers $2 2,777,0 00 $22,777,000 0.0% Banks $6,032,700 -- _ $6,102,300 l 1.2% Bowling $1,502,000 $1,608,800 I 7.1% Fast -Food $2,964,2001 $3,389,300 $410,000 0.5% Hotel / Motel $39,166,300 $39,775,500 $1,088,100 -1.2% - __.. - - - -- - Medical Office $6,994,100 _ - $7,892,600 - $673,500_ 3.2% Office Large $28,720,800 $29,420,0001 2.4% Office Small $9,721,200 _ $11,044,500 13.6% Office Condominiums $1,252,000 $1,339,000 6.9% Restaurant I z $8 389,300 $9,178,400 $246,000 6.5 °f° .__. Retail $65 $71,734,600 $300,000 8.6% Shopping Center I $34,970,500 $36 $3,685,600 -6.3% Theater — - - $11,150,000 - - _ $11,150,0001 - - -- $0 - - 0.0% Commercial Total $249,544,900 $262,167,600 $6,403,200 2.5% Industrial North - $68,567,0001 $72,523,700 $2,27 0,000 2.5% Industrial South $25,481,200 $31,027,800 $4,480,000 4.2% Industrial Total $94,048,200 $103,551,500 $6,750,000 2.9% Total C & 1 Assessment $343,593,100 $365,719,100 $13,153,200 2.6% \ G: \DeptsWSSESSISPREDSH rAssessor%2002cia\[2002 Growth.xls]2002 C & mss.- _ 'k',� ;, a+�:a+w... �. „.<, `: ?.. ' k"°"'�;•� --,.; ;u » r"•r. �i�' \V '•n. "' a :,� �.,, a ..,:.;a,':°` +4.++ .�, '�`" :;q<`"'"'= s:.5a'axm,,•�' .: mg Vl�nnea al'is %St Pain a" �.�•�`- ,�, �irr ■ / � s � �' ,R'zemi'.. F. 6y,'"t.,. bya ' "°�`'`^- •� - ., .w�...•M.�'.as `4 "N+.. y t4 'un. `EFMkt'duYlvi•"�'v�.w,M ?`a"«ir ,�,,�....' { ✓ « sx y . ' .. e- .ttYL..i2 Y ti { II A MARKET OVERVIEW entered the market. New construction for the past 15 months was almost four Y Reminder. The Industrial Market Review times that of the year before: 4.1 vs. . is now conducted on a semi - annual basis. 1.2 million sq. ft. Most projects were This study covers the 6 months since the put in motion during the boom Midyear 2001 Report years of the late 1990s, when not just new but technologically advanced Universe Includes: space was in short supply. In the • 900 Buildings interim, tech and telecom companies • 74.7 million rentable square feet contracted, reducing their space needs 12.5% vacancy rate and affecting the space needs of their L j j j -; ;; • + 847,123 sq. ft. net absorption supply chain. I ! ;' : ; '. ' ''t ;'::'tom• ; • 2.4 million sq. ft. sublease space • 2.1 million sq. ft. new construction As was true at midyear, sublease space continues to affect the industrial The past six months have seen more market. Adding the 2.4 million sq. struggle than drama in the industrial ft. of sublease space to the direct market. Overall vacancy rose 1.6 space vacancy of 9.3 million brings points from midyear to 12.5 %, the the overall metro vacancy rate to highest rate since 1992 and the 15.8%. Six months ago, the Northwest p fourth consecutive gain since 1998. reported no sublease space. Today, Absorption came in at 847,123 sq. ft., there is 674,128 sq. ft. of space HIGHLIGHTS t he lowest since 1992. Results at the available for sublease. The Southwest • sector level show individual markets Sector took over first place this period, Vacancy climbed to 12.5%, rising for the fourth consecutive study for on by their fingertips: Anoka reporting 758,549 sq. ft. in sublease period. County has done better than last space, adding 5% to its vacancy rate. period but still comes in with negative • With sublease space, the vacancy absorption; Minneapolis is just shy of By property type, the best performer is 15.8 %. Since the Midyear 2001 positive absorption; Dakota County is was office showroom/business center report, sublease space has declined barely eking out positive absorption (OS/BC). Making up 25.6% of the by 3 %. and has a slight increase in its vacancy total industrial universe, OS/BC had rate; the Southwest Sector is scrambling only 23.9% of all vacancy and 10.1% • Best performers: O/W in vacancy, to occupy its 15.5 million sq. ft., of all sublease space reported. Metro - OS/BC in absorption, coming in with only 84,000 sq. ft. of wide absorption for this property type absorption and almost a 3 point jump was 663,177 sq. ft., and vacancy rose • 26 new buildings were added, in vacancy. The biggest gains this 1 point from midyear to 11.7 %. just totaling 2. I million sq. ft period were east of the Mississippi: under half of the new construction • Rents and expenses were flat. For the third study period in a row, added this period, or 998,100 sq. ft., the Northeast Sector and St. Paul was in this category. • The industrial market is now a experienced positive absorption and tenant's market. their lowest vacancies in years. Office /warehouse (O/W) was well - balanced, with 50.6% of the industrial In the past six months, 2.1 million universe, 44.7% of vacancy, and 53.1% sq. ft. of new industrial construction of sublease space. The 432,777 sq. ft. of (Market Overview Continued) absorption was not enough to reduce 3%) through new construction, BULK category. The Northwest continues vacancy, which climbed 1.7 points did not report positive absorption to lead the pack in planned square to 11 %. Almost half (51 %) of new and reported a 2.5 point increase footage, especially as the Hwy 610 construction, or 1,099,299 sq. ft., was in vacancy. Absorption logged in at corridor develops. Construction pl in the O/W category. - 248,831 sq. ft. Vacancy, which has in the Southwest Sector have fin increased an average of 2.4 points each slowed: At midyear, 1.2 million sq. BULK space was the most challenged. year since 1998, came in at 16.6 %. ft. were reported, while in this period, Representing just 23.8% of the metro's under 650,000 sq. ft. are listed. The rentable space, this product type Not . surprisingly, there is no shift away from speculative building reported 31.4% of all vacant sq. ft. and construction planned or underway continues, as we are in the overbuilt 36.8% of all sublease space. Adding for the BULK category. The majority phase of the real estate cycle. just 60,000 sq. ft. to the base (about of planned projects are in the O/W STATED NET RENTAL RATES AND EXPENSES - INDUSTRIAL 0Colliem Towle Real Estate MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - SECOND QUARTER 2001 _ VS. FOURTH QUARTER 2001 (PSF) MARKET NET RENTAL RANGE AVG. NET RENT REAL ESTATE. TOTAL SECTOR TAXES EXPENSES OFFICE WAREHOUSE 'OFFICE, WAREHOUSE 2nd Q 4th Q 2nd Q 4th Q 2nd Q 4th 0 2nd Q 4th Q OS/BC 2nd Q 2001 4th Q 2001 2nd 612001 4th Q 2001 . 2001 2001 2001 2001 2001 2001 2001 2001 Anoka County $6.00 -9.50 $6.00 -9.50 $4.00 - 4.50 $4.00 -4,50 $8.46. $8.47 $4.30 $4.30 $1.60 $1.56 $2.73 $2.73 Dakota County $7.50 -14.00 $8.00 -11.00 $3.50 -11.00 $3.50 -7.00 $9.14 $8.95 $5.10 $4.55 $1.85 $1.84 $3.30 $3.15 Minneapolis $7.00 -9.00 $7.00 -9.00 $2.25 -4.50 $2.25 -4.50 $8.20 $8.20 $3.85 $3.85 $1.62 $1.62 $2.86 $2.86 Northeast $8.00 -11.00 $8.00 -11.00 $4.00 - 10.00 $4.00 -5.50 $9.24 $9.49 $4.82 $4.68 $2.20 $2.09 $3.42 $3.20 Northwest $7.75 -12.00 $7.75 -12.00 $3.75 -12.00 $3.75 -6.00 $9.29 $9.34 $5.19 $4.62 $2.12 $2.13 $3.22 $2.94 Southwest $8.00 -14.00 $8.00 -12.00 $3.50 -13.50 $3.50 -6.50 , $9.51 $9.45 $4.81,, $4.69 $2.35 $2.30 $3.69 $3.76 St. Paul $8.25 -10.00 $9.00 - 10.50 $4.50- 5.00 $4.50 -5.50 $9.31 $9.72 $4.67 $4.78 $2.04 $2.11 $4.02 $4,16 West $8.00 -12.50 $8.00 -12.50 $4.00 -6.00 $4.00 -6.00 $9.63 $9.65 $4.86 $4.87 $2.18 $2.11 $3.52 $3.58 Metro Averages $6.00 -14.00 $7.81 -10.67 $2.25 -13.50 $3.75 -5.47 $9.36 $9.35 $4.89 $4.67 $2.11 $2.09 $3.47 $3 O/W Anoka County $6.00 -9.75 $6.00 -10.00 $3.50 -4.50 $3.50 -4.75 $8.34 $8.44 $4.18 $4.30 $1.32 $1.30 $2.23 $2.14 Dakota County $3.00 -10.00 $6.00 -11.00 $3.00 -6.00 $3.00 -6.50 $8.18 " $8.48 $4.28 $4.43 $1.19 $1.27 $2.23 $2.31 Minneapolis $2.50 -9.50 $3.50 -10.00 $1.75 -5.00 $2.75 -5.00 $7.25 $7.69 $3.84 $3.95 $1 .21 $1.33 $2.49 $2.59 Northeast $4.50 -13.00 $4.50 -11.00 $3.15 -12.00 $3.15 -9.25 $8.28 $8.20 $4.51 $4.36 $1.40 $1.37 $2.15 $2.06 Northwest $3.50 -12.00 $3.50 -10.95 $3.25 -8.50 $3.25 -5.10 $8.34 $8.26. $4.41 $4.31 $1.64 $1.69 $2.61 $2.63 Scott County $7.50 -8.95. $7.50 -9.00 $3.50 -4.50 $3.50 -4.50 $8.10 $8.26 $4.15 $4.21 $0.75 $0.81 $1.71 $1.47 Southwest $6.00 -14.50 $6.00 -13.00 $2.90 -9.00 $2.90 -5.50 $8.80 $8.75 $4.53 $4.32 $1.83 $1.91 $2.99 $3.01 St. Paul $4.00 -10.00 $5.00 -11.00 $2.00 -4.75 $2.00 -5.00 $7.71 $8.32 $3.83 $4.00 $1.62 $1.64 $2.67 $2.59 Washington Co $8.00 -9.50 $8.25 -10.00 $4.00 - 4.75 $4.25 -5.00 $9.06 $9.14 $4.52 $4.59 $2.02 $2.11 $2.77 $3.03 West $6.50 -11.50 $5.75 -11.50 $3.25 -9.00 $3,25 -5.50 $8.93 $8.91 $4.63 $4.51 $1.96 $2.00 $3.09 $3.13 Metro Averages $2.50 -14.40 $5.60 -10.75 $1.75 -12.00 $3.16 -5.61 $8.43 $8.48 $4.40 $4.33 $1.59 $1.62 $2.58 $2.60 BULK . Anoka County $7.50 -9.00 $6,00 7 9.00 $3.75 -4.00 $3.75 -4.00 $8.00 $7.63 $3.93 $3.93 $1.09 $1.09 $1.81 $2.13 Dakota County $3.95 -9.00 $6.25 -9.00 $3.50 -4.50 $3.50 -4.50 $7.24 $7.71 $3.86 $3.90 $0.93" $1.06 $1.41 $1.70 Minneapolis $5.25 -10.00 $5.25 -10.00 $3.00 -4.50 , $3.00 -4.50 $7.75. $7.71 $3.56 $3.66 $0.87 $1.00 $1.99 $2.12 Northeast $6.00 -8.00 $6.00 -8.00 $3.00 -4.36 $3.00 -4.00 $7.58 $7.43 $3.79 $3.69 $1.13 $1.06 $1.41 $1.45 Northwest $7.50 -9.00 $7.50 -9.75 $3.75 -6.75 $3.75 -4.50 $8.11 $8.21 $4.04 $4.07 $1.48 $1.42 $2.34 $2.15 Scott County $4.25 -8.25. $8.00 -9.00 $4.00 - 4.25 $4:00 -4.50 $7.13 $8.42 $4.13 $4.25 $0.70 $0.90 $1.37 $1.56 Southwest $8.00 -9.50 $8.00 -9.50 $3.60 -4.50 $3.60 -4.50 $8.50 $8.45 $4.14 $4.16 $1.25 $1.10 $2.33 $2.15 St. Paul $6.00 -8.00 $6.00 -8.00 $2.80 -4.00 $2.80 -4.00 $7.00 $7.00 $3.38 $3.38 $1.02 $1.01 $1.38 $1.38 Washington Co $8.50 -9.00 $8.50 -9.00 $3.75 -4.00 $3.75 -4.00 $8.75 $8.75 $3.88 $3.88 n/a n/a $1.90 n/a West $4.00 -9.25 $7.00 -9.25 $3.00 -4.65 $3.75 -4.65 $7.53 $8.09 $3.94 $4.08 $1.42 $1.35 $2.27 $2.08 Metro Averages $3.95 -10.00 $6.85 -9.05 $2.80 -4.65 $3.49 -4.32 $7.72 $7.96 $3.87 $3.92 $1.15 $1.15 $1.89 $1 REN7AL RATES 2t EN?Ea 13EES can be traced to two new properties For warehouse, the decrease was $.06, In the BULK market, rents, expenses, entering the market and two properties to $4.30 psf. Properties reported an and taxes were flat. Five of the ten experiencing big losses. Sharp & overall increase in real estate taxes, up sectors in the O/W study reported Associates' Gateway Business Plaza $1.24 (5 %) to $1.30 psf. 0 wer rates; average net rent for added 60,000 sq. ft. with vacancy of warehouse space was the only metro- 45 %; the 56,000 sq. ft. T&G Building There was little activity in OS/BC in wide average to decline, though, came on at 35.7% vacant. Osborne Anoka County in the last 6 months - dropping $0.07 to $4.33 psf. Average Commerce Center I reported 17,000 vacancy was steady at 14.2 %' and no net rent for office space was up, $0.05 sq. ft. vacant, and Elm Creek new construction occurred. Rents, to $8.48 psf, as were taxes (up $0.03 Commerce Center I and North Central taxes, and expenses were flat: Average to $1.62 psf) and expenses (up $0.02 Business Center (which opened during net rent for office space was $8.47 psf to $2.60 psf). The seven sectors that the first half of the year) reported and $4.30 psf for warehouse. Real reported any change in OS/BC rents 100% vacancies. Only one of the estate taxes were steady at $1.56 psf, reported a compression of high and 25 properties in the study gained in as were expenses at $2.73 psf. low rates and, in all sectors but St. occupancy - Blaine Crossings I filled Paul, lower average nets. The metro about 7,200 sq. ft =but this was not This period and last, BULK properties average net rent for office space fell just enough to offset the two empty in Anoka County outperformed their $0.01, to $9.35 psf. The warehouse properties. All of the sublease space O/W and OS/BC counterparts. While rate fell a remarkable $0.22, to $4.67 in Anoka County (64,639 sq. ft.) is in the vacancy increased by 2.3 points psf. Rents were also down (just $0.02, the O/W category. There are currently to 11.3 %, this product type alone to $2.09 psf), and expenses were flat. two projects planned or under experienced positive absorption:. 39,401 construction: Industrial Equities' Lino sq. ft., compared to the midyear mark of INVESTMENT SALES Lakes Business Campus and Ludel's 18,676 sq. ft. The addition of Industrial 2001 was a slow year for industrial Blaine Crossings III. Combined, Equities' Blaine Industrial II increased investment sales. Early 2001 sales were they would add 88,000 sq. ft. the universe by 10 %, or 60,000 sq. ft. 2000 carryovers. The bid -ask gap is too big for deal making. Sales that Contrary to the metro trend but As in other sectors, rents, taxes, and expenses lo did occur were in the 10 ( + / -) cap expected in a soft market, O/W rents did not change from midyear: The average ate range. 