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2001 05-07 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 Seventh day of May at Seven o'clock P- M., has been fixed as the date for the meeting of the Board of RevievP (Strike out One) *Equalization -in your City 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 Sixteenth day of February 20 01 County Assessor Hennepin County, Minnesota *Applies only to Cities whose charter provides for a Board of Equalization instead of a Board of Review. Filed in my office this l day of 206. JWN - * M,4AL Clerk Poucher, Mpls. I City of Brooklyn Center A Millennium Community To: Mayor Kragness and Council Members Lasman, Nelson, Peppe, and Ricker From: Michael J. McCauley City Manager Date: May 7, 2001 Re: House Tax Bill Attached please find materials prepared for Mayor Kragness today regarding the House Tax Bill for Cable 12. Also attached is the latest analysis from North Metro Mayors Association. As indicated previously, the House Tax Bill has significant impacts for cities. If there is no net increase in State aid (HACA is set to be eliminated), and levy limits are around the 2% range, the net available increase in revenues for the General Fund in 2002 could well be around 1%. General Fund Revenues: Real Estate Taxes 53.5% State Aids 28.3% 71.8% The balance of revenue sources are fees, fines and charges. Most of these are items over which we have no control due to State limits etc. Personnel costs represent 59.3% of the General Fund expenditures and utilities account for 3.5 %. A 3% (which is probably the minimum salary increase for 2002) would exceed the funds raised by a 1 % increase in total revenue. Health insurance has been increasing at double digit rates and we have spent 140% of the natural gas budget for 2001 already. 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 House Tax Bill: Shifts property tax burden to homeowners. 200138.7% of property tax burden borne by homeowners 2002 approximately 48.4% of property tax would be borne by homeowners City provides: Police Fire Parks After school programs Summer youth programs Senior transportation Streets and street maintenance Cuts After school enrichment programs Loss of $140,000 per year to City and its partners (school districts etc.) - equal to approximately 1 % of total City budget House Tax Bill eliminates Homestead Agricultural Credit Aid: $1,380,106 in 2001, which may result in higher City levy to the degree not replaced by Legislature House Bill imposes levy limits that will increase City revenues in 2002 well below the increased costs in 2002 for operating City services City costs are up for energy: - spent 140.77% of natural gas budget for 2001 in first 1/3 of year ($157,463 spent of $111,860 budget) - spent 46.8% of fuel budget in first 1/3 of year Personnel costs are 59.3% of City budget - health insurance costs have been increasing at double digit rates - wage costs in State have been going up at 3 +% Schools in Brooklyn Center are also at risk of losing ground in funding: - house education bill eliminates compensatory aid in 2004 o rich school districts will benefit and districts like Brooklyn Center will lose ground in the funding available Uncertain what will happen with Tax Increment Financing: class rate compression may create large deficits in tax increment districts and curtail future redevelopment activities: also uncertain the impact on Brookdale and Joslyn. Q 0 of a x B urden 2402 Estimate Apartment 10.0% ........... Residential 5t 4 4 /o 9W iFuI 5 >Y� Commercial o k 4'.Tfib IV wnR 7� Industrial 9.6% 0 0 of ax Burd 2001 Apartment 9.8% Residential , ;,.. 38.7% j7 19i� i x f1 ad4Y 4, �3 7 -1, �? 'A�y t n °'i�°"? y ,Y4.Srt`dt- ai ' r $�,i� }° t Commercial A l Up w' i �q skx -', 39.7% l h gg a ih aw H � r is 3 Industrial 11.9% General Fund Revenues Real Estate Taxes 53.5% Interest 2.5% Public Safety Charges Court Fines 0.3% 2.8% Misc. Taxes J 4.9% Rec. & Comm. Center Fees Misc. Revenue 3.8% 0.1% Charge for Service Licenses & Permits 0.2% 3.8% State Aids 28.3% General Fund Expenditures 2001 Public Safety a r t a'¢ b 7 •^ �A °c T !.:� �.4% ' + :� I vu,���i�;�:�':.A#�'�'xu �N''4••i s,.;,;:;�n,: ��. � 3, .�.';�r y...v.� k§C,w- , ^;e^, _ r a A�.�„' •* General Government ;'..ya 1 ��•. W N , . 10.6% Police & Fire Bonds 5.2% —'��— Transfers to Dew Service 1.7% "i INN .. A ., Community Development a.� =;'. s Transfers to Capital Projects 4.8% t a:m'?5 3.5% Unallocated Dept. 2.3% Risk Management 1.1% Convention & Tourism 2.2% Public Works J 17.8% Parks & Recreation Social Services T 14.9% 0.7% : Tax Capacities 12 10 — 8 — 1996 ® 1997 6 _ 01998 ❑ 1999 02000 4 _ N 2001 2 0 1 Apartment Industrial Farm Commercial Residential Market Values 900 800 — t 700 — 600 01996 500 — 1997 01998 400 — ❑ 1999 2000 300 — N 2001 200 — 100 — 0 Apartment Commercial Industrial Residential Farm Assumptions / Methods Regarding Simulation of House Omnibus Tax Bill as Amended on Floor Baseline: Current law Proposal: House omnibus tax bill as amended on floor • Both the baseline and the proposal were simulated using data for taxes payable in 2001. • In simulating both the baseline and the proposal, the year lag in the metropolitan and taconite fiscal disparity program was removed. Removal of this lag gives a better long -term indication of the effects of the bill. • Because this simulation is based upon pay 2001 data, the effects of the levy limits under the proposal are not included. Reliable estimates of the effects of levy limits in 2002 may not be possible, because there Is a potential for a significant margin of error in forecasted levies which could have a substantial impact upon the anticipated effect of levy limits. (A small percentage error in forecasted levies could have a large impact upon the anticipated effect of levy limits because the limits operate at the margins of the levy increase.) Furthermore, excluding the effects of levy limits allows for a comparison in which the level of local spending is the same under both the baseline and the proposal. The following effects of the proposal are simulated: 0 Class rate and tier breakpoint changes (class rates In effect for taxes payable in 2002) 0 Elimination of the general education property tax levy and other provisions of the House K -12 bill 0 Elimination of non - county HACA 0 Elimination of property taxes for the transit funding 0 Changes in the city local government aid distribution and appropriation 0 The statewide property tax on businesses and cabins 0 The exemption of cabins and agricultural land from referendum levies 0 Changes in homestead and agricultural credits 0 Increases in county aid resulting from increased state funding of out -of- home placement costs 7n' A t7 OKI 1 n• T T TO J n FPIJ h 1 T T _4r7tr_(`A 1 • n� i neirccnvn vnnvaeirrt� i Net Aid Loss Under House Tax Committee Bill, Percentage Levy Increase Resulting from Aid Loss, & Aid Loss as a Percentage of Revenue Base Based on Pay 2001 Data In the following analysis, 2002 aid amounts are compared to 2001 levy and revenue base data because 2002 levy and revenue base data are not yet available. The the levy increase percentages and the aid loss as percentage of revenue base would likely be smaller if 2002 levy and revenue base infom�ation were used. For communities participating in the fiscal disparity program, the levy increase in year 1 will be greater than the increase in year 2 (all other things being equal) due to the year lag in the fiscal disparity program. For this reason, the percentage increase in levy is shown separately for "year 1" and for gear 2 & beyond.' The city 'spread levy" is the portion of the cry levy that is spread against the local tax base. The city 'certified Ievy' includes the spread levy plus the distribution levy received by the city through the fiscal disparity program. Levy increase amounts assume 100% levy -back. D M Est. 2002 Estimated City Spread City Levy Net Aid ro HACA LGA Under Net Aid C' S pread fi' P bevy City Certified Increase Due Total Loss as a (Eliminated Estimated House Tax Lass Under Levy Plus City Increase Due Levy Plus City to Net Aid Revenue Percent of Under House 2002 Current Committee House Market Value to Net Aid Market Value Loss: YEAR 2 Base (Levy+ Revenue Proposal) Law LGA Bill Comm. Bill Levy Loss: YEAR 1 Levy 1£ BEYOND Aids) Base Anoka 734,313 1,467,681 1,669,538 532,456 2,456,783 21.7% 3,243,618 16.4% 5,445,612 9.8% Blaine 1,661,615 1,418,718 1,169,350 1,910.983 6,736,752 28.4% 8,261,657 23.1% 11,341,990 18.8% Brooklyn Center 1,380,106 2,163,736 2,157,872 1,385,970 6,670,566 20.8% 8,265.463 16.8% 11,809,305 11.7% 7 Brooklyn Park 2.888,157 2,514,177 2,435,410 2,966.924 11,538,252 25.7% 14.691,284 20.2% 20,093.618 14.8% Champlin 935,677 647,718 467,750 1. 115,645 2,992,356 37.3% 3,771,143 29.6% 5,354,538 20.8% Circle Pines 215,286 268,468 252 230,921 877,023 26.3% 1,101,691 21.0% 1,585,445 14.6% 7 Columbia Heights 1,004,368 2.420,601 2,574,103 850,856 2,695,220 31.6% 3,625,552 23_5% 7,050.521 t2.1% 7 Coon Rapids 2,441,554_ 3.161,818 2,783;1343_ 2,819,529_ 7,705,619 366% 9,549,130 29.5% 15,152,502 18.6% r Crystal 1,091,683 2,145,821 2,108,434 1,129,070 3.102,746 36.4% 4,099,786 27.5% 7,337,289 15.4% Dayton 200.071 34,209 -- 26,730 207,550 11110,978 18.7% 1,298,660 16.0% 1,532,940 13.5% Fridley 1,084,173 1,796,688 1 1,322,954 3,575,450 37.0% 4,205,000 31.5% 7,085,861 18.7% , Nlairb Grove 2.149,318 179.873 179,873 2,149.318 11,871,052 18.1% 93,236,809 16.2% 15,556,000 13,8% Minneapolis 30 .527,612 80,730,249 99,748,211 11.509,650 112,920,620 10.2% 133,206,606 8.6% 244,464,467 4.7% v Mounds View 389,235 777,534 780,183 386,586 1,622,196 218% 2,186,916 17.8% 3,333,685 11.6% New Brighton 837,843 773,676 701.444 910,075 2,865,758 31.8% 3,482,000 26.1% 5,093,519 17.9% New Hope 959,462 1,178,624 1,025,788 1,112,298 5,209,071 21.4% 6,079,160 18.3% 8,217,248 13.5% E Oak Grove 132,671 213,353 213,353 132,671 1,316,692 10.1% 1,557,022 115% 1,903,046 7.0% Ramsey 527,997 353,970 304,081 577,886 3,130,252 18.5% 3,725,974 15.5% 4,607,941 12.5% Robbinsdale 919,718 1,865,697 2,047,763 737,652 1,802,713 40.9% 2,317,813 31.8% 5,103,228 14.5% 3 Spring Lake Patio 203,327 250,773 219,390 234,710 1,425,099 16.596 1,878,796 12.5% 2,332,896 10.196 j North metro Mieyoes Association. 5/5401 Van V0,Then � a dloes undo Flow,, ands T_ L.r � Estimated Impact of House Committee Bill as Amended on Floor Fiscal disparity lag eliminated -- Does not include effect of levy limits o BASED UPON PAYABLE 2001 DATA HOMESTEAD PROPERTY D LMV = Limited Market Value $50,000 Value (LMV) $100,000 Value (LMV) $150,000 Value (LMV) $200,000 Value (LMV) $300,000 Value (LMV) j Curr. % Chg. Curr. % Chg. Curr. % Chg. Curr. % Chg. Curr. % Chg. Law Under Law Under Law Under Law Under Law Under Tax Proposal Tax Proposal Tax Proposal Tax P - roposal Tax Proposal NORTH MEMO MAYOR •ASSOCL41MON Anoka 498 -9.6% 1,136 -10.7% 2,031 - 18.8% 3,027 -24.6% 5,020 -292% Blaine 479 -92% 1,091 -9.7% 1,957 -18.0% 2,920 -23.8% 4,847 -28.5% Brooklyn Center 654 3.6% 1,477 -0.5% 2,617 -10.8% 3,841 -16.8% 6,288 -21.7% Brookyn Park 615 3.5% 1,395 -0.7% 2,493 -11.5% 3,673 - 17.6% 6,033 -22.6% Champlin 551 2.2% 1,260 -1.5% 2,244 -11.3% 3,329 -17.7% 5,499 -23.0% 7 Circle Pines 600 -8.4% 1,376 -11.9% 2,459 -20.8% 3,637 -28.3% 5,994 30.7% Columbia Heights 564 -0.6% 1,272 -6.5% 2,269 -15.7% 3,352 -21.4% 5,517 -26.0% i Coon RaDids '471 -10.8% 1,075 -11.2% 1,926 -19.0% 2,878 24.8% 4,784 29.4% 7 Crystal 559 -0.7% 1,265 3.2% 2,265 -13.3% 3,349 -19.2% 5,516 -24.1% x Daylon 582 2.4% 1,326 -1.6% 2,364 -11.8% 3,495 -18.0% 5,758 23.1% Frldley 472 -9.6% 1,065 -92% 1,919 A7.8% 2,860 - 23.5% 4,742 28.1% Made alum 583 1x4% 1,322 -1.9% 2,378 - 12-9% 3.510 -1a8% 5,773 -23.8% Minneapolis 633 5.5% 1,441 0.6% 2,604 -11.5% 3,832 -17.6% 6,288 227% J Mounds View 577 -0.2% 1,312 3.4% 2,366 - 14.3% 3,495 -20.2% 5,753 -25.0% New Brighton 543 -1.7% 1,232 4.1% 2,227 -14.7% 3,298 -20.6% 5,440 - 25,556 New Hope 595 4.3% 1,349 0.5% 2,409 -102% 3.552 -16A% 5,838 21.6% Oak Grove 456 -7.4% 1,044 -8.2% 1,933 -19.0% 2,892 - 124.9% 4,811 -29.6% Ramsey 503 -6.8% 1,147 -82% 2,054 - 16.9% 3,058 -22.8% 5,067 27.6% 1 Robbinsdale 568 0.0% 1,279 -2.3% 2,282 -12.3% 3,367 18.2% 5,539 231% Spring Lake Park 515 -6.1% 1,169 -7.5°6 2,095 -96.5% 3,112 -223% 5,145 -27.0% z Norlh Metro Mayors' Associalion May 5, 2001 Je11 Van Wychen Q xaaa>>s a Li n L Estimated Impact of House Committee Bill as Amended on Floor 7 Fiscal disparity lag eliminated -- Does not include effect of levy limits T BASED UPON PAYABLE 2001 DATA HOMESTEAD PROPERTY D LMV = Limited Market Value Avg. Home %z Average Value Averans Value 2 x Average Value 540.000 Value (LMV) $200,000 Val. (LMVl Limited Curt. % Chg. Curr. % Chg. Curr. % Chg. Curr. % Chg. Curr. % Chg. Market Law Under Law Under Law Under Law Under Law Under Value (LMV) Tax Proposal Tax Proposal Tax Proposal Tax Pro posal Tax Proposal NORTH ME= ?AA YORS'AS OGIA370X Anoka 112,500 560 -9.6% 1,333 -12.1% 3,526 -26.2% 398 -9.6% 3,027 •24.6% Blaine 119,100 571 -9.2% 1,379 -11.4% 3,656 - 26.2% 383 -9.2% 2,920 - 23.8% Brooklyn Center 95,000 622 3.6% 1,377 0.5% 3,596 -15.9% 524 3.6% 3,841 -16.8% Brooklyn Park 118.400 728 3.5% 1,749 -3.5% 4,541 -20.0% 492 3.5% 3.673 47.6% Champlin 133,300 735 2.2% 1,881 -7.5% 4,774 - 21.7% 441 2.2% 3,329 -17.7% 7 Circle Pines 113.800 682 -8.4% 1,644 - 13.9 4,288 -28.0% 480 -8.4% 3,637 -26.3% i Columbia Heights 97,200 548 -4.6% 1,224 -6.1% 3,231 -21.0% 451 -4.696 3,352 -21.4% i Coon Rapids 113,800 _ 538 -10.8% 1.281 -12.4% 3.405 -26.6% 377 -10.8% 2,879 -24.8% x Crystal 104,100 582 -0.7% 1,336 -3.8% 3,526 - 19.9% 447 -0.7% 3,349 -192% V x Dayton 161,300 970 3A% 2,619 -13.7% 6,270 - 23.8% 465 2.4% 3,495 - 18.0% Fridley 113,600 536 -9.6% 1,262 -102% 3,372 - 25.2% 377 -9.6% 2,880 - 23.5% Made Grove 157,500 836 32% 2.548 -14.1% 6,112 -242% 466 1.4% 3,510 - 18.8% Minneapolis 112,600 713 5.5% 1.692 -1.6% 4.451 -19A% 507 5.5% 3,832 - 17.6% U Mounds View 115,800 669 -0.2% 1,596 -5.6% 4,206 22.3% 462 -0.2% 3,495 -202% New Brighton 144,500 784 -02% 2,109 -13.7% 5,205 - 25.1% 434 -1.7% 3.298 - 20.6% New Hope 122,900 732 4.3% 1,789 -3.6% 4,599 -19.4 476 4.3% 3,552 -16.4% Oak Grove 145,300 6162 5.4% 1,842 -18.1% 4,631 -293% 355 -7A% 2,892 24.9% D Ramsey 143,600 723 -5.4% 1,925 -15-7% 4,119 •27.2X 403 -8.8% 3,058 - 22.8% 1 Aobbir>sdale 100,200 569 0.0% 1,282 -2.4% 3,376 -18.3% 454 0.0% 3,367 -18.2% Spring take Park 107 556 -0.1% 1,295 -8.4% 3,433 -23.4% 412 6.1% 3,112 -223% North Metro Mayas' Association May 6. 2001 Jeff van Wychen ra HOLMiu 7 a ' Li u i¢ D Estimated Impact of House Committee Bill as Amended on Floor i Fiscal disparity lag eliminated -- Does not include effect of levy limits 0 z BASED UPON PAYABLE 2001 DATA RENTAL & BUSINESS PROPERTIES LMV = Limited Market Value $70.000 1 Unit Rental (LM V) a1,000.00c Apartment $150,000 Business $1.000.00 Business D Current % Chg. Current % Chg. Current % Chg. Current % Chg. Law Under Law Under Law Under Law Under Z) Tax Proposal Tax Proposal Tax Proposal Tax Proposal NORTH a1ETR� MAYDR,S' ASSDC�A770N Anoka 1,033 -13.9% 14,275 -34.5% 4,375 -13.3% 39,160 .17.7% Blaine 1,002 -13.4% 13,761 -34.1% 4,291 -12.6% 38,348 -17.0% Brooldyn Center 1,290 -6.3% 17,282 - 28.1% 5,101 - 10.8°6 45,239 - 15.2% Brooklyn Park 1,233 -6.8% 16,791 -28.8% 4,919 -11.6% 43,824 -16.0% Champlin 1,123 43.7% 15,564 -29.0% 4,642 -10.8% 41,572 -15.3% x Circe Pines 1,212 -15.2% 16,982 -35.9% 4,945 -16.8% 44,417 -21.0% Columbia Heights 1,140 -11.3% 15,294 - 32.2% 4,619 - 12.1% 40,988 -16.6% Coon Rapids zt 988 44.3% 13,640 - 34.7°4 4,256 - 12,996 38,060 -17.3% Crystal 1,137 -8.996 15,361 -30.4% 4,636 -11.2% 41,217 -15.7% x Dayton 1,175 -7.1% 16,181 -292% 4,776 -11.5% 42,887 - 15,986 1 ) F ridley 1 Maple Grove 990 43.5% 13,314 -34.0% 4,197 -11.7% 37,302 •16.1% 1,185 -8.3% 16,071 -300% 4,782 •11.7% 42.567 -162% E Minneapolis 1,279 -6.6% 17,518 -28.9% 5,116 -11.7% 45,656 -162% Mounds View 1,178 9.5% 16,089 -312% 4,773 -12.5% 42,564 - 17.0% New Brighton 1,119 -10.1% 15,244 -31.6% 4,603 -121% 41,032 - 16.6% 1 New Hope 1,198 -5.8% 16,220 -28.1% 4,818 -10.4% 42.858 -15.0% Oak Grove 989 -14.0% 13,815 -35.1% 4,294 - 13.3% 36,548 -17.8% Ramsey 1,043 -12.2% 14,360 - 33,196 4,401 -12.5% 39,345 -16.8% 1 Robbinsdale 1.147 -8.1% 15,304 - 29.6% 4,623 - 10.0% 40,975 -14,5% n Spring Lake Park 1,063 -11.9% 14,457 -32.9% 4,444 - 12.3% 39,601 - 16.8% n ' North Metro Mayors' Association May S. 2001 Jeff van Wychen T_ a Li I CITY ASSESSOR - REAL ESTATE DATA ` ilii�tlliT0lt & nctfilon V. Unfinished GBA 1. D. Number - Dwl. T pe Bsmt. Area Kit. Rating i 19�II Unfin. I" GBA 20- t19 •2i - -0036 SV Sq Ft Excellent 1 Neighborhood 51 Zoning Ri }��,f,> Very Good / 2 s ]nfin. 2 " GBA Property Address Crawl /Slab Standard \1 3 X Ec�»QLtW ° 7936 RECENT AVE N I Finished Ijsmt.. I Substandard 4 V 1 ® Unfin. GBA Model 1 % 1 Obsolete 5 Yes 1 .,<, Owner No ,, I Interior Interior Condition Dimensions ""ACE ;0• CUJICK I Bs �tv, l4ss � Plaster 1 Plaster 1 I Excellent �� / Z4.0 x Z4.0 = 376.0 Legal LOT 2 BLOCK 1 II 1 thru ' V �jj � Sheetrock f 2 X Sheetrock 2 I Good `/ 2" h " UR'S DILL LAM SECOND ADDITION I � � Paneling V 3 Paneling 3 I Average ( 1 3 16.9 x 0A = M-11 Neighborhood Rating I Dormers Deck F I aSths Trim / Trim Fair \ 5 7.11 x 7 = 49 .0 Very Good ( Length 1 1 Area /1'5'3 1 Spa Hardwood e J 1 X Hardwood 1 Substandard - `'S �f a Good it X Finish 2 J_ Deluxe Softwood 2 Softwood 2 Average 3 Construcion Quality 1 -5 Y I 3 Full / Painted 3 Painted 3 House Roon,�,Count .0 x .0 = 0 Fair 4 I Wood Frame t! 1 X Patio '/4 ti 1 Other 4 Other 4 Total Rooms ✓ 8 Substandard 5 1 Masonry Walls 2 Area I % I Floor Floor Bedrooms ,/` 4 .0 x .0 = .0 Site RatirW I Other 3 I Bath Ratinej Wood �I Wood 1 Family 1 J Very Good I Quality 1 - 5 I Quality 1 - 5 ,J 3 Carpet 2 X Carpet 2, I Living ✓, ] .0 x 0 = 0 Good 1 2 X I Exterior Wal /Trim Porch Tile 3 Other 3 ( Dining y .. 1 Fair 3 I Stone I 2 Glazed Area I Firepla a Concrete 4 ;i I Kitchen 1 11 A . .0 x ,0 = Minimum 4 _ I Brick 2 1 # of 1 Ba Baths Other Adj. Prop. Infldence I Stucco ,3 Quality 1 - 5 1 1 None �, r'Full pa I al Bath I" Fl Area Positive 1/ I Wood %/ 4 1 Screened Area I Quality I - 5 V� 3 Deluxe eluxe # of Z 1073 Eaual N I X Metal 5 1 I Elec. Ser¢ce FuT� 1 ` Sales 2 "d Fl Area Negative 3 Masonite 6 1 Quality 1- 5 1 1 Standard 1 I X '/4 I ' /4 1- Date 19760.1 View Other 7 1 Open Area I Substandard 2 %2 I /2 1 - Price 42900 G.B. Area 1073 Positive I Vinyl 8 1 1 Heating Bath Rang Bath Rating , Equal 'J2 X Quality 1 - 5 � Hot Water P Quality 1 - 5j 3 Quality 1 - 5 1 -Code Z Partial Connt. .Isleri"sJnsp. Negative 3 Roof TGarage #1J' I Forced Air s/ 2 21 1 / 2 - Date Yes 1 Yes 1 x Arch. /Apnea) Gable Ti Floor Area 440 1 Electric 3 I Fireplace Fireplace 2 - Price Excellent Hip V 2 X /� I Gravity 4 1 # of 1 # of Left Tag: Yes No Very Good Mansard 3 Ext. Walls �/ 4 1 Other 5 I None None 2 -Code Flat Charge Average 43 X Gambrel 4 Number Cars Z I Quality_ 1- 5 J 1 3 Quality 1- 5 I 3- Date Add Z00 Fair 4 Flat 5 Condition A , 3 Bsmt. Room knout I I" Room C9unt 2 " Room Count 3 - Price Substandard of Co kr Attached 1 l Total Rooms tV 3 Total RoomV 3 Total Rooms Sub Qual�tyklass id les �/ 1 X Detached 2 X Bedrooms V 2 Bedrooms 1 / Z Bedrooms � 3 - Code B07 dibd Shakes 2 Tuckunder 3 Family Family Other JnS� ection Information & G 3 Built -In 4 Kitchen,-7-T-.,, 1 Living �� 1 Appr. No. \ Z Permit Date 0010 Sh. chi Slate Tile 4 Garage #2 Other "1 Dining �/ 1 1 A-0 Windows/ Floor Area Kitchen 1/ 1 W Appr. D Last Int. I�}sl+ ---}� B - L_ X Casement I � Other Standard I �� C - Li 3 bbl. Hung V2 1 Ext. Walls '$ Non - Standard 2 r, ° and Characteristics D - Irreg. 4 Gliders 3 Number Cars e ( Paved Street' 1 1 Frontage !a Style Awning, 4 Condition r;= I f, Curbs 2 Left 1S! 1 Story It Patio Doors Attached 1 Notes 1 L JUu - 7���8 Sidewalk 3 Rear SE /SF # of I Detached 2 tf Sewer Avail. 4 1 Right 13/ Split Level X Walkout Tuckunder 3 GOOD SHED 6 X IZ = +6ZQ0 Tor.v d';, -•Jb Water Avail 5 1 Eff. Width 1 ' /4 4 Quality 1 - 5 Built -In 4 _ a, Gas 6 1 Eff. Depth 1 %2 5 j Pool r C ' 1Gr I w 44A 5 I U CZ - Buried Elec. 7 Area 1 USl 1 ' /4 6 Air Condit/ dhing Area 17 an Alley 8 I Irreg Shane A �-• 2 Story 7 Yes 'Il ! X �Pt "� -fl _" , � On River 9 On Lake Other 1 8 1 No 21 Quality 1 - 5 1 } �0 bi i, , Ni I/ River Rating 10 I Lake Rating Other 9 Wooded II I Landscape 3 Other 3 10 Influences 12 1 Acreage Other 4 11 I 1 Print Date: wolf Iof" ADDRESS I.D BUILDING PERMITS Date Number Value Type _ INFORMATION Date Source Price /Terms a, YEAR LAND BUILDINGS TOTAL HMST 1 1 1 19 y E IMPROVEMENT VALUE C MP 19 IMPROVEMENT VALUE COMP 19 ADDITIVES 11 SECTION AREA RATE VALUE ADC ITIVES SECTION AREA RATE VALUE Item No. Value Residence I Fireplace � I CY Patlo Doors 0 : IJ�ri ,ti Y }��'4� " 4 ip ri fah :u t Walk -out Bsn Finish t i i Brzway : 2 Fix -Bath 3 Fix -Bath I Garage 4 Fix -Bath Porch Air Cond. TOTAL Additives Total Replacement Less Depreciation % Total Value Improvements Ih' Land Value Total Est. Market Value PROPERTY DATA SYSTEM , TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 28- 119 -21 -44 -0056 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 75 Back: 75 7036 1/ REGENT AVE N 55429+ Right: 137 Left: 137 Ownerl: LUECK WALLACE D Owner3: Owner2: Owner4: Zoning: R1 Prim /sec: Yr.blt: 1958 Area: 10312 Acres: .00 Sch.Dst: 279 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 2001: 27400 109400 136800 1470 H R 100 2000: 24300 105200 129500 1316 H R 100 1999: 23000 87000 110000 1174 H R 100 Legal Description: LOT 2 BLOCK 1 MILLER'S WILLOW LANE SECOND ADDITION Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/07/01 CURR 436 NEXT PROPERTY ID: 28- 119 -21 -44 -0056 YEAR: 2001 ADDRESS : 7036 REGENT AVE N CLASS: B07 DT: SF STYLE : SPLIT LEVEL MANUAL: NO GBA 1073 (SQ.FT.) AGE: 43 YRS ZONED:.R1 BASIC RATE $ 83.78 ADJ. RATE $ 85.45 -> EXT. WALL: % ( +) SHAPE: 2.0% ( +) ADJ.RATE *GBA: $ 91687 -> ADD BSMT $ 8208 = 1026 SgFt @ $ 8.00 Rate -> DED UNF.GBA: $ = SgFt Q $40.00 Rate ADJUSTED TOT: $ 99895 ADDITIVE AMT: $ 35324 -> GARAGE 6982 DORMERS: PAT.DOORS: -> WALKOUT: AIRCOND: 1287 DECKS 1550 -> PATIOS : PORCHES:_. POOLS -> BATHS 6500 FIREPLC'c 4000 FIN.BSMT.: 15005 TOTAL COST : $ 135219 ADJUSTMENTS : 80.8% -> DEPRECIATION: 80.8% INFLUENCES: % -> FUNC.TIONAL % ECONOMIC BLDG VALUE : $ 109200 BLDG MARKET VALUE : $ 109400 FLAT CHGS : $ 200 LAND MARKET VALUE : $ 27400 TOTAL MARKET VALUE: $ 136800 Type PID, Press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM SALE S CO IN RECORD UIRY CURR 308 Q PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT 28- 119 -21 -44 -0056 7036 1/ REGENT AVE N SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 3/1976 42900 2 FROM MLS / / / / / / / / / / / / Press F1, F2, F5, F8 PROPERTY DATA SYSTEM SALES COMPARABLES DATA REQUEST CURR 337 PROPERTY ID YEAR --- - - - - -- Subject Address ----- - - - - -- NEXT 2811921440056 AdIl 7036 REGENT AVE N Sel Comparables Address Sale Date Sale Price Wgt Insp 2811921430028 7025 REGENT AVE N 04/00 125000 147 Y 2811921440016 7049 PERRY AVE N 07/00 133000 136 Y 2811921440067 6906 REGENT AVE N 04/00 137000 130 N 3311921410020 6418 ORCHARD AVE N 03/00 122500 121 N 3411921310027, 6316 HALIFAX DR 05/00 136000 119 Y 2711921320117 4306 71ST AVE N 09/00 137000 117 Y 3411921120031 6818 DREW AVE N 08/00 137000 116 Y 3411921410056 3216 POE RD 07/00 152900 116 Y 3311921110076 6719 QUAIL AVE N 07/00 133000 116 Y 3411921440044 3019 MUMFORD RD 09/00 136000 116 N 2711921320016 4406 71ST AVE N 66 /00 126900 116 Y 3411921410089 3207 OHENRY RD 10 /00 145900 116 N Enter order of selection then press ENTER; or F1, F8 I PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 2811921440056 AdIl 7036 REGENT AVE N #01 2811921430028 #02 2811921440016 #03 2811921440067 Subject 7025 REGENT AVE 7049 PERRY AVE 6906 REGENT AVE Nbrhd /Dist 0051/14 0051/14 0051/14 0051/14 Sale Price 42900 125000 133000 137000 Sale Date 03/1976 04/2000 07/2000 04/2000 Price /Sgft 39.98 122.07 125.95 129.73 Lot Size 10312 14925 9938 9937 A/E Year 1958/1958 1958/1958 1957/1957 1957/1967 Bldg. Qual. B07 B07 B07 B07 1st Floor Area 1073 1024 1056 1056 GBA 1073 1024 1056 1056 Bsmt.Finished 75 % 65 % 60 % % Bdrms /Bath 4/ 3 4/ 2 3/ 2 3/ 2 Grl Area /Cars 440/2 440/2 276/1 288/1 WO /AC /Pool /A/ /A/ FR /A/ /A/ Frplcs /Deck 2/ 155 1/ 360 2/ 256 / 224 Prchs /Drmrs Loc /Riv /Lk Enter desired function key - F1 -> F8 to browse PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 2811921440056 AdII 7036 REGENT AVE N #04 3311921410020 #05 3411921310027 #06 2711921320117 Subject 6418 ORCHARD AV 6316 HALIFAX DR 4306 71ST AVE N Nbrhd /Dist 0051/14 0053/14 0053/14 0051/14 Sale Price 42900 122500 136000 137000 Sale Date 03/1976 03/2000 05/2000 09/2000 Price /Sgft 39.98 116.00 123.64 132.24 Lot Size 10312 10125 11810 9563 A/E Year 1958/1958 1958/1958 1957/1962 1959/1963 Bldg. Qual. B07 B07 B07 B07 1st Floor Area 1073 1056 1100 1036 GBA 1073 1056 1100 1036 Bsmt.Finished 75 % 75 % ' 30 % 80 Bdrms /Bath 4/ 3 3/ 2 - 3/ 2 3/ 2 Grl Area /Cars 440/2 288/1 550/2 484/2 WO /AC /Pool /A/ /A/ /A/ /A/ Frplcs /Deck 2/ 155 / 2/ 551 / Prchs /Drmrs / / / G / Loc /Riv /Lk Enter desired function key - F1 -> F8 to browse PROPERTY DATA SYSTEM 4 SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 2811921440056 AdI) 7036 REGENT AVE N #07 3411921120031 ##08 3411921410056 #09 3311921110076 Subject 6818 DREW AVE N 3216 POE RD 6719 QUAIL AVE Nbrhd /Dist 0051/14 0051/14 0053/14 0051/14 Sale Price 42900 137000 152900 133000 Sale Date 03/1976 08/2000 07/2000 07/2000 Price /Sgft 39.98 130.48 133.07 126.67 Lot Size 10312 10050 10179 9975 A/E Year 1958/1958 1958/1958 1958/1958 1958/ Bldg. Qual. B07 B07 B07 B07 1st Floor Area 1073 1050 1149 1050 GBA 1073 1050 1149 1050 Bsmt.Finished 75 % 25 % 30 % 50 Bdrms /Bath 4/ 3 2/ 1 4/ 2 2/ 2 Grl Area /Cars 440/2 440/2 275/1 240/1 WO /AC /Pool /A/ /A/ /A/ /A/ Frplcs /Deck 2/ 155 1/ 250 / 432 / Prchs /Drmrs / / / G / Loc /Riv /Lk Enter desired function key - F1 -> F8 to browse PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 2811921440056 AdIl 7036 REGENT AVE N #10 3411921440044 #11 2711921320016 #12 3411921410089 Subject 3019 MUMFORD RD 4406 71ST AVE N 3207 OHENRY RD Nbrhd /Dist 0051/14 0053/14 0051/14 0053/14 Sale Price 42900 136000 126900 145900 Sale Date 03/1976 09/2000 06/2000 10/2000 Price /Sgft 39.98 127.82 122.02 134.97 Lot Size 10312 9675 10858 10199 A/E Year 1958/1958 1959/1959 1958%1958 1959/1959 Bldg. Qual. B07 B07 B07 B07 1st Floor Area 1073 1064 1040 1081 GBA 1073 1064 r 1040 1081 Bsmt.Finished 75 % 50 % 50 % 50 Bdrms /Bath 4/ 3 3/ 2 4/ 1 3/ 2 Grl Area /Cars 440/2. 315/1 .352/1 399/2 WO /AC /Pool /A/ AV /A/ /A/ /A/ Frplcs /Deck 2/ 155 Prchs /Drmrs / 0/ / SO/ Loc /Riv /Lk Enter desired function key - F1 -> F8 to browse • CITY OF BROOKLYN CENTER 2001 BOARD OF EQUALIZATION NONE MEMO NONE • • May 7, 2001 Letter of Transmittal 2001 Local Board of 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 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 2001 Board of Equalization is scheduled to begin at 7:00 p.m. on Monday, May 7, 2001. 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 2001 assessment and an overview of recent market activity. The issues before the Board of Equalization are questions of value and classification of Brooklyn Center properties for the January 2, 2001 assessment for taxes payable in 2002. Respectfully submitted, Nancy J. ojci ' City Assessor • 2001 Brooklvn Center Board of Equalization Meetina Agenda: 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 Review 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 Review. 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 2001 assessment; which affects taxes payable in 2002. 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 of Review 1. See that all taxable property is properly assessed, valued, and classified. 2. Add any omitted property to the assessment. Limits of Authoritv for the Local Board of Review 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 review must not reduce the aggregate assessment by more than 1 %. Should this occur, than none of the changes of the local board of review 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 2000 assessment for the taxes payable in 2001. Homeowner's that received their 2001 tax statement in March, 2001, are not able to appeal the 2000 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 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 2001 meeting is scheduled for May 7th. 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 27, 2001. 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. Informal Review Procedures - 2001 Assessment. 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 Review / City Board of Equalization 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 year's board of review. A copy of this report will be provided to each board member and the 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 2001 County Board of Equalization will be held beginning June 18, 2001. Taxpayers wishing to appear must have appealed to their local board of review and must register with the county board prior to June 11, 2001 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 Equalization. State Tax Court For information contact (651) 296 -2806. The filing deadline for the 2001 assessment is March 29, 2002. The deadline is always the last business day in March in the year the taxes are payable. . Abatements This is a mechanism which allows assessors to correct a clerical or appraisal error. Application must be received by assessor no later than December 31 for the year the taxes are payable. This is a discretionary process and decision of the assessor is final. The City of Brooklyn Center charges 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 Statutes (272.03, subdivision 8) define 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. " "Market value. The most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures. " 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 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 tonearly 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 unusual, or technical, nature. We would advise caution on these • issues. Depending upon the situation, the Board may wish to have a formal legal opinion as the basis of it's action. If this opinion cannot be obtained in a timely manner, the current classification should be affirmed and the matter referred to the County Board of Equalization. 2000 Reinspection Program for the 2001 Assessment During the summer of 2000 our office conducted re- inspections for the 2001 assessment of the residential properties south of 57 Avenue, east of Hwy.100 and North of 53 Avenue. We also reviewed all the double bungalows in the city. This review area consisted of approximately 2,045 residential properties. All parcels were inspected from the exterior and the assessor's office inspected the interior of 78% or 1,589 of these homes and double bungalows The re- inspection process began in mid May, and was essentially completed by the end of September. The re- inspections were performed by City Assessor, Nancy Wojcik;; • Appraiser I, Kelley Gillen, and Assessment 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 700 residential properties, 235 of these properties were interior inspected. We estimate that the total number of residential properties inspected in 2000 was approximately 2, 745. The total number of interior inspected properties was approximately 1, 824. 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 Estimated Market Value (EMV) 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 estimated market value is multiplied by the total of all market value rates. Lastly the education homestead credit is subtracted if the property is a homesteaded residential property. Example - $111,900 Estimated market value of a homesteaded residential property in Brooklyn Center, in SD 286 for taxes payable in 2001, with a Limited Market Value of $111,900 $76,000x1.0% =$760 x 129.682% = $986 (EMV)(Class Rate)(Tax Cap.)(Tax Cap Rate)(Tax Capacity Tax) Plus$35,900x1.65 %= $592.35 x 129.682% = $768 (EMV)(Class Rate)(Tax Cap.)(Tax Cap Rate)(Tax Capacity Tax) Plus$111,9000.2708 %= + $ 303 (EMV)(Total Market Value Rate)(Market Value Tax) Less Homestead Education Credit - 390.00 Total Tax $1,667 N2001 ASSESSMENT Q UESTIONS APRIL 2001 • Why 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 my property this last summer and told me there were no changes to my characteristics, why did my value increase? The value of your property is based on reported and recorded market sales data collected over the past year. Your 2001 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 2001 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 change my value? There is no limit on the change in estimated market value. However, the limited market value or the taxable value for residential, (homestead or non - homestead) may be limited. The increase in the property's taxable value may not exceed; (1) 8.5% 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 your neighborhood. Review homes 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 for the assessor's office to review your home. If you plan to attend the Board of Equalization we must review your property prior to scheduling you on the agenda. In most cases we will determine a mutually acceptable value for your property and it will not be necessary for you to appear before the board. However, if the assessor's office review does not result in a satisfactory explanation of the original valuation or a satisfactory adjustment to the value you may then wish to regarding appear before the board. We suggest you be prepared to discuss specific issue s g g your property, neighborhood or recent comparable sales. Please remember this is not the forum to air grievances with property taxes in general; this meeting, by statute, relates only to valuation and classification. What can I do as a senior citizen with a limited income if I feel you are taxing me out of my home? As a senior citizen it is important to remember to file for the property 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 your local legislator to voice your concerns regarding the impact of taxes on senior citizens. Can I have you also review my 2000 valuation for taxes payable this year? No. Your 2001 taxes are based on the 2000 valuation. The previous year's assessment has already been finalized. Questions regarding the 2000 value needed to be addressed when you received the valuation notice in April 2000, or at the Local Board of Equalization on May 1, 2000. • What will my 2002 taxes be with this change? The tax rates have not been determined for the 2002 taxes. We will have a better idea of estimating taxes when the legislature adjourns in May. The Truth in Taxation notice in November 2001 will give you the first accurate estimate of the 2002 taxes. 