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Home My WebLink About1999 05-03 CCP Board of Appeal & Equalization AGENDA BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 3,1999 7:00 P.M. 1. Call to Order 2. Roll Call 3. Statement of Board of Equalization q on 4. City Assessor's Report 5. Appearances by Taxpayers with Appointments A) Burton Petersen 1112 Woodbine Lane PID #25- 119 -21 -32 -0069 B) Dr. Robert Schell River Road Dental 512 66th Avenue N. PID #36- 119 -21 -13 -0114 6. Consideration of Written Appeals 7. Motion to Affirm the Balance of the Assessment 8. Adjournment Form No. A. F. 4 — Notice to Clerk of Meeting of Board of Review — *Equalization. OFFICE OF COUNTY ASSESSOR TO THE CLERK OF THE City OF Brooklyn Center Hennepin COUNTY, MINNESOTA: NOTICE IS HEREBY GIVEN, That the Third day of May t Seven o'clock P • fix th e date for the meeting of the Board of Review— a cock M., has been fixed as e o g 1 suim as 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 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 First day of February 19 99 ffXlW County As sessAr � Hennepin County, Minnesota "Applies only to Cities whose charter provides for a Board of Equalization instea of a Board of Review. Filed in my office this day of 19 99 Clerk. Poucher, Mpis. HC 586 (2/84) CERTIFICATION OF POSTING OF ASSESSMENT NOTICE State of Minnesota COUNTY OF Hennepin ss. City OF Brooklyn Cent �/ I, � hapd ✓1 `t� n l) �sovi_ Clerk of the C i ty o f Brooklyn Center in said County for the year 19 9 9 , do hereby certify that on the Third day of May 19 9 9 , in conformity with requirements of law, I posted notices in each of three of the most public places in said Brook Center ten days before the time of meeting therein named, and also caused such notice to be published in a legal newspaper, of which the following is a true copy, to -wit: ASSESSMENT NOTICE NOTICE IS HEREBY GIVEN, That the Board of Review of the City o f Brooklyn Center in Hennepin County, Minnesota, will meet at the office of the Brooklyn Center Clerk in said City at Seven o' clock P - M., on Mo n d a v , the Third day of May , 19 9 9 , for the purpose of reviewing and correcting the assessment of said Brooklyn Center for the year 1999 . All rsons considering themselves a gg ri eved b said assessment, or who wish to complain that the property of another is assess - Pe $8� Y ed too low, are hereby notified to appear at said meeting and show cause for having such assessment corrected. No complaint that another person is assessed too low will be acted upon until the person so assessed, or his agent, shall have been notified of such complaint. Dated the day of + l � 19 . G N.Iron i n ) +56vt Clerk of the City o f Brooklyn Center Given under my hand this 5�k day of , 19 q1 . , Clerk State of Minnesota COUNTY OF HENNEPIN ss. City of Brooklyn Cen r We, the undersigned, Board of Review of the City o f Brooklyn Center in said County, do hereby certify that we, and each of us, attended at the office of th,- Brook Cen Clerk of said C i ty on the day set forth in the notice given by the Clerk of said City , and that we then and there remained in session the whole of said day as a Board of Review. Q q Witness our hands this 3 r& day of 19 �! NOTICE TO ASSESSOR Assessor must make the necessary footings at bottom of each page and carry them forward to the "Tabular Statement" form, and in so doing use all possible care. Minnesota Statutes, Section 274.04. The assessor shall foot each column in his assessment book, and make in each book, under proper headings, a tabular statement showing the footings of the several columns upon each page. He shall also foot the total amounts of the several columns under the respective headings. * * * Such return shall be verified by his affidavit substantially in the following form: ASSESSOR'S RETURN OATH To Be Signed By County Assessor To Patrick O'Connor Auditor of the County of Hennepin Minnesota. State of Minnesota County of Hennepin SS. I Thomas May County Assessor of the County of Hennepin do solemnly swear that the book to which this is attached contains a correct and full list of all Real and Personal Property subject to assessment and taxation in the C i t.y Rfro o k 1 y n C e6rtt wyear 19 9 9s far as I have been able to ascertain the same, and that the market value, except as limited by statute, and the assessed value, except as limited by statute, set down in the property column, opposite the several kinds and descriptions of property, is in each case the market value, except as limited by statute, and assessed value, except as limited by statute, of such property, to the best of my knowledge and belief, including all changes made by the Brook 1 vn Center Board of Review; and that the footings of the several columns in said book and the tabular statements returned herewith are correct, as I verily believe. County Assessor Subscribed and sworn to before me this , day of ' 19 Auditor of Hennepin County CERTIFICATION OF NOTICE ON INCREASED VALUATIONS State of Minnesota County of Hennepin SS. City of Brooklyn Center I, Thomas May County Assessor of Hennepin County, Minnesota, do solemnly swear that the owner or occupant of each description of real property which was subjected to an increase in market value over the preceding year's assessment was given official notice of the amount of such increases. I further certify that all such notices were sent through the course of ordinary mail not less than ten days prior to M d v 3, 1999 on which Month Day Yeas the City o f Brooklyn Center Board of Review duly convened or on ten days prior to the official adjournment thereof. Month Day Year Date Signature: STATE OF MINNESOTA HC 211 (p.1) County of Hennepin City of Brooklyn Center We, the undersigned, Board of Review - *Equalization- of the City of Brooklyn Center in said County, do hereby certify that we, and each of us, attended at the office of the Brooklyn Center Clerk on the Third day of M ay , 19 99 . The day set forth in the notice given by the Clerk, and in accordance with the provisions of Minnesota Statutes, Section 274.01. We made changes in the 19 99 Assessment as entered in the following form(s). Witness our hands this f 19 ( Chair) C MADE BY THE LOCAL BOARD OF REVIEW *Applies only to Cities whose Charters provide for a Board of Equalization instead of a Board of Review. <'< ><''.` _ ... ....:...... Hr�std ; i'ro ...... Claspof.:<::;::' Iiicras:;. in<:>>:. tir> st}a r4..>:.... ma..::...::..::...:::.:::::;::::::.::::::::::::.:..: ::::.:.:::.:...::::...:.:.::::: _:: >:: o Market.:Vatue :M r et::lalue <' tote.;:.. ar:. k..>;<:::::<::>: :<:::::::;::::< :::..:.......... ..............:.::::::::. e.of p.ro a Cfwnec:::.:;. >:.:: :. ::::.:;:.: ::.:::,<,:>pco rt :.I[I:Number::: >::<:..:.::r.Yes..:.0 e ..t�.ro ecE .........................:.......:... ?i.. �.::.:::...:::.::.:::::.::...........................................::...::.::.::::: ::.:::::::::::::::............. Nam .. ... ... rt ................. ............................... .... ......:.::....:....:..:::::::.. ( Y.......:..)...... Yp.............. p....,: Y.....................::..::::::.:::.:::::::...................................................::::::::::.:::.::.:..:..:..... ............................... . p Y ........... ...........................:::. t .:.Y.....::::.::..:...........: :: n.lsll�:crr der.:.}::.:. ........:::::: A :.:. J��el' :.::...:.:::.::.::.......................... ................ )........... i')ti 35- 71 - ,�,►� �^I du r X3, 000 7�/, qo 0 VD C A/U`�1augC. � ; �U 1- 1 l flL a ) - 1l �- � I -3.5- r�!;��i- Yps r'; �,��7 r� �,a� a >,oa v 6 3 � C u,1 I ( 6t, . - i „.11g- �1 -�-1i- r�l��'G.S Yes R bvrb� y!, 7 o LIMITED RESTRICTED APPRAISAL REPORT of a DENTAL CLINIC RIVER ROAD DENTAL CLINIC ROBERT AND DOROTHY SCHELL 512 66TH AVE N BROOKLYN CENTER MINNESOTA PID # 36- 119 -21 -13 -0114 Prepared for: BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER 6301 SHINGLE CREEK PARKWAY BROOKLYN CENTER, MINNESOTA By: STEPHEN L. BAKER, SAMA, CAE CITY ASSESSOR BROOKLYN CENTER, MINNESOTA Appraisal Dates January 2, 1999 Date of Report May 3 1999 it r ,. 1 �i r'1 � ✓ P L,e� May 3,1999 Board of Equalization City of Brooklyn Center 6301 Shingle Creek Parkway Minneapolis, Minnesota 55430 Re: River Road Dental Clinic 512 66 th Avenue North PID # 36- 119 -21 -13 -0114 I submit the attached appraisal for your consideration in the above referenced case. I hereby certify that I have personally inspected, from the interior and the exterior, the property located at: 512 60' Avenue North, Brooklyn Center, Mn Legally described as: Lot 2, Block 1 Holiday BrooklynCenter Addition. The purpose of this appraisal is to estimate the market value of the fee simple interest of the properties. Market value is defined in this report. The definition of market value and the other contents of this report comply with the Uniform Standards of Professional Practice of the Appraisal Foundation. This report is subject to the assumptions and limiting conditions herein. It is my opinion that as of January 2, 1999, the market value of the fee simple interest of the subject property, as defined herein, was as listed in this report. The conclusion is based on my personal inspection and review of the subject property, comparable sales, market income information, subject cost analysis and the application of the appraisal process. Respectfully submitted, Ste en L. Baker, SAMA, CAE City Assessor City of Brooklyn Center Senior Accredited Minnesota Assessor # 1047 Certified General Appraiser SUMMARY APPRAISAL REPORT Property: RIVER ROAD DENTAL CLINIC Owner ROBERT AND DOROTHY SCHELL Subject Address: 512 66TH AVE N Property ID #: 36 - 119 - 21 - 13 - 0114 I Building Size: GBA 5,861 Sq. Ft. FFA 3,885 NRA 4,750 Sq. Ft. Net rentable area (NRA) is calculated at the first floor area (FFA) plus one -half of the basement area. Site Size: 35,090 Sq. Ft. Zoning C -2 Highest and Best Use: AS IMPROVED Medical, Chiropractor, or Dental Office AS VACANT Service Office, General Retail or Restaurant Current Use: Dental Clinic Age: Actual: 1998 Effective: 1999 Sale History: Property constructed by Holiday Stationstores and transferred to the Schell's in exchange for their original property which was an older clinic immediately east of the subject parcel. A Certificate of Real Estate Value was filed on the transaction and reported a sale date of 10 -1398 and a sale price of $700,000. Cost Total stated cost, per building permits, was $ 717,110 in 1999. Brief Description The subject is a new dental clinic constructed in 1998. It features a natural cedar exterior, pitched roof and surface parking. The interior features carpeted flooring, papered and painted walls and suspended ceilings. The reception / lobby area features exposed beams and vaulted ceilings. Lighting is a combination of recessed incandescent and surface mounted and hanging fluorescent fixtures. There are 8 patient rooms, a staff room, 3 private offices, a lab and a dark room. The building is 3,885 sq. ft on the main level with an additional 1,976 sq. ft in the basement. The basement is partially finished and features large west- facing daylight widows. The lower level is used primarily for storage, utilities, locker room and office. Physical Condition The subject property is in excellent condition. The building is nearly new and all interior and exterior items are in excellent condition. Parking lot and other site improvements are also very good condition. Oria[nal Assessed Value ......... ............................... :: ?otal: Pedthilt }: Year ProoertvTvae Land Buildina Total ?:.: 1?er.Uriii ?: .... 1999 C $192.900 5445.600 $638.500 :::':::$ 63$: 50 .0.::::::::$1 ;21Q$:9:::: Review Values Found: Year Cost Approach Income Approach Sales Comparison Approach [/J NRA [q GBA [q NRA 19 NRA 1999 $648,300 $136.48 $110.61 $638,500 $134.42 $621,600 $130.86 .......................... .tx.la ed �....•. ;:...[ .A...........IV#.A ... o: . ::::: a�t. 9... :$c i0fi:: ::..fit. x.45..::: : 7 ::: $: .... ... ............................... .... .• ...................•......... .................... ............................... Date: May 3, 1999 Signature t5 ephen L. Baker _ � l - .:.'emu •;.,- � � .,� _� �. '{Tart • Y; _ �.- .�....r � � Name ROBERT AND DOROTHY SCHELL Address 512 66TH AVE N PID# 36- 119 -21 -13 -0114 GBA 5,861 NRA 4,750 Land Area 35,090 L:B 7.39 to 1 Direct Capitalization Indicated market value January 2, 1999 $638,500 Due to predominately owner user market for newer medical and dental type buildings it is necessary to estimate rents based on older medical office building rents and other special purpose type commercial properties with a high level of interior mechanical requirements. The market rent for the subject property has been estimated at $17.00 per square ffot of net rentable area. This is a net rent but allowances have been made for costs to the landlord for vacancy, tenant finish , management, leasing, reserves for replacement and taxes to vacant space. The subject net rentable are has been calculated at the total first floor are plus one -half of the lower level. I �� i' isi��'iii'�ii� `• �isi�ii�i i'�ii i'i'si'ii ansla . SIS.: :::::.:.:• :::::::::::::::::::::::::::::::::::::::::::::::.::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::::::: ...................... Subject Comp #1 Comp #2 Comp #3 4 Description RIVER ROAD DENTAL CLINIC Park Nicollet Clinic Lakeland Dialysis Professional Properties Location 512 66TH AVE N 3007 Harbor Lane North 4310 Nicollet Ave S 13998 Maple Knoll Way Brooklyn Center Plymouth Minneapolis Maple Grove Sale Date 10/13/98 5/4/98 8/28/98 9127196 Sale Price $700,000 $1,275,000 $480,000 $1,250,000 i Land Area 35,090 130,692 20,314 59,332 Land / Building Ratio 9.03/1 9.41 /1 5.2/1 8.06/1 Size(FFA) 3,885 13,885 3,931 7,364 Sale Price/NRA $180.18 $91.83 $122.11 ... ............ ........ .. $169.74 ..I Time / Date of Sale 112/99 Equal 0% Equal 0% Inferior 7% Location Good Similar 0% Inferior 10% Superior -5.0% Size 4,750 Inferior 15% Similar 0% Inferior 5% Sq. Ft. Condition Excellent Inferior 15% Inferior 10% Similar 0% Age 1998 1979 10% 1966 10% 1994 3% 1995 Remodel 3,931sf Similar 7,324 sf Basement 1,976 sf partial finish None 20% Finish 5% Superior Finish 20% i Building Quality & Utility Average Similar 0% Inferior 10% Superior -5% LB Ratio / Site 7.39 9.63:1 -2% 5.2:1 3% 8.06:1 0% Indicated $1 FFA - $145.08 $162.40 $173.14 Conclusion: $160 Mean adjusted Value per Sq. Ft. FFA Indicated subject value by the market comparison approach, on 1 -2 -1999, was $160.00 per [/] or $621,600. Performed on Marshall Swift computerized module for Jan. 1999. Due to the age and design of the subject property this approach is felt to be quite reliable and is given significant weight in the final reconciliation of value. The assumptions as to building's overall quality, the cost of site improvements and occupancy code for the basement usage are all felt to lean toward the conservative A direct capitalization has been performed for 1999. The value as indicated by this valuation approach is $638,500. A market rent of $17.00 net has been estimated for the subject property as of the valuation date. Overall expense ratio to the owner is estimated at a generous allowance of 19% of income. Vacancy has been estimated at 7.5% even though the subject is 100% occupied. There were no recent sales of similar properties in the immediate area. Therefore comparable sales from Plymouth, south Minneapolis and Maple Grove have been utilized. The mean adjusted value per square foot of first floor area (FFA) is $160. u[± an� Li is -Wa ...:......................... ......:........... ............................... The subject property is in excellent condition. The building is nearly new and all interior and exterior items are in excellent condition.. Parking lot and other site improvements are also very good condition. The recent transfer of the subject property was recorded at $700,000. State deed tax was paid on this stated valuation. Total construction costs per the building permits was $717, 110. The subject is leased based on an old existing lease from the previous building that River Road Dental Clinic occupied. This lease is placed in further doubt as to its relationship to market rent due to the fact the landlord and tenant are father and son. Cl Subject value on January 2, 1999 is estimated at $ 645,000. Detailed Report .4/28/1999 Page: 1 Estimate Number: 674 Parcel Number: 36- 119 -21 -13 -0114 Section 1 Occupancy Class Height Rank 100% Dental Office /Clinic Masonry bearing walls 10.00 2.0 Total Area 3,885 Number of Stories (Building) 1.00 Number of Stories (Section) 1.00 Perimeter 268 Components Units//o Other HVAC (Heating): Forced Air Unit 100% Climate Walls: Stud Walls -Wood Siding 100% Sprinklers: Dry Sprinklers 100% Basement Type Area Depth Rank Storage Warehouse Semifinished 1,976 9.00 Number of Levels 1.00 Shape 2.00 Basement Components Units/ Other HVAC (Heating): Forced Air Unit 100% Climate Sprinklers: Dry Sprinklers 100% Cost as of 01/1999 Units Cost Total Basic Structure Base Cost 3,885 59.15 229,798 Exterior Walls 3,885 10.20 39,627 Heating & Cooling 3,885 8.35 32,440 Sprinklers 3,885 3.32 12,898 Basic Structure Cost 3,885 81.02 314,763 Basement Semifinished Basement 1,976 36.11 71,353 Heating & Cooling 1,976 4.99 9,860 Sprinklers 1,976 3.42 6,758 Building Cost New 3,885 103.66 402,734 Cost Data by Marshall & Swift Detailed Report 4/28/1999 Page: 2 Extras Site Improvements 35,090 1.50 52,635 Replacement Cost New 3,885 117.21 455,369 Miscellaneous Land 35,090 5.50 192,995 Total Cost 3,885 166.89 648,364 Cost Data by Marshall & Swift PERMIT REPORT FOR ASSESSING DEPARTMENT 28- APR -1999 (12:56) page 1 BL ADDR STREET UNIT SITUS PID PERMIT NBR TYPE TYPE WORK DESCRIPTION ISSUED VALUATION F --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 512 66TH AVE N RIVER RD DENTAL 36- 119 -21 -13 -0114 BC- 011725 SI 90 NEW RIVER RD DENTAL 98/12/28 40.00 Y RIVER RD DENTAL 36- 119 -21 -13 -0114 BC- 011733 SI 90 NEW RIVER RD DENTAL 31.50 Y RIVER RD DENTAL - - - - BC- 011477 SI 90 NEW RIVER RD DENTAL 98/11/09 10.00 Y RIVER RD DENTAL 36- 119 -21 -13 -0080 BC- 011232 SW 92 ALTERATION RIVER RD DENTAL 98/10/12 800.00 Y RIVER RD DENTAL - - - - BC- 010651 ME 90 NEW HEAT & A/C 98/06/27 28,000.00 Y RIVER RD DENTAL - - - - BC- 010705 FI 90 NEW RIVER ROAD DENTAL 20,729.00 Y RIVER RD DENTAL - - - - BC- 010543 PL 90 NEW RIVER RD DENTAL 98/08/14 40,000.00 Y RIVER RD DENTAL - - - - BC- 010279 BL 02 COMMERCIAL 90 NEW RIVER RD DENTAL 98/07/20 600,000.00 Y RIVER ROAD DENTI, - - - - BC- 010222 SW 90 NEW RIVER RD DENTAL OFFC 98/07/13 27,500.00 Y i 'll i --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- PROCEDURE: PDSPER (CAMMAND FILE - PERSUM) I DEC -03 -1998 1239 HENNEPIN CTY ASSESSOR 612 348 8751 P.05i06 Certificate of Real EstatO; ValUe ;� Nov 2 PE -20 rt �'� n o y Add, 1011 48t Ave. N.E. Daysm phone Ro kt �he a roth Jean Schell as Columbia Heights, HN 55421 Trustees of the Trust created bane-fit for the of Pc� t toles, Inc. 4567C as 0th Street.. Bloomington, HN 55437 612/830 -8700 S~ Oddress, or ^"'Oi mum pfOP a� � 8roftfW&OUter ■ Dee of deed or wrth,an daa+pt+on of propor, pr►rdtasfd fbf, bbdc and plot or oaodh 3 cop+a of the legal da+aiPlion) Lott, Block 1, Holiday Brooklyn Center Addition Financial arrangements VNos sand ProPe�Y ZU6 as ire• H"' °r ipntald inducted "' the p"` fOS° p f10Cf ❑ � ■ Taro) purchase price =be bdow and liar anent (rat' Mplooe< m" vdue. llbe d+e bock of the po91 1 3 S Toloi penond proper, �� ^'�� t eurront vohre. ■ Poiab a prepoid interest paid by seller `---� $ S S ■ Type of acquisition (check all that apply) 1 �y�r and : ore M60vas or 1'Q( Twnsodion m.olw the bode of ❑ g is a unit ome d it of gam- -* a or ao-o.rtKfe noe ❑ reToted businesses 1{�► prop" ❑removed eed (nd a sole) n i ❑ Property is a gift a Weriwat rya'; "mss or dtor'" rm�n'o" a faredosure guyw purdtoxd pantd tntetssl only « E] Poyalf ar ra;ols of oorrtrroet ❑ Purcltote adroarnnt+ed over two years ago. YYear �� ed: ■ Hype of property transferred (check all that that apply) o � bu ❑ °nh' � ❑ 1 of year of ma Planned use of roe check one) - � � ■ nned property rty { . I ❑ family ,yw tsdredriP701u ►audaMarltifslhsoallRoota RaidenQ wV6 family Commereiol- indomol dental office � ❑ D ( of aasc:, � (t,�e � basinms:) ❑ (non- oornn«ddI ❑ ( of j g D 00,W (de,a+w j S wig d»s proper, be the buyers prindpd mWenoe9 ❑ya ;Krro Method of financing (complete only if seller- financed, including a contract for deed or assumed mortgoge) Check: Marlgoge or eaMraet for MoMidy pa r* for Mbtest rote Told ownber Dote of any lump sum Aeunrd Conooel tleeo w at purd}ase prmupa) and in rod now in tOw of paymaes (boUoon) poym mary n for Dad ■ ❑ ❑ ! l 1 declore dwt the information on this form i, try. rnrredt, aed cam ere a the best of ray knowledge and belief. ! lime , or Iypet ��.�� ...... mom Dace Co 71 P C �• Y ~� � Yr Mdp TO Prima, p�opaily idsn6ficaRon res D Ac k ICkk U Dad Yr tad V Tor ✓Lf� ( 1 i ° � it Good for .udt 1] Y" p no IF no, oft mason /Gods i X Imc !ST Adic Adis lUn Tillable WV Apt FM i i GA i C ' 1 MV 2 MV ID I I d _• i 1 Co 1 CT PT 10oft T M 1 s Are dyne toes Ikon 1 l ❑ i 1 PW goo nomben an back Y °' ne 14w. e/os) t 7 3 4 7 5 5 a 8 DEPARTMENT OF REVENUE OP 1 _ w V1 3 f ' a a o • • o a -, v d c,'✓ t �d �'~ T o El U - u .a ] aEC�or!►�r o 60rF F tA, �T J c — ° to UL _� r�Prlor•1 `� �U� T y/ , `� W W _ (� i ,qqa. LL L 0 a a� Cc f :�•vz „� I - � W Q • Y to -- R�CI I 99j Q � co m - . tti u.. F /V�•et -p . b -, �► ! liiil � s a - — — � ! Iii . < ►�''� � , a Jill - ��dii •O INCOME WORKSHEET 1 999 PAY 2000 :;� •.•• .�:Y..:i:•iiii is ^ji:�ii$i };t {v ??i�iiC<�iii } }: ':ti ?:i^ �':v}:Lh }: ?4: ...��v.�•�::�v:�:�:�•�:ii: ii:: }::; ? }iil�ii:i�:�:� % >. >.:ii iii: }i; }:;:}i i iii;iv }i:4: ?ri9:!i'iY } : 1:::•: 4iY.• i:{: ii;: j� ;:'�i:v':•iii }i::'rif,'ry Vii: ' ":yS: i:!::.;:;•i,:- :•;::: S:'% : si'::<:':':':':::^?: S: i�: S:}:`•:#:::::<?::::`•: t:;: M1;:;:;}:;:::;' S::'::::::;::' <''3' %'::t:'::;: % >.;:;:: ?' %::ti: ............��;��. : � <� . •�:.�.::::�; : � ::�;:::;.:;.;.:.�:::<:- i:::.i:: iii;:::: ii:<: i<:>:::>:::<:»> i;>: �<::»::<: i< <::: >: >::::::: >: >::_ » >;: >:::::< :.::• »:. > }:. ::::::::::::....,..::. �:..,:::.... ............,.:...:..,::: }::: >: iii::::•: i:}::.::. i:: i:: i::;::::: ::.r <:::<::Y }:.::.: }: }::ii::i:: iii<: :�:iii::.:....::.�::ii:: >::i: }: iii:<: is >: <: >::::;::�:: }::::. }•.:::.: . .......................... .......:::::::.::::.:.:........ PROPERTY TYPE - Dental Clinic NET LEASES YEAR BUILT C2 - 1998 INCOME ANALYSIS GROSS BUILDING AREA 5,861 OFFICE INCOME $80,750 NET RENTABLE AREA 4,750 RETAIL INCOME $0 MISC. INCOME $0 OFFICE AREA 4,750 PGI $80,750 GARAGE STALLS 0 LESS: VACANCY $6,056 OFFICE RENTAL RATE $17.00 Note: no vacancy allowance to misc. income. RETAIL RENTAL RATE $0.00 EGI (before concessions) $74,694 Miscellaneous income $0.00 LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 7.50% FREE RENT $0 SQUARE FEET VACANT 356 SQUARE FEET OCC. 4,394 EGI $74,694 % OF EGI RENT CONCESSIONS o 0 N 0.00 /o LESS: EXPENSES $955 1.28 /o FREE RENT 0.00% LEASING $3,691 4.94% TURNOVER RATE 30.00% TENANT IMPROVEMENTS $4,113 5.51% TENANTS REMAINING 70.00% RESERVES $2,241 3.00% AV. LEASING PERIOD 5 MANAGEMENT $3,735 5.00% TOTAL EXPENSES - $14,734 103% < •.: S. x;.; R�;: n,:: R: ci7.:: yt�; or,+/. �•:• y,• iw?,+.•: r,, rk:< �; �, K•:e;:}x,.x�•• EXPENSES /SQ.FT. $2.68 MANAGEMENT 5.00% TENA NT IM : ::,.; ::•.:: :,:..:: iii ii:. i::: :i:::: >::i::i::i:::: > }::i:<: >: - � ::.:...::...:....:.:: P. COST - NEW $25.00 ��(' 1�.; �:'!!,# �t?I: �` �:<:>:::.<.::> �::::> s:; : >: >: >:�:f..•.�..•.... "..:�?� >> RENEWAL $6.00 EXPENDABLE VAL. OF TI 40.00% PER SQ.FT. GBA $108.94 PER SQ.FT. NRA $134.42 RES. FOR REPLACEMENT 3.00% EXPENSE RATIO - 19.73% LEASE COMMISSIONS -NEW $7.00 SQ FT LAND AREA - 35,090 RENEWAL $3.00 SQ FT EFFECTIVE TAX RATE 5.2212% 1998 EMV - $0 .,.:: ��?,. E��! E'::.:;.>::::.::•}:.}:.:.::.}}::.;:.}::<:::-}.}:.}:: ; >..:. }i::i:::i:<;:: }::�:y#��#' PERCENTAGE CHANGE - "� > > <: '. : . > :i:: ' <`:`:`>':`:'>''€{>::::: :: ::::::::::::.:::<::•::..:.:;. ::.... '' 9 900 5.50 :'':..;:::.}•.:.::::::;•.;::<:.::.. ::.; > }:;. >::: 1999 land value $ 1 2, FR��:'>:::;:.:;;>::.::.}::>::: i:::: i:: i::: ii:>:; ;:;:.;:. }:. }::i:::::i�:.'#<�a:; 1999 building value $ 445,600 93.81 G:\DEPTS\ASSESS \BOARD \19991RVRDDNTL.XLS] River Rd dir cap 4/30/99 RVRDDNTL.XLSRiver Rd dir cap 12 •..� . _�., Bunker 11 17 ' _ 116 ne (612) 927 -9105. tab 16 116 r�_ ved. ` '� 169: I - =- ------ ANDQVER_ --- i - - - - - -- •--- HAM_LA�CE - - - -- ------------- - - - - -- - - -- 144 10 :heir minated map. 12 _ '"% 14 DEER DAYTON Izl A. - 242 1 :+� " jn LINO _ 150. _.. 10 65 52 LAKE 14 21 . ' 9 BLAINE 81 '�. 47 .. Fletcher 202 �' 81 1 4 10 - , ?NE CENTER- ' COON 12 1 -VILLE 116 C MPLIN 12 •�,, RAPIDS _ -- ---- - ------ --------------------------------- x03...14-- ---'�� 10 - 10 LY ...� Birch Sr- - loi MAPLE 1b9 BROOKLYN � �; z3PIN�� 610 j ` 21 ; 30: 121 81 GROVE PARK 3 LEXI - RAN 30 93rd Ave N 30 _ ,� ;�'• � • �, SE iO3 14 - SP ! SHOREVI W 1 81 85th Ave N 1 .. LI�/� • _ 10 3 o.RdJ_.. _ 3.. - - NORTH T 109 't 8 '' OAKS 5 101 109 252 VI ARDEN `3 10 _ _ 8rookl 0'; - -- HILLS 130 a 47 eke b' yr s .. 116 s ak@ �P .. F IDI .44 45x,`,.77. :) 96 57 ------- - - - - -- - }------- •-- -_.... - - - =- _130 sl - -- .e N AD A15 101 47 u 169 R B:. - W I X 1 0 10 '•C TA EIGHTS GEM 55 -- JM BRfGHTON : 100 , 0 % {_ .. LAKE ' IA Hamel OUTH H S 9 HOPE: 9: 8.�.. �. .m... - ----- NA R lol RQ DAL 41 65 ST j OSEVI_LLE 49 24 61 5 52. At ITHpNY NledIdne 1 36 ry , 36 Lars? G 6 25• , 102 66 ) lv EDiCF111E 156. 30 ... ,. W 1 � -� PLE SAKE GOLDEN ;� , _ _ON.G ° Lake ; -' VALLEY -� 101-- -- 55 „�.._,• _ _ ..y � � ' �� 280_..` 1461 wAYZATA_ 12 12 v ' ' i >.� SAIN Io�P UL 61 { _ _ 12 51 5 a;WOOLQLAND 731 5w J 52 R ' O tt . - �• = ST. LOU I ► �, �, .... _``• _�;� = .- ,*�"....... r 'MIN EAPO� _ It F e DEEP{ 5y aQ� RAVE R OPKI S 149 55 i 4 1 ETONKA 3'. 100 \4 " ' W. S S . SIOR =� ED1NA 6z PA PAUL •...— .�...� _� -___- '' 62 _ ? ._....._. - . —' 149 ' 62 .14 117 %< -' International 5 IIO 5 f 1 I6 U I-I .�? 55 j 77 Airport E 1 �H S. � `; 1 RI FIELD; _ iANHASS ! j EN �- 1 �'. _ 75 ' 19 3 . I s - s - a v" 26_ °. EDEN 1 �i(�7� j y ,, 55 �1 t„ • 5 ! 7 18 I~ PRAIRIE^ � it' 17 s r �; 13 313 d -..52 .- M 101 r 1 . 169 ? - 34 ' -� t' r _ 28R.,_ . tl63 "28 14 ?air w \'32 1 ottrl, Cr. ` e 149 ., BLOOMINGTON o 3 55 i • / 3 .. -» 17 1 I_ = -.- ° w� Old Zgkooee Rd. _ ' ter` %. iffley R 5 30. ' EAGAN 73. I .. Y. �♦ 101 ..I1 t �.i J8 f ' `= �. -�` �'•' ; '00o, 13 77 " n �� INVER t' l5 - - ; ` * _lS- ^ _ f, ♦ r�•�' Cliff R a,,.......:...,..Cliff Rd 32 : m GROVE ..1 169 - 83 ti � lol •'� o rt.i `• �(,3z e e HEIGHTS 1 SHAKOPEEs;;'� -' • 13 NSVILLE - - -- - a -- ............. g ,------------- Ib SAVAGE "" 71 17 - uw.•_.i ; ;. 116 -• - _84: -� 13 w 27' 31 , 5, 3 ; _ 77 31 15 - -- ROSEMOUNT _ _ n. 140th St W '33 n , _ 3 ►4 14 PRIOR LAKE 23 40 ; 145th St E 42 140th St t St Loca n Map I 42 156th W ._ - _. - - • 150th St W I < ,APPLE VALLEY D U RIM Comparable Sale # 1 3007 Harbor Lane, Ply =mouth, MN PID's 21- 118 -22-41 -0015 Property Use: Single Tenant Medical Office Building Sate Date: 1Mav 1, 1998 Sale Price: S 1, Price Per Sy. Ft.: S91.831/1 FFA and S91.831/1 GBA and S93.82 NRA Buyer: Vincent, Paul J. Seller: Plymdoc Associates Zoning: C -3 Land Area: 130,692 sq. ft. Gross Building Area: 13,883 sq, ft. First Floor Area 13,885 sq. ft. Basement Area: None Year of Construction: 1979 Comments: Property is in average condition. Property was rented at time of sale on a net lease which was 18 years old with 10 years remaining. Similar location to the subject's. Adjacent to Hwy 55 and Fembrook. Pf -25 ' � Y r, P j z t l CI I r g w _ . ' f ? I. ! '�` ° 'E. -} rs.dr �' ,_ -• :�+ _ .. .R.9r...s. >.