2002 may be another slow declined. The high rate for office net rent for office space was $7.63 psf; year until the economy rebounds and fell $.60 to $10 psf, and warehouse warehouse rent came in at $3.93 psf. Taxes leasing activity picks up. dropped $35 to $4.75 psf. Average were reported at $1.09 psf, and expenses ANOKA COUNTY net rent for office fell $12 to $8.56 psf. were again reported at $2.13 psf. Anoka County has lost a little ground in the six months since the Midyear INDUSTRIAL MARKET COMPARISON Report: 176,000 sq. ft. of new space PRODUCT TYPE AS PERCENTAGE OF TOTAL - have come on the market, but a little less than 179,500 sq. ft. are vacant. The FOURTH QUARTER 2001 result is the largest jump in vacancy of all sectors -a 5 point increase, from 10.8% 60% 9L of Total to 16.2% -and negative absorption of 50% - sublease space 3,434 sq. ft. Add in 65,000 sq. ft. of ■ %of Total Vacancy .. sublease space, and the vacancy rate 40% - %of Total rises to 18.1%. This is a small market, Rentable Area though, representing only 4.4% of 30% the metro's industrial universe, with a R history of fast recovery. 20% : v.,. The O/W category registered negative g rY � absorption of 42,835 sq. ft. and an 0 "/e 18.5% vacancy -8 points higher than OS /BC OW BULK • the midyear mark and six times last year's rate of 3.3 %. The vacancy ® Colliers Towle Real Estate �� ,19°�T Dakota County's gains occurred in total vacant square footage. Lone the O/W market, its losses in the Oak and The Waters business centers Dakota County experienced positive BULK market. O/W properties reported the biggest increases in absorption of 19,685 sq. ft. this period reported 187,094 sq. ft. of absorption, tenants. About one third, or 146,000 and a 1.1 point increase in the vacancy performing better than all other sectors sq. ft. , of the sublease space in t* an rate to 18.2 %. Potential trouble is the but the Northeast Sector. Vacancy, co was in O/W. 474,000 sq. ft. of sublease space that, however, edged up 1.9 points to 14%. if unleased, could bump the vacancy In the O/W category, office rents were up two or three points to over 20% Five new buildings entered the market steady, but the warehouse rent high for the first time in almost ten years. between July and yearend, two of which dropped $4.00, or 38 %, to $6.50 psf. The county's vacancy has risen three are vacant. The 1010 Aldrin Drive Taxes were flat; expenses fell $0.05 points since last year at this time Building, EFH's Southcross Commerce to $2.31 psf. as the market struggles to absorb Center II and Industrial Equities' almost one million sq. ft. of new space. Burnsville Highpoint Business Center The BULK category accounted for There are nine new properties totaling Phase I each came on line about 50% almost 70% of the sublease space. 900,000 sq. ft. proposed or under occupied. The Spectrum Commerce Vacancy in BULK properties went construction. Center and Paramount's Northwood down from the midyear mark but Business Park Phase H were both still logged in at an alarmingly high reported as unoccupied, adding almost 30.4 %. Absorption was negative for 170,000 sq. ft. to the vacancy. These the third study period in a row, this two buildings accounted for 30% of time registering at - 147,569 sq. ft. While no new properties came on line, VACANCY AND ABSORPTION ®Colliers Towle Real Estate th e study. Ter H and III MINNEAPOLISIST. PAUL METROPOLITAN AREA - 2000 -2001 were reported as unoccupied, adding TOTAL TOTAL 178,000 sq. ft. to the vacancy. The MARKET STUDY #OF RENTABLE AMOUNT VACANCY NET Burnsville Distribution Center reported SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION p 100% vacancy as well. Rents, tax OFFICE SHOWROOMBUSINESS CENTER MARKET and expenses in the BULK catego Anoka County 3rd Qtr. 2000 7 651,947 63,562 9.7% - 47,492 did not change from midyear. 2nd Qtr. 2001 8 651,947 92,260 14.2% - 28,698 4th Qtr. 2001 8 651.947 92,260 14.2% - OS /BC properties reported slightly Dakota County 3rd Qtr. 2000 63 3,175,122 325,591 10.3% 249,297 higher vacancy (up less than 1 point 2nd Qtr. 2001 51 3,234,519 292,898 9.1% Y>�6�690 to 9.7 %) and low negative absorption 4th Qtr. 2001 51 3,218,759 312,738 9.7 /o - 19,840 Minneapolis 3rd Qtr. 2000 6 468,544 47,333 10,1,% #' 59,409 of - 19 ,840 sq. ft. This was the only 2nd Qtr. 2001 6 468,544 22,748�4�� 24,585 sector to report negative absorption in 4th Qtr. 2001 6 468,544 20.175'_ 4.3% 2.573 OS/BC during the past six months. The Northeast 3rd Qtr. 2000 34 1,885,188 10.7,959 5.7% 120,305 2nd Qtr. 2001 24 1,615,307 . 79;9'16 4.9% 28,043 vacancy rate however, is slightly lower 4th Qtr. 2001 26 1,999,130'? 2'29,274 11.5% 27,786 than the mean. No new properties Northwest 3rd Qtr. 2000 21 1,237 406'; y 294,739 23.8% 42,683 were added this period. OS /BC 2nd Qtr. 2001 20 'x,195,516 186,447 15.6% 108,292 sublease ace was reported orted at 8,756 4th Qtr. 2001 22 1,337,128 134,479 10.1% 268,580 P p St. Paul 3rd Qtr. 2000 1,012,853 83,649 8.3% 10,944 sq. ft. o 2nd Qtr. 2001 �16 886,956 41,111 4.6/0 109,508 : 4th Qtr. 2001-, 11 876,786 31,011 3.5% 10,100 For OS/BC properties, rent ranges saw Southwest 3rd Qfi °2000 126 6,232,827 598,055 9.6% - 219,660 2htJ�Qtr. 2001 85 6,072,098 802,446 13.2% 34,803 some compression as high rates came 41tfi Qtr. 2001 92 6,857,381 995,213 14.5% 238,376 down. The average net rents dropped, Washington` CV 4th Qtr. 2001 3 272,973 140,800 51.6% 87 ,673 to $8.96 psf for office space and $4.55 West I ` " 3rd Qtr. 2000 62 3,849,095 290,080 7.5% 442,481 2nd Qtr. 2001 52 3,561,070 246,443 6.9% 43,613 psf for warehouse. Expenses also 4th Qtr. 2001 53 3,459,873 284,042 8.2% 47,929 declined down $0.15 to $3.15 psf. Metropolitan 3rd Qtr. 2000 334 18,512,982 1,810,968 9.7% 657,967 Totals 2nd Qtr. 2001 256 17,871,257 1,905,069 10.7% 406,836 4th Qtr. 2001 272 19,142,527 2,239,992 11.7% 663,177 dla'l?lel ' ` J 3 N'0 SECTOR Center I (114,103 sq. ft.) and Minneapolis reported one of the metro Noted at midyear for its stable vacancy Pratt - Ordway's Willow Lake Office area's lowest vacancy rates this period rate, the Northeast Sector made a Park (63,041 sq. ft.) came on line at 9.8 %, in spite of the overall 1.3 point strong showing this term with a 1.1 with less than 50% occupancy. Properties •icrease over last period. Negative point drop to 6.6% and 307,249 sq. ft. reported sublease space of 27,1.75 sq. ft. absorption of 88,075 sq. ft. was of absorption. This sector is historically reported. If the 258,284 sq. ft. of a strong performer in absorption, and The increase in vacant space pushed sublease space is factored in, the this period reported its lowest vacancy OS/BC rates and expenses down vacancy rate jumps to almost 15 %. since 1997. The universe has almost including a $0.45 drop in the average This sector has not seen a double -digit tripled since 1991, when the highest net office rate to $9.49 psf and a $0.77 vacancy rate since 1993. No new vacancy was logged, proving it cam drop in the warehouse average to $4.68 properties are slated to come on line accommodate growth. psf. Taxes were flat, but expenses until 2003. declined $38 to $3.20 psf. The growth came in OS/BC this period, The six - property OS/BC category was and, in spite of absorption of 27,786 The BULK category saw neither gain quiet. The 2,573 sq. ft. of absorption sq. ft., the impact on the vacancy was nor loss this period and reported lowered the vacancy six - tenths of a a 6.5 point increase to 11.5 %. The no absorption. The vacancy rate point to 4.3%. Minneapolis was the reason: Two properties, Interstate climbed half a point to 2.5% with only sector to show no movement Properties' Rice Creek Business in rents, taxes, and expenses in this category. VACANCY AND ABSORPTION 0Colliers Towle Real Estate The BULK category, with ten properties MINNEAPOLISIST. PAUL METROPOLITAN AREA - 2000 -2001 accounts for the majority, or 42 %, of TOTAL TOTAL MARKET STUDY # OF RENTABLE AMOUNT VACANCY NET the vacancy. The 219,387 sq. ft. vacant SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION and negative absorption of 72,424 sq. ft. are traced to minor losses at the OFFICE WAREHOUSE MARKET re cond Street Business Center and Anoka County 3rd Qtr. 2000 27 2,064,769 69,098 3.3% 76,412 e complete vacancy of the 100- year 2nd Qtr. 2001 26 1,984,004 203,215 10.2% - 68,810 old American Trio Buildin which 4th Qtr. 2001 25 1,953,185 362,050 18.5°% - 42,835 g' Dakota County 3rd Qtr. 2000 48 3,731,912 419,660 11.2/° 85,579 awaits a new owner. Only 23,000 sq. ft. 2nd Qtr. 2001 47 3,745,924 454,742 12.1% - 15,190 (less than 10 %) of sublease space fell in 4th Qtr. 2001 52 4,038,801 564,109 14.0 %' 187,094 the BULK categ Minneap like Minneapolis 3rd Qtr. 2000 47 3,364,542 172,329 5;1,j ` 31,940 all other sectors, bowed no change in 2nd tr. 2001 41 3,270,440 262,272 8:60 20,017 4th Qtr. 2001 40 3,178,024 280,496 :,: 8.8% - 18,224 BULK rents, taxes, or expenses. Northeast 3rd Qtr. 2000 106 5,855,189 573,339° -" 9.8% 120,274 2nd Qtr. 2001 93 6,033,599 6 ,t5,694 10.2% - 76,355 The 40 p roperties in the O/W categ 4th Qtr. 2001 88 5,663,499 4:336x231 5.9% 279,463 P P g ry Northwest 3rd Qtr. 2000 85 6,119,094„ 882,612 14.4 /0 270,726 reported negative absorption of 18 ,224 2nd Qtr. 2001 73 5,624,7 ' e 604,054 10.7% 370,888 sq. ft. and an increase of less than one 4th Qtr. 2001 75 5,83.4,17P 783,127 13.4% 45,194 Scott County 3rd Qtr. 2000 8 7'§60,925 47,147 5.9% 310,371 point lri vacancy, from 8% at midyear 2nd Qtr. 2001 12 .959,462 253,622 23.9% 56,062 to 8.8 %. The majority of sublease 4th Qtr. 2001 14 ,215,462 329,442 27.1% 82,180 space reported in Minneapolis fell in St. Paul 3rd Qtr. 2000 Q 2,742,824 156,102 5.7% 23,557 the O/W category. Four buildings 2nd Qtr. 2001 2,066,646 170,191 8.2% - 14,089 4th Qtr. 200V,, 28 2,009,286 137,993 6.9% 32,198 reported 235,284 sq. ft. of sublease Southwest 3rd Qtr. 2909" 111 7,152,356 442,709 6.2% 163,197 space available, more than was reported 2nd Q "b01 103 6,833,780 526,282 7.7% 7,992 at midyear. In spite of the negative 4t, tt : 2001 104 6,848,325 703,975 10.3% 5,754 indicators, rents were unaffected, and ington 3t&Qtr.2000 24 1,092,463 20,688 1.9% 21,376 County r d Qtr. 2001 18 965,317 39,563 4.1% - 21,634 taxes and expenses were stable. 4th Qtr. 2001 18 965,461 58,212 6.0% - 18,649 West 3rd Qtr. 2000 82 6,438,572 472,737 7.3% 35,682 2nd Qtr. 2001 84 5,990,524 362,915 6.1% 272,647 4th Qtr. 2001 84 6,111,319 622,026 10.2% - 119,398 Metropolitan 3rd Qtr. 2000 576 39 , 358,646 3,256,421 8.3% 1,139,114 P • Totals 2nd Qtr. 2001 526 37,574,419 3,492,550 9.3% 531,528 4th Qtr. 2001 528 37,817,539 4,177,661 11.0% 432,777 Iltllt�l■ the reclassification of two properties N1�0137HVT1a -S7 SECTOR marketplace. This sector outpaces all and the subsequent 285 000 s . ft. others for p lanned/proposed/under The Northwest experienced double - a a P reduction in the category's total. digit vacancy for the fourth consecutive construction space as well: 1.4 million period. Inching toward the 1992 high sq. ft. are planned for the next tw O/W had a favorable six months. of 17.4 %, vacancy rose 1.4 points years. Almost half of that is ;0 Logging impressive absorption of to 16.2 %. The 285,671 sq. ft. of one development, United Properties 279,463 sq. ft., the Northeast Sector absorption could not make up for Diamond Lake Industrial Center 11 outperformed all other sectors in the the addition of 471,260 sq. ft. in in Rogers. O/W study. The vacancy rate fell four new construction. This sector has points to 5.9 %, the lowest recorded logged positive absorption every period The OS /BC category was the best for this sector since 1996. To a great since 1992, but development performer in the Northwest, accounting so extent, the activity is the result of consistently outrun demand. Half for 94% o f the sectors total absorption tion sizeable tenant gains in the St. Paul a million square feet were added in and - reporting lower vacancy than Industrial Properties and Mounds 2000 and 365,240 sq. ft. at the 2001 last period. At 10.1%, a full 5.5 View Business Park. In O/W rental midyear mark. The 471,260 sq. ft. points lower than midyear, vacancy rates the net average dropped by $0.12 added by yearend brings the total continued its decline from the 1999 to $8.20 psf for office, and $0.21 to to 1.3 million sq. ft. in two years -a high of 26.6 %. As vacancy has fallen, $4.36 psf for warehouse. hard target for even the most robust absorption has climbed: This period's 268,580 sq. ft. is the third consecutive ® Colliers Towle Real Estate net gain. Three new buildings VACANCY AND ABSORPTION opened with substantial occupancy. MINNEAPOLISIST. PAUL METROPOLITAN AREA - 2000 -2001 Opus' Monticello Commerce Center East and West with 35% of their TOTAL TOTAL combined 107,984 sq. ft. available, MARKET STUDY # OF RENTABLE AMOUNT VACANCY NET SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION and the Lutheran. Brotherhood/United BULK WAREHOUSE MARKET Properties Bass CreekTed ologyPlaza (108,628 sq. ft.) reported 18% vacancy. Anoka County 3rd Qtr. 2000 6 665,280 35,534 5.3% 93,773 Absorption was further aided wlft 2nd Qtr. 2001 5 600,320 54,210 9.0% - 18,676 the 75,000 sq. ft. Freeway Busine 4th Qtr. 2001 6 660,320 74,809 11.3% 39,401 Dakota County 3rd Qtr. 2000 14 2,996,690 741,881 24.8 % - 55 ,987 Center III was leased. 