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 thru September, 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 q Y potential market P 9 p (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. 2001 CITY OF BROOKLYN CENTER RESIDENTIAL TAXES INCLUDES HENNEPIN COUNTY SOLID WASTE MARKET VALUE LEVY • HOMESTEAD TAXES 2000 vs 2001 11 Anoka Hennepin 279 Osseo 281 Robbinsdale 286 Brooklyn Center Market Value 2000 Tax 2001 Tax 2000 Tax 2001 Tax 2000 Tax 2001 Tax 2000 Tax L2001 Tax $40,000 $529 $504 $527 $548 $508 $513 $511 $502 $45,000 $568 $567 $593 $617 $572 $578 $575 $565 $50,000 $632 $630 $659 $685 $635 $642 $639 $628 $55,000 $695 $693 $725 $754 $699 $706 $703 $691 $60,000 $758 $757 $791 $822 $762 $770 $767 $753 $61,000 $770 $769 $804 $836 $775 $783 $780 $766 $62,000 $783 $782 $817 $850 $788 $796 $792 $778 $63,000 $796 $794 $831 $863 $801 $809 $805 $791 $64,000 $808 $807 $844 $877 $813 $821 $818 $804 $65,000 $821 $820 $857 $891 $826 $834 $831 $816 $66,000 $834 $832 $870 $904 $839 $847 $844 $829 $67,000 $846 $845 $883 $918 $851 $860 $856 $841 $68,000 $859 $857 $896 $932 $864 $873 $869 $854 $69,000 $871 $870 $910 $946 $877 $886 $882 $866 $70,000 $884 $883 $923 $959 $889 $898 $895 $879 $71,000 $897 $895 $936 $973 $902 $911 $907 $891 $72,000 $909 $908 $949 $987 $915 $924 $920 $904 $73,000 $922 $920 $962 $1,000 $928 $937 $933 $917 $74,000 $935 $933 $976 $1,014 $940 $950 $946 $929 $74,700 $943 $942 $985 $1,024 $949 $959 $955 $938 . $75,000 $947 $946 $989 $1,028 $953 $963 $959 $942 $76,000 $960 $958 $1,002 $1,041 $966 $975 $971 $954 $77,000 $979 $978 $1,022 $1,063 $985 $995 $991 $973 $77,700 $993 $992 $1,036 $1,077 $999 $1,009 $1,004 $986 $78,000 $999 $998 $1,042 $1,084 $1,004 $1,014 $1,010 $992 $79,000 $1,019 $1,017 $1,062 $1,105 $1,024 $1,034 $1,029 $1,011 $80,000 $1,038 $1,037 $1,082 $1,126 $1,043 $1,053 $1,048 $1,030 $81,000 $1,058 $1,057 $1,102 $1,147 $1,062 $1,073 $1,068 $1,049 $82,000 $1,077 $1,076 $1,123 $1,168 $1,081 $1,092 $1,087 $1,068 $83,700 $1,110 $1,110 $1,157 $1,204 $1,114 $1,125 $1,120 $1,100 $84,700 $1,130 $1,129 $1,177 $1,225 $1,134 $1,145 $1,139 $1,119 $85,000 $1,136 $1,135 $1,183 $1,231 $1,139 $1,151 $1,145 $1,125 $86,500 $1,165 $1,165 $1,213 $1,263 $1,168 $1,180 $1,173 $1,153 $87,500 $1,185 $1,185 $1,233 $1,284 $1,188 $1,199 $1,193 $1,172 $88,500 $1,204 $1,204 $1,253 $1,305 $1,207 $1,219 $1,212 $1,191 $89,500 $1,224 $1,224 $1,273 $1,326 $1,226 $1,238 $1,231 $1,210 Pry b0 Y.�. $90,500 $1,243 $1,244 $1,294 $1,347 $1,246 $1,258 $1,250 $1,229 $91,500 $1,263 $1,263 $1,314 $1,368 $1,265 $1,277 $1,270 $1,248 $92,500 $1,283 $1,283 $1,334 $1,389 $1,284 $1,297 $1,289 $1,267 $93,500 $1,302 $1,303 $1,354 $1,410 $1,303 $1,316 $1,308 $1,286 $94,500 $1,322 $1,322 $1,374 $1,432 $1,323 $1,336 $1,327 $1,305 $95,500 $1,341 $1,342 $1,394 $1,453 $1,342 $1,355 $1,347 $1,324 $96,500 $1,361 $1,362 $1,414 $1,474 $1,361 $1,375 $1,366 $1,343 0 $97,500 $1,380 $1,381 $1,434 $1,495 $1,381 $1,394 $1,385 $1,362 $98,500 $1,400 $1,401 $1,454 $1,516 $1,400 $1,414 $1,404 $1,381 P-01 $99,500 $1,420 $1,421 $1,475 $1,537 $1,419 $1,433 $1,424 $1,400 V.- Psy'01 $100,500 $1,439 $1,440 $1,495 $1,558 $1,439 $1,453 $1,443 $1,419 05/03/2001 2001 CITY OF BROOKLYN CENTER RESIDENTIAL TAXES INCLUDES HENNEPIN COUNTY SOLID WASTE MARKET VALUE LEVY • HOMESTEAD TAXES 2000 vs 2001 11 Anoka Hennepin 279 Osseo 281 Robbinsdale 286 Brooklyn Center Market Value 2000 Tax 2001 Tax 2000 Tax 2001 Tax 2000 Tax 2001 Tax 2000 Tax 2001 Tax $105,000 $1,527 $1,529 $1,585 $1,653 $1,525 $1,540 $1,529 $1,504 $110,000 $1,625 $1,627 $1,694 $1,758 $1,622 $1,638 $1,626 $1,621 $115,000 $1,735 $1,726 $1,819 $1,864 $1,737 $1,735 $1,731 $1,742 $120,000 $1,856 $1,824 $1,944 $1,969 $1,858 $1,843 $1,850 $1,862 $125,000 $1,978 $1,940 $2,070 $2,089 $1,978 $1,962 $1,970 $1,983 $130,000 $2,099 $2,060 $2,195 $2,215 $2,099 $2,082 $2,090 $2,103 $135,000 $2,221 $2,179 $2,321 $2,342 $2,219 $2,202 $2,209 $2,224 $145,000 $2,463 $2,419 $2,571 $2,595 $2,460 $2,441 $2,449 $2,465 $150,000 $2,585 $2,539 $2,697 $2,722 $2,581 $2,561 $2,568 $2,585 $155,000 $2,706 $2,659 $2,822 $2,849 $2,701 $2,680 $2,688 $2,706 $160,000 $2,828 $2,779 $2,948 $2,976 $2,822 $2,800 $2,808 $2,826 $170,000 $3,071 $3,018 $3,198 $3,229 $3,063 $3,039 $3,047 $3,067 $180,000 $3,314 $3,258 $3,449 $3,482 $3,304 $3,278 $3,286 $3,308 $190,000 $3,556 $3,497 $3,700 $3,736 $3,545 $3,518 $3,526 $3,549 $200,000 $3,799 $3,737 $3,951 $3,989 $3,786 $3,757 $3,765 $3,791 $210,000 $4,042 $3,977 $4,202 $4,242 $4,027 $3,996 $4,004 $4,032 $220,000 $4,285 $4,216 $4,452 $4,496 $4,268 $4,235 $4,244 $4,273 $230,000 $4,528 $4,456 $4,703 $4,749 $4,509 $4,475 $4,483 $4,514 $240,000 $4,771 $4,696 $4,954 $5,002 $4,750 $4,714 $4,722 $4,755 $250,000 $5,014 $4,935 $5,205 $5,256 $4,991 $4,953 $4,962 $4,996 • 0: 1MNIKEEEEEPREMNTWxxMTA %MTEMA%CLG01•%LEI�tTux • 05/03/2001 CITY OF BROOKLYN CENTER 2001 TAX CAPACITY RATES • Area Wide Ratio: 30.3981 ANOKA OSSEO ROBBINS- BROOKLYN Area Wide Rate: 155.082 ISD #11 ISD #279 DALE CENTER ISD #281 ISD #286 SCHOOL 52.281 56.858 46.682 47.211 COUNTY 37.624 37.624 37.624 37.624 CITY (INCLUDES HRA) 36.052 36.052 36.052 36.052 MISCELLANEOUS 8.87 8.87 8.87 8.87 M.V. School 0.19028 0.19028 0.19028 0.19028 Rates (market City 0.06195 0.06195 0.06195 0.06195 value) Solid Waste 0.01857 0.01857 0.01857 0.01857 TOTAL M.V. RATE 0.2708 0.2708 0.2708 0.2708 HOMESTEAD - 36.052 - 36.052 - 36.052 - 36.052 EDUCATION CREDIT TOTAL TAX CAP. RATE 135.098 139.675 129.499 130.028 LAST YEAR (PAY 99) 135.242 136.734 131.942 127.806 COMMERCIAL - INDUSTRIAL Effective % rate is applied to market value. VALUE LESS THAN $150, 900 EFFECTIVE TAX RATE %- 2000 3.4981 3.5812 3.5402 3.4442 EFFECTIVE TAX RATE %- 2001 3.4313 3.5696 3.5512 3.4454 COMMERCIAL - INDUSTRIAL Effective % rate is applied to market value. VALUE GREATER THAN $150,000 EFFECTIVE TAX RATE %- 2000 4.8735 4.9684 4.9084 4.7609 EFFECTIVE TAX RATE %- 2001 4.7893 4.9593 4.9226 4.7681 APARTMENTS Effective rate is applied to market value. EFFECTIVE TAX RATE %- 2000 3.443 3.5337 3.4232 3.3515 EFFECTIVE TAX RATE %- 2001 3.4132 3.5851 3.3615 3.3849 2000 vs 2001 VALUATION CHANGES FOR BROOKLYN CENTER RESIDENTIAL PROPERTIES Payable 2001 TO 2002 PERCENTAGE OF PERCENTAGE OF CHANGE NUMBER OF PARCELS RESIDENTIAL PARCELS -34 % TO -20 % 5 0.06% -19 % TO -10 % 0 0.00% -9 % TO -1% 5 0.1% NO CHANGE 7 0.1% +1 % TO +5% 212 2.6% +6% TO +10% 708 8.8% +11 % TO +20% 5,883 73.4% • +21 % TO +30% 1,006 12.5% +31 % TO +40% 115 1.4% +41 % TO +50% 38 0.5% +51 % and Over 41 0.5% TOTAL 8,020 100.0% Parcels with increasing values - 8,003 99.8% Parcels with an increase of more than 10% - 7,083 88.3% Parcels with an increase of more than 20% - 1,200 15.0% Parcels with declining values - 10 0.1% Note: Approximately 89% of all residential properties in Brooklyn Center will have a taxable market value that is less than the assessed market value for the 2001 payable 2002 assessment. G:\DeptsWSSESS\ BOARD \2001INJWMISC.XLS]9MOstratificafion 05/0712001 CHANGES MADE TO 2001 ASSESSMENT CITY OF BROOKLYN CENTER OVERALL Prepared by the Brooklyn Center Assessor's Office VALUE CHANGE City Wide - All (Includes all property types) 13.3% (Excluding new construction) 11.9% City Wide - Resid. (Single Family - Detached Only) 15.4% (Excluding new construction) 14.8% Commercial (excluding new construction) 2.6% Industrial 10.3% Apartments 25.0% Condominiums 16.7% Co -ops No Change * Townhouses 14.3% (Excluding new construction) Double Bungalows 8.9% Residential Neighborhoods #50 River Neighborhood 10.0% (excluding new constructioi #51 North West 14.1% (excluding new construction) #52 North East 13.3% (excluding new construction) #53 West Central 14.5% (excluding new construction) #54 South East 18.8% (excluding new construction) #55 South West 17.6% is (excluding new construction) River & Lake Properties #56 Waterfront 12.9% 3:%o8PtussessewRD2D01jrr9W p.wmxispi Ch&W 05/03/2001 CITY OF BROOKLYN CENTER MINNEAPOLIS BOARD OF REALTOR'S MLS SALE STATISTICS SINGLE FAMILY RESIDENTIAL PROPERTIES 1999 SALE 2000 SALE PERCENTAGE INFORMATION INFORMATION CHANGE FOR 2000 FOR 2001 ASSESSMENT ASSESSMENT Number of Homes sold 323 337 +4.33% % of Listings Sold 1 77.6 85.75 +10.5% Average List Price I $ 115,297 $129,715 +12.51% Average Sale Price I $ 115,439 $130,083 +12.69% % of List Price Received 100.12 100.28 +0.2% Median Sale Price $120,500 $129,900 +7.8% Average Number of Days on Market 16.02 10 37.58% Average List Price of Homes Not Sold $ 127,898 $137,874 +7.8% Information listed is for MLS District 363 (Brooklyn Center) only. Source is the second half 2000 photo sold book and year end marketing analysis, published by the Regional Multiple Listing Service Inc., This information represents only MLS marketed homes. As of the morning of May 4, 2001 the Realtor's — RMLS system indicated that 61 residential properties in Brooklyn Center went off market after January 1, 2001 and were closed sales as of May 4, 2001. The average sale prices for these 61 Brooklyn Center single - family residential properties that sold and closed in 2001 was $140,292 and the median sale price was $141,800. May 03, 2001 09:01 AM Page 1 Residential Listings Search Criteria Market Code: OFF - MARKET fisting Status: Sold ff Market Date: 01/01/2001+ Area Main: 363 Brooklyn Center Sale Price: 1+ Municipality: BROOKLYN CENTER # Status Address List Price List Date Beds Baths Above Sq Ft Sale Price 1 SOLD 5814 EWING AVE N $44,900 01/31/01 3 2 521 $57,000 2 SOLD 6712 PERRY AVE NORTH $97,900 02/22/01 2 1 660 $101,400 3 SOLD 5524 KNOX AV. N $1.09,900 04/19/01 3 1 1200 $103,000 4 SOLD 5713 HUMBOLDT AVE N $105,500 01/25/01 2 1 204 $109,000 5 SOLD 827 57TH AVENUE NORTH $119,900 01/09101 3 1 1149 $116,500 6 SOLD 4912 ABBOT AV NO $117,000 03/13101 2 1 824 $117,000 7 SOLD 5321 PENN AVE N $107,900 02/28/01 4 1 450 $119,000 8 SOLD 5603 KNOX AVENUE NORTH $119,900 01118/01 2 1 931 $123,000 9 SOLD 3018 65TH AVE. N $124,900 02/15/01 3 2 0 $124,900 10 SOLD 5400 CAMDEN AVE N $123,360 02/12/01 3 2 1124 $125,000 11 SOLD 5537 JUDY LANE $127,000 01116/01 3 2 836 $129,000 12 SOLD 7212 DUPONT AVE $118,900 02/27101 3 1 1156 $129,500 13 SOLD 5947 ALDRICH AVE NO $129,900 01/19/01 3 1 0 $129,900 14 SOLD 2301 ERICON DRIVE $124,900 02/08101 3 1 960 $129,900 15 SOLD 4911 ZENITH AVE. NO $134,500 03/17/01 4 2 1160 $133,500 16 SOLD 5643 NORTHPORT DR $134,900 01/25/01 3 2 1000 $135,000 17 SOLD 4312 WINCHESTER LN $129,900 01/23/01 3 1 1090 $135,500 18 SOLD 2009 BROOKVIEW DR $139,900 12/13/00 2 2 944 $136,700 19 SOLD 5212 HOWE LANE $136,900 03/16/01 3 1 1074 $137,000 20 SOLD 5400 67TH AVENUE N $134,900 03/23/01 4 1 958 $138,000 21 SOLD 5835 EMERSON AVE N $136,900 02/08/01 4 1 216 $139,000 22 SOLD 5405 PENN AVE N $139,900 11128100 3 2 1127 $139,000 JW 3 SOLD 5326 BRYANT AVE. NO. $135,900 10/21100 3 2 968 $139,000 4 SOLD 6400 NOBLE AVE NO $139,900 01/03/01 3 2 1025 $139,900 25 SOLD 7224 DUPONT AVE N $142,500 01/03/01 3 1 1060 $140,000 26 SOLD 5807 EMERSON AVE NO $137,900 01117/01 4 2 1184 $140,000 27 SOLD 6824 SCOTT AVE NORTH $134,900 01/30101 3 2 940 $140,000 28 SOLD 3624 ADMIRAL LANE $139,900 03/09/01 3 2 1040 $140,000 29 SOLD 5012 ABBOTT AVE N $139,900 02/01101 3 2 1020 $141,000 30 SOLD 6012 PEARSON DRIVE $139,900 01/15101 3 2 0 $141,700 31 SOLD 5016 66TH AVE N $141,900 03/10/01 4 1 958 $141,900 32 SOLD 509 61ST AVE N $139,900 01/05/01 3 2 1032 $142,000 33 SOLD 6336 ORCHARD AVE NO $139,900 01/11/01 3 2 1104 $142,000 34 SOLD 7037 EWING AVE N. $139,900 10 /30 /00 3 1 960 $142,500 35 SOLD 6430 QUAIL AVE $142,900 01/19/01 2 2 1020 $142,900 36 SOLD 5731 NORTHPORT DRIVE $139,900 02/01/01 2 2 1040 $143,000 37 SOLD 5001 WINCHESTER LN $142,900 02/20101 3 2 1248 $144,000 38 SOLD 5906 FREMONT AVE N $139,900 02/05/01 2 2 960 $144,200 39 SOLD 7024 MORGAN AVE N $144,900 02/05/01 3 2 1014 $144,900 40 SOLD 7204 HUMBOLDT AVE $144,900 02/04/01 3 1 1248 $144,900 41 SOLD 3707 54TH AV NW $143,900 01/02/01 3 2 1112 $144,900 42 SOLD 4818 HOWE LANE $139,900 01/16/01 4 2 958 $147,000 43 SOLD 3207 QUARLES RD $147,900 01/08/01 3 2 1104 $148,000 44 SOLD 5225 HOWE LN $144,900 03106/01 3 1 950 $149,900 45 SOLD 6235 MAJOR AVE N $149,900 03/12/01 3 2 1150 $150,000 46 SOLD 6343 INDIANA AVE N $150,000 02/03/01 3 2 0 $150,000 47 SOLD 6401 NOBLE AVE $149,900 01/08/01 4 2 1056 $150,800 48 SOLD 7200 HUMBOLDT AVE $149,900 03/05/01 4 1 1156 $151,100 49 SOLD 6324 SCOTT AVE N $148,000 02/15101 3 2 1248 $152,000 50 SOLD 3100 66TH AVE N $155,900 02/23/01 3 2 1308 $152,900 51 SOLD 6818 ORCHARD AVE NORTH $154,900 03/13101 4 2 1248 $153,000 52 SOLD 1506 72ND AVENUE NORTH $153,900 01/16/01 3 2 1200 $153,900 43 SOLD 7113 EWING AVENUE N $155,000 01/09101 4 3 0 $155,190 �4 SOLD 6919 PERRY AVENUE NORTH $156,800 03/02/01 4 2 1238 $157,000 55 SOLD 6819 ORCHARD AVENUE NORTH $154,900 02/06/01 3 2 1248 $159,000 56 SOLD 6124 LEE AVENUE NORTH $163,900 03/07/01 3 2 1248 $160,000 * *This information is believed to be accurate but is not guaranteed - (c) Copyright, RMLS NANCY WOJCIK - CITY OF BROOKLYN CENTER WyldFyre Listings 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 337 $130,083 12.69% $129,900 7.80% Average January 1998 assessed value of single family homes in Brooklyn Center was $82,871 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 was $ 105,600 Average January 2001 assessed value of single family homes in Brooklyn Center is $119,976 G :IDeptsI4SSESSIBOARD120011[misc growth.XLS]MLS SALE INFO 05/03/20016:35 PM Growth Analysis of Townhome Neighborhoods 2001 Assessment Nbad # Townhome Complex Percent of Growth 100 Evergreen Estates 22.7% 1 105 Rosemary Terrace 0.4% 1 110 Humboldt Square 0.6% 115 Riverwood 15.1% 120 Brookwood 30.7% 1125 Northbrook Estates 22.3% 1 130 Madsen Floral 25.5% 1 140-144 Moorwood 13.3% 1 150-152 Hi -Crest 22.5% 160 Earle Brown Farm Estates 22.6% 170 -172 Earle Brown Farm Townhomes 9.1% 1 180-188 Creek Villas 19.6% 1190-194 Mallard Creek 24.7% 1 195 Beard Avenue Condo's 26.7% Townhomes in Brooklyn Center saw an average increase of 14.3% in the 2001 assessment for taxes payable in 2002, excluding new construction. • CITY OF BROOKLYN CENTER 2001 TOWNHOME SALE ANALYSIS SALES FROM OCTOBER, 1999 TO SEPTEMBER, 2000 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 0 No Sales 115 Riverwood 20 2 $95,650 120 Brookwood 32 1 $128,600 125 Northbrook Est. 8 1 $89,500 130 Madsen Floral 28 2 $107,750 140 -144 Moorwood 36 2 $129,450 150 -152 Hi -Crest 60 5 $90,632 160 Earle Brown Farm Estates 100 15 $93,500 170 -172 Earle Brown Farm Townhomes 20 0 No Sales 180 -188 Creek Villas 103 5 $102,680 190 -194 Mallard Creek 206 15 $98,507 195 Beard Ave 3 0 No Sales Totals 643 48 TOWNHOME SALES BY STYLE # SALES TOWNHOME STYLE AVG. MKT VALUE AVG. SALE PRICE 2 Rambler $78,450 $68,750 11 Split Entry / Split Foyer $101,855 $105,236 2 Split Level $100,700 $107,750 1 1 112 E xpansion $93,700 $99,750 33 Two Story $94,118 $97,571 G: \DeptsI ASSESSOOARD\2001\[THSALES.XLS]Townhomes Sales 2001 CITY OF BROOKLYN CENTER Estimated Market Value and Sale Price Townhome Averages Assessment Years 1994 to 2001 Taxes Payable Average Market Number of Average Sale 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 This summary information was provided by the Brooklyn Center Assessor's Office March 7, 2001. G: \Depts\ ASSESS\ BOARD\2001 \[MEDIAN.XLS]Townhome Avg. VALUATION GROWTH 1982 THRU 2001 ASSESSMENTS City of Brooklyn Center _ _ _ _ Suburban Hennepin County Assessment Year * Apartments Commercial Industrial Residential Apartments Commercial Industrial Residentia! 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% City of Brooklyn Center Suburban Hennepin County Assessment Year * Apartments Commercial Industrial Residential (Apartments Commercial Industrial Residential Total 5 Year Growth 65.9% 12.2% 39.5% 44.4% 61.0% 35.0% 35.3% 40.1% Total 10 Year Growth 51.3% -3.4% 37.6% 49.6% 54.8% 28.5% 27.0% 57.3% Total 15 Year Growth 66.3% 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. 2001 Assessment is preliminary until completion of the local board of review in May and the county board of equalization 1 0 in June. G.o"a SUSS %BOMG12901 "MMISC.XLSTValaadw Ga 92-01 05/04/2001 Brooklyn Center Homestead Tax History • ASSESSMENT CPI* Assessor's Market Value SD #286 Homestead YEAR Change/Year Median Value % Change Tax Year Tax % 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% $132,300 25.28% 2002 30 Year Total 154.7% 168.7% 30 Year Total 126.1% 30 Yr. Annualized 5.2% 5.6% 30 Yr. Annualized 4.2% 20 Year Total 67.9% 71.8% 20 Year Total 139.3% 20 Yr. Annualized 3.4% 3.6% 20 Yr. Annualized 7.0% 10 Year Total 28.2% 41.3% 10 Year Total 69.1% 10 Yr. Annualized 2.8% 4.1% 10 Yr. Annualized 6.9% 5 Year Total 13.0% 39.2% 5 Year Total 42.3% 5 Yr. Annualized 2.6% 7.8% 5 Yr. Annualized 8.5% The stated change in the CPI is for the year preceeding the stated assessment year. 05/04/20018:51 AM Single Family Residential 2001 Comparison Values Revised 2/8/01 Number Median % Change Average Average Ratio # Ratios % Ratios # Ratios % Ratios Area of Sales Ratio C.O.D. 1, Total value E.M.V. Sale Price Range Under 85 %° Under 85% Over 105% Over 105% .Y li I 01 Asmt City (All Residential) 1 377 95.8 6.3 15.5% $119,976 $125,382 79.4-125.7 22 5.84% 42 11.14% 00 Asmt City (All Residential) 360 94.8 7.1 14.7% $105,579 $110,661 72.3-104.1 30 8.33% 49 13.61% 99 Asmt City (AII Residential) 383 94.9 6.3 8.0% $90,044 $95,113 74.0-135.9 32 8.36% 41 10.70% 01 A smt Townhomes 1 49 95.7 6.6 21.4% $95,476 $98,576 85.2 -132.1 0 0.00% 7 14.29% 00 Asmt Townhomes 67 94.7 5.8 12.3% $78,112 $82,8 74.9-114.6 6 8.96% 4 5.97% 99 Asmt Townhomes 60 94.4 6.1 5.6% $69,272 $73,296 76.5-128.1 4 6.67% 4 6.67% Mo tb a ` ' rl u r * &37�t4i - r'PW 01 Asmt Doubles 1 95.8 0.0 8.9% $159,500 $166,500 95.8 0 0.00% 0 0.00% 00 Asmt Doubles 2 94.8 0.2 15.1 % $136,900 $144,350 94.8 0 0.00% 0 0.00% 99 Asm Doubles 6 94.4 4.1 4.8% $123,450 $127,767 1 93.0 -103.9 0 0.00% 0 0.00% 01 Asmt Condo's 6 97.9 6.60 19.6% 1 1 $65,517 $68,200 84.8-107.9 1 16.67% 1 16.67% -- -- 0 0.00% 0 00 Asmt Condo's _ 8 94.8 '�, 5.4 � 9.1 /° I _$57,800 � $63,238 79.6-98.0 2 25.00% � - " _ 99 Asmt Condo's 10 95.1 4.4 0.8% $50,200 $53,855 84.5-99.3 1 10.00% 0 % 0.00% Prepared by CITY OF BROOKLYN CENTER 05/04/2001 ........ ..... .... - R esidential 2001: RabO StUdY : ii: : ' ' » '•'. ...... .:. ' ':. ' '' Revised 1111/01 -� • Target 95.7 Number Median I % Average Average Average Ratio # Rabos I % Ratios #Ratios % Ratios Area of Sales Ratio C.O.D. JChange Land Value E.M.V. Sale Price Range Under 85 %� Under 85% Over 105 %� Over 105% City (All Residential) 421 96.0 6.4 15.8% 5116,665 5121,813 78.8 -122.7 27 1 6.41% 45 10.69% City (SF 50 -56) 377 95.8 6.3 15.5% $119,949 $125.382 79.4 -125.7 22 5.84% 39 I 10.34% 4100 - 9/00 (SF 50 -56) 204 92.3 5.7 $121,609 $131,003 79.4 -121.3 22 10.78% 10 1 4.90% I Avg, Land Value I N 50 5 94.6 6.5 10.0% $29,400 $129,580 $137,900 84.4-104.4 1 I 20.00% 0 0.00% N 51 58 96.5 4.6 14.1% $27,500 $121,329 $126,974 82.9-114 2 3.45% 5 8.62% N 52 53 97.6 6.1 13.3% $27,000 $126,451 $130,276 83.0-125.7 1 1.89% 7 1 13.21% N 53 104 92.3 5.7 14.5% $27,000 $119,338 $128,921 79.4-107.6 10 9.62% 6 5.77% N54 114 97.7 6.5 18.8% $24,600 $112,497 $116,305 81.8-121.7 7 6.14% 12 10.53% N55 36 97.9 6.6 17.6% $27,000 $120.958 $123,499 84.6-119.7 1 2.78% 7 19.44% N56 (RL's) 5 101.7 5.5 12.9%1 $73.700 $199,060 $201.200 89.9-107.3 0 I 0.00% 2 40.00% QaUCIass 01 0 Qal /Class 02 0 Qal /Class 03 1 92.1 0.0 $ 149,600 1 $162.500 92.1 0 0.00% 0 0.00% Qal /Class 04 4 92.3 5.6 $ 184,475 1 $ 198,250 85.8-101.7 0 I 0.00% 0 0.00% Qal /Class 05 8 100.4 4.8 $ 150.538 $153,755 83.0-107.3 1 1.00% 1 1.00% Qal /Class 06 45 96.4 5.8 $ 133,400 $137,859 83.8-114.1 3 3.11% 7 7.26% QaUCIass 07 286 95.5 6.3 $ 117,713 $123,379 79.4.125.7 16 16.75% 15 15.71% QaUCIass 08 29 94.1 7.4 $ 105,234 $ 109,679 83.2-121.8 2 I 2.13% 4 425 %. Qal /Class 09 2 95.5 1.5 $ 77,850 $ 81ASO 94.0 -97.0 0 0.00% 0 0.00% QaUCIass 10 0 Qal /Class 11 0 I I Qal /Class 12 0 I I I I I Sale Price under $70,000 1 $ $ 0 0 N/A 0 0.00% Sale Price $70,000 to $90,000 12 101.6 9.7 $ 86,850 $ 82,950 87.7-121.8 0 0.00% 4 33.33% Sale Price $90,001 to $105,000 27 103.1 6.3 $ 104,000 $100,443 84.4-121.3 1 3.70% 11 40.74% Sale Price $105,001 to $120,000 95 99.2 4.9 $ 114,388 $ 115,379 82.8-125.7 1 1.05% 15 15.79% Sale Price $120,001 TO$150,000 225 93.2 5.3 $ 122,792 $131.161 79.4 -109.0 16 1 7.11% 7 3.11% Sale Price $150,001 to $180,000 13 88.0 8.2 $ 144,838 $ 159,038 79.9-105.1 4 30.77% 1 7.69% Sale Price $180,001 to $200,000 3 101.7 4.1 I $ 191,333 $189,000 94.8-107.3 0 0.00% 1 33.33% . Sale Price $200,001 and Over 2 92.1 2.4 S 209.300 1 $227.500 89.9-94.4 0 0.00% 0 0.00% I I EMV under $70,000 NIA 0.00% EMV $70,000 to $90,000 9 94.0 5.5 $ 77,900 $ 82,978 84.4 -104.6 1 11.11% 0 0.00% EMV $90,001 to $105,000 20 95.8 7.5 1 $ 99,405 $104,027 82.8-114.2 1 5.00% 3 15.00% EMV $105,001 to $120,000 180 93.4 6.8 $ 113,251 $120.358 79.4 -121.8 16 8.89% 18 10.00% EMV $120,001 to $150,000 158 97.3 5.5 $ 128,804 $132,620 79.9-125.7 4 2.53% 17 10.76% EMV $150,001 to $180,000 5 99.9 2.3 $ 160,000 $ 163,460 94.6-100.8 0 0.00% 0 0.00% EMV $180,001 to $200,000 3 105.1 1.8 1 $ 192,233 $ 183,667 101.7 -107.3 0 0.00% 1 33.33% EMV $200,001 and Over 2 92.1 2.4 I $ 209,300 $227.500 89.9.94.4 0 0.00% 0 0.00% Rambler 274 95.5 6.2 $118,742 $124,361 79.4 -125.7 16 5.84 26 9.49% Split Entry 18 91.8 6.7 $127,806 $138,131 83.0-109.5 4 2222% 2 11.11% Split Level 24 95.3 5.6 $134,250 $139,396 79.9-107.3 1 4.17% 2 8.33% 1 1/4 Exp. 48 96.5 6.5 $114,750 $118,253 84.6-121.7 1 2.08% 7 14.58% 11/2 Exp. 3 101.3 4.8 $122,867 $126,633 87.5 -1022 0 0.00% 0 0.00% 1 3/4 Exp. 3 98.1 5.0 I $119,033 $120,833 90.5-105.4 0 1 0.00% 1 33.33% 2 Story 5 99.9 72 $136,200 $138,780 86.3-114.0 0 0.00% 1 20.00% _ r • Ada Iriflueiices_ (A� & B uality A lj.: Highway /Freeway (.04) 26 93.9 6.4 $115223 $122,171 85.3 -106.1 0 0.00% 3 11.54% Apartments ( -.06) 19 100.1 6.2 $125,926 $130,242 84.4 -108.2 0 0.00% 2 10.53 %. Commercial/Industrial ( -.01) 5 95.8 3.6 $117,320 $123,393 88.0 -102.7 0 0.00% 0 0.00% Thru Street ( -.04) 42 91.6 6.7 $112,855 $121,552 81.8-119.7 6 14.29% 4 9,52% Railroad [No Adj.) 1 1 99.2 0.0 $117,600 $118,500 99.2 0 0.00% 0 0.00% Park ( +,03) 15 96.2 6.2 $127,380 $131,702 86.8 -114.1 0 0.00% 1 6.67% Airport ( -.03) 3 I 97.2 6.2 $132.833 $142,546 83.0-101.3 1 33.33% 0 0.00% Lake ( +,10) 0 #DIV /01 #DIV /01 River (NO Adj.) 5 101.7 5.5 $199,060 $201,200 89.9 -107.3 0 0 1 20.00 .. . ,Townhouses & t:olldo.� mums .. .% All Townhouses (637) 47 1 95.7 6.0 21.4% r MAW I $95,723 599,089 85.2 -118,9 0 0.00% 6 12.77% RAMBLERS 1 94.2 0.0 $72,100 $76,500 I 94.2 0 0.00% 0 1 0.00% SE/SF 11 97.9 6.7 $99.891 $105,236 82.9-112.8 1 9.09% 1 1 9.09% SPLIT LEVEL 2 93.5 1.3 $100,700 $107,750 I 92.2-94.8 0 0.00% 0 0.00% 1 112 Exp 1 93.9 0.0 $93,700 $99,750 93.9 0 0.00% 0 0.00% 2 STORY 32 99.5 7.1 $95,709 $97,186 84.9 -121.4 1 1 3.13% 7 21.88% Condominiums 6 97.9 6.6 19.6% $9,700 $66,433 $68,200 84.8 -110.3 1 16.67% 1 16.67% 115 •�:�.���i.. Double's 95.8 0.0 8.9 °/. 5159,500 766,500 95.8 0 #VALUE! 0 #VALUE! 2 Year Study Doubles 97.8 0.8 I $147,500 1,733 97.8 0 #VALUEI 0 1 #VALUE] • i � BROOKLYN CENTER - 02/08/2001 RESIDENTIAL STATISTICS SALES:335/7308 4.6% CONDO STATISTICS SALES:6 /233 2.6% APTS =A,HL DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD COM= C,GC,NP,TZ 2001 95.2% 95.9% 6.4 2001 97.9% 96.4% 6.3 FARM= BF,F,FF,FP 2000 82.2% 82.3% 7.6 2000 81.0% 81.1% 5.8 LAND= LA,LC,LI,LL,LR RES= B,BJ,D,DJ,P,R,RL INFERRED RATIOS SALES GROWTH: 16.2% INFERRED RATIOS SALES GROWTH: 18.3% OTHER = CHANGED PROP TYPE SAMPLE GROWTH: 15.7% PROP TYPE GROWTH: 15.4% SAMPLE GROWTH: 24.7% PROP TYPE GROWTH: 10.9% X MEDIAN: 951% X MEDIAN: 94.9% X MEDIAN: 101.0% X MEDIAN: 89.9% X MEAN: 95.2% X MEAN: 95.0% X MEAN: 101.1% X MEAN: 90.0% COM /IND STATISTICS SALES:8/283 2.8% RES ON LAKE STATISTICS SALES:5 /109 4.6% TOWNHOUSE STATISTICS SALES:48 /636 7.5% DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2001 99.7% 99.2% 3.6 2001 101.7% 99.6% 5.5 2001 96.1% 97.3% 6.3 2000 94.2% 95.9% 5.2 2000 86.5% 85.8% 7.7 2000 78.7% 77.9% 7.9 INFERRED RATIOS SALES GROWTH: 5.9% INFERRED RATIOS SALES GROWTH: 16.3% INFERRED RATIOS SALES GROWTH: 24.9% SAMPLE GROWTH: 14.4% PROP TYPE GROWTH: 2.2% SAMPLE GROWTH: 11.3% PROP TYPE GROWTH: 12.8% SAMPLE GROWTH: 22.9% PROP TYPE GROWTH: 21.4% X MEDIAN: 107.8% X MEDIAN: 96.3% X MEDIAN: 96.3% X MEDIAN: 97.6% X MEDIAN: 96.7% X MEDIAN: 95.6% X MEAN: 109.7% X MEAN: 98.0% X MEAN: 95.5% X MEAN: 96.8% X MEAN: 95.7% X MEAN: 94.6% APARTMENT STATISTICS SALES:6 199 6.1% RES OFF LAKE STATISTICS SALES:330/7199 4.6% DB, TP STATISTICS SALES:1 /57 1.8% DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 2001 96.7% 97.8% 8.4 2001 95.2% 95.8% 6.4 2001 95.8% 95.8% 0.0 2000 80.6% 77.7% 11.4 2000 82.1% 82.2% 7.5 2000 75.8% 75.8% 0.0 INFERRED RATIOS SALES GROWTH: 26.2% INFERRED RATIOS SALES GROWTH: 16.2% INFERRED RATIOS SALES GROWTH: 26.4% SAMPLE GROWTH: 19.2% PROP TYPE GROWTH: 22.5% SAMPLE GROWTH: 15.9% PROP TYPE GROWTH: 15.5% SAMPLE GROWTH: 1.5% PROP TYPE GROWTH: 12.2% X MEDIAN: 96.1% X MEDIAN: 98.8% X MEDIAN: 95.2% X MEDIAN: 94.8% X MEDIAN: 76.9% X MEDIAN: 85.1% X MEAN: 92.6% X MEAN: 95.2% X MEAN: 95.3% X MEAN: 94.9% X MEAN: 76.9% X MEAN: 85.1% STRATIFICATION(SINGLE FAMILY HOMES) RZ STATISTICS SALES:0 /0 BY EMV BY PRICE DIRECT RATIOS MEDIAN MEAN COD # % # % 2001 15 0 -99K 96.1% 21 0 -99K 108.8% 2000 322 100 -199K 95.9% 316 100 -199K 95.1% 2 200 -299K 92.1% 2 200 -299K 92.1% INFERRED RATIOS SALES GROWTH: 300 -399K 300 -399K 400 -499K 400 -499K SAMPLE GROWTH: PROP TYPE GROWTH: 0.0% 500K+ 500K+ X MEDIAN: 0.0% X MEDIAN: 0.0% X MEAN: 0.0% X MEAN: 0.0% ::::;:;:;:;:':;:::;: :;,: •yQ�f?1�� WFii�;;F:IrFt ::.:::::::.::::::::.::.:: ::..::...:........:............ MUNICIPALITY # SALES MEDIAN MEAN COD MUNICIPALITY # SALES MEDIAN MEAN COD BLOOMINGTON 729 95.0% 95.7% 7.1 MEDINA 38 95.7% 96.2% 7.2 BROOKLYN CENTER 335 95.2% 95.9% 6.4 MINNEAPOLIS BROOKLYN PARK 784 95.0% 95.8% 7.0 MINNETONKA 491 95.5% 95.8% 5.5 CHAMPLIN .266 96.9% 97.4% 4.9 MINNETONKA BEACH 10 95.6% 95.3% 2.9 CORCORAN 33 95.7% 94 7,8 MINNETRISTA 57 98.6% 95.0% 8.4 CRYSTAL 342 94.6% 95.5% 7.8 MOUND 140 95.6% 96.7% 8.1 DAYTON 33 96.4% 96.3% 11.3 NEW HOPE 173 95.7% 95.6% 5.9 DEEPHAVEN 57 95.3% 95.9% 6.0 ORONO 122 95.4% 95.4% 5.3 EDEN PRAIRIE 650 95.0% 95.3% 5.5 OSSEO 18 96.1% 97.0% 7.3 EDINA 554 95.1% 95.9% 10.7 PLYMOUTH 556 94.9% 94.7% 7.1 EXCELSIOR 22 97.0% 95.7% 5.9 RICHFIELD 467 94.7% 94.9% 6.7 GOLDEN VALLEY 251 95.2% 95.8% 7.9 ROBBINSDALE 240 95.4% 98.2% 5.2 GREENFIELD 20 97.8% 100.2% 10.0 ROCKFORD 2 94.6% 94.6% 1.5 GREENWOOD 9 95.5% 93.8% 3.8 ROGERS 41 97.7% 96.6% 4.2 HANOVER 1 106.0% 106.0% 0.0 STANTHONY 46 95.4% 95.1% 7.6 HASSAN 26 96.7% 94.7% 6.8 ST BONIFACIUS 17 94.8% 95.3% 4.9 HOPKINS 102 95.1% 96.1% 7.5 ST LOUIS PARK 586 96.2 ° /a 97.2 ° /a 7.1 INDEPENDENCE 22 95.5% 94.6% 6.4 SHOREWOOD 98 96.1% 96.3% 8.6 LONG LAKE 26 95.6% 95.0% 3.1 SPRING PARK 6 95.6% 95.6% 1.8 LORETTO 7 95.6% 95.9% 3.8 TONKA BAY 27 95.6% 93.4% 8.8 MAPLE GROVE 587 95.2% 95.5% 5.0 WAYZATA 38 96.2% 95.9% 6.7 MAPLE PLAIN 22 95.5% 94.6% 4.9 WOODLAND 4 94.8% 95.9% 1.7 MEDICINE LAKE 1 96.4% 96.4% 0.0 SUBURBAN HENNEPIN• 8,058 95.3% 95.8% 6.8 'PROPERTY TYPES: B,BJ,D,DJ,P,R,RL ALL HENNEPIN "• 8,058 95.3% 95.8% 6.8 "2001 EMV 110 -1999 THRU 9 -2000 SALES "'TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES • 1997 THRU 1999 GROWTH IN RESIDENTIAL ASSESSED VALUE AND TAX CAPACITY AVERAGE SINGLE F AMILY VALUE AND TAX CAPA CITY TAX YEARS 1997 THRU 2001, Percentage Median Value Percentage Tax Capacity Change Single Family Residential $77,700 $834.00 Payable 1997 Single Family Residential $80,000 2.96% $842.50 1.02% Payable 1998 Single Family Residential $84,000 5.00% $903.00 7.18% • Payable 1999 Single Family Residential $90,100 7.26% $992.65 9.93% Payable 2000 Single Family Residential $105,600 17.20% $1,248.40 25.76% Payable 2001 Single Family Residential $132,300 25.28% $1,688.95 35.29% Payable 2002 Current state law limits the growth in taxable value to an 8.5% increase from the previous years taxable value, or 15% of the difference, whichever is more. Therefore, no actual residential tax bill will reflect a 35.29 % increase in tax capacity unless new construction has taken place. G:t DeplsW SSESS\BOARD 12001INJWMISC.XLSjvalue vs capacity 05/03/2001 I COMPARISON OF THE BROOKLYN CENTER ASSESSED VALUE BY PROPERTY TYPE 1998 TO 2002 TAX YEARS PERCENTAGE PERCENTAGE PERCENTAGE PERCENTAGE PROPERTY TOTAL PAY 1999 OF PAY 1999 TOTAL PAY 2000 OF PAY 2000 TOTAL PAY 2001 OF PAY 2001 TOTAL PAY 2002 OF PAY 2002 TYPE VALUATION VALUE VALUATION VALUE VALUATION VALUE VALUATION VALUE APARTMENT $96,130,700 8.86% $104,757,700 8.99% $115,338,600 8.75% $142,100,200 9.54% COMMERCIAL $250,191,900 23.05% $264,071,300 22.67% $281,665,500 21.37% $285,707,400 19.19% INDUSTRIAL $64,265,800 5.92% $68,639,200 5.89% $83,471,500 6.33% $90,199,500 6.06% RESIDENTIAL $674,752,700 62.15% $727,068,100 62.42% $837,135,000 63.52% $970,702,600 65.19% FARM $264,500 0.02% $265,000 0.02% $320,000 0.02% $360,000 0.02% TOTALS $1,085,605,600 $1,164,801,300 $1,317,930,600 $1,489,069,700 NOTE: Payable 2002 valuation totals are based on values as of April 9, 2001. Residential taxable market value total for 1999 pay 2000 was $717,727,400. Taxable residential value for 2000 payable 2001 is 781,653,400. Residential taxable market value total for 2001 pay 2002 is approximately $833,531,000. Total non -taxed market value in 1999 was $9,341,000, 2000 had grown to $55,482,000, and 2001 has grown to $120,162,200, an increase of over $64,680,200. More than 86% of all residential properties in Brooklyn Center will have taxable value that is lower than the market value in the year 2001. G:OeptsWSSESS*OAROt MlINJWMISC.%LSpnarket vaWe history $837,135,000 Prepared by Brooklyn Center Assessor's Office 05/07/2001 COMPARISON OF THE BROOKLYN CENTER PROPERTY TAX BASE BY PROPERTY TYPE 1998 TO 2002 TAX YEARS TAX TAX TAX TAX TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE TOTAL PAY PERCENTAGE CAPACITY CAPACITY TOTAL PAY PERCENTAGE CAPACITY CAPACITY PROPERTY 1999 TAX OF 1999 TAX 2000 TAX OF 2000 TAX 2001 TAX OF 2001 TAX CHANGE CHANGE 2002 TAX OF 2002 TAX CHANGE CHANGE TYPE CAPACITY BASE CAPACITY BASE CAPACITY BASE (Dollars) (Percent) CAPACITY BASE (Dollars) (Percent) APARTMENT $2,017,793 10.09% $2,120,750 10.08% $2,218,557 9.73% $97,807 4.61% $2,675,013 10.62% $456,456 20.57% COMMERCIAL $8,490,710 42.47% $8,719,591 41.45% $9,336,100 40.93% $616,509 7.07% $9,477,082 37.63% $140,982 1.51% INDUSTRIAL $2,181,557 10.91% $2,262,101 10.75% $2,761,642 12.11% $499,541 22.08% $2,990,856 11.87% $229,214 8.30% RESIDENTIAL $7,300,732 36.51% $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 $3,306 0.02% $3,180 0.02% $3,450 0.02% $270 8.49% $3,743 0.01% $293 8.49% TOTALS $19,994,098 $21,036,365 $22,809,863 $1,773,498 8.43% $25,187,168 $2,377,305 10.42% NOTE: Payable 2002 tax capacity totals are based on values as of April 9, 2001. Adjustments for changes to state classification rates by the 2001 leoislature are not reflected in these totals. I Prepared by Brooklyn Center Assessor's Office 05/03/2001 • PID STYLE PURCH. PRICE SO. FT. RATIO SALE DATE 10- 118 -21 -12 -0008 $113,500 860 94.4 4/2000 01- 118 -21 -23 -0076 $130,000 930 94.7 3/2000 27- 119 -21 -32 -0117 $137,000 1036 96.1 9/2000 36- 119 -21 -22 -0014 $132,900 1050 94.1 8/2000 25- 119 -21 -32 -0044 $139,075 1156 94.3 7/2000 26- 119 -21 -43 -0063 Rambler $133,000 1168 94 8/2000 03- 118 -21 -43 -0086 $149,900 1250 95.2 5/2000 27- 119 -21 -42 -0113 $137,050 1272 95 5/2000 02- 118 -21 -31 -0021 $149,500 1278 94.4 8/2000 25- 119 -21 -33 -0039 $149,900 1302 94.9 8/2000 34- 119 -21 -13 -0052 $126,350 1406 93.4 7/2000 27- 119 -21 -34 -0028 $138,000 1440 94.1 10/1999 03- 118 -21 -21 -0123 $134,850 1520 94.3 10/1999 10- 118 -21 -24 -0020 $148,675 1045 95.8 6/2000 28- 119 -21-44 -0067 Split Level $137,000 1056 93 4/2000 28- 119 -21-44 -0016 $133,000 1056 93.2 7/2000 25- 119 -21 -42 -0027 $162,500 1100 94.6 7/2000 03- 118 -21 -31 -0076 $189,000 1202. 94.8 5/2000 35- 119 -21 -23 -0007 $124,768 905 96.1 1/2000 28- 119 -21 -44 -0005 Split Entry $134,000 1040 92.2 6/2000 36- 119 -21 -24 -0034 $143,000 1075 92.3 8/2000 10- 119 -21 -21 -0059 $135,900 1226 91 9/2000 02- 118 -21 -43 -0048 $102,000 845 92.6 10/1999 01- 118 -21 -34 -0101 $116,000 960 93 8/2000 01- 118 -21 -21 -0084 $116,000 1040 96.6 5/2000 10- 118 -21 -12 -0070 $135,000 1134 96.4 7/2000 01- 118 -21 -32 -0111 $140,000 1264 96.5 9/2000 34- 119 -21 -21 -0017 Expansions $139,900 1275 94.1 6/2000 01- 118 -21 -32 -0090 $138,900 1464 96.7 7/2000 25- 119 -21 -31 -0094 2 Story $157,500 1768 94.2 7/2000 RAMBLER 1 `s 1 • € PID: 10-118-21-12-0008 ADDRESS: 5220 Drew Ave N NEIGHBORHOOD: Southwest SALE DATE: April, 2000 SALE PRICE: $113,500 GROSS BLDG AREA ABOVE GRADE 860 SALE PRICEIFOOT: $131.98 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning None Finished Basement Family Room, Other Garage 2 Car Detatched • Parches /Decks None v:.