� - " �Vf u11111 YIY IIVII IJ -- _ XT - Comparable Sale # 2 4310 Nicollet Ave. South, Minneapolis, MN PID's 10-028 -24-31 -0107 Property Use: Single Tcnant Medical Office Building Sale Date: August 28, 1,998 Sale Price: $480.000 Price Per Sq. Ft.: $122.111/1 FFA and 561.05(/) GBA and 581.40 NRA Buyer: Lakeland Dialysis. Seller: Thomas E. McKee Zoning: $ - S2 Land Area: 20.314 sq. ft. Gross Building Area: 7,862 sq. ft. First Floor Area 3,931 sq. ft. Basement Area: Full, Exterior handicap ramped access Year of Construction: 1966 with remodel in 1995 -96 Comments: Property is in average condition. Property rented at time of sale, lease terms unknown. htferior design. quality and location in as compared to the subject. t Comparable Sale # 3 13998 Maple Knoll Way, Maple Grove, MN P1D's 22- 119 -22-22 -0054 Property Use: Multi- Tenant Medical Office Building Sale Date: September 27, 1996 Sale Price: $1,250,000 Price Per Sq. FL: $169.751/1 FFA and S85.101/1 GBA - and S 113.16 NRA Buyer: Professional properties of Maple Grove Seller: Vitale, John M. (Trustee) Zoning: B Land Area: 59,332 sq. ft. Gross Building Area: 14,638 sq. ft. First Floor Area 7,361 sq. ft. Basement Area: Full, Daylight windows at the rear Year of Construction: 1994 Comments: Property is in good condition. Superior quality to the subject. Good location but only fair access. Near 194 and Weaver Lake Road but on a dead end street. PROPERTY DATA SYSTEM VALUATION RECORDS INQUIRY CURR 316 NEXT PROPERTY ID ASSESSMENT YEAR SUBRECORD LAST APPR. 36- 119 -21 -13 -0114 1999 01 1997 ADDRESS: 512 l/ 66TH AVE N PROP PRIMARY /SECONDARY COOPERATIVE DISTRICT NBRHOOD TYPE Code Reference Id Code Reference Id 15 0011 C NOTICE SENT EXMP CD EXMP TP EXMP YR AG USE 10 -ACRE PART.CONST IF PROJ Y REL CONTIG HMSTD CD PCT OWNER AG HMSTD HMSTD RETURN EMV HMSTD IND 000 Curr Yr: Prev Yr: MARKET VALUES TAX CAPACITIES Land: 192900 Hmstd: 0 TRIAL MKT: 0 Bldg: 445600 Nonhmstd: 20773 QUAL.LAND: 0 Mach: 0 QUAL.BLDG: 0 IMPROV.AMT: 445600 Total: 638500 Total: 20773 Type PID: press ENTER; or Fl, F2, F4, F5, F8 PROPERTY DATA SYSTEM NON- RESIDENTIAL CHARACTERISTICS - PART1 CURR 110 PROPERTY ID BLDG NEXT 36- 119 -21 -13 -0114 A ADDRESS 512 l/ 66TH AVE N PROP NAME River Road Dental Office DIST 15 NBRHOOD 0011 FRONTAGE DEPTH AREA 35090 IRREG SHAPE ZONING C2 AREA RATING 2 SITE RATING 2 ALL.UNITS TRACKAGE SEWER 1 WATER 1 STREET 1 EXCESS LAND 2 SOIL CORRECTION CONSTR QUALITY 2.0 USE CDI 444 USE PCT1 100 USE CODE2 USE PCT2 USE CD3 USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL 2 FUNC DEPR PCT ECON DEPR PCT P DEPR PCT CONSTR YR 1998 EFFECT YEAR 1999 RENOVATED YEAR CONDITION 1 CONSTRUCTION 4 EXT WALLS 3 ROOF STRUCTURE 1 ROOF COVER 3 HEAT1 TYPE 3 HEAT1 PCT 100 HEAT2 TYPE HEAT2 PCT HEAT3 TYPE HEAT3 PCT FF AREA 3885 GB AREA 5861 NR AREA 4750 MEZZ AREA PERIM AREA 268 TF AREA 3885 AIR1 TYPE AIR2 TYPE 2 AIR3 TYPE AIR PCT 100 BSMT PCT 50 BSMT USE 124 PLUMBING 1 ELECTRICAL 1 AVG /STORY 10.0 # STORIES 1.0 CLR HGHT 9.0 ELEVATOR 0 SECURITY SYSTEM 1 Make changes: press ENTER; or F1, F2, F4, F5, F6, F8 PROPERTY DATA SYSTEM NON- RESIDENTIAL CHARACTERISTICS - PART 2 CURR 110 PROPERTY ID BLDG NEXT 36- 119 -21 -13 -0114 A PARKINGI PARKING2 2 PARKING3 NO /SPACES 33 PARK AREA 11000 GAR AREA GAR SPACES GAR RENT GAR TYPE SPRINKLER Y/N Y SPRINKLER PCT 100 POOL1 TYPE POOL2 TYPE FLAT ADD FLAT SUB FLAT CDE TOT EFF EFF AREA TOT 1BR 1BR AREA TOT 2BR 2BR AREA TOT 3BR 3BR AREA TOT EFAREA TOT 1 AREA TOT 2 AREA TOT 3 AREA TOT UNIT AVG AREA RENT AS OF / ACT EFF ECON EFF ACT 1BR ECON 1BR ACT 2BR ECON 2BR ACT 3BR ECON 3BR ACT AVG ECON AVG GROSS INC VACANCIES .000 EFF INC OPER EXP NET INC CAP RATE .000 GRM .0 RENT /SQFT .00 INTERIOR INSP 1 INSP DT 12/08/1998 APPR INIT SLB CASH1 DT / CASK PRC CASH2 DT / CASH2 PRC PERM1 # PERM1 DT 07/20/1998 PERM1 TYP NEW CONS VALUl 711000 PERM2 # PERM2 DT / / . PERM2 TYP VALU2 Make changes: press ENTER; or F1, F4, F5, F6, F8 PROPERTY DATA SYSTEM NON- RESIDENTIAL CHARACTERISTICS - PART 3 CURR 110 PROPERTY ID BLDG NEXT 36- 119 -21 -13 -0114 A COMMENT LINE1 Lg daylight window well W side. Vaulted ceilings COMMENT LINE2 recept & waiting /w exposed beams. Surf fluorescen COMMENT LINE3 t & hanging fluro & recessed fixt. papered walls, COMMENT LINE4 carpet, mtl glider wind. white lam sills, carpeted COMMENT LINES base, oak doors & frames. Bsmt = 1,976 SF. COMMENT LINE6 Office mgr — Jim COMMENT LINE? Mtl hylide ext fixt. CA — 3 York units Make changes: g press ENTER; or F1, F4, F5, F6, F8 I LAND SALES GRID ::::::::y:: iii: GyS y::{::: :::::: +.i;:;ii`v::i;i:j}};`. ::i .. :. :::: ::. :... ':: :: . '::::ti::ii+:�::iii ::. . scsc ys .�:: {::':'�::�r:i:::�:::Q:::: �::� � '' ji:C•:.liT•�iC•ii vv: :.••:: ••: i' :: {•�Oi:4: :•i$;•i:• •:..'. :'�� t{�ii:�:4iiiii �,+iY aV �� W,Y. F��.. .. ....... ::i::i::ii::' 'jY: %i�: :i:;y •: :.:: ::::i:•:::: };i:':::y} i � .. .......:.... :••: ..: �::::.: ��i{ ♦[ . ■J1 � . .......... .. ..... yYi� i ....... ��T.l Y .............F:.'.A .. .. .........�. n................ ...:.:.. :....:.. . .......... n...... ..y �: m::vv:.u:,:v::: Mv:.:;;::::::: 'yy. . .��i� ^. [F ... � ...v....::v.:.:.......... �i.iF�}V.......... � Y.4T ..................i... . .#T ... v .......n...............:....... ......... ............................... . ............................... w:.:. :. ..:...:..{.v .. ...............:. ��iNii] �.......................... n......... �L1�: VR�{ ...:�.�:.:::...,............... �.......................... .. �........: v. �.::.:::::.:::::::::::::::::::::: n:. �........ ...................v..........: ............................n. iYYiiYlifi ..:.::::::.� :::::::::.:..:::::: nom::::: n:::: ;viYYYYWYYi,:::. �::::::::: ::.:........:::::iHYiYiiWiliYh n::•.i •.i:. .........iYfWYY .................. •� iili ......................... iHiWi 1 04/87 02 -11 -0011 6010 EARLE BROWN DR. C -2 132,011 $625,000 $4,312 $629,312 $4.77 CITY - COUNTY C.U. 2 12/86 02 -11 -0010 6020 EARLE BROWN DR. C -2 39,789 $249,000 $2,020 $251,020 $6.31 C.W.L.C. -DAY CARE 3 06/88 35 -13 -0019 2100 FREEWAY BLVD. 1 -1 65,013 $318,564 $0 $318,564 $4.90 MN H.S. LEAGUE 4 05/88 35 -22 -0052 2800 FREEWAY BLVD. C -1 53,240 $160,000 $5,235 $165,235 $3.10 LEGRAN- OFFICE 5 03/87 36 -13 -0077 413 66TH AVE. NO. C -2 28,643 $307,500 $105 $307,605 $10.74 ASHLAND OIL 6 09/88 03 -44 -0029 5440 BROOKLYN BLVD. C -2 47,350 $575,000 $0 $575,000 $12.14 BIG BOY TO TOYS "R "US i 7 08/88 03-44 -0031 5425 XERXES AVE. NO. C -2 169,016 $850,000 $0 $2,150,000 $12.72 Plus lease buy -outs by Total, including lease buy -outs. COMB TO TOYS "R "US bu, $1,300,000 09/88 03-44 -0034 NEW TOYS -R -US PARCEL C -2 216,366 $1,425,000 $0 $2,725,000 $12.59 Combined sales #6 8a #7 Plus lease buy-outs by Total, in°ludi%lease buy -o"ts. buyer $1,300,000 8 05/89 02 -21 -0016 60XX SHINGLE CREEK PKWY. R -5 155 units $500,000 $0 $500,000 $3,225 /unit B.I.M.B. Inc. 9 05/89 35-41 -0014 1601 FREEWAY BLVD. 1 -1 45,856 $227,318 $3,566 $230,884 $5.03 HARDEES 10 02/90 35-41 -0018 1601 JAMES CIRCLE NORTH C -2 105,192 $550,000 $550,000 $5.23 OLIVE GARDEN 11 08/90 03-41 -0013, 0041 5540 BROOKLYN BLVD. C -2 63,787 $848,400 $848,400 $13.30 INVESTORS BANK 12 05/93 03-41 -0022 5545 XERXES AVE N C -2 43,529 $400,000 $22,777 $422,777 $9.71 WENDY'S RESTAURANT Demo costs »� ....:.. ..................:.:. ..:............................ � ........... ��i.. iE�..............'.., �. P�. Fz�t) i«-:.;:.;» :.;:;;;':t:'.�.'.il'�1»........ .................:........................ ............................... ..................:. k � #; J j �� b 13 08/93 35-41 -0019 1601 JAMES CIRCLE NORTH C -2 182,744 $687,000 $687,000 $3.76 CRACKER BARREL- OLD COUNTRY STORE 14 08/94 35-41 -0015 1600 JAMES CIRCLE NORTH C -2 48,758 $240,000 $2,400 $242,400 $4.97 COMFORT INN 15 05/96 35 -24 -0003 2600 FREEWAY BLVD. PUD -11 359,370 $1,700,000 $1,700,000 $4.73 div pend TGIF & COUNTRY INN Useable 16 09/96 35 -42 -0012 64051 JAMES CIRCLE NORTH C -2 44,431 $300,000 $300,000 $6.75 DENNY'S RESTAURANT 17 12/96 34-42 -0029 6390 BROOKLYN BOULEVARD C -2 70,316 $1,000,000 $1,000,000 $14.22 WALGREENS 18 03/97 35 -13 -0020 2000 FREEWAY BLVD. PUD I 153,696 $850,000 $224,647 $1,074,647 $6.99 AMERICINN Useable Soil corrections and specials. 19 Brookd ale Mitshibushi C1 &C2 174,240 $1,120,000 $43,000 $1,163,000 $6.67 Usable MEAN 84,959 SQ FT MEAN $7.47 MEDIAN 50,999 SQ FT MEDIAN $6.31 G: \DEPTS\ASSESS\BOARD %1999\[RVRDDNTL.XLSIBC Land Sales I BROOKLYN CENTER MEDICAL OFFICE BUILDINGS . ...... . . .. ...... Park Nicollet Medical Clinic Land 160,197 Land $775,000 $4.84 Land $760,300 $4.75 6000 Earle Brown Drive GBA 31,982 Building $1,425,000 $44.56 Building $1,239,700 $38.76 02-118-21-11-0005 NRA 31,982 Total $2,200,000 $68.79 Total $2,000,000 $62.54 L:B 1977 Ratio 5.01 :1 NRA per $68.79 (1] NRA per In $62.54 NEW IMPROVEMENT FOR 1999 - $200,000 Change in EMV 10.00% Change in EMV 17.99% Health Partners Dental Clinic Land 49,515 Land $265,000 $5.35 In Land $263,400 $5.25 5901 John Martin DR. GBA 6,000 Building $228,800 $38.13 [/] Building $181,300 $30.22 02-118-21-21-0005 NRA 6,000 Total $493,806 $82.30 Total $444,700 $74.12 LB C2 - 1979 Ratio 8.25 :1 NRA per $82.30 NRA per $74.12 Change in EMV 11.04% Change In EMV 14.03% Woodhaven Dental Assoc Land 28,336 Land $120,000 $4.23 [1] Land $98,500 $3.48 5831 Brooklyn Blvd. GBA 3,936 Building $118,000 $29.98 Building $68,700 $17.45 03-118-21-13-0012 8:0013 NRA 2,755 M Total $238,000 $60.47 Total $167,200 $42.48 US Ci - 1970 Ratio 7.20 :1 NRA per $86.39 NRA per $60.69 Change in EMV 42.34% Change in EMV 8.44% Northport Medical Center Land 31,757 [1 Land $130,000 $4.09 Land $120,000 $3.78 5415 Brooklyn Blvd. GBA 3,374(4 Building $88,500 $26.23 Building $90,100 $26.70 03-118-21-44-o009 NRA 3,374 M Total $218,500 $84.76 Total $210,100 $62.27 L:13 C1 - 1960 Ratio 9.41 :1 NRA per $64.76 [1] NRA per $62.27 Change in EMV 4.00% Change in EMV 13,20% Dr. Moen DDS Land 9,000 Land $72,000 $8.00 [/] Land $72,000 $8.00 6938 Brooklyn Blvd. GBA 824 (A Building $25,000 $30.34 11] Building $25,000 $30.34 27-119-2133-0061 NRA 824 (A Total $97,000 $117.72 Total $97,000 $117.72 L:B 1951 Ratio 10.92 :1 NRA per [/] $117.72 NRA per $117.72 Change in EMV 0.00% Change in EMV 0.00% Group Health Medical Center Land 239.032 Land $960,000 $4.02 [1] Land $960,000 $4.01 6845 Lee Ave N GBA 25.199 Building $696,600 $27.60 [Ij Building $714,600 $28.36 34-119-21-22-0004 NRA 25,199 Total $1,655,600 $65.70 [n Total $1,674,600 $66.46 C1 - 1975 Ratio 9.49 :1 NRA per $65.70 [1] NRA per [n $66.46 [n Charge in EMV -1.13% Change in -MV 20.82% Brookpark Dental Clinic Land 36.979 1/] Land $185,000 $5.00 [1] Land $160,000 $5.01 6437 Brooklyn Blvd. GBA 8.714(n Building $191.400 $21.96 [1] Building $155,800 $35.15 34-119-2131-0104 NRA 6,432 Total $376,400 $43.19 Total $315,800 $71.25 V) L:13 1972 actual 11990 effective Ratio 4.24 :1 NRA Per $58.52 NRA per $71.25 rhinae in EMV 19.19% Change in EMV -10.94% 4130/99 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS h: W 1109.9: U Y a 040: Brookdale North - Park Dental Land 54,450 Land $272,300 $5.00 [1] Land $272,300 $5.00 6142 Brooklyn Blvd. GBA 9,345 V] Building $200,400 $21.44 [n Building $64,100 $12.77 M 34-119-2131-0106 NRA 8,410 M Total $472,700 $50.58 Total $336,400 $17.68 LB 1981 -Cl Ratio 5.83:1 NRA per (/3 $56.21 NRA per $36.22 One Story on Grade Change in EMV 40.52% Change in EMV 105.71% Brooklyn Blvd. Chiropractic Land 14,415 Land $10,000 $0.69 Land $10,000 $0.70 1/j 6142 Brooklyn Blvd. GBA 2,036 Building $27,000 $13.26 Building $26,000 $12.77 M 34-119-21-43-0037 NRA 994 Total $37,000 $18.17 Total $36,000 $17.68 LB Rl(Conditional Use Permit) -1958 Ratio 7.08 :1 NRA per $37.22 NRA per $36.22 M Located In Residence Cha in EMV 2.78% Change in :MV 105.71% PBC Clinic Land 67,442 Land $338,000 $5.01 Land $300,000 $4.56 6120 Brooklyn Blvd. GBA 14,034 Building $63,000 $4.49 Building $94,000 $6.70 M 34419-21-43-0060 NRA 7,017 Total $4011,000 $28.57 [1] Total $394,000 $28.07 M L:B C1 - 1962 Ratio 4.81 :1 NRA per $57.115 NRA per $56.15 Sold 11184 - $438,000 Cha-7ge in EMV 1.78% Change in EMV 0.25% River Road Dental Land 35,090 M Land $192,900 $5.50 Land $110,000 $5.50 M 512 66th AVE N GBA 5,861 Building $445,600 $76.03 Building I $93,200 $29.23 36-119-21-13-0114 NRA 4,750 Total $638,500 $108.94 Total $203,200 $63.72 M US C2 - 1998 Ratio 5.99 :1 NRA per $134.42 [1] NRA per M $63.72 [1 NEW IMPROVEMENT FOR 1999 - $445,600 Change in EMV OLD CLINIC DEMOLISHED IN 1998. ..... ..... 11260cy; X. in -w: .... ... 6 . T 'MEAUUNIT :AND.'. BA T NRA . 01 -.11 M G:\DEPTS\ASSESS\BOARD\19991 [RVRMNTL.XLS1Assessment & Unit Values l 16.97% 10 4/30/99 PURPOSE OF APPRAISAL The purpose of the appraisal is to estimate the market value of the fee simple estate of an multi - tenant office warehouse property, known as Spec 6 or the Shingle Creek Industrial Building. Located at 6800 Shingle Creek Parkway Brooklyn Center, Minnesota. date of appraisal is January 2, 1994. Date of inspection was April 26, 1996. The text, Pronerty Anaraisal and Assessment Administration, copyright 1990, page 651. International Association of Assessing Officers, defines market value as: "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 sale, and assuming that the transaction is not affected by undue pressures." Minnesota Statute (272.03, subdivision 8) defines market value as: "Market value " means the usual selling price at the place where the property to which the term is applied shall be at the time of assessment; being the price which would be obtained at a private sale or at an auction sale, if it is determined by the assessor that the price from the auction sale represents an arm's length transaction. The price obtained at a forced sale shall not be considered." Minnesota Statute (272.03, subdivision 1) defines "Real Property" as: (a) For the purposes of taxation, "real property" includes the land, and all buildings, structures, and improvements or other fixtures on it, bridges of bridge companies, and all rights and privileges belonging or appertaining to the land, and all mines, minerals, quarries, fossils, and trees on or under it. FUNCTION OF THE APPRAISAL This appraisal report has been prepared for review of the current assessment at the Board of Equalization and the assessed valuation of the subject property on the relevant assessment date as it relates to the real estate taxes. CONDITIONS OF A MARKET SALE Implicit in this definition is the consummation of a sale as of a specified date and that passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised, and each acting in what the party considers to be their own best interest. 3. A reasonable time is allowed for exposure in the open market. 4. Payment is made in cash or its equivalent. 5. Financing, if any, is on terms generally available in the community at the specific date and typical for the property in its locale. 