2nd Qtr. 2001 13 2,996,458 953,506 31.8% , - 211,625 4th Qtr. 2001 16 3,619,731 1,101,075 30.4 % - 147,569 in B re olis 3rd Qtr. 2000 13 2,625,249 313,154 11.9., - 124,754 Office rents OS/ BC reported Minneapolis p p h 2nd Qtr. 2001 11 1,985,431 146,963 tfC 166,191 no movement on either the g 4th Qtr. 2001 10 1,668,418 219,387, C13.1% - 72,424 or low end. The average net Northeast 3rd Qtr. 2000 9 2,039,000 82,540 4.0% 53,446 rental rate dropped $0.08 to $9.34 2nd Qtr. 2001 7 1,864,000 38040 2.0% 44,500 4th Qtr. 2001 5 1,497,000 x;38,,040 2.5% 0 psf. Warehouse rents saw some Northwest 3rd Qtr. 2000 18 2,522,844 222,323 8.8 ° k 71,559 compression at the high end, for an 2nd Qtr. 2001 17 2,317,864-' 567,676 24.5% - 104,553 average net of $4.62 psf. Properties 4th Qtr. 2001 16 2,142,864 595,779 27.8% - 28,103 reported higher real estate taxes, Scott County 3rd Qtr. 2000 4 08;7 140,000 19.8% 289,480 pushing the u $0.16 to $2.13 2nd Qtr. 2001 5 40;720 364,000 38.7% 8,000 P g aver g P 4th Qtr. 2001 4 _ 08,715 132,000 18.6% 232,000 psf. Expenses came in at $2.94 psf, St. Paul 3rd Qtr. 2000 22.%,.0 2,901,791 281,370 9.7% - 207,970 up $0.08 from midyear. 2nd Qtr. 2001 10'0 2,873,791 130,650 4.5/0 150,720 4th Qtr. 2001 r^ 9 2,432,958 105,650 4.3% 25,000 Southwest 3rd Qtr. �?OQ&�a 13 1,703,105 95,531 5.6% 71,836 The O/W category saw a 2.7 point 2nd Qti201 11 1,810,082 167,531 9.3% - 72,000 jump in vacancy to 13.4 %. Absorption 4th 11 1,810,082 326,731 18.1% - 159,200 has been ositive ever year since Washington Co rc1 G1tr.2000 3 464,444 165,128 35.6% - 56,128 p y y nd Qtr. 2001 3 464,444 0 0% 165,128 1993, this year coming in at 45,194 sq. 4th Qtr. 2001 3 464,444 0 0.0% 0 ft., but supply outpaced demand. O/W West 3rd Qtr. 2000 22 2,853,720 161,032 5.6% - 86,074 taxes and expenses were unchanged, 2nd Qtr. 2001 21 2,818,624 207,350 7.4% - 46,318 htl li ll fell s but rents 4th Qtr. 2001 20 2,752,286 345.286 12.5% - 137,936 s lig htl y. Metropolitan 3rd Qtr. 2000 124 19,480,843 2,238,493 11.4% 49,181 Totals 2nd Qtr. 2001 103 18,668,734 2,629,926 14.1% 81,367 Of the 254 sq. ft. of 10 4th Qtr. 2001 100 17,756,818 2,938,757 16.6% - 248,831 construction, only 28,000 sq. ft. were 1 occupied. Two of the new projects - Boone Industrial Center (75,900 sq. ft.) and the Rogers Corporate Center (70,748 sq. ft.)- reported 100% vacancy. �hase 11 of the France Avenue Business` < 4fr F< Center logged all of the absorption of the three new entries but had 75% vacancy. The Science Center Drive Building suffered major tenant loss, reporting its 130,140 sq. ft. completely.: unoccupied. BULK vacancy increased again this period. At midyear, vacancy jumped 15.7 points from 8.8% to 24.5%; the past six months saw an additional 3.3 point increase, to 27.8 %. This is the Pratt-Ordway Properties built Willow Lake Office Park, a 63,000 sq. ft. second consecutive period of negative OSBC facility in Vadnais Heights. absorption as well, with a 28,103 sq. ft. net loss. No movement was logged in 5000 Wumetka or Diamond Lake The Eagle Creek C, CemterWest, SOUTHWEST SECTOR Industrial I this period, and their added at midyear, and the Shakopee The Southwest Sector's 13.1% vacancy combined 453,000 sq. ft. of unoccupied Industrial Center are vacant. While this period marks its third consecutive space account for the lion's share (75 %) this vacancy is only a 4.8 point jump increase. Almost 3 points higher than of the BULK vacant square footage. from midyear, it is a 21 point jump the midyear rate of 10.2% and a full from last year. All of the 131,025 sq. 5.5 oints higher than a year ago, this ft. of subleases ace is in this category, p g y g There are no new BULK projects p g �'� is the highest rate reported since 1992. • planned for the Northwest. Rents, pushing the vacancy to 37.8%, well When the 758,549 sq. ft. of sublease taxes, and expenses were flat. above the 1998 high of 31.3%. Plus, space is taken into account, the rate all of the projects under construction jumps to 18 %. SCOTT COUNTY or proposed are in the O/W category. Scott County is one of the few success The 12th Avenue Business Center, The Southwest Sector accounts for 36% stories this period. While the vacancy by West Real Estate, was reported as up of all OS/BC space in the metro universe rate is the highest of all the sectors, and ready for tenant improvements at and 44% of all vacant OS/BC space. the 24% reported was down 6.9 points the time of the study, adding 122,400 So, while absorption was the second from midyear and marked the steepest sq. ft. to the base in the near term. highest in the category at 238,376 decline in the metro. The county's sq. ft., the vacancy rate of 14.5% 314,180 sq. ft. of absorption is the The small BULK market logged ' was also the second highest. Two most logged in any sector. Adding the impressive tenant gains of 232,000 sq. new properties entered the market. 131,025 sq. ft. of sublease space would ft. as the MinnesotaMdICYDistribution Liberty Property Trust's 93,000 sq. increase the vacancy rate to 30.7 %. Center III, vacant at midyear, reported ft. Lake Smetana Business Center This period saw two new properties 100% occupancy. This one property reported 97% occupancy, and their open in Scott County, adding a total of represents a third of the BULK West Bloomington Technology Park 158,000 sq. ft. to the universe. category's totals ace, and the effect with 28% of its 308 000 s q P came on . Q of its occupancy was to push vacancy ft. occupied. Other contributors to The O/W category in Scott County down to 18.6 %, just over 1 point lower the vacancy were Shady Oak Tech, reported positive absorption of 82,180 than last year.. new last period and now reporting all sq. ft., but vacancy was high at 27.1 %. of its 32,000 sq. ft. vacant, and the Vacancy was exacerbated this period No movement in rent, taxes, or physical Electronics Building, which when three of the 14 ro erties in expenses was reported this period single tenant but entered the p p P P had been si g the study reported 100% vacancy, for any product type. Scott County multi - tenant market with a quarter of • including First Industrial's new Park reported the lowest O/W expenses and its 206,000 sq. ft. vacant. Factoring in 2000 Southwest III (133,000 sq. ft.). taxes in the metro area: w� the 130,608 sq. ft. of OS/BC sublease BULK and O/W rents and expenses low vacancy indicates that St. Paul's space, the vacancy is up 16.4 %, again were stable this period. The OS/BC industrial market has a solid balance the highest rate seen since 1992. category saw some movement. The of supply and demand. average net rent for office decreased O/W space reported a vacancy of $0.06 to $9.45 psf and the average O/W space saw tenant gains outpac• 10.3 %, a jump of 2.4 points. The net warehouse rate dropped $0.12 to losses this period -most notably in rate is a 4 point increase over last year $4.69 psf. Taxes fell $0.05 to $2.30 the 801 Transfer Road Building -for and is the highest vacancy since 1994. psf but remained the highest in the positive absorption' of 32,198 sq. ft. This category eked out tenant gains of OS/BC category. Expenses increased and a 1.3 point drop in vacancy to 5,754 sq. ft., the lowest reported since $0.07 to $3.76 psf. 6.9 %. No movement was reported for the Towle Report initiated the study rents, taxes and expenses. in 1986. For the two new properties, Stemer's Arboretum Business Park III ST. PAUL Vacancy in St. Paul's BULK category reported its 59,990 sq. ft. vacant, and St. Paul's 5.2% vacancy rate, a 0.7 point has improved slightly, by two tenths of CSM's 32,890 sq. ft. Chanhassen East drop from last period, shows a recovery a point, to 4.3 %. The nine properties IV reported 100% occupancy. Four from last year's jump to 7.8 %. This is in the study reported 25,000 sq. ft. properties suffered significant losses St. Paul's fifth consecutive period of of absorption. As in O/W, there was this period. The former DataLink lower than 10% vacancy. The 67,298 little movement in rents, taxes and Building reported almost 50% vacancy, sq. ft. of absorption coupled with the expenses. and 7585 -87 Equitable Drive reported 100% vacancy. The Hampshire Corporate single tenant, en m rep orted 100% vacanc VACANCY AND ABSORPTION 0 Col liers Towle Real Estate g p �' and Huntington Business Park II MINNEAPOLISIST. PAUL METROPOLITAN AREA - 2000 -2001 TOTAL reported 100% vacancy. But the MARKET STUDY # OF RENTABLE A VACANCY NET 35- year -old Old Shakopee Road SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION Business Center filled its remaining COMBINED OS/BC, O/W, BULK MARKETS 82,000 sq. ft. for 100% occupancy, Anoka County 3rd Qtr. 2000 40 3,401,996 168,194 4.9% 122,693 and the 20- year -old Prairieview .II 2nd Qtr. 2001 39 3,236,271 349,685 10.8% - 116,184 MW also reported 100% occupancy, having 4th Qtr. 2001 39 3,265,452 529,119 16.2% -3,434 Dakota County 3rd Qtr. 2000 125 9,903,724 1,487,132 15.0% 278,889 leased up 88,000 sq. ft. in the past 2nd Qtr. 2001 111 9,976,901 1,701,146 17.0% - 140,125 six months. 4th Qtr. 2001 119 10,877,291 1,977,922 18.2% 19,685 Minneapolis 3rd Qtr. 2000 66 6,458,335 532,816 8.2% - 33,405 While the Southwest Sector has more 2nd Qtr. 2001 58 5,724,415 431,983 7.5% 10,793 4th Qtr. 2001 56 5.314,986 520,058 9.8% , •A8,075 OS/BC and O/W space than the other Northeast 3rd Qtr. 2000 149 9,779,377 763,748 294,025 sectors, its BULK category is relatively 2nd Qtr. 2001 124 9,509,906 733,650 7.-k -3,812 small. The combination of the 8.8 4th Qtr. 2001 119 9,159,635 603,5456 .6% 307,249 Northwest 3rd Qtr. 2000 124 9,879,344 1,39 .674 14.1% 384,968 point jump in vacancy to 18.1% and 2nd Qtr. 2001 110 9,138,103 1177 14.9% 374,627 the negative absorption of 159 ,200 4th Qtr. 2001 113 9,314.1 9513,385 16.2% 285,671 sq. ft. made the Southwest Sector the Scott County '� 3rd Qtr. 2000 17 1, 5,6` 187,147 12.4% 599,8.51 2nd Qtr. 2001 18 2 182 617,622 30.8% 64,062 p oorest p erformer in this categ S y 4th Qtr. 2001 18 924,177 461,442 24.0% 314,180 The Hampshire Distribution Center St. Paul 3rd Qtr. 2000 6,657,468 521,121 7.8% - 173,469 reported its 159 ,200 sq. ft. as vacant- 2nd Qtr. 2001 5,827,393 341,952 5.9% 246,139 the remaining 0 p were 4th Qtr. 200:1 48 5.319.030 274,654 5.2% 67,298 g p ro P Southwest 3rd 00 250 15,088,288 1,136,295 7.5% 15,373 stable. The Southwest Sector also .2001 204 14,715,960 1,496,259 10.1% - 29,205 reported 191,959 sq. ft. of BULK 4th Qtr. 2001 207 15,515,788 2,025,919 13.1% 84,930 subleases ace, which, if added to the Washin. 3rd Qtr. 2000 27 1,556,907 185,816 11.9% - 34,752 P county 2nd Qtr. 2001 21 1,429,761 39,563 2.7% 143,494 vacancy, would push the rate to 29 %. 4th Qtr. 2001 24 1.702.878 199.012 11.7% 69.024 There has been no new construction West 3rd Qtr. 2000 166 13,141,387 923,849 7.0% 392,089 logged in this sector for a few years, 2nd Qtr. 2001 157 12,370,218 816,708 6.6% 269,647 and none is p lanned. 4th Qtr. 2001 157 12,323,478 1,251,354 10.2% - 209,405 P Metropolitan 3rd Qtr. 2000 1,034 77,372,471 7,305,792 9.4% 1,846,258 Totals 2nd Qtr. 2001 890 73,929,110 7,886,745 10.6% 1,019,731 4th Qtr. 2001 900 74,716,884 9,356,410 12.5% 847,123 The OS /BC category was tight this The addition of Opus Northwest LLC's There was no absorption reported period. Modest gains in four of the 11 East Pointe Corporate Center and in the 3 buildings that make up properties resulted in a 3.5% vacancy its 88,000 sq. ft. of OS/BC space made Washington County's BULK category rate and positive absorption of 10,100 it possible to include OS/BC in the and all reported full occupancy for a 0 q. ft. this period. The vacancy, a 1.1 Washington Count mix for the first vacancy f 0%. When subleases ace g Y Y P point drop from midyear, marks the time. East Pointe entered the market of 31,360 sq. ft. is included, vacancy third consecutive decline. It is also 100% occupied, but OS/BC vacancy would register at 6.7%. the lowest ever recorded for St. Paul's stands at 51.6% because the 140,000 OS /BC category and, interestingly, sq. ft. Hudson RoadTechnologyC.enter, The only changes in rents and ties with the Southwest sector for the added to the market at midyear, is expenses occurred in the OS/BC lowest ever recorded in OS/BC. CSM vacant. None of the sublease space category. As elsewhere, rent ranges has two properties on the drawing reported was in the OS/BC category. were compressed, with high rates board - Westgate Business Campus V for both office and warehouse space and the former HB Fuller site -that The O/W category accounted for all coming down. Office a net rent average g rY g g would add 218,000 sq. ft. of new space of the negative absorption in the fell $1.00 to $8.50 psf. The net average to a product type in which 90% of the sector. Small losses in a handful of rent for warehouse space fell $3.13 to space is more than 12 years old. 18 buildings outpaced small gains in $4.25 psf. Taxes and expenses were others for an overall 18,649 sq. ft. the lowest in the OS/BC category at St. Paul was one of the only OS/BC of negative absorption and a 2 point $1.25 psf and $2.62 psf, respectively. markets to see a compression of rental jump in vacancy to 6.0 %. rates. Office rates