-lepxs:ASSESS =,BOAR r'4 , 001",ReslaenEiai aomDaraD1es- XLS 1 522^- Mew Ave N i — RAMBLER E - _:_- =cam i - -_ PID: 01- 118 -21 -23 -0076 ADDRESS: 5801 Emerson Ave N NEIGHBORHOOD: Southeast SALE DATE: March, 2000 SALE PRICE: 5130,000 € GROSS BLDG AREA ABOVE GRADE 8301 SALE PRICEIFOOT: $130.78 € I t FEATURES: Total # of baths 2 Fireplaces 1 g Central Air Conditioning Yes Finished Basement 2 Bedrooms g Garage 2 Car Detatcl ed E Porches /Decks Deck 462 s.f., Glazed P =orch 215 sJ. f v: pts�,i 3 5 'vi; a- awOE' - €€ es:c:rn €«€ Comparames,X S£5U:40 E.,,; rscn Aie `; RAMBLER Eff - — ' 1 i i i 5 7 � i Ff� t 4 t PID: 27- 119 -21 -32 -0117 ADDRESS: 4306 71 st Ave N NEIGHBORHOOD: Northwest SALE DATE: September, 2000 SALE PRICE: $137.000 GROSS BLDG AREA ABOVE GRADE 1,036 ` SALE PRICEIFOOT: $132.24 i FEATURES: t Total # of baths 2 Fireplaces None Central Air Conditioning Yes Finished Basement 1 Bedroom, Family Room, Other Garage 2 Car Detatched, 1 Car Detatched • Porches /Decks Glazed Porch 220 s.t. � t l Fl G: Depts,ASSFESSWA.F.D e 0v,[Residantsa3 c-- rtspa €ah1es- XLS.4306 7 ';st lade N _ RAMBLER ag ` I II - -_ s _ PID: 36- 119 -21 -22 -0014 ADDRESS: 6719 Dupont Ave N NEIGHBORHOOD: Northeast SALE DATE: August, 2000 SALE PRICE: $132,900 GROSS BLDG AREA ABOVE GRADE 1,050 SALE PRICEIFOOT: $126.57 RATIO: FEATURES: Total # of baths 2 Fireplaces None i l Central Air Conditioning Yes 1 l Finished Basement None Garage 2 Car AttatChed 3 Porches /Decks Deck 276 s -f- I y. 1 =:.• °:CvP-s',Ad P5.�- �::��� R�f �; a _ft�i�.jr. ?`- i�,.:�•5;�•' -v __ . -.,'i RAMBLER PID: 25- 119-21-32-0044 ADDRESS: 7119 Fremont Ave N NEIGHBORHOOD: Northeast SALE DATE: July, 2000 SALE PRICE: $139,075 E GROSS BLDG AREA ABOVE GRADE 1,156 { SALE PRICEIFOOT: 5120 -31 i FEATURES: Total # of baths 2 Fireplaces 1 j Central Air Conditioning Yes i Finished Basement Family Room Garage 1 Car Attatched Porches/Decks None G: Dept ASSESSBOAR[ aG = :ii�ss en ai q_r r ;e -XLS;7 '9 F:emanr .ve' =! RMJBt_ER E l - a . 4 _ PtD: 26- 113-21- 43- 0063 ADDRESS: 7007 Morgan Ave N NEIGHBORHOOD: Northeast SALE DATE: August, 2000 SALE PRICE: 5133,000 GROSS BLDG AREA ABOVE GRADE 1,168 SALE PRICEIFOOT: 5113.87 FEATURES: Total # of baths 2 Fireplaces 1 { Central Air Conditioning Yes I 8 Finished Basement 2 Others Garage 1 Car Attatched F€ I Porches/Decks Clore f s� G: DLL - rtz'SESS -BO AR .RAG € ..resivY Y.3 ar:)::ru ^Ees_Rtq—,: a;,7 M ,- - ,-. J RAMBLER 4.° t .,_.., PID: 03-1 18-21-43-0086 ADDRESS: 3613 55th Ave N NEIGHBORHOOD: Southwest SALE DATE: May, 2000 SALE PRICE: 5149,990 I GROSS BLDG AREA ABOVE GRADE 1,250 SALE PRICE /FOOT: 5119.92 I FEATURES: Total # of baths 2 Fireplaces 2 E Central Air Conditioning None Finished Basement Family Room, Other Garage 2 Car Matched 1 1. Porches!Decks Deck 354 s.l., Glazed Porch 288 s.tl it i; s, G:''Ce is ASSESS -BOARD 2 0y `Mes CQmpar3L.es_XLS;36 3 6u A a N RAMBLER I Il � F$ 6 _ t t PID: 27-119-21-42-0113 ADDRESS: 7115 Palmer Lake Circle NEIGHBORHOOD: Northwest SALE DATE: May, 2000 SALE PRICE: $137,050 GROSS BLDG AREA ABOVE GRADE 1,272 SALE PRICEIFOOT: $10774 FEATURES: Total # of baths 2 Fireplaces 2 Central Air Conditioning Yes Finished Basement Family Room, 2 Other Garage 2 Car Attatched PorchesiDecks None 1 a � _ � �� '�,�� •fir � '� ��� � ,!�R` +� � �„ � x�� ,, f' " -�•�"' 3 � f �� � ', 3� � t om'° i 't � _��� ;�� j ��,,, - �_ r Ar Wo � t 3 f i • ! RAMBLER p s -- t PID: ' 25- i 19- 21- 33 -O339 ADDRESS: 7030 Fremont Ave N NEIGHBORHOOD: Northeast SALE HATE: August, 2000 SALE PRICE: $149,900 GROSS BLDG AREA ABOVE GRADE 1,302 SALE PRICEIFOOT: S115.13 FEATURES: Total # of baths 2 Fireplaces 1 Central Air Conditioning Yes Finished Basement Famiiv Room. -r?it&�en, Other Garage 2 Gar De*atche- [[ Porches /Decks Glaeev Porch 1 +08 s.f., Deck 295 s.f. 6 RAMBLER IF I �= FF i J f � 34- 119-21-13-0052 ADDRESS: 6500 Drew Ave N € ' NEIGHBORHOOD: West Central BALE DATE: July. 2000 SALE PRICE: 5128350 GROSS BLDG AREA ABOVE GRADE 1,406 SALE PRICEIFOOT: S89.86 € FEATURES: € Total # of baths 3 f Fireplaces 2 Central Air Conditioning Yes Finished Basement Gamily Room. Other i. Garage 2 Car Attaty ed sl Parches /Decks plane I , 1 €€ G: U.;- s_ SSESS L_A". RAMBLER I lIlllruiuuuui 1111 INA �..0 i E PID: 27- 119 -21 -34 -0028 ADDRESS: 7013 Grimes Ave N r NEIGHBORHOOD: Northwest I SALE DATE: October, 1999 SALE PRICE: $138,000 GROSS BLDG AREA ABOVE GRADE 1,440 SALE PRICE/FOOT: $95.83 FEATURES: Total # of baths 2 Fireplaces 2 Central Air Conditioning Ye- s i Finished Basement Family Room s Garage 2 Car Attatched Porchess`Decks Screened Porch 240 s.`•. � r I _ , RAMBLER Ir 1 - E E PID: 03- 118 -21 -21 -0123 ADDRESS: 410161 st Ave N NEIGHBORHOOD: West Central SALE DATE: October, 1999 PP SALE PRICE: $134,8511 GROSS BLDG AREA ABOVE GRADE 1,520 SALE PRICE/FOOT: $88.72 FEATURES: Total # of baths 2 Fireplaces Norse Central Air Conditioning Yes Finished Basement Family Room, Other 1 Garage 2 Car Detatched €€ Porches /Decks None ( 9 SPLIT LEVEL J PID: 10-118-21-24 -00201 ADDRESS: 3813 51 st Ave N NEIGHBORHOOD: Southwest SALE DATE: June, 2000 SALE PRICE: $148,675 GROSS BLDG AREA ABOVE GRADE 1,045 SALE PRICEIFOOT: $142.27 FEATURES: Total # of baths 2 Fireplaces None Central Air Conditioning None Finished Basement 1 Bedroom, Family Room Garage 3 Car Attatched Porches /Decks None G :tGe; ts`. ASSESS ?8E?ARDI- 20011,8esi4O- f I CG S' �'' � �,�.nt a ��satles =XL..J3813 5 7 st Ave N SPLIT LEVEL IN- t a - NMI PID: 28- 119 -21-44 -0067 ADDRESS: 6906 Regent Ave N NEIGHBORHOOD: Northwest SALE DATE: April, 2000 SALE! PRICE: $137£000 GROSS BLDG AREA ABOVE GRADE 1,056 SALE PRICEtFOOT: $129.73 FEATURES: Total # of baths 2 Fireplaces None Central Air Conditioning Yes Finished Basement None Garage 1 Car Tuckunder, 2 Car Detatched Parches /Decks Deck 224 s.f. G::GUts ASSESS P0A?G`.gvv € st .. °s ; Curs:, araties.XLSi6906 Regent Ave N SPLIT LEVEL AW s 1 - -�„ �"t• PID: -1 = 1-44 -0 16 28 10 � 0 �, ADDRESS: 7049 Perry Ave N NEIGHBORHOOD: Northwest SALE DATE: July, 2000 SALE PRICE: S133.O00 GROSS BLDG AREA ABOVE GRADE 1.056 SALE PRICEIFOOT: $125.95 FEATURES: Total # of baths 2 EE Fireplaces 2 Central Air Conditioning Yes I Finished Basement Family Room, {ether Garage 1 Car Tuckunder t[ Porches /Decks Deck 1 1`6 sJ, G: Dep ASS C SS' .30AiRr -2 0C;t eRe- _dentias 4 ', -, �-s X6S'7C4 ,e ` SPLIT 'LEVEL Aft -� AID: 25- 119 -21-42 -0027 ADDRESS: 7216 Dallas Rd. NEIGHBORHOOD: Residential River e SALE DATE: July. 2000 SALE PRICE: $162,599 j GROSS BLDG AREA ABOVE GRADE 1,199 SALE PRICE/FOOT: 514713 FEATURES: l Total # of baths 3 Fireplaces 1 Central Air Conditioning Yes Finished Basement 1 Bedroom, Family Room, Other Garage 2 Car Attatched { l Porches;Decks Deck 240 s_t- � t3:= vr:p_5`AvE_., 30 F_..- a�,__s,l "s v•:3- _..:c- ns: :,s3- SPLIT LEVEL _- j FID: 03- 118 -21 -31 -0076 ADDRESS: 5517 Twin Lake Blvd E F NEIGHBORHOOD: Southwest SALE DATE: May, 2000 SALE PRICE: $189,000 GROSS BLDG AREA ABOVE GRADE 1.202 SALE PRICEiFOOT: 5157.24 FEATURES: Total # of baths 2 Fireplaces 2 Central Air Conditioning Yes Finished Basement Family Room i Garage 2 Car Tuck€snder Porches /Decks Deck 1112 s -f., Giazed Porch 140 s -f- � G zDeGts .Ump.- t—rles- XLS'551 . T w'Ui bake Bi.a = .., r€ SPLIT ENTRY s €WUiurp i{Y{�I6 _ i f f 4 = a - . PID: 35- 119 -21 -23 -0007 ADDRESS: 2900 66th: Ave N NEIGHBORHOOD: Northwest SALE DATE: January, 2000 SALE PRICE: $123.768 I GROSS BLDG AREA ABOVE GRADE 905 SALE PRICEIFOOT: $137.87 FEATURES: Total # of baths 2 Fireplaces None Central Air Conditioning Yes Finished Basement 1 Bedroom. Family Room I 6 Garage 3 Car Attatched Porches /Decks Deck 223 s,f. € EEE I I . G: a =ARD 'M01 : lio- :v, — = pt rabies,=! Si'_e v sin A=, a_ y SPLIT ENTRY i - I_ a _ � t PIE}: 28- 118 -21- __. 44 -4446 ADDRESS: 6931 Perry Ave N i NEIGHBORHOOD: Northwest SALE DATE: June, 2000 SALE PRICE: $134.000 s GROSS BLDG AREA ABOVE GRADE 1,040 SALE PRICE/FOOT: $128.85 z FEATURES: Total # of Baths 2 l Fireplaces None � Central Air Conditioning Yes Finished Basement 2 Bedrooms, Family Room Y Garage 2 Car Attatched Porches/Decks Deck 336 s.t. f G: oa,.,s . uv=Sz BOA - ^es &riva Cum. rai+es.x.� Gy3: Party � 2 N SPLIT ENTRY E pp t PID: 36- 119-21-24 -0034 ADDRESS 6613 Colfax Ave N NEIGHBORHOOD: Northeast SALE DATE: August, 2000 6 SALE PRICE: $143,000 GROSS BLDG AREA ABOVE GRACIE 1,075 €l SALE PRICE/FOOT: 5133.02 i i FEATURES: ! Total # of baths 1 Fireplaces None Central Air Conditioning Yes€ Finished Basement 1 Bedroom, Family Room i Garage 2 Car Attatched l i Porches /Decks Deck 172 s.f. ;s i" e .s =ASS Ss, Fv',z v1 = fls'f ene.dt Comp rables.xeS;6$13 Cuffix Ave N SPLIT ENTRY r -- a _ _ PID: 10- 11802' -21 -0059 I ADDRESS: 38 -14 Oak St. NEIGHBORHOOD: Southwest SALE DATE: September. 2000 SALE PRICE: 5135,900 GROSS BLDG AREA ABOVE GRADE 1.226 SALE PRICE/FOOT: $110.85 g I FEATURES: { Total # of baths 2 Fireplaces Norte f Central Air Conditioning Yes E Finished Basement Family Room, Other 1 Garage 2 Car Tuckue drier . Parches /Decks Deck 120 s.t., Screened Pero, 168 s.t. _f EXPAN e f li a ( sf - - E. k z i { P!D• 02-118-21 - 43 - 00 4' iJ ' ADDRESS: 5331 Logan? Ave N NEIGHBORHOOD: Southeast I t SALE DATE: October. 1999 SALE PRICE: S192,000 GROSS BLDG AREA ABOVE GRADE 8-5 SALE PRICE)IFOOT: S120.71 f FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning Yes I Finished Basement 1 Bedroom e f Garage 1 Gar Attatched . Porches Decks None + II G:'uey^;ta = ASSESS - v. -.FR- coati`== ius.as'.f? €sd; b,:T'- _= =�sMI25 XL S 1 53 3' s:n Ave "i . EXPANSION a s _ _ i I = E • PID: 01- 118-21 -34 -0101 I ADDRESS: 5400 Dupont Ave N € NEIGHBORHOOD: Soutneast t SALE DATE: August, 2000 SALE PRICE: $116,000 c GROSS BLDG AREA ABOVE GRADE 960 SALE PRICE/FOOT: 5120.83 I FEATURES: Total # of baths 2 Fireplaces 1 Central Air Conditioning None k Finished Basement Family Room f Garage 1 Car Detatcned • ? Porches /Decks Deck 144 s-t. �l t , i�cL+lS'a. :i gym. E ra-RD- 00 Mas €_enti- C -�,sM- ak' "ai 94`.�� EXPANSION Al- - f PID: 01- 118 -21 -21 -0084 ADDRESS: 6001 Aldrich Ave N NEIGHBORHOOD: Southeast SALE DATE: May, 2000 f SALE PRICE: $116,000 GROSS BLDG AREA ABOVE GRADE 1,040 SALE PRICEIFOOT: $111.54 FEATURES: Total # of baths 2 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 1 Gar Detatched [l i Porches /Decks None G:'Dev A G 3 SS- 60A.- u.2SC' AQ u5 .fEa- Ps— n ies X LSi 6 rr1 A ;ric:n A.e N EXPANSION to F J� g A is, "M a t 4_ - • € PID: 10-118-21-12-0070 ADDRESS: 5143 Ewing Ave N NEIGHBORHOOD: Southwest SALE DATE: July, 2000 SALE PRICE: $135.000 GROSS BLDG AREA ABOVE GRADE 1,134 SALE PRICE/FOOT: $119,05 € € { F FEATURES: f - Total # of baths 1 Fireplaces None f Central Air Conditioning None l Finished Basement Family Room, Other Garage 1 Car Detatched :j • � ii Porches /Decks None a _ Y;cra_Qusa= 2001 [°e Ae?:b €;mua €:c }es- XL1.�5�33 cfny Ave €J ' i EXPANSION i = e e • PID: 01-11$ -21 -32 -0111 i 1 ADDRESS: 5617 Emerson Ave N I NEIGHBORHOOD: Southeast SALE DATE: September, 2000 3 SALE PRICE: $140,000 I GROSS BLDG AREA ABOVE GRADE 1 .264 SALE PRICE/FOOT: $110.76 FEATURES: Total # of baths 1 ((( Fireplaces 1 [ Central Air Conditioning Yes l � s Finished Basement Family Room [ Garage 2 Car Detatched Porches /Decks None I � s. G: Dev 1 5 - .AS EESS QAR 0,«- -0k JtResidermai e bS'5617 Emerson Ave 14 EXPANSION • F • PiD: 34- 119 -21 -21 -0017 ADDRESS: 6714 Grimes Ave N 1 s NEIGHBORHOOD: Northwest SALE DATE: June. 2000 SALE PRICE: $139,900 GROSS BLDG AREA ABOVE GRADE 1.276 SALE PRICE/FOOT: 5109.73 FEATURES: i Total # of baths 2 i Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room t Garage 2 Car Detatched Porches /Decks Deck 100 s -`. • a:'uc : * e a= fi C t' asitfe „ i Camrara'blesALS 9 -7?=t Gr.-es iue N EXPANSION 1 ' •• � o- _ — �- y� � III � �g i n a • PID: 01- 118 -21 -32 -0090 tI Is f ADDRESS: 5546 Emerson Ave N t NEIGHBORHOOD: Southeast SALE DATE: July, 2099 SALE PRICE: $138,900 I [ GROSS BLDG AREA ABOVE GRADE 1,464 SALE PRICEIFOOT: $94.88 1 0 FEATURES: Total # of baths 1 f Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room Garage 2 Car Getatched f£ • PorchesiDecks None t G: Dep ASSES; 5�,: 2 i' == bs:dti- .:4i :, ^par s S.:CLSi65lb E t rson ve 'a 2 STORY i t 9 - [{ - t • PID: 25- 119 -21 -31 -0094 ADDRESS: 1007 73rd Arse N NEIGHBORHOOD: Northeast SALE DATE: July, 2000 SALE PRICE: $157,500 GROSS BLDG AREA ABOVE GRADE 1.768 SALE PRICE/FOOT: $89.08 FEATURES: I E Total # of baths 3 Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room, Other a, 1 Garage 2 Gar At atched € l Porches /Decks Deck 40 s.f, It �l G :'.Dep,s ASSESS BOARM200a.;Re&denua Cornpa:ab;ps. LS1 :GG7 73rd Ave N 3/14/01 . COMMERCIAL AND INDUSTRIAL ANALYSIS 2000 VS. 2001 %Change Excluding Type of Property 2000 EMV Totals 2001 EMV Totals New Construction Improv. (Auto $9,531,900 $10,102,200 $200,000 3.9% (Auto Dealers $22,409,500 $22,777,000 1.6% (Banks $5,850,600 $6,032,700 3.1% (Bowling $1,502,000 $1,502,000 0.0% Fast -Food $3,004,200 $2,964,200 -1.3% (Hotel / Motel $33,084,000 $39,166,300 $2,540,300 10.7% Medical Office $7,351,100 $7,975,000 $279,200 4.7% (Office Large $32,864,600 $32,444,400 -1.3% (Office Small $9,510,900 $9,721 2.2% • (Office Condominiums $1,878,000 $1,953,100 4.0% Restaurant $8,057,000 $8,389,300 4.1% Retail $69,034,600 $65,802,600 $2,070,000 -7.7% (Shopping Center $43,640,000 $41,820,500 $573,400 -4.2% Theater $6,017,000 $11,150,000 $5,110,000 0.4% Commercial Total $253,735,400 $261,800,500 $10,772,900 -1.1% 1 1ndustrial North $62 $68,217,000 9.1% Industrial South $23,087,000 $25,947,000 $170,000 11.7% Industrial Total $85,622,800 $94,164,000 $170,000 9.8% (Total C & I Assessment $339,358,200 $355,964,500 $10,942,900 1.7% . G: \Depts\ ASSESS \SP REDS HT\ Assessor \2001cia \[overview.xls]Sheet1 F *OFFICE J Colliers Towle Real Estate Towle Report 2001 MARKET OVERVIEW • In years past, Towle Report provided a fourth quarter update of OFFICE the Minneapolis CBD and Southwest sector only. We're now expanding our fourth quarter survey to include all 485 multi - tenant office properties totaling 61.8 million sq. ft. in the Twin MARKET Cities metropolitan area. Another new addition is a table of past and current average rental rates, taxes and total operating expenses for making comparisons. HIGHLIGHTS The following office report provides data for the six -month period from second . Six -month net absorption quarter 2000 to fourth quarter 2000. Our mid -year office report, published in of 1,079,789 sq. ft. was July, will continue to cover the annual time period from second quarter to second quarter as it has for the last 15 years. reported, but it was not enough to offset the 1.4 New development coming on line dominated the fourth quarter, with 11 million sq. ft. of new space properties adding 1.4 million square feet. Three former single tenant properties that came on line. Thus, the totaling 464,000 square feet were also added to our survey, as they are now metro area vacancy rate multi - tenant. rose, from 8.9% to I I%. All of this new, mostly Class A construction contributed to a total six -month . The West sector was absorption of 1,079,789 sq. ft. Despite this impressive tenant growth and expansion, it was not enough to offset the amount of new space added. the absorption leader with Thus, the metro area vacancy rate rose, from 8.9% second quarter 2000 456,212 sq. ft. posted; to 11% fourth quarter 2000. 99% of it was in Class A. In an overall review of the market, the West sector was the absorption • Asking rents stabilized in leader, posting tenant growth of 456,212 sq. ft., 99% of which was most sectors (see quarter - claimed by Class A buildings. A similar pattern of activity occurred in the to- quarter comparisons on Southwest sector's Class A segment with absorption of 305,225 sq. ft. page In both sectors this was due to leasing in new developments, which is detailed in the sector narratives on the following pages. • There is nearly 2 million sq. ft. of sublease space on the market, which will a3 - lead to more aggressive and lower rental rates. y Office building sales were active, with 35 sales occurring in 2000 selling for $31 -$300 psf. Sixteen projects under _ construction will add another 3.2 million sq. ft. -- next year. Expect vacancies L to climb in several sectors. MarketPointe, a 242,000 sq. ft. development by Ryan Co's and Lutheran Brotherhood was recently completed in Bloomington. As predicted, average asking rents ...... . ... ................ ................ held steady in almost all sectors with the exception of the Northeast Metro and Minneapolis Out-of-CBD sectors. ST 0 Meanwhile there is an important element I o consider about the future of rental rates, and the health of the market + overall, and that is the startling amount of sublease space available. Our survey results, combined with a search of the Organization of Commercial Realtors system, shows that the amount of sublease space currently on the market is nearly 2 million sq. ft. (see below.) There are a couple of reasons for this staggering amount of space. Business The first phase of Norman Pointe, a 214,000 sq. ft. office building by Duke Weeks, growth occurred, forcing companies was recently completed in Bloomington. to relocate to meet their space needs. 29% of the vacancy is due to closures and downsizing because of mergers MINNEAPOLIS CBD Center and the Fisher Paper Box and acquisitions. And in an abrupt Downtown Minneapolis reported Building contributed to the gain. about face, there was the dissolution of minimal tenant losses of 11,321 sq. ft. e-commerce divisions and firms, now for the six-month period between second Class C buildings had similar absorption, dubbed "dot.bombs". quarter and fourth quarter 2000. Thus, of 70,249 sq. ft. Slow but steady the vacancy rate rose slightly, from 6.8% improvement brings this segment's Companies with sublease space are to 7.2%. Asking rents for Class A and vacancy rate from 19.2% to 15.7%. trying to obviate their cash outflows B buildings remained stable. Average This was due to tenant gains in the 511 by subleasing these spaces. They will rents for both Class C and Renovated Building, the Flour Exchange and the discount rents to make it happen, causing categorie's increased by 7%, as detailed Northwestern Building. Developer some rent disparities in the market. on page Timeshare Properties plans to expand the 511 Building by over 100,000 e currently under construction are 16 The Renovated segment emerged as the sq. ft. this year. developments totaling 3.2 million sq. ft. absorption leader, with 74,514 sq. ft. Trends in these new buildings include reported. This caused the vacancy rate to With several ups and downs in a few bigger floor plates, more parking, fiber improve, from 10.4% to 8.2%. Leasing Class A buildings, the net result in optics, more power and bigger systems. activity in Bassett Creek Business this segment was negative six-month An example of this is FRM Associates' Marquette Plaza in Minneapolis (the former g ederal Reserve Ban The buildin which is already home to OFFKE SUBLEASE SPACE several telecommunications firms on FOURTH QUARTER 2000/TWIN CITIES METRO AREA 1.2% the lower levels, will be completely wireless and will provide the highest SECTOR (SQ. FT.) speed telecommunications capabilities SOUTHWEST 647,500 and security in the region. It Will WEST 360,900 be skyway connected, will provide MINNEAPOLIS CBD 354,330 357+ parking spaces, and will have a new ST. PAUL CBD 313,600 outdoor public plaza with terraced landscaping featuring 6,000 plants NORTHEAST METRO 151,100 and trees. DAKOTA COUNTY 109,700 =WASHINGTON COUNTY 25,531 Investment sales were brisk in the year ANOKA COUNTY 2,759 2000, with a total of 35 transactions TOTAL 1,965,224 occurring (see page 9.) Prices ranged from $31 psf to $300 psf. Cap rates ranged from 9-9.5% for Class A A&properties; 10 -11% for Class B properties Wand 11-13% for Class C buildings. © Colliers Towle Real Estate Construction continues on two Class A © Colliers Towle Real Estate buildings: 50 South 6th St. (600,000 sq. ft.) by Hines and 900 Nicollet • MINNEAPOLIS /ST, PAUL METROPOLITAN AREA 1998 -2000 (449,000 sq. ft.) by Ryan Co's. NUMBER TOTAL TOTAL MARKET STUDY OF RENTABLE AMOUNT VACANCY NET Developer FRM Associates is moving SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION P g Anoka County 2nd Qtr. 1998 10 413,917 29,760 7.2% 3,496 forward with construction of 534,000 sq. ft. at Marquette Plaza the former 2nd Qtr. 1999 12 483,917 49,056 10.1% 50,704 2nd Qtr. 2000 13 489,966 56,594 11.6% 25,462 Federal Reserve Bank. 4th Qtr. 2000 12 466,966 35,782 7.7% 20,812 MINNEAPOLIS OUT -OF -CBD Dakota County 2nd Qtr. 1998 20 1,059,203 95,926 9.1% 166,028 New to the survey is Broadway Ridge, 2nd Qtr. 1999 24 1,306,524 215,570 16.5% 127,677 a 180,739 s ft. project built b the /0 2nd Qtr. 2000 28 1,533,524 258,351 16.8 144,349 q' P ro y 4th Qtr. 2000 30 1,620,297 292,830 18.1% 52,029 Chute Company that is 62% leased. This Minneapolis CBD - - contributed to six -month absorption of Class A 2nd Qtr. 1998 13 10,483,773 452,452 4.3% - 61,823 128,576 sq. ft. 2nd Qtr. 1999 13 10,523,887 436,029 4.1% 16,423 2nd Qtr. 2000 14 11,401,676 463,166 4.1% 848,264 There were not enough tenant gains, 4th Qtr. 2000 14 11,472,592 606,095 5.3% - 74,599 however, to improve the vacancy rate, Class B 2nd Qtr. 1998 32 6,929,549 483,744 7.0% 295,878 thus it rose, from 9.6% second quarter 2nd Qtr. 1999 31 6,861,073 329,184 4.8% 153,837 to 12.0% fourth quarter 2000. 2nd Qtr. 2000 31 6,910,758 428,176 6.2% - 56,869 4th Qtr. 2000 31 6,888,756 508,185 7.4% - 81,485 Rental rates increased by 6.3% to Class C 2nd Qtr. 1998 15 2,019,786 349,572 17.3% 49,410 $13.44 psf. 2nd Qtr. 1999 14 1,944,850 289,185 14.9% 60,387 Nearly completed is the former Bank's 2nd Qtr. 2000 14 1,964,861 259,594 13.2% 29,591 4th Qtr. 2000 14 1,960,119 307,355 151% 70,249 building at 615 1st Ave NE, which _ will add 156,000 sq. ft. to the universe. Renovated 2nd Qtr. 1998 22 2,457,144 270,806 11.0% 80,229 Developer SchaeferRichardson purchased • 2nd Qtr. 1999 22 2,745,612 269,843 9.8% 139,563 the project from Hillcrest Development 2nd Qtr. 2000 26 3,215,783 333,345 10.4% 348,498 and plans to complete renovation and 4th Qtr. 2000 26 3,159,495 258,831 8.2% 74,514 commence occupancy by this spring. Subtotal 2nd Qtr. 1998 82 21,890,252 1,556,574 7.1% 363,694 2nd Qtr. 1999 82 - 22,075,422 1,324,241 6.0% 370,210 ST. PAULCBD 2nd Qtr. 2000 85 23,493,078 1,484,281 6.3% 1,169,484 Overall, Downtown St. Paul reported 4th Qtr. 2000 85 23,480,962 1,680,466 7.2% - 11,321 tenant gains totaling 131,725 sq. ft. Minneapolis 2nd Qtr. 1998 16 1,370,991 124,783 9.1% 14,611 for the six -month period ending fourth Out -of -CBD 2nd Qtr. 1999 16 1,370,991 153,255 11.2% - 28,472 quarter 2000. However, it was not 2nd Qtr. 2000 16 1,385,516 132,825 9.6% 20,428 enough to offset the amount of new 4th Qtr. 2000 17 _° 1,554,062 185,795 12.0% 128,576 space added to the universe, so the resulting vacancy rate climbed from Northeast 2nd Qtr. 1998 30 1,491,620 142,214 9.5% - 12,915 11.5% to 16 %. Metro 2nd Qtr. 1999 33 2,433,620 227,692 9.4% 114,522 2nd Qtr. 2000 30 2,199,500 281,462 12.8% - 46,759 The Class A segment was the absorption 4th Qtr. 2000 31 2,240,616 314,185 14.0% - 21391 leader with 285,648 sq. ft. of tenant Northwest 2nd Qtr. 1998 12 929,212 100,555 10.8% 66,249 gains. This was mostly due to the 2nd Qtr. 1999 12 929,212 203,453 21.9% - 102,898 addition to our survey of the 368,000 2nd Qtr. 2000 13 993,996 259,139 26.1% -5,686 sq. ft. 400 N. Robert building, which 4th Qtr. 2000 13 993,067 132,593 13.4% 126,546 Minnesota Mutual is now offering as multi- tenant. As that building leases up, Minnesota Mutual employees will absorption totaling 74,599 sq. ft. Despite The Class B segment also suffered move into their new headquarters strong tenant gains in the AT&T Tower negative six -month absorption, of 81,485 at 401 N. Robert. Approximately and the new US Bancorp Center, there sq. ft. This raised the vacancy rate from 135, 000 sq. ft. is currently vacant in were substantial vacancies reported in the 6.2% to 7.4% by fourth quarter 2000. the 400 N. Robert building as some IDS Center and Piper Jaffray Tower Moderate losses were reported in the 701 workers have already relocated. . to offset them. The still - healthy vacancy Building, the newly named Tri -Tech rate ticked up, from 4.1% to 5.3 %. Office (formerly Midland Square), Several factors affected the Class A Midwest Plaza and Northstar East. vacancy rate, which rocketed from 16.8% to 26.6% by fourth quarter 2000. An ©Colliers Towle Real Estate additional 138,000 sq. ft. of vacant space CA CY A at the World Trade Center that was once retail space has been added to our MINNEAPOLIS /ST. PAUL METROPOLITAN AREA 1998 -2000 survey since it has been converted to NUMBER TOTAL TOTAL • office use. MARKET STUDY OF RENTABLE AMOUNT VACANCY NET SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION St. Paul CBD Class A average net rental rates dropped Class A 2nd Qtr. 1998 2 681,832 38,265 5.6% 30,143 by 8.7% to $14.10 psf. 2nd Qtr. 1999 2 681,832 23,796 3.5% 14,469 2nd Qtr. 2000 3 1,084,466 182,273 16.8% 244,157 The Class B segment posted negative 4th Qtr. 2000 4 1,618,488 430,647 26.6% 285,648 absorption totaling 128,882 sq. ft. for Class B 2nd Qtr. 1998 23 4,152,653 338,858 8.2% 17,518 the six -month period ending fourth 2nd Qtr. 1999 23 4,178,816 237,007 5.7% 101,891 quarter 2000. The resulting vacancy 2nd Qtr. 2000 24 -:- _ 4,748,914 487,329 10.3% 239,637 rate rose from 10.3% to 13 %. Moderate 4th Qtr. 2000 24 ,_, 4,684,161 616,211 13.2% - 128,882 losses in the First National Bank Class C 2nd Qtr. 1998 12 1,272,799 201,116 15.8% - 35,638 building, Firstar Center, the Golden 2nd Qtr. 1999 12 1,272,799 162,646 12.8% 38,470 Rule building and Park Square Court 2nd Qtr. 2000 12 1,315,705 153,000 11.6% 9,646 were reported. 4th Qtr. 2000 12 1,310,875 177,031 13.5% - 25,031 Subtotal 2nd Qtr. 1998 37 ` 6,107,284 578,239 9.5% 12,023 Asking rents ticked up slightly, from 2nd Qtr. 1999 37 6,133,447 423,449 6.9% 154,830 $8.29 psf to $8.39 psf. 2nd Qtr. 2000 39 -_ 7,149,085 822,602 11.5% 493,440 4th Qtr. 2000 40 7,613,524 1,223,889 16.1% 131,735 Class C buildings also suffered six -month St. Paul 2nd Qtr. 1998 21 1,830,870 271,194 14.8% 2,292 tenant losses of 25,031 sq. ft, the Out-of -CBD 2nd Qtr. 1999 21 1,841,870 202,864 11.0% 68,330 majority of which were at Metro 2nd Qtr. 2000 22 1,928,806 190,707 9.9% 14,649 4th Qtr. 2000 22 _- 1-928,682 204,485 106% -13 -902 Square. This caused the vacancy rate to southwest - - - -- jump from 11.6% to 13.5% by fourth Class A 2nd Qtr. 1998 17 4,371,073 146,005 3.3% 442,000 quarter 2000. 2nd Qtr. 1999 20 4,937,714 555,337 11.2% 158,688 2nd Qtr. 2000 20 4,932,809 296,553 6.0% 255,484 Average net asking rents remained stable 4th Qtr. 2000 24 5,655,121 717,104 12.7% 305,225 at $8.39 psf. Class B 2nd Qtr. 1998 113 8,405,906 397,281 4.7% 13,830 2nd Qtr. 1999 116 8,673,880 589,750 6.8% - 30,675 Relief is in sight for St. Paul's parking 2nd Qtr. 2000 119 8,743,074 830,661 9.5% 22,231 g P g 4th Qtr. 2000 121 _ -`__ 8,820,931 1,093,625 12.4/0 - 132,964 shortage. Already in the works is Capitol City Plaza, a 700 -car ramp by the St. Subtotal 2nd Qtr. 1998 130 `` 12,776,979 543,286 4.3 °/n 455,830 Paul Port Authority. Two more proposals ro osals 2nd Qtr. 1999 136 = 13,611,594 1,145,087 8.% 128,013 2nd Qtr. 2000 139 =_ 13,675,883 1,127,214 8.22/° 277,715 include the Cleveland Circle Transit 4th Qtr. 2000 145 14,476,052 1,810,729 12.5% 172,261 Hub and a Metro Transit Hub near the Washington o 9 2nd Qtr. 1998 4 280,877 4,142 1.5/0 10,849 new Xcel Center. County 2nd Qtr. 1999 5 = 323,527 29,447 9.1% 17,345 2nd Qtr. 2000 6 -° 359,077 35,124 9.8% 26,073 ST. PAULOUT -OF -CBD west 4th Qtr. 2000 7 417.413 75,125 18.0% 19,232 Following several years of steady Class A 2nd Qtr. 1998 8 1,594,256 70,632 4.4% 96,147 progress, St. Paul Out -of -CBD reported 2nd Qtr. 1999 7 1,512,522 213,210 14.1% - 142,578 tenant losses of 13,902 sq. ft. for 2nd Qtr. 2000 8 1,730,654 90,972 5.3% 341,238 the six -month period ending fourth 4th Qtr. 2000 11 - _- 2,367,330 276,935 11.7% 450,713 quarter 2000. The resulting vacancy rate Class B 2nd Qtr. 1998 63 = 4,062,452 278,007 6.8% - 34,540 increased, from 9.9% to 10.6 %. 2nd Qtr. 1999 70 = 4,562,418 562,618 12.3% 133,621 2nd Qtr. 2000 72 4,640,381 599,085 12.9% 86,136 Asking rents remained steady at 4th Qtr. 2000 72 4,639,109 593,576 12.8% 5,499 $11.08 psf. Subtotal 2nd Qtr. 1998 71 5,656,708 348,639 6.2% 61,607 2nd Qtr. 1999 77 6,074,940 775,828 12.8% -8,957 Although this sector has not seen any 2nd Qtr. 2000 80 6,371,035 690,057 10.8% 427,374 new development for years, future 4th Qtr. 2000 83 7,006,439 870,511 12.4% 456,212 construction plans (both by local Metropolitan 2nd Qtr. 1998 437 53,807,913 3,795,312 7.0% 1,143,764 partnerships) include Gateway West, Total 2nd Qtr. 1999 453 56,585,064 4,749,942 8.3% 891,304 a 200,000 sq. ft. project and renovation 2nd Qtr. 2000 471 59,579,466 5,338,356 8.9% 2,546,529 of the 80,000 sq. ft. Drake Marble 4th Qtr. 2000 485 61,798,080 6,826,390 11.0% 1,079,789 building. (In some sectors, absorption totals are adjusted to reflect true absorption in cases where buildings were remeasured or became single- tenant.) building in Bloomington was single Or -� 1 tenant and is now multi- tenant. Despite OLD 1 a this expansion, tenant losses in several BUILDING NAME CITY PRICE PSF other buildings resulted in negative 200 E. Lake Wayzata $300 six -month absorption of 132,964 sq. ft. Crescent Ridge II Minnetonka $175 This increased the vacancy rate from Crescent Ridge I Minnetonka $163 9.5% to 12.4 %. Lake Calhoun Executive Center Minneapolis $157 Overall, the Southwest sector posted US Bancorp Center Minneapolis CBD $145 six -month absorption of 172,261 sq. ft., Metropolitan Centre Minneapolis CBD $141 but again, because a greater amount Gateway /Gateway North Minnetonka $133 of unoccupied space was added, the Lawson.Commons St. Paul CBD $116 vacancy rate rose from 8.2% to 12.5 %. Roseville Corporate Center Roseville $108 National Car Bldg. Edina $105 Average asking rents remained steady, Southeast Tech Center Eagan $104 Creekridge I & II Bloomington $101 with Class A rates at $15.88 psf and 219 S 4th St. Minneapolis CBD $100 Class B rates at $12.72 psf. Minnetonka Financial Center Minnetonka $99 Future development plans totaling 4 Park Place East & West (and Tci Friday's) St. Louis Park $97 million sq. ft. are detailed on page Shady Oak Office Ctr I Minnetonka $90 13. Three large projects now under Nouthgate II Maple Grove $88 construction are Liberty Property Southgate Office Plaza Bloomington $88 Minnetonka Corporate Center Minnetonka $87 Trust's Flying Cloud Corporate World Trade Center St: Paul CBD $86* Campus (287,000 sq. ft.) in Eden Foshay Tower Minneapolis CBD $80 Prairie; Opus' Flagship Corporate Shoreview Corporate Center Shoreview $76 Center (139,000 sq. ft.) also in Eden Eden West Professional Building Eden Prairie $70 Prairie; and United Properties/Teachers' N One Paramount Plaza Bloomington $66 looms ale Tower (240,000 sq. ft.) B in Bloomington. Lexington Commerce Center Eagan $61 ngton. • 615 1 st Ave NE Minneapolis $61 ' Winsor Office Plaza & N ORTHWEST Roseridge Office (package) Roseville $60 Significant tenant gains at Brookdale Brookdale Corp. Ctrs 11 & III Brooklyn Center $58 Corporate Center I -III improved the Itasca Building (warehouse dist) Minneapolis CBD $50 vacancy rate from 26.1% to 13.4% from International Design Center(warehouse dirt) Minneapolis CBD $46 second quarter to fourth quarter 2000. Essex Building Minneapolis CBD $41 Six -month absorption totaled 126,546 Galtier Plaza St. Paul CBD $33 sq. ft. Despite high vacancy in Earl Earl Brown Tower Brooklyn Center $31 Brown Tower, due to three tenants 530 N. Third (warehouse dist) Minneapolis CBD n/a relocating, this sector has improved Riverplace Minneapolis n/a immensely from the last ten years when 'Includes vacant retail area in rentable area (23 %) ® 2001 colliers Towle Real the vacancy rate percentages hovered in the high teens and low 20's. Over 500,000 sq. ft. of new development SOUTHWEST Tenant gains in these new buildings is planned. In Maple Grove, Opus Class A development is the biggest contributed to tremendous six -month Northwest L.L.C. plans to build Arbor news in the Southwest sector. Four absorption of 305,225 sq. ft., however, Lakes I -III (300,000 sq. ft.) and TOLD new projects totaling 690,000 sq. ft. were since more space was added than was Development will build Wedgwood added between second and fourth quarter absorbed, the vacancy rate increased 14&15 (130,000 sq. ft.). In Brooklyn including: Centennial Lakes V, United by 6.7 percentage points to 12.7% by Park, Kraus Anderson will develop The ' fourth quarter 2 Properties' 220,000 s ft. project in q e 000. Village 90 000 s . ft. a redevelopment P q p J g( q )> p Edina Interlachen Corporate Center, f 133-acre i rp o a 133 ac e s to that will also include Haugland Development's 104,000 Two buildings totaling 126,000 sq. ft. retail and housing. sq. ft. building also in Edina, were added to the Class B segment. At MarketPointe, a 242,000 sq. ft. joint Richfield Bank & Trust's beautiful new Average asking rents dipped slightly, by project of Ryan Companies and Lutheran mixed -use development, Woodlake 1.5% to $9.28 psf. Brotherhood in Bloomington, and Centre, 60,000 sq. ft of office space Norman Pointe I, a 214,000 sq. ft. is now 90% occupied, and Airport I building by Duke Weeks. Business Center, a 66,000 sq. ft. Ac EST Commons (39,000 sq. ft.) And, this While taxes and operating expenses Class A growth dominated the West sector will see more new development, remained stable, the average net sector, with the addition of Duke's 1600 as detailed on page 13. rent increased by 2% to $11.24 Tower (248,000 sq. ft.) in St. Louis psf for the six -month period ending O Park and Opus Northwest L.L.C.'s Bass NORTHEAST METRO fourth quarter 2000. Creek Corporate Center (123,000 Minimal tenant losses of 2,281 sq. ft. sq. ft.) in Plymouth. Also included in were reported for the six -month period DAKOTACOUNTY the survey was the absorption in Opus' between second quarter and fourth Dakota County welcomed two new Crescent Ridge Corporate Center I quarter. The resulting vacancy rate buildings between second and fourth (265,000 sq. ft.) in Minnetonka. The climbed from 12.8% to 14 %. quarter 2000: Mendota Office Center net result was impressive tenant gains of 111, a 52,000 sq. ft. building by United 450,713 sq. ft. However, because more Average net rents rose by 5.4% to Properties in Mendota Heights and Town space was added than was absorbed, the $11.99 psf. Centre Plaza, a 42,000 sq. ft. project in Class A vacancy rate rose, from 5.3% Eagan by a local partnership. Although to 11.7 %. In development news, construction their combined occupancy of 50% continues on the 263,000 sq. ft. Veritas contributed to six -month absorption of The Class B segment posted minimal Software regional campus in Roseville. 