6. The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transactions. PROPERTY RIGHTS APPRAISED The subject is appraised as though unencumbered and subject to the City of Brooklyn Center's Zoning Ordinance as described herein. While appraised as if unencumbered, it is assumed the subject would be encumbered by market leases so that the economics reflect market income, market expenses, and market returns as of the appraisal dates. The date of the appraisal is January 2, 1999 EXTENT OF THE APPRAISAL The appraiser has been requested to estimate the market value of the subject property. The subject property is a multi -tenant office warehouse property in the City of Brooklyn Center.. The following activities were done in conjunction with the appraisal: • Exterior physical inspections of the subject site and subject neighborhood were made on numerous ocassions between September 1995 and May 1999 • An interior inspection of the subject property was made December 8, 1998. • Highest and best use analysis. • Survey and analysis of comparable sales. • Survey and analysis of rental information from other income producing office properties. • Review and analysis of any sales in the immediate subject area. • Application of the appraisal process and the three approaches to value. • Reconciliation of the different approaches to value to arrive at a final estimate of market value. CONTINGENT AND LIMITING CONDITIONS 1. The legal description used in this report is assumed to be correct. 2. No responsibility is assumed for matters of a legal nature affecting title to the property nor is an opinion of title rendered. The title is assumed to be good and marketable. 3. Information furnished by others is assumed to be true, correct and reliable. A reasonable effort has been made to verify such information; however, no responsibility for its accuracy is assumed by the appraiser. All mortgages, liens, encumbrances, leases and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. 4. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover such factors. Except as discussed in this report. 5. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless non - compliance is stated, defined and considered in the appraisal report. 6. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 7. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted with the report. 8. Possession of this report, or a copy thereof, does not carry with it the right of publication. I 9. This report may not be used for any purpose other than the property tax appeal pending in the Board of Equalization on the subject property, or by any person other than the parties to said appeal proceedings, without the written consent of the appraiser. Then only with properly written qualification and only in its entirety. 10. The distribution of the total valuations in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 11. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales on any other medium without written consent and approval of the appraiser. Nor shall the appraiser, firm, or professional organization of which the appraiser is a member be identified without written consent of the appraiser. CERTIFICATION The undersigned do hereby certify that, except as otherwise noted in this appraisal report: I have personally viewed the interior of the subject property and the exyterior of the comparables described within the attached report. I have no present or contemplated future interest in the real estate that is the subject of this appraisal report. I have no personal bias with respect to the subject property, nor is my compensation contingent upon the valuation concluded within the appraisal report. To the best of my knowledge and belief the statements of fact contained in this appraisal report, upon which the analyses, opinions and conclusions expressed herein are based, are true and correct. This appraisal report sets forth all of the limiting conditions affecting the analyses, opinions and conclusions contained in this report. The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or approval of a loan. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the International Association of Assessing Officers and the Uniform Standards of Professional Appraisal Practice. No one other than the undersigned prepared the analyses, conclusions, and opinions concerning the real estate that are set forth in this appraisal report. THIS REPORT IS A RESTRICTED SUMMARY APPRAISAL REPORT. USE OF THIS REPORT SHALL BE RESTRICTED SOLELY FOR REVIEW OF THE ASSESSED VALUATIONS OF THE SUBJECT PROPERTY. ANY OTHER USE IS PROHIBITED Step en L. Baker, SAMA, CAE City Assessor City of Brooklyn Center Senior Accredited Minnesota Assessor # 1047 Certified General Appraiser State of Minnesota License #4003683 Review of 1112 Woodbine Lane PID4 25- 119 -21 -32 -0069 for Burton M. Petersen 1999 Board of Equalization n i y P Main level(s) room count: 5 / 3 / 1 Below grade room count: 1/0/0 Garage: 2 car attached Fireplaces- None Porches /decks /misc.: Deck/Patio door Central air conditioning,: Yes City of Brooklyn Center A great place to start. A great place to stay. TO: 1999 Brooklyn Center Board of Equalization RE: Burton M. Petersen 1112 Woodbine Lane PID# 25- 119 -21 -32 -0069 On April 22, 1999, Mr. Petersen contacted the Assessor's office expressing his concerns about the 1999 estimated market value of $97,900 on his property. He stated that he was "unhappy with a $10,000 increase in his 1999 valuation ". Mr. Petersen also stated that an appraiser had reviewed the property on April 14, 1998 and that there had been no changes to the characteristics of his property since the last interior inspection. Mr. Petersen expressed that he did not wish to discuss sales of comparable properties, but only to schedule an appointment to appear before the board. The adjustment grid enclosed was prepared for this property based on the data collected on April 14, 1998. Final reconciliation indicates a value of $105,000. 1 believe that the Petersen property is fairly assessed at $97,900, pay 2000 taxes will be calculated on the limited market value of $96,800. STAFF RECOMMENDATION: Reaffirm the 1999 estimated market value of $97,900 for subject property. Respectfully, 2 A1�.. . St phen Baker City Assessor SB /nw g: /depts /assess /board /petersen.Itr 6301 Shingle Creek Pkwy, Brooklyn Center, MN 55430 -2199 • City Hall & TDD Number (612) 569 -3300 Recreation and Community Center Phone & TDD Number (612) 569 -3400 • FAX (612) 569 -3494 An Affirmative Action /Equal Opportunities Employer PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 1 5- 119 -21 -32 -0069 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 96 Back: 1112 l/ WOODBINE LA 55430+ Right: Left: Ownerl: PETERSEN BURTON M Owner3: Owner2: PETERSEN IRENE P Owner4: Zoning: Rl Prim /sec: Yr.blt: 1965 Area: 10286 Acres: .00 Sch.Dst: 11 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 91 Depth: 128 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 23000 74900 97900 1121 H R 100 1998: 20500 67500 88000 971 H R 100 1997: 19500 .63800 83300 904 H R 100 Legal Description: LOT 5 BLOCK 1 TOWER TERRACE Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 04/29/99 CURR 436 NEXT 'ROPERTY ID: 25- 119 -21 -32 -0069 YEAR: 1999 .DDRESS : 1112 WOODBINE LA CLASS: B07 DT: SF STYLE : ONE LEVEL MANUAL: NO GBA 1156 (SQ.FT.) AGE: 34 YRS ZONED: R1 BASIC RATE $ 55.51 ADJ. RATE $ 56.06 -> EXT. WALL: 1.0% ( +) SHAPE: % ( +) ADJ.RATE *GBA: $ 64805 -> ADD BSMT $ 6936 = 1156 SgFt @ $ 6.00 Rate -> DED UNF.GBA: $ = SgFt @ $40.00 Rate ADJUSTED TOT: $ 71741 ADDITIVE AMT: $ 17747 -> GARAGE 9072 DORMERS: PAT.DOORS: 1000 -> WALKOUT: AIRCOND: 1387 DECKS 820 -> PATIOS PORCHES: POOLS -> BATHS 2000 FIREPLC: FIN.BSMT.: 3468 TOTAL COST $ 89488 ADJUSTMENTS : 83.8% -> DEPRECIATION: 83.8% INFLUENCES: % -> FUNCTIONAL % ECONOMIC % BLDG VALUE : $ 74900 BLDG MARKET VALUE : $ 74900 FLAT CHGS $ LAND MARKET VALUE $ 23000 TOTAL MARKET VALUE: $ .97900 Type PID Press ENTER; o yp r F1, F2, F8 I RESIDENTIAL SALES COMPARABLE ADJUSTMENT GRID APPRAISAL OF BROO KLYJV CENTfR,�iNM.;.:'';�: ::iF ?;1N/RICET,� AWE ASOFt lgly.• t <.,.''; SIIBJECi -; COjvIP Itl' COMP M? gMP, #3 ' - ;i3; �t 7 { 111 "t.` >., Woodb�n "L'a:? j'10'6: 2rid,Ave N" 7213 Ern "rson'Ave' N: x'2006 l�at`AKe' N r " 7 ^{..:..r•«:.' ^ :.' <., •,:: ; <.:'.:;.,- 74p'tiy:f „x.: p. :•.1„s �l'i�c PIDt. �.25� 19 =21 3 0069:, 't�. 25 =1 9r 1.3 = 0105.. §..25= 119 =21'= 32-007 ?! 26= '19-21�= 5 ^'^ i i ,. t =i - iA1E- PRICE;':';_;.<;,;q:.. NSA $120,500 $117,500 $96,000 'SA1ffRI E nnahckisj ACOWWWrit, $0 Firicirlck?4 Ad)ustrneM $120,500 $117,500 $96,000 - . S41e Pf 4 .,, '9c i fed igrFlntiflSS,'- (A c tad ffx Fhq") DATE ,' ?�- , `� J ''';i''�'''.i 12/98 10/98 0498 `SALE,4ATE . $120,500 $117,500 $96,000 s6ie "*ice ui#ec7f41 )n?e sr', $500 $121,000 $1,400 $118,900 $3,500 $99,500 (Accosted forilrne) AVON -:'_ Good Good Good Good LbCk -T IS 10,286 9,912 10,013 11,430 LOT SUE �E.iCdNDT�ICFfS,, =-� 1965 / Good 1963 / Good 1966 /Good 1961 /Average $2,700 •ACik','ICONDITION. Anwe Gfgcl = Rop" AW 4r Glade: raidYBd[rtis.`l.BalFn. 5/3/1 5/3/1 61311 6/211 $0 Tofa1' /Bdmu1tlo** aBA.` s' 1.156 1,160 1,516 WAN) 1264 1 Mi F 1ISH 50% 75% ($1 50% 75% ($1¢00) BSMT. :FlNkQ ZC1&m Below Glade 1- Family Room 3 - FR. Bdrm, KitelL 3 - FR, Bdrm, Other 3 - Family, 2 Others Raart13`Be)C"'W GfW Yes Yes Yes Now 3 4G ,(cc� f'4i i 2 Car, 600 S.F. 2 Car, 528 S.F. $0 2 Cu. 720 S.F. Z Car, 528 S.P. GMRGE:(Cq[S S,F,? ' , " FIREPCES y a s Nom 2 ($4,000) 1 ($2,000) Nom 1 F2EPACES:. Dwk 164 S.F. Glazed Porch 192 S.F. ($5 Deck 180 S.F. Patio 240 S.F. $1,000 j PgfCl'L ;POI•IOr D6CIC Patio Door Patio Door Patio Door /Carport ($2,000) Now ($1,000) 'Pilo Net:Adju"nt ?,r;' ($10,500) (59,400) ($400) S IJetAtijiuri)enf �, '';j,. Sri:: .3 ES• . I .. �i:'�., '.ire. ncllCCted QU9 -i: .'a ''a':' �`� 1.07�00.'sti •, . ��r , -i S �•g' � aa �'� .� 0`�Q �.$. , x .9. ;;.1:00' ";:. a: �- ' if;a� : '`ee vp� - :r, z , S, ; n' .:.> ;�.j r• „ i .i# �"3W� , 7. Y „. g.' "s�si. _ l . -e= • + /'; t..`s�x. / ( ye s . �.t � , •2 t i. s V .a. '.-.Y^ to ,aExv..$..x �K.''” v x::i� •'. ..:^ - a x r% s' tlir. �': ;l- ii';t; ".:.t ;.r•',.i�r'f'{ n.;;ryxi r;§ .r-g i +.« - ;ti "r`ik.)(.'. :t'.:' {; :i:4�x;ef ^j ° .`t�, y,.t :qZ.0 ;;taa;;' "•¢.. a..7 °J, a :3'.�:is,r:� ,:,�._,�;:., } `�; i. j Recone is s,. , %',';'.tr`. : ,f.• ., ... ,t'#: ra:.• ?r':.:'.i.'. i'.S•e. %� (r . COMMENTS: Comparable homes are adjusted to the subject property. Negative adjustments are made to the comparable property when an Item is considered superior to the subject property. Positive adjustments are made to the comparable property when it is inferior to the subject property. i _._,- ..,.._.,. ..... .... - -_ = 4/30/99 � ' � C0MUAKA8LF SALES PUoln* ~ Cunnpamb|n 4 1 200071ot Avenue North FV 11 Ax Comparab #2'110672nd Avenue No PRI ' ^ ' � Comparable #3'7213Enonmon Avenue North � 2. � � � � ` � ` - HERIDAN AVE N 1AVE. N. ^';.' f;Fr':. �i: �' ^'vk .+% ' t[ ) { '" x {!:.. �.: ' �1'r `r - : ' •ftys. `...;:. RUSSELL AVE N "•.Y. w,'•., 5y ,0 :s. 2500 - ';rl.�;`',;*t+ . ` - i�: �,;'a,t�:•'.::� OUEEN AVEN 2400 :.Y;� ;.•!•• / . :67_'x.. k.r PJE• N. PENN AVE N a: '` i' OLryE ti W_ 2900 �ti...'' f / ":=,V %a x N. OLIVER AVE N 2200 AVE. N. (` "'✓Y '• NEW NEWTON AVEN _ AVE. N r v � „r,,,,,_•. 1 i y!t MOROAN AVE N EARLE [ q M 1 I I �� 2000 SHINGU'. CREEK PKWY LOOAN AVE. Q ` - c• � 1 �� Z —~ LOOM AVE N T 1000 Cot t c, SUMWT DR Z 5 KNOX AVE N --7 s < •--} -- 1800 JAMES AVE N. i' D S R .i..,.- .-•L.•- t—_. = JAMES AVE N. t'� �•• - -- JAMES AVE N 4 1700 EARLS BROWN DR IRVINO AVE N' S � � IRVWIC AVE N ��_; s 1 HUMBO 1000 ' HUMSOLDT AVE N - AVE. K al J OIP, ARD AVE N 5 1400 .. �--- IRMO AVE A F AVE N Z FREMONT AVEN 1300 FERARD N. i fu� AVE. I 1U Ate . '� EpN W. N. EMERSON AVE N ! QQ I �.� 1200 FREMONT AVE. N. (� -.-��7 - 'L • e DUPONT AVEN P 1100 �,_�� EMERSON A ® T AVE N. OUPON 12 COLFAX AVE N �•.E i .. ' COLFAX AVE N. j ( $ 1000 AVE N. � �Af •� COLFAX •. R _ -: BRYANT AVE N e .,MT BRYANT AVE C,,i AVE ,' }'i: >'r ="'"�t ; +i.-i`;�• RICH AVE. n•J g� 9d ��i�: "sa i•;yx:y<., kg.•;z��,i,J.. � ICH AVE BRY AVEN ® 10 3 :tiX'f "'!'! "' `�' tj'? ''" D l {ill I I I 1 I JI 4 -'�" F. CAMDEN AVE N I�L!}�-- iF- •[1111 t! CAMDEN AVE. N� � CAMDEN AVE. •^• 700 I / CAMDEN AVE N g L� Z ow f 1C AMDENAVE.N. ® '/. STH•A�VE.rN.Y MAVEN MTH 252 OL WEST RI W. R �• , RO .�.. RIVER ROAD y /� N. � ._ ) 3 DALLAS AVE N WILLOW LA. N. RNERDALE AVE ti 200 I WOODBINE A 72ND AVE 72ND AVE. N �2 w �- �► G w- 2ND ,AVE. �I W V J Z ` oC 0 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID - -------- - - - - -- Address --------- - - - - -- NEXT ' 1 5- 119 -21 -32 -0069 1112 1/ WOODBINE LA SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 10/1979 51000 3 X NEW CONSTRUCTION / / / / / / / Press Fl, F2, F5, F8 PROPERTY DATA SYSTEM • LIMITED MARKET VALUE'INQUIRY CURR 318 NEXT nID 25- 119 -21 -32 -0069 ASSESSMENT YEAR 1999 SUB -REC 01 .OUSE# 1112 F/A 1/ STREET WOODBINE LA UNIT CALCULATE LMV (Y /N) PROPERTY TYPE R HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 23000 MARKET BUILDING VALUE 74900 MACHINERY VALUE TOTAL MARKET VALUE 97900 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 96800 QUALIFYING _ FYING IMPROVEMEN Q T AMOUNT MARKET VALUE SUBJECT TO TAXATION 96800 TAXABLE MARKET VALUE TAX CAPACITY 1121 Make changes: press ENTER; or F1, F2 F4 F5 F8 ` r Mon May 03, 1999 Page 1 Residential Listings Search Criteria Area Main: 363 Brooklyn Center Municipality: Brooklyn Center Listing Status: Sold Market Code: OFF - MARKET Off Market Date: 01 /02/99+ # MC Street Name Hse No List Price List Date BR BA GBA Date Closed Sale Price BB BGF BSMNT FPLC TIFF FSZ Garage Full 1/2 3/4 Year 1 O 53RD AVENUE 3606 $99,900 12/28/98 3 1 912 05/03/99 $104,000 N 330 F N 1242 912 2/A 1 0 0 1956 2 O 65TH AVE N 3218 $113,900 01/05/99 3 2 1122 03/26/99 $114,900 Y 746 F/L N 1868 1122 2 /D/Y 1 0 1 1959 3 O 66TH AVE N 4225 $114,900 01/19/99 3 0 1130 02/26/99 $115,000 N 520 F/L N 1650 1130 2 /3 /A/Y /I 0 0 0 1959 4 O 66TH AVE N 4307 $94,900 01/25/99 3 2 1000 03/26/99 $94,900 Y 170 F N 1170 1000 1 /A1Y 1 0 1 1959 5 O 67TH AVE N 3101 $119,900 03/17/99 3 1 1037 04/21/99 $114,000 N 0 F N 1037 1037 2/D 1 0 0 1999 6 O ABBOTT AVE N 5930 $105,900 02/08/99 3 2 976 03/26/99 $105,900 Y 732 F/L N 1708 976 21D/Y /I 1 1 0 1955 7 O ALDRICH CT N 7218 $123,500 01/22/99 3 1 1733 02/25/99 $123,500 N 506 F/L 2236 1733 3 1D/Y 1 0 0 1963 8 O BELLVUE LN 701 $171,100 01/06/99 3 3 1973 03/26/99 $171,100 RI 0 F/T /S /E 1/F 1973 1074 2/A 2 1 0 1998 9 O CAMDEN AVE N 5317 $97,900 12/08/98 3 2 1104 01129/99 $96,000 N 117 F 1/F 1221 1104 3 /D/Y /I /H 1 0 1 1931 10 O CAMDEN AVENUE 5330 $92,900 12/31/98 3 2 1268 02/26/99 $94,400 N 300 F N 1568 848 1 1D/Y 1 0 0 1949 11 O COLFAX AVE 5608 $67,500 03/20/99 3 1 344 04/09/99 $61,000 N 0 F N 1027 683 1/D 