ranged from $9 to $10.50 psf, a noticeable difference This is the second consecutive period of WEST SECTOR from the $8- $14.00 psf range reported negative absorption and rising vacancy. The West Sector has had a difficult last period. The average net rent for The 12,275 sq. ft. of sublease space six months. The 10.2% vacancy is office decreased by $0.10 to $9.72 psf. reported is comparatively low. Five almost 4 points higher than midyear. The average net rate for warehouse O/W properties totaling 404,000 sq. ft. Negative absorption of 209,405 sq. ft. space fell just $0.04 to $4.78 psf. Real are proposed or under construction. was reported, the highest in the study estate taxes dropped $0.19 to $2.11 and the first negative absorption in this psf, but St. Paul reported the highest expenses ($4.16 psf) and the largest increase ( +$0.40) over last period. WASHINGTON COUNTY the Washington mallest sector t in the study, even VACANCY RATES ALL SECTOR ®2002 Colliers Towle Real Estate with this period's inclusion of the FOURTH QUARTER 2001 MINNEAPOLIS /ST.PAUL METRO AREA OS/BC category. And while vacancy METRO AVERAGE can be volatile in a small market, St. Paul 5.2% Direct Space 12.5% Washington County has been a fairly Northeast 7.8% METRO AVERAGE steady performer since it was first Washington Co. 14.3% With Sublease Space included in the study in 1996. (The H „ 15.8% lowest vacancy reported was 9.7% in Minneapolis 14.7% 1999, the highest 19.2% in 1996 -the West 15.1% 9.6 point spread is well below the 15.9 Northwest 16.2% point average spread for the metro.) Southwest 16 % This period, Washington County saw a half -point increase in vacancy from Anoka Co. >: ,: 18.2% midyear, to 11.7 %. Absorption was Dakota Co. = ` ` 22.6% a solid 69,024 sq. ft. Sublease space Scott Co. 30.8% was reported at 43,635 sq. ft. Six 0% 4% k Ilk 16% 26% 24% 28% 32% * properties, totaling 404,000 sq. ft., are under construction or proposed. - Direct Space Sublease Space sector since 1992. Add in the 598,929 r > s ft. of sublease space and vacanc jumps to 15 %. Three new properties, discussed below, were included this period. All entered with low orti{nµ„ no occupancy. One project under construction will add 164,200 sq. ft. - Iff OS /BC was the best - performing category in the West Sector with 8.2% vacancy, a 1.1 point increase from midyear. It was the only category to report positive absorption, with 47,929 sq. ft. The Nathan Lane Technology Center by Liberty Property Trust entered the market with 25% of Liberty Property Trust developed Lake Smetana Business Center its 85,528 sq. ft. occupied. Sublease (93,000 sq. ft.) in Eden Prairie. space for OS/BC was reported at 78,573 sq. ft., pushing the vacancy to 10.5 %. Vacancy was 10.2%, up 4.2 points from to 12.5%. There were 332,200 sq. ft. Average net rents declined for OS/BC midyear. With 188,156 sq. ft. of sublease of sublease space reported, almost half space, while taxes and expenses were space, vacancy jumps to 13.2 %. of the direct space vacancy. Combined, stable. the vacancy rate is 24.6 %. The West Rents, expenses, and taxes changed Sector reported more BULK sublease O/W space did not fare as well. Moen slightly in the O/W category. Expenses, space than any other sector. Leuer's Plymouth Ponds V and VIII - at $3.13 psf, were the highest in the entered the market reporting 100% product type. Taxes came in at $2.00 No new construction has occurred vacancy. Their combined 181,240 psf, down $0.04 from last period. since 1997. The average age of a BULK sq. ft. of vacancy offset minor gains property in the West Sector is 20 yea in other properties, leaving negative The BULK category reported its The BULK category reported no chan absorption of 119,398 sq. ft. This third consecutive period of negative in rents, taxes, or expenses. period marks the first incidence of absorption and its fourth climb in negative absorption since 1992. vacancy. Tenant losses of 137,936 sq. ft, resulted in a 5 point surge in vacancy Colliers.International surveys SIX MONTH NET ABSORPTION - INDUSTRIAL , industrial markets in the V. 2ND QUARTER - 4TH QUARTER 2001 on a. semi - annual schedule. MINNEAPOLIS /ST. PAUL METRO AREA 400,000 " To receive highlights o f these studies; "contact 300,000 z W Christine Peters at. 200,000 d a = 612/347 9314 or a a rn ° 1.4 a ° eters towlexom . 100,000 y a owro: �P: W z a 0; Ez 3 f a ° 0 r �. - 100,000 1 COMERS INFERNATIONAL - 200,000 - 300,000 Absorption in Sq. ft. ® Colliers Towle Real Estate � I DUSTM L PROJECTS UNDER CONSTRUCTION, PROPOSED & PLANNED FOURTH QUARTER 2001 MULTI- TENANT PROJECT NAME PROPERTYTYPE SIZE /SF CITY DEVELOPER Blaine Crossings II O/W 43,200 Blaine Ludel Development Lino Lakes Business Campus O/W 45,000 Lino Lakes Industrial Equities Anoka County Subtotal 88,200 Burnsville Highpoint Business Center I & 11 O/W 104,126 Burnsville Industrial Equities Chase Building OSBC 41,250 Burnsville Andy Chase River Ridge Business Center O/W 52,000 Burnsville Lynner Properties LLC Burr Oak Tech Center OSBC 40,000 Eagan JBL Lunar Pointe O/W 118,951 Eagan Spectrum Development Northwood Business Park III OSBC 80,885 Burnsville EFH Co. The Waters IV O/W 54,000 Eagan CSM Corporation Carmen Business Center O/W 80,000 Inver Grove Heights Paramount Real Estate Spectrum Commerce Center OSBC 176,000 Eagan Spectrum Development Group Lakeville Business Park O/W 400,000 Lakeville Hoyt Properties Dakota Sector Subtotal 1,146,327 Technology Center /Incubator OSBC 300,000 Minneapolis Wall CompEAigs Minneapolis Out- of -CBD Subtotal 300,000 (White Oak Bus. Ctr.)McGough Development ONU 146,800 White Bear Lake McGough Silver Lake Center OSBC 485,000 Saint Anthony Welsh Companies Northeast Sector Subtotal 631,800 4V France Ave Business Park III OW /OSBC 218,000 Brooklyn Center Real Estate Recycling 610 Business Center I O/W 94,050 Brooklyn Park Ryan Companies Brooklyn Park Commerce Center O/W 240,000 Brooklyn Park LandCor Crosstown North Business Center X OSBC 187,000 Brooklyn Parke'= Duke -Weeks Northgate III OSBC 39,948 Maple Grove's Opus Northwest LLC Water Tower Place Business Centre OSBC 113,000 Maple Grove Caliber Development Corp. Diamond Lake Industrial Center I & II O/W 590,000 Rogers United Properties Northwest Sector Subtotal 1,371,998 " =xa Shenandoah Business Park O/W 100,000 VShakopee United Properties Valley Green Business Center O/W 110,000, Shakopee Capp Industries 12th Avenue Business Center O/W 122,40 Shakopee Scott County Subtotal 332,400 Bloomington Corporate Center OSBC %& 99,000 Bloomington McGough West Bloomington Technology Park O/W 77,925 Bloomington Liberty Property Trust Phase III Arborteum Business Park IV OSBC 97,000 Chanhassen Steiner Development Upland Circle Bldg O/W > 28,821 Chanhassen BMB R.E. Advisors Flying Cloud Business Park O/W �'q 172,111 Eden Prairie Moen Lauer Starring Lake Corporate Center I & 11 Oft 170,000 Eden Prairie Moen Lauer Southwest Sector Subtotal �$ 644,857 Former HB Fuller Property OSBC 120,000 St. Paul CSM Corporation Westgate Business Campus V OSBC 98,000 St. Paul CSM Corporation St. Paul Out- of-CBD Subtotal 218,000 Carmen Business Center 0 O/W 79,000 Inver Grove Heights Paramount Real Estate Hilltop Business Park O/W 125,000 Oakdale Moen Lauer Oakdale Tech Center C o O/1N 50,000 Oakdale Haugland East Metro Business Center O/W 50,000 Woodbury XT Group Wooddale Business Center Om 100,000 Woodbury Opus Northwest LLC Washington County Subtotal 404,000 Golden Valley Tech Center OW /OSBC 164,200 Golden Valley Industrial Equities West Sector Subtotal 164,200 METRO TOTAL: 40 projects, 6.1 million square feet Key: O/W = Office Warehouse • OSBC = Office Showroom /Business Center • BULK = Bulk Warehouse - 0 do llars Towle Real Estate COLLIERS ITOWLE'S E • ,\ I NDUSTRIAL MARKET OUTLOOK The Federal Reserve Bank and others predict the economy will begin to recover by 2nd or 3rd quarter 2002. - - - Historically, the real estate market lags , „ a recovery by at least two quarters. w ■3P This year will not be an exception,, and the Towle Report predicts that { , .�� industrial vacancies and absorption will not improve until 2nd or 3rd quarter of 2003. • Sublease space: 3 million sq. ft. and counting. Since the Towle Report data was As stated below opportunities also exist in the single tenant market, such as ADC's gathered during 4th quarter, an 490,000 sq. ft. manufacturing facility in Shakopee. additional 1 million sq. ft. of sublease space surfaced in the industrial In response to the lack of developable space will not feel any positive effect for universe. This space will have to be land and the threat of uncontrolled one or two quarters after that, which absorbed before the true vacancy rate growth outside the Metropolitan means that vacancy and absorption can decline. Urban Service Area (MUSA), the will not improve until 2nd or 3rd Metropolitan Council has started the quarter 2003. This is a tenant's market, and even the Blueprint 2030 planning process. deepest concessions will have trouble The final product will be a • No growth expected in low -or- competing with the savings available comprehensive development plan no- value -added business services, through sublease arrangements. Asking for the metropolitan area that The BULK market will continue to be rents will decline but will struggle incorporates transit needs, "smart challenged. The distribution of goods to match sublease rates. growth" principles, and the needs of is a business process that adds little individual communities. This plan value to the bottom line. In spite of • Single tenant properties pull from will not be completed before the end the 2001 Legislature's property tax the multi- tenant market. of 2002. reform efforts, taxes in this state still Large, high profile manufacturing outpace taxes in neighboring states, facilities have become available as local Some municipalities are putting the making the Twin Cities a less attractive employers have cut production. These brakes on development, calling distribution location. properties may draw occupancy from moratoria as they work on their the multi- tenant properties and slow own growth plans. • Where workers go, businesses Mow build -to -suit development. Typically, development occurs along a • Business planning cycles will continuum: housing, retail, industrial, • Cautious new development. have to catch up. office. Businesses will continue to locate The Twin Cities is in the overbuilt If expansion or moving plans had near the employment pool, a trend phase of the real estate market cycle. not already been scrutinized before that will benefit the historically strong Developers will put new projects September 11, they almost certainly Southwest and Northwest Sectors. on hold until the market returns to were after. The next business budget equilibrium (6 -10% vacancy). The cycle may see a review of space needs good news is that the commercial and perhaps a rekindling of original real estate market is in much better plans, but that budget cycle will not condition than it was ten years ago. occur until late in 2002. Commercial • INDUSTRIAL North of 694 BROOKLYN CENTER, MINNESOTA 2002 wile 2011,E,,, LOCATION 2002 emv values twtlo 2009 8mv . Freew 6 � B , vd r E aw GSA 81,008 Building $2,320,000 50 $2.77 $12.49 Land $670,000 $28.64 Building $1,840,000 PID 35419 2144 8 0004 L:B Ratio 2.95 Total $2,982,500 $36.82 Total $2,510,000 Built 4969 15.84% 4.15% St Paul Properties Land 321,200 Land $882,000 $2.75 $1t.11 Land $882,000 1800 Freeway Blvd. GSA 102,580 Building $2,688,000 $26.20 Building $2,158,000 PID 36419 2144.0000 US Ratio 3.13 Total $3,570,000 $34.80 Total $3,040,000 Built -1971 14.85% 8.57% 6840 Shingle Creek Building Land 369,869 Land $1,030,000 $2.78 wAs Land $1,030,000 6840 Shingle Creek Parkway GSA 113,412 Budding $3,280,000 $28.92 Building $3,100,000 PID 35 119 - 21 - 21.0003 L:B Ratio 3.26 Total $4,310,000 $38.00 Total $4,130,000 Built 4972 4.18% 13.15% Sale 12100 $3,690,000 8820 Shingle Creek Building Land 409,347 Land $1,145,000 $2.80 $13.66 Land $1,145,000. 6820 Shingle Creek Parkway GOA 146,868 Building $4,415,000 $30.06 Building $4,245,000 PID 35 -119- 2142.0002 US Ratio 2.79 Total $5,560,000 $37.86 Total $5,390,000 Built 4973 3.06% 18.18% Sale 12/01 $4,795,000 Shingle Creek Industrial 830,658 Laud $2,284,400 $2.79 $14.66 Land $2,286,000 6800 Shingle Creek Parkway GBA 173,183 Building A $5,366,600 $30.99 Building $8,844 6700 Shingle Creek Parkway GBA 80,551 Building B $4,438,300 $55.10 PID 35- 119 - 2142 -0015 US Ratio 4.80 Total $12,089,300 $69.81 Total $11,130,000 Bldg A- built 1977 cur ht 16' Ind Mez2.