67,613 sq. ft., it was not enough to absorption of 5,499 sq. ft., which Planned for multi- tenant development improve the overall vacancy rate. Thus, nudged the vacancy rate from 12.9% is the 25,000 sq. ft. Silverview Office the Dakota County fourth quarter 2000 to 12.8 %. Center in Mounds View. vacancy rate stands at 17.9 %, up from the 16.8% reported second quarter. Overall, the West sector claimed 456,212 AN O KA COUNTY sq. ft. of six -month absorption, but again, Posting its best occupancy since 1987, Asking rents decreased by 1.6% to because of the amount of unoccupied Anoka County had tenant gains 20,812 $11.32 psf, while taxes and operating space added, the vacancy rate went sq. ft. during the last six months, which expenses remained stable. up, from 10.8% to 12.4 %. Rental rates improved the vacancy rate from 11.6% to remained stable, with Class A at $16.75 7.7% for the period ending fourth Future development plans include: psf and Class B at $12.35 psf. quarter 2000. Contributing to the Apple Valley Financial Center improvement was absorption in Coon (120,000 sq. ft.) and Grand Oak Construction continues on Carlson Rapid's new Springbrook Executive 11, III and VII (133,000 sq. ft.). • Real Estate's 401 Carlson Parkway Plaza (added in our second quarter However, given the rising vacancy in (213,000 sq. ft.) in Minnetonka and 2000 report) and The Business Center this sector, we may not see all of the Brookstone Real Estate's Golden Valley in Columbia Heights. projects completed. SIX-MONTH E MINNEAPOLIS /ST. PAUL METRO AREA 2ND QUARTER - 4TH QUARTER 2000 500,000 MARKET SECTOR ABSORPTIONSQ.FT. ANOKA COUNTY 20,812 400,000 DAKOTA COUNTY - 52,029 p MINNEAPOLIS CBD 11,321 0 m k 300,000 3 u 2 MINNEAPOLIS OUT -OF -CBD 128,576 LL 0 J NORTHEAST -2,391 0 Q NORTHWEST 126,546 200,000 a F fl a p d m m ST. PAUL CBD 131,735 W m 0 Z = H ST. PAUL OUT -OF -CBD - 13,902 100,000 U 3 SOUTHWEST 172,261 S d Q Z 0 WASHINGTON COUNTY 19,232 0 Z E vri a WEST 456,212 TOTAL 1,079,789 • - 100,000 0 2001 Colliers Towle Real Estate 1 WASHINGTON COUNTY Added to the fourth quarter survey 1 - ALL SEICTORS was Gateway Corporate Center, a MINNEAPOLIS /ST. PAUL METRO AREA . new 60,000 sq. ft. facility by Opus 4TH QUARTER 2000 Northwest L.L.C. in Woodbury. It's occupancy of 45% contributed to 21 six -month absorption of 19,232 sq. ft. However, as this sector is relatively small, it was not enough to offset a 18 - - - -- rise in the overall vacancy rate, which Q METRO AVERAGE 11% climbed from 9.8% to 18% for fourth M u� quarter 2000. 15 rj 01 � Average asking rents ticked up by 1.4% 12 to $12.88 psf. - ._.. � N Future development plans, detailed g • on page 13, include a new proposed ' • project by Kraus Anderson Realty Co., 6 the Seasons Office Building (24,000 • sq. ft.) in Woodbury. 3 • + CL cc • • • • - - • © 2001 Colliers Towle Real Estate STATED NET RENIA L RATES AND E X P ENS E S © Colliers Towle Real Estate . MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - SECOND & FOURTH QUARTER 2000 (PSF) ' AVERAGE MARKET AVERAGE t NET RENT RANGE AVERAGE TOTALEXPENSES SECTOR NET RENT LOW -HIGH LOW -HIGH PROPERTY TAX (including taxes) 2nd Q 4th Q 2nd Q 4th Q 2nd Q 4th Q 2nd Q 4th Q Anoka County $10.94 $11.24 $6.70 - $14.00 $6.60 - $14.00 $2.75 $2.75 $6.23 $6.50 Dakota County $11.50 $11.32 $9.00- $15.00 $7.50 - $15.50 $3.02 $2.71 $6.26 $6.27 Minneapolis CBD Class A $16.63 $16.46 $13.75 - $20.00 $12.00 - $24.00 $6.60 $6.52 $12.26 $12.27 Class B $12.65 $12.78 $8.00- $16.00 $8.50- $15.50 $3.73 $3.87 $10.28 $10.72 Class C $10.12 $10.92 $5.00 - $16.00 $5.00- $14.50 $1.66 $1.57 $5.95 $5.89 Renovated $10.64 $11.36 $4.50 - $18.00 $4.50 - $14.00 $2.44 $2.10 $6.55 $6.93 Mpls.Out -of -CBD $12.64 $13.44 $8.50- $16.50 $7.00 - $18.00 $3.35 $2.79 $9.26 $8.41 Northeast $11.37 $11.99 $8.00- $15.00 $7.00 - $17.50 $2.54 $2.43 $6.99 $7.23 Northwest $9.42 $9.28 $6.00 - $12.00 $6.00 - $12.00 $2.65 $2.58 $7.13 $7.09 St. Paul CBD Class A $15.33 $14.10 $14.00 - $18.00 $12.50 - $16.00 $2.81 $4.25 $9.40 $9.92 Class B $10.72 $10.85 $5.00- $15.00 $6.00 - $16.00 $2.67 $2.51 $8.98 $9.06 Class C $8.29 $8.39 $5.25- $11.00 $6.00 - $11.00 $1.25 $1.25 $5.50 $8.16 St. Paul Out -of -CBD $11.05 $11.08 $7.50- $14.00 $5.75 - $14.00 $2.36 $3.43 $6.75 $6.16 Southwest Class A $15.82 $15.88 $13.75 - $19.25 $13.00 - $19.00 $5.89 $5.35 $11.33 $11.13 Class B $12.79 $12.72 $9.00 - $18.00 $8.00- $17.00 $3.37 $3.45 $8.64 $8.56 Washington $12.70 $12.88 $9.00 - $15.50 $9.00 - $15.50 $2.47 $2.22 $6.52 $6.38 West Class A $16.71 $16.75 $16.00 - $17.50 $16.50- $17.50 $6.09 $5.98 $11.66 $11.60 Class B $12.29 $12.35 $9.00 - $17.50 $9.00 - $16.00 $3.44 $3.49 $8.76 $8.74 TOWLE MARKET OUTLOOK Economists often say that the market P *the is headed for a "soft landing ", as if economy were coming to an end. Though we don't know exactly what the economy will do in the coming year, no market is coming to an end, certainly not the Twin Cities market. However, some indicators suggest that the office market .; has downshifted... creeping vacancies with more pending development, an enormous amount of sublease space available, and softening of rents. - -- The 1600 Tower, a 248,000 sq. ft. development in St. Louis Park, ,was recently There are 39 buildings totaling completed by Duke Weeks. 9.4 million sq. ft. that are either under construction, planned, or proposed. of the equilibrium supply range. Being of space they occupy downtown. Most are located in the Southwest, over 10% is not a reason for concessions Downtown Minneapolis, and Minneapolis to enter the market in and of itself. As The Minneapolis CBD has 1.7 million Out -of -CBD. Most are Class A, A -, B+ important is the length of time of market sq. ft. under construction, plus the and range in size from 32,000 to 1 oversupply and the trend. While the second Target headquarters building and million sq. ft. Development in previous West sector for instance is over 10%, it third AMEX building. The relocations years was mostly speculative space. just got there with new buildings. The are going to raise the vacancy rate. Plus, Now, developers want and lenders are pipeline of new product is low with only Pillsbury has begun subleasing a portion demanding some pre - leasing before 250,000 sq. ft. under construction and of their 540,000 sq. ft. space. The overall construction begins. Construction costs absorption continues to be robust. vacancy rate will climb to the low teens for new suburban office buildings of by the end of 2002. There will be large six stories or less are $120 to $130 Additionally, this corridor will get more blocks of space in the Pillsbury Center, per sq. ft. Downtown costs range from attention from space seekers who will U.S. Bank Building, Piper Jaffray $140 to $200 sq. ft. depending on want to be away from the Crosstown Tower, North Star and Baker blocks, many variables. Highway 62 closure and its adverse and the Multifoods Tower. affects on Southwest traffic. Watch for these new design trends and Depending upon the economy, it is going features in future office buildings: The Southwest sector, on the other hand, to take awhile to lease up the vacancies. • Bigger floor plates 30- 35,000 sq. ft., has been experiencing a lower rate of We have gone through a boom phase and 41' -45' depths from core to glass space absorption, has 728,000 sq. ft. many of the engines of absorption are • Fiber optics under construction, and is facing greater satisfied. It is too early to tell what will • More power, HVAC, larger restrooms traffic gridlock. The ingredients are there happen with rents. The last overbuilding • 8" raised floors for data and voice for rent softening, but it depends on if cycle - 10 years ago - was more severe cabling owners are willing to reduce rents, or than this will be and the makeup of the • New parabolic light fixture directing provide other concessions or not. owners is a bit different. Most of the light straight down, reducing glare owners of big blocks of to -be- vacant on computer screens At 16% vacant, Downtown St. Paul faces space know what's coming. They also • Floor -to- ceiling glass real challenges, although good values have deep pockets and are not likely to be • Higher suburban parking ratios from will be found in its space opportunities. aggressive rent cutters to move space. 4:1 to 4.5:1 to 5:1 A good example is PDI's commitment to lease over 110,000 sq. ft. in the 400 Despite the future oversupply of office Rents in new suburban buildings Robert Building and leave downtown space, Downtown Minneapolis is hot. are $17.50 to $19.00 psf net, plus Minneapolis. It is difficult to predict Businesses are expanding. New housing $10411.50 psf in cam and tax. just where the vacancy rate will go is bringing people downtown. New Downtown Class A rents are $18 to $24 until a couple of pending factors shake restaurants and an ice skating rink have psf net with expenses of $11 -$14 psf. out. First, the State of Minnesota is opened. Light rail and the North Star We predict some softening of rents in completing a study that could lead to the commuter line are coming. New hotels, the Southwest with 12.5% vacancy and relocation of 1 million sq. ft. of mostly Block E, and the Convention Center the St. Paul CBD at 16.1 %. Downtown downtown St. Paul tenancy. Second, a expansion are underway. People and • Minneapolis remains healthy at 7.2 %. planned development across the river for businesses want to be there. Historically, 10% has been the top end US Bank will reduce the 275,000 sq. ft. RET 11L W olliers Towle Real Estate Towle Report 2001 The Towle Report retail universe now contains 46 million sq. ft in multi - tenant shopping RETAIL centers over 30,000 sq. ft. of GLA plus downtown retail centers of over 20,000 sq. ft. With just over 2.6 million sq. ft. unoccupied, the vacancy rate is now 5.8 %, a MARKET decrease from last year's 7.7% vacancy. What is interesting is that the total universe H of multi- tenant retail centers has stayed the same due to the balance of centers deleted (Apache Mall, University Center III, Vernon Shops, Galtier Plaza, World Trade Center) with new centers and expansions added to the universe The overall vacancy (US Bancorp Plaza, Shakopee Valley Marketplace, Fischer Marketplace, rate continues to be Riverdale Village). low ... 5.8% vs. 7.7% one Most of the growth continues in three sectors: Washington County (Woodbury), year ago. Northwest (Maple Grove), and the Southwest. Approximately 1.5 million sq. ft. of new retail is under construction and 700,000 sq. ft. of retail space is being . Most of the new metro added to existing retail centers. The pace of shopping center development construction is that of the has slowed down and a fewer number of proposed projects are making it to construction. More and more developers are selling land sites to major discount mega - retailers retailers for self - development. who have grown 300% in the past ten years. Store changes include the closing of the last local Montgomery Ward store and the renaming of Dayton's Department Store to Marshall Field's. In downtown Minneapolis, Block E, now called Minneapolis Lifestyle Retail development has Center, broke ground and new retail space including a two -story Target slowed down in a number • store is being built on Nicollet Mall. of projects. Most projects The Explosion of Discount Retailers now have two or three There has been an outstanding growth in the Discount retail category mega tenants and the land such as Target, Wal -Mart, Costco, Sam's Clubs and Kmart. This subset is owned by the retailers. of retailing has not been separately tracked until this year when Towle Report looked at the growth of these mega - retailers over the . Downtown Minneapolis Past ten years. has new vitality and retail development underway. • Montgomery Ward closes its last store. w .. - .Target Corp. announced that Dayton's department ` store will be renamed } + '% ����� �• -° ` Marshall Fied's l . Movie theaters have reached a "survival of the fittest mode." • In Coon Rapids is Riverdale Village, a 950,000 sq. ft. regional center under construction by Developers Diversified. The penetration of our market by Also in Blaine, Northtown Mall loses an anchor, Montgomery Ward, when the Target, Kmart, Wal -Mart and now the WHO ARE THE store is closed this year. membership club warehouse stores like DISCOUNT Sam's Club and Costco has eclipsed the MEGA -STORE PLAYERS? In Coon Rapids, a concept plan for the W wth of our traditional multi- tenant redevelopment of Village 10 shopping it universe. These giant retailers Wal -Mart, Kmart and Target account for center was discussed and rejected offer everything: apparel, shoes, gifts, house wares, furniture, automotive $170 billion of the entire $478 billion following a traffic study. Oppidan discount industry sales or 36 %. Investments had proposed a Cub Foods products, linens, electronics, and now anchored renovation. sizeable grocery concepts. A decade WAIL-MART ago, consumers were resistant to the . 10 stores in metro area Also in Coon Rapids, Riverdale Village concept of an all -in -one store. Today's . 4 planned, Eagan, Blaine, Shopping Center, developed by consumer enjoys the convenience of Shakopee, Woodbury Developers' Diversified Realty Corp. is stopping (and parking!) only once. The . Typical Size 140,000 sq. ft. being built on 120 acres of land south only obstacle in the discounters' path of . The Pantry grocery concept adds and east of Hwy 10. Anchors include forward momentum is the lack of retail- 30,000 sq. ft. to store JoAnn Etc, Kohl's, and Linen's n' zoned land and the burgeoning grass • Wal -Mart Supercenter concept is Things. When fully built, the regional roots resistance in some communities to 190,000 sq. ft. with grocery center will have 950,000 sq. ft. Other the mega -box format and huge, lighted • 3,000 stores in USA retailers have expressed interest in the parking lots. project including Costco Wholesale, KMART which has proposed a 150,038 sq. ft. AN INTERESTING COMPARISON... • 20 stores in metro area wholesale store. In 1990, the multi - tenant shopping • Typical Size 80,000 sq. ft. center universe in the Twin Cities was • Big -K stores are 110,000 sq. ft. In Lino Lakes, Ryan Cos. is planning a approximately 38 million sq. ft. At that • Super K stores are 175,000 sq. ft. 300,000 sq. ft. retail project on 40 acres. time, the discount store universe was 2.6 with grocery, 24 hour Lino Lakes Town Center will be ready million sq. ft. or 6.4% of the combined • 1,862 stores, all but 185 renovat ed. for anchors in 2001. total universe of 40.6 million sq. ft. TARGETSTORES Today in 2001, the multi- tenant • 41 stores in metro area DAKOTA COUNTY shopping center universe is 46 million • 27 Targets (90,000 sq. ft.), Vacancy rates for the county's retail space k' � q. ft. and the discount universe is 7 Greatlands (140,000 sq. ft.) dropped to 5.2% vs. last year's 7.2 %. 7 .8 million. That is 14.5% of the total 7 SuperTargets(180,000 sq. ft.) This large sector has 15% of the total combined universe of 53.8 million sq. ft. underway or proposed retail universe, or 6.9 million sq. ft. (Shoreview, Chaska, Eagan Minnetonka, Lakeville, Rogers, . In Eagan and Apple Valley, new While growth in the multi- tenant retail Inver Grove Heights) construction will begin for two new sector has been 21%, the growth in the Su erTar et includes Archer Farms !' discount sector has been 300 %. p g Sam's Clubs including one at Fischer E grocery, floral, pharmacy, bank, Marketplace, which has added Office portrait studio, juice bar, Max and Old Navy. AN O KA COUNTY restaurant, bakery and automotive. Overall vacancy rates again went down to . 977 stores in USA In Rosemount, Cub Foods plans a 68,000 an eleven year low of 6.5 %. This county (30 are SuperTargets) sq. ft. store to anchor a retail center on continues to absorb retail development as Co. Rd. 42. There will be 20,000 sq. ft. of housing growth pushes to the northwest SAM'S CLUB additional retail space available. Oppidan metro area. Land sales prices have risen • 6 stores in metro area Investment Co. is developing the project in response to desire for high visibility (Burnsville, Fridley, called Rosemount Village. locations in a thriving trade area. Inver Grove Hts., St. Louis Park, White Bear Lake, Woodbury) Cobblestone Court in Burnsville In Blaine, the Robert Muir Co is building • Typical size 130,000 sq. ft. underwent a $ 5 million renovation a 500,000 sq. ft. project on 76 acres. • Membershi p warehouse club owned in 2000 after its sale to a local Called The Village (formerly called by Wal -Mart development group. Pheasant Ridge East), it is located on • 43 stores in US a parcel bounded by Lexington Ave., In Lakeville, developer Avalon Group has COSTCO 109th Street N.E. and Hwy 35W. Tenants a retail project on 100 -acres include Home Depot and Cub Foods. • 1 store in metro area proposed • 1 store under consideration north of 185th Street. TimberCrest at Wal -Mart purchased a site for $4 million Coon Rapids Lakeville will be anchored by a 182,000 4 (or $6.80 psf) from Blaine's EDA fora P • Typical size 140,000 - 150,000 sq. ft. sq. ft. SuperTarget along with up to 163,000 sq. ft. store. • Membership warehouse club 370,000 sq. ft. of retail and restaurants. • 250 locations in US Ryan Co. purchased a 12 -acre parcel a Colliers Towle Real Estate in Inver Grove Heights from Rottlund VACANCY AND ABSORPTION Homes and is building a 57,000 sq. ft. ka store for Rainbow Foods. The MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - FIRST QUARTER 1999 -2001 named Arbor Pointe Commons NUMBER GROSS TOTAL ANNUAL 81 ,000 S ft. MARKET STUDY OF LEASABLE AMOUNT PERCENT NET q• SECTOR DATE CENTERS AREA VACANT VACANT ABSORPTION In West St. Paul, Home Depot plans ANOKA COUNTY to open a store in 2001 on the former Neighborhood 1999 20 1,652,509 129,418 7.8% 36,209 Kmart site on Wentworth Avenue. 2000 22 1,594,560 146,129 9.2% - 74,660 2001 22 1,682,820 107,263 6.4/° 127,126 The rebirth of Sign Hills continues as Community 1999 9 2,008,940 106,616 5.3% 522,118 2000 9 1,934,413 70,947 3.7% 35,669 the new 103,000 sq. ft. Kmart relocated 2001 9 1,743,977 88,431 5.1% - 17,484 from its existing location. The 45 - year Regional 1999 1 816,000 104,000 12.7% ,15,280 old center was de - malled and re - tenanted 2000 1 816,000 73,440 9.0% 4 ` 30,560 in the last two years. 2001 1 822,000 82,000 10% `,> -2,560 Total 1999 30 4,477,449 340,034 7.6 %'% 543,047 MINNEAPOLIS 2000 32 4,344,973 290,516 6;7% -8,431 A 2001 32 4,248,797 277,694 e6, 5% 107,082 An overall vacancy rate in Minneapolis is 7 /o compared to DAKOTA COUNTY retail prop erties � P Neighborhood 1999 38 2,221,482 238,497'V 10.7% -1,618 8.3% vacancy rate last year. The 2000 39 2,245,975 285 12.7% - 16,695 submarket absorbed over 62 ,000 sq. ft. 2001 38 2,265,652 166,847 7.4% 120,424 of retail space. Community 1999 14 2,946,477 95,639 6.6% 26,720 2000 14 3,112,86 187,533 6.0% 8,106 A new 2 -story Target store of 150,000 2001 14 3.001.5df,, 154,402 5.1% 33.131 sq. ft. will command attention on Regional 1999 1 1,3;4;3,43 8,000 0.6% 42,000 2000 1 1,3 4,343 6,935 0.5% 1,065 Nicollet Mall when it opens in 2001. �� The US Bancorp Plaza at Eighth and 2001 1 y070,000 10,000 0.9% -3,065 ; Total 1999 5 Nicollet now has 48,000 sq. ft. of retail 3 ;504,302 442,136 6.8% 67,102 d restaurants including McCormick St 2000 5 6,673,179 479,815 7.2% -7,524 g 2001 C 6,337,159 331,249 5.2% 150,490 mick, an upscale West Coast seafood MINNEAPOLIS ain. Target Plaza South will have Neighborhood 1999', `"' 8 439,554 4,041 0.9% 5,983 15,000 sq. ft. of small - shop space. 2006' 9 507,554 19,204 3.8% 52,837 , t200) 9 528,611 32,521 6.2% - 13,317 In downtown Minneapolis, after 12 Community 1999 3 730,459 61,542 8.4% 25,580 years, the long awaited groundbreaking ® I 4 985 ,076 95,720 9.7% - 5,061 for Block E occurred in Oct. 2000. The 2001 4 924,521 21,590 2.3% 74,130 $157 million retail center, renamed Regional 1999 3 712,054 123,145 17.3% - 66,460 Minneapolis Lifestyle Center, will 2000 3 712,054 92,220 13.0% 30,925 2001 3 712,054 90,558 12.7% 1,662 be supported by over $39 million Downtown Retail 2000 15 833,661 46,039 5.5% n/a in city financing. The lead tenant Mixed -Use 2001 16 832,821 64,476 7.7% 6,044 is GameWorks > owned by St hen Total 1999 19 2432,236 234,728 9.7% - 25,997 ° Spielberg. The project, developed by 2000 31 3,038,345 253,183 8.3/0 78 701" McCaffery Interests, Inc. will include a 2001 32 2,998,006 209,145 7.0% 62,475 255 -room Renaissance Marriott Hotel and a 17- screen movie theater. In the Nicollet -Lake area in south NORTHEAST Minneapolis, the City of Minneapolis This sector has 43 properties and 6.9 Apache Plaza, in St. Anthony, had a relocate millions q . ft. of s p ace. Overall vacancy brief chance to be redeveloped as Tech is considering a plan that may Kmart from its Lake Street location. rate is 5.5 %. space by Hillcrest Development. The Sherman Associates, a local developer, City, however, denied the plan. We has proposed a mix of rental and for In Shoreview, plans were approved for have deleted Apache Plaza from our sale housing, up to 200,000 sq. ft. Target to expand its Greatland store to retail survey. of retail including a new Kmart, and Minnesota's first SuperTarget store. The approximately 20,000 sq. ft. of office 185,000 sq. ft. mega -store includes a Brighton Village Shopping Center lW pace. While the plan is in review stages, 32,000 sq. ft. grocery as well as five on I -694 and Silver Lake Road lost its he opening up of the key Nicollet/Lake other concepts (floral, pharmacy, coffee, anchor, Lunds Foods. intersection would benefit the area. juice, banking). in Savage. Preliminary plans call for a 200,000 sq. ft. retail center with a big -box grocer. - 1 - ��� - - - -- SOUTHWEST This is the largest sector in our survey with 9.3 million sq. ft. or 20% of the universe. Overall vacancy is now 4.2% A - ^ which is only 14% of the universe' vacancy. The strong demographic area is filling in and owners are maximizing �� ��•..� `` their GLA to accommodate tenants needs and consumers demands for new attractions. regional mall In Edina, Southdale re g has announced its plans to expand by 120,000 sq. ft. toward the south f I {:� �. • side of their property. A 16 -20 screen j cinema is planned as well as two national restaurants. The Cheesecake Factory, Proof of Scott County's rapid growth is at the intersection of Highway 13 and P.F.Chang's, both highly successful County Road 42 where all four quadrants may soon have retail development. restaurant concepts, may open their first - - Minnesota stores here. NORTHWEST corner of I -94 and Hwy 610. General Development continues in this Growth has options on the land across Richfield is the center of activity on fast - growing segment. Over 200,000 the highway to the west. office, retail and housing agendas. A sq. ft. were absorbed in the past year. proposed City Bella retail project on Current vacancy rate is 9% vs. 12.8% Opus' Arbor Lakes continues its 66th and Lyndale calls for 40,000 sq. ft. last year. This sector has 12% of the retail successful tenant roster with a 57,500 sq. of shops and restaurants as part of vs but 18% of the universe vacancy. ft. Dave `n Busters, and a 160,000 sq. ft. $30 million commercial and housing is reflects the new construction being multi -plex cinema, and a Von Maur redevelopment. At another quadrant completed for waiting tenants. department store. There is potential for of the same intersection, a proposed up to 750,000 sq. ft. in Phase II, ready development to include a new Lyndale At Brookdale regional mall, the $90 in 2002. Garden Center, retail and apartments is million renovation continues. Plans to being considered. add 200,000 sq. ft. are underway for the The City of Rogers will have the seventh Richfield is the city chosen b Best 38 -year old mall now owned by Talisman local SuperTarget store as part of a Y Y Co. Dayton's remodeled its 200,000 300,000 sq. ft. retail center proposed Buy for its new corporate headquarters sq. ft. store as have JCPenney and Sears. by Ryan Cos. Rogers Retail Centre is campus. If the plans are approved, a new The Gap stores opened 12,500 sq. ft. in located at Hwy 101 and I -94. $150 million complex will accommodate three concepts. 5,000 - 8,000 employees. Additional SCOTT COUNTY workers will create demand for housing, The Brooklyn Center Kmart was the only Current vacancy is 18.6 %, a change from restaurants and retail. Kmart store in the metro area to close in the 8.7% last year. This is due to the Eden Prairie Center continues its the recent 72 -store closing plan. development schedule of Shakopee transition as VonMaur completes its Valley Marketplace, Oppidan's 278,000 160,000 sq. ft. two -story department In Brooklyn Park, the Village North sq. ft. development on Rd 42 and Hwy store on the south side of the regional center, owned by Kraus - Anderson faces 13. Kohl's department store is awaiting mall. East of the mall and across Prairie redevelopment. The 188,000 sq. ft. approval to open an 86,000 sq. ft. store. Center Drive, Costco proposed a 148,000 center is 60% vacant. A proposal by If approved, the center, anchored by sq ft. warehouse store on land owned HuntGregory includes both housing and Target, will be 93% occupied. by Ryan Cos. but the plan was denied retail development. A new Big -K store, a 108,000 sq. ft. in early November by City officials. In Maple Grove, Rouse Co. is discussing Kmart concept, replaced the old Ryan Co. may proceed with a different plans for a regional mall with anchor Kmart store. retail project as originally planned in 1994. stores Dayton's and Nordstrom. Both retailers have signed on for the mall North American Properties is considering Also in Eden Prairie, Target increased that may open in 2003 at the southeast a mixed -use development on 60 -acres o—i 05/04/2001 2001 BROOKLYN CENTER AUTOMOBILE DEALERS 2001 Unit 2001 EMv 2000 Unit 2000 EMV ® LOCATION areas 2001 EMV Values RAND 2000 EMV Values I LAND Brookdale Ford land 375,760 Land $2,630,300 $7.00 $9.80 Land $2,630,300 $7.00 $9.80 2500 County Road 10 GBA 40,403 Building $1,053,700 $26.08 Building $1,053,700 $26.08 PID 02. 118 -21 -24 -0019 EBA 40,403 Total $3,684,000 $91.18 Total $3,684,000 $91.18 L:B Ratio 9.30 0.0% Change 3.1% Change Brookdale Chrysler- Plymouth Land 223,429 Land $1,355,000 $6.06 $9.28 Land $1,355,000 $6.06 $9.28 6121 Brooklyn Blvd. GBA 35,909 Building $718,000 $20.89 EBA Building $718,000 $20.89 EBA PID 34.119- 2143 -0005 EBA 34,369 Total $2,073,000 $57.73 EBA Total $2,073,000 $57.73 EBA AND 34- 119 -21-43 -0049 L:B Ratio 6.22 0.0% change New Imp.- $517,500 33.3% Change Ryan Olds- Mazda land 261,360 Land $2,100,000 $8.03 $12.43 Land $2,100,000 $8.03 $12.43 6700 Brooklyn Blvd. GBA 35,670 Building $1,150,000 $32.24 EBA Building $1,150,000 $32.24 EBA PID 34- 119.21.21 -0030 EBA 35,670 Total $3,250,000 $91.11 EBA Total $3,250,000 $91.11 EBA L:B Ratio 7.33 0.0% Change 8.7% change Iten Chevrolet & GEO Land 376,309 Land $3,300,000 $8.77 $11.13 Land $2,825,000 $7.51 $11.13 6701 Brooklyn Blvd. GBA 60,741 Building $890,000 $15.43 EBA Building $1,365,000 $23.66 EBA PID 34- 119 -21-22 -0009 EBA 57,688 Total $4,190,000 $68.98 EBA Total $4,190,000 $68.98 EBA L:B Ratio 6.20 0.0% Change 4.5% Change Iten Trucks (Leased) Land 73,163 Land $439,000 $6.00 $11.75 Land $439,000 $6.00 $10.80 430168th Ave N GBA 14,950 Building $421,000 $28.16 EBA Building $351,000 $23.48 EBA PID 34- 119 -21-22 -0008 EBA 14,950 Total $860,000 $57.53 EBA Total $790,000 $52.84 EBA L:S Ratio 4.89 8.9% Change -4.8% change Iten Chevrolet (Combined) Land 449,472 Land $3,739,000 $8.32 $11.24 Land $3,264,000 $7.26 $11.08 6701 Brooklyn Blvd. GBA 75,691 Building $1,311,000 $18.05 EBA Building $1,716,000 $23.62 EBA PID 34- 119 -21 -22 -0008 & 09 EBA 72,638 Total $5,050,000 $66.72 EBA Total $4,980,000 $65.79 EBA L:B Ratio 5.94 1.4% Change 2.9% change • Brookdals Honda Land 175,379 Land $1,230,000 $7.01 $14.07 Land $1,130,000 $6.44 $13.11 6801 Brooklyn Blvd. GBA 52,455 Building $1,238,400 $27.79 EBA Building $1,170,000 $26.25 EBA 34 -119 -21-22 -0017 0.095 44,567 Total $2,468,400 $47.06 EBA Total $2,300,000 $43.85 EBA L:S Ratio 3.34 7.3% Change 1.4% Change Srookdale Honda Used Cars Land 42,646 Land $280,000 $6.57 $7.07 Land $280,000 $6.57 $6.80 6837 Brooklyn Blvd. GBA 1,360 Building $21,600 $16.88 EBA Building $10,000 $7.35 EBA 34419 -21.22 -0018 EBA 1,360 Total $301,600 $221.76 EBA Total $290,000 $213.24 EBA L:8 Ratio 31.36 4.0% change -11.3% change Combined Honda New & Used Land 218,025 Land $1,510,000 $6.93 $12.70 Land $1,410,000 $6.47 $12.70 680137 Brooklyn Blvd. GBA 53,815 Building $1,260,000 $27.43 Building $1,360,000 $29.61 PID 34.22.17 & 18, EBA 45,927 Total $2,770,000 $51.47 Total $2,770,000 $51.47 L:S Ratio 4.05 0.0% Change -0.1% Change Brookdals Dodge Land 283,140 Land $2,000,000 $7.06 $7.49 Land $2,000,000 $7.06 $7.49 6800 Brooklyn Blvd. GBA 32,791 Building $120,000 $3.66 EBA Building $120,000 $3.66 EBA PID 34419 -21-21 -0009 EBA 32,791 Total $2,120,000 $64.65 EBA Total $2,120,000 $64.65 EBA L:B Ratio 8.63 0.0% Change 1.0% change Brookdale Mltslbishi Land 174,240 Land $1,130,000 $6.49 $13.20 Land $1,130,000 $6.49 $13.20 7223 Brooklyn Blvd GBA 24,957 Building $1,170,000 $46.88 Building . $ 1,170,000 $46.88 28- 119 -21.41 -0216 EBA 24,957 Total $2,300,000 $92.16 Total $2,300,000 $92.16 sftaarealbfadb'u"W.I. L:B Ratio 6.98 0.0% change -4.3% Change Osseo - Brooklyn Bus Land 210,372 Land $1,260,000 $5.99 $7.27 Land $1,051,900 $6.00 $6.51 4435 68th Ave. N. GBA 34,040 Building $270,000 $7.93 Building $318,100 $9.34 PID 34- 119 -21-22 -0012 EBA 34,040 Total $1,530,000 $44.96 Total $1,370,000 $40.25 L:B Ratio 6.18 11.7% Change -2.1% change • TOTALS Land 2,195,798 Land $15,724,300 $7.16 $10.37 Land $14,941,200 $6.80 $10.44 GBA 333,276 Building $7,052,700 $21.99 Building $7,425,800 $24.89 EBA 320,795 Total $22,777,000 $68.34 Total $22,367,000 $68.79 L:B Ratio 6.59 new Imp $0 1.8% Change new Imp $517,500 4.9% change Note: Effeclive Butdng Ama calculated with mezzankm and basement we" at 12 of actual area pka balance of krVoved area. G. Mept$% SSESSISPREDSHTAsseasoh12001ciat (AUTODLRS.XLS12001 AUTOOLRS BROOKLYN CENTER AUTO STORES AND SERVICE STATIONS EBA - Effective Building Area (baseement un taken at 1/2 actual) Growth 4.0% 2001 2000 L-B 2001 UNIT EMV / 2000 UNIT EMV / LOCATION AREA Ratio 2001 Values VALUES LAND 2000 Values VALUES LAND Duke's LAND 39,988 10.40 Land $140,000 $6.00 $12.32 Land $240,000 $6.00 $11.85 6501 Humboldt Ave. N. GBA Building $252,600 $65.68 Building $233,700 $60.76 PID 35. 119.21.14 -0010 EBA 3,846 Total $492,600 $128.08 Total $473,700 $123.17 Change 3.99% Change 2.98% Big Wheel / Rossi LAND 17,100 4.07 Land , $ 169,000 $9.88 $9.94 Land $120,000 $7.02 $10.54 6822 Brooklyn Blvd. GBA ' Building $1,000 $0.24 Building $60,200 $14.33 PID 34- 119.21.21 -0027 EBA 4,200 Total $170,000 $40.48 Total $180,200 $42.90 Change - 5.66% Change 2.97% Brookdale Cu Wash LAND 34,989 6.80 Land $275,000 $7.86 $15.61 Land $275,000 $7.86 $15.01 5500 Brooklyn Blvd. GBA Building $271,200 $52.68 Building $250,200 $48.60 PID 03.118.21.44 -0032 EBA 5,148 Total $546,200 $106.10 Total $525,200 $102.02 Change 4.00% Change 2.98% Mobile & Car Wash LAND 28,072 5.24 Land $210,500 $7.50 $21.96 Land $210,500 $7.50 $21.11 6849 Brooklyn Blvd. GBA Building $405,900 $75.80 Building $382,200 $71.37 PID 34- 119.21 -22 -0016 EBA 5,355 Total $616,400 $115.11 Total $592,700 $110.68 Change 4.00% Change 2.99% Land LAND 21,744 Land $220,000 $10.12 $10.12 Land $206,900 $9.52 $9.52 6245 Brooklyn Blvd. GBA Building $0 Building $0 PID 34. 119. 2143 -0004 EBA Total $220,000 Total $206,900 BuddingRazed6197 Change 6.33% Change 0.00% Car -X Muffler LAND 30,112 6.81 Land $180,700 $6.00 $12.31 Land $180,700 $6.00 $11.84 6810 Brooklyn Blvd. GBA 5,044 Building $190,000 $42.99 Building $175,800 $39.77 PID 34. 119.11 -21 -0031 EBA 4,420 Total $370,700 $83.87 Total $356,500 $80.66 Change 3.98% Change 2.98% Bumper To Bumper LAND 72,975 4.88 Land $383,100 $5.25 $8.88 Land $383,100 $5.25 $8.54 2105.57th Ave. n. GBA Building $264,900 $17.72 Building $240,000 $16.05 PID 02- 118 - 2142-0033 EBA 14,950 Total $648,000 $43.34 Total $623,100 $41.68 Change 4.00% Change 2.99% Christy's Service LAND 18,900 6.86 Land $70,000 $3.70 $11.05 Land $70,000 $3.70 $10.62 5300 Dupont Ave. N. GBA Building $138,800 $50.40 Building $130,800 $47.49 PID 01- 118 -21 -34 -0085 EBA 2,754 Total $208,800 $75.82 Total $200,800 $72.91 Change 3.98% Change 2.97% Firestone Tire LAND 43,350 5.20 Land $325,000 $7.50 $13.09 Land $325,000 $7.50 $12.59 5445 Xerxes Ave. N. GBA Building $242,600 $29.11 Building $220,800 $26.49 PID 03- 118 -21.44 -0030 EBA 8,335 Total $567,600 $68.10 Total $545,800 $65.48 New Improamn Nev /mj Change 3.99% Change 2.98% Goodyear Tire LAND 52,642 6.32 Land $394,800 $7.50 $10.78 Land $394,800 $7.50 $10.36 5501 Xerxes Ave. N. GBA Building $172,600 $20.72 Building $150,800 $18.10 PID 03. 