1 0 0 1920 12 O DREW AVE N 6707 $104,900 02/22/99 3 2 1000 04/22/99 $105,900 Y 675 F /D /E N 1675 976 2 /D/Y 2 0 0 1957 13 O DUPONT AVE N 5319 $79,900 01/09/99 2 1 780 02/27/99 $78,500 N 187 F/L N 967 624 1 1D/Y 0 0 0 1941 14 O EMERSON AVE N. 5436 $99,900 02/17/99 3 1 1370 03/30/99 $99,500 Y 0 F N 1370 1080 21D/Y 1 0 0 1940 15 O EWING AVE N 5134 $110,000 01/05/99 2 2 1019 02/25/99 $109,900 Y 471 F/L N 1490 1019 3 /D/Y 1 0 1 1959 16 O EWING AVE N 5833 $104,800 02/17/99 3 2 1040 03/30/99 $102,500 Y 767 W /F /L/D 2 /L/F 1807 1040 1 /A1Y 1 0 1 1956 17 O GIRARD AVE N 7013 $108,900 03/22/99 3 1 1036 04/27/99 $108,900 N 501 F/L N 1537 1036 2 /D/Y 1 0 0 1965 18 O GRIMES AVE., N. 6919 $119,900 03/01/99 3 1 940 04/29/99 $123,300 Y 758 F /L/D 1/F 1698 940 2 /A1Y 1 0 1 1975 19 O HALIFAX AVE 5607 $119,000 03/21/99 3 1 1440 04/30/99 $121,000 N 0 C N 1440 1017 2 /A1Y 1 0 0 1956 20 O HALIFAX AVE N 5600 $116,500 02/26/99 3 3 1174 04116/99 $116,287 Y 126 F/L 1/A 1800 1174 2/D/Y 1 1 1 1958 21 O HALIFAX AVE N 6025 $109,000 02/23/99 3 2 1040 03/25/99 $109,900 Y 640 F/L N 1680 1040 2 /D/Y 1 1 0 1955 22 O HUMBOLDT AVE N 5727 $88,500 12116/98 3 2 1008 03/19/99 $80,000 N 408 F/L N 1408 1008 1/1) 1 0 1 1962 23 O JAMES AVE 5651 $91,900 02/10/99 4 2 0 02/26/99 $90,000 N 0 F/L N 0 0 2/A 1 0 1 1998 24 O KNOX AVE N 5344 $95,900 12/02/98 3 1 1120 03/22/99 $101,000 N 0 F N 1120 1120 2/D/Y 1 0 0 1954 25 O KYLE AVE N 6431 $102,900 02/01/99 3 1 1000 03/19/99 $102,000 N 0 F N 1000 0 2 1 0 0 1957 26 O KYLE AVE N 7130 $117,900 03/02/99 3 2 1210 03/31/99 $117,000 N 570 F/L N 1780 1210 2/D 1 1 0 1959 27 O LOGAN AVE N 5650 $84,900 11/17/98 3 1 925 02/24/99 $84,900 N 0 F N 925 925 2 1D/Y 1 0 0 1950 28 O ORCHARD AVE N 6824 $109,900 01/04/99 4 3 1248 04/23/99 $112,000 Y 752 F/L N 2000 1248 1 /A1Y 1 1 1 1956 29 O ORCHARD AVE NO 6430 $109,900 01/18/99 3 2 1104 02/27/99 $112,000 Y 528 P /L/S N 1632 1104 1 /A/T 1 1 0 1958 30 O SCOTT AVE N 6125 $108,000 03/21/99 3 2 1065 _ 04/27/99 $111,000 Y 556 F /C /E 1/L 1620 1040 2/1) 1 0 1 1959 31 O SCOTT AVE N 6807 $99,900 02/19/99 3 2 927 04/30/99 $99,900 Y 550 F/L/1D N 1477 927 2 /D/Y 1 0 1 1955 32 O VIOLET AVE N 3718 $114,500 01/16/99 3 2 1040 03/19/99 $113,000 Y 465 F/L 1/F 1500 1040 2/Y 2 0 0 1958 33 O WILLOW LN 6850 $189,900 01/21/99 4 2 1702 03/31/99 $189,000 Y 742 F /L/D 2 /L/F 2444 1702 2 /A1Y 1 0 1 1969 34 O WINCHESTER LN 4413 $112,900 10/30/98 4 0 0 03/26/99 $112,900 N 740 F N 1910 1170 1/H 0 0 0 1960 35 O WINCHESTER LN 5206 $125,600 01/26/99 3 2 1306 02/26/99 $124,000 Y 555 F /L/E 1/F 1861 1306 3 /D/Y 1 0 1 1958 36 O YORK AVE N 5930 $103,000 02/04199 3 2 985 04/02/99 $104,500 Y 480 F/L N 1465 985 2 /D/Y 1 1 0 1955 ` "This information is believed to be accurate but is not guaranteed - MLSWindows Mon May 03, 1999 Page 2 Residential Listings Search Criteria Area Main: 363 Brooklyn Center Municipality: Brooklyn Center Listing Status: Sold Market Code: OFF - MARKET Off Market Date: 01/02199+ # MC Street Name Hse No List Price List Date BR BA GBA Date Closed Sale Price BB BGF BSMNT FPLC TFF FSZ Garage Full 1/2 3/4 Year 37 O YORK AVE NORTH 6012 $109,800 12/12/98 3 2 1112 02/26/99 $107,000 N 625 F N 1737 1112 1/A 1 1 0 1966 MPG I I I �I * *This information is believed to be accurate but is not guaranteed`* MLSWindows BROOKLYN CENTER 1999 RESIDENTIAL SALES ACTIVITY Brooklyn Center residential sales which went off market after Jan. 1, 1999 and were listed as closed in the MLS system as of 5:30pm May 3, 1999. Sale Number Sale Price 1 $189,000 2 $171,100 3 $124,000 4 $123,500 5 $123,300 6 $121,000 7 $117,000 8 $116,287 9 $115,000 10 $114,900 11 $114,000 12 $113,000 13 $112,900 14 $112,000 15 $112,000 16 $111,000 17 $109,900 18 $109,900 19 $108,900 20 $107,000 21 $105,900 22 $105,900 23 $104,500 24 $104,000 25 $102,500 26 $102,000 27 $101,000 28 $99,900 28 $99,500 29 $96,000 30 $94,900 31 $94,400 32 $90,000 33 $84,900 34 $80,000 35 $78,500 36 $61,000 $108,935 mean $108,900 median G: \DEPTS\ASSESS \BOARD \1999 \[99SALES.XLS]99 RES SALES 5/3/995:49 PM A BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 3, 1999 7:00 P.M. WALK -IN SIGN UP NAME 1,!/ /VP / PHONE t 3? ADDRESS [o/ `f O Chi C— G G PROPERTY I.D. / / q 2 / V 4 DATE OF PURCHASE l q PURCHASE PRICE REMODELING / UPDATING SINCE PURCHASE (costs & description) CONCERN(S) /A/ � G 00,9 P4AAI,4- e -5 6 1Vo Re ( 0 c-01 yam CA N% / C=:�T :'�oRT•4 C- �� c?- i 0d 1999 ESTIMATED MARKET VALUE C �l i -� PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 36- 119 -21 -41 -0005 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 6400 1/_ WILLOW LA N 55430+ Right: Left: Ownerl: WENDT KEITH W Owner3: Owner2: WENDT ALICE M Owner4: Zoning: R1 Prim /sec: Yr.blt: 1957 Area: 39500 Acres: .97 Sch.Dst: 286 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: 100 Depth: 395 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 51700 79800 131500 1711 H RL 100 1998: 51500 72500 124000 1583 H RL 100 1997: 50000 82600 132600 1816 H RL 100 Legal Description: __= NO LOT AND BLOCK GIVEN UNPLATTED 36 119 21 COM AT A PT DIS 636 FT SLY PAR WITH THE CTR LINE OF W RIVER ROAD FROM A PT IN THE N LINE OF GOVT LOT 3 DIS 542 5/10 FT E ALONG SAME FROM THE CTR ..MORE LEGAL Tvoe PID or ADDRESS: press ENTER: or F1. F2. F8 I PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/03/99 CURR 436 NEXT PROPERTY ID: 36- 119 -21 -41 -0005 YEAR: 1999 ADDRESS : 6400 WILLOW LA N CLASS: B05 DT: SF STYLE : ONE LEVEL MANUAL: NO GBA 1216 (SQ.FT.) AGE: 36 YRS ZONED: R1 BASIC RATE : $ 53.50 ADJ. RATE $ 58.31 -> EXT. WALL: 7.0% ( +) SHAPE: 2.0% ( +) ADJ.RATE *GBA: $ 70904 -> ADD BSMT $ 7296 = 1216 SgFt @ $ 6.00 Rate -> DED UNF.GBA: $ = SgFt @ $40.00 Rate ADJUSTED TOT: $ 78200 ADDITIVE AMT: $ 29726 -> GARAGE : 10765 DORMERS: PAT.DOORS: -> WALKOUT: 3000 AIRCOND: DECKS 1209 -> PATIOS : PORCHES: 5220 POOLS -> BATHS : 2600 FIREPLC: 4500 FIN.BSMT.: 2432 TOTAL COST : $ 107926 ADJUSTMENTS : 74.0% -> DEPRECIATION: 80.0% INFLUENCES: -6% -> FUNCTIONAL ECONOMIC : % BLDG VALUE : $ 79800 BLDG MARKET VALUE $ 79800 FLAT CHGS : $ LAND MARKET VALUE $ 51700 TOTAL MARKET VALUE: $ 131500 TVDe PID. Press ENTER: or F1. F2. F8 PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 36- 119 -21 -41 -0005 1999 6400 WILLOW LA N #1 2611921410039 #2 3611921210043 #3 0111821420015 Subject 1701 72ND AVE N 6700 COLFAX AVE 5505 LYNDALE AV Nbrhd /Dist 0050/15 0052/15 0052/15 0054/15 Sale Price 129467 110000 97000 109125 Sale Date 11/1993 06/1998 11/1998 04/1998 Price /Sgft 106.47 91.67 78.23 104.93 Lot Size 39500 10406 11970 21320 A/E Year 1957/1963 1968/1968 1968/ 1953/1963 Bldg. Qual. B05 B06 B06• B06 1st Floor Area 1216 1200 1240 1040 GBA 1216 1200 1240 1040 Bsmt.Finished 50 % 65 % 85 % 40 % Bdrms /Bath 3/ 2 3/ 2 3/ 1 3/ 1 Gr1 Area /Cars 744/2 480/2 672/2 308/1 WO /AC /Pool EX/ / /A/ /A/ /A/ Frplcs /Deck 2/ 403 / 160 / 124 1/ Prchs /Drmrs GS / S / / G / Loc /Riv /Lk AP /R / / / / / /R / Press F1. F3. F5. or F8 PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 36- 119 -21 -41 -0005 1999 6400 WILLOW LA N #4 2611921440048 #5 0311821340013 #6 0311821210031 Subject 7001 IRVING AVE 5337 FRANCE AVE 6019 PEARSON DR Nbrhd /Dist 0050/15 0052/15 0055/14 0053/14 Sale Price 129467 109500 122500 115900 Sale Date 11/1993 1011998 11/1998 06/1998 Price /Sgft 106.47 88.88 99.43 95.00 Lot Size 39500 12730 11904 9954 A/E Year 1957/1963 1971/1971 1955/1965 1956/1960 Bldg. Qual. B05 B06 B06 B06 1st Floor Area 1216 1232 1232 1220 GBA 1216 1232 1232 1220 Bsmt:Finished 50 % 40 % 60 % 75 % Bdrms /Bath 3/ 2 3/ 2 3/ 2 3/ 2 Gr1 Area /Cars 744/2 480/2 440/2 280/1 WO /AC /Pool EX/ / /A/ /A/ FR /A/ Frplcs /Deck 2/ 403 2/ 2/ 192 1/ Prchs /Drmrs GS / / / S / Loc /Riv /Lk AP /R / AP/ Press F1. F3. F5. or F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURB 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT _ 36- 119 -21 -41 -0005 6400 1/ WILLOW LA N SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 11/1993 129467 6 RELATED 3/1989 121000 7 Press F1. F2. F5. F8 I • PROPERTY DATA SYSTEM • VALUATION RECORDS INQUIRY CURR 316 _ NEXT _ PROPERTY ID ASSESSMENT YEAR SUBRECORD LAST APPR. 36- 119 -21 -41 -0005 1999 01 1999 ADDRESS: 6400 1/ WILLOW LA N PROP — PRIMARY /SECONDARY — COOPERATIVE DISTRICT NBRHOOD TYPE Code Reference Id Code Reference Id 15 0050 RL NOTICE SENT EXMP CD EXMP TP EXMP YR AG USE 10 -ACRE PART.CONST IF PROJ Y REL CONTIG HMSTD CD PCT OWNER AG HMSTD HMSTD RETURN EMV HMSTD IND H 100 Curr Yr: Prev Yr: 0 — MARKET VALUES TAX CAPACITIES — Land: 51700 Hmstd: 1711 TRIAL MKT: 133300 Bldg: 79800 Nonhmstd: 0 QUAL.LAND: 0 Mach: 0 QUAL.BLDG: 0 IMPROV.AMT: 0 Total: 131500 Total: 1711 TVDe PID: press ENTER: or F1. F2. F4. F5. F8 I � t'I Y ASSESSOR - REAL ESTATE DATA ; s 13111 "1IM111 171 r, I f ' �� 0911�►r"i nW�'1'll1'I?!T Age Unfinished GBA I 1. 1l. ,Number Dwl. Type Bsmt. Ar Kit. Rating; Actual �19�, / Unfin. I" GBA W1 - 21 -4 -0003 SF S . Ft V 121b Excellent 1 Effective I (� Neighborhood Zoning Very Good r /_2 Functional v/o L!nfin. 2nd GBA Properly kddres.c Crawl /Slab Standard 3 Economic % 6'100 NILLON LA N Finished Bsrpf. Substandard 4 (0111 Unfin. GBA Model % ✓ .7t1 Obsolete 5 N' ; t '' 1 thrner No Interior/ Interior Condition Dimensions KE ITN N . NFNDT Bsmt. Quality' /kz1ass Plaster I X Plaster I Excellent 1 17.11 x 49.9 - 080 F.eg'a [� B[ i { I thru Ir Sheetrock 2 Sheetrock 2 Good 1 2 _ OMATTED 36 119 21 Paneling 3 Paneling 3 Average 3 h 4.9 x I'$ N4ighhorhond atin Dormers ; °1?eck / Baths Trim / Trim Fair 4 _ Lcngth 1 Area ,/ X103 Spa Hardwood I/ I X hardwood 1 Substandard 5 6.0 x I inish 2 �'.- Muse Softwood 2 Softwood 2 _ \ + t •,Y -;} '_ Construclior Quality' 1 -5 �� Pull / Painted 3 Painted 3 house Room CouW Wood Prune r j/ Pa ' , + Other 4 Other 4 Total Rooms I V _ Sul I;!ndarcl - -; -- Masonry Walls 2 ArerM \ /z Floor Floor Bedrooms t/ 9 .0 x 0 - 0 - - '�ilc Ralin Other 3 �t Bath Rating( Wood I Wood I Family r / 1 T._X �rality I Quality I - 5 ✓ Carpel lx S Carnet 2 Living (✓ 1 .� x .V = •U n J _ Extcrror Nall' rim Porc file 3 I Other 3 Dining ,/ 1 I air - S �/t (lazed Area f 132 Fireplaces Concrete 4 1 Kitchen // � .0 x U = .0 }linimum - - -1 _ -- Mick i # of // 1 Baths Baths Other Ad .'P1Ipp. Influence Stucco 4 3 Quality 1 -5 �I 9 None Spa _ Spa Total Baths I` Fl Area 1' kitfyc I Wood 4 Screened Area Quality 1 - 5 y/ I Deluxe Deluxe # of ( L Enual (/P l 2 �- r� . Metal 5 7 Elec. Service Full }/ 1 Full Sales 2 " Fl Area IJCgatiyc N1asonite 6 3 � 1 -5 Standard 1 I - /, r/< 1 -Date 19'4311! y i ew Other 7 'Open Area Substandard 2 I A ' !4 h 1 - Price 12%1 G.B. Area I'n i +irr I Vinvl 8 Heating Bath Rating/ Bath Rating 1Y16 . ._ Ouality 1 -5 I hot Water 1 11 Quality I - 5 V Quality 1 - 5 l - Code b Partial Count, D for I sn: Lyual j3 X_ Roof Tvve Garaee #1 Forced Air 2 2 - Date 19$904 Yes ' (,; I Yes I X Arc /IJ -- .k r real (iahle 1 floor Area Electric 3 Fireplace Fireplace 2 - Price iP"(�1U v" ' No 2 —. 1 �c�.licnt I I lip 2 Gravity 4 It of I # of Left Tag: Yes No i , Mamard 3 Ext. Walls the •, Other 5 None None 2 - Code F Flat Charge ,\vi_ r . / 3 X (iambrcl /l Number Cars Y Ouality I - 5 I Oualit� 1 - 5 I 3 - Date Add I 311 # / I lat ✓✓ 5 Condition v _ 3 Bsmt. Room Count V Room Count 2" Room Count 3 - Price Luh .rru;dard 5 Z t;� Root'Cover Attached I o r Total Rooms I 9 Total Roo ns focal Rooms Sub - - Qnafh r / Shingles I Detached 2� Bedrooms 1 4' I3edroonns �,� Bedrooms 3 - Code iW Wood Shakes 2� Tuckunder 3 Family ✓ 1 Family ' t1t Other 3 Insrection_Information 0010 P (_i j3 9 Built -In 4 Kitchen ,3 Li vi �#, x " l I( I Appr.NcOf g'''' Permit Date nape. Slate - I - ile 1 Garage #2 Other , t` �l'indoH's Floor Area Kitchen V t, , Pc D. e r ('" M Las Int. ldrs F .''I -- r „. L, S Casement I Condition eF Other Standard 1 , 7/ IL l l? rt_ U 3 Dbl. I lung 2 Ext. Walls Non- Standard 2 1 Land Characteristics 1) -Inca. ; Gliders 1 Number Cars Paved Street I I i Frontage Style le / Awning 4 Curbs 2 1 Leff - -- _ _ __. - --� -- -- ...- -- - - - -- - - -- -- - - - - -- - Sidewalk 3 I Rear I tit..•n ____ 1( Patio Doors Attached I N /. (1 #of I Detached 2 /( N C�MAnf'' 5 N90 Sewer Avail. 4I Right lit [ r ,CI Walkout J Tuckunder 3 -1� (� F^ Water Avail 5 I 1 EfL Width �- 1 Quality I - 5 J 1 Built -In 4 /� r '� °. R/ef f tea , Gas E — � Eff. Depth 5 -- - Pool �<'flf t � L?Crt 1. -' � /n.�t`Y-t '� J eU .� Buried F:Iec.�c±� 7 1 I Area �> � I ' • Air Condition' g Area ij- `1 p t ' /�f(1lv `r/�Y /' .' r Alley t+g 8 I I Irreg Shape K l'CS /f L. /c` tF,N. ( ftA fFc► `,:.I : GG� tOxir� ��k'6a)f rf e t n r' 9 1 ��I On Lake h r I S No _` X Quality 1- 5 I ✓ cr Q iver Rating10 3. I I Lakc Rating t - J,, ?�_i - r `r1'ooded I I / Landscape s rnlri �. .. + / {fir . Influences 12 Acreage - -�- --- � ' s �� ' i / ( /'i`r.',!1 /✓11 P/1 c.wll eey i Print Date: F 06,,' ,• c ` F �Lu.�r �` :'l 't r,(r T %`. Ice. tf I.D. ADDRESS � ---- _---------' |/J | BUILDING PERMITS Date w"m^", v^/"" .'," y o��ea /mponwAnom__ �------ m"�/,",".` o"." u } =,^� \ � '. ' -------- ----- '` | YEAR LAND au/uDo«GS rorAL _mm 'y 1s `y � �'19 -_-_-'--'------�------' !�/ 4 { | � � � � _ _ IF _ _ p _ v _ _ |- �- u _ x - * 77 � U -^--- - r. BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 3, 1999 7:00 P.M. WALK -IN SIGN UP NAME Z1?AP't �� <�,�� PHONE ADDRESS Aa C PROPERTY I.D. DATE OF PURCHASE ;�/ � PURCHASE PRICE 77 REMODELING / UPDATING SINCE PURCHASE (costs & description) CONCERN( � l�g VW/� _rPzur z j a VCR �(yO 4 1999 ESTIMATED MARKET VALUE <a CITY ASSESSOR - REAL ESTATE DATA Age Unfinished GBA I. D. Number Dwl. Type , Bsmt. Area Kit. Rating Actual Unfin. I" GBA Sq Ft 1106 Excellent 1 I Effective Neighborhood 3? Zoning 14 Very Good 2 !! Functional % Unfin. 