- 5,291 tnterfor Remodel 7.94% combined parcels Bldg B -Built 1973 dr ht 18 Sale Feb, 2001 $6,492,431 not 3 ad2 open market, 1 bldg 3 parcels combined Improvement $900,000 bu9ding6 Freeway Bushiness Center I Land 265,921 Land $750,000 $2.82 $12.41 Land $750,000 8601 Shingle Creek Parkway GBA 75,074 Building $2,550,000 $33.97 Building $2,320,000 PID 36 L:B Ratio 3.54 Total $3,300,000 $43.96 Total $3,070,000 Bulk -1985 7.49% 1.99% Freeway Bushiness center 11 Land 192,067 Land $538,000 $2.80 $tees Land $525,000 8707 Shingle Creek Parkway GBA 76,246 Building $2,662,000 $34.91 Bidding $2,445,000 PID 36- 119- 2142-0013 L:B Ratio 2.52 Total $3,200,000 $41.97 Total $2,970,000 Sold 12x99 $3,000.000 Not good sale 7.74% 1.37% Freeway Bushsness Center I8 Land 272,723 Land $760,000 $2.79 will Land $760,000 8701 Parkway Circle GSA 74,848 Building $2,540,000 $33.94 Building $2,310,000 PID 35 - 119 - 2142-0014,13 US Ratio Total $3,300,000 $44.09 Total $3,070,000 Built -1986 7.49% 5.50% Bradley -1600 67th Bldg. Land 366,609 Land $1,022,800 $2.79 $t2.3s Land $1,017,000 1600 - 67th Ave. N. GSA 135,936 Building $3,517,200 $25.87 Building $3,483,000 PID 35- 119- 2141-0012 US Ratio 2.70 Total $4,540,000 $33.40 Total $4,500,000 Bulk 4978 0.89% 7.40% Spec #8 - PALMER PLAZA Laud 490,758 Land $1,355,700 $2.79 $9.69 Land $1,500,000 6e60.60,1476 Shingle Creek Pky GBA 154,177 Building $3,452,300 $22.39 Building $3,047,000 Pro 3$-2asee5,11W^01,9911 NRA 143,295 Total $4,808,000 $31.18 GSA Total $4,547,000 US Ratio 3.18 5.74% NRA 21.25% Built 4979 SALE 1211997 - $3,500,000. Shingle Creek Plaza - Spec 9 Land 229,038 Land $625,000 $2.73 sett Lard $625,000 6801 Shingle Creek Parkway GBA 85,232 Building $2,675,000 $31.38 Building $2,475,000 35- 119 -21 -12 -0008 2001 AEMV 2.69 Total $3,300,000 $38.72 Total $3,100,000 Bulk 4980 6.45% 4.03% • 2002 Unit 2002 EW I LQCATKM 2002 9mv Values LAN 20019MV Sunlits Business Center Land 272,354 Land $750,000 $2.75 $13As Land $750,000 6665 Parkway Circle GBA 73,000 Building $2,920,000 $40.00 Building $2,920,000 PID 35- 119 -21 -13 -0011 L:B Ratio Total $3,670,000 $50.27 Total $3,670,000 0.00% 2.23% Shingle Creek Plaza 11 Land 329,657 Land $930,000 $2.82 $10.01 Land $930,000 2700 Freeway Blvd. GSA 78,977 Building $2,370,000 $30.01 Building $2,270,000 PID 35- 119 -21 -23-01 L:B Ratio 4.17 Taal $3,300,000 $41.78 Total $3,200,000 Built -1982 3.13% 2.24% Steffens Building Land 104,536 Land $297,900 $2.85 s11.00 Land $295,000 1801 - 67th Ave. N. GBA 34,574 Building $852,100 $24.65 - Building $835,000 PID 35- 119 -21- 14.0014 US Ratio 3.02 Total $1,150,000 $33.26 Total $1,130,000 Bulk-1978 1.77% 7.62% Hiawatha Rubber Land 170,379 $477,000 $2.80 $16A3 $468,000 1700 - 67th Ave. N. GSA 76,840 Building $2,323,000 $30.23 Building $2,092,000 PID 35- 119 -21 -11 -0013 L:B Ratio 2.22 Tay $2,800,000 $36.44 Total $2,560,000 1998 addition of37,440sf 9.38% New Imp: 2.81% Johnson Controls Land 59,625 Land $169,900 $2.80 sttos Land $164,000 1801 -67th Ave. N. GBA 16,666 Building $550,100 $33.01 Building $536,000 PID 36- 119 -21- 14-0005 L :B Ratio 3.58 Total $720,000 $43.20 Total $700,000 Built -1972 S 1990 Addn. 2.86% 7.69% Coachman Building Land 90,570 Land $258,100 $2.85 $13.7 Land $249,000 6660 Shingle Creek Parkway GBA 34,800 Building $961,900 $27.64 Building $801,000 PID 36- 119 -21- 144006 L:B Ratio 2.60 Total $1,220,000 $35.06 Total $1,050,000 Built 4978 16.19% 8.25% . Hoffman Engineering Land 333,478 Land $924,600 $2.77 $1326 Land $915,000 6530 Janes Ave. N. GSA 120,250 Building $3,495,400 $29.07 Building $3,495,000 PID 36- 119 -21- 14-000380002 L:B Ratio 2.77 Total $4,420,000 $36.76 Total $4,410,000 Built 4971 0.23% 37.77% Qwest Land 89,623 Land $255,000 $2.85 $11.s3 Land $250,000 6540 Shingle Creek Parkway GBA 27,156 Building $805,000 $29.64 Building $770,000 PID 35- 119 - 21-14.0007 L:B Ratio 3.30 Total $1,060,000 $39.03 Total $1,020,000 Built -1970 3.92% 6.25% Improvement $35,000 Franz Engineering Land 99,279 Land $375,000 $3.78 $16.87 Land $350,000 2781 Freeway Blvd GSA 22,712 Building $1,300,000 $57.24 Building $0 PID 35- 119 -21- 23.0086 L:B Ratio 4.37 Total $1,675,000 $73.75 Total $350,000 7.14% excluding Improvements Built 2001 Improvement $1,300,000 Qweet M10237 Land 78,736 Land $250,000 $3.18 s1om Land $250,000 110165th Ave N GBA 19,600 Building $570,000 $29.08 Building $550 1 000 PID 36- 119 - 2132.0062 L:B Ratio 4.02 Total $820,000 $41.84 Total $800,000 Built -1960 2.50% 14.98% Improvement $20,000 Schmitt Music Land 203,119 Land $1,116,500 $5.50 $t1A7 Land $1,116,500 2400 Freeway Blvd GBA 54,124 Building $1,213,500 $22.42 Building $1,103,500 35- 119 -21- 24.0004 L:B Ratio 3.75 Total $2,330,000 $43.05 Total $2,220,000 Built 1974 Improvement $15,000 7 4.95% Land 5,818,301 Lard $16,859,400 $2.90 $iLm Land $17,232,500 GBA 1,857,814 Building $57,265,400 $30.82 Building $51,334,500 L:B Ratio 3.13 Total $74,124,800 $39.90 Total $68,567,000 5.77% 17.37% Improvements $2,270,000 • Mean Sim 97,780 8 4 , 402 Weighted Mean Value 39.90 40.59 G:IDeptss%SSESSISPREDSHTVLs. sor12002ciai[INDN0694.XLS]2002 Value Industrial North 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. • 2002 UNIT 2002 EMV # LOCATION 2002 EMV VALUE TO LAND 2001 EMV 1 Murphy Warehouse LAND 302,460 Land $835,000 $2.76 $10.25 Land $829,000 5001 France Ave. n. GBA 121,640 Building $2,265,000 $18.62 Building $2,161,000 PID 10- 118 -21.24 -0002 Total $3,100,000 $25.49 Total $2,990,000 Age -1965/ Wall Ht - 36' uB RAno 2.49 Change 3.68% Change 21.1% 2 Wickes LAND 548,213 Land $1,507,600 $2.75 $14.59 Land $1,500,000 4837 Azella Ave. N. GBA 203,040 Building $6,492,400 $31.98 Building $6,400,000 10- 118 -21.23 -0006 Total $8,000,000 $39.40 Total $7,900,000 uB RATIO 2.70 Change 1.27% Change 2.6% 3 Stoner & Associates LAND 21,780 Land $76,200 $3.50 $16.35 Land $76,200 5001 Drew Ave N GBA 4,906 Building $279,800 $57.03 Building $142,800 10 -118 - 21.13 -0003 NRA 4,906 Total $356,000 $72.56 Total $219,000 Sale 9198 $220,000. L:a Ratio 4.44 Change 0.00% $72.56 NRA per I Change 12.3% Improv. Connection of 2 bldgs and addil sf 2002 Improvement $145,000 4 Break Tradition Uniforms LAND 22,984 Land $69,000 $3.00 $7.74 Land $63,000 3607 - 50th Ave. N. GBA 3,680 Building $109,000 $32.00 Building $104,000 PID 10. 118 -21.13 -0059 Total $178,000 $48.37 Total $167,000 Age -1951/ Wall Ht -10' uB RATIO 6.25 Change 6.59% Change 14.4% 5 (old Fun Services) LAND 15,000 Land $45,000 $3.00 $11.60 Land $41,000 3615 •50th Ave. N. GBA 3,680 Building $129,000 $35.00 Building $122,000 PID 10- 118- 21.13 -0060 Total $174,000 $47.28 Total $163,000 Age -1952/ Wall Ht • 11' ue RAno 4.08 Change 6.75% Change 14.0% 6 Minuteman Services LAND 15,000 Land $45,000 $3.00 $9.00 Land $41,000 3701 - 50th Ave. N. GBA 2,580 Building $90,000 $35.00 Building $86,000 PID 10. 118 -21 -13 -0061 Total $135,000 $52.33 Total $127,000 . Age -1954/ Wall Ht -13' uB RATIO 5.81 Change 6.30% Change 9.5% 7 Harkess Engineering LAND 15,000 Land $45,000 $3.00 $16.07 Land $41,000 3707 - 50th Ave. N. GBA 5,604 Building $196,000 $35.00 Building $187,000 PID 10. 118. 21.13 -0062 Total $241,000 $43.00 Total $228,000 Age -1952/ Wall Ht -13' uB RATIO 2.68 Change 5.70% Change 14.6% 8 Metrotech Corporation H LAND 17,050 Land $51,000 $3.00 $25.10 Land $47,000 3715 •50th Ave. N. A GBA 14,495 Building $377,000 $26.00 Building $360,000 PID 10- 118. 21.13 -0063 E Total $428,000 $29.53 Total $407,000 Age -1952/ Wall Ht • 13' D t/6 RATIO 1.18 Change 5.16% Change 19.0% P 9 R & M Automotive K LAND 12,898 Land $39,000 $3.00 $15.20 Land $35,000 3721 .50th Ave. N. Sale GBA 5,608 Building $157,000 $28.00 Building $150,000 PID 10-118-21-13-0064 /98 480, Total $196,000 $34.95 Total $185,000 4 Age -19521 Wall Ht - 20' - uB RATIO 2.30 Change 5.95% Change 15.6% 10 Douglas Metal Specialties LAND 35,088 Land $96,000 $2.75 $12.34 Land $96,000 4912 France Ave. n. GBA 11,246 Building $337,000 $30.00 Building $313,000 PID 10- 118.21.13 -0065 Total $433,000 $38.50 Total $409,000 Age -19511 Wall Ht -11' uB RATIO 3.12 Change 5.87% Change 14.2% Standard Solvents (superfund 11 site) LAND 29,900 Land $82,000 $2.75 $8.29 Land $82,000 4906 France Ave. N. GBA 4,786 Building $166,000 $30.00 Building $163,000 PID 10- 118 -21.13 -0066 Total $248,000 $52.00 Total $245,000 Age -19511 Wall Ht -10' uB RATIO 6.25 Change 1.22% Change 16.1 % Cleanup Site Brooklyn Pet Hospital / Brooklyn 14 Pet Care Center LAND 31,177 Land $86,000 $2.75 $8.79 Land $86,000 • 4902 ( &4900) France Ave. N GBA 7,043 Building $282,000 $40.00 Building $216,000 PID 10- 118 -21.13 -0069 Total $368,000 $5225 Total $302,000 Improv. $158,000 Age -1963 & 2000 / Wail Ht - 9' uB RATIO 6.81 Change 21.85% Change 19.4% 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. LOCATION 2002 uNlr 2002 EMV is # 2002 EMV VALUE TO w10 2001 EMV 15 Twin Lakes Business 11 Vacant Land LAND 374,855 Land $937,200 $2.50 $2.50 Land $937,200 Address Unassigned GBA 0 Building $0 $0.00 Building $1,000 PID 10- 118. 2131 -0030 Total $937,200 52.50 Total $938,200 UB RATIO Change -0.11% Change -24.4% Bldg Razed 1/1601 16 Twin Lakes Business - Bldg II LAND 299,231 Land $965,000 $2.75 $17.71 Land $820,000 4830 Azelia Ave N. GSA 109,588 Building $4,335,000 $39.56 Building $0 10. 118 -21- 24.0034 Total $5,300,000 $48.36 Total $820,000 Building Rated 2000 Change 17.60% Change 100.0% 2002 Improvement $4,335,000 17 Howe Inc. LAND 211,969 Land $530,000 $2.50 $3.13 Land $477,000 4821 Xerxes Ave. n. GSA 75,385 Building $134,000 $1.78 Building $134,000 PID 10- 118.21.41 -0020 Total $664,000 $8.81 Total $611,000 Age -1981/Wall Ht- 15 UB RATIO 2.81 Change 8.67% Change 20.8% 18 MacMillan Bloedel LAND 284,147 Land $852,000 $3.00 $7.34 Land $852,000 4810 Lilac Dr. N. GBA 72,507 Building $1,233,000 $17.00 Building $1,106,000 PID 10.11E -21.42 -0039 Total $2,085,000 $28.76 Total $1,958,000 UB RATIO 3.92 Change 6.49% Change 24.5% 19 Cass Screw (Old K 819 LAND 146,756 Land $440 $3.00 $11.12 Land $440,000 4800 Lilac Dr. N. GBA 40,309 Building $1,192,000 $29.57 Building $1,154,000 PID 10 -118 -21.42 -0041 Sale 4198 - $1,175,000 Total $1,632,000 $40.49 Total $1,594,000 Age -1956/ Wall Ht -18' UB RATIO 3.64 Change 2.38% Change 10.6% 20 Omnl Tool LAND 64,450 Land $193,400 $3.00 $15.57 Land $193,000 3500 - 48th Ave. n. GBA 27,017 Building $810,000 $29.98 Building $799,000 PID 10- 118.21 -42 -0042 Total $1,003,400 $37.14 Total $992,000 Age - 1967.94/ Wall Ht -19' UB RATIO 2.39 Change 1.15% Change 12.9% 21 Bergmann Machinery LAND 25,025 Land $81,000 $3.25 $14.91 Land $81,000 3420 - 48th Ave. n, GBA 9,312 Building $292,000 $29.00 Building $255,000 PID 10- 118.21.42 -0017 Total $373,000 $40.06 Total $336,000 Age -1961/ Wall Ht -11' UB RATIO 2.69 Change 11.01% Change 13.9% 22 Midwest Screw LAND 24,000 Land $78,000 $3.25 $15.33 Land $78,000 3410 -48th Ave. n. GBA 9,312 Building $290,000 $29.00 Building $256,000 PID 10. 118.21.42 -0018 Total $368,000 $39.52 Total $334,000 Age -1961/ Wall Ht -11' UB RATIO 2.58 Change 10.18% Change 16.0% 23 Premier Electrical LAND 30,300 Land $98,000 $3.25 $15.41 Land $91,000 3400 -48th Ave. n. GBA 9,648 Building $369,000 535.00 Building $279,000 PID 10- 118.21.42 -0019 Total $467,000 $48.40 Total $370,000 Age -19611 Wall Ht - 20' UB RATIO 3.14 Change 26.22% Change 9.5% Sale 2121/2001 $494,000 24 Sparky Abrasives /Far East Trading LAND 53,000 Land $159,000 $3.00 $13.58 Land $159,000 4811 Dusharme Dr. GBA 23,380 Building $561,000 $24.00 Building $514,000 PID 10. 118.21 -42 -0021 Total $720,000 $30.80 Total $673,000 Age -1961/ Wall Ht -14' UB RATIO 2.27 Change 6.98% Change 7.7% 25 Dlversico Industries LAND 30,360 Land $91,000 $3.00 $2026 Land $91,000 3401 -48th Ave.n. GBA 17,298 Building $524,000 $29.48 Building $510,000 PID 10- 118 -21.42 -0015 Total $615,000 $35.55 Total $601,000 Age -1961/Wall Ht -11' UB RATIO 1.76 Change 2.33% Change 31.2% • 26 Witt- Miller Inc. LAND 31,440 Land $94,000 $3.00 $12.21 Land $94,000 3415 -48th Ave. N. GBA 10,000 Building $290,000 $29.00 Building $258,000 PID 10- 118 -21.42 -0014 Total $384,000 $38.40 Total $352,000 Age -1961/ Wall Ht -16' UB RATIO 3.14 Change 9.09% Change 15.0% Sale 712000 $370,000 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. LOCATION zooz uNlr zoos AND # 2002 EMV VALUE ro uwo 2001 EMV 27 Midwest Screw LAND 31,440 Land $94,000 $2.99 $11.86 Land $94,000 3501 •48th Ave. N. GSA 10,000 Building $279,000 $27.90 Building $180,000 PID 10- 118 -21-42 -0013 Total $373,000 $37.30 Total $274,000 Age -1961/ Wall Ht -13' 0 9 u6 RATIO 3.14 Change 36.13 h Change 0.0 28 Milton Granqulst LAND 44,414 Land $133,000 $ 3.00 7.77 Land 1 $ $ $ 33,000 3515 -48th Ave. N. GSA 8,500 Building $212,000 $24.00 Building $173,000 PID 10- 118.21 -42 -0012 Total $345,000 $40.59 Total $306,000 Age -1961/ Wall Ht -16' us RATIO 5.23 Change 12.75% Change 13.8% 29 Cass Screw LAND 43,523 Land $131,000 $3.00 $11.67 Land $125,000 3615 48TH AVE & (3607) GBA 15,184 Building $377,000 $24.83 Building $377,000 PID 10- 118.21 -42 -0044 Total 508 000 33.46 $ S Total $502,000 Age - 1958/61/96 Wall Ht -14' ua RATIO 2.87 Change 1.20% Change 12.6% 30 Cass Screw LAND 85,020 Land $255,000 $3.00 $14.69 Land $240,000 4748 France GBA 35,970 Building $994 ,000 $27.63 Building $994,000 PID 10- 118 -21- 42.0007 Total $1,249,000 $34.72 Total $1,234,000 Age -19581 Wall Ht -12' ua RATIO 2.36 Change 1.22% Change 23.9% 31 Cass Screw LAND 25,760 Land $77,200 $3.00 $9.98 Land $77,000 3625 -48th Ave. N. GBA 7,500 Building $180,000 $24.00 Building $167,000 PID 10- 118 -21.42 -0008 Total $257,200 $34.29 Total $244,000 Age -19571 Wall Ht -10' us RATIO 3.43 Change 5.41% Change 17.3% TOTALS LAND 2,872,240 Land $8,185,600 $2.85 Land $7,919,400 GBA 869,218 Building $22,952,200 $26.41 Building $17,561,800 r+KSESwsrnEOS�ms�vc�cvwosa�,u Total $31,137,800 $35.82 Total $25,481,200 Improv. $4,480,000 Change 2001 to 2002 - 4.62% 10.37% acres 65.94 avg building 28,039 5/02/02 APARTMENT ANALYSIS 2001 VS. 2002 • % Change Average EMV Per 2001 EMV Totals 2002 EMV Totals New Construction Excluding Improv. Average EMV Unit I 4 -5 Units $4,098,000 $4.585,000 $ 0 11.9% $218,300 $53,900 I 6 -8 Units $1,540,000 $1,668,000 $ 0 __ 8.3% $333,600 $49,100 (10 -12 Units $6,3 26,000 $7,081,000 $ 0 11.9% $505,785 $45,100 ,18 -36 Units $9, 320,000 $10.454,000 $ 0 12.2% $1,161,600 $44,300 1 48 -75 Units $ 27,084,000 $28 ,717,3001 $ 0 6.0% $2,871,730 $48,600 76+ $89,582,600 $97,271,000 $0 8.6% $6,484,700 $43,900 Total Apartment Asmt $137.950,600 $149,776,300 8.6% $47,483 G: VeptslASSESSVSPREDSHTftwssor12002ciaX2002 Growth.XISPD02 AM • A.U R I M"N r �� a MARKET OVERVIEW y .;= Although the Twin Cities metro and higher -end units. Also, they are apartment market remains the seeing rents dropping by 5%+ and healthiest income producing product concessions such as 1 -2 months of type, it is not the crown jewel it was free rent are showing up in all types just a year ago when the vacancy rate and sizes of apartment units across was below 2% and rents had increased the metro area. by 7 %. Several things contributed to making today's market very different— Wh y has the market changed so one with rising vacancies and softening dramatically? First, the economy began rents. to soften in the spring of 2001, which prompted renters to move in We expanded our resources for with family members or double up $" information to present the most with roommates. Second, interest accurate representation of the market rates dropped and some renters today. For the first time, we cite fourth left the market to purchase homes. quarter 2001 statistics gathered by Third, corporations cut back on =< GVA Marquette Advisors. We also corporate rentals. •: " polled the Twin Cities' four largest The areas of softness are the western local apartment owners; reviewed the most recent data of state and national suburbs (especially Maple Grove, Plymouth, Minnetonka), Dakota agencies; and interviewed real estate County (Burnsville), and Washington HIGHLIGHTS professionals who specialize in the County (Woodbury). Although much apartment market. By all accounts, of the vacancy in these areas is in Class • The overall memo area vacancy rate rose to there was a definite shift that occurred A apartments, Class B rental units 4% by fourth quarter 2001. between third and fourth quarter p will soon be affected with a trickle in terms of increased vacancies, d effect when Class A rates are • Local owners reported rising vacancies, declining rental rates, and the arrival own softening rents, and the emergence of concessions and "specials ". discounted and they draw tenants from of "specials ", especially in outlying Class B apartments. suburbs and Class properties. According to the U.S. Dept. of Commerce, the national vacancy rate For the third consecutive year, 2001 • The need for affordable housing for rental housing as of third quarter saw a decrease in apartment sales; continues, such as the new East Village 2001 was 8.4% and the Midwest's a direct result of the low supply of complex in Minneapolis (pictured above) a partment p rojects for sale. For those that designated 40 of its 180 apartments vacancy was 9.3 %. For the Twin Cities a p for lower income renters. metropolitan market, the third quarter that did sell, most were in the $30,000 figure released by GVA Marquette - $60,000 per unit range and CAP rates • New tax legislation authorized a 25% Advisors was 2.5 %. As of fourth quarter ranged from 8% to 10.5 %. reduction of property taxes on apartment 2001, they measured the Twin Cities buildings in 2002. vacancy at 4 %. Despite high construction costs and lack of desirable locations, there were building Local owners of 5,000+ units reported permits issued for 3,786 new multi-fan that their vacancies range from 5 -10% units in the metro area as of October 2001, heading into first quarter 2002. Greater compared to 4,800 units for the entire year vacancies are in outlying suburbs of 2000. Developers with projects under GVA Marquette Advisors found that the area's median income, with the rest construction will enter a softer market than metro area must commit to building 25,400 being at market rate. And, long - awaited they expected when their apartments are new rental housing units for working families construction began on the former site of ready for occupancy. Minnesota Gov Jesse within the next five years. Subsidies of over the north Minneapolis public housing Ventura signed into law new legislation $1.5 billion would be needed to build that projects. The redevelopment will be authorizing a 25% reduction on property number of rental units, plus 6,300 family- a mix of duplexes, apartments and taxes on apartment buildings beginning owned units were also recommended. The townhouses with one to five bedrooms. in 2002. Many owners do not think they researchers concluded the metro area would A total of 400 rental units, including 100 will realize such savings as assessors keep receive a net gain of $12.2 billion in the for public housing for. older residents, raising assessed values. economy if the housing were built are to be built. St. Paul has four projects totaling 2,500 units in planning stages There is a critical need for low income The city of Minneapolis has set a target of and 114 rental units under construction and affordable housing and all levels of adding 2,100 affordable units by yearend downtown. In St. Louis Park, the government have been exploring ways 2002. Forty of the 180 apartments in 16 building Louisiana Court apartments to foster the development of those types the new East Village complex in the are being revitalized for participants in a of apartments. An independent study by Elliot Park neighborhood are designated supportive housing program. research firms Maxfield Research and for renters at or below 50% of the There are some new trends to report. SELECT APARTMENT SALES ®Colliers Towle Real Estate Fast, urban villagelmixed -use concepts continue to evolve. For example, Eden MINNEAPOLIS /ST. PAUL METROPOLITAN AREA • 2001 Prairie will have 220 rental units as part of its Southwest Transit site. The Watertower NAME CITY # OF UNITS PRICE /UNIT development will include a restaurant, office space, clubhouse and banquet Grand Reserve Woodbury 394 $137,609 facilities to benefit renters. Regency Woods Minnetonka 282 $ 92,907 Cloverleaf Park Apts. Blaine 59 $ 66,525 Second, a national study of renters in Mears Park Place St. Paul 255 $ 54,509 2001 by the Fannie Mae National Housing South Court Richfield 28 $ 53,571 Surveymported that 41 %saytheyrent "asa Parkshore Estates Bloomington 240 $ 52,708 matter of choice" not out of necessity. This is Richfield Inn Richfield 40 $ 49,625 up significantly from the 32% in 2000 and Evergreeen Park Manor Brooklyn Center 80 $ 47,000 28% in 1999. According to Doug Bibby, Eldorado Court New Hope 28 $ 38,214 President of the National Multi Housing Council, "Changing demographics is a key reason why apartment demand is up. The Census Bureau is projecting a boom in the lion groups most likel APARTMENT VACANCY & AVERAGE RENT to choosepan at adults, MINNEAPOLIS /ST. PAUL METROPOLITAN AREA • 2001 one - person households and married couples without children." UNITS UNITS AVERAGE VACANCY CITY SURVEYED VACANT RENT 2001 2001 Third, Upscalers, Xers and Empty Nesters Minneapolis 16,389 614 $789 3.7% prefer the amenity -rich, flexible lifestyle of St. Paul 13,614 361 $759 2.7% apartment living and the new features of Anoka County 6,337 204 $800 3.2% toda) triationalbuildngtrends :Apamnents Dakota County 16,890 689 $870 4.1% are larger, have attached garages, built -in, Northeast 12,727 317 $778 2.5% pre-wired entertainment centers, private Northwest 12,506 602 $779 4.8% alarm systems, granite counter tops, Scott.County 1,681 103 $907 6.1% Jacuzzi bathtubs, crown molding, gas Southwest .16,792 822 $904 4.9% fireplaces, cyber cafes and business Washington County 4,209 196 $930 4.7% centers, movie screening rooms, West 18,725 896 $919 4.8% billiards rooms, and more. source: GVA Marquette Advisors rr.r•r++r 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings Apartments 4 AND 5 UNIT BUILIDINGS 2004 UNIT ZOOt UNIT 4 PROPERTY AREAS 2004 EMV VALUES If,[ 2001 EMV VALUES N 1 HINCK APARTMENTS - HL Lard 28,140 Land $40,000 Ss,eeo Unit Land $35,000 S7,000 Unit 4715 France Ave. N. GBA 3,780 Building $185,000 U&94 [n Building $175,000 $46.31) [n PID:10- 118.2131 -0015 Units 5 Total $226,000 $69.62 [n Total $210,000 566.66 [n 0Garages Age 1959 Change 7.1% $45,000 Unit Change 36.9% $42,900 Unit 2 CericNedzad Lauri 15,000 Land $34,000 $9600 Unit Land $32,000 SBAm Unit 5500 Bryant Avenue North GBA 4,816 Building $199,000 $41.32 [n Building $189,000 $39.24 [n PID:01418. 2131-0061 Units 4 Total $233,000 $48.38 [n Total $221,000 $45.89 [/J 0 Garages Age 1961 Change 6.4% $68,250 Unit Change 6.9% $55,250 Unit Sale 112001 $237,750 3 ROBSON APARTMENTS Land 13,736 Land $34,000 Kilos Unit Land $32,000 58,000 Unit 1107 57th Ave. North GBA 3,416 Building $190,000 $65.62 [n Building $168,000 $49.18 m PID:01- 118. 2132-0018 Units 4 $224,000 $65.67 [n $200,000 $58.55 [n ~Garages Age 1963 Change 12.0% $56,000 Unit Change 26.1% $50,000 Unit 4 DOLL APARTMENTS Land 12,800 Land $34,000 $stun Unit Land $32,000 $s 00o Unit 120157th Avenue North GBA 3,416 Building $180 $62.69 [n Building $160,000 $46.84 [n PID:01418- 2132 -0105 Units 4 Total $214,000 $62.65 [n Total $192,000 $56.21 [n 0 Garages Age 1960 Change 11.5% $53,600 Unit Change 29.2% $48,000 Unit 5 MAYERS APARTMENTS - HL Land 10,710 Land $34,000 58,600 Unit Land $32,000 Ss,000 unit 1425 551h Avenue North GBA 3,416 Building $180,000 $62.69 in Building $160,000 $46.84 [n PID:01-118- 2133-0072 Units 4 Total $214,000 $62.66 [n Total $192,000 55821 [n 0 Garages Age 1960 Change 11.5°/0 $53,500 Unit Change 29.2% 548,000 Unit 6 WINTERBROOK Land 15,240 Land $40,000 $11),000 Unit Land $40,000 s1o,0oo Unit 5547 Lyndals Avenue North GBA 3,472 Building $174,000 $60.12 [n Building $152,000 $43.78 [n PID:01418 -21 -42-0019 Units 4 Total $214,000 $61.64 [n Total $192,000 $56.30 In 0 Garages Age 1960 Change 11.5% $63,500 Unit Change 26.1% $48,000 Unit 7 THEISSEN APARTMENTS Land 14,798 Land $40,000 S/0,o0o Unit Land $40,000 $to,1)0o Unit 5601Lyndate Avenue North GBA 3,528 Building $184,000 $52.15 [n Building $169,000 $45.07 [n PID:0141 &21.42 -0021 Units 4 Total $224,000 $63.49 [n Total $199,000 $66.41 [n Relative Homestead 4 Garages Age 1962 Change 12.6% $56,000 Unit Change 26.6% $49,750 Unit 8 DABROWSKI APARTMENTS Land 20,250 Land $32,000 $tt,o1)0 Unit Land $32,000 56,000 Unit 5001 Ewing Avenue North GBA 3,616 Building $197,000 $54A8 [n Building $175 $48.40 [n PID:10. 118 - 2143.0042 Units 4 Total $229,000 $63.33 [n Total $207,000 $57.25 [n Homestead 4 Garages Age 1973 Change 10.6% $57,250 Unit Change 22.8% $51,750 Unit 9 Anderson 4-Plex Lard 12,208 Land $34,000 $8 601) Unit Land $32,000 $s.0oo Unit 4200 Lakebreeze Avenue GBA 3,712 Building $185,000 $49.84 [n Building $164,000 $44.18 [n PID:10- 118- 21324M Units 4 Total $219,000 $59.00 [n Total $196,000 Well in 2 Garages Age 1961 Change 11.7% $54,750 Unit Change 29.3% $49,000 Unit 10 Nguyen Apartmerds Lana 10,416 Land $34,000 W500 Unit Land $32,000 Woce Unit 4204 Lakebreoae Avenue GBA 3,622 Building $180,000 $49.70 [n Building $160,000 $44.17 [n PID:10- 118.21 -32 -0053 Units 4 Total $214,000 $59.08 [n Total $192,000 $53.01 [n Homestead 0 Garages Age 1961 Change 11.5% $53,500 Unit Change 29.2% $48,000 Unit Sale 512000 $203,000 11 FOBBE APARTMENTS Lard 11,312 Land $34,000 sex90 Unit Land $32,000 $8.000 Unit 4811 Lakeview Avenue North GBA 3,472 Building $190,000 $54.72 [n Building $167,000 $48.10 In PID:10- 118 - 2132 -0064 Units 4 Total $224,000 $64.52 [n Total $199,000 $57.32 [n HOMESTEAD 4 Garage Age 1964 Change 12.6% $56,000 Unit Change 26.5% $49,750 Unit 12 Young 4 -Wax Lard 12,420 Land $34,000 $sjm Unit Land $32,000 llseec Unit 4806 Twin Lake Avenue GBA 3,654 Building $180,000 $49.26 [n Building - $160,000 $43.79 [n WD: 10. 