118 - 21.44.0033 EBA 8,330 Total $567,400 $68.12 Total $545,600 $65.50 Change 4.00% Change 2.98% Stevens Auto Body LAND 10, %9 2.74 430.65th Ave. N. GBA Division PID 36. 119.21 -13 -0030 EBA 4,000 Midas Muffler LAND 53,143 6.39 Land $372,000 $7.00 $10.12 Land $372,000 $7.00 $9.73 1206 Brookdale Center GBA Building $165,700 $19.91 Building $145,100 $17.44 PID 03. 118.21. 14-0032 EBA 8,322 Total $537,700 $64.61 Total $517,100 $62.14 Change 3.98% Change 3.01% Phillips 66 - Land Only LAND 25,414 Land $228,700 $8.00 $9.36 Land $228,700 $8.00 $9.00 6901 Brooklyn Blvd. GBA Building $9,100 Building $0 PID 27. 119 -21.33 -0100 EBA Total $237,800 Total $228,700 3.98% 0.00% Terry's Amoco LAND 24,675 8.59 Land $172,700 $7.00 $15.74 Land $172,700 $7.00 $15.14 6044 Brooklyn Blvd. GBA Building $215,700 $75.08 Building $200,800 $69.89 PID 03-118-21-12-0002 EBA 28 Total 388 P , 73 $ , 400 $135.19 Total $373,500 $130.00 Change 3.99% Change 2.98% Super America LAND 14,520 8.34 Land $130,000 $8.95 $17.48 Lund $102,000 $7.02 $16.81 1901-57th Ave. N. GBA Building $123,800 $71.07 Building $142,100 $81.57 PID 02- 118. 2142 -0004 EBA 1,742 Total $253,800 $145.69 Total $244,100 $140.13 Change 3.97% Change 3.00% • AUTO STORES & SERVICE 051042001 BROOKLYN CENTER AUTO STORES AND SERVICE STATIONS Super America LAND 70,786 11.93 Land $600,000 $8.48 $19.05 Land $560,000 $7.91 $15.91 6545 West River Rd. GBA Building $748,700 $126.21 Building $566,200 $95.45 PID36. 119 -21 -13 -0118 EBA 5,932 Total $1,348,700 $227.36 Total $1,126,200 $189.85 • New I-P. - 200,000 2001 Change 19.76% Change 6.99% Holiday Stationstore LAND 53,603 10.09 land $450,000 $8.40 $24.65 Land $429,000 $8.00 $23.26 410 66th st n GBA 5,312 Building $871,500 $164.06 Building $817,700 $153.93 36- 119 -21.13 -0113 EBA 5,312 Total $1,321,500 $248.78 Total $1,246,700 $234.70 Change 6.00% Change 3.00% Total Petroleum LAND 15,578 48.83 Land $170,000 $10.91 $14.43 Land $170,000 $10.91 $13.88 6830 Brooklyn Blvd. GBA Building $54,800 $171.79 Building $46,200 $144.83 PID 34. 119.21.21 -0028 EBA 319 Total $224,800 $704.70 Total $216,200 $677.74 Change 3.98% Change 2.95% Bill West 76 LAND 16,393 6.93 Land $98,400 $6.00 $15.37 Land $98,400 $6.00 $14.79 2000.57th Ave. N. GBA Building $153,600 $64.97 Building $144,000 $60.91 PID 02-118-21-13-0027 EBA 2,364 Total $252,000 $106.60 Total $242,400 $102.54 Change 3.96% Change 2.97% BrookdaleCitgo LAND 38,000 27.94 Land $342,000 $9.00 $12.54 Land $342,000 $9.00 $12.06 5710 Xerxes Ave. N. GBA Building $134,600 $98.97 Building $116,300 $85.51 PID 03- 118 -21 -14 -0021 EBA 1,360 Total $476,600 $350A4 Total $458,300 $336.99 Change 3.99% Change 2.99% Humboldt Texaco LAND 26,031 16.31 Land $130,000 $4.99 $11.31 Land $130,000 $4.99 $10.88 6840 Humboldt Ave. N. GBA Building $164,500 $103.07 Building $153,200 $95.99 PID 36. 119 -21 -22 -0036 EBA 1,596 Total $294,500 $184.52 Total $283,200 $177.44 Change 3.99% Change 2.98% Neil's Conoco LAND 38,025 land $190,000 $5.00 $9.43 Land $190,000 $5.00 $9.07 35- 119.21.11 -0005 GBA 2,072 Building $168,700 $81.42 Building $155,000 $74.81 150569th Ave EBA 2,072 Total $358,700 $173.12 Total $345,000 $166.51 1966 L-B Ratio 18.35 Change 3.97% Change 2.99% Totals and Means LAND 747,009 Land $5,351,900 $7.16 $13.52 Land $5,200,800 $6.96 $12.76 GBA Building $4,750,300 $50.95 Building $4,331,100 $46.46 EBA 93,230 Total $10,102,200 $108.36 Total $9,531,900 $102.24 G: \Depts\ASSESS\SPREDSHTVusessor\2001cia\[ALJTO.XIS]AUTO STORES 8t SERVICE 5.98% Change 01 to 00 1.18% Change 98 AUTO STORES & SERVICE 05/04/2001 BANKS Brooklyn Center, Minnesota L:g 2001 UNIT 2000 UNIT LOCATION AREAS Ratio 2001 EMV VALUES (I 2000 EMV VALUES (q City- County Credit Union Land 134,454 5.99 Land $735,000 $5.47 [/] Land $735,000 $5.47 6010 Earle Brown Dr GBA 22,431 Building $772,500 $45.80 [/] Building $840,700 $49.85 [/] 02- 118 -21 -11 -0011 NRA 16,866 Total $1,507,500 $67.21 [/J Total $1,575,700 $70.25 [/] Age 1990 Change -4.3% $89.38 NRA Change -2.3 %, $93.42 NRA EMV to Land $11.21 EMV to Land $11.72 Firstar Bank Land 45,024 4.61 Land $380,000 $8.44 [/] Land $380,000 $8.44 [/] 5540 Brooklyn Blvd GBA 9,757 Building $639,200 $65.51 [/] Building $639,200 $65.51 [/] 03- 118 -21-41 -0013 NRA 9,757 Total $1,019,200 $104.46 [/] Total $1,019,200 $104.46 [/] 2 Tenant Property Age 1992 Change 0.0% $104.46 NRA Change -5.6% $104.46 NRA EMV to Land $22.64 EMV to Land $22.64 Honeywell /Alliant Credit Land 105,841 17.49 Land $655,000 $6.19 [/] Land $655,000 $6.19 (/] 5825 Xerxes Ave N GBA 6,051 Building $154,500 $25.53 [/] Building $154,500 $25.53 [/] 03- 118 -21 -14 -0026 NRA 6,051 Total $809,500 $133.78 [/] Total $809,500 $133.78 [/] Age 1980 Change 0.0% $133.78 NRA Change - 14.8% $133.78 NRA EMV to Land $7.65 EMV to Land $7.65 Marquette Bank -Brkdl Land 85,150 4.76 Land $640,000 $7.52 [/j Land $640,000 $7.52 [/]. 5620 Brooklyn Blvd GBA 17,881 Building $690,000 $38.59 [/] Building $510,000 $28.52 [/] . 03 -118 -21-41 -0001 NRA 14,720 Total $1,330,000 $74.38 [/l Total $1,150,000 $64.31 [/] Age 1961 / 1992 Change 15.7% $90.35 NRA Change 0.0% $78.13 NRA Effective Age 1986 EMV to Land $15.62 EMV to Land $13.51 Marquette Bank (auto) Land 61,775 Land $280,000 $4.53 [/] Land $280,000 $4.53 [/] 5920 Brooklyn Blvd GBA 1,960 Building $40,000 $20.41 [/] Building $30,000 $15.31 [/] 03- 118 -21 -12 -0095 NRA 1,960 Total $320,000 $163.27 [/] Total $310,000 $158.16 [/] Age 1978 Change 3.2% $163.27 NRA Change 0.0% $158.16 NRA EMV to Land $5.18 EMV to Land $5.02 Norwest Bank Land 49,456 11.54 Land $400,000 $8.09 [/] Land $400,000 $8.09 (/l 2901 Northway Dr GBA 4,285 Building $139,300 $32.51 [/] Building $99,300 $23.17 [/] 02- 118 -21 -23 -0017 NRA 4,250 Total $539,300 $125.86 [/l Total $499,300 $116.52 Age 1967 Change 8.0% $126.89 NRA Change -28.2% $117.48 NRA EMV to Land $10.90 EMV to Land $10.10 TCF Savings & Loan Land 34,601 7.95 Land $295,000 $8.53 [/] Land $295,000 $8.53 [/J 2950 Co Rd No 10 GBA 4,355 Building $212,200 $48.73 (/J Building $191,900 $44.06 [/] Total $486 900 $111.80 4 Total 507 200 $116.46 � [/l 03- 118 -21 -14 -0030 NRA ,355 T $ (/l Age 1965 Change 4.2% $116.46 NRA Change - 18.2% $111.80 NRA EMV to Land $14.66 EMV to Land $14.07 TOTALS Land 516,301 Land $3,385,000 $6.56 [/] Land $3,385,000 $6.56 [/[ GBA 66,720 Building $2,647,700 $39.68 [/J Building $2,465,600 $36.95 VI NRA 57,959 Total $6,032,700 $90.42 (/] Total $5,850,600 $87.69 Change 3.1% $104.09 Change -8.5% $100.94 EMV to Land $11.68 EMV to Land $11.33 G: 1Depts\ASSESSISPREDSHTAssessor \2001ciauBANKS.XLS]Banks 2001 05/04/2001 FAST FOOD RESTAURANTS Brooklyn Center, Minnesota 2001 UNIT 2000 UNIT # AREAS 2001 EMV VALUES 2000 EMV VALUES r Increase 4.00% 3.00% 1 Burger King LAND 31,605 Land $222,000 $7.02 Land $222,000 $7.02 6110 Brooklyn Boulevard GBA 2,403 Building $103,000 $42.86 Building $168,300 $70.04 PID 34- 119 -21-43 -0042 L/Bldg. Ratio 13.15 Total $325,000 $135.25 Total $390,300 $162.42 Closed in 2000 $10.28 EMV to Land $12.35 EMV to Land 2 Taco Bell LAND 27,901 Land $223,500 $8.01 Land $223,500 $8.01 5532 Brooklyn Boulevard GBA 2,208 Building $214,300 $97.06 Building $210,100 $95.15 PID 03- 118 -21-41 -0014 L/Bldg. Ratio 12.64 Total $437,800 $198.28 Total $433,600 $196.38 $15.69 EMV to Land $15.54 EMV to Land 3 KFC LAND 18,615 Land $160,000 $8.60 Land $160,000 $8.60 5512 Brooklyn Boulevard GBA 1,698 Building $150,900 $88.87 Building $147,900 $87.10 PID 03- 118 -21-41 -0016 L/Bldg. Ratio 10.96 Total $310,900 $183.10 Total $307,900 $181.33 $16.70 EMV to Land $16.54 EMV to Land 4 Wendy's LAND 52,692 Land $452,000 $8.58 Land $452,000 $8.58 5545 Xerxes Avenue North GBA 3,025 Building $192,700 $63.70 Building $186,500 $61.65 • PID 03- 118 -21-41 -0023 L/Bldg. Ratio 17.42 Total $644,700 $213.12 Total $638,500 $211.07 $12.24 EMV to Land $12.12 EMV to Land 5 McDonald's LAND 44,354 Land $380,600 $8.58 Land $380,600 $8.58 5525 Xerxes Avenue North GBA 4,459 Building $351,500 $78.83 Building $344,500 $77.26 PID 03- 118 -21-41 -0020 L/Bldg. Ratio 9.95 Total $732,100 $164.18 Total $725,100 $162.61 $16.51 EMV to Land $16.35 EMV to Land 6 Hardee's LAND 44,888 Land $325,000 $7.24 Land $325,000 $7.24 1601 Freeway Boulevard GBA 4,380 Building $188,700 $43.08 Building $183,800 $41.96 35- 119 -21-41 -0014 L/Bldg. Ratio 10.25 Total $513,700 $117.28 Total $508,800 $116.16 $11.44 EMV to Land $11.33 EMV to Land Vote TOTALS LAND 220,055 Land $1,763,100 $8.01 Land $1,763,100 $8.01 GBA 18,173 Building $1,201,100 $66.09 Building $1,241,100 $68.29 L/Bldg. Ratio 12.11 Total $2,964,200 $163.11 Total $3,004,200 $165.31 Fast Food within Shopping Center Parcels Increase Burger King @ Brookdale Corner Subway @ Super America & Northbrook Plaza . Leeann Chin @ Shingle Creek Center & Brookdale Corner Subs, Etc. @ Mn School of Business Panera @ Shingle Creek Center Coffee O Bagel @ Shingle Creek Center Appiebees @ Brookdale (pad) G: \Depts\ASSESS \SPREDSHT\ Assessor \2001ciagFASTFOOD.XLS]FASTFOOD - 2001 05/04/2001 RESTAURANTS Brooklyn Center, Minnesota . L:B 2001 Unit EMV to 2000 Unit EMV to # LOCATION AREAS Ratio 2001 Values Land 2000 VALUES Values Land Growth 4.0% 3.0% 1 Que Viet LAND 26,696 12.76 Land $143,600 $5.00 $11.23 Land $143,600 $5.00 $10.80 6100 Brooklyn Boulevard GBA 2,249 Building $178,700 $79.46 Building $166,400 $73.99 34 -43-47 and 03 -12 -90 AGE 1972 Total $322,300 $143.31 Total $310,000 $137.84 Change 3.97% Change 7,18% 2 50's Grill LAND 48,476 9.73 Land $339,300 $7.00 $11.71 Land $339,300 $7.00 $11.26 5524 Brooklyn Boulevard GBA 4,980 Building $228,500 $45.88 Building $206,700 $41.51 03 - 118 - 21 - 41 - 0015 AGE 1966 Total $567,800 $114.02 Total $546,000 $109.64 Change 3.99% Change 7,13% 3 Ground Round LAND 46,390 7.99 Land $371,100 $8.00 $16.95 Land $371,100 $8.00 $16.30 2545 County Road 10 GBA 5,808 Building $415,100 $71.47 Building $384,900 $66.27 02- 118 -21-31 -0049 AGE 1977 Total $786,200 $135.37 Total $756,000 $130.17 Change 3,99% Change 7,04% 4 Baker's Square LAND 43,200 10.39 Land $291,600 $6.75 $12.40 Land $291,600 $6.75 $11.92 5601 Xerxes Avenue North GBA 4,157 Building $243,900 $58.67 $0.00 Building $223,400 $53.74 $0.00 03- 118 -21 -01 -0002 AGE 1965 Total $535,500 $128.82 Total $515,000 $123.89 Change 3.98% Change 7.10% 5 Denny's LAND 81,279 14.91 Land $365,700 $4.50 $8.36 Land $365,700 $4.50 $8.03 3901 Lakebreeze GBA 5,452 Building $313,400 $57.48 Building , $287,300 $52.70 10- 118 -21-31 -0024 AGE 1978 Total $679,100 $124.56 Total $653,000 $11917 Change 4.00% Change Z03% 6 Perkins LAND 51,417 9.52 Land $282,800 $5.50 $14.04 Land $282,800 $5.50 $14.04 5915 John Martin Drive GBA 5,400 Building $439,200 $81.33 Building $439,200 $81.33 02- 118 -21 -12 -0011 AGE 1972 Total $722,000 $133.70 Total $722,000 $133.70 Change 0.00% Change 16.90% 7 Davanni's LAND 38,576 10.33 Land $212,000 $5.50 $12.13 Land $212,000 $5.50 $11.67 ' 5937 Summit Dr. GBA 3,734 Building $256,000 $68.56 Building $238,000 $63.74 02- 118 -21 -12 -0009 AGE 1981 Total $468,000 $125.33 Total $450,000 $120.51 • Change 4.00% Change 7,09% 8 Olive Garden LAND 105,192 11.56 Land $736,300 $7.00 $12.36 Land $736,300 $7.00 $12.36 1601 James Circle GBA 9,100 Building $563,700 $61.95 Building $563,700 $61.95 35- 119 -21 -41 -0018 AGE 1990 Total $1,300,000 $142.86 Total $1,300,000 $142.86 Change 0.00% Change 0.00% 9 Cracker Barrel LAND 182,744 18.74 Land $1,005,000 $5.50 $8.88 Land $1,005,000 $5.50 $8.88 1501 James Circle GBA 9,752 Building $617,000 $63.27 Building $617,000 $63.27 35- 119 -21 -41 -0019 AGE 1993 Total $1,622,000 $166.32 Total $1,622,000 $166.32 Change 0.00% Change 2,59% 10 Chi Chi's LAND 92,550 12.82 Land $700,000 $7.56 $10.64 Land $700,000 $7.56 $8.61 2101 Freeway Blvd. GBA 7,222 Building $285,000 $39.46 Building $97,000 $13.43 35- 119 -21 -13 -0006 AGE 1981 Total $985,000 $136.39 Total $797,000 $110.36 Change 23.59% Change 23.13% 11 Denny's LAND 44,431 8.32 Land $330,000 $7.43 $19.00 Land $330,000 $7.43 $18.28 6405 James Cir N GBA 5,338 Building $514,400 $96.37 Building $482,000 $90.30 35- 119 -21-42 -0012 AGE 1996 Total $844,400 $158.19 Total $812,000 $152.12 Change 3,99% Change 7, 12 TGI FRIDAY'S LAND 172,497 25.07 Land $905,600 $5.25 $9.91 Land $905,600 $5.25 $9.91 2590 Freeweay Blvd GBA 6,880 Building $803,600 $116.80 Building $803,600 $116.80 35- 119 -21 -24 -0007 AGE 1996 Total $1,709,200 $248.43 Total $1,709,200 $248.43 0.00% New Improvement 0.00% New Imp 13 Embers / Bridgeman's LAND 49,232 11.80 Land $270,700 $5.50 $8.15 Land $270,700 $5.50 $7.84 6201 Brooklyn Blvd. GBA 4,173 Building $130,700 $31.32 Building $115,300 $27.63 34- 119 -21.43 -0007 AGE 1964 Total $401,400 $96.19 Total $386,000 $92.50 Change 3.99% Change 7.18% TOTALS LAND 767,752 Land $4,718,100 $6.15 $10.93 Land $4,718,100 $6.15 $10.49 GBA 62,027 Building $3,671,200 $59.19 Building $3,338,900 $53.83 Total $8,389,300 $135.25 Total $8,057,000 $129.90 Note: Additional MIsc.Restaurants within shopping centers 4.12% Change 6. 91 % Change • \ Applebee's @ Brookdale Center Leeann Chin's Shingle Creek Center House of Hul's Humboldt Square Scoreboard Pizza @ Humboldt Square Chuck Wagon @ Northbrook Center Daddy -O's Cafe @ Boulevard Shopping Center G: kDeptskASSESSWPREDSHTOssessor�2001daVREST .XL5J2001 f:l assess \spredsht\steveb \96cia\rest.xls 05/04/2001 HO TELS/MOTELS Brookly Center HO y r Minnesota 2000 Revised US 2001 UNIT 2000 REVISED 2000rev UNIT 1999 UNIT # LOCATION AREAS Ratio 2001 EMV VALUES 14 EMV VALUES (/J 1999 EMV VALUES( , 1 Americinn Land 74,070 Land $590,000 $7.97 [q Land $590,000 $7.97 [Q Land $590,000 $7.97 [/J 2050 Freeway Blvd GBA 42,612 Building $3,530,000 $82.84 (1 Building $3,150,000 $73.92 [Q Building $3,560,000 $83.54 [Q 35- 119 -21 -13 -0021 Rooms 83 Total $4,120,000 $96.69 [/] Total $3,740,000 $87.77 [q Total $4,150,000 $97.39 [/[ *Lot size is for new part[ Age 1998 Change 10.2% $49,639 Rm Change -3.1% $45,060 Rm Change 97.1% $5o,000 Rm $1,920,000 2 Holiday Inn Land 297,182 2.46 Land $1,930,000 $6.49 [JJ Land $1,730,000 $5.82 (/J Land $1,730,000 $5.82 [Q 1501 Freeway Boulevard GBA 120,856 Building $1,570,000 $12.99 [/J Building $2,270,000 $18.78 [q Building $3,410,000 $28.22 [/J 35- 119 -21 -41 -0003 Rooms 214 Total $3,500,000 $28.96 [/J Total $4,000,000 $33.10 [/[ Total $5,140,000 $42.53 [/J Age 1971 Change -12.5% $16,365 Rm Change -26.9% $18,692 Rm Change -10.6% $24,019 Rm Operable Rooms Operable Rooms Operable Roams 3 SuperB Land 105,813 2.88 Land $767,100 $7.25 (/J Land $767,100 $7.25 pJ Land $767,100 $7.25 [/[ 6445 James Circle GBA 36,696 Building $1,962,900 $53.49 In Building $1,762,900 $48.04 [/J Building $1,702,900 $46.41 14 35- 119 -21-42 -0006 Rooms 102 $2,730,000 $74.40 [1] $2,530,000 $68.94 [/J $2,470,000 $67.31 [1) Age 1980 Change 7.9% $26,765 Rm Change -7.0% $24,804 Rm Change 10.1% $24,216 Rm 4 Baymont Inn and Suites Land 89,882 2.32 Land $720,000 $8.01 [q Land $720,000 $8.01 M Land $720,000 $8.01 14 6415 James Circle North GBA 38,700 Building $1,950,000 $50.39 [/J Building $1,560,000 $40.31 [/[ Building $2,310,000 $59.69 [/J 35- 119 -21-42 -0011 Rooms 100 Total $2,670,000 $68.99 [1 Total $2,280,000 $58.91 [q Total $3,030,000 $78.29 (! Age 1980 Change 17.1% $26,700 Rm Change -22.7% $22,800 Rm Change 3.7% $30,300 Rm 5 Comfort inn Land 47,761 Land $360,000 $7.54 [/J Land $360,000 $7.54 (/f Land $360,000 $7.50 [/J • 1600 James Circle North GBA 27,504 Building $2,014,000 $73.23 [/J Building $1,640,000 $59.63 [q Building $2,046,800 $74.42 (Q 35. 119.21.41 -0015 Rooms 60 Total $2,374,000 $86.31 [/[ Total $2,000,000 $72.72 [Q Total $2,100,000 $87.44 [/J Angie Converse 560.7464 Age 1995 Change 18.7% $39,567 Rm Change 0.0% $33,333 Rm Change -8.7% $40,083 Rm 6 Hilton Land 264,660 2.15 Land $1,862,600 $7.00 [/J Land $1,852,600 $7.00 [Q Land $1,852,600 $7.00 (1 2200 Freeway Blvd GBA 123,069 Building $8,687,400 $70.59 [4 Building $8,087,400 $65.71 [Q Building $8,554,400 $69.51 [/1 35- 119 -21.13 -0012 Rooms 176 Total $10,640,000 $85.64 [/J Total $9,940,000 $80.77 [1 Total $10,407,000 $84.56 [/J Don Erickson 566 -8000 Age 1985 Change 6.0% $59,886 Rm Change -11.6% $56,477 Rm Change 2.1% $59,131 Rm 0 Land $1477100 $6.50 /J 6.50 [/J [ 6 Country Inn Land 227,252 7.64 Land $1,477,100 $ [� land $1,477,100 $8.5 trY 2550 Freeway Blvd. GBA 29,736 Building $3,224,900 $108.45 [/J Building $2,579,900 $86.78 (/J Building $2,981,900 $100.28 [/J 35- 119 -21 -24 -0008 Rooms 85 Total $4,702,000 $158.12 [/[ Total $4,057,000 $136.43 [q Total $4,459,000 $149.95 [/1 Age 1997 Change 16.9% $55,318 Rm Change -14.5% $47,729 Rm Change 17.1% $52,459 Rm 7 Motel Land 100,000 2.41 Land $700,000 $7.00 Land $350,000 $3.50 2741 Freeway Blvd GBA 41412 Building $2,540,300 $61.34 Bldg $0 35. 119 -21 -23 -0087 Rooms 127 Total $3,240,300 $78.25 Total $350,000 Age 2000 Change 825.8% $25,514 Rm Change Partial - Improvement $2,540,300 LVI UseabM 8 Extended Stay America Land 116,913 2.57 Land $700,000 $8.04 and Land $700,000 $8.04 LV/ Land $700,000 $8.04 LV/U 2701 Freeway Blvd GBA 45,450 Building $4,329,000 $95.25 [q Building $3,596,000 $79.12 [/J Building $3,591,000 $79.01 [/( 35- 119 -21 -23 -0088 Rooms 104 Total $6,029,000 $110.65 [/J Total $4,296,000 $94.52 [q Total $4,291,000 $94.41 [Q Age 1999 Change 17.1% $48,356 Rm Change -12.5% $41,308 Rm Change $41,260 Rm Usable Land Is: 87,077 $6.99 N gross $6 Iv gross $6 Iv gr( $3,591,000 9 Inn on the Farm Land 40,000 2.59 Land $200,000 $5.00 [/J Land $200,000 $5.00 [/J Land $200,000 $5.00 [4 6150 Summit Drive GBA 15,439 Building $61,000 $3.96 [/[ Building $41,000 $2.66 [1 Building $58,000 $3.76 [/J 35. 119.21 -44 -0009 Rooms 10 Total $261,000 $16.91 [/J Total $241,000 $15.61 [4 Total $258,000 $16.71 (/J Age Change 8.3% $26,100 Rm Change 0.4% $24,100 Rm Change -2.6% $25,800 Rm TOTALS 1,363,533 Land Se.M $6.82 [/J Land $8,746,800 $6.65 [/J Land $8,395,000 $6.64 [n and 521,474 Building $29'"9,590 $57.28 In Building $24 ,687,200 $51.43 (9 Building $29,025,000 $60.46 (IJ AVERAGES 1,061 Total 539,166,300 $75.11 (/J Total $33,434,000 $68.92 [/[ Total $37,420,000 $77.95 [/J • Change 17.1% $36,915 Rm Change -13.3% $35,422 Rm Change 24.1% $40,064 Rm a nw�naoom+ooazs�za i 05104/2001 BROOKLYN CE NTER MEDICAL OFFICE BUILDINGS 2001 Unit 2000 Unit PROPERTY AREAS 2001 EMV Values 2000 EMV Values 1Park Nicollet Medical Clinic Land 16 0,197 [/1 Land $775,000 $4.84 [/j Land $775,000 $4.84 [n 16000 Earle Brown Drive GBA 31,982 [/J Building $1. 575,000 S47 68 r/1 Building $1,525,000 $47.68 [/] 1 02- 118 -21 -11 -0005 NRA 31 987 fn Total $1.300,n00 $71.92 r/l Total $2,300,000 $71.92 [/J L:B 1977 Ratio 5 .1 NRA ner f/] $71.92 NRA per [/J $71.92 [/J ( - hanap in FMV 0.0% $200.000 Change in EMV 5% Health Partners Dental Clinic Land 44.515 UI Land $265,000 $5.35 r/l Land $265,000 $5.35 [/J 5901 John Martin Dr GBA 6,000 Building $210,000 $3 5.00 r/1 Building $210,000 $35.00 [/1 02- 118 -21 -21 -0005 NRA F,000 [/1 Total $475,000 $79 17 rn Total $475,000 $79.17 [/) L:B C2 - 1979 Ratio 825 :1 NRA ner (n $7q.17 f/[ NRA per [/1 $79.17 [/] C han7e in EMV 0.0 Chan 7e in EMV 6% Woodhaven Dental Assoc Land 7P,336 jn land $120,00 $4, 23 rn Land $120,000 $4.23 [� 5831 Brooklyn Blvd GBA u 3,936 [!) ' Building -.163,500 $41 54 f/1 Buildinp $163,500 $41.54 [/J 03- 118 -21 -13 -0012 & 0013 NRA 2,755 n Total $283,500 $72.03 r/) Total $283,500 $72.03 L:B C1 - 1970 Ratio 7 70 :1 NRA ner r/1 $102.90 U1 NRA per [/J $102.90 [/J 1 Change in FMV 0.0% Change in EMV 19% Northport Medical Caner Land 31 757 r/[ Land $130,000 $4.09 r/[ Land $130,000 $4.09 [/] 5415 Brooklyn Blvd GBA 3,374 Building $1 58,600 $4 7,01 r/I Building $158,600 $47.01 [/] 03- 118 -21-44 -0009 NRA 3.374 fn Total $288,600 $85.54 !1 Total $288,600 $85.54 [n L:B • I CI - 1960 Ratio 941 :1 NRA ner [n $85.54 rn NRA per $85.54 [/[ ChanaP in FMV 0.0% Chan qe in EMV 32% Dr. Moen DDS Land 9 nnn fn Ruildina Ra_?e rn Building Razed [� 6938 Brooklyn Blvd GBA 074 fn Exempt ' I r/1 Exempt I [n 27- 119 -21 -33 -0061 NRA 824 [/J Redevelop Parcel rn Redevelopment Parcel [� L:B 1 1951 Ratio 10q2 - 1 Division Penning r/1 Division Pen ling [n - - '- - -T Group Health Medical Center Land 239,037 in Land I $960.000 $4.02 M Land $960,000 $4.02 [/1 6845 Lee Ave N GBA 7.5.199 fn Buildina $872.1 nn $34.61 rn Buildinp $872,100 $34.61 [/J 134- 119 -21 -22 -0004 NRA 26,199 fn Total !1.832,100 $72.71 Total $1,832,100 $72.71 [n I C1 - 1975 Ratio 9 49 :1 NRA per I'll $72.71 rn NRA per [n $72.71 [/) f `I Y Chan -e in FMV 0.0% Chan7e. in EMV 11% Brookpark Dental Clinic -._.and . Land $ 250,500 $5.00 M Land $185,000 $5.00 [/1 6437 Brooklyn Blvd. GBA 14,440 Building $512,800 $35.51 fl) Building $233,600 $26.81 34. 119 -21 -31 -0111 NRA 16,017 [/1 Total $76 3,300 $52.86 [ n Total $418,600 $48.04 [/J L:B 11972 actual / 1990 effective R atio 3 1 NR per [/J $47.6 f/1 NRA per [/1 $65.08 [/] 2000 actual 12001 effective Improvement $279,150 82.3 Chan ?e in EMV 11% Brooklyn Blvd Chiron rar_tir_• land 14,415 [/1 Land $10,000 $0.69 [ Land $10,000 $0.69 [/[ 6142 Brooklyn Blvd GBA 2016 fn Building $49,000 $24.07 rj Building $49,000 $24.07 34- 119 -21-43 -0037 NRA 944 f/;I Total $59,000 $28.98 rfl Total $59,000 $28.98 [/] L:B �R1(Conditional Use Permit) -1958 Ratio 708 •1 NRA nPr fn $59.36 fn NRA per [/J $59.36 (n Located in Residence Change in EM I/ 0.0% Change in EMV 59% 05/04/2001 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS 2001 Unit 2000 Unit PROPERTY AREAS 2001 EMV Values 2000 EMV Values PBC Clinic Land 67,442 !1 Land $338,000 $5.01 [.Q Land $338,000 $5.01 6120 Brooklyn Blvd GBA 14,034 Ul Building $171,000 $12.18 rn Building $171,000 $12.180 - 34- 119 -21-43 -0060 NRA 7,017 UI Total $509,000 $36.27 p] Total $509,000 I $36.27 [4 L:B C1 - 1962 Ratio 4.81 .1 NRA Der r/1 $72.54 M NRA per M I $72.54 [n Sold 11184 - $438,000 I I I Change in EMV I 0.0% Chan - je in EMV I 27% River Road Dental Land I 35,0901[A Land $192,900 $5.50 M Land $192,900 $5.50 [/] 512 66th AVE N GBAI 5,861I[ 1 IBuildina $486,500 $83.01 M Building $486,500 $83.01 [/) 36- 119 -21 -13 -0114 NRA 4,750 [l (Total $679,400 $115.92 M Total $679,400 $115.92 in L:B C2 - 1998 Ratio 5.99 :1 I NRA per [/] $143.03 [il NRA per [/] $143.03 [/] I Change in EMV 0.0% Change in EMV 6% Land 739,345 Land 3,313,700 $4.48 [/J Land 3,248,200 $4.47 TOTALS AND MEAN UNIT VALUES GBA 117,031 GBA 4,661,300 $39.83 [/] GBA 4,102,900 $36.86 [/J NRA 107,322 NRA $7,975,000 $68.14 [!J NRA $7,351,100 $66.04 [/] TOTAL NEW IMPROVEMENTS $0 8.5% 8.7% G. 1 DeptsM SSESS\ SPREDSHTW ssessoi12001cia VMEDICAL.XLSIAssessment & Unit Values • 05/04/2001 SMALL OFFICE BUILDINGS . Brooklyn Center, Minnesota zoos 2000 2001 UNIT EMV: 2000 UNIT EMV: NUMBER LOCATION AREAS 2001 VALUES LAND 2000 VA LUES LAND 1 Hofstad Building LAND 34,160 1/] Land $153,700 $4.50 $9.00 Land $153,700 $4.50 $9.00 Built 1965 5650 Lilac Dr N GSA 3,894 [q Building $153,900 $39.52 Building $153,900 $39.52 1 Story 02 -118 -21-42 -0032 NRA 3,894 1/] Total $307,600 $78.99 Total $307,600 $78.99 Ratio 8.77 [q $78.99 NRA per [/] $78.99 NRA per [/] Change in EMV 0.00% Change in EMV 33.33% 2 Batley office LAND 8,568 [q Land $32,000 $3.73 $12.61 Land $32,000 $3.73 $12.61 Built 1930 902 53rd Ave N GBA 3,000 (/I Building $76,000 $25.33 Building $76,000 $25.33 1 Story 01- 118 - 2144 -0081 NRA 1,500 M Total $108,000 $36.00 Total $108,000 $36.00 Sold 1211997 - $80, 000. Ratio 2.86 [q $72.00 NRA per [1 $72.00 NRA per [/I Change in EMV 0.00% Change in EMV 32.03% 3 Milavetz LAND 55,000 (q Land $165,000 $3.00 $6.79 Land $165,000 $3.00 $6.33 Built 1966 1915 - 57th Ave. N. GBA 6,049 [0 Building $208,600 $34.49 $5.98 Building $182,900 $30.24 $5.51 1 Story 02. 118- 21- 42 -0035w/0034 NRA 4,588 [q Total $373,600 $61.76 Total $347,900 $57.51 0034 15,000 Ratio 9.09 I/1 w/0034 $418,600 $69.20 w/0034 w /0034 $385,400 $63.71 w/0034 $45,000 Change in EMV 7.39% Change in EMV 37.08% 4 5615 Building LAND 30,056 [4 Land $150,000 $4.99 $15.64. Land $150,000 $4.99 $15.64 Built 1987 5615 Brooklyn Blvd. GBA 9,425(l Building $320,000 $33.95 Building $320,000 $33.95 2 Stories 03- 118 -21.42 -0030 NRA 8,136 M Total $470,000 $49.87 Total $470,000 $49.87 Ratio 3.19 in $57.77 NRA per [q $57.77 NRA per [/] Sale 1/96 for $374,000 or $38.90 [/]. Change in EMV 0.00% Change in EMV 14.63% 5 Brooklyn Peace Center LAND 46,613 in Land $209,800 $4.50 $11.46 Land $209,800 $4.50 $11.46 Built 1980 5637 Brooklyn Blvd. GBA 14,973 [4 Building $324,500 $21.67 Building $324,500 $21.67 3 stories 03- 118 -21-42 -0028 NRA 11,900 N Total $534,300 $35.68 Total $534,300 $35.68 Sold Dec. 1998 for $625, 000. Ratio 3.11 in $44.90 NRA per [/] $44.90 NRA per'[/] Change in EMV 0.00% Change in EMV 8.11% S 6 Brookdale Ten LAND 43,450(1 Land $305,000 $7.02 $17.62 Land $305,000 $7.02 $17.62 Built 1966 5740 Brooklyn Blvd. GBA 13,586 11 Building $460,400 $33.89 Building $460,400 $33.89 2 stories 03- 118 -21 -14 -0001 NRA 11,548 in Total $765,400 $56.34 Total $765,400 $56.34 Ratio 3.20 [/] $66.28 NRA per [/] $66.28 NRA per [/] Change in EMV 0.00% Change in EMV 20.80% 7 Brooklyn Crossings II LAND 181,754 [q Land $908,800 $5.00 $10.07 Land $908,800 $5.00 $9.05 Built 1987 3200 County Road 10 GBA 21,600 [/] Building $921,100 $42.64 Building $736,500 $34.10 1 story 03- 118 -21 -14 -0034 NRA 21,600 in Total $1,829,900 $84.72 Total $1,645,300 $76.17 New L8 Rain 8.41 [/J improv- $375,000 Change In EMV 11.22% Change in EMV 20.76% 8 Brookdale West Professional Building LAND 64,422 in Land $297,000 $4.61 $14.38 Land $297,000 $4.61 $14.38 1968 5901 Brooklyn Boulevard GBA 19,847(l Building $629,100 $31.70 Building $629,100 $31.70 2.5 Story 03- 118 -21 -12 -0001,13 -0099 NRA 15,958 I/[ Total $926,100 $46.66 Total $926,100 $46.66 C -1 Sold 1977 for $511,200. LB Ratio [q $58.03 NRA per [/] $58.03 NRA per [/] For Sale 10198 - $1,220,000 or $76.45 to NRA Change in EMV 0.00% Change in EMV 52.67% Centerbrook Office 9 (Brown & Co) LAND 35,200 [1 Land $176,000 $5.00 $13.69 Land $176,000 $5.00 $13.69 Built 1970 5930 Brooklyn Blvd. GBA 10,692 [q Building $305,900 $28.61 Building $305,900 $28.61 2 Stories 03- 118 -21 -12 -0006 NRA 8,125 (/] Total $481,900 $45.07 Total $481,900 $45.07 1-8 Ratio 3.29 11 $59.31 NRA per [1 $59.31 NRA per [/] Change in EMV 0.00% Change in EMV 3.97% 10 Kruger Gallery Homes LAND 24,231 in Land $121,200 $5.00 $6.82 Land $121,200 $5.00 $6.82 Built 1933 6045 Brooklyn Blvd GBA 1,097 [1] Building $44,000 $40.11 Building $44,000 $40.11 2 Story 03- 118.21 -12 -0087 NRA 1,097 N Total $165,200 $150.59 Total $165,200 $150.59 LB Ratio 22.09 in $150.59 NRA per [/] $150.59 NRA per [/] Change in EMV 0.00% Change in EMV 0.85% Offsmall.xls2001 05/0412001 2001 2000 2001 UNIT EMV: 2000 UNIT EMV: S NUMBER LOCATION AREAS 200 VALUES LAND 2000 VALUES LAND 11 6500 Building LAND 40,950 In land $204,800 $5.00 $12.32 land $204,800 $5.00 $12.32 Built 1972 6500 Brooklyn Blvd. GBA 10,68011 Building $299,800 $28.07 Building $299,800 $28.07 2 Stories 34- 119 -21 -13 -0084 NRA 9,100 In Total $504,600 $47.25 Total $504,600 $47.25 LB Raoo 3.83 In $55.45 NRA per [/] $55.45 NRA per [/I 0.00% $0.05 12 Remax Building LAND 80,900 In Land $404,500 $5.00 $6.51 land $404,500 $5.00 $6.51 Built 1979 7240 Brooklyn Blvd. GBA 9,920 [n Building $115,300 $11.62 Building $115,300 $11.62 2stories 28.119 -21.41 -0204 NRA 7,500 in BC Total $519,800 $53.11 BC Total $519,800 $53.11 Addl. Brk. Park Parcel -14 -0006 LB Ram 8.16 [n Total' $526,900 $70.25 NRA per [i Total* $526,900 $70.25 NRA per (/] B. Park parcel valuation is - $ 7,100 - Indudes vakre of B. Park parcel - - Includes vakie of B. Park parcel 1996 sale for $425,000 or $42.65 [r] to GBA or $56.66 to NRA Change in EMV 0.00% Change in EMV 2.75% 13 7100 Corp Plaza/Edina Realty LAND 60,905 In Land $304,500 $5.00 $14.69 Land $304,500 $5.00 $14.69 Built 1986 7100 Brooklyn Blvd GBA 12,160 In Building $590,200 $48.54 Building $590,200 $48.54 2 story 27- 119 -21-33 -0097 NRA 11,190 in Total $894,700 $73.58 Total $894,700 $73.58 Sold 1991 for $1,275, 000. LB Ram 5.01 In $79.96 NRA per [1 $79.96 NRA per [n Change in EMV 0.00% Change in EMV 3.14% 14 Associated Insurance LAND 53,240 In Land $213,000 $4.00 $13.66 Land $213,000 $4.00 $13.66 Built 1988 2800 Freeway Blvd. GBA 13,936 [n Building $514,400 $36.91 Building $514,400 $36.91 2 Stories 35- 119 -21 -22 -0052 NRA 12,550 In Total $727,400 $52.20 Total $727,400 $52.20 LB Ram 3.82 (n $57.96 NRA per [/] $57.96 NRA per [/] 1996 sale for $600,000 or $43.99 [n. Change in EMV 0.00% Change in EMV 7.94% 15 Viking Enterprises LAND 18,000 In Land $108,000 $6.00 $16.11 Land $108,000 $6.00 $16.11 Built 1954 4315 70th Ave N GBA 5,335 to Building $181,900 $34.10 Building $181,900 $34.10 1 Story 27- 119 -21 -33 -0065 NRA 5,335 In Total $289,900 $54.34 Total $289,900 $54.34 LB Ram 3.37 to $54.34 NRA per [n $54.34 NRA per [/] Change in EMV 0.00% Change in EMV 26.82% 16 State Farm Building LAND 80,067 [n Land $475,000 $5.93 $10.28 Land $475,000 $5.93 $10.28 Built 1986 5930 Shingle Creek Parkway GBA 12,008 [n Building $347,800 $28.96 Building $347,800 $28.96 2 story 02- 118 -21 -21 -0002 NRA 9,990 [n Total $822,800 $68.52 Total $822,800 $68.52 . LB Ram 6.67 In $82.36 NRA per [/] $82.36 NRA per [/] Change in EMV 0.00% Change in EMV 6.64% Land 857,516 Land $4,228,300 $4.93 $11.34 Land $4,228,300 $4.93 $11.09 Building 168,202 Building $5,492,900 $32.66 Building $5,282,600 $31.41 NRA 144,011 Total $9,721,200 $57.79 Total $9,510,900 $56.54 ' G:tDapKfASSESSISPREDSHrylssa 12001WVOFFSMALL.XLSJ2wI $67.50 $66.04 Change in EMV 2.21% Change in EMV 12.34% • Offsmall.xls2001 05/04/2001 BROOKLYN CENTER "B" OFFICE BUILDINGS ..... 2001 2000 Unit Unit PROPERTY AREAS 2001 emv Values 2000 EMV Values 1 Earle Brown Tower Land 276,548 [/1 Land $1,400,000 $5.06 Land $1,400,000 $5.06 In 113uj1t 1974 6120 Earle Brown Drive GBA 139,978 [A Building l $4,310,000 $30.79 Building $3,840,000 $27.43 In 1 9 Stories PID 35. 119-21-44-0003 NRA 112,347 In Total $5,710,000 $40.79 Total $5,240,000 $37.43 In L:13 sale 1/97 - $4,456,053 Ratio 1.98 :1 NRA per [/] $50.82 In NRA per In $46.64 In CIA - 1974 Change in EMV 8.97% Change In EMV -5.05% 2 Earle Brown Plaza Land 185.670 In Land $1,000,000 $5.39 In Land $1,000,000 $5.39 Built 1972 6040 Earle Brown Drive GBA 55.360 14 Building $610,000 $11.02 [n Building $900,000 $11.74 4 St.,!.s PID 02. 