2" GBA Property Address Crawl /Slab I Standard 3 2 I Economic % B Finished Bsmt. Substandard 4 Nfanual Unfin. GBA Model % 00 Obsolete 5 I Yes I I Owner No Interior Interior Condition Dimensions Bsmt. Quality /Class Plaster 1 I Plaster I I Excellent 1 4,,Q x 24.0 = 1104,0 egal g Z 1 thru 6 Sheetrock 2 I f Sheetrock 2 Good 2 990 AT" Paneling 3 Paneling 3 I Average 3 13,0 x 4.0 = 12 Neighborhood Raking Dormers Deck Baths Trim Trim Fair 4 Very Good I ' Length 1 Area Spa Hardwood 1 ( Hardwood 1 Substandard 5 ,Q x ,0 i = ,Q Good 2 I Finish 2 Deluxe Softwood 2( Softwood 2 Average 3 I Construction Quality 1 - 5 1 Full Painted 31 Painted 3 House Room Count ,Q x .4 = •0 Fair 4 1 Wood Frame I Patio '/4 I Other 41 Other 41 Total Rooms a Substandard 5 I Masonry Walls 2 Area /2 I 1 Floor Floor Bedrooms x ,0 = ,Q Site Rating Other 3 Bath Rating Wood I I Wood I I Family 1 Very Good I Quality I - 5 1 Quality I - 5 5 Carpet 2 8 Carpet 2 Living 1 ,Q x , o = .Q Good 2 Exterior Walls/Trim Porch Tile 3 Other 3 Dining Fair 3 Stone 1 I Glazed Area Fireplace Concrete 4 Kitchen 1 .Q x ,p = ,p Minimum 4 Brick 2 1 # of Baths Baths Other 1 Ad.j. Prop. Influence Stucco 3 1 Quality I - 5 1 None Spa Spa Total Baths I" FI Area Positive 1 I Wood 4 1 Screened Area Quality 1 - 5 I Deluxe Deluxe I # of 1 2 "'„16__ Eoual 2 Metal 5 1 Elec. Service Full 3 Full Sales 2°" FI Area Negative 3 it Masonite 6 1 1 Quality 1- 5 Standard I g ' /4 '/4 1- Date MW View Other 7 1 Open Area Substandard 2 I 1 /2 /2 1 - Price G.B. Area Positive I Vinyl 8 1 Heatine Bath Rating Bath Rating 1136� Euual 2 Quality 1 - 5 Hot Water I Quality I - 5 4 Quality I - 5 1 - Code 11 Partial Const. Interior Insp. Negative 3 Roof Type Garage #I Forced Air 2 2 - Date Yes ] Yes I I Arch. /Appeal Gable I 1L Floor Area Electric 3 Fireplace Fireplace 2 - Price I No 2 Excellent 1 Flip 2 Gravity 4 # of # of Left Tag: Yes No Very Good 2 Mansard 3 Ext. Walls I Other o None None 2 - Code Flat Charge Average 3 Gambrel 4 Number Cars t Ouality I - 5 I Quality 1 - 5 3 - Date Add Fair 4 Flat 5 Condition Bsmt. Room Count I" Room Count 2 " Room Count 3 - Price Substandard 5 Roof Cover Attached 1 Total Rooms 2 Total Rooms I 5 Total Rooms Sub Quality /Class Shingles 1 Detached 2 Bedrooms Bedrooms ! 3 Bedrooms 3 - Code 1 Wood Shakes 2 Tuckunder 3 Family 1 Family Other I I Insoection Information P&G 3 Built -In 4 Kitchen Living 1 I Appr. No. j Permit Datea Shape Slate Tile 4 Garage 42 Other I .1 Dining A - 11 1 1j Windows Floor Area Kitchen 1 1 Appr. Date �� Last Int. Insp. 1�Q9 B_ (_ 2 Casement 1 Other I Standard 1 Y C - H 3 Dbl. Hung 2 1 Ext. Walls Non - Standard 2 , Land Characteristics D - Irreg. 4 Gliders 3 Number Cars Paved Street I 1 I Frontage Style Awning 4 Condition ! Curbs 2 ' Left 1 1 Story I X Patio Doors Attached 1 Notes ! Sidewalk 3 Rear 75 SE /SF 2 # of Detached 2 - jf Sewer Avail. 4 . ( , Right SOitLevel 3 Walkout Tuckunder 3 I Water Avail 5 Eff. Width 1 '/4 4 Quality I- 5 I Built -In 4 1 Gas 6 I y Eff. Depth 1 '/2 5 + Pool Buried Elec. 7 Area yQ 1 '/4 6 Air Conditioning Area Alley 8 Irreg Shape N 2 Story 7 Yes 1 1 On River 9 On Lake Other 1 8 No 2 Quality I - 5 1 River Rating 10 Lake Rating Other 2 9 Wooded I I Landscape 3 Other 3 10 Influences 12 4 Acreage Other 4 11 Print Date: QU i I I I ADDP1 =cc� BUILDING PERMITS Date I Number Value II I Type f I I 1 SALES INFORMATION Date Source Price /Terms ff Z YEAR LAND BUILDINGS TOTAL NMST 19 19 3 19 19 19 IMPROVEIVENT VALUE COMP 19 I Z 5 - 11� -Zl - 5 ADDITIVES SECTION AREA RATE VALUE r i J�', '•� Item No. Value Residence Itei Fireplace Firepla t Patio Doors I Patio D Walk -out I Walk-ofI ar Bsm't Finish Brzway 2 Fix -Bath I 2 Fix -6 3 Fix -Bath I Garage 3 Fix -B 4 Fix -Bath 4 Fix -B Porch Air Cond. TOTAL Additives TOTAL Total Replacement Less Depreciation % Total Value Improvements Land Value Total Est. Market Value i PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 25- 119 -21 -33 -0077 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 75 Back: 75 7024 1/ HUMBOLDT AVE N 55430+ Right: 137 Left: 137 Ownerl: CUSKEY LARRY A Owner3: Owner2: CUSKEY SHARON M Owner4: Zoning: Rl Prim /sec: Yr.blt: 1969 Area: 10284 Acres: .00 Sch.Dst: 11 Wshd: 00 Gr /Os /Ex: Subrecs: Ol Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1999: 23000 65200 88200 974 H R 100 1998: 20500 60100 80600 845 H R 100 1997: 19500 58900 78400 813 H R 100 Legal Description: LOT 9 BLOCK 2 NORTHLAND ESTATES 4TH Type PID or ADDRESS: press ENTER; or Fl, F2, F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/03/99 CURR 436 NEXT PROPERTY ID: 25- 119 -21 -33 -0077 YEAR: 1999 ADDRESS 7024 HUMBOLDT AVE N CLASS: B07 DT: SF STYLE ONE LEVEL MANUAL: NO GBA 1156 (SQ.FT.) AGE: 30 YRS ZONED: R1 BASIC RATE $ 55.51 ADJ. RATE $ 55.51 -> EXT. WALL: % ( +) SHAPE: % ( +) ADJ.RATE *GBA: $ 64169 -> ADD BSMT $ 6936 = 1156 SgFt @ $ 6.00 Rate -> DED UNF.GBA: $ = SgFt @ $40.00 Rate ADJUSTED TOT: $ 71105 ADDITIVE AMT: $ 13083 -> GARAGE 6297 DORMERS: PAT.DOORS: -> WALKOUT: AIRCOND: 1387 DECKS -> PATIOS PORCHES: POOLS -> BATHS 1700 FIREPLC: FIN.BSMT.: 3699 TOTAL COST $ 84188 ADJUSTMENTS 77.5% -> DEPRECIATION: 81.5% INFLUENCES: -4% -> FUNCTIONAL % ECONOMIC % BLDG VALUE $ 65200 BLDG MARKET VALUE $ 65200 FLAT CHGS $ LAND MARKET VALUE $ 23000 TOTAL MARKET VALUE: $ 88200 Type PID, Press ENTER; or Fl, F2, F8 PROPERTY DATA SYSTEM VALUE HISTORY INQUIRY CURR 340 PROPERTY ID PARCEL ADDRESS NEXT 25- 119 -21 -33 -0077 7024 HUMBOLDT AVE N ASMT SUB % PR PT HM EX Land/ Bldg/ Mach Total Impv YEAR REC OWN TP CN CD CD LMV Tax Mkt 1996 01 100 R H 19500 64300 83800 83800 83800 1995 01 100 R H 17100 63000 80100 80100 80100 1994 01 100 R H 17100 61900 79000 79000 79000 1993 01 100 R H 17100 61900 79000 79000 79000 1992 01 100 R H 16100 62200 Press Fl, F2, F5, F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT 25- 119 -21 -33 -0077 7024 1/ HUMBOLDT AVE N SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 2/1988 79000 4 I / Press Fl, F2, F5, F8 i PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 25- 119 -21 -33 -0077 1999 7024 HUMBOLDT AVE N #1 3611921210037 #2 2511921330004 #3 2611921410055 Subject 6736 COLFAX AVE 7037 DUPONT AVE 1706 AMY LA Nbrhd /Dist 0052/15 0052/15 0052/15 0052/15 Sale Price 79000 104000 90000 118000 Sale Date 02/1988 08/1998 06/1998 11/1998 Price /Sgft 68.34 89.04 76.14 102.08 Lot Size 10284 10241 10140 11011 A/E Year 1969/ 1968/ 1963/1973 1967/1973 Bldg. Qual. B07 B07 B07 B07 lst Floor Area 1156 1168 1182 1156 GBA 1156 1168 1182 1156 Bsmt.Finished 80 % 50 50 % 50 % Bdrms /Bath 3/ 2 3/ 2 3/ 2 3/ 2 Grl Area /Cars 384/1 336/1 336/1 480/2 WO /AC /Pool /A/ /A/ /A/ /A/ Frplcs /Deck / / 168 Prchs /Drmrs Loc /Riv /Lk TS/ Press Fl, F3, F5, or F8 PROPERTY DATA SYSTEM SALES COMPARABLES DATA DISPLAY CURR 337 PROPERTY ID Year Subject Address NEXT 25- 119 -21 -33 -0077 1999 7024 HUMBOLDT AVE N #4 2511921320105 #5 2611921410039 #6 2511921310053 Subject 1106 72ND AVE N 1701 72ND AVE N 1006 72ND AVE N Nbrhd /Dist 0052/15 0052/15 0052/15 0052/15 Sale Price 79000 120500 110000 88757 Sale Date 02/1988 12/1998 06/1998 08/1998 Price /Sgft 68.34 103.88 91.67 85.02 Lot Size 10284 9912 10406 7620 A/E Year 1969/ 1965/1970 1968/1968 1964/1964 Bldg. Qual. B07 B07 B06 B07 lst Floor Area 1156 1160 1200 1044 GBA 1156 1160 1200 1044 Bsmt.Finished 80 % 75 % 65 % % Bdrms /Bath 3/ 2 4/ 2 3/ 2 2/ 1 Grl Area /Cars 384/1 528/2 480/2 336/1 WO /AC /Pool /A/ /A/ /A/ Frplcs /Deck / 2/ / 160 / Prchs /Drmrs / G / S Loc /Riv /Lk TS/ / Press Fl, F3, F5, or F8 I PAYABLE 1999 PROPERTY TAX INFORMATION INQUIRY CODE 101 PROPERTY ID 25 119 21 33 0077 PSC C SCH DST 011 WTRSHD 0 SWR DST IFPROJ # MUNIC 22 PLAT 89647 PARCEL 6800 MTG LOAN # 7778900022057 OWNER L A CUSKEY & S M CUSKEY MTG CO CODE 238 R/S # D/S 0 PROP ADDR 7024 HUMBOLDT AVE N CONDMN # TAXPAY N/A LARRY A & SHARON M CUSKEY 7024 HUMBOLDT AVE N FORM M -lPR LN 1 1,095.70 BROOKLYN CENTER MN 55430 MKT VALUE TAX 102.42 GROSS TAX 3,084.74 IMPROV AMT STATE AID 1,787.50 EST MV 80,600 QUAL IMPROV EDUC HMSTD CR 201.54 HMSTD CD H AG P/S TAXABLE MV 80,600 OVER 10 ACRE NET TC 845 320 ACRE LIMIT NET TAX 1,095.70 SOLID WASTE FEE 15.34 DEF SPECIAL 1ST YR SPECIALS .00 BANKRUPTCY TOTAL TAX 1,111.04 TARGETED AREA NET TAX PAID .00 LAST PMT DATE CJ F/L CJ /CONTRACT NO FD AREA TC 00 EARLIEST DELQ YR FD AREA TAX .00 DIV PENDING TAX ADJ PEND SPEC ADJ PEND LOCAL TC 00 PFR PENDING PFR DATE PFR # LOCAL TX 993.28 PRIOR YEAR REAL ESTATE TAX INFORMATION PAYABLE 1998 MORE pSC C INQUIRY CODE 120 PROPERTY ID 25 119 21 33 0077 MUNIC 22 SCHOOL DIST 011 WATERSHED 0 SEWER DIST IFPROJ FORM M -IPR LINE 1 1,117.18 RENTAL TAX PROP ADDR 7024 HUMBOLDT AVE N CONDO$# TAX EXT RATE 132.9070 EDUC HMSTD RATE 11.2230 NER: L A CUSKEY & S M CUSKEY MKT VAL RATE 0.16314 TAXPAYER: LARRY A & SHARON M CUSKEY MKT VAL TAX 127.89 MARKET VALUES TAX CAPACITIES NET TAX 1,117.18 ESTIMATED LIMITED BASE1 750 SOLID WASTE 14.42 LAND 19,500 BASE2 63 SPEC PRINCPL BLDG 58,900 NH BASE INTEREST MACH NHMST TOTAL TAX 1,131.60 TOTAL 78,400 TOTAL 813 NET PAID 1,131.60 QUALIFYING IMPROV TOTAL REFUNDS TAXABLE MKT VALUE 78,400 HMSTD IMPROV AMT PROP TYPE CODE OWN o R H 100 EDUC HMSTD CR 91.24 . PRIOR YEAR REAL ESTATE TAX INFORMATION PAYABLE 1997 MORE pSC C INQUIRY CODE 120 PROPERTY ID 25 119 21 33 0077 MUNIC 22 SCHOOL DIST 011 WATERSHED 0 SEWER DIST IFPROJ FORM M -IPR LINE 1 1,274.11 RENTAL TAX PROP ADDR 7024 HUMBOLDT AVE N CONDO# TAX EXT RATE 130.6370 EDUC HMSTD RATE L A CUSKEY & S M CUSKEY MKT VAL RATE 0.03013 TAXPAYER: LARRY A & SHARON M CUSKEY MKT VAL TAX 25.24 MARKET VALUES TAX CAPACITIES NET TAX 1,274.11 ESTIMATED LIMITED BASE1 720 SOLID WASTE 15.93 LAND 19,500 BASE2 236 SPEC PRINCPL BLDG 64,300 NH BASE INTEREST MACH NHMST TOTAL TAX 1,290.04 TOTAL 83,800 TOTAL 956 NET PAID 1,290.04 QUALIFYING IMPROV TOTAL REFUNDS TAXABLE MKT VALUE 83,800 HMSTD IMPROV AMT PROP TYPE CODE OWN R H 100 • PRIOR YEAR REAL ESTATE TAX INFORMATION PAYABLE 1996 MORE pSC C INQUIRY CODE 120 PROPERTY ID 25 119 21 33 0077 MUNIC 22 SCHOOL DIST 011 WATERSHED 0 SEWER DIST IFPROJ FORM M -IPR LINE 1 1,259.45 RENTAL TAX PROP ADDR 7024 HUMBOLDT AVE N CONDO# TAX EXT RATE 138.9010 EDUC HMSTD RATE NER: L A CUSKEY & S M CUSKEY MKT VAL RATE 0.04289 TAXPAYER: LARRY A & SHARON M CUSKEY MKT VAL TAX 34.35 MARKET VALUES TAX CAPACITIES NET TAX 1,259.45 ESTIMATED LIMITED BASE1 720 SOLID WASTE 14.93 LAND 17,100 BASE2 162 SPEC PRINCPL BLDG 63,000 NH BASE INTEREST MACH NHMST TOTAL TAX 1,274.38 TOTAL 80,100 TOTAL 882 NET PAID 1,274.38 QUALIFYING IMPROV TOTAL REFUNDS TAXABLE MKT VALUE 80,100 HMSTD IMPROV AMT PROP TYPE CODE OWN o R H 100 CITY OF BROOKLYN CENTER ER 1999 BOARD OF EQUALIZATION Of b • .. .. y . ,fig . ' ice. City of Brooklyn Center A great place to start. A great place to stay. May 3, 1999 Letter of Transmittal 1999 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 1999 Board of Equalization is scheduled to begin at 7:00 p.m. on Monday, May 3, 1999. 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 Board's powers and responsibilities, information from our office regarding the 1999 assessment, and an overview of recent market activity. The issues before the Board of Equalization pertain only to questions of value and classification for the 1999 assessment. Respectfully Submitted, Stephen L. Baker City Assessor SLB:slb • 6301 Shingle Creek Pkwy, Brooklyn Center, MN 55430 -2199 • City Hall & TDD Number (612) 569 -3300 Recreation and Community Center Phone & TDD Number (612) 569 -3400 • FAX (612) 569 -3494 An Affirmative Action /Equal Opportunities Employer • Board of Equalization Powers, Responsibilities, & Procedures Minnesota Statutes, 274.01, describe the powers and responsibilities of the Board of Review, or in the case of charter cities such as Brooklyn Center, the Board of Equalization. The purpose of the board is to meet and review the assessment and classification of real property in the city. This year the board is empowered to review the 1999 assessment for taxes payable in 2000. The board does not have authority over any prior years' assessment. A person may appear in person, by authorized representative, or by written communication. The board may affirm the Assessor's value, may reduce the value, or may increase the value after notifying the person of its intent. Any person who is not satisfied with the decision of the Board of Equalization may appear before the County Board of Equalization. A person may not appear before the County Board without first having appeared at the local level. A person may also appeal to the Minnesota Tax Court. The Tax Court avenue of appeal does not require a local board appearance. Petitions may be filed in Tax Court challenging the 1999 assessment until March 31, 2000. REVIEW PROCEDURES Informal 1. Review with the owner by phone or in the assessor's office. 2. Provide the owner with nearby assessed values and/or sales of homes similar to theirs. 3. Suggest the owner have a market evaluation provided by a local Realtor. 4. Review by physically inspecting the property and recalculating the value based on characteristics gathered in the new inspection. 5. Discuss with the owner the valuation recommendation based on the review performed. Formal • 1. Local Board of Equalization 2. County Board of Equalization 3. Minnesota Tax Court 4. Abatement • Local Board of Equalization - May 3,1999 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 Equalization. This review is held each spring. The board has the responsibility to review the assessed valuation and classification of property within the city. This year's review is limited to the 1999 assessment; it affects taxes payable in 2000. The review by the board should focus only on either the market value or the classification of each property. The board should not consider the property taxes. Duties of the Local Board of Equalization 1. See that all taxable property is properly assessed, valued, and classified. 2. Add any omitted property to the assessment. Limits of Authority for the Local Board of Equalization 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 county board of equalization. 2. The total of all changes made by the Local Board of Equalization must not reduce the aggregate assessment by more than 1 %. Should this occur, then none of the changes of the Local Board of Equalization will be allowed. This limitation does not apply to clerical corrections. 3. The Local Board of Equalization does not have the authority to reopen previous assessments. An example of this is the 1998 assessment for the taxes payable in 1999. 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 1999 meeting is May 3. 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 will be invalid. 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 23, 1999. Typical meeting agenda: 1. Meeting called to order, roll call. 2. The statement of Purpose of Board of Equalization. 3. Assessor's Report and Review of Minnesota Property Tax System. 4. Appearances by taxpayers with appointments. 5. Appearances by taxpayers without appointment 6. Consideration of written appeals. 