118-2132-0061 Units 4 Total $214,000 $58.57 in Total $192,000 $52.55 [n 0 Garages Age 1960 Change 11.6% $53,500 Unit Change 29.2% $48,000 Unit 13 SIMONS APARTMENTS Land 14,280 Land $34,000 Ss,600 Unit Land $32,000 Sa,000 Unit 4210 Lakebreeze Avenue GBA 3,712 Building $190,000 $51.19 [n Building $167,000 $44.99 [n PID:10-118-21-32-0062 Units 4 Total $224,000 $60.34 [n Total $199,000 $53.61 [n 4 Garages Age 1960 Change 12.6% $56,000 Unit Change 25.6% $49,750 Unit 513/2002 10:09 AM 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings • - - 2664 UNIT sow UNIT # PROPERTY AREAS 20[12 EN1N VALUES N 2001 E8!N vALUEa N 14 DANIELSON APARTMENTS Land 11,592 Land $34,000 Sa,56o Unit Land $32,000 $8,000 Unit 4216 Lakebreem Avenue GBA 3,660 Building $180,000 $49.18 [!J Building $160,000 $43.72 [/j PI0:10- 116 -21- 32.0063 Units 4 Total $214,000 $58.47 [/J Total $192,000 $5246 [q 0 Garages Age 1960 Change 11.6% $56,000 Unit Change 29.2% $49,750 Unit 15 WAAGE FOURPLEX Land 12,208 Land $34,000 S8,600 Unit Land $32,000 $8,000 Unit 4100 Lakabrom Avenue GBA 3,548 Building $190,000 $63.55 [4 Building $167,000 $47.07 [f PID:10- 11821- 32-0064 Units 4 Total $224,000 $63.13 [/J Total $199,000 $56.09 [/J 4 Garages Age 1964 Change 12.6% 553„500 Unit change 26.6% 548,000 unit 16 Peno Apanmerds Land 11,760 Land $34,000 sa,5oo Unit Land $32,000 $8,000 unit 4110 Lakebraem Avenue GBA 3,476 Building $190,000 $54.66 [4 Building $167,000 $48.04 in PID:10418.21- 32.0071 Units 4 Total $224,000 $64.44 [/j Total $199,000 $57.25 in 4 Garages Age 1964 Change 12.6% $56,000 Unit Change 26.5% $49,750 Unit Sale 1112000 $219,900 17 Carlo Nedzad Apartmerds Land 15,000 Land $34 58,5oo Unit Land $32,000 58,600 Unit 7250 West River Road GBA 4,026 Building $179,000 $44.46 [/J Building $167,000 $39.00 [4 PID:26- 11821. 42-0042 Units 4 Total $213,000 $52.91 [!J Total $189,000 $46.94 [n 4 Garages Age 1972 Change 12.7% $63,250 Unit Change 20.7% $47,250 Unit Sale 612000 $210,000 18 CEDARBURG APARTMENTS Land 15,150 Land $34,000 $3,seo Unit Land $32,000 $IIAN Unit 7230 West River Road GBA 4,016 Building $179,000 $44.57 [/J Building $167,000 $39.09 [/1 PID:25- 119 -21 -02.0044 Units 4 Total $213,000 $53.04 In Total $189,000 $47.06 [/J HOMESTEAD 4 Garages Age 1971 Change 12.7% $53,250 Unit Change 20.7% $47,260 Unit 19 HANSON APARTMENTS Land 15,300 Land $34,000 $SAN Unit Land $32,000 Mo00 Unit 1510 69M Avenue North GBA 3,700 Building $171,000 $46.22 [/J Building $134,000 $36.22 [n PID:2811821444)M Units 4 Total $205,000 $66.41 [4 Total $166,000 $44.86 in 0 Garages Age 1979 Change 23.6% $51,250 Unit Change 11.7% $41,500 Unit 19 Northwest Residence Ism Land 10,000 Land $34,000 Sa,Bso Unit Land $32,000 $8,000 Unit 4408 69th Avenue North GBA 3,600 Building $180,000 $60.00 [4 Building $160,000 $44.44 [9 PID:27- 119 - 21-33.0016 Units 4 Total $214,000 $69.44 [4 Total $192,000 $53.33 [4 Group Home 0 Garages Age 1963 Change 11.6% $53,500 Unit change 29.2% $48,000 Unit 21 SCHWARTZ APARTMENTS Land 11,430 Land $34,000 $8.6o6 Unit Land $32,000 58,600 Unit 5401 63rd Avenue North GBA 3,360 Building $172,000 $51.19 [il Building $149,000 $44.35 [/J PID:33- 119.21-33.0061 Units 4 Total $206,000 $61.31 [/J Total $181,000 $53.87 In 0 Garages Age 1961 Change 13.8% $51,250 Unit Change 23.5% $41,500 Unit TOTALS Land 293,760 Lard 730,000 5 8,688 unit Land 691,000 $ 8,129 unit and GBA 77,018 Building 3,866,000 S 50.05 i9 Building 3,407,000 S 44.24 19 AVERAGES Units 85 Total 4,686,000 t 69.63 [4 Total 4,098,000 5 53.21 [I[ Change 11.9% $53.941 uns Change 24.7% $48,212 tads O: 16epb "SESSWPREDSNMwemi2OD2m1[APT"Asp= TO* $218,333 AVG. AEMV $195,143 AVG. AENIV $53,941 Avg. Unit $48,212 Avg. Unit 5/3/2002 10:09 AM 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 6 to 8 units Apartments 6 TO 8 UNITS 2002 UNIT 2001 UNIT # PROPERTY AREAS 2002 EMV VALUES IQ 2001 EMV VALUES Y] 1 SCHAFF APARTMENTS Land 28,882 Land $52,000 $6,500 Unit Land $52,000 $B,s00 Unit 7018 Brooklyn Boulevard GBA 7,042 Building $339,000 $48.14 In Building $306,000 $43.45 [/] PID:27- 119 -21-33 -0005 Units 8 Total $391,000 $55.52 [/J Total $358,000 $50.84 [/J Age 1963 Change 9.2% $48,875 Unit Change 41.7% $44,750 Unit 2 MILLER APARTMENTS Land 19,710 Land $52,000 $7,429 Unit Land $45,500 $6500 Unit 5843 Fremont Ave. N. GBA 5,652 Building $274,000 $48.48 p] Building $233,500 $41.31 [/] PID:01418 -21 -23 -0059 Units 7 Total $326,000 $57.68 [/J Total $279,000 $49.36 [/J Age 1960 Change 16.8% $46,571 Unit Change 41.0% $39,857 Unit 3 CERIC APARTMENTS land 26,850 Land $52,500 $7,500 Unit Land $45,500 $6,500 Unit 7240 West River Road GBA 7,890 Building $300,500 $38.09 [/J Building $304,500 $38.59 [/j PID:25- 119 -21.42 -0043 Units 7 Total $353,000 $44.74 [/] Total $350,000 $44.36 [/J Sale 8199 - $335,300 Age 1978 Change 0.9% $50,429 Unit Change 27.8% $50,000 Unit 4 QUILLING APARTMENTS Land 15,360 Land $52,500 $8,750 unit Land $39,000 $6,500 unit 5301 Dupont Avenue North GBA 5,616 Building $242,500 $43.18 [/J Building $227,000 $40.42 [/] PID:01 -11ti- 2133 -0146 Units 6 Total $295,000 $52.53 in Total $266,000 $47.36 [1] HOMESTEAD Age 1960 Change 10.9% $49,167 Unit Change 49.4% $44,333 Unit Sale 2/2001 $274,900 115100 Sale 12172001$390,000 0.41869771 0.04187 Growth 5 LAKE SHORE APARTMENTS Land 15,360 Land $60,000 $10,000 Unit Land $54,000 $9,000 Unit 4809 Twin Lake Avenue GBA 6,130 Building $243,000 $39.64 [/7 Building $233,000 $38.01 [/J PID:10- 118 - 2132.0048 Units 6 Total $303,000 $49.43 [/] Total $287,000 $46.82 [9 HOMESTEAD Age 1961 Chance 5.6% $50,500 Unit Chance 35.0% $47,833 Unit TOTALS Land 106,162 Land $269,000 $ 7,912 Unit Land $236,000 S 6,941 Unit and GBA 32,33o Building $1,399,000 S 43.27 [>) Building $1,304,000 $ 40.33 III AVERAGES Units 34 Total $1,668,000 $ 51.59 III Total $1,540,000 $ 47.63 [q Change 8.31% $49,059 Unit Change 37.99 $45,294 unit G:\D eptsWSSESS\SPREDSHT1AssessoA2002ciaUAPT 6- 8.XLS]2002 Totals • 5/3/2002 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 10 to 12 units 2002 Unit 2001 UNIT PROPERTY AREAS 2002 EMV Values {Q 2001 EMV VALUES 14 BROWN APARTMENTS Land 35,280 Land $84,000 $7,o0o Unit Land $84,000 $7,000 4819 Azelia Ave. GBA 10,499 Building $413,000 $39.34 [/J Building $343,000 $32.67 PID:10- 118 -2132 -0066 Units 12 Total $497,000 $47.34 [i1 Total $427,000 $40.67 Homestead Age 1963 Change 16.4 °h $41,417 Unit Change 39.1% $35,5s3 KRAWIECKI APARTMENTS Land 34,408 Land $84,000 $7,000 Unit Land $84,000 $7,000 5209 Xerxes Avenue North GBA 11,577 Building $437,000 $37.75 Building $410,000 $35.42 PID:10418- 2141 -0016 Un 12 Total $521,000 $45.00 [/J Total $494,000 $42.67 Age 1966 Change 5.5% $43,417 Unit Change 51.1% $41,167 BONA APARTMENTS Land 33,785 Land $84,000 $7,000 Unit Land $84,000 $7,000 5207 Xerxes Avenue North GBA 10,944 Building $440,000 $40.20 [/j Building $418,000 $38.19 PID:10- 118- 2141 -0017 Units 12 $524,000 $47.88 In $502,000 $45.87 Age 1966 Change 4.4% $43,667 Unit Change 53.5% $41,833 JOHNSONIVOJOODI APTS Land 39,004 Land $84,000 $7,000 Unit land $84,000 $7,000 5211 Xerxes Avenue North GBA 10,944 Building $436,000 $39.84 [Q Building $398,000 $36 PID:10- 118 -21- 11-0022 Units 12 Total $520,000 $47.51 1I Total $482,000 $44 Age 1966 Change 7.9% $43,333 Unit Change 43.0% $40,167 HANGGI APARTMENTS Land 29,016 Land $84,000 $7,636 unit Land $77,000 $7,000 3725 47th Avenue North GBA 9,660 Building $430,000 $44.51 [4 Building $371,000 $38.41 PID:10 -118 -21-42 -0024 Units 11 Total $514,000 $53.21 p Total $448,000 $46.38 Age 1960 Change 14.7% $46,727 Unit Change 41.2% $40,727 MODELL APARTMENTS Land 30,420 Land $84,000 $7,636 Unit Land $77,000 $7,000 3713 47th Avenue North GBA 9,924 Building $406,000 $40.91 M Building $353,000 $35.57 PID:10- 118 -2142 -0025 Units 11 Total $490,000 $49.38 In Total $430,000 $43.33 Age 1960 Change 14.0 $44,545 Unit Change 40.0% $39,091 SOBANIA APARTMENTS Land 30,420 Land $84,000 $7,636 Unit Land $77,000 $7,000 370147th Avenue North GBA 10,011 Building $407,000 $40.66 [!J Building $353,000 $35.26 PID:10418 -21 -42 -0026 Units 11 Total $491,000 $49.05 [/] Total $430,000 $42.95 Age 1960 Change 14.2% $44,636 Unit Change 40.0% $39,091 FRANKLIN APARTMENTS Land 30,420 Land $84,000 $7,636 Unit Land $77,000 $7,000 3613 47th Avenue North GBA 9,975 Building $411,000 $41.20 19 Building $353,000 $35.39 PID:10 -118- 21-42 -0027 Units 11 Total $495,000 $49.62 In Total $430,000 $43.11 Sold 11/2000 $479,000 Age 1973 Change 15.1% $45,000 Unit Change 40.0% $39,091 RYAN TERRACE MANOR Land 30,507 Land $84,000 $7,636 Unit Land $77,000 $7,000 360147th Avenue North GBA 9,921 Building $416,000 $41.93 [/J Building $360,000 $36.29 PID:10418- 21.42 -0028 Units 11 Total $500,000 $50.40 [/J Total $437,000 $44.05 • HOMESTEAD Age 1960 Change 14.4% $45,455 Unit Change 40.0% $39,727 MILLER #1 APARTMENTS Land 31,590 Land $84,000 $7,636 Unit Land $77,000 $7,000 3513 47TH Avenue North GBA 9,960 Building $418,000 $41.97 [il Building $365,000 $36.65 PID:10- 118 -21-42 -0029 Units 11 Total $502,000 $50.40 [/} Total $442,000 $44.38 Sold 4/00 - $425,000 Age 1961 Change 13.6% $45,636 Unit Change 37.2% $40,182 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 10 to 12 units 2002 Unit 2001 UNIT PROPERTY AREAS 2002 EMV values (4 2001 EMV VALUES In MILLER #2 APARTMENTS Land 30,420 Land $84,000 $7,636 Unit Land $77,000 $7,000 350147TH Avenue North GBA 9,660 Building $418,000 $43.27 [!j Building $365,000 $37.78 PID:10- 118 -21-42 -0030 Units 11 Total $502,000 $51.97 [/J Total $442,000 $45.76 Age 1961 Change 13.6% $45,636 Unit Change 35.1% $40,182 NORTHBROOK - HL Land 26,120 Land $84,000 $7,636 Unit Land $77,000 $7,000 6037 Brooklyn Blvd. GBA 9,672 Building $407,000 $42.08 [/J Building $353,000 $36.50 PID: 03-118-21-12-0098 Units 11 Total $491,000 $50.77 Total $430,000 $44.46 411 Age 1961 Change 14.2% $44,636 Unit Change 40.0% $39,091 BASSWOOD APARTMENTS Land 32,110 Land $84,000 $1,636 Unit Land $77,000 $7,000 4450 58th Avenue North GBA 13,248 Building $432,000 $32.61 [/J Building $419,000 $31.63 PID:03- 118 -21 -23 -0001 Units 11 Total $516,000 $38.95 [il Total $496,000 $37.44 Age 1984 Change 4.0% $46,909 Unit Change 51.6 °h $45,091 DEBELLIS APARTMENTS -HL Land 27,531 Land $84,000 smoo Unit Land $70,000 $7,000 5240 Drew Ave. N. GBA 11,811 Building $434,000 $36.75 [/J Building $366,000 $30.99 PID:10- 118 -21- 12.0005 Units 10 Total $518,000 $43.86 pJ Total $436,000 $36.91 4d Sale 812000 $565,000 Age 1962 Change 18.8% $51,800 Unit Change 41.8% $43,600 TOTALS Land 441,031 Land $1,176,000 $ 7,490 Unit Land $1,099,000 $ 7,000 and GBA 147,8o6 Building $5,905,000 $ 39.95 [/J Building $5,227,000 $ 35.36 • AVERAGES Units 157 Total $7,081,000 $ 47.91 [q Total $6,326,000 $ 42.8o Change 11.93% $45,102 Unit Change 42.47% $40,293 G: V)eptsAASSESS %SPREDSHT%Assessor12002dalAPT 10.12XLS]2002 Totals • 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 18 to 36 UNITS 2602 UIIr 2001 UNIT 2000 UNIT PROPERTY AREAS 2002 EMV VALUES ill 2001 ENV VALUES N 2000 EMV VALUES [4 • SOMERSET PLACE -HL Land 83,635 Land $224,000 $6,222 Unit Land $216,000 $6,000 Unit Land $171,000 . $4,750 Unh 5301 Russell Avenue North GBA 40,516 Building $1,440,000 626-54 [4 Building $1,273,000 $31A2 [4 Building $1,120,000 $27-54 [4 PID: 02-11841-34-0002 Units 36 Total $1,664,000 $41.67 [4 Total $1,489,000 $36.76 [4 Total $1,291,000 $31.66 [4 40 - sale .Ian 2000 $1,433,560 Age 1972 Change 11.8% 646.272 Unit Change 15.3% $41 1 361 Unh Change 15.5% s35,est Unit COMMERICLOVER - HL Land 91,140 Land $224,000 $x,222 Unit Land $216,000 $6.000 Unit Land $171,000 $4,750 Unh $331, 6401, 8 6425 Beard Ave. N. GBA 33,852 Building $1,387,000 $40.97 [4 Building $1, 050. 000 $31.02 [4 Building $870,000 525.70 (4 PID: 34-119-2t-42-0023,0022, $ 0017 Units 36 Total $1,611,000 $47.59 [4 Total $1,266,000 $37A0 (4 Total $1,041,000 $30.75 [4 4D Age 1959/80 Change 27.3% $44,750 Unit Change 21.6% $35,167 Unit Change 23.0% $2s,917 Unh HUMBOLDT COURTS -HL Land 105,545 Land $262,000 87,060 Unit Land $198,700 $6,616 Unit Land $171,000 $4,760 Unit 6807 Humboldt Avenue North GBA 36,000 Buiding $1,443,000 $40.06 [4 Building $1,034,100 $28.73 [4 Budding $1,020,000 $28.33 [4 PID: 3641941 Units 36 $1,695,000 $47.08 14 $1,341,000 $37.25 14 $1,191,000 $33.08 [4 4D Age 1966 Change 26,4% $47,083 Unit Change 12.6% $37,260 Unit Change 32.2% $33,oe3 Unh Beard Avenue Estates Land 55204 Land $168,000 $7,060 Unh Land $156,000 66,sm Unit Land $114,000 54,750 Unh 6101 Bard Avenue Nod GBA 41,884 Building $935,000 $22.32 [4 Budding $749,000 $17.86 [4 Building $680,000 $1624 [4 PID: 03- Units 24 Total $1,103,000 $26.33 Total $905,000 $21.61 [4 Total $794,000 $18.96 [4 PID: 34- 119- 21434056(LA) Age 1966 Change 21.9% $46,968 Unit Change 14.0% $37,708 Unk Change 27.0% 533,6s3 Unit sale 11/98 for $690,000 RESALE 1211999 $916,200. ULAC APARTMENTS Land 51,434 Land $162,000 87,x3 unit Land $150,000 86,622 unit Land $109200 54.748 unit 5800, 6620, 5 5830 Logan Ave. N. GBA 20,236 Building $903,000 $40.62 [4 Building $653,000 $32.27 14 Building $635,000 63138 [4 PID: 02418-2144-0026 Units 23 Total $1,065,000 $52.63 [4 Total $803,000 $39.68 14 Total $744,200 $36.78 [4 Sale 112199 - $650,600. Age 1960 & 1923 Change 32.6% $46,304 Unit Change 7.9% $34,913 Unit Change 19.1% $32,357 Unh EINING SQUARE -HLIHR Land 132,176 Land $161,000 87,060 Unh Land $150,000 $sAn Unit Land $109,200 $4,74a Unh 6130, 6138, & 6200 France Ave. N. GBA 26,404 Building $1,279,000 $48.44 [4 Building $1,073,000 $40.64 [4 Building $910,000 $34.46 (4 PI): 34 119 - 21434059. 