118-21-11-0002 NRA 50,634 f 1) Total $1,610,000 $29.08 In Total $1,900,000 $29.80 L:13 Ratio 3.35 :1 NRA per ftl $31.80 1/1 NRA per [1] $32.59 In Sale 10/97 $1,650,000 :hange in EMV -15.26% Change in ENV -8.33% 6 Brookdale Corp Center I land 242,965 [1 Land $1,254,000 $5.16 In Land $1,254,000 $5.16 In Built 1982 6300 Shingle Creek Parkway GSA 116,640 M Building $4,646,000 $39.83 [n Building $4,246,000 $36.40 In 6 Stories PID 35-119.21-43-0007 NRA 111,151 in Total $5,900,000 $50.58 In Total $5,500,000 $47.15 In L:B Ratio 2.08 :1 NRA per [/] $53.08 In NRA per VI $49.48 In CIA - 1982 Sale 11-84 $9,250,000 New Improverne it - $0 7.27% $500,000 10.00% 4 Brookdale Corporate Center 11 Land 220,081 11 Land $1,252,100 $5.69 in Land $1,252,100 $5.69 M Built 1986 6200 Shingle Creek Parkway GBA 116,640 In Building $4,677,900 $40.11 [f] Building $4,779,900 $40.98 in 6 Stories PID 35-119.21-43-0008 NRA 111,500 1 . I Total $5,930,000 $50.84 In Total $6,032,000 $51.71 L:B Ryan / Sandy Hansen 566-3533 Ratio 1.89 :1 NRA per In $53.18 [n NRA per [n s54.10 In CIA - 1986 Change In ENV -1.69% Change In EMV -4.81% 3 Brookdale Corporate Center III Land 246,563 In Land $1,390,700 $5.64 In Land $1,390.700 $5.64 [4 Built 1986 6160 Summit Drive GBA 111,907 [n Buildina $5,003,700 $44.71 In Building $6,244,900 $55.80 [4 6 Stories PID 35-119-21.43-0017 NRA 101,047 In Total $6,394,400 $57.14 In Total $7,635,600 $68.23 in Ryan / Sandy Hansen 566-3533 Ratio 2.20 :1 NRA per In $63.28 In NRA per [1 $75.56 In CIA - 1986 Change in EMV -16.26% Change In EMV 3.95% 5 Brooklyn Crossing Land 143,259 In Land $788,700 $5.51 In Land $788,700 $5.51 in Built 1980 3300 Bass Lake Road GBA 58,338 in Building $1,201,300 $20.59 In Building $1,211,300 $20.76 In 5 Stories PID 03-118.21-14-0033 NRA 53,905 In Total $1,990,000 $34.11 M Total $2,000,000 $34.28 In LA CSM Bruce Carland 646.1717 Ratio 2.46 :1 I NRA per In $36.92 In NRA per [1 $37.10 [1] CIA - 1980 I Change In EMV -0.50% Change In EMV 5.26% 7 MN School of Business (US West) Land 347,914 In Land $1,743,000 $5.01 in Land $1,743.000 $5.01 In Built 1969 5910 Shingle Creek Parkway GBA 70,813 f/I Building $777,000 $10.97 M Building $621,000 $8.77 In 2 Stories PID 02-118-21-21.0001 NRA 68,000 [A Total $2,520,000 $35.59 In Total $2,364,000 $33.38 In C2 - 1969 Sale 10198 $2,100,000. US Ratio 4.91 :1 NRA per M $37.06 In NRA per [n $34.70 M Change In EMV 6.60% Change In ENV 9.73% 9 BROOKDALE TOWERS Land 144,789 In Land $907,000 $6.26 1/1 Land $907.000 $6.26 In Built 1971 5701 Shingle Creek Parkway GSA 65,256 f,1 Building $1,483,000 $22.73 in Building $1,286,000 $19.71 In 6 Stories 02-118-21.23-0016 NRA 50,942 IA Total $2,390,000 $36.62 [/1 Total $2,193,000 $33.61 in L:8 Sam Cave I Ratio 2.22 :1 NRA per in $47.01 In NRA per 11 $43.13 I In C2 - 1971 w/1996-98 renovation Change In EMV 8.98% Change in EMV 7.18% TOTALS 11,1107.6119 9,735,500 $5.39 in 9,735,500 $5.39 In TOTALS AND MEAN UNIT VALUES 734,932 22,708,900 $30.90 In 23,129.100 $31.13 32,444,400 $44.15 [11 32,864,600 S44.38 In new 500'000 -3.00%� e G:\Depts\ASSESS\SPREDSHT\Assessor\2001da\lOFFGT20K.XLS12001 Improvement 0 Percentage Change -1.28% Percentage Chang 1OFFICE BUILDINGS 05104/2001 BROOKLYN CENTER RETAIL ASSESSMENT YEAR 2001 UNIT 2001 EMV 2000 UNIT 2000 EMV LOCATION BUILT AREAS 2001 EMV VALUES TO LAND 2000 EMV VALUES TO LAND Kohl's 1987 LAND 305,980 Land $2,200,000 $7.19 $11.99 Land $2,200,000 $7.19 $11.99 2501 County Road 10 GBA 73,680 Building $1,470,000 $19.95 Building $1,470,000 $19.95 PID 02- 118 - 2131 -0056 GLA Total $3,670,000 $49.81 Total $3,670,000 $49.81 Us Ratio 4.15 Change 0.00% Change 11.21% J. C. Penny's 1965 LAND 79,009 Land $2,950,000 $37.34 $31.39 Land $2,950,000 $37.34 $73.41 1265 Brookdale Center GBA 140,320 Building $2,480,000 $17.67 Building $2,850,000 $41.33 PID 02- 118 - 2132 -0009 Total $5,430,000 $17.67 Total $5,800,000 $41.33 Us Ratio 0.56 Change - 57.24% C ,- $0 NM WPRO RENT- $100,000.00 Old penneys TBA parcel LAND 15,833 Land $149,000 $9.41 $12.63 Land $150,000 $9.47 $12.63 1265 brookdale center GBA 10,269 Building $1,000 $19.48 Building $50,000 $19.48 02- 118 -21 -32 -0010 Total $200,000 $19.48 Total $200,000 $19.48 Change 0.00% Dayton's 1966 LAND 125,017 Land $4,000,000 $32.00 $66.87 Land $4,000,000 $32.00 $66.87 1 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 0.34% Mervyn's 1966 LAND 476,042 Land $3,570,300 $7.50 $12.98 Land $3,570,300 $7.50 $12.98 1200 Brookdale Center GBA 140,336 Building $2,609,700 $18.60 Building $2,609,700 $18.60 I PID 02- 118 - 2132 -0012 Total $6,180,000 $44.04 Total $6,180,000 $44.04 L:B Ratio 3.39 Change 0.00% Change -0.16% Sears 1962 LAND 660,192 Land $5,028,000 $7.62 $13.45 Land $5,028,000 $7.62 $13.45 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:s Ratio 3.65 Change 0.00% $42.08 with TBA Change 11.00% $42.08 with TBA NEWIMPROVEMENT- $900,000.00 Cub Grocery and Pad Shops 4999 LAND 560,138 Land $3,370,000 $6.02 $19.66 Land $3,370,000 $6.02 $15.96 5245 Co Rd No 10 GBA 117,737 Building $7,640,000 $64.89 Building $5,570,000 $47.56 03- 118 -21 -14 -0035 grocery 68,850 Total $11,010,000 $93.51 Total $8,940,000 $76.34 New Improvement Us Ratio 4.76 23.15% $2,070,000 NEWIMPROVEMENT- $5,320,000 rget 1986 LAND 392,920 Land $2,358,000 $6.00 $16.54 Land $2,358,000 $6.00 $16.29 00 Shingle Creek Parkway GBA 117,328 Building $4,142,000 $35.30 Building $4,042,000 $34.45 ID 35- 119 -21-43 -0009 Total $6,500,000 $55.40 Total $6,400,000 $54.55 L•B Ratb 3.35 Change 1.56% Change 6.67% NEWIMPROVEMENT- 600000 K -Mart 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 $1,753,000 $14.69 PID 02-118-21-12-0010 P1 -M-,,d .f17,355ag2 Total $2,990,000 $25.06 Total $4,340,000 $36.37 L•BRatb 4.34 Change 31.11% $21.87 w/mea Change 5.30% $31.75 w/meu NEWIMPROVEMENT- $300,000.00 Toys R Us 1989 LAND 215,504 Land $1,508,500 $7.00 $8.40 Land $1,508,500 $7.00 $9.70 5425 Xerxes Ave. n. GBA 44,566 Building $301,500 $6.77 Building $581,500 $13.05 PID 03- 118 -21-44 -0034 Inc] Mezz of 11,920 Total $1,810,000 $40.61 Total $2,090,000 $46.90 LB Ratio 4.84 Change - 13.40% Change 1.21% Rainbow & Hlywd Video 1959 LAND 611,112 Land $3,650,000 $5.97 $10.67 Land $3,650,000 $5.97 $12.03 6300 Brooklyn Blvd GBA 85,875 Building $2,870,000 $33.42 Building $3,700,000 $43.09 PID 34- 119 -21-42 -0030 Total $6,520,000 $75.92 Total $7,350,000 $85.59 L•e Ratie 7.12 Change - 11.29% Change -3.96% Walgreens 1959 LAND 70,316 Land $630,000 $8.96 $24.03 Land $630,000 $8.96 $24.03 6390 Brooklyn Blvd GBA 13,905 Building $1,060,000 $76.23 Building $1,060,000 $76.23 PID 34- 119 -21-42 -0029 Total $1,690,000 $121.54 Total $1,690,000 $121.54 LBRaIb 5.06 Change 0.00% Change 5.70% Jerry's New Market 1970 LAND 208,930 Land $1,253,600 $6.00 $6.48 Land $1,253,600 $6.00 $6.00 5801 Xerxes Ave. N. GBA 30,922 Building $100,000 $3.23 Building $1,000 $0.03 PID 03- 118 -21 -14 -0024 Acres 4.80 Total $1,353,600 $43.77 Total $1,254,600 $40.57 La Rate 6.76 Change 7.89% Change 0.00% Best Buy 1971 LAND 234,187 Land $1,288,000 $5.50 $9.39 Land $1,288,000 $5.50 $9.39 5925 Earle Brown Dr. GBA 52,920 Building $912,000 $17.23 Building $912,000 $17.23 PID 02- 118 -21 -12 -0007 Total $2,200,000 $41.57 Total $2,200,000 $41.57 L•B Ratio 4.43 Change 0.00% Change - 3.61 %0_ 05/04/2001 BROOKLYN CENTER RETAIL ASSESSMENT YEAR 2001 UNIT 2001 EMV 2000 UNIT 2000 EMV LOCATION BUILT AREAS 2001 EMV VALUES TO LAND 2000 EMV VALUES TO LAND Tires Plus 1981 LAND 59,049 Land $354,300 $6.00 $11.01 Land $354,300 $6.00 $10.50 5927 John Martin Dr. GBA 10,454 Building $295,700 $28.29 Building $265,700 $25.42 PID 02- 118 -21 -21 -0015 Total $650,000 $62.18 Total $620,000 $59.31 L•e Ratio 5.65 a 7.04% Change 4.84% Chan 9 / 9 Audio King 1962 LAND 69,453 Land $416,700 $6.00 $10.94 Land $416,700 $6.00 $10.65 5939 John Martin Dr. GBA 14,918 Building $343,300 $23.01 Building $323,300 $21.67 PID 02- 118 -21 -21 -0014 Total $760,000 $50.95 Total $740,000 $49.60 L•B Ratio 4.66 Change 2.70% Change 2.18% JoAnn Fabrics 1969 LAND 47,425 Land $331,900 $7.00 $15.81 Land $331,900 $7.00 $14.97 2920 County Road 10 GBA 14,790 Building $418,100 $28.27 Building $378,100 $25.56 PID 02- 118 -21 -23 -0019 Total $750,000 $50.71 Total $710,000 $48.01 LB Ratio 3.21 Change 5.63% Change 3.80% Porter Cable 1968 LAND 19,837 Land $99,200 $5.00 $10.08 Land $99,200 $5.00 $9.07 4315 68th Ave N GBA 3,200 Building $100,800 $31.50 Building $80,800 $25.25 34- 119 -21 -22 -0010 Total $200,000 $62.50 Total $180,000 $56.25 LB Ratio 6.20 Change 11.11% Change 7.46% Lowell's Auto/ Pacific Pools 1969 LAND 31,944 Land $159,700 $5.00 $9.08 Land $159,700 $5.00 $8.45 4321 68th Ave N GBA 5,400 Building $130,300 $24.13 Building $110,300 $20.43 34- 119 -21 -22 -0011 Total $290,000 $53.70 Total $270,000 $50.00 LS Ratio 5.92 Change 7.41% Change 6.22% Pearle Vision 1973 LAND 25,519 Land $216,900 $6.50 $14.50 Land $216,900 $8.50 $11.36 03- 118 -21-41 -0018 GBA 6,000 Building $153,100 $25.52 Building $73,100 $12.18 5515 Xerxes Ave N NRA 4,004 Total $370,000 $61.67 Total $290,000 $48.33 L13 Ratio 4.25 Change 27.59% $92.41 Change -8.31% $72.43 NAPA l2nd Wind 1970 LAND 56,646 Land $400,000 $7.06 $12.00 Land $400,000 $7.06 $12.00 5810 Xerxes Ave. N. GBA 14,827 Building $280,000 $18.88 Building $280,000 $18.88 PID 02- 118 -21 -23 -0022 NRA 14,827 Total $680,000 $45.86 Total $680,000 $45.86 LB Ratio 3.82 0.00% $45.86 2.22% $45.86 Land 4,712,229 6.025135 $32,941,100 $6.99 $13.96 6.025135 $32,942,100 $6.99 $14.65 GBA 1,378,911 Building $32,861,500 $23.83 Building $36,092,500 $26.19 Total $65,802,600 $47.72 Total $69,034,600 $50.09 - 4.68% 4.50% $7,220,000 G:tDeplsWSSESSISPREDSHTXA S m /220/2 /datiRETAILXLS 12001 New Imp. - $2.070,000 New Imp. 05104/2001 BROOKLYN CENTER SHOPPING CENTERS L:B 2001 Unit 2001 EMV 2000 Unit 2000 EMV LOCATION AREAS Ratio 2001 EMV s Values to Land 2000 EMV's Values to Land Boulevard Shopping Center 96 654 in 4.87 Land 530 , 000 $5.48 $6.13 Land $530,000 $5.48 $5.79 $ 6215 Brooklyn Boulevard 19,862 Building $62,600 $3.15 Building $30,000 $1.51 PID 34- 119 -21 -43 -0006 Total $592,600 $29.84 Total $560,000 $28.19 Brookdale 1,906,640 7.55 Land $13,700,000 $7.19 $14.42 Land $13,700,000 $7.19 $14.42 1108 Brookdale Center 252,392 Building $13,800,000 $54.68 GBA Building $13,800,000 $54.68 GBA PID 02 -23 -0021, 02 -31 -0055 & 199,922 Total $27,500,000 $137.55 GLA Total $27,500,000 $137.55 GLA 02 -32 -0008 $108.96 GBA $108.96 GBA Brookdale Square 1,012,123 5.72 Land $4,600,000 $4.54 $4.64 Land $6,100,000 $6.03 $6.52 GBA w/o GBA w/o 5900 Shingle Creek Parkway 176,901 GBA Building $100,000 $0.72 Theaters Building $500,000 $3.58 Theaters UBA PID 02- 118 -21 -24 -0020 139,585 w/o Total $4,700,000 $26.57 GBA Total $6,600,000 $37.31 $33.67 GBA w/o Theaters $47.28 GBA w/o T1 Humboldt Square 179,689 4.46 Land $815,000 $4.54 $9.00 Land $815,000 $4.54 $7.89 6800 Humboldt Ave. N. 40,250 Building $802,900 $19.95 Building $603,500 $14.99 PID36- 119 -21 -22 -0047 Total $1,617,900 $40.20 Total $1,418,500 $35.24 Northbrook Shopping Center 336,725 5.07 Land $1,300,000 $3.86 $6.41 Land $1,300,000 $3.86 $5.79 1910 - 57th Ave. n. 66,444 Building $860,000 $12.94 Building $650,000 $9.78 PID 02 -13- 0024,0025,0026, &0028 Total $2,160,000 $32.51 Total $1,950,000 $29.35 Shingle Creek Center 192,171 4.52 Land $1 $634 $14.10 Land $1,218,300 $6.34 $13.50 6100 Shingle Creek Parkway 42,553 Building $1,491,700 $35.06 Building $1,218,300 $32.35 • PID 02 -12 -14 & 15 Total $2,710,000 $63.69 Total $2,436,600 $60.98 Brookview Plaza 281,276 4.07 Land $1,407,000 $5.00 $9.92 Land $1,407,000 $5.00 $10.49 5951 Earle Brown Dr. 69,099 Building $1,383,000 $20.01 Building $793,000 $22.33 PID 02- 118 -21 -12 -0013 Total $2,790,000 $4038 Total $2,200,000 $42.69 TOTALS and MEANS 4,005,278 6.00 Land 23,570,300 $5.88 [ /]Mean Land 25,070,300 $6.26 [/]Mean 667,501 Building 18,500,200 $27.72 [/[Mean Building 18,569,700 $27.82 [/]Mean Total $42,070,500 $63.03 [/[Mean Total $43,640,000 $65.38 [/]Mean G:\Depts\ ASSESS \SPREDSHT\ Assessor \2001cia \[SHOPCTR.XLS]2001 0 3/14/01 COMMERCIAL AND INDUSTRIAL ANALYSIS 2000 VS. 2001 to Change g Excluding Type of Property 2000 EMV Totals 2001 EMV Totals New Construction Improv. (Auto $9,531,900 $10,102,200 $200,000 3.9% (Auto Dealers $22,409,500 $22,777,000 1.6% Banks $5,850,600 $6,032,700 3.1% Bowling $1,502,000 $1,502,000 0.0% Fast -Food $3,004,200 $2,964,200 -1.3% (Hotel / Motel $33,084,000 $39,166,300 $2,540,300 10.7% Medical Office $7,351,100 $7,975,000 $279,200 4.7% (Office Large $32,864,600 $32,444,400 -1.3% (Office Small $9,510,900 $9,721,200 2.2% • (Office Condominiums $1,878,000 $1,953,100 4.0% Restaurant $8,057,000 $8,389,300 4.1% Retail $69,034,600 $65,802,600 $2,070,000 -7.7% (Shopping Center $43,640,000 $41,820,500 $573,400 -4.2% Theater $6,017,000 $11,150,000 $5,110,000 0.4% Commercial Total $253,735,400 $261,800,500 $10,772,900 -1.1% (Industrial North $62,535,800 $68,217,000 9.1% Industrial South $23,087,000 $25,947,000 $170,000 11.7% Industrial Total _ $85,622,800 $94,164,000. $170,000 9.8% (Total C & I Assessment $339,358,200 $355,964,500 $10,942,900 1.7% G: \Depts\ ASS ESS \S P REDS HT\Assessor\2001 cia \[overview.x1s]Sheet1 • Colliers Towle Real Estate Towle Report 2001 MARKET OVERVIEW • Colliers Towle Real Estate continues to survey 1,034 multi- tenant I NDUST RI AL industrial properties in the seven - county area surrounding Minneapolis /St. Paul. For the . year ending third quarter 2000, total net absorption in that universe was 1.8 million MARKET square feet, down from the 2.9 million square feet of absorption that was reported in = - 1999. Demand for Twin Cities' multi - tenant industrial space has peaked and vacancies H - . -- will likely rise. . The overall vacancy rate t The survey showed the vacancy rate for industrial space ticked up, from 8.606 of all types of multi- tenant to 9.4% for the year ending third quarter 2000. The rise in vacancy is due industrial space rose slightly, - - primarily to the addition of 2.2 million square feet in 30 buildings; more than the from 8.6% to 9.4% for the year ;= amount that was absorbed this year. Of particular interest is that in the face of ending third quarter 2000. becoming overbuilt, development continues. There are 39 projects either under Vacancy rates by product type construction or planned totaling more than 4.6 million square feet (as outlined were O/W at 8.3%; OS /BC at 4 _ on page 23.) 9.7 %; and BULK at 11.4%. In an overall review of the industrial market, the Office Warehouse (O/W) .Demand for multi- tenant category was the strongest performer for the eighth consecutive year and makes up 50% of the multi- tenant industrial market. O/W facilities reported space has peaked and = annual net absorption of 1.1 million square feet. With 20 new buildings vacancies will likely rise. Net totaling 1.3 million square feet added to the O/W universe and surpassing absorption totaled 1.8 million the amount of tenant gains, the vacancy rate remained steady at 8 . 3 % sq. ft., down from last year's 2.9 million sq. ft. Fast- growing Scott County led the O/W absorption of 310,371 square = feet, which is notable considering that there are only eight buildings in .Investment sales were brisk, the Scott County O/W universe. The Northwest sector followed, with tenant gains of 270,726 square feet. Future development plans for this there was over 7 million sq rt t. o industrial investment f category include 29 buildings totaling 2.7 million square feet (see f -- -- page 23.) - real estate put on the market in 2000. The Office Showroom/Business Center (OS/BC) category registered annual net absorption of 657,967 square feet and a steady The development pace continues: 30 new buildings totaling 2.2 million sq ft were added this year, and 39 projects totaling 4.6 million sq. ft. are planned or under construction. Jim i • Overall, average net rental a rates rose from 4% -8 %, with 1 I _ increases as high as 13% in some sectors of the OS /BC OE �--- market. 0 CSM Development is repositioning 00 n the 537 0 � p g - sq. ft. Alliant Tech building in Hopkins, now called Excelsior Tech Center, for multi- tenant use. Liberty Property Trust has Hudson Road Tech Center under construction. A 140,000 sq. ft 01W building in Woodbury. vacancy rate of 9.7 %. New development ANOKA COUNTY or under construction. added 538,948 square feet to the OS/BC CITIES: universe. Recent trends have shown that • Anoka • Blaine • Champlin OS/BC buildings saw vacancy rates many tenants prefer to move toward • Columbia Heights • Coon Rapids increase from 2.3% in 3rd quarter 1999 OS/BC properties as office rents continue • Fridley • Spring Lake Park • Ramsey to 9.7% for 3rd quarter 2000 in Anoka to escalate in some Class A and Class B County. This was due to negative annual office buildings in the metro area. The UNIVERSE INCLUDES: absorption of 47,492 sq. ft. OS/BC facility becomes a favorable and • 40 buildings more economical alternative. • 3.4 million rentable sq. ft. DAKOTACOUNTY • 4.9% vacancy rate CITIES: The West Sector topped the list with • 122,693 sq. ft. annual absorption • Apple Valley • Burnsville • Eagan 442,481 square feet of absorption, • Hastings • Inver Grove Heights followed by Dakota County with The overall industrial vacancy rate for • Lakeville • Mendota Heights absorption of 249,297 square feet and Anoka County rose 1.7 percentage points • Rosemount • South St. Paul the Northeast Metro Sector with 120,305 to 4.9% from 3rd quarter 1999 to 3rd square feet. quarter 2000. Although it is one of UNIVERSE INCLUDES: the smaller sectors of the metropolitan • 125 buildings Eleven new projects totaling over area, Anoka County is proving to be • 9.9 million rentable sq. ft. 1 million square feet are planned or a strong performer, posting the lowest • 15.0 % vacancy rate are currently under construction for overall industrial vacancy rate in the • 278,889 sq. ft. annual absorption future OS/BC facilities, as outlined on metropolitan area for the period. page 23. Combined annual net absorption for all Dakota County, while being one of the three product types totaled 122,693 sq. ft. larger sectors in the metropolitan area The BULK warehouse category had total has the highest vacancy rate for the net annual absorption of 49,181 square The BULK building type reported the period ending 3rd quarter 2000. Leasing feet. Tenant growth and expansion in greatest improvement during the period activity has not quite caught up with some sectors was offset by losses in for Anoka County. Vacancy dropped the large amount of space added over other sectors. For instance, the leader in from 10.7% to 5.3%, with tenant gains the past five years of nearly 4 million the BULK category, Scott County, posted of 93,773 sq. ft. This is mainly due to the rentable sq. ft. absorption of 289,480 square feet, while completion of the 65,000 sq. ft. Blaine St. Paul suffered negative absorption Industrial Center II, which came on The OS/BC building type was the best of 207,970 square feet. With minimal line 100% leased. performer with annual absorption of absorption and the addition of 345,400 249,297 sq. ft., up nearly 100,000 sq. ft. square feet in new development, the Vacancy rose from 1.3% to 3.3 %, for the from the prior year. The vacancy rate vacancy rose 2.6 percentage points from O/W building type. Annual absorption dropped nearly 3 percentage points third quarter 1999 to third quarter 2000 was 76,412 sq. ft. and Radium Business to 10.3%. to 11.4% Center (62,000 sq. ft.) was built in Ramsey and is 100% occupied. Blaine BULK buildings suffered negative Note: Several buildings in our survey Crossings I was completed during this absorption of 55,987 sq. ft. These tenant reclassified or deleted when they period and is 1/3 leased. losses raised the vacancy rate from ,were became single tenant; absorption 23.8% to 24.8 %, which is well above formulas were adjusted to accurately reflect Four new O/W buildings totaling the 11.6% BULK vacancy rate for the these changes. 208,000 sq. ft. are planned, proposed metropolitan area. The O/W building type had a slight IBSIMPTION © Colliers Towle Real Estate increase in vacancy, from 10.8% for 3rd VACANCY AN quarter 1999 to 11.2% for 3rd quarter MINNEAPOLIS /ST. PAUL METROPOLITAN AREA -1998 -2000 2000. Net annual absorption totaled TOTAL TOTAL 5,579 sq. ft. This is attributable to MARKET STUDY NUMBER ER RENTABLE AMOUNT VACANCY NET the recent completion of Burnsville SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION Highpoint Business Center (58,188 BULK WAREHOUSE MARKET sq. ft.), which at the time of this study was 100% vacant, and the Waters Anoka County 3rd Qtr. 1998 5 599,800 90,293 15.1% 7,707 Business Center II (73,083 sq. ft.), 3rd Qtr. 1999 5 599,800 64,307 107% 25,986 which was 72% vacant. 3rd Qtr. 2000 6 665,280 35,534 5.3% 93,773 Dakota County 3rd Qtr. 1998 11 2,141,318 236,019 11.0% 82,781 Despite high vacancies in Dakota County, 3rd Qtr. 1999 15 2,883,580 685,894 23.8% 54,775 construction continues. Planned O/W 3rd Qtr. 2000 14 2,996,690 741,861 24.8% -_ -55 _,987 Minneapolis 3rd Qtr. 1998 13 2,248,253 91,912 4.1% 134,088 development includes: Spectrum 3rd Qtr. 1999 13 2,248,253 70,000 3.1% 21,912 Commerce Center I -III (289,150 3rd Qtr. 2000 13 2,625,249 313,154 11.9% - 124,754 sq. ft.) and the Waters III (135,600 Northeast 3rd Qtr. 1998 8 1,803,724 49,986 2.8% - 43,186 sq. ft.) in Eagan; and River Ridge 3rd Qtr. 1999 8 1,803,724 55,986 3.1% -6,000 Business Center (52,000 sq. ft.) in 3rd Qtr. 2000 9 2,039,000 82,540 4.0% 53,446 Burnsville. Also planned are Phases II Northwest 3rd Qtr. 1998 16 2,324,617 157,967 6.8% 276,766 3rd Qtr. 1999 18 2,539,281 301,426 11.9% 71,205 and III of Northwoods Business Park, s 3rd Qtr. 2000 18 2,522,844 222,323 8.8 %° 71,559 and Grand Oak III, all OS/BC buildings Scott County 3rd Qtr. 1998 3 456,004 405,004 59.9% n/a in Eagan. A major project under 3rd Qtr. 1999 3 546,720 105,600 19.3% 329,524 consideration is Duke - Weeks' Eagan 3rd Qtr. 2000 4 708,720 140,000 19.8% 289,480 Preserve, a proposed development of St. Paul 3rd Qtr. 1998 22 2,914,037 11,000 0.4% 283,300 700,000 to 1,000,000 sq. ft. of office, 3rd Qtr. 1999 22 2,914,037 73,400 2.5% - 62,400 industrial, retail and technical space. 3rd Qtr. 2000 22 2,901,791 281,370 9.7% - 207,970 Southwest 3rd Qtr. 1998 13 1,719,499 155,038 9.0% - 100,038) 3rd Qtr. 1999 13 1,719,499 96,740 5.6% 58,298 MINNEAPOLIS 3rd Qtr. 2000 13 1,703,105 95,531 5.6% 71,836 UNIVERSE INCLUDES: Washington Co3rd Qtr. 1999 3 460,488 190,000 23.7% n/a 66 buildings 3rd Qtr. 2000 3 464,444 165,128 35.6% - 56,128 • 6.4 million rentable sq. ft. West 3rd Qtr. 1998 22 2,969,941 130,895 4.4% 203,735 3rd Qtr. 1999 23 2,984,205 73,958 2.5/° 167,117 • 8.2 % vacancy rate 3rd Qtr. 2000 22 2,853,720 161,032 _ _5.6 %_ _ _- 86,074 _ • - 33,405 sq. ft. annual absorption Metropolitan 3rd Qtr. 1998 113 17,177,193 1,328,114 7.7% 845,153 Totals 3rd Qtr. 1999 123 18,699,589 1,636,311 8.8% 589,013 Overall vacancy for Minneapolis' 3rd Qtr. 2000 124 19,480,843 2,238,493 11.4% 49,181 multi- tenant industrial buildings rose two percentage points to 8.2% during the period from 3rd quarter 1999 to FANCY RATS UST T 3rd quarter 2000, with overall negative absorption totaling 33,405 sq. ft. ALL SECTORS - THIRD QUARTER 2000 ® Colliers Towle Real Estate The BULK building type saw the addition 30.00% of the Minneapolis Rail Distribution Center, a 118,400 sq. ft. building. At 25.00%- -- BULK= 11.4% the time of this study, the facility was 0/ `= 8.3 100% vacant which contributed to the OSBC = 9.7% vacancy rate increase of 8.5 percentage 120.00% - -- points to 11.6%. Net tenant losses of 124,754 sq. ft. were reported. 15.00 °k - - -- O/W buildings posted one of the metro 10.00% area's lowest vacancy rates. At 5.1 %, it is ` J down almost 2 1 /2 percentage points from the previous year due to absorption of 5.00%1 109,693 sq. ft. • !00.00% 1990 1991 1992 1993 1994 1995 1996 1997 1999 1999 2090 The OS/BC building type makes up NORTHEAST SECTOR The Northeast Sector's 7.8% overall only 7.1% of the overall Minneapolis CITIES: vacancy rate for industrial buildings industrial universe. The vacancy rate for • Arden Hills • Little Canada out performs the overall metropolitan this building type is 10.1% with annual • Maplewood • Mounds View average of 9.4 %. This sector continues net absorption of 59,409 sq. ft. However, • New Brighton • North Oaks to grow, specifically in New Brighton, with only 7 buildings representing this • North St. Paul • Roseville Arden Hills, and Roseville. building type in Minneapolis, these • Shoreview • St. Anthony figures did not have a huge impact on • Vadnais Heights • White Bear Lake At 4 %, the BULK building type in the the overall performance for the city. Northeast Sector had one of the lowest UNIVERSE INCLUDES: vacancy rates in the metropolitan area for Future development plans include • 149 buildings the year ending 3rd quarter 2000. Annual Kasota Business Center II, a 110,000 • 9.7 million rentable sq. ft. absorption totaled 53,446 sq. ft. sq. ft. O/W facility. • 7.8% vacancy rate • 294,025 sq. ft. annual absorption O/W buildings maintained a 9.8% vacancy rate with absorption of 120,274 STATED T RENTAL RATES AND EXPENSES © Colliers Towle Real Estate MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - THIRD QUARTER 2000 VS. THIRD QUARTER 1999 (PSF) MARKET NET RENTAL RANGE "G. NETRENT REAL TOTAL SECTOR OFFICE WAREHOUSE OFFICE WAREHOUSE ESTATE EXPENSES TAXES OS/BC 1999 2000 1999 2000 1999 2000 1999 2000 1999 2000 1999 2000 Anoka County $6.00 -8.50 $6.00 -8.25 $4.00 -4.50 $4.00 -4.25 $7.89_ $7.64 $4.14 $4.14 $1.89 $1.62 $2.95 $2.72 Dakota County $5.00 -12.00 $5.00 -10.50 $3.00 -5.50 $3.50 -10.00 $8.76 $8.83 $4.37 $4.67 $1.96 $1.81 $2.92 $3.00 Minneapolis $7.00 -8.50 $7.00 -8.50 $2.25 -4.50 $2.25 -4.50 $8.20 $8.10 $3.95 $3.85 $1.18 $1.41 $2.61 $2.77 Northeast $4.50 -10.00 $8.00 -13.00 $4.00 -5.00 $4.00 -8.50 $8.17 _ $9.27 $4.34 $4.62 $2.12 $2.29 $3.08 $3.86 Northwest $6.25 -10.00 $7.75 -12.00 $3.50 -5.00 $3.75 -12.00 $8.31 $9.12 $4.19 $4.83 $1.69 $2.03 $3.48 $3.66 Southwest $6.50 -12.00 $6.00 -14.00 $3.50 -6.00 $3.50 -13.00 $8.82 $9.29 $4.41 $4.80 $2.23 $2.25 $3.40 $3.55 St. Paul $8.00 -9.75 $8.25 -10.00 $4.00 -4.75 $4.50 -4.75 $8.80 $9.32 $4.38 $4.54 $2.40 $2.13 $4.48 $4.61 West $8.00 -12.00 $8.00 -12.50 $4.00 -6.00 $4.00 -6.50 $9.34 $9.64 $4.72 $4.78 $2.10 $2.15 $3.10 $3.32 Metro Averages $4.50 -12.00 $5.00 -14.00 $2.25 -6.00 $2.25 -13.50 $8.79 $9.18 $4.45 $4.72 $2.10 $2.09 $3.23 $3.38 O/W Anoka County $3.85 -8.75 $4.67 -9.75 - $3.00 -4.25 $3.00 -4.67 $7.31 17.81 $3.87 $4.12 $0.85 $1.29 $1.68 $1.99 Dakota County $7.00 -8.00 $3.00 -10.50 $3.50 -4.50 $3.00 -6.00 $7.83 $7.75 $3.96 $4.11 $1.22 $121 - $2.12 $1.98 Minneapolis $3.50 -9.00 $2.50 -14.00 $2.00 -4.50 $1.75 -5.00 $7.22 $7.49 $3.43 $3.80 $1.23 $1.30 $1.94 $2.16 Northeast $6.25 -9.50 $6.25 -13.00 $2.75 -4.75 $2.75 -12.00 $7.90 $8.28 $3.98 $4.35 $1.29 $1.41 $1.86 $2.06 Northwest $3.50 -9.00 $3.50 -12.00 $3.00 -4.75 $3.25 -6.00 $7.44_ $8.21 $3.90 $4.23 $1.54 $1.53 $2.23 $2.27 Scott County $7.50 -8.50 $7.50 -8.95 $3.50 -4.50 $3.50 -4.50 $8.17 $8.29 $4.17 $4.13 $2.25 $0.79 $2.63 $1.56 Southwest $3.00 -11.00 $6.00 -12.00 $2.90 -5.50 $2.90 -9.00 $7.91 $8.34 _ $3.95 $4.31 $1.55 $1.77 $2.38 $2.55 St. Paul $3.50 -9.00 $5.00 -9.50 $2.50 -4.75 $2.00 -4.75 $6.60 $7.72 $3.37 -$3.77 $1.41 $1.50 $2.15 $2.48 Washington Co $7.00 -9.50 $8.00 -9.50 $3.25 -4.75 $4.00 -6.00 $8.50 $8.84 $4.20 $4.48 $1.04 $1.86 $2 =12 $2.59 West $2.75- 10.50- $3.25 -12.00 $2.75 -5.00 $3.00 -7.50 $7.92 $8.54 $4.00 $4.43 $1.74 $1.88 $2.42 $2.77 Metro Averages $2.75 -12.00 $2.50 -14.00 $2.00 -6.00 $1.75 -12.00 $7.76 $8.20 $3.91 $4.24 $1.41 $1.56 $2.18 $2.36 BULK Anoka County $6.50 -8.50 $7.50 -9.00 $3.75 -4.00 $3.75 -4.00 $7.35 $8.00 $3.80 $3.85 $0.98 $1.06_ $2:09 $2.09 Dakota County $3.00 -8.50 $4.60 -9.00 $2.75 -4.50 $3.25 -4.60 - - $6.83 $7.48 $3.68 $3.87 $0.95 $0.94 $1.47 $1.52 Minneapolis $5.50 -7.00 $5.25 -11.00 $1.75 -4.00 $1.90 -5.50 $6.30 $7.28 $2.98 $3.48 $1.01 $0.90 $1.66 $1.71 Northeast $6.00 -8.00 $6.00 -12.00 $3.00 -4.35 $3.00 -4.36 $7.33 $8.09 $3.83 $3.74 $1.16 $1.18 $1.79 $1.68 Northwest $6.25 -9.00 $6.25 -9.00 $3.10 -4.35 $3.10 -4.50 $7.80 $8.06 $3.79 $3.89 $1.24 $1.37 $1.96 $2.15 Scott County $6.75 -8.25 $4.25 -8.25 $3.50 -4.25 $4.00 -4.25 $7.50 $7.13 $4.03 $4.13 n/a $0.58 $1.55 $1.06 Southwest $7.00 -8.00 $7.50 -8.00 $3.50 -4.10 $4.00 -4.25 $7.71 $8.00 $3.91 $4.12 $1.14 $1.15 $1.89 $1.75 St. Paul $7.00 -8.25 $6.00 - 12.00 $2.00 -3.60 $2.80 -6.00 $7.63 $8.25 $3.16 $3.65 $0.91 $1.01 $1.38 $1.60 Washington Co $8.50 -9.00 $8.50 -9.00 $4.00 -4.75 $3.75 -4.00 $8.75 $8,75 $4.42 $3.88 $0.74 n/a n/a $1.90 West $5.25 -8.75 $4.00 -12.00 $2.75 -5.50 $2.37 -5.86 $7.30 $7.49 $3.90 $3.98 $1.33 $1.20 $2.02 $2.00 Metro Averages $3.00 -9.00 $4.00 -12.00 $1.75 -5.50 $1.90 -6.00 $7.37 $7.77 $3.70 $3.84 $1.10 $1.07 $1.77 $1.81 sq. ft. This is attributable to the addition however, it was not enough to offset Development will continue in the of New Brighton Industrial Center the new space added to the universe. Northwest Sector, with 670,400 sq. ft. (98,855 sq. ft.), which at the time of this Thus, the vacancy rate crept up, from currently under construction, proposed study had a vacancy of 35 %. 13.9% to 14.1 %. Seven new buildings or planned. Included are the Rogers totaling 539,348 sq. ft. were added to Distribution Center, a BULK building • OS/BC buildings were also strong our study during the period from 3rd consisting of 243,000 sq. ft. Eagle Lake performers. At 5.7 %, the Northeast quarter 1999 to 3rd quarter 2000 with a Business Center IV and Five Star Sector had the lowest vacancy rate for combined vacancy rate of 41%. Commerce Center V, O/W buildings this building type and reported annual in Maple Grove; Bell Tower Commerce absorption of 120,305 sq. ft. One new BULK buildings are the sector's best Center, a 100,000 sq. ft. OS/BC facility building, Centre Pointe Business Park performer with a vacancy rate of 8.8% in Osseo along with the 190,400 sq. ft. III (150,000 sq. ft.) in Roseville, was that improved by 3.1 percentage points France Avenue Business Center, in added to our survey, and is currently from 1999. Annual net absorption Brooklyn Center. 100% leased. totaled 71,559 sq. ft. SCOTT COUNTY Current development plans include the The O/W category saw the addition CITIES: 1st phase of Wispark's Rice Creek of Crystal Business Commons II • Chaska • Prior Lake • Savage • Shakopee Corporate Park in Shoreview, which (92,300 sq. ft.), Crosstown North V will consist of 114,000 sq. ft. of O/W & VI (217,400 sq. ft.), Eagle Lake UNIVERSE INCLUDES: and OS/BC buildings. Business Center III (95,500 sq. ft.), • 12 buildings and Five Star Commerce Center III • 1.5 million rentable square feet NORTHWEST SECTOR & IV (94,200 sq. ft.) This contributed • 12.4% vacancy rate CITIES: to annual absorption of 270,726 sq. ft., • 599,851 sq. ft. annual absorption • Brooklyn Center • Brooklyn Park however since more space was added • Crystal • Maple Grove • New Hope than was absorbed, the vacancy rate Scott County is the growth leader of the • Osseo • Robbinsdale rose, from 12.3% to 14.4 %. metropolitan area in terms of industrial multi - tenant space. This is demonstrated UNIVERSE INCLUDES: OS/BC buildings have a current vacancy through the addition of 4 new buildings • 124 buildings rate of 23.8 %, down 2.8 percentage totaling 430,000 sq. ft. and annual • 9.8 million rentable sq. ft. points from 3rd quarter 1999. This absorption of 599,851 sq. ft., the highest • 14.1% vacancy rate improvement was due to absorption of absorption for the metropolitan area, 9. 384,968 sq. ft. annual absorption 42,683 sq. ft. Added to the survey was while having the smallest amount of the new Northgate III (39,948 sq. ft.) total rentable square footage. Its tenant Overall, the Northwest Sector posted in Maple Grove. gains greatly improved the vacancy rate, annual absorption of 384,968 sq. ft., from 18.5% to 12.4 %. INDUSTRIAL NET ABSORPTION 0 Colliers Towle Real Estate 2000 MINNEAPOLIS /ST. PAUL METRO AREA 700,000 COMBINED OS /BC, O/W, BULK MARKETS ANNUAL NET 600,000 SECTOR ABSORPTION (SF)` 500,000 ANOKA COUNTY 122,693 DAKOTA COUNTY 278,889 400,000 MINNEAPOLIS - 33,405 NORTHEAST 294,025 300,000 NORTHWEST 384,968 O 1,- F SCOTT COUNTY 599,851 200,000 J w ST. PAUL - 173,469 Q 4 y _ !- SOUTHWEST 15,373 100,000 i i 0 >w O= a WASHINGTON COUNTY - 34,752 WEST 392,089 0� TOTAL 1,846,258 _100,000 - 200,000 � � ST. PAUL VA(AN(Y AND ABSORPTION © Colliers Towle Real Estate UNIVERSE INCLUDES: MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - 1998 -2000 • 75 buildings • 6.6 million rentable sq. ft. NUMBER TOTAL TOTAL • 7.8% vacancy rate MARKET STUDY OF RENTABLE AMOUNT VACANCY NET • ( 173,469) sq. ft. annual absorption SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION OFFICE SHOWROOM /BUSINESS CENTER MARKET Overall, St. Paul had tenant losses of - - - - - 173,469 sq. ft. for the year ending 3rd Anoka County 3rd Qtr. 1998 8 698,170 73,185 10.5% - 13,985 quarter 2000. While the 7.8% vacancy 3rd Qtr. 1999 8 698,170 16,070 2.3% 57,115 rate is below the overall metropolitan 3rd Qtr. 2000 7 651,947 63,562 9.7% - 47,492 average of 9.4 %, it is up 2.7 percentage Dakota County 3rd Qtr. 1998 57 2,888,497 329,529 11.4% 176,532 points from its position in 3rd quarter 3rd Qtr. 1999 62 3,159,411 410,188 13.0% 150278 1999. 3rd Qtr. 2000 63 3,_175.122 325.591 10.3% -.- 249;297 Minneapolis 3rd Qtr. 1998 6 388,982 33,664 8.7% 2,836 3rd Qtr. 1999 6 388,982 36,742 9.4% -3,078 BULK buildings had negative absorption 3rd Qtr. 2000 6 468,544 47.333 10.1% 59,409 totaling 207,970 sq. ft., which resulted Northeast 3rd Qtr. 1998 32 1,721,999 73,051 4.2% 150,419 in a vacancy rate of 9.7 %, an increase 3rd Qtr. 1999 33 1,819,999 73,129 4.0% 97,922 of 7.2 percentage points. Contributing 3rd Qtr. 2000 34 1,885,188 107,959 5.7% 120,305 factors include large new vacancies in Northwest 3rd Qtr. 1998 19 1,131,320 104,978 9.3% 3,333 the Lafayette Park and North Prior 3rd Qtr. 1999 20 1,199,620 318,539 26.6% - 145,261 3rd Qtr. 2000 21 1,237,406 294,739 23.8% 42,683 distribution centers. St. Paul 3rd Qtr. 1998 15 -, ' ,_ 1 98,202 9.3% - 24,249 3rd Qtr. 1999 15 1,056,210 94,323 8.9% 3,879 Favorable leasing activity in St. Paul's 3rd Qtr. 2000 15 1,012,853 83,649 8.3% 10,944 O/W facilities totaled 23,557 sq. ft. The Southwest 3rd Qtr. 1998 123 6,115,414 356,635 5.8% 193,985 vacancy is 5.7%, down from 6.4 %. 3rd Qtr. 1999 126 6,307,128 245,132 3.9% 303,217 3rd ;Qtr. 2000 126 6,232,827 598,055 9.6% - 219,660 The OS/BC category reported minimal West 3rd Qtr. 1998 59 3,378,000 176,242 5.2% 276,045 bso tlon O{ 10944 S {t., which 3rd Qtr. 1999 63 3,874,582 544,099 14.0% 128,725 a, q' 3rd Qtr. 2000 62 3,849,095 290,080 7.5% 442,481 improved the vacancy rate slightly, from Metropolitan 3rd Qtr. 1998 319 17,378,592 1,245,486 7.2% 764,916 8.9% to 8.3 %. Totals 3rd Qtr. 1999 332 18,446,102 1,738,222 9.4% 534,797 3rd Qtr. 2000 334 18,512,982 1,810,968 9.7% 657,967 St. Paul did not add any new facilities in 2000, however CSM's Westgate Business Campus V, an 80,000 sq. {t. OS/BC building, is currently planned. There are a total of 4 buildings in Business Park (120,000 sq. ft.); and the BULK building universe for Scott Shakopee Industrial Center (33,000 SOUTHWEST SECTOR County, only one of which has a vacancy. sq. ft.) • Bloomington • Chanhassen The vacancy is due to the fact that • Ederi Prairie • Edina the new 162,000 sq. ft, warehouse, While many areas in the metropolitan • Hopkins (part) • Minnetonka (part) Wispark Distribution Center, was just area are leveling off in terms of • Richfield recently completed and should be fully development, Scott County will continue leased by year -end given the current to grow in the upcoming years because UNIVERSE INCLUDES: demand for high- ceiling distribution it has available land and it is located • 250 buildings space. Despite a vacancy rate of 19.8 %, on the Highway 169 Distribution • 15 million rentable square feet BULK buildings had net absorption of Corridor. Opus has begun construction • 7.5% vacancy rate 289,480 sq. ft. for the period ending on Eagle Creek Commerce Center • 15,373 sq. ft. annual absorption 3rd quarter 2000. This was due to West (134,000 sq. ft. O/W) and the lease -up of Opus' 162,000 sq. ft. Minnesota Valley III (162,000 sq. ft. With over 15 million rentable sq. Minnesota Valley II in Shakopee. BULK). Phase II of Park 2000, a ft., this sector is the largest in the 128,500 sq. ft. O/W building will be metro area. Although many BULK and O/W facilities claimed 310,371 sq. ft. completed in November by First Indus- O/W buildings reported tenant gains, in tenant growth, which improved the trial. Also under construction are two they were offset by tenant losses in vacancy rate from 17.3% to an impressive other O/W facilities, River South Busi- OS/BC facilities, for overall net annual 5.9 %. Three buildings were added ness Center, 232,000 sq. ft. by United absorption of just 15,373 sq. ft. And, to the survey this year: Opus' fully Properties and Valley Green Business because more space was added than was eased Eagle Creek Commerce Center Center, 110,000 sq. f t . project by absorbed, the vacancy rate rose, from East (107,000 sq. ft.); Valley Green Capp Industries. 