8. Adjourn. An important fact that is not always understood by property owners is that the Board's jurisdiction is limited to the 1999 assessment. This will be the basis for taxes payable in 2000. The Board is not empowered to make adjustments for taxes payable in 1999. The assessors office has made every prepare effort to re are a fair and equitable assessment. It is based upon the best available information. Any claims of an unfair assessment should be supported by • evidence submitted to the Board. In the cases where we have had advance knowledge of the property owners intent to appear, we have prepared a report for the Boards review. After the property owner has presented their case the assessor will summarize their findings and make a recommendation. The Board may ask questions of either staff or the property owner. Once the Board feels that sufficient information has been presented, a decision can be made by motion, second, and a majority vote. The voting members consist of the mayor and the four council members. Individuals who appear without our advance knowledge should still be allowed to present their case. If the individual is simply seeking information, we may be able to offer an explanation to address their concern. Should a review of the assessed value be required the assessor's office will present what information can be assembled in the limited time available and will make a recommendation., If additional review is still felt by the owner to be necessary the issues can be further reviewed at the County Board of Equalization level. I • • 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." The text, Prouertv Appraisal and Assessment Administration, copyright 1990, International Association of Assessing Officers, defines market value as: "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 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 "first- entity" commercial. Depending on the classification, a property may have a tax liability of approximately one percent of its value to in excess of six 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, or proof, of qualification. 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 may come before the Board would be of an unusual, or technical, nature. I would advise caution on these issues. Depending upon the situation, the Board may wish to have a formal legal opinion as the basis of your 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. • 1998 Reinspection Program for the 1999 Assessment During 1998, our office conducted reinspections of properties north of the I694 / I94 corridor for the 1999 assessment This review area consisted of approximately 1,954 residential properties. All parcels were inspected from the exterior and the assessor's office also inspected the interior of 81% or 1,589 of these homes.. The reinspections began in May, and were essentially completed by the end of September. The reinspections were performed by then Appraiser Technician, Nancy Wojcik, the office Data Collector, Nate Maher and Senior Appraiser, Joe DaBruzzi. 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 687 residential properties. When combined with smaller review projects and request based inspections, we estimate that approximately 2,650 residential properties were inspected during 1998. • 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 roe . Then the estimated market value i multiplied b the t f all market value p e s mutt e otal o p rtY p Y rates. Lastly the education homestead credit is subtracted if the property is a homesteaded residential property. Example - $75,000 valued homestead in Brooklyn Center SD 286 $75,000 x 1.0% _ $750 x 146.352% _ $1,097.64 (EMV) (Class Rate) (Tax Cap.) (Tax Cap Rate) (Tax Capacity Tax) Plus $75,000 x 0.1839% _ + 137.93 (EMV) (Total Market Value Rate) (Market Value Tax) Less Homestead Education Credit - $ 184.00 Total Tax - $ 1,051.57 • CITY OF BROOKLYN CENTER 1999 TAX CAPACITYRATES • 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 54.856 54.337 47.716 59.807 COUNTY 40.994 40.994 40.994 40.994 CITY (INCLUDES HRA) 36.998 36.998 36.998 36.998 MISCELLANEOUS 8.553 8.553 8.553 8.553 M.V. School 0.05541 0.18565 0.19691 0.0932 Rates (market City 0.07167 0.07167 0.07167 0.07167 value) Solid Waste 0.01904 0.01904 0.01904 0.01904 TOTAL M.V. RATE 0.14612 0.27636 0.01902 0.18391 HOMESTEAD - 23.852 - 23.421 - 23.671 - 24.554 EDUCATION CREDIT TOTAL TAX CAP. 141.401 140.882 134.261 146.352 • RATE LAST YEAR (PAY 98) 132.907 137.469 146.433 132.650 COMMERCIAL- Effective rate is applied to market value. INDUSTRIAL VALUE LESS THAN $150,100 EFFECTIVE TAX RATE %- 3.7205 3.8416 3.7204 3.8455 1999 EFFECTIVE TAX RATE %- 3.952 4.1389 4.1198 3.9949 1998 COMMERCIAL- Effective rate is applied to market value. INDUSTRIAL VALUE GREATER THAN $150,000 EFFECTIVE TAX RATE %- 5.2523 5.3695 5.1916 5.4147 • 1999 EFFECTIVE TAX RATE %- 5.7675 5.9956 6.076 5.808 1998 APARTMENTS Effective rate is applied to market value. • EFFECTIVE TAX RATE 3.6811 3.7984 3.6441 3.8427 %_1999 EFFECTIVE TAX RATE 4.0358 4.2692 4.3416 4.0761 %-1998 1999 ASSESSMENT QUESTIONS APRIL 1999 What is this notice I got in the mail? This notice is your 1999 assessed value for taxes payable in 2000. It is intended to inform you the of the taxable market value and tax classification of your property for taxes payable in 2000. Is this a bill? No. A Truth in Taxation notice will be mailed to you from Hennepin County approximately November, 1999 estimating the 2000 taxes. The Truth in Taxation notice will also contain meeting dates of local budget meetings. Actual tax statements will be mailed in March, 2000. • Why did m market value change? y g 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 1999 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 1999 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, agricultural or non - commercial seasonal recreational properties (homestead or non - homestead) is limited. The increase in the property's taxable value may not exceed; (1) 10% of the previous year's taxable value, or (2) 1/4 of the difference between the current year's market value and the previous year's taxable value, whichever is greater, excluding improvements. • Is my property still considered homestead property ? Your current homestead status for the 1999 assessment for taxes payable in 2000 is displayed in the upper right hand corner under the property classification. 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 appear before the board. We suggest you be prepared to discuss specific issues regarding 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 1998 valuation for taxes payable in 1999? No. Your 1999 taxes are based on the 1998 valuation. The previous year's assessment has already been finalized. Questions regarding the 1998 value needed to be addressed when you received the valuation notice in April 1998, or at the Local Board of Equalization on May 4, 1998. What will my 2000 taxes be with this change? The tax rates have not been determined for the 2000 taxes. We will have a better idea of estimating taxes when the legislature adjourns in May. The Truth in Taxation notice in November 1999 will give you the first accurate estimate of the 2000 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 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 potential market (economic) income to a property is best estimated by analyzing recent leases, rental listings, and published data like the Real Estate Tracking Service of the Minnesota Real Estate Journal or the 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. • RESIDENTIAL SALE INFORMATION FROM REALTORS MLS SYSTEM 0 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% 0 1997 313 $88,620 4.07% $88,900 4.59% • 1998 322 $98,074 10.67% $96,950 9.06% 1999 33 $108,900 11.04% $108,900 12.33% 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 is $90,109 • G: IDEPTSI4SSESSIBOARD11999V99BOARD .XLSJMLS SALE INFO 4/30/99 . .....I .................. 1 �* �+ ........................... L ............... .......................... .... :•:•:: ............:•:• :•........................:•:•: .:-:•:-:•:.......;...........:.......;.:.....;.....:.....:.;.:.....: ...:.:,;.;.;.;.........:.;.;... . ........�... ei1:b :Cfie:P ....: • .:.:: ...:..:.: mo kl t �r er Est . _ o ?�.�•Y��........�'� ?.Geri. . ...#- , - ..ssat!...� ... . . . .. . , • • _ . . . ice .... YALtECUAN:Gr , City Wide - All (Includes all property types) 7.7% (Excluding new construction) 6.5% City Wide - Resid. (Single Family - Detached Only) 8.2% � (Excluding new construction) 8.0% Commercial (excluding new construction) 2.1% Skl1A3:: >::::: >: > }:< : >: »: }: ;;::::'.;<•;•;•::.:.> ........... .................•• -• •:•:•:•: •:•:•:•:•:•:••: : -•: ... 1Jctl�llxS :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: :::::::::::::::::::::::::::::;d ......................................................... ............. .............:::.. .. : op ....:........:.::::::::::::::::::::::::::::::::::::::::::::: ::::::::::::::::::::::::::::::: :::::::::::::::.:.:I�fio: Change `To Div . ses: u e t? .•.. . ......: oubl ungalaws :: :•::::::::: :::::::::•:• ........... S..E71`l b . 1 esxdentx l.Ne�gltl��r nods .:...:. :.:..:.:. .:... #SQ :...::...:.: Inver .:.: :: _ ::::: .' ::•::• : .: excludii ' ' con . rac / IIC 11AA . $ lfD f 1 Q. ............................ ............................... #51 North West 9.7% (excluding new construction) 9.4 % ............................................... ............................... ................................................ ............................... east: `.. .. ':: `....:::l(:6 °'� : .................... : . ....... 8 ................. ............................... ...................... ................................................ ............................... 453 West Central 7.0% (excluding new construction) 6.7% b ': .Soitth.> . .. . .............................................. ............................... ................................................ ............................... ............................................... ............................... ................................................ ............................... ................... � � �6$ Cl iidii rio�voanstiv�ti�itij:;::::::::::::::::: �: �: �: �: �:�:= ;�:�:�:�:�:�:�:�:�:��:5:� �o #55 South West 6.7% (excluding new construction) 6.6% . •' '.'•'• ?: } } is :<::::::::: >;:::::::::.:':` } }r' is >: ii: : :' is ...... ...... .... is ........ } ?: ... • er&ant. River :.l. l •' `: :a hifluenc ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::... e .............. $.1....: .::::... .. a: : : � � ... ..... i+DEPI5 SES5 PREMHRTEVEMTAX ATE5XMOARD)4SISS. O. 4/28/99 1998 vs 1999 VALUATION CHANGES FOR BROOKLYN CENTER RESIDENTIAL PROPERTIES Payable 1999 TO 2000 PERCENTAGE OF PERCENTAGE OF CHANGE NUMBER OF PARCELS RESIDENTIAL PARCELS -43 % TO -21 % 5 0.07% -20 % TO -11 % 3 0.04% -10 % TO -6% 0 0.00% -5% TO -1 ° ° /0 11 0.15 /o NO CHANGE 220 3.03% +1% TO +5% 1,225 16.88% +6% TO +10% 4,234 58.34% +11 % TO +20% 1,543 21.26% +21 % TO +38% 16 0.22% TOTAL 7,257 100.00% Parcels with an increase of 5% or less - 1,445 19.91% Parcels with an increase of more than 5% - 5,793 79.83% Parcels with declining values - 19 0.26% • Parcels with increasing values - 7,018 96.71% \D G. EPTS�ASSESS\ SPREDSHTwSTEVEB \TAXRATESI[9980ARD.XLS198 to 99 RES EMV stratifica8on 4/23/99 BROOKLYN CENTER - 2/4/99 RESIDENTIAL STATISTICS SALES:347/7294 4.8% CONDO STATISTICS SALES:10 /235 4.3% APTS =A,HL DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD COM= C,GC,NP,TZ 1999 94.3% 94.1% 6.4 .1999 94.2% 93.1% 4.2 FARM= BF,F,FF,FN,FP 1998 87.0% 87.0% 7.2 1998 93.2% 92.2% 4.2 LAND= LA,LC,LI,LL,LR RES= B,BJ,D,DJ,P,R,RL,RZ INFERRED RATIOS SALES GROWTH: 8.2% INFERRED RATIOS SALES GROWTH: 0.8% OTHER = CHANGED PROP TYPE . SAMPLE GROWTH: 7.4% PROP TYPE GROWTH: 8.0% SAMPLE GROWTH: 1.2% PROP TYPE GROWTH: 0.5% X MEDIAN: 93.4% X MEDIAN: 94.0% X MEDIAN: 94.3% X MEDIAN: 93.6% .X MEAN: 93.4% X MEAN: 94.0% X MEAN: 93.3% X MEAN: 92.6% :OM /IND STATISTICS SALES:5 1274 1.8% RES ON LAKE STATISTICS SALES:2 /109 1.8% TOWNHOUSE STATISTICS SALES:53 /632 5.6% )IRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 1990 102.3% 99.8% 5.3 1999 98.6% 98.6% 5.2 1999 94.6% 94.5% 5.3 1998 103.0% 93.2% 14.9 1998 97.6% 97.6% 6.3 1998 90.0% 89.5% 6.1 VFERRED RATIOS SALES GROWTH: -1.9% INFERRED RATIOS SALES GROWTH: 1.1% INFERRED RATIOS SALES GROWTH: 5.6% 'AMPLE GROWTH: 10.3% PROP TYPE GROWTH: 3.1% SAMPLE GROWTH: 9.8% PROP TYPE GROWTH; 8.4% SAMPLE GROWTH: 5.8% PROP TYPE GROWTH: 5.4% MEDIAN: 113.6% X MEDIAN: 106.2% .X MEDIAN: 107.2% X MEDIAN: 105.8% X MEDIAN: 95.2% X MEDIAN: 94.8% MEAN: 113.6% X MEAN: 96.1% .X MEAN: 107.2% X MEAN: 105.8°x6 X MEAN: 94.7% X MEAN: 94.3% %PARTMENT STATISTICS SALES:9 /102 8.8% RES OFF LAKE STATISTICS SALES:34517185 4.8% DB,RZ STATISTICS SALES:6 /52 11.5% )IRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD DIRECT RATIOS MEDIAN MEAN COD 1999 103.5% 102.9% 6.6 1999 94.3% 94.0% 6.4 1999 94.4% 97.0% 4.0 1998 96.4% 94.4% 5.6 1998 86.9% 87.0% 7.2 1998 91.8% 91.8% 7.3 VFERRED RATIOS SALES GROWTH: 9.4% INFERRED RATIOS SALES GROWTH: 8.3% INFERRED RATIOS SALES GROWTH: 6.4% AMPLE GROWTH: 11.2% PROP TYPE GROWTH: 9.4% SAMPLE GROWTH: 7.4% PROP TYPE GROWTH: 8.0% SAMPLE GROWTH: 3.9% PROP TYPE GROWTH: 5.0% MEDIAN: 107.2% X MEDIAN: 105.4% X MEDIAN: 93.3% X MEDIAN: 93.9% X MEDIAN: 95.4% X MEDIAN: 96.4% MEAN: 105.0% X MEAN: 103.3% X MEAN: 93.4% X MEAN: 94.0% X MEAN: 95.4% X MEAN: 96.4% STRATIFICATION(SINGLE FAMILY HOMES) BY EMV BY PRICE 302 0 -99K 93.5% 236 0 -99K 95.6% 47 100 -199K 98.5% 112 100 -199K 91.6% 1 200 -299K 95.2% 2 200 -299K 67.0% 300 -399K 300 -399K 400 -499K 400 -499K 500K+ 500K+ CITY OF BROOKLYN CENTER 1999 SALES RATIO STUDY -1 year - Actual Values - Aggregate Ratio - 94.7% Coeffcient of Dispersion - 6.3 Median Ratio - 94.9% Average Sale Price - $95,113 Average Estimated Market Value - $90,044 383 Sales / 7286 = 5.3% Growth Rate - 8.0% (Sales - October, 1997 through September, 1998) SINGLE FAMILY DETACHED ONLY NEIGHBORHOODS 0050 0051 0052 0053 0054 0055 # 5 57 46 125 109 41 SP $112,630 $96,589 $97,511 $98,497 $86,214 $101,573 AV $111,660 $92,568 $94,396 $91,533 $81,347 $97,602 R 97.8 95.8 96.8 93.7 94.3 95.4 C/D 4.6 6.2 5.8 5.4 6.9 7.1 G/R 10.80% 9.40% 10.50% 6.80% 7.50% 6.60% STYLE RAMBLER EX? 1 114 EXP 1 1/2 Exp 13/4 SE -SF SPL -LVL 2 -STRY # 295 41 5 1 20 18 2 SP $94,939 $84,589 $104,390 $77,900 $108,329 $106,727 $90,450 AV $89,659 $80,702 $95,940 $78,900 $104,030 $101,272 $93,000 R 