0058, & 0057 Units 23 Total $1 $64.64 (4 Total $1,2231000 $46.32 14 Total $1,019,200 $mw 14 41) Towntrorne Style Uniar Age 1978 Change 17.7% $6$609 Unit Change 20.0% $53,174 Unit Change 18.5% $44,313 Unit RYAN LAKE APARTMENTS Land 198,115 Land $154,000 87,060 Unh Land $143,000 ts,wo Unh Land $104,500 54,750 Unh 340147th Avenue North GBA 21,648 Building $964,000 $14.63 [4 Building $669,000 $30.90 [4 Budding $615,000 WAi [4 PID: 10418-M-424038 Units 22 Total $1,118,000 $61.64 [4 Total $812,000 $37.51 [4 Total $719,500 $3324 [4 Sale 812001 $1,200,000 Age 1963 Change 37.7% $60,818 Unit Change 12.9% $56,909 Unit Change 17.0% $32,705 Unh HUMBOLDT SQUARE APARTMENTS Land 48,872 Land $126,000 $7,000 Unh Land $117,000 $6,600 Unit Land $85,500 $4.750 Unh 6737 -6743 Humboldt Ave. N. GBA 19,074 Building $717,000 $37.68 [4 Building $597,000 $31.30 [4 Building $510,000 52674 [4 PID: 35-119-2141-M Units 18 Total $843,000 $44.20 [4 Total $714,000 $37A3 M Total $595,500 $3122 [4 Age 1961 Change 18.1% $46,833 Unit Change 19.9% $39,667 Unit Change 25.4% s33,o63 Unh EMERSON CHALET -HL Land 58,621 Land $125,000 swim Unit Land $117,000 ss,m Unh Land $85,500 $4,750 Unh 1200 - 67th Avenue N. GBA 19,796 Building $707,000 $36.71 14 Budding $650 $32.83 [4 Building $520,000 $2627 [4 Pak. 36-1119414V48411 Units 18 Total $632,000 $42.03 [4 Tow $767,000 $38.75 [4 Total $605,500 $30.59 [4 Sale 0511998 -$ 385,000 Age 1978 Chance 8 It - K, 446, 772 Unit Change 26.7% $42,611 Unit Change 24.8% $33,639 Unh TOTALS Land au,742 Land $1,696,60 s " 4 a,7a Unit Land $1,463,700 $ 6,202 Unh Land $1,180,000 $5,000 Unh and GBA 26DA10 Budding $9,775,000 s 37-58 14 &ridding $7,748,100 6 29-57 [4 Building $6,880,000 $26.52 [4 AVERAGES Units 236 Total $11,371,000 8 43-53 [4 Trial $9,320,000 s 36,23 14 Total $8,060,000 $31.97 1A Change 22.0% $48,182 Unit Change 15.6% $39,492 Unit Change 23.1% sm,153 une G:U eptMSSESSLSPREDSHTVkssess0h =cia1 [APT 1836.XLS[2002 Totals 5!312002 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS TO 75 UNIT COMPLEXES Apartments Apartments 2002 Unit 2001 UNIT PROPERTY AREAS 2002 ENV Values (q 2001 EMV VALUES 111 GARDEN CITY COURT - HL Land 191,225 Land $468,000 $B.sm Unit Land $468,000 $6,5o0 Unit 340747 65TH AVE N GBA 66,960 Building $2,536,200 $37.88 I/l Building $2,347,000 $35.05 I n PID: 34- 119 -21-42 - 0018,19, 20, 21, 24, 25, 26(LA) Units 72 Total $3,004,200 $44.87 In Total $2,815,000 $42.04 m 4D Age 1963 Change 6.7% $41,725 Unit Change 28.0% $39,097 Unit Maranatha Residence Land 143,682 Land $455,000 $7,000 Unit Land $455,000 $7,000 Unit 5415 69TH AVE N GBA 68,707 Building $3,287,000 $47.84 In Building $3,275,000 $47.67 m PID: 33-119-21-12-0106 Units 65 Total $3,742,000 $54.46 [n Total $3,730,000 $54.29 [/] Age 1988 Change 0.3% $57,569 Unit Change 13.7% $57,385 Unit BROOKWOOD CROSSINGS 1 Land 169,470 Land $511,000 $7,000 Unit Land $511,000 $7,000 Unit 6201 LILAC DRIVE NORTH GBA 144,220 Building $3,583,000 $24.84 [n Building $3,525,000 $24.44 In PID: 36419-21-33-0167 Units 73 Total $4,094,000 $28.39 in Total $4,036,000 $27.99 [Ij Age 1984 Change 1.4% $56,082 Unit Change 12.8% $55,288 Unit BRO KWO D CROSSINGS O O ROSS NGS 2 Land 142,070 Land $455,000 $7,000 Unit Land $455,000 $7,000 Unit 6125 LILAC DRIVE NORTH GBA 91,655 Building $3,189,000 $34.79 [n Building $3,142,000 $34.28 [n PID: 36 -119 -21-33 -0055 Units 65 Total $3,644,000 $39.76 [I] Total $3,597,000 $39.24 [n Age 1984 Change 1.3 ° /0 $56,062 Unit Change 16.8% $55,338 Unit WILLOW LANE - HL Land 131,615 Land $377,000 $e,5oo Unit Land $377,000 $6,500 Unit 7015 BROOKLYN BLVD GBA 56,331 Building $1,915,100 $34.00 [1] Building $1,627,000 $28.88 In PID: 27419 -2133 -0010 Units 58 Total $2,292,100 $40.69 [/] Total $2,004,000 $35.58 [n 4D Age 1969 Change 14.4% $39,519 Unit Change 22.7% $34,552 Unit STERLING SQUARE Land 149,118 Land $351,000 $e,soo Unit Land $351,000 $6,500 Unit 6640 & 6700 HUMBOLDT GBA 48,504 Building $1,885,000 $38.86 [n Building $1,669,000 $34.41 In 1400 & 1401 67TH AVE N Units 54 Total $2,236,000 $46.10 In Total $2,020,000 $41.65 In PID: 36419-21-22-0038,0039,0043, 0044 Age 1968 Change 10.7% $41,407 Unit Change 19.9% $37,407 Unit BROOKHAVEN Land 115,160 Land $351,000 $6,5oo Unit Land $351,000 sG,wd Unit 3907 65TH AVE N GBA 57,024 Building $1,929,000 $33.83 In Building $1,522,000 $26.69 [n PID: 34-119-21-31-0081 Units 54 Total $2,280,000 $39.98 In Total $1,873,000 $32.85 [ n Age 1968 Change 21.7% $42,222 Unit Change 18.3% $34,685 Unit MARVIN GARDENS Land 262,836 Land $416,000 $9,000 Unit Land $416,000 $a,000 Unit 6710 ORCHARD LANE N GBA 93,412 Building $2,176,000 $23.29 [n Building $1,973,000 $21.12 [n PID: 33 -119- 2141 -0104 Units 52 Total $2,592,000 $27.75 [n Total $2,389,000 $25.57 [n Age 1973 Change 8.5% $49,846 Unit Change 14.8% $45,942 Unit BROOKOALE TOWERS - HL Land 133,341 Land $325,000 $s,500 Unit Land $325,000 $o,5oo Unit 6915 HUMBOLDT AVE N GBA 69,810 Building $1,847,000 $26.46 [n Building $1,835,000 $26.29 [n PID: 26419-2144-W70 Units 50 Total $2,172,000 $31.11 [/] Total $2,160,000 $30.94 [n 40 Age 1969 Change 0.6% $43,440 Unit Change 36.3% $43,200 Unit Victoria Townhomes - HL Lana 291,400 Land $384,000 $9,000 Unit Land $384,000 $e,000 Unit 6740 GRIMES PLACE GBA 57,562 Building $2,277,000 $39.56 In Building $2,076,000 $36.07 [9 PID: 34-119-21-21-0026 Units 48 Total $2,661,000 $46.23 [n Total $2,460,000 $42.74 In 4D Ac 1,979 Change 8.2% $55,,438 Unit Change 24.1% $51,250 Unit TOTALS Land 1,729,917 Land $4,093,000 $ 6,926 Unit Land $4,093,000 $ 6,926 Unit and GBA 764,185 Building $24,624,300 $ 32.65 [q Building $22,991,000 $ 30.48 [q AVERAGES Units 591 Total $28,717,300 $ 39.08 [q Total $27,084,000 $ 35.91 [q Change 6.03% $48,591 unit Change 19.38% $45,827 unit G:1 DeptsIASSESS�SPREDSHTAssessor12002dagAPT 48- 72.XLS]2002 Totals 5/3/2002 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2002 UNIT 2001 UNR 2000 UNIT PROPERTY AREAS 2002 EMV VALUES 10 2001 EMV VALUES M 2000 ENV VALUES [8 Twin LAke Manor - HL Land 829,171 Land $$170,000 $7&00 Unit Land $2,170,000 $7.000 Unit Lend $1,767,000 $5,700 Unit 3905 -3413 53rd Ave N GBA 255,504 Building $8.963,000 $3s50 [/1 Building $7,868,000 $30.79 [/J Building $6,740,000 $20.36 14 PID: 10- 118,21-12. 0086,0067 Units 310 Total $11,133,000 $0.67 [/1 Total $10,038,000 $3929 [4 Total $8,507,000 $3329 In 40 Age 1967 Charge 10.9% $39,0113 Unit Change 18.0% $32,381 Unit Change 16.5% $27.442 Unit TWIN LAKE NORTH Land 851,400 Land $2,226,000 39.0ss Unit Land $2.208,000 $8,000 Unit Land $1,573,200 $5,700 Unit 4500-4539 58TH AVE N GBA 354,912 Bull" $10,762,000 $9032 [/1 Building $10,440,000 $29.42 in Building $9,444,000 $20.81 P1 PID: 09-11$,21 - 224025 AND 0027 Units 276 Total $12,988,000 $98.99 [/J Total $12,648,000 $35.64 [4 Total $11,017,200 $31.04 [/1 Age 1968 Change 2.7% $47&50 Unit Change 14.8% $45.826 Unit Change 14.4% $39,917 Unit $2.00 SUMMERCHASE -HL Land 674,352 Land $$016,000 Samo Unit Land $2,016,000 $8,000 Unit Land $1,436,400 $5,700 Unit 2802 NORTHWAY DRIVE GBA 245,313 Building $9,885.800 $4030 [q Building $9,246,000 $37.69 In Building $6,188,000 $2522 [/1 PID; 02-1180-23-0015 Units 252 $11,901.000 $as1 [4 $11,262,000 $45.91 11) $7,624,400 $31.00 [/1 40 Age 1968 Change 5.7% $47,226 Unit Change 47.7% 5446680 Unit Change 10.0% $30,256 Unit MELROSE GATES Land 586,574 Land $1,736,000 $8,000 Unit Land $1,736,000 $800 Unit Land $1,236.900 $5,700 Unit 63054WT CAMDEN AVE N GBA 220,711 Building $10,3$4 $47.01 [Q Building $7,205,000 532.64 [q Building $5,998,000 $27.18 [e PID: 36- 119 - 21314048 Units 217 Total $12,118,000 u4m in Total $8,941,00b $48.51 [/j Total $7,234,9 532.76 14 PID: 36-116-21. 2440046 Age 1969 Change ULM $59&43 Unit Change 23.6% $41,203 Unit Change 14.1% $33,341 Unit Earle Brown Terrace -HL Land 142,098 Land $910,000 Same unit land $910,000 $6&w unit Land $798,000 85,700 unit 8700 SurmNt Drive GBA 142,237 Building $7, 167, 000 $50.39 [/1 Building $7,075,100 $49.74 11 Building $6,160,ODO $43.31 [11 PID: 36-1119-21-44-0012 Units 140 Total $8,077,000 $ss.79 [4 Total $7,985,100 $56.14 [Q Total $6,958,000 $46.92 pJ 40 Age 1987 Change 1.2% $57,009 Unit Change 14.8% $57.036 Unit Change 2.9% 849,700 Unit Carrington Driw -HL Land 256.789 Land $83$000 $e,50o Unit Land $832,000 Same Unit Land $760.000 50,938 Unit 13024969th: 6910 -20 Humboldt GBA 121,180 Building $4,538,000 $37.45 [4 Building $3,898,000 $32.17 [q Building $3,200,ODO 826.41 [!J PID: 26-11931334046 thru 0048 Units 128 Total $5,370,000 $4431 (4 Total $4,730,000 $39.03 [4 Total $3,960,ODD $32.68 [q 4D Age 1965 Change 13.5% $4%= Unit Charge 19.4% $36,953 Unit Change 25.0% $3a,ow Unit River Glen -HL Land 478,123 Land $832,000 $7An Unit Land $768.000 $8&57 Unit Land $729,600 $8,614 Unit 407 70th Ave N GBA 131,848 Building $4. 222,000 $92.00 [/] Building $3.607,400 $27.35 m Buildup $3,232,000 $24.51 [q PID: 26-119-^1-43-0049 Units 112 Total $5 $38.33 [q Total $4,375,400 $33.19 [q Total $3,961,600 $30.05 [/1 4D Age 1971 Change 15.5% $45,12s Unit Change 10A% $39.066 Unit Charge 8.1% $35,371 Unit Shingle Creak Towns AparmnnLts land 478,123 Land $793,000 $8,900 Unit Land $793,000 Some Unit Land $695,400 $5,700 Unit $221 Shingle Croak Pkwy GBA 104,624 Building $4.066,000 $99.08 [/1 Building $3, 293, 000 $31.47 [/1 Building $3,468,000 $33.15 [/1 Pm: 36-77931344004 Units 122 Total $4,859.000 $48.44 [/] Total $4,086,000 $39.05 19 Toles $4,163,400 $39.79 1/1 Age 1973 Change 18.9% Stojus Unit Change 4.9% $33,492 Unit Change 5.0% $34,128 Unit EARLE BROWN FARM APARTMENTS Lend 361,722 Land $780,000 Some Unit Land $793.000 $8,805 Unit Land $684 $5,700 Unit 170169TH AVE N GBA 139,044 Building $4,203, 000 $9033 [q Building $3,593,000 $25.64 [q Building $3,080,000 $2215 [9 PID: 3541931414037 Units 120 Total $4.983,000 $36.84 [/1 Total $4,373,000 $31.45 [q Total $3,764,000 $27.07 1/1 Age 1971 Change 13.9% $41&29 Unit Charge 15.2% $36,442 Unlit Change 7.5% $31,3x7 tn4 THE PINES Lend 276,562 Land $883,000 $6,$00 Unit Land $ 663,000 $8,500 Unit Land $581,400 $5,700 Unit 6511 HUMBOLDT AVE N GBA 101,658 Building $3,460,000 $94.8 W Building $2.865,000 $28.18 UJ Building $2,188,000 $21.62 [Q Pro: 36119. 21444$08 Units 102 Total $4,123,000 $5038 M Total $3,528,000 $34.70 [/1 Total $2,769,400 $27.24 [Q Age 1969 Change 16.9% SMA22 Unit Change 27.4% MINIS Unit Change 13.0% $27.1s1 Unit GEORGETOMTOWNHOMES Land 476,238 Land $740,000 $0,049 Unit Land $740,000 $6&43 Unit - Land $855,500 $7,126 trait 700 66TH AVE N GSA 165,912 Building $3,861,000 $22.07 [/] Building $3,435,000 $20.70 [4 Building $3,010,000 $18.14 [1] P$3:36- 719. 2134.0047 Units 92 Total $4,401,000 $Sas3 [/J Total $4,175,000 $25.16 [/J Total $3,8&5,500 $22.09 [Q Age 1967 Change 5A% $47&37 Unit Change 13.9% $45.380 Unit Change 0.4% $39,842 Unit WOVENHEARTS ASSISTED LIVING Land 168,722 Land $610,000 $5.778 Unit Land $600,000 se wr Unit Land $500,000 $a &67 Unit 8001 EARLE BROWN DR GBA 51,736 Building $3, 894, 000 $71,60 M Building $3,200,000 $61.85 In Bolding $3,200,000 $61.85 IA • P$3:02- 118,21414007 Units 90 Total $4,304,000 $83 -19 [/J Total $3,800,000 $73.46 [/] Total $3,800,000 $73.45 [/J Age 1993 Change 13.3% set im Unit Change 0.0% $42,222 Unit Change 0.0% $42,222 Unit 5/3/2002 2002 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2002 UNIT 2007 UNIT 2000 UNIT PROPERTY AREAS 2002 EMV VALUES [0 2001 EMV VALUES I9 2000 ENV VALUES PI BROOKSIDE MANOR Land 293,070 Land $585,000 $6.600 Unit Land $565,000 $8,600 Unit Land $513,000 K70o Unit 1300, IM, 1121 67TH AVE N GBA 91,863 Building $3,283,000 $36.74 IQ Building $2,847,000 $30.99 [Q Building $2,210,000 $24.05 In PID: W119 -21- 22.0045, 0045, 000 Units 90 Total $3,866.000 $427t [!I Total $3,432,000 $37.38 in Total $2.723,000 $28.64 In Age 1958 Change 12.7% W,978 Unit Chang& 26.0% $38,133 Unit Change 11.1% $30.258 Unit Riwwood Apartments Land 244,207 Land $588,000 $7,000 Unit Laud $586,000 $7,800 Unit Land $478,800 $5,700 Unit 64o14428991LLOWLnWM- 4565thA"GBA 71,337 Building $2,569,000 s" [Q Building $2,298,100 $3221 IQ Building $1,764,000 SM.73 If] PtD: 36- 11"-42-0007, 8006, 6669, 0079, 0017, 0012,0013 Units 84 Total $3,167,000 54425 [Q Total $2,866,100 $40.46 [q Total $2,242,800 $31.44 pJ Age 1982 Charge 9.4% $37.513 Unit Change 26.7% $34,358 Unit Change 6.8% s25,7oo Unit EVERGREEN PARK MANOR -HL Land 203,018 Land $560,000 $7,000 Unit Land $560,000 $7,000 Unit Land - $467,400 s5,e43 Unit 72011 CAMDEN AVEN GBA 86,552 Building $3,163,000 $38.78 11] Building $2,763,000 $31.92 in Building $1,908,000 $22.04 [/J PID: 25419- 214241M Units 80 Total $3,743,000 $43.25 (Q Total $3,323,000 $38.39 [4 Total $2,375,400 527.44 (Q 4D Age 1972 Change 12.6% Sa T113 Unit rdmnpe 39.9% $41,538 Unit Change 8.0% $29,893 Unit TOTALS Land a,320,189 Land $15,431,747 s 6AW unit Land $15,362,747 s 6,936 unit Land $12,377,347 s s,sw unit and GBA 2.284,433 Building $64,038,000 $ 36.79 gJ Building $73,633,600 s 3233 I9 Building $61,790,000 $ 27.05 ill AVERAGES Units 2,215 Total $100,079,000 s 43.81 in Total $89,582,600 s 3931 (0 Total $74,766,600 s 3273 i4 Change 11.72% $45,182 Una Change 19.82% $40,444 Low Charge 9.55% $33,755 Unt G:\ Depts \ASSESSISPREDSHTVLuessor'2002dat [APT 77- 310.XLS)2002 Tot $0 Improvement $301,000 Improvement i 5/3/2002