5.2% to 7.5 %. The BULK category retained a stable vacancy rate of 5.6% and had annual �/ © Colliers Towle Real Estate net absorption of 71,836 sq. ft. Added C 1 A ABSORPTION to the survey was the 360,000 sq. ft. MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - 1998 -2000 World Wide Distribution Center NUMBER TOTAL TOTAL in Blooming formerly a si MARKET STUDY OF RENTABLE AMOUNT VACANCY NET g y g e SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION tenant facility. OFFICE WAREHOUSE MARKET The 7.1 million rentable sq. ft. of Anoka County 3rd Qtr. 1998 21 1,943,179 98,996 5.1% 144,825 O/W space is the largest in the 3rd Qtr. 1999 23 2,043,137 25,910 1.3% 110,311 metropolitan area and also maintained 3rd Qtr. 2000 27 2,064,769 69,098 3.3% 76,412 its last year's vacancy rate of 6.2 %. Dakota County 3rd Qtr. 1998 41 3,132,548 283,651 9.1% 746,683 Substantial absorption of 163 ,197 sq. ft. 3rd Qtr. 1999 44 3,514,932 379,952 10.8% 286,083 was reported, however the vacancy rate 3rd Qtr. 2000 48 3,731,912 419,660 11.2% 85,579 remained steady because of the loss Minneapolis 3rd Qtr. 1998 47 3,685,732 347,774 9.4% 316,689 of space due to the shifting of a 3rd Qtr. 1999 48 3,749,732 280,296 7.5% 131,478 p g 3rd Qtr. 2000 47 3,364,542 172,329 5.1 31,940 few properties to the OS/BC category Northeast 3rd Qtr. 1998 101 6,045,029 772,782 12.8% 215,962 and the adjustments of rentable square 3rd Qtr. 1999 103 6,133,154 609,705 9.9% 251,202 footages in several others. Added to 3rd Qtr. 2000 106 5,855,189 573,339 9.8% 120,274_ the survey were Chanhassen East Northwest 3rd Qtr. 1998 77 5,380,104 531,350 9.9% 314,441 Business Center III (27,732 sq. ft.) and 3rd Qtr. 1999 85 5,967,510 733,673 12.3% 282,777 Aboretum Business Park III (60 3rd Qtr. 2000 85 6,119,094 882,612 14.4% 270,726 Scott County 3rd Qtr. 1998 6 418,107 131,000 31.3% 76,000 sq. ft.) also in Chanhassen. 3rd Qtr. 1999 5 347,107 60,000 17.3% 0 3rd Qtr. 2000 8 796,925 47,147 5.9% 310,371 OS/BC tenant losses of 219,660 sq. ft. St. Paul 3rd Qtr. 1998 40 2,818,876 168,295 6.0% 139,742 for the year was a dramatic change 3rd Qtr. 1999 41 2,968,876 190,889 6.4% 127,406 from the positive absorption of over 3rd Qtr. 2000 38 2,742,824 156,102 5.7% 23,557 300,000 sq. ft. for the previous year. Southwest 3rd Qtr. 1998 110 7,310,324 463,527 6.3% 516,755 Neg ative absor ption was reported b a 3rd Qtr. 1999 113 7,605,844 480,820 6.3% 278,227 g P y 3rd Qtr. 2000 111 7,152,356 442,709 6.2% 163,197 quarter of the OS/BC buildings in the Washington 3rd Qtr. 1998 24 1,034,759 178,793 17.3% 173,950 sector. Vacancy rose a tremendous 5.1 County 3rd Qtr. 1999 24 1,034,759 41,752 4.0% 137,041 • percentage points to 9.6 % . Two new 3rd Qtr. 2000 24 1,092,463 20,688 1.9% 21,376 projects were built this year and are West 3rd Qtr. 1998 82 6,343,590 556,005 8.8% 109,554 fully leased, including Chanhassen 3rd Qtr. 1999 83 6,366,190 437,017 6.9% 141,588 Lakes Business Park (40,000 sq. 3rd Qtr. 2000 82 6,438,572 472,737 7.3% 35,682 Metropolitan 3rd Qtr. 1998 549 38,112,248 3,532,173 9.5% 2,754,601 ft.) and City West Business Center Totals 3rd Qtr. 1999 569 39,731,241 3,240,014 8.2% 1,746,113 II (90,837 sq. ft.) Also added was 3rd Qtr, 2000 576 39,358,646 3,256,421 8.3% 1,139,114 the former single- tenant building at 4900 W. 78th St. in Bloomington. Washington County, while a major The good news for Washington County growth community, is the 2nd smallest lies in its O/W facilities with a 1.9% Chanhassen and Eden Prairie are still industrial sector in the metropolitan vacancy rate, the lowest in the metro experiencing major development, area. Thus, its relative size must be area. This improvement from last year's especially in the OS/BC area. Total considered when evaluating the overall 4.0% vacancy was due to absorption of rentable square footage currently under vacancy rate of 11.9% for all industrial 21,376 sq. ft. construction, planned or proposed buildings in Washington County. The equals 735,000 sq. ft. (see page 23). County's negative industrial absorption While the previous years saw major of 34,752 sq. ft. is mainly due to large development occurring in Oakdale, the WASHINGTON COUNTY vacancies in the BULK category. activity has moved to Woodbury. Four CITIES: new O/W buildings are currently • Cottage Grove • Lake Elmo The BULK distribution category is the planned for Woodbury, including the • Newport • Oakdale smallest of all the sectors and posted 50,000 sq. ft. East Metro Business • Oak Park Heights • Stillwater the metro area's highest vacancy rate Center, the 140,800 sq. ft. Hudson • St. Paul Park • Woodbury of 35.6 %, up from 23.7% last year. Road Tech Center, and Wooddale Oakdale Interstate II, completed in Business Center and Woodbury U NIVERSE INCLUDES: time for the 1999 report, is still nearly Commerce Center, each 100,000 • 27 buildings 100% vacant. However, with only three sq. ft. facilities. • 1.5 million rentable sq. ft. buildings in the survey, individual . • 11.9 vacancy rate vacancies highly affect the overall rate, • (- 34,752) sq. ft. annual absorption due to the modest overall square footage involved. The OS/BC building type was the best VA(AN(Y AND ABSORPTION © Colliers Towle Real Estate performer of the metro area, with tenant gains totaling 442,481 sq. ft. This was MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - 1998 -2000 mainly due to the lease up of 167,000 NUMBER TOTAL TOTAL sq. ft. in Golden Hills Business Park MARKET STUDY OF RENTABLE AMOUNT VACANCY NET and the new 53 ,509 sq. ft. Plymouth SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION Tech Park IV. COMBINED OS /BC, O/W, BULK MARKETS Future development plans include: Anoka County 3rd Qtr. 1998 34 3,241,149 262,474 8.1% 138,547 Plymouth Ponds V - VIII, comprising 3rd Qtr. 1999 36 3,341,107 106,287 3.1% 193,412 392 sq. ft. of O/W space in Plym- 3rd Qtr. 2000 40 3,401,996 168,_194 4.9% 122,693 outh and Long Lake Business Center, Dakota County d Qtr. 1998 109 8,162,363 849 % 1,005,996 h' 199 10.4 , a 24 sq. ft. O/W facility. 3rd Qtr. 1999 120 9,499,923 1 15.4% 433,136 q y 3rd Qtr. 2000 125 9,903,724 1,487.132 1 % _ 278,889 Minneapolis 3rd Qtr. 1998 66 6 473,350 7.5% 453,613��� TOWLE MARKET 3rd Qtr. 1999 67 6,386,967 387,028 6.0% 150,312 �� 3rd Qtr. 2000 66 6,458,335 532.816 8.2% (33,405) �\ OUTLOOK ' Northeast 3rd Qtr. 1998 141 9,570,752 895,819 9.4% 323,195 3rd Qtr. 1999 144 9,756,877 738,820 7.5% 343,124 . The Twin Cities Industrial Market will 3rd Qtr. 2000 149 9,779,377 763,748 7.8% 294,025 add another 4.6 million sq. ft. or more Northwest 3rd Qtr. 1998 112 8,836,041 794,295 9.0% 594,540 3rd Qtr. 1999 123 9,706,411 1,353,638 13.9% 208 of new multi - tenant leased space in the 3rd Qtr. 2000 124 9.879.344 1 .399.674 14.1 384,968 next 18 months. Given that absorption Scott County 3rd Qtr. 1998 9 874,111 536,004 61.3% 76,000 has slowed and there are concerns 3rd Qtr. 1999 8 893,827 165,600 18.5% 329,524 about available workers for growth and 3rd Qtr. 2000 12 1.505,645 187.147 12.4% 599,851 expansion, we are likely to see a rise in St. Paul 3rd Qtr. 1998 77 6,789,123 277,497 4.1% 398,793 the overall vacancy. 3rd Qtr. 1999 78 6,934,123 358,612 5.1% 68,885 3rd Qtr. 2000 75 6.657.468 521.121 7.8% (173,469) Lease rates will also increase b Southwest 3rd Qtr. 1998 246 15,145,237 975,200 6.4% 610,702 Y 3rd Qtr. 1999 252 15,632,471 822,692 5.2% 639,742 10 -20� psf on average, mostly due to 3rd Qtr. 2000 250 15,088,288 1,136.295 7.5% 15,373 higher costs of development and tenant Washington 3rd Qtr. 1998 24 1,034,759 178,793 17.3% 173,950 improvements. Also, many leases have County 3rd Qtr. 1999 27 1,495,247 150,752 10.0% 137,041 escalation clauses. 3rd Qtr. 2000 27 1.556.907 185.816 11.9% (34.752) West 3rd Qtr. 1998 163 12,691,531 863,142 6.8% 589,334 3rd Qtr. 1999 169 13,244,977 1,055,074 7.9% 437,430 Development costs will continue to 3rd Qtr. 2000 166 13,141,387 923,849 7.0% 392,089 increase faster than the rate of inflation. Metropolitan 3rd Qtr. 1998 981 72,668,033 6,105,773 8.4% 4,364,670 Normally developers expect a 3 to Totals 3rd Qtr. 1999 1,024 76,891,930 6,614,547 8.6% 2,869,923 3 l b% annual increase in the cost of 3rd Qtr. 2000 1,034 77,372,471 7,305,792 9.4% 1,846,258 development. This year that number has risen to over 5% and there is no WEST SECTOR The sector posted a healthy 5.6% vacancy sign of slowing. This, together with CITIES: rate for BULK buildings, even though the scarcity of land, will lead to higher • Excelsior • Golden Valley it had negative annual absorption of asking rents. • Hopkins (part) • Medina 86,074 sq. ft. This is due to the vacating • Minnetonka (part) • Mound of the former Ameriserve Building, . The southeast metro area will realize • Plymouth • St. Louis Park • Wayzata which is over 135,000 sq. ft. Without increased demand for space due to the this la tenant loss the vacancy rate physical expansion of the airport. Up (Boundary for West and Southwest Sectors is Excelsior Blvd.) g , }� for BULK buildings would be closer to to 16 new passenger gates, as well as i 167 h h what was sown in 1999 whe UNIVERSE INCLUDES: , 000 new north -south runways and larger • 166 buildings sq. ft. of absorption lowered the vacancy cargo facilities are slated for completion i • 13.1 million rentable sq. ft. rate to 2.5 %. by 2002. Land values in that area will • 7.0% vacancy rate continue to rise as many space users will • 392,089 sq. ft. annual absorption The O/W building type has a current need greater airport access. vacancy rate of 7.3 %, 2 percentage The West Sector is one of the strongest points below the metropolitan average. EMERGING MARKET industrial performers in the Twin Cities Net annual absorption of 35,682 sq. ft. LOCATIONS metropolitan area. With over 13 million was posted. Added to the survey was the There is a dilemma on the horizon. rentable sq. ft., the overall vacancy new Plymouth Ponds VI, a 102,000 The amount of industrial development rat y ° f ° he s . ft. facility that is 63 /o oc cupied. to 0 7.0 /o Is the second best in t q y P h 1 f o u r •area. Tenant gains of 392 089 s ft. during t l ou years has caus ed g q a tremendous shortage of available were reported. land within the 494/694 Loop. In fact, developers and space users are shocked INVESTMENT when faced with the rapidly escalating land values. They now must consider SALES , development in cities considered to be farming communities just 3-4 years In mid-2000, an estimated 7 million ago. Today, industrial activity is very active in Rogers, Elk River, Maple Grove, square feet of industrial investment JLT Midway, a 700,000 sq. Shakopee, Savage, Ramsey and Hudson, property was listed for sale and warehouse at 2210 Territorial Road Wisconsin. It won't be long now for us to though some investors perceived in St. Paul sold for $27.6 million or hear names like Otsego, Dayton, Jordan, it as a glut of space, it represents $40 psf. Belle Plaine, Rosemount, Lakeville, only 9% of the multi-tenant market. Lino Lakes, and Forest Lake becoming Many investors who have "waited more familiar sounding communities on the sidelines" for discounted associated with industrial development. pricing are now buying, as they • Many growing mid-size companies believe prices are not going to fall. are in a "wait and see" mode and As a result, of the 7 million square are not expanding or proceeding feet listed for sale, most is under Energy Park, OS /BC buildings in St. with build-to-suits as they watch contract, was sold or was taken off Paul sold for $11.9 million ($62 psf) the economy. the market. at a cap rate of 11.5%. • The trend continues where industrial and office product types converge with Motivated sellers include REIT's North Prior, a 617,637 sq.ft. BULK single story buildings with high office paring off the bottom 10% of their warehouse in St. Paul sold for $27.7 finish. These "flex" properties combine portfolios, and profit taking by the million or $39 psf. the best features of office and industrial remaining sellers (life companies, buildings and developers are responding pension funds, developers and to demand for more of this property local partnerships.) Buyers are type. An example of this is CSM's mostly local partnerships and proposed new building at Edenvale • Business Center that will have 90-100% some pension funds. Properties office finish. are selling in normal time frames, Lexington Commerce Center, an and most properties are selling in 89,840 sq. ft. O/W building in Eagan • Significant demand for BULK the 10-11% cap rate range. With sold $5.5 million or $61 P sf. distribution space is predicted to interest rates at 8 -8 /z %, and loan come from 3PL's (Third-party logistics constants of 9-10%, this translates companies that handle the distribution .......... of goods from manufacturers.) When into 13-14% returns on equity. looking at the available Twin Cities The highest cap rates are on those true BULK distribution market of properties with near term lease 100,000 sq. ft. or better, the number maturities, inferior locations and can be counted on one hand. That deferred maintenance. spells opportunity for developers Following are representative Oakdale Intcrstate/N. Hydraulics, and landlords. industrial investment sales. two O/W buildings in Savage and There is one constraint in considering Oakdale totaling 344,498 sq. ft. sold sites further out however, and that is for $11.9 million ($35 psf) at a cap labor. Employers with skilled work rate of 10.58%. forces and key employees are very concerned about losing these talented Westwood 11, an OSIBCJacility in people by forcing them to commute Eden Prairie sold for $3.1 million or longer distances. In fact, some employers Edenvale I & 11, OS /BC buildings $63 psf. are making real estate decisions that cost more to be in the metro area, even totaling 98,791 sq. ft. in Eden Prairie splitting operations in some cases. This sold for $4.8 million ($49 psf) at a cap All information about the sale of these properties employee concern becomes an even rate of 10% to a 1031 buyer. is believed to be correct. However, we make no • larger issue when we examine the 3.1 % warranties on the accuracy of the above details. unemployment rate and the stable job growth rate. M i N INDUSTRIAL PROJECTS UNDER CONSTRUCTION, PROPOSED & PLANNED THIRD QUARTER 2000 MULTI - TENANT PROPERTY PROJECT NAME TYPE SIZE /SF CITY DEVELOPER Blaine Industrial II O/W 65.000 Blaine Industrial Equities Blaine Office Center O/W 35,000 Blaine Roseville Properties Blaine Crossings 11 O/W 43,200 Blaine Ludel Development North Central Business Center O/W 65,000 Fridley CSM Development Anoka County Subtotal 208,200 Eagan Preserve O/W 200,000 Eagan Duke -Weeks Grand Oak III OSBC 68,000 Eagan Wispark Northwood Business Park II & III OSBC 135,000 Eagan Paramount RE Corp. River Ridge Business Center O/W 52,000 Burnsville Lynner Properties L.L.C. Spectrum Commerce Ctr 1 -111 O/W 289,150 Eagan Spectrum Development The Waters III O/W 135,600 Eagan CSM Corporation Dakota County 879,750 Kasota Business Center 11 O/W 110,000 Minneapolis CSM Development Minneapolis 110,000 Rice Creek Corp. Park O/W 114,000 Shoreview Wisp ark Northeast Metro Subtotal 114,000 Bell Tower Commerce Center OSBC 100,000 Osseo Landcor Eagle Lake Business Ctr IV O/W 60,000 Maple Grove Caliber Development France Ave Business Park OW /OSBC 190,400 Brooklyn Center N Real Estate Recycling Five Star Commerce Ctr V O/W 77,000 Maple Grove LandCor, Inc. Rogers Distribution Center BULK 243,000 Rogers Marfield, Belgarde &Yaffe Northwest Sector Subtotal 670,400 Westgate Business Campus V OSBC 80,000 St. Pau_ 1 CSM Development St. Paul Subtotal 80,000 Eagle Creek Commerce Ctr. West O/W 134,000 > < Savage Opus Northwest, L.L.C. Minnesota Valley III O/W 232,000 Shakopee Opus Northwest L.L.C. Park 2000 Phase II O/W 128,500 Shakopee First Industrial River South Business Center OM/ 232,000 Shakopee United Properties Valley Green Business Center O/W 110,000 Shakopee Capp Industries Scott County Subtotal 836,500 Arborteum business Nark III - O/W ou"o'ju Chanhassen btetner Arborteum Business Park IV OSBC 97,000 Chanhassen Steiner Bluff Creek Corporate Center O/W 140,000 Chanhassen CSM Corporation Chanhassen Corporate Centre OSBC 43,000 Chanhassen Andreas Dev. Co. Chanhassen East Bus. Ctr IV O/W 35,000 Chanhassen CSM Corporation Chanhassen Lakes Bus. Pk VI & VII -OSBC 81,500 Chanhassen BMB R.E. Advisors Edenvale Business Center OSBC 81.000 Eden Prairie CSM Development Prairie Oaks Corporate Ctr - O/W 83,000 Eden Prairie CSM Corporation Shady Oak Tech Building OSBC 83,500 Eden Prairie Hoyt Properties ValleyView Corp. Center OSBC 112,000 Eden Prairie CSM Corporation Southwest Sector Subtotal 816,000 Golden Valley Tech Center- , OW /OSBC 164,000 Golden Valley Industrial Equities Plymouth Ponds V -VIII O/W 392,000 Plymouth Moen Leuer Long Lake Business Center O/W 24,000 Long Lake CSM Corporation West Sector Subtotal 580,000 East Metro Business Center O/W 50,000 Woodbury JLTGroup Hudson Road Tech Center O/W 140,800 Woodbury Liberty Property Trust Wooddale Business Center O/W 100,000 Woodbury Opus Northwest L.L.C. Woodbury Commerce Center O/W 100,000 Woodbury Woodbury Centre Washington County 390,800 METRO TOTAL: 40 projects under construction, planned and proposed totaling 4.5 million square feet Key: O/W = Office Warehouse • OSBC = Office Showroom /Business Center • BULK = Bulk Warehouse 0 Colliers Towle Real Estate INDUSTRIAL North of 694 BROOKLYN CENTER, MINNESOTA 20 0o u nt ........................... iooti: unfit:: >` >' < z001 MM�I .... ............................... . t es: ........:... Va u :•:•:•)' :•:•:200 : 20b1.elnv . ... ..�fali>es:::... ::::::::::::::: '' LOCATION _. ... ......................... Freeway Commerce Center E &W Land 238,755 Land $675,000 $2.83 $10.51 Land $675,000 $2.83 1600 & 1700 Freeway Blvd. GBA 81,008 Building $1,835,000 $22.65 Building $1,735,000 $20.43 PID 35.119 -21 -14 -0011 & 0004 L:B Ratio 2.95 Total $2,510,000 $30.98 Total $2,410,000 $28.76 Built -1969 4.15% 1.60% St Paul Properties Land 321,200 Land $882,000 $2.75 $9.46 Land $882,000 $2.75 1800 Freeway Blvd. GBA 102,580 Building $2,158,000 $21.04 Building $1,918,000 $18.70 PID 35- 119 -21 -14 -0008 L:8 Ratio 3.13 Total $3 ,040,000 $29.64 Total $2,800,000 $27.30 Built •1871 8.57% -6.07% 6840 Shingle Creek Building Land 369,869 Land $1,030,000 $2.78 $11.17 Land $1,030,000 $2.78 6840 Shingle Creek Parkway GBA 113,412 Building $3,100,000 $27.33 Building $2,620,000 $24.87 PID 35- 119 -21 -21 -0003 L:B Ratio 3.26 Total $4,130,000 $36.42 Total $3,650,000 $33.95 Built -1872 13.15% 5.28% 6820 Shingle Creek Building Land 409,347 Land $1,145,000 $2.80 $13.17 Land $1,145,000 $2.80 6820 Shingle Creek Parkway GBA 146,868 Building $4,245,000 $28.90 Building $3,645 $26.45 PID 35- 119 -21 -12 -0002 L:B Ratio 2.79 Total $5,390,000 $36.70 Total $4,790,000 $34.25 Built -1973 18.18% ° 0 Shingle Creek Industrial Land 477,595 Land $1,311,000 $2.75 $13.76 Land $1,311,000 $2.75 6800 Shingle Creek Parkway GBA 172,883 Building $5,259,000 $30.42 Building $4,549,000 $27.87 PID 35- 119 -21 -12 -0003 L:B Ratio 2.76 Total $6,570,000 $38.00 Total $5,860,000 $35.46 Built - 1973 &1978 Inc /Mezz.- 5,291 12.12% 27.77% Newlmpro $600,000 $0.19 • Freeway Busisness Center I Land 265,921 Land $750,000 $2.82 $11.54 Land $750,000 $2.82 6601 Shingle Creek Parkway 75,074 Building $2,320,000 $30.90 Building $2,260,000 $30.10 PID 35- 119-21-13-0017,0013 US Ratio 3.54 Total $3,070,000 $40.89 Total $3,010,000 $40.09 Built-1985 1.99% 5.80% Freeway Busisness Center 11 Land 192,067 Land $525,000 $2.73 $15.46 Land $525,000 $2.73 6707 Shingle Creek Parkway GBA 76,246 Building $2,445,000 $32.07 Building $2,405,000 $31.54 PID 35- 119 -21 -12 -0013 L:S Ratio 2.52 Total $2,970,000 $38.95 Total $2,930,000 $38.43 Built •1982 1.37% 24.21% Freeway Busisness Center III Land 272,723 Land $760,000 $2.79 $11.26 Land $760,000 $2.79 6701 Parkway Circle GBA 74,848 Building $2,310,000 $30.86 Building $2,150,000 $27.52 PID 35- 119 -21 -12 -0014,13 -0009 L:B Ratio Total $3 ,070,000 $41.02 Total $2,910,000 $37.68 Built-1986 5.50% -8.71% Bradley -1600 67th Bldg. Land 366,609 Land $1,017,000 $2.77 $12.27 Land $1,017,000 $2.77 1600 -67th Ave. N. GBA 135,936 Building $3,483,000 $25.62 Building $3,173,000 $23.34 PID 35- 119 -21 -11 -0012 L:S Ratio 2.70 Total $4,500,000 $33.10 Total $4,190,000 $30.82 Built -1978 7.40% 1.77% Spec #8 - PALMER PLAZA Land 490,758 Land $1,500,000 $3.06 $9.27 Land $1,500,000 $3.06 6850,60 Shingle Crook Pky GBA 154,177 Building $3,047,000 $19.76 Building $2,250,000 $14.59 PID 35.22-0005 .0007,0008, 0011 NRA 143,295 Total $4,547,000 $29.49 GBA Total $3,750,000 $24.32 L:B Ratio 3.18 21.25% $31.73 NRA 4.17% $26.17 Built •1979 SALE 1211997 - $3,500,000. SALE 12/1 Shingle Creek Plaza -Spec 8 Land 229,038 Land $625,000 $2.73 $13.53 Land $625,000 $2.73 6801 Shingle Creek Parkway GBA 85,232 Building $2,475,000 $29.04 Building $2,355,000 $27.63 35- 119 -21 -12 -0008 2001 AEMV 2.69 Total $3,100,000 $36.37 Total $2,980,000 $34.96 Built -1980 4.03% 1.98% Sunlite Business Center Land 272,354 Land $750,000 $2.75 $13.48 Land $750,000 $2.75 6665 Parkway Circle GBA 73,000 Building $2,920,000 $40.00 Building $2,840,000 $38.90 PID 35- 119 -21 -13 -0011 L:B Ratio Total $3,670,000 $50.27 Total $3,590,000 $49.18 . 2.23% - 1.45% i : . ; .n niC:.:•: :`'::':':'•;•;•;• ;•:•:.:.;.;'. »::>:::::•:• '��2000 U t 0141i hies;:;:;::: �taaau : emv:;:;:;:;:V2t Shingle Creek Plaza II Land 329,657 Land $930,000 $2.82 $9.71 Land $930,000 $2.82 2700 Freeway Blvd. GBA 78,977 Building $2,270,000 $28.74 Building $2,200,000 $27.86 PID 35- 119.21 -23 -0001 L:B Ratio 4.17 Total $3,200,000 $40.52 Total $3,130,000 $39.63 Built-1982 2.24% 1.85% Steffens Building Land 104,536 Land $295,000 $2.82 $10.81 Land $295,000 $2.82 1601 -67th Ave. N. GBA 34,574 Building $835,000 $24.15 Building $755,000 $21.84 PID 35- 119 -21 -14 -0014 L:B Ratio 3.02 Total $1,130,000 $32.68 Total $1,050,000 $30.37 Built -1978 7.62% 1.25% Hiawatha Rubber Land 170,379 $468,000 $2.75 $15.03 $468,000 $2.75 1700 - 67th Ave. N. GBA 76,840 Building $2,092,000 $27.23 Building $2,022,000 $26.31 PID 35. 119 -21 -11 -0013 L:B Ratio 2.22 Total $2,560,000 $33.32 Total $2,490,000 $32.40 1998 addition of 37,440sf 2.81% New Imp.- 1.92% Johnson Controls Land 59,625 Land $164,000 $2.75 $11.74 Land $164,000 $2.75 1801 - 67th Ave. N. GBA 16,666 Building $536,000 $32.16 Building $486,000 $29.16 PID 35. 119 -21 -14 -0005 L:B Ratio 3.58 Total $700,000 $42.00 Total $650,000 $39.00 Built .1972 & 1990 Addn. 7.69% 1.88% Coachman Building Land 90,570 Land $249,000 $2.75 $11.59 Land $249,000 $2.75 6660 Shingle Creek Parkway GBA 34,800 Building $801,000 $23.02 Building $721,000 $20.72 PID 35- 119.21 -14 -0006 L:B Ratio 2.60 Total $1,050,000 $30.17 Total $970,000 $27.87 Built -1978 8.25% 1.36% Medtronic Land 353,063 Land $975,000 $2.76 $12.92 Land $975,000 $2.76 6700 Shingle Creek Parkway GBA 80,507 Building $3,585,000 $44.53 Building $3,145,000 $43.79 PID 35- 119 -21 -12 -0004 & 0005 L:B Ratio 4.39 Total $4,560,000 $56.64 Total $4,120,000 $55.90 • Built -1980 New Imp: 10.68% 260000 3.52% Hoffman Engineering Land 333,478 Land $915,000 $2.74 $13.22 Land $915,000 $2.74 6530 James Ave. N. GBA 120,250 Building $3,495,000 $29.06 Building $2,615,000 $27.32 PID 35. 119 -21 -14 -0003 &0002 L:B Ratio 2.77 Total $4,410,000 $36.67 Total $3 ,530,000 $34.93 Built .1971 37.77% 10.28% Qwest Land 89,623 Land $250,000 $2.79 $11.3a Land $250,000 $2.79 6540 Shingle Creek Parkway GBA 27,156 Building $770,000 $28.35 Building $710,000 $26.15 PID 35- 119 -21.14 -0007 L:B Ratio 3.30 Total $1,020,000 $37.56 Total $960,000 $35.35 Built -1970 6.25% 2.24% QwestM10237 Land 78,736 Land $250,000 $3.18 $10.16 Land $123,200 $1.56 1101 65th Ave N GBA 19 ,600 Building $550,000 $28.06 Building $572,600 $29.21 PID 36 -119 -21-32 -0082 L:B Ratio 4.02 Total $800,000 $40.82 Total $695,800 $35.50 Built .1960 14.98% 33.35% Schmitt Music Land 203,119 Land $1,116,500 $5.50 $10.93 Land $1,116,500 $5.50 2400 Freeway Blvd GBA 54,124 Building $1,103,500 $20.39 Building $953,500 $17.62 35- 119 -21.24 -0004 L:B Ratio Total $2,220,000 $41.02 Total $2,070,000 $38.25 Built 1974 7.25% NI- $100,000 13.59% Land 5,437,167 Land $16,582,500 $3.05 $12.55 Land $16,455,700 $3.03 GBA 1,688,034 Building $51,634,500 $30.59 Building $46,080,100 $27.30 L:B Ratio 3.22 Total $68,217,000 $40.41 Total $62,535,800 $37.05 9.08% Mean Size 84,402 84,402 Weighted Mean Value 40.41 37.71 G:\ Depts \ASSESS\SPREDSHT\Assessor12001 cia \tINDNO694.XLSt2001 Value Comparison • 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. T:. :...... :,::: ::::•::: 2000 UNIT'. •: •: • 2001' UNI.. .. 2001 EMV• • •.......... . . :.... ' :E1NV: ?VA LUE . : �: �: �: vAeiil =:•:•:�roi a,rili::•:•:•:�:•:•:• 000 • ........... OC AT fQN .. ...........................•... .........2dQ4 AMU:::::•. 1 Murphy Warehouse LAND 302,460 Land $829,000 $2.74 $9.89 Land $830,000 $2.74 5001 France Ave. n. GBA 121,640 Building $2,161,000 $1T.7T Building $1,640,000 $13.49 PID 10- 118.21 -24 -0002 Total $2 ,990,000 $24.58 Total $2,470,000 $20.31 Age -19651 Wall Ht - 36' UB RATIO 2.49 Change 21.1% Change -6.9% 2 Wickes LAND 548,213 Land $1,500,000 $2.74 $14.41 Land $1,500,000 $2.74 4837 Azelia Ave. N. GBA 203,040 Building $6,400,000 $31.52 Building $6,200,000 $30.54 10- 118.21 -23 -0006 Total $7,900,000 $38.91 Total $7,700,000 $37.92 Change 2.6% $6,200,000 US RATIO 2.70 Change 3897.9% 3 Steiner Cos. LAND 21,780 Land $76,200 $3.50 $10.06 Land $76,200 $3.50 5001 Drew Ave N GBA 3,118 Building $142,800 $45.80 Building $118,800 $38.10 10- 118 -21 -13 -0003 NRA 3118 Total $219,000 $70.24 Total $195,000 $62.54 Sale 9198 $220,000. L:B Ratio 6.99 Change 12.3% $70.24 NRAperj Change 2.8% $62.54 4 Break Tradition Uniforms LAND 22,984 Land $63,000 $2.75 $7.27 Land $63,000 $2.75 3607 - 50th Ave. N. GBA 3,680 Building $104,000 $28.26 Building $83,000 $22.55 PID 10- 118 -21.13 -0059 Total $167,000 $45.38 Total $146,000 $39.67 Age .1951/ Wall Ht -10' UB RATIO 6.25 Change 14.4% Change 23.7% 5 (old Fun Services) LAND 15,000 Land $41,000 $2.75 $10.87 Land $41,000 $2.75 3615.50th Ave. N. GBA 3,680 Building $122,000 $33.15 Building $102,000 $27.72 PID 10- 118 -21.13 -0060 Total $163,000 $44.29 Total $143 ,000 $38.86 Age -1952/ Wall Ht -11' UB RATIO 4.08 Change 14.0% Change 25.4% 6 Minutemen Services LAND 15,000 Land $41,000 $2.75 $8.47 Land $41,000 $2.75 3701 - 50th Ave. N. GBA 2,580 Building $86,000 $33.33 Building $75,000 $29.07 PID 10. 118 -21 -13 -0061 Total $127,000 $49.22 Total $116,000 $44.96 Age -1954/ Wall Ht -13' UB RATIO 5.81 Change 9.5% Change 23.4% 7 Harkess Engineering LAND 15,000 Land $41,000 $2.75 $15.20 Land $41,000 $2.75 3707 -50th Ave. N. GBA 5,604 Building $187,000 $33.37 Building $158,000 $28.19 • PID 10- 118 -21 -13 -0062 Total $228,000 $40.69 Total $199 ,000 $35.51 Age -1952/ Wall Ht -13' UB RATIO 2.68 Change 14.6% Change 14.4% S 8 Metrotech Corporation H LAND 17,050 Land $47,000 $2.75 $23.87 Land $41,000 3715 -50th Ave. N. A GBA 14,495 Building $360,000 $24.84 Building $301,000 $20.77 PID 10- 118.21 -13 -0063 a Total $407,000 $28.08 Total $342,000 $23.59 Age -1952/ Wall Ht -13' D U8 RA 770 1.18 Change 19.0% Change 5.9% 9 R & M Automotive P LAND 12,898 Land $35,000 $2.75 $14.0 Land $41,000 3721 -50th Ave. N. K GBA 5,608 Building $150,000 $26.75 Building $119,000 $21.22 PID 10- 118 -21 -13 -0064 Sale Total $185 ,000 $32.99 Total $160 ,000 $28.53 Age -19521 Wall Ht - 20' 5M8 UB RATIO 2.30 Change 15.6% Change 0.6% 10 Douglas Metal Specialties LAND 35,088 Land $96,000 $2.75 $11.66 Land $96,000 $2.75 4912 France Ave. n. GBA 11,246 Building $313 ,000 $27.83 Building $262,000 $23.30 PID 10. 118 -21 -13 -0065 Total $409,000 $36.37 Total $358 ,000 $31.83 Age -1951/ Wail Ht -11' U6 RATIO 3.12 Change 14.2% 0.8% Standard Solvents (superfund 11 site) LAND 29,900 Land $82,000 $2.75 $8.19 Land $82,000 $2.75 4906 France Ave. N. GBA 4,786 Building $163 ,000 $34.06 Building $129,000 $26.95 PID 10- 118 -21 -13 -0066 Total $245,000 $51.19 Total $211,000 $44.09 Age -19511 Wall Ht -10' UB RATIO 6.25 Change 16.1 % Change 0.0% Brooklyn Pet Hospital / Brooklyn 14 Pet Care Center LAND 31,177 Land $86,000 $2.75 $8.79 Land $86,000 $2.75 4902 ( &4900) France Ave. N GBA 7,043 Building $216,000 $30.67 Building $167,000 $40.15 PID 10- 118 -21 -13 -0069 Total $302,000 $42.88 Total $253 ,000 $60.83 Improv. $158,000 Age -1963 & 2000 / Wall Ht - 9' UB RATIO 6.81 Change 19.4% Change 5.9% 15 Dale Tile LAND 416,091 Land $1,140,000 $2.74 $2.74 Land $313,000 $3.10 4825 France Ave. N. GBA 29,804 Building $1,000 $0.03 Building $928,000 $31.14 PID 10-118-21-31-0030 Total $1,141,000 $38.28 Total $1,241,000 $41.64 • 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. 7 UNI ?' :•: # 200ttMV•, , , . ,...,•,•,•,• 20001iN1T: tyPA TON ............. ...... . ........................:...... Z �Q� �M�: :::::::::::1lALUE::::::70rAtVD ::;:::::::::::::;:?00 E�1A�/:: V4LL1E:. Age -19581 Wall Ht -22* us RATIO 13.96 Change -8.1% Change 8.8% Bldg Razed 1/16101 is 16 Davies Water LAND 299,231 Land $820,000 $2.74 $2.74 Land $409,000 $2.75 4830 Azelia Ave N. GBA Building $0 #DIV /01 Building $1,000 $0.83 10. 118 -21 -24 -0034 Total $820,000 #DIV /01 Total $410,000 $34.92 Building Razed 2000 Change 100.0% Change 17 Howe Inc. LAND 211,969 Land $477,000 $2.25 $2.88 Land $456,000 $2.15 4821 Xerxes Ave, n. GBA 75,385 Building $134,000 $1.78 Building $50,000 $0.66 PID 10 -118 -21.41 -0020 Total $611,000 $8.11 Total $506,000 $6.71 Age -19811 Wall Ht -15' LIB RATIO 2.81 Change 20.8% Change 0.2% 18 MacMillan Bloedel LAND 284,147 Land $852,000 $3.00 $6.89 Land $852,000 $3.00 4810 Lilac Dr. N. GBA 72,507 Building $1,106,000 $15.25 Building $721,000 $9.94 PID 10 -118 -21-42 -0039 Total $1,958,000 $27.00 Total $1,573,000 $21.69 LIB RATIO 3.92 Change 24.5% Change 10.5% 19 Cass Screw (Old K & 19 LAND 146,756 Land $440,000 $3.00 $10.86 Land $440,000 $3.00 4800 Lilac Dr. N. GBA 40,309 Building $1,154,000 $28.63 Building $1,001,000 $24.83 PID 10. 118.21 -42 -0041 Sale 4198 - $1,175,000 Total $1 ,594,000 $39.54 Total $1,441,000 $35.75 Age -19561 Wall Ht -18' LIB RATIO 3.64 Change 10.6% Change 11.9% 20 Omni Tool LAND 64,450 Land $193,000 $3.00 $15.39 Land $193,000 $3.00 3500 -48th Ave. n. GBA 27,017 Building $799 ,000 $29.57 Building $686,000 $25.39 PID 10.118 -21-42 -0042 Total $992,000 $36.72 Total $879,000 $32.54 Age - 1967 -941 Wall Ht -19' uB RATIO 2.39 Change 12.9% Change 0.9% 21 Bergmann Machinery LAND 25,025 Land $81,000 $3.25 $13.43 Land $81,000 $3.25, 3420 - 48th Ave. n. GBA 9,312 Building $255 ,000 $27.38 Building $214,000 $22.98 PID 10.118 -21-42 -0017 Total $336,000 $36.08 Total $295,000 $31.68 Age -19611 Wall Ht -11 uB RATIO 2.69 Change 13.9% Change 1.0% 22 Midwest Screw LAND 24,000 Land $78,000 $3.25 $13.92 Land $78,000 $3.� 3410 -48th Ave. n. GBA 9,312 Building $256,000 $27.49 Building $210,000 $22.55 PID 10 -118 -21-42 -0018 Total $334,000 $35.87 Total $288 ,000 $30.93 Age -19611 Wall Ht -11' LIB RATIO 2.58 Change 16.0% Change 0.7% 23 Premier Electrical LAND 30,300 Land $91,000 $3.00 $12.21 Land $91,000 $3.00 3400 .48th Ave. n. GBA 9,648 Building $279,000 $28.92 Building $247,000 $25.60 PID 10- 118.21.42 -0019 Total $370,000 $38.35 Total $338 ,000 $35.03 Age -1961/ Wall Ht - 20' U9 RATIO 3.14 Change 9.5% Change 4.6% 24 Spark Abrasives/Far East Tradi LAND Y g 53,000 Land $159,000 $3.00 $12.70 Land $159,000 $3.00 4811 Dusharme Dr. GBA 23,380 Building $514,000 $21.98 Building $466,000 $19.93 PID 10.118 -21-42 -0021 Total $673,000 $28.79 Total $625,000 $26.73 Age - 1961/ Wall Ht - 14' LIB RATIO 2.27 Change 7.7% Change -5.0% 25 Diversico Industries LAND 30,360 Land $91,000 $3.00 $19.80 Land $91,000 $3.00 3401 - 48th Ave.n. GBA 17,298 Building $510,000 $29.48 Building $367,000 $21.22 PID 10.118 -21-42 -0015 Total $601,000 $34.74 Total $458,000 $26.48 Age -19611 Wall Ht -11' LIB RATIO 1.76 Change 31.2% Change 0.7% 26 Witt- Miller Inc. LAND 31,440 Land $94,000 $3.00 $11.20 Land $94,000 $3.00 3415 -48th Ave. N. GBA 10,000 Building $258,000 $25.80 Building $212,000 $21.20 PID 10.118 -21-42 -0014 Total $352 ,000 $35.20 Total $306,000 $30.60 Age -19611 Wall Ht -16' LIB RATIO 3.14 Change 15.0% Change 0.7% 27 Midwest Screw LAND 31,440 Land $94,000 $3.00 $8.72 Land $94,000 $3.00 3501 -48th Ave. N. GBA 10,000 Building $180,000 $18.00 Building $180,000 $18.00 • 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. .. :>:2000 li N .... ............................. I •:•:•:• ii: : >:•:•:•:•:•:' i:• is>:•:':': �: �: : >:•`:•: �: �: �i:•:•:•.': i?: �:•: �:' is�: �ii:•:•:•:!•: •:�:•:�:�:�:•:•:�:!•:�:�:•:•:•: : •: •: •: :•::: : •: •: •: �DO }l1NIT: <...: ' IYIV: :::•:':':'�'�:•i:''''�.•:•'•: �'�'•'�: •: •..•......... . ::::::::::::..............::. :.:::::::::.::::::::::::::: ::::............•...•. ?........ 2001E.......... �.Q TC4N....... 2tlQt. M1 ::: :::: ro1� ... ; ; ; :: UOO HMV vALUE ...... . . ...•. .. ... . ... ... PID 10.118 -21-4-0 013 Total $274,000 $27.40 Total $274,000 $27.40 2 Age -19611 Wall Ht -13' us RATIO 3.14 Change 0.0% Change 0.0% 28 Milton Granquist LAND 44,414 Land $133 ,000 $3.00 $6.89 Land $133,000 $3.00 3515 -48th Ave. N. GBA 8,500 Building $173,000 $20.35 Building $136,000 $16.00 PID 10- 118.21 -42 -0012 Total $306,000 $36.00 Total $269,000 $31.65 Age -19611 Wall Ht -16' us RATIO 5.23 Change 13.8% Change 0.7% 29 ACI Construction LAND 24,429 Land $73,000 $3.00 $10.77 Land $73,000 $3.00 3601 -48th Ave. N. GBA 3,200 Building $190,000 $59.38 Building $159 ,000 $49.69 PID 10- 118 -21-42 -0011 Outdoor Stor 16,000 Total $263,000 $82.19 Total $232,000 $72.50 Age .19601 Wall Ht -13' ua RATIO 7.63 Change 13.4% Change 45.0% 30 Cass Screw LAND 43,523 Land $125,000 $2.87 Land $125,000 $2.87 361548THAVE 8(3607) GBA 15,184 Building $377,000 $24.83 Building $321,000 $21.14 PID 10. 118 -21-42 -0044 Total $502,000 $33.06 Total $446,000 $29.37 Age - 1958161196 Wall Ht -14' LIS RATIO 2.87 Change 12.6% Change 0.7% 31 Cass Screw LAND 85,020 Land $240,000 $2.82 Land $240,000 $2.82 4748 France GBA 35,970 Building $994 ,000 $27.63 Building $756,000 $21.02 PID 10- 118 -21-42 -0007 Total $1,234,000 $34.31 Total $996,000 $27.69 Age -19581 Wall Ht -12' ua RATIO 2.36 Change 23.9% Change 0.6% 32 Cass Screw LAND 25,760 Land $77,000 $3.00 Land $77,000 $3.00 3625 -48th Ave. N. GBA 7,500 Building $167,000 $22.27 Building $131 ,000 $17.47 PID 10 118 - 21 - 42 - 0008 Total $244,000 $32.53 Total $208,000 $27.73 Age - 1957/Wall Ht Wa RATIO 3.43 Change 17,3% Change 0.5% TOTALS LAND 2,937 Land $8 ,195,200 $2.79 Land $6,936,200 $2.81 GBA 790,846 Building $17,751,800 $22.45 Building $16,150,800 $20.19 FNS8E83V3PREDSNTSTEVEVI8C1AVROSOFR° Total $25,947,000 $32.81 Total $23,087,000 $28.86 Change 2000 to 2001 - 12.39% 47.91% acres 67.44502 56.76325 avg building 24,714 Sq Ft 24,999 Sq Fl IPIRT E I a � k olliers Towle Real Estate Towle Report 2001 MARKET OVERVIEW • The Twin Cities' apartment market remains as tight as APARTMENT ever. We have seen little change. The vacancy rate continued at 1.5 %, remaining well below the market's 5% equilibrium vacancy rate. There were approximately 1,900 MARKET units added in 2000, very close to the projected 2,200 new units. Approximately 2 new units are expected to be added in 2 HIGHLIGHTS 001. Vacancy rates are note expect P Y xP to rise above 2.0 %, while rents will likely escalate at a rapid rate. *Average rents rose nearly Rents in the metropolitan area increased 7% over the same period last year. 7 %. Washington County Although the rise is down from the 14% reported fourth quarter 1999, rents experienced the greatest continue to rise at a brisk pace and remain well above the gains the metro area rent increase of over 10 %, experienced in the previous five years. The largest gain was in Washington County with rents rising 10.7 %, followed by the City of St. Paul at 8.32% and while the Southwest Sector the City of Minneapolis at 7.9 %. With the extremely low vacancy, there is huge had the lowest average rent demand and the market is reflecting that demand. increase of 4.90 %. Senior housing, luxury downtown and suburban developments, along with the growing `village community" concept dominates apartment -The overall metro area development in the Twin Cities metropolitan area. As we mentioned in last year's report, the urban village concept is growing. Intended to vacancy rate remained reduce sprawl, these village communities and town centers combine town constant at 1.5%. homes, apartment buildings and senior housing with commercial (both lW etail and office) buildings in one setting. Brooklyn Park, Eden Prairie, eighborhoods in South and North Minneapolis, Golden Valley, Eagan, • An estimated 2,100 new and Mendota Heights have concepts planned, while construction units will be in added in continues on village communities in Burnsville, St. Louis Park, Maple 2001, keeping the same Grove and Plymouth. development pace as 2000. The new wave in terms of development comes in the form of affordability. The need for affordable housing in the Twin Cities metropolitan area is enormous. The Metropolitan Council has • St. Paul reported the lowest estimated that the metropolitan area has a shortage of 150,000 to vacancy rate at 1.1 %. The Southwest Sector's vacancy rate of 2.3% is the highest in the metropolitan area. • Over 5,500 units of apartments were sold in 2000 for an average price of 3 $50,000 per unit. Source for fourth quarter vacancy and rental rate data was Apartment A Search Profiles. Regency Woods, a 282 -unit apartment complex in Minnetonka sold for $83,245 per unit. 200,000 units of affordable housing Minnetonka Heights Apartments while For the second continuous year, 2000 and, as long as employment remains keeping the units affordable. Almost saw a decrease in apartment sales, a direct as high as it has been, that number all new development planned has result of the low supply of appropriate W ay grow due to the influx of lower designated approximately 20% of their product. Over 5,000 apartment units age earning laborers needed to meet units to "affordable" housing. However, sold for $245 million, representing employment demands. As a result, there with only 2,000 new units coming online about $50,000 per unit. Minneapolis are numerous state and federal programs in the next year, this amount will hardly continued to see the most activity as over in the works to maintain affordability make a dent in the need. 1,600 units sold for over $87 million, in current projects, as well as incentives or an average per unit price of $53,177. in the new developments, in the form In terms of amenities, the big word these St. Paul followed with the sale of 990 of grants, partnerships with non -profit days is "broadband ". Leading property units for over $50 million, an average entities, and the easing of zoning owners are partnering with Broadband of $50,520 per unit. The Southwest regulations on certain developable Residential, Inc. to provide high -speed sector exchanged over 660 units for parcels. The Met Council, for example, Internet capabilities and entertainment a combined sales price of over $35 has plans to develop and operate 300 services. This will become a major million, or an average of $53,880 per units of affordable housing throughout inducement for renters and should unit. Unit prices ranged from $13,000 to the metropolitan area for the first time become more prevalent as availability $125,000 per unit. Cap rates continued and expects to have those completed widens. Other amenities being falling during 2000, posting below 8.0% by April 2002. There has also been the introduced in the market include on -site in most cases. Viewpoints 2000, released emergence of firms such as Rainbow childcare, alarm systems, fully equipped by Integra Realty Resources, named Development, which is rehabilitating business centers, and gas fireplaces. Minneapolis the third top market for apartment investment, up from fifth place in 1999, due to low vacancy, Source: Apprais SELECT APARTMENT BUILDING SALES Data NetworkIno rapidly increasing rents, and scarce 2000 multifamily sites. # OF NAME CITY UNITS PRICEIUNIT In terms of the future of the apartment Marquette Place Minneapolis 240 $125,000 market, watch for apartment sales to Pebblebrook West Bloomington 90 $105,133 continue to decrease since most of the Oakwood Minneapolis 97 $92,784 Class A and B properties have recently • Regency Woods Minnetonka 282 $83,245 been sold. Redevelopment sites, senior Emerald Point St. Paul 59 $77,288 housing, and the newly conceived village Skyline Apartments St. Paul 506 $61,265 community will dominate development. Pebblebrook Bloomington 170 $52,424 The question of how to provide Millpond Burnsville 306 $38,552 affordable workforce housing will reach Sterling Square Brooklyn Center 54 $37,963 fever pitch. And finally, the vacancy rate Fountains in the Park Brooklyn Park 96 $37,500 will remain below equilibrium. The Beach South Apartments Robbinsdale 136 $35,507 The Pines Brooklyn Center 102 $31,179 RENTAL RATES Source: Apartment Search Profiles APARTMENT Source: Apartment Search Profiles MINNEAPOLIS /ST. PAUL METROPOLITAN AREA • 1997 -1999 AVERAGE VACANCY AND STUDY NUMBER AVERAGE RENT AVERAGE RENT UNITTYPE DATE OF UNITS RENT RANGE STUDIO 1998 7,953 $383.71 $401-$578 MINNEAPOLIS /ST. PAUL METROPOLITAN AREA 9/00 9/00 1999 7,273 $478.42 $421-$554 NUMBER OF PERCENT AVERAGE 2000 7,390 $517.16 $375-$638 SECTOR UNITS VACANT RENT ONE BEDROOM 1998 62,917 $577.89 $523-$671 Anoka Co. 7,506 1.2% $714.74 1999 62,466 $640.65 $584-$706 Dakota Co. 18,547 1.2% $793.29 2000 63,010 $686.83 $521-$885 Minneapolis 21,668 1.4% $732.02 TWO BEDROOM 1998 56,753 $717.80 $632-$821 Norte 14,126 1.2% $718.21 Northwest 13,305 1.5% $700.18 1999 57,267 $790.77 $670-$906 St Paul 15,539 1.1% $705.22 2000 58,016 $838.78 $643 - $1,376 Scott Co. 841 1.9% $712.07 • THREE BEDROOM 1998 6,134 $929.58 $700 - $1,175 Southwest 19,775 2.3% $823.83 1999 6,437 $1,072.69 $817 - $1,238 Washington Co. 5,217 2.1% $836.22 2000 7,008 $1,119.76 $800 - $1,926 West 18,900 1.8% $846.22 Average Rent - 9/00 = $765 Metro Total 135,424 1.5% $765.07 BROOKLYN CENTER, MINNESOTA ADVERTISED APARTMENT RENTS FROM 1993 -2000 1 BEDROOM 2 BEDROOM 3 BEDROOM STUDIO Change Change Change Change from from from from Previous Average Number Previous Average Number Previous Average Number Previous Average Number Year Year Rent of Ads Year Rent of Ads Year Rent of Ads Year Rent of Ads 2000 11% $579 154 ." 5% $715 136 19% $950 9 12% $470 12 1999 10% $514 94 11% $679 106 -14% $773 3 4% $414 3 1998 5% $465 270 8% $611 283 26% $902 51:'; -- $399 18 1997 3% $444 518 3% $566 609+ -7% $715 77 1996 5% $430 633 6% -- $551 558 � ; $765 42 1995 3% $411 345 ':" 6% $521 433 i 1994 3% $400 595 k 2% $491 558 • • • Recent Brooklyn Center Apartment Sales 2001 Assessment Unit Mix Year Total Price per Price per Price per Sale # PID # Street Date of Sale Sale Price 2000 AEMV ratio Built Units Eff 1 BR 2 BR 3 BR Garages GBA Unit Sq Ft BR 1 02- 118 -21 -34 -0002 5301 -05 Russell Ave N 01/05/2000 $1,458,000 $1,300,000 89.2% 1972 36 0 1 32 3 25 40,516 $40,500 $35.99 $19,703 03- 118- 21- 12 -0075,43- 2 0056 61o1 Beard Ave 12/01/1999 $950,000 $800,000 84.2% 1966 24 0 9 15 0 10 28,182 $39,583 $33.71 $24,359 3 10- 118 -21 -32 -0053 4202 Lakebreeze 05/23/2000 $203,000 $150,000 73.9% 1961 4 0 0 4 0 5 3,622 $50,750 $56.05 $25,375 4 25- 119 -21.42 -0042 7250 West River Rd 05/2000 $210,000 $158,000 75.2% 1972 4 0 1 3 0 4 4,026 $52,500 $52.16 $30,000 36- 119- 21 -22- I 5 0038,39,43,44 6640 -67oo Humboldt Ave N 06/2000 $2,000,000 $1,701,000 85.1% 1968 54 0 14 40 0 44 48,504 $37,037 $41.23 $21,277. 6 36- 119 -21 -14 -0009 6511 -0521 Humboldt Ave N 09/2000 $3,180,275 $2,769,400 87.1% 1969 102 0 66 36 0 40 101,658 $31,179 $31.28 $23,045 median 84.6% 1968.5 30 $40,042 $38.61 $23,702 mean 82.4% 1968 37.333 $41,925 $41.74 $23,960 Sale 2 sold 12/1999 for $690,000. Sale 4 sold July 2, 1997 for $150,000. Sale 5 sold 1111997 for $1,276,000 G: MD eptsW SSESSISPREDSHT WssessoAZWlciagAPTSALES.XLSI01 ratio 05/04/200112:57 PM I 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings Apartments 5 AND 4 UNIT BUILIDINGS 2001 UNIT 2000 UNIT # PROPERTY APFAS ?001 EMV VALUES(/] 2000 EMV VALUES[n 1 HINCK APARTMENTS - HL Land 28,140 Land $35,000 $7,000 Unit Land $30,400 $6,080 Unit 4715 France Ave. N. GBA 3,780 Building $175,000 $46.30 [n Building $123,000 $32.54 PID: 10-118-21-31-0015 Units 5 Total $210,000 $66.66 [� Total $153,400 $40.58 0 Garages Age 1959 Change 36.9% $42,000 Unit Change 9.6% $30.680 Unit 2 TRIVEDUKRUGER APARTMENTS Land 15,000 Land $32,000 $8,000 Unit Land $26,600 $6,650 Unit 5500 Bryant Avenue North GBA 4,816 Building $189,000 $39.24 In Building $182,000 $37.79 M PID: 01-118-21-31-0061 Units 4 Total $221,000 $45.89 [n Total $208,600 $43.31 [� 0 Garages . Age 1961 Change 5.9% $66,260 Unit Change 0.3% $52,150 Unit 3 ROBSON APARTMENTS Land 13,736 Land $32,000 $8,000 Unit Land $26,600 $6,6W Unit 1107 57th Ave. North GBA 3,416 Building $168,000 $49.18 [n Building $132,000 $38.64 PID: 01-118-21-32-0018 Units 4 $200,000 $58.55 [1 $158,600 W.43 4 Garages Age 1963 Change 26.1% $50,000 Unit Change 3.7% $39,650 Unit 4 DOLL APARTMENTS Land 12,800 Land $32,000 $8,000 Unit Land $26,600 $6,650 Unit 1201 57th Avenue North GBA 3,416 Building $160,000 $46.84 11 Building $122,000 $35.71 PID: 01-118-21-32-0105 Units 4 Total $192,000 $56.21 [1 Total $148,600 $43.50 0 Garages Age 1960 Change 29.2% $48,000 Unit Change 1.1% $37.150 Unit 5 MAYERS APARTMENTS - HL Land 10,710 Land $32,000 $8,000 unit Land $26,600 $6,650 unit 1425 55th Avenue North GBA 3,416 Building $160,000 $46.84 [� Building $122,000 $35.71 PID: 01-118-21-33-0072 Units 4 Total $192,000 $56.21 M Total $148,600 $43.50 0 Garages Age 1960 Change 29.2% $48,000 Unit Change 1.1% $37.150 Unit 6 WINTERBROOK Land 15,240 Land $40,000 $10,000 Unit Land $28,500 $7,125 Unit 5547 Lyndale Avenue North GBA 3,472 Building $152,000 $43.78 [n Building $125,000 $36.00 PID: 01-118-21-42-0019 Units 4 Total $192,000 $55.30 [n Total $153,500 $44.21 0 Garages Age 1960 Change 25.1% $48,000 Unit Change 4.4% $38,375 Unit 7 THEISEN APARTMENTS Land 14,798 Land $40,000 $10,000 Unit Land $28,500 $7,125 Unit 5601 Lyndale Avenue North GBA 3,528 Building $159,000 $45.07 (n Building $130,000 $36.85 PID: 01-118-21-42-0021 Units 4 Total $199,000 $56.41 [n Total $158,500 $44.93 HOMESTEAD 4 GARAGES Age 1962 Change 26.6% $49,750 Unit Change 4.3% $39,625 Unit 8 DABROWSKJ APARTMENTS Land 20,250 Land $32,000 $8,000 Unit Land $26,600 $6.650 Unit 5001 Ewing Avenue North GBA 3,616 Building $175,000 $48.40 Building $142,000 $39.27 PID: 10-118-21-13-0042 Units 4 Total $207,000 $57.25 Total $168,600 $46.63 HOMESTEAD 4 Garages Age 1973 Change 22.8% $61,760 Unit Change 5.4% $42,150 Unit 9 Anderson 4-Plex Land 12,208 Land $32,000 $8,000 Unit Land $26,600 $6,650 Unit 4200 Lakebreeze Avenue GBA 3,712 Building $164,000 $".18 [1 Building $125,000 $33.67 PID: 10-118-21-32-0052 Units 4 Total $196,000 $52.80 [� Total $151,600 $40.84 2 Garages Age 1961 Change 29.3% $49,000 Unit Change 1.7% $37,900 Unit 10 SCHURMAN APARTMENTS Land 10,416 Land $32,000 $8,000 Unit Land $26,600 $6,650 Unit 4204 Lakebreeze Avenue GBA 3,622 Building $160,000 $44.17 Building $122,000 $33.68 PID: 10-118-21-32-0053 Units 4 Total $192,000 $53.01 Total $148,600 $41.03 0 Garages Age 1961 Change 29.2% $48,000 Unit Change 1.1% $37.150 Unit 11 FOBBEAPARTMENTS Land 11,312 Land $32,000 $8,000 Unit Land $26.600 $6,650 Unit 4811 Lakeview Avenue North GBA 3,472 Building $167,000 $48.10 Building $132,000 $38.02 PID: 10-118-21-32-0054 Units 4 Total $199,000 $57.32 Total $158,600 $45.68 HOMESTEAD 4 Garages Age 1964 Change 25.5% $49,760 Unit Change 4.3% $39,650 Unit 05/04/2001 12:56 PM 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 6 to 8 units Apartments 6 TO 8 UNITS 2001 UNIT 2000 UNIT # PROPERTY AREAS 2001 EMV VALUES [q 2000 EMV VALUES [t[ 1 SCHAFF APARTMENTS Land 20,000 Land $52,000 $6,5oo Unit Land $46,500 $5,813 Unit 7018 Brooklyn Boulevard GBA 7,042 Building $308,000 $43.74 [/] Building $207,000 $29.40 [/J PID:27- 119 -21-33 -0005 Units 8 Total $360,000 $51.12 [/J Total $252,600 $35.87 SALE 6198 - $235,000 Age 1963 Change 42.5% $45,000 Unit Change 13.3% $31,575 Unit 2 MILLER APARTMENTS Land 19,710 Land $45,500 $6,500 Unit Land $39,900 $5,700 Unit 5843 Fremont Ave. N. GBA 5,652 Building $235,500 $41.67 [/J Building $158,000 $27.95 [/J PID:01- 118 -21.23 -0059 Units 7 Total $281,000 $49.72 [/J Total $197,900 $35.01 [/J Age 1960 Change 42.0% $40,143 Unit Change 5.3% $28,271 Unit 3 CERIC APARTMENTS Land 26,850 Land $45,500 $6,500 Unit Land $39,800 $5,686 Unit 7240 West River Road GBA 7,890 Building $304,500 $38.59 [/] Building $234,000 $29.66 [/J PID:25 -119 -21-42 -0043 Units 7 Total $350,000 $44.36 [! Total $273,800 $34.70 [/] • Age 1978 Change 27.8% $50,000 Unit Change 22.7% $39,114 Unit 4 DES PARIOS APARTMENTS Land 15,360 Land $39,000 $6,500 unit Land $34,100 $5,683 unit 5301 25.64 3 1 Dupont Avenue North GBA 5,616 Building $229,000 $40.78 [/] Budding $144,000 $ PID:01- 118 -21 -33 -0146 Units 6 Total $268,000 $47.72 [/] Total $178,100 $31.71 [/J HOMESTEAD Age 1960 Change 50.5% $44,667 Unit Change 0.0% $29,683 Unit 5 LAKE SHORE APARTMENTS Land 15,360 Land $54,000 $9,000 Unit Land $45,600 $7,600 Unit 4809 Twin Lake Avenue GBA 6,130 Building $233,000 $38.01 [1 Building $167,000 $27.24 [/] PID:10- 118 -21 -32 -0048 Units 6 Total $287,000 $46.82 [1 Total $212,600 $34.68 HOMESTEAD Ape 1961 Change 35.0% $47„833 Unit Change 0.0% $35,433 Unit TOTALS Land 97,280 Land $236,000 $ 6,941 Unit Land $206,000 $ 6,059 unit and GBA 32,330 Building $1,310,000 $ 40.52 [1 Building $910,000 $28.15 [q AVERAGES Units 34 Total $1,546,000 $ 47.82 in Total $1,116,000 $34.52 [t[ Change 38.53% $45,471 unit Change 7.83% $32,824 unit G: \Depts\ASSESS \SPREDSHT\ Assessor \2001cia \[AP8- 6.XLS]2001 Totals • 05/04/2001 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 10 to 12 units . 2001 UNIT 2000 UNIT PROPERTY AREAS 2001 EMV VALUES [I 2000 EMV VALUES [I BROWN APARTMENTS Land 35,280 Land $84,000 $7,000 Unit Land $57,000 $4,750 Unit 4819 Azelta Ave. GBA 10,499 Building $343,000 $32.67 (/] Building $250,000 $23.81 [/] PID:10- 118 -21 -32 -0066 Units 12 Total $427,000 $40.67 Total $307,000 $29.24 [/] Homestead Age 1963 Change 39.1% $36,683 Unit Change 9.6% $25,583 Unit KRAWIECKI APARTMENTS Land 34,408 Land $84,000 $7,000 Unit Land $57,000 $4,750 Unit 5209 Xerxes Avenue North GBA 11,577 Building $410,000 $35.42 [/] Building $270,000 $23.32 [/J PID:10- 118 -21 -11 -0016 Units 12 Total $494,000 $42.67 [/] Total $327,000 $28.25 [/] Age 1966 Change 51.1% $41,167 Unit Change 12.8% $27,250 Unit BONA APARTMENTS Land 33,785 Land $84,000 $7,000 Unit Land $57,000 $4,750 Unit 5207 Xerxes Avenue North GBA 10,944 Building $418,000 $38.19 [/] Building $270,000 $24.67 [/] PID:10- 118 -21 -11 -0017 Units 12 $502,000 $45.87 [/] $327,000 $29.88 [/] Age 1966 Change 53.5% $41,833 Unit Change 5.5% $27,250 Unit JOHNSONNOJOODI APTS Land 39,004 Land $84,000 $7,000 Unit Land $57,000 $4,750 Unit 5211 Xerxes Avenue North GBA 10,944 Building $398,000 $36 [/] Building $280,000 $25.58 PID:10- 118 -21 -11 -0022 Units 12 Total $482,000 $44 (/] Total $337,000 $30.79 [/] Age 1966 Change 43.0% $40,167 Unit Change 8.7% $28,083 Unit •HANGGI APARTMENTS Land 29,016 Land $77,000 $7,000 unit Land $52,200 $4,745 unit 3725 47th Avenue North GBA 9,660 Building $371,000 $38.41 [/] Building $265,000 $27.43 PID:10 -118 -21.42 -0024 Units 11 Total $448,000 $46.38 [/] Total $317,200 $32.84 Age 1960 Change 41.2% $40,727 Unit Change 13.3% $28,836 Unit MODELL APARTMENTS Land 30,420 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 3713 47th Avenue North GBA 9,924 Building $353,000 $35,57 [/] Building $255,000 $25.70 [/J PID:10- 118 -21-42 -0025 Units 11 Total $430,000 $43.33 [/] Total $307,200 $30.96 Age 1960 Change 40.0% $39,091 Unit Change 13.8% $27,927 Unit SOBANIA APARTMENTS Land 30,420 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 3701 47th Avenue North GBA 10,011 Building $353,000 $35.26 [/] Building $255,000 $25.47 [/] PID:10 -118 -21-42 -0026 Units 11 Total $430,000 $42.95 [/] Total $307,200 $30.69 [/] Age 1960 Change 40.0% $39,091 Unit Change 13.8% $27,927 Unit LEBOW APARTMENTS Land 30,420 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 3613 47th Avenue North GBA 9,975 Building $353,000 $35.39 [/] Building $255,000 $25.56 PID:10 -118 -21-42 -0027 Units 11 Total $430,000 $43.11 [/] Total $307,200 $30.80 Age 1973 Change 40.0% $39,091 Unit Change 13.8% $27,927 Unit RYAN TERRACE MANOR Land 30,507 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 3601 47th Avenue North GBA 9,921 Building $360,000 $36.29 (/] Building $260,000 $26.21 [/J PID:10- 118 -21-42 -0028 Units 11 Total $437,000 $44.05 [/1 Total $312,200 $31.47 [/] HOMESTEAD Age 1960 Change 40.0% $39,727 Unit Change 13.5% $28,382 Unit 05/04/2001 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 10 to 12 units • 2001 UNIT 2000 UNIT PROPERTY AREAS 2001 EMV VALUES[/] 2000 EMV VALUES [n MILLER #1 APARTMENTS Land 31,590 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 3513 47TH Avenue North GBA 9,960 Building $365,000 $36.65 (/] Building $270,000 $27.11 [/] PID:10- 118 -21-42 -0029 Units 11 Total $442,000 $44.38 [/j Total $322,200 $32.35 Sold 4100 - $425,000 Age 1961 Change 37.2% $40,182 Unit Change 15.9% $29,291 Unit MILLER #2 APARTMENTS Land 30,420 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 3501 47TH Avenue North GBA 9,660 Building $365,000 $37.78 [1] Building $275,000 $28.47 [/] PID:10 -118 -21-42 -0030 Units 11 Total $442,000 $45.76 [1 Total $327,200 $33.87 [/] Age 1961 Change 35.1% $40,182 Unit Change 17.7% $29,745 Unit NORTHBROOK - HL Land 26,120 Land $77,000 $7,000 Unit Land $52,300 $4,755 Unit 6037 Brooklyn Blvd. GBA 9,672 Building $353,000 $36.50 [/] Building $254,900. $26.35 [/] PID:03- 118 -21 -12 -0098 Units 11 Total $430,000 $44.46 [/] Total $307,200 $31.76 [/] 4d Age 1961 Change 40.0% $39,091 Unit Change 13.8% $27,927 Unit BASSWOOD APARTMENTS Land 32,110 Land $77,000 $7,000 Unit Land $52,200 $4,745 Unit 4450 58th Avenue North GBA 13,248 Building $419 ,000 $31.63 [/J Building $275,000 $20.76 [/] PID:03- 118 -21 -23 -0001 Units 11 Total $496 ,000 $37.44 [/j Total $327,200 $24.70 [/] Age 1984 Change 51.6% $45,091 Unit Change -0.8% $29,745 Unit APARTMENTS - HL Land 27,531 Land $70,000 $7,000 Unit Land $47,500 $4,750 Unit , DEBELLIS 5240 Drew Ave. N. GBA 11,811 Building $366,000 $30.99 [/] Building $260,000 $22.01 [/J PID:10- 118 -21 -12 -0005 Units 10 Total $436,000 $36.91 [/] Total $307,500 $26.04 [/] 4d Age 1962 Change 41.8% $43,600 Unit Change 4.2% $30,750 Unit TOTALS Land 441,031 Land $1,099,000 $ 7,000 Unit Land $745,400 $ 4,748 Unit and GBA 147,806 Building $5,227,000 $ 36.36 (/] Building $3,694,900 $ 25.00 [q AVERAGES Units 167 Total $6,326,000 $ 42.80 [/J Total $4,440,300 $ 30.04 [0 Change 42.47% $40,293 Unit Change 10.84% $28,282 unit G:1 DeptsWSSESSISPREDSHT\Assessoi 12001aa�AP12- 10.XLS]2001 Totals • 05/04/2001 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 18 to 36 UNITS 2001 UNIT 2000 UNIT PROPERTY AREAS 2001 EMV VALUES M 2000 EMV VALUES [/I .SOMERSET PLACE -HL Land 83,635 Land $216,000 $6,000 Unit Land $171,000 $4,750 Unit 5301 Russell Avenue North GBA 40,516 Building $1,273,000 $31.42 [/] Building $1,120,000 $27.64 [/] PID: 02-118-21-34-0002 Units 36 Total $1,489,000 $36.75 [/] Total $1,291,000 $31.86 [/] 41) - Sale Jan 2000 $1,433,860 Age 1972 Change 15.3% $41,361 Unit - 15.5% $35,861 Unit COMMER/CLOVER - HL Land 91,140 Land $216,000 $6,000 Unit Land $171,000 $4,750 Unit 6331, 6401, & 6425 Beard Ave. N. GBA 33,852 Building $1,049,000 $30.99 [/J Building $870,000 $25.70 [/] PID: 34- 119 -21-42 -0023, 0022, & 0017 Units 36 Total $1,265,000 $37.37 [/] Total $1,041,000 $30.75 4D Age 1959/60 Change 21.5% $35,139 Unit - 23.0% $28,917 Unit HUMBOLDT COURTS - HL Land 105,545 Land $216,000 $6,000 Unit Land $171,000 $4,750 Unit 6807 Humboldt Avenue North GBA 36,000 Building $1,125,000 $31.25 (/1 Building $1,020,000 $28.33 [/] PID: 35-119-21-11-0006 Units 36 $1,341,000 $37.25 [/] $1,191,000 $33.08 41) Age 1966 Change 12.6% $37,250 Unit - 32.2% $33,083 Unit Beard Avenue Estates Land 55,204 Land $156,000 $6,500 Unit Land $114,000 $4,750 Unit 6101 Beard Avenue North GBA 41,884 Building $749,000 $17.88 [/J Building $680,000 $16.24 [Q PID: 03-118-21-12-0075 Units 24 Total $905,000 $21.61 [/J Total $794,000 $16.96 [/J PID: 34- 119 -21-43 -0056 (LA) Age 1966 Change 14.0% $37,708 Unit - 27.0% $33,083 Unit Sale 11198 for $690,000 RESALE 1211999 $916,200. LILAC APARTMENTS Land 51,434 Land $150,000 $6,522 unit Land $109,200 $4,748 unit 5800, 5820, & 5830 Logan Ave. N. GBA 20,236 Building $653,000 $32.27 [/1 Building $635,000 $31.38 [Q a PID: 02-118-21-14-0025 Units 23 Total $803,000 $39.68 [/] Total $744,200 $36.78 [/J sale 1129199 - $650,000. Age 1960 & 1923 Change 7.9% $34,913 Unit - 19.1% $32,357 Unit EWING SQUARE - HL / HR Land 132,176 Land $150,000 $6,522 Unit Land $109,200 $4,748 Unit 6130, 6138, & 6200 France Ave. N. GBA 26,404 Building $1,073,000 $40.64 [/J Building $910,000 $34.46 [/] PID: 34- 119 -21-43 -0059, 0058, & 0057 Units 23 Total $1,223,000 $46.32 [/J Total $1,019,200 $38.60 [/] 4D Age 1978 Change 20.0% $53,174 Unit - 18.5% $44,313 Unit RYAN LAKE APARTMENTS Land 198,115 Land $143,000 $6,500 Unit Land $104,500 $4,750 Unit 3401 47th Avenue North GBA 21,648 Building $669,000 $30.90 Building $615,000 $28.41 [/] PID: 10 -118 -21-42 -0038 Units 22 Total $812,000 $37.51 [Q Total $719,500 $33.24 [/] Age 1963 Change 12.9% $36,909 Unit - 17.0% $32,705 Unit HUMBOLDT SQUARE APARTMENTS Land 48,872 Land $117,000 $6,500 Unit Land $85,500 $4,750 Unit 6737 - 6743 Humboldt Ave. N. GBA 19,074 Building $597,000 $31.30 [/J Building $510,000 $26.74 [Q PID: 35-119-21-11-0002 Units 18 Total $714,000 $37.43 [/J Total $595,500 $31.22 Age 1961 Change 19.9% $39,667 Unit :hange 25.4% $33,063 Unit EMERSON CHALET - HL Land 58,621 Land $117,000 $6,500 Unit Land $85,500 $4,750 Unit 1200 - 67th Avenue N. GBA 19,796 Building $650,000 $32.83 [/l Building $520,000 $26.27 [/] PID: 36-119-21-22-0041 Units 18 Total $767,000 $38.75 [Q Total $605,500 $30.59 [/l Sale 05/1998 - $ 385,000 Age 1978 Change 26.7% $42,611 Unit hange 24.8% $33,639 Unit TOTALS Land 824,742 Land $1,481,000 $ 6,275 Unit Land $1,180,000 $5,000 Unit and GBA 259,410 Building $7,838,000 $ 30.21 [/] Building $6,880,000 $26.52 [q AVERAGES Units 236 Total $9,319,000 $ 35.92 [/] Total $8,060,000 $31.07 [/I Change 15.6% $39,487 Unit hange 23.1% $34,153 Unit G: \Depts\ ASSESS \SPREDSHT\ Assessor \2001cia \[AP36- 18.XLS]2001 Totals 05/04/2001 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS •48 TO 75 UNIT COMPLEXES Apartments 2001 UNIT 2000 UNIT PROPERTY AREAS 2001 EMV VALUES [n 2000 EMV VALUES [n GARDEN CITY COURT - HL Land 191,225 Land $468,000 $s,soo Unit Land $411,300 $5,713 Unit 3407 -17 65TH AVE N GBA 66,960 Building $2,347,000 $35.05 [a Building $1,788,700 $26.71 [/] PID: 34-119-21-42-0018,19,20,21, 24, 25, 26(LA) Units 72 Total $2,815,000 $42.04 In Total $2,200,000 $32.86 [/] 4D Age 1963 Change 28.0% $39,097 Unit Change 15.6% $30,556 Unit Maranatha Residence Land 143,682 Land $455,000 $7,000 Unit Land $370,500 $5,700 Unit 5415 69TH AVE N GBA 68,707 Building $3,275,000 $47.67 [Q Building $2,910,000 $42.35 PID: 33- 119 -21 -12 -0106 Units 65 Total $3,730,000 $54.29 [a Total $3,280,500 $47.75 [!J Age 1988 Change 13.7% $57,385 Unit Change 13.1% $50,469 Unit BROOKWOOD CROSSINGS 1 Land 169,470 Land $511,000 $7,000 Unit Land $416,100 $5,700 Unit 6201 LILAC DRIVE NORTH GBA 144,220 Building $3,525,000 $24.44 [a Building $3,162,000 $21.92 [Q PID: 36-119-21-33-0167 Units 73 Total $4,036,000 $27.99 [Q Total $3,578,100 $24.81 [q Age 1984 Change 12.8% $55,288 Unit Change 8.4% $49,015 Unit BROOKWOOD CROSSINGS 2 Land 142,070 Land $455,000 $7,000 Unit Land $370,500 $5,700 Unit 6125 LILAC DRIVE NORTH GBA 91,655 Building $3,142,000 $34.28 [Q Building $2,710,000 $29.57 [/j PID: 36-119-21-33-0055 Units 65 Total $3,597,000 $39.24 [Q Total $3,080,500 $33.61 (1 Age 1984 Change 16.8% $55,338 Unit Change 12.0% $47,392 Unit WILLOW LANE - HL Land 148,028 Land $377,000 $6,5oo Unit Land $330,600 $5,700 Unit • 7015 BROOKLYN BLVD GBA 56,331 Building $1,684,000 $29.89 [a Building $1,302,000 $23.11 [/1 PID: 27. 119 -21 -33 -0010 Units 58 Total $2,061,000 $36.59 [Q Total $1,632,600 $28.98 [/j 4D Age 1969 Change 26.2% $35,534 Unit Change 8.8% $28,148 Unit STERLING SQUARE Land 149,118 Land $351,000 $6,5oo Unit Land $307,800 $5,700 Unit 6640 & 6700 HUMBOLDT GBA 48,504 Building $1,669,000 $34.41 [a Building $1,377,000 $28.39 [/1 1400 & 1401 67TH AVE N Units 54 Total $2,020,000 $41.65 In Total $1,684,800 $34.74 [n PID: 36- 119 -21 -22 -0038, 0039 ,0043, 0044 Age 1968 Change 19.9% $37,407 Unit Change -1.0% $31,200 Unit BROOKHAVEN Land 115,160 Land $351,000 $6,500 Unit Land $307,800 $5,700 Unit 3907 65TH AVE N GBA 57,024 Building $1,522,000 $26.69 [a Building $1,276,000 $22.38 [/j PID: 34-119-21-31-0081 Units 54 Total $1,873,000 $32.85 [Q Total $1,583,800 $27.77 [/1 Age 1968 Change 18.3% $34,685 Unit Change 9.2% $29,330 Unit MARVIN GARDENS Land 262,836 Land $416,000 $8,000 Unit Land $370,500 $7,125 Unit 6710 ORCHARD LANE N GBA 93,412 Building $1,973,000 $21.12 [Q Building $1,710,000 $18.31 [/1 PID: 33-119-21-11-0104 Units 52 Total $2,389,000 $25.57 [Q Total $2,080,500 $22.27 [Q Age 1973 Change 14.8% $45,942 Unit Change 6.7% $40,010 Unit BROOKDALE TOWERS - HL Land 133,341 Land $325,000 $6,500 Unit Land $285,000 $5,700 Unit 6915 HUMBOLDT AVE N GBA 69,810 Building $1,835,000 $26.29 [a Building $1,300,000 $18.62 [n PID: 26-119-21-44-0070 Units 50 Total $2,160,000 $30.94 In Total $1,585,000 $22.70 [/J 4D Age 1969 Change 36.3% $43,200 Unit Change 5.7% $31,700 Unit Victoria Townhomes - HL Land 291,400 Land $384,000 $8,000 Unit Land $342,000 $7,125 Unit 6740 GRIMES PLACE GBA 57,562 Building $2,076,000 $36.07 In Building $1,640,000 $28.49 [I] PID: 34-119-21-21-0026 Units 48 Total $2,460,000 $42.74 [Q Total $1,982,000 $34.43 [/] 4D Age 1,979 Chanqe 24.1% $51,250 Unit Change 10.1% $41,292 Unit TOTALS Land 1,746,330 Land $4,093,000 $ 6,926 Unit Land $3,512,100 $ 5,943 Unit and GBA 754,185 Building $23,048,000 $ 30.56 (a Building $19,175,700 $ 25.43 [/J • AVERAGES Units 591 Total $27,141,000 $ 35.99 [9 Total $22,687,800 $ 30.08 [q Change 19.63% $45,924 unit Change 9.33% $38,389 unit G:t DeptsW SSESS\ SPREDSHTWssessor\2001aalAP72- 48.XLS32001 Totals 05/04/2001 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE e 2001 UNIT 2000 UNIT PROPERTY AREAS 2001 EMV VALUES [/J 2000 EMV VALUES[/] Twin Lake Manor - HL Land 829,171 Land $2,170,000 $7,000 Unit Land $1,767,000 $5,700 Unit 3305 -3413 53rd Ave N GBA 255,504 Building $7,868,000 $30.79 [/] Building $6,740,000 $26.38 [/] PID: 10-118-21-12-0056,0057 Units 310 Total $10,038,000 $39.29 [/] Total $8,507,000 $33.29 [!] 4D Age 1967 Change 18.0% $32,361 Unit Change 16.5% $27,442 Unit TWIN LAKE NORTH Land 851,400 Land $2,208,000 $8,000 Unit Land $1,573,200 $5,700 Unit 4500 -4539 58TH AVE N GBA 354,912 Building $10,440,000 $29.42 [/J Building $9,444,000 $26.61 [/] PID: 03- 118 -21 -22 -0025 AND 0027 Units 276 Total $12,648,000 $35.64 [/] Total $11,017,200 $31.04 [/] Age 1968 Change 14.8% $45,826 Unit Change 14.4% $39,917 Unit $2.59 SUMMERCHASE -HL Land 674,352 Land $2,016,000 $8,000 Unit Land $1,436,400 $5,700 Unit 2802 NORTHWAY DRIVE GBA 245,313 Building $9,246,000 $37.69 [/] Building $6,188,000 $25.22 [/] PID: 02-118-21-23-0015 Units 252 $11,262,000 $45.91 [/] $7,624,400 $31.08 [/] 4D Age 1968 Change 47.7% $44,690 Unit Change 10.0% $30,256 Unit MELROSE GATES Land 586,574 Land $1,736,000 $8,000 Unit Land $1,236,900 $5,700 Unit 6305 -6507 CAMDEN AVE N GBA 220,711 Building $7,205,000 $32.64 [/] Building $5,998,000 $27.18 [/] PID: 36-119-21-31-0045 Units 217 Total $8,941,000 $40.51 [/j Total $7,234,900 $32.78 [/] PID: 36- 119 -21 -24 -0046 Age 1969 Change 23.6% $41,203 Unit Change 14.1% $33,341 Unit W arle Brown Terrace - HL Land 142,098 Land $910,000 $6,500 unit Land $798,000 $5,700 unit 6100 Summit Drive GBA 142,237 Building $7,075,000 $49.74 [/j Building $6,160,000 $43.31 [n PID: 35-119-21-44-0012 Units 140 Total $7,985,000 $56.14 [/] Total $6,958,000 $48.92 In 4D Age 1987 Change 14.8% $57,036 Unit Change 2.9% $49,700 Unit Carrington Drive - HL Land 256,789 Land $832,000 $6,500 Unit Land $760,000 $5,938 Unit 1302 -08 69th; 6910 -20 Humboldt GBA 121,180 Building $3,898,000 $32.17 [/] Building $3,200,000 $26.41 [/J PID: 25 -119- 2133 -0045 thru 0048 Units 128 Total $4,730,000 $39.03 [/j Total $3,960,000 $32.68 41) Age 1965 Change 19.4% $36,953 Unit Change 25.0% $30,938 Unit River Glen - HL Land 478,123 Land $832,000 $6,500 Unit Land $729,600 $5,700 Unit 407 70th Ave N GBA 131,848 Building $3,543,400 $26.87 [/j Building $3,232,000 $24.51 [/] PID: 25 -119 -21-43 -0049 Units 128 Total $4,375,400 $33.19 [/] Total $3,961,600 $30.05 [/J 4D Age 1971 Change 10.4% $34,183 Unit Change 8.1% $30,950 Unit Shingle Creek Tower Apartments Land 478,123 Land $793,000 $6,500 Unit Land $695,400 $5,700 Unit 6221 Shingle Creek Pkwy GBA 104,624 Building $3,293,000 $31.47 [/1 Building $3,468,000 $33.15 [/] PID: 35-119-21-34-0004 Units 122 Total $4,086,000 $39.05 [/] Total $4,163,400 $39.79 [/] Age 1973 Change -1.9% $33,492 Unit Change 5.0% $34,126 Unit • 05/04/2001 2001 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE 2001 UNIT 2000 UNIT PROPERTY AREAS 2001 EMV VALUES [a 2000 EMV VALUES [/J EARLE BROWN FARM APARTMENTS Land 361,722 Land $780,000 $6,600 Unit Land $684,000 $5,700 Unit 1701 69TH AVE N GBA 139,044 Building $3,593,000 $25.84 [/J Building $3,080,000 $22.15 [/l PID: 35- 119 -21- 1 -003 1 7 Units 120 Total $4,373,000 $31.45 (/J Total $3,764,000 $27.07 [/] Age 1971 Change 16.2% $36,442 Unit Change 7.5% $31,367 Unit THE PINES Land 276,562 Land $663,000 $6,500 Unit Land $581,400 $5,700 Unit 6511 HUMBOLDT AVE N GBA 101,658 Building $2,865,000 $28.18 [/] Building $2,188,000 $21.52 [/] PID: 35-119-21-14-0009 Units 102 Total $3,528,000 $34.70 [/] Total $2,769,400 $27.24 [/] Age 1969 Change 27.4% $34,588 Unit Change 13.0% $27,151 Unit GEORGETOWN TOWNHOMES Land 476,238 Land $740,000 $5,043 Unit Land $655,500 $7,125 Unit 700 66TH AVE N GBA 165,912 Building $3,435,000 $20.70 [/] Building $3,010,000 $16.14 [/J PID: 36-119-21-24-0047 Units 92 Total $4,175,000 $25.16 [/] Total $3,665,500 $22.09 [/] Age 1967 Change 13.9% $45 380 Unit Change 0.4% $39,842 Unit 9 9 9 , WOVENHEARTS ASSISTED LIVING Land 168,722 Land $585,000 $6,500 Unit Land $427,500 $4,750 Unit 6001 EARLE BROWN DR GBA 51,738 Building $3,985,000 $77.02 (/] Building $4,950,000 $95.67 [/] PID: 02-118-21-11-0007 Units 90 Total $4,570,000 $88.33 [/] Total $5,377,500 $103.94 [/J Age 1993 Change -15.0% $50,778 Unit Change 4.8% $59,750 Unit • BROOKSIDE MANOR Land 6 500 Unit Land 513 000 5 293,070 Land $585,000 $ . $ $ , 700 Unit 1300,1301,1121 67TH AVE N GBA 91,863 Building $2,847,000 $30.99 [/] Building $2,210,000 $24.06 [/] PID: 36- 119 -21 -22 -0040, 0045, 0046 Units 90 Total $3,432,000 $37.36 [/J Total $2,723,000 $29.64 [/] Age 1968 Change 26.0% $38,133 Unit Change 11.1% $30,256 Unit Riverwood Apartments Land 244,207 Land $588,000 $7,000 Unit Land $478,800 $5,700 Unit 6401 -6425 WILLOW Ln N/201 -215 65th Ave GBA 71,337 Building $2,298,000 $32.21 [/] Building $1,764,000 $24.73 [/] PID: 36- 119 -21-42 -0007, 0008, 0009, 0010, 0011, 0012,0013 Units 84 Total $2,886,000 $40.46 [/] Total $2,242,800 $31.44 [/] Age 1962 Change 28.7% $34,357 Unit Change 6.8% $26,700 Unit EVERGREEN PARK MANOR - HL Land 203,018 Land $560,000 $7,000 Unit Land $467,400 $5,843 Unit 7200 CAMDEN AVE N GBA 86,552 Building $2,763,000 $31.92 [/j Building $1,908,000 $22.04 [/] PID: 25-119-21-42-0059 Units 80 Total $3,323,000 $38.39 [/J Total $2,375,400 $27.44 [q 4D Age 1972 Change 39.9% $41,538 Unit Change 8.0% $29,693 Unit TOTALS Land 6,320,169 Land $15,413,747 s 6,909 Unit Land $12,377,347 $ 5,546 Unit and GBA 2,284,433 Building $74,354,400 $ 32.55 [a Building $63,540,000 $ 27.81 [1 AVERAGES Units 2,231 Total $90,352,400 $ 39.55 [q Total $76,344,100 $ 33.42 [n Change 18.35% $40,499 unit Change 9.72% $34,220 vnit G: \Depts\ ASSESS \SPREDSHT\A ssessor \2001cia \[AP310- 80.XLS]2001 Total: $301,000 Improvement i 05/04/2001