94.7 96.7 92.6 101.3 95.1 94 _ 102.3 cod 6.1 7.7 2.1 - 7 7.1 4.5 LOCATION LAKE RIVER RAILROAD T/TRAFFIC HWY/FWY COML APT AIRPORT PARK # 2 3 2 34 17 3 5 3 20 SP $210,450 $118,708 $96,200 $89,767 $91,556 $94,100 $88,051 $107,267 $92,986 AV $198,550 $108,567 $87,650 $83,162 $89,765 $86,867 $76,680 $91,400 $88,825 R 94.3 92.1 91.1 93.6 96.3 92.6 86.9 83.5 94.8 cod 0.9 9.6 2.9 7.1 5.9 1.8 9.3 3.8 6.7 AGE 0 -5 YRS 6 -10 YRS 11 -15 YRS 16 -20 YRS 21 -25 YRS 26 -30 YRS 31 -35 YRS 36 -40 YRS 41 -45 YRS # 1 1 0 4 9 10 21 70 183 SP $226,000 $120,800 $0 $103,450 $105,984 $116,645 $101,733 $98,589 $96,070 . AV $215,100 $124,400 $0 $95,150 $101,722 $111,340 $100,552 $93,076 $90,355 R 95.2 103 0 90.6 95.9 94.8 97.8 93 94.3 AGE 46 -50 YRS 51 -55 YRS 56 -60 YRS 61 -65 YRS 66 -70 YRS 71 -75 YRS 76 YRS + # 49 12 15 1 0 3 4 SP $84,813 $84,798 $78,993 $76,500 $0 $75,091 $67,225 AV $81,218 $79,300 $73,047 $72,600 $0 $69,800 $66,775 R 96.1 96 95.2 94.9 0 91.8 105.8 BY SALE PRICE TO$70K $70K -$85K $85K -$100K $100K -$115K $115K -$130K 130K+ # 18 58 190 96 15 6 SP $60,194 $79,699 $92,850 $107,227 $119,505 $165,725 AV $64,533 $78,138 $88,139 $98,349 $109,300 $161,000 R 107 98 95.3 90.4 89.2 96.6 cod 10.7 6 4.9 5.7 7.1 3.9 BY E.M.V. TOS70K $70K -$85K $85K -$100K $100K -$115K $115 K+ $130K+ # 17 108 207 35 10 6 SP $62,559 $85,355 $97,626 $107,880 $117,415 $164,650 AV $59,435 $79,716 $91,810 $105,306 $120,240 $162,433 R 96.8 93.3 94.7 97.7 104.4 99.4 cod 13.7 6.3 5.5 5.5 5.5 3.8 DOUBLE BUNGALOWS TOWNHOUSES ALL 0 -15 Yrs 16 -20 Yrs 21 -25 Yrs 26 Yrs+ CONDOMINIUMS # 6 60 11 37 9 3 10 SP $127,767 $73,296 $78,737 $70,561 $74,819 $82,500 $53,855 AV $123,450 $69,272 $75,809 $65,757 $73,944 $74,633 $50,200 R 94.4 94.4 97 92.5 100.2 92.5 95.1 • cod 4.1 6.1 2.7 7 3.9 5.4 4.4 G: \DEPTS\ ASSESS \SPREDSHT( APPRAISE\ BRDBOOK \SPECIFICI[ACTRAT99.XLS]99 ratio 4/28/99 SPRING 1999 RESIDENTIAL' RATIO" STUDY 310199 NICIPALITY # SALES MEDIAN MEAN COD MUNICIPALITY # SALES MEDIAN MEAN BLOOMINGTON 874 .94.4% 95.1% 5.9 MEDINA 39 93.8% 92.81to BROOKLYN CENTER 347 94.3% 94.1% 6.4 MINNEAPOLIS 4,869 97.2% 97.4% BROOKLYN PARK 819 93.9% 94.8% 6.4 MINNETONKA 596 94.7% 95.0% CHAMPLIN 313 94.8% 95.5% 5.7 MINNETONKA BEACH 4 95.8 94.9 CORCORAN 39 93.5% 92.2 7.5 MINNETRISTA 53 94.4% 93.6% CRYSTAL 343 94.1% 95.0 5.9 MOUND 167 94.5% 95.3% DAYTON 46 94.5% 95.7% 8.0 NEW HOPE 224 93.9% 94.7 DEEPHAVEN 65 95.0% 94.2% 6.1 ORONO 114 93.8% 91.7% EDEN PRAIRIE 766 94.8% 95.0% 4.8 OSSEO 20 94.2% 93.6% EDINA 585 93.8% 94.4 8.8 PLYMOUTH 742 93.9 931 EXCELSIOR 22 95.5% 94.5% 5.1 RICHFIELD 418 93.8% 94.7% GOLDEN VALLEY 332 94.3% 94.9% 5.9 ROBBINSDALE 262 94.2% 94.2 GREENFIELD 16 94.4% 93.0% 7.5 ROCKFORD 0 GREENWOOD 17 95.6% 94.0% 5.0 ROGERS 20 95.3% 94.9% HANOVER 3 93.5% 92.2 75 ST ANTHONY 64 94.0% 95.1% HASSAN 15 94.5% 95.4% 9.1 ST BONIFACIUS 16 97.1% 95.8% iPKINS 138 95.0% 95.9% 7.4 ST LOUIS PARK 684 95.4% 96.2% INDEPENDENCE 20 94.0% 93.9% 7.3 SHOREWOOD 123 94.7% 94.5% LONG LAKE 36 94.3% 94.2% 3.0 SPRING PARK 7 96.2% 95.4% LORETTO 9 94.6% 95.5% 6.2 TONKA BAY 29 95.2% 94.5% MAPLE GROVE 685 94.4% 94.9% 5.4 WAYZATA 50 95.7% 94.8% MAPLE PLAIN 27 94.9% 96.6% 4.8 WOODLAND 7 94:7% 97.3% MEDICINE LAKE 5 94.5% 96.3% 3.6 SUBURBAN HENNEPIN"` 9 94.4% 94.8% 'PROPERTY TYPES: B,BJ,D,DJ.P,R,RL ALL HENNEPIN 14,030 95.4 %' 95.7% °1999 EMV / 10 -97 THRU 9 -98 SALES - TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNfC AVERAGES 1999 RESIDENTIAL SALES (10/97 - 9/98) 4114/99 MUNIC MEAN MEDIAN BLOOMINGTON 153,395 132,300 BROOKLYN CENTER 96,002 94,800 BROOKLYN PARK 125,305 116,000 CHAMPLIN 128,902 121,850 CHANHASSAN COROCORAN 188,304 171,250 CRYSTAL 100,539 98,500 DAYTON 160,466 139,450 DEEPHAVEN 350,316 187,000 EDEN PRAIRIE 226,177 192,800 EDINA 259,950 213,950 EXCELSIOR 261,457 178,500 GOLDEN VALLEY 153,867 139,000 GREENFIELD 185,131 178,750 GREENWOOD 379,044 253,000 HANOVER 189,000 186,000 HASSAN 173,792 164,450 HOPKINS 151,510 120,000 INDEPENDENCE 245,790 274,000 LONG LAKE 158,528 134,750 LORETTO 125,895 130,000 MAPLE GROVE 159,788 139,900 MAPLE PLAIN 127,137 125,950 MEDICINE LAKE 205,700 192,400 M EDI NA 258,187 186,450 MINNETONKA 213,995 175,700 MINNETONKA BEACH 336,416 347,250 MINNETRISTA 291,423 253,750 MOUND 135,696 119,000 NEW HOPE 123,115 122,350 ORONO 388,857 267,500 OSSEO 105,700 103,900 PLYMOUTH 206,919 187,000 RICHFIELD 110,737 110,000 ROBBINSDALE 99,599 95,000 ROCKFORD ROGERS 151,494 151,000 ST. ANTHONY 133,796 133,600 ST. BONIFACIUS 123,897 125,750 ST. LOUIS PARK 130,922 120,000 SHOREWOOD 264,077 198,500 SPRING PARK 147,700 147,500 TONKA BAY 273,952 233,000 WAYZATA 286,875 200,000 WOODLAND 1,053,379 300,000 HENNEPIN COUNTY 171,419 136,000 HENNEPIN RESIDENTIAL SINGLE FAMILY HOMES COUNTY ESTIMATED MARKET VALUE MEDIANS CITY 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 BLOOMINGTON 76,000 81,000 85,000 88,000 89,000 90,000 92,000 96,000 100,000 105,000 108,000 114,000 118,000 125,600 <31700KL`lNC HT : ObQ .. >:. i66f 0p0 . .; 72,000 72,Qg0 72;o0p :.32,t1Q4 13,000 BROOKLYN PARK 71,000 74,000 79,000 81,000 83,000 84,000 84,000 84,000 84,000 88,000 93,000 96,000 101,000 109,000 CHAMPLIN 65,000 68,000 74,000 77,000 79,000 80,000 81,000 84,000 89,000 96,000 96,000 101,000 105,000 114,000 COMM 76,b00 82,600 :':.B7,6p 0 .; ,,...81,0a0 ....:.9 00 ...98,Q00 101;00Q : 105,OQQ. ; 114,,QS 124;040 131,066 <.. '438,0007 ..144,0 "153 ` CRYSTAL 62,000 65,000 68,000 70,000 71,000 72,000 72,000 73,000 76,000 77,000 80,000 84,000 88,000 95,000 DAYTON 68,000 72,000 76,000 82,000 84,000 84,000 86,000 91,000 97,000 105,000 107,000 116,000 121,000 133,000 pEEPF AVEN 1p0,Q00 1 .,...117,000: . 126,t►00 :129,000 ' 434,004 :.:137,060 :' 144;(300 152,QQ0: :172 000?', .'183,000 :: 1 7 : 20$;0 00' EDEN PRAIRIE 94,000 99,000 108,000 114,000 117,000 119,000 121,000 129,000 138,000 150,000 161,000 168,000 177,000 186,000 EDINA 113,000 118,000 128,000 135,000 141,000 144,000 147,000 152,000 162,000 168,000 176,000 180,000 184,000 205,500 EXELS,.IpR 71 s04 760(1Q :,.79 88,000 83,000 a513pb ` 84;000 ", 9D ,1?00 °$ ::. 1Q6,0gq I 121, 129;000 138,000 GOLDEN VALLEY 85,000 90,000 94,000 97,000 99,000 100,000 101,000 105,000 110,000 115,000 118,000 123,000 126,000 137,000 GREENFIELD 72,000 73,000 75,000 80,000 83,000 87,000 92,000 95,000 102,000 108,000 117,000 126,000 138,000 158,000 ... Q` DO''.' 500 0. GREENV0/C30D;:, 4'32,000,, ,, bob: - .153,Q00 .: 1'64,Q00 �71,,g0d,. 1 1,000.. _ 066 182,50U ': 212,gOq 22... 242,400 .,'247, .0.278, HANOVER 76,000 79,500 83,000 88,000 97,000 98,000 103,500 104,000 113,000 121,000 126,000 135,000 138,000 146,000 HASSAN TOWNSHIP 69,000 75,000 80,000 84,000 86,000 92,000 92,000 98,000 107,000 115,000 127,000 134,000 149,000 156,000 HC3pK0NS:;:;;:::;>._ :'89QOq' 72000' <:i:'"75000 ::7$0Q0 :82000 ..82.000.:'.r.:.82rp(3f1' :.: 83.006';:.,':; 8BA00.' .90,Q00. :.: :rt06;004: 114;b00: INDEPENDENCE 78,000 85,000 93,000 98,000 101,000 103,000 106,000 110,000 118,000 133,000 143,000 160,000 166,000 176,000 LONG LAKE 76,000 81,000 84,000 89,000 89,000 90,000 90,000 96,000 100,000 105,000 112,000 115,000 118,000 128,000 LqR 113< 500':: 65600}::;; :' 700Q0:...;;.i2Q00'<;` 77000. 78Og0......,85500 ;: 88, 500. "'94,004" 104, ©04..,,:107 1'f2;5UQ : 714,QA4.: 123,i1Q0 STTA. f ... . MAPLE GROVE 77,000 79,000 82,000 87,000 89,000 92,000 93,000 98,000 106,000 112,000 118,000 124,000 130,000 140,000 MAPLE PLAIN 69,000 73,000 77,000 81,000 81,000 82,000 84,000 92,000 95,000 103,000 _ 108,000 109,000 111,000 126,000 MED1GINE LAKE 112f0 "1 19,00 6 ' 506 14Q &..00 .. `138,800 . " 450 4b0 ,,,,1'56;000 170, 000 ; '':::092,000 " `198f0.04 243f 21Q,go4 ° 246,0gQ. 254,5gq MEDINA 80,000 91,000 99,000 108,000 109,500 117,000 121,000 128,000 140,000 152,000 159,000 171,000 180,000 203,000 MINNEAPOLIS N/A N/A N/A N/A 64,000 65,000 65,000 66,000 67,000 68,000 69,000 75,000 80,000 89,000 r ;:.., MiNN.ETONKA° 99,OOq.:.::..;:::93 UpO: .:1Up,0k)a::: ',107,0306 10.9,000:'; :.!10.040 1 '14 oQ0 ::; 1:19,000 128;000 ; : 134,ti9b 142;440;: 150,00,6,: ; 1:56,400 16$;SQn MINNETONKA BEACH 191,000 193,500 202,500 234,000 217,000 222,000 238,000 242,000 267,000 280,000 302,000 317,000 332,000 355,000 MINNETRISTA 97,000 105,000 115,000 126,000 132,000 135,000 138,000 148,000 160,000 176,000 185,000 199,000 211,000 236,500 MOUND', ::. ¢8,560 '72;060:. 75 0i0n 76,A00 76.000 77,000.: 80;000:: 84,040: $9,660 J3,pp0 ° 1Q0,0bp 1Q5,000 11.20 NEW HOPE 74,000 77,000 81,000 84,000 85,000 85,000 86,000 88,000 91,000 97,000 99,000 104,500 110,000 117,000 ORONO 108,000 119,000 127,000 140,000 142,000 145,000 149,000 158,000 168,000 188,000 200,000 212,000 227,000 259,000 Z2ag0 QQ0 ::::: r'4'.' 0 .74 00Q >.. °: '77 00 .. -.. 7 ::0 © ©` : 84 060' _ .. 5:92' 0. :.. '99001 1;000......:: ;':. 66,000 69,OQ0,;. ,:..0 . ?3,..,:....:,:..�,,.t), 0 } :0 .......$k,.., PLYMOUTH 95,000 103,000 111,000 114,000 118,000 119,000 122,000 129,000 138,000 147,000 155,000 160,000 165,000 174,000 RICHFIELD 67,000 70,000 74,000 75,000 76,000 78,000 78,000 80,000 82,000 85,000 88,000 95,000 98,000 105,500 RC166[N3DAL .: 81,000`.'. 64,00q... ` $8,0036 68,44.0 74,040 74 MOD 72,0f30. 73,000 74,000: ` 78,000 ': 84,0030'. 93, © 00; ROCKFORD 64,000 69,500 71,000 71,000 72,000 79,500 81,000 82,000 85,000 87,000 93,000 101,000 104,000 107,500 ROGERS 66,000 68,000 74,000 78,000 81,000 85,000 85,000 87,000 96,000 113,000 116,000 125,000 135,000 144,500 ST.MT.MOh1X: 80,000 $2 ,oQ0 88;400 90,000. 91;000. ..94,640. .:93,066:: 96,000` 100,000 1[15,000 :: 1.07,o0Q...; 131,040 198;OOQ 725,000 :. ST. BONIFACIUS 67,000 70,000 73,000 75,000 79,000 80,000 80,000 82,000 87,000 93,000 101,000 108,000 120,000 122,000 ST. LOUIS PARK 68,000 70,000 73,000 76,000 79,000 80,000 81,000 83,000 86,000 91,000 94,000 99,000 105,000 114,000 S0i0Ft1 11YbOq 80,000 .. 8 0;€1Q0;_ ,102,OQ0 E11,{}QQ 1.16,pOQ 123;600 .129.060.'; 138,006 1gt6oq 9 1 72,6 Qq' .181,000. 190;41#3 SPRING PARK 67,000 76,000 82,000 85,000 77,500 76,500 80,500 83,000 89,000 94,000 104,000 110,500 122,000 130,500 TONKA BAY 101,000 119,000 129,000 139,000 142,000 142,000 143,000 146,000 157,000 168,000 174,500 192,500 207,500 217,000 1tVAYZk fA 83,00 : 005 000; :::1Q9,Q06 4 15;03 . 0q f 18,606 ,; 120,gOpj ` 125,o0q 1' 39,800 145,0000, . ?51,gd�: . 1.66, 0 00 18©,000 WOODLAND 185,000 219,000 214,000 259,500 234,000 232,000 271,000 297,000 328,000 346,000 355,000 355,000 379,000 397,000 SUBURBAN HENNEPIN 116,000 121,000 130,000 ALL HENNEPIN 105,000 110,000 120,000 RATE ADJUSTMENTS AND FIXED CHARGES S AS T �jj:f:ORCHES:::"*. Q F 0* T iJbE0KS'*. . . . ..... or: S it: Glaze:: - d 96feened' GRADE 1 $15.00 $2.50 $35.00 $20.00 $10.00 $7.00 $27.50 $22.50 GRADE 11 $10-00 $2.00 $30.00 $16.00 $8.00 $6.00 $22.50 $17.50 GRADE III $8.00 $1.75 $20.00 $14.00 $6.00 $4.50 $17.50 $12.50 GRADE IV $5.00 $1.25 $15.00 $12.00 $4.00 $3.50 $12.50 $7.50 GRADE V $3.00 $1.00 $12.00 $10.00 $2.00 $0 $9.50 $6.00 GRADE VI N/A N/A N/A N/A N/A N/A $6.50 $4.00 . . ....... . REP tj QED 'COST--&::, i:: i�� BATHRO F L A L Sp a D eluxe F h 314, GRADE 1 $4500 $3500 $2400 $2200 $1800 $3000 $3000 GRADE II $4000 $3000 $2000 $1800 $1500 $2500 $2500 GRADE 111 $3500 $2500 $1600 $1400 $1200 $2000 $1500 GRADE IV $3000 $2000 $1200 $1000 $800 $1000 $1000 GRADE V $2000 $1500 $800 $600 $500 $500 $500 , ON DD FOR,: DEDUCT OR: DORNIERCOST� A AMC F 4. --PA. 10: DITIONIWG LINEAL F.T :BS UNFIN..:GB-A - $/Sq. Ft. Man M ax, $6.00 Sq. Ft. $40.00 Unfin. Finished $1,000 $1.20 $1,000 $2,500 1 $50.00 $120.00 W Rate adjustments and fixed charges based on B quality/class res taxes 1999 CITY OF BROOKLYN CENTER RESIDENTIAL TAXES • INCLUDES HENNEPIN COUNTY SOLID WASTE MARKET VALUE LEVY HOMESTEAD TAXES 1998 VS 1999 ANOKA OSSEO ROBBINSDALE BROOKLYN CENTER SCHOOL DISTRICT SCHOOL DISTRICT SCHOOL DISTRICT SCHOOL DISTRICT SD #011 SD #279 SD #281 SD #286 Market Valu 98 T a x 99 Ta x 98 Tax 99 Tax 98 Tax 99 Tax 98 Tax 99 Tax $40,000 $559 $529 $616 $580 $577 $557 $575 $561 $45,000 $629 $595 $693 $653 $650 $627 $646 $631 $50,000 $699 $661 $770 $725 $722 $697 $718 $701 $55,000 $769 $727 $847 $798 $794 $766 $790 $771 $60,000 $839 $793 $924 $871 $866 $836 $862 $841 $65,000 $769 $727 $847 $798 $794 $766 $790 $771 $70,000 $979 $925 $1,078 $1,016 $1,010 $975 $1,005 $981 $75,000 $ 1,049 $991 $1,155 $1,088 $1,083 $1,045 $1,077 $1,051 � Pay'98 Median Value $80,000 $1,171 $1,098 $1,287 $1,202 $1,213 $1,154 $1,201 $1,164 $81,000 $1,195 $1,120 $1,312 $1,225 $1,238 $1,175 $1,225 $1,187 $82,000 $1,220 $1,141 $1,339 $1,247 $1,265 $1,197 $1,250 $1,209 $ 83,000 $1,243 $1,163 $1,364 $1,270 $1,290 $1,219 $1,274 $1,232 Pay'99 Median Value $84,000 $1,268 $1,184 $1,391 _ $1,293 $1,316 $1,240 $1,299 $1,254 $85,000 $1,292 $1,206 $1,416 $1,316 $1,342 $1,262 $1,323 $1,277 . $86,000 $1,317 $1,227 $1,443 $1,338 $1,368 $1,284 $1,349 $1,299 $87,000 $1,341 $1,249 $1,469 $1,361 $1,393 $1,305 $1,373 $1,322 $88,000 $1,366 $1,270 $1,495 $1,384 $1,420 $1,327 $1,398 $1,344 $89,000 $1,389 $1,291 $1,521 $1,406 $1,445 $1,349 $1,422 $1,367 Pay 2000 Median Value $90,000 $1,414 $1 $1,548 $1,429 $1,472 $1,370 $1,447 $1 $95,000 $1,535 $1,420 $1,677 $1,543 $1,601 $1,479 $1,570 $1,502 $100,000 $1,658 $1,527 $1,808 $1,657 $1,731 $1,587 $1,693 $1,615 $105,000 $1,779 $1,635 $1,938 $1,770 $1,859 $1,695 $1,816 $1,728 $110,000 $1,901 $1,743 $2,069 $1,884 $1,990 $1,804 $1,940 $1,851 $115,000 $2,022 $1,870 $2,199 $2,012 $2,118 $1,931 $2,062 $1,984 $120,000 $2,144 $1,998 $2,330 $2,146 $2,249 $2,059 $2,186 $2,118 125 000 2 265 12 4 280 2 377 2 188 2 308 2 $ $ $2, 5 $2, 60 $2, 252 $ $ , $ $ , $130,000 $2,387 $2,253 $2,591 $2,413 $2,508 $2,316 $2,432 $2,385 $135,000 $2,508 $2,380 $2,721 $2,547 $2,636 $2 $2,555 $2,519 $145,000 $2,756 $2,635 $2,996 $2,814 $2,907 $2,702 $2,820 $2,786 $150,000 $2,889 $2,763 $3,138 $2,947 $3,048 $2,830 $2,955 $2,919 $155,000 $3,020 $2,890 $3,279 $3,081 $3,188 $2,959 $3,088 $3,053 $160,000 $3,153 $3,018 $3,421 $3 $3,329 $3,087 $3,223 $3,187 $170,000 $3,417 $3,273 $3,703 $3,482 $3,609 $3,344 $3,492 $3,454 $180 $3,681 $3,528 $3,986 $3,749 $3,890 $3,601 $3,760 $3,721 $190,000 $3,945 $3,783 $4,268 $4,016 $4,170 $3,858 $4,028 $3,988 $200,000 $4,209 $4 $4,551 $4,283 $4,450 $4,115 $4,297 $4,255 $210,000 $4,473 $4,293 $4,834 $4,550 $4,731 $4,372 $4,565 $4,523 $220,000 $4,737 $4,548 $5,116 $4,817 $5,011 $4,629 $4,833 $4,790 $230,000 $5,001 $4,802 $5,399 $5,084 $5,292 $4,886 $5,102 $5,057 • $240,000 $5,265 $5,057 $5,681 $5,352 $5,572 $5,143 $5,370 $5,324 $250,000 $5,529 $5,312 $5,964 $5,619 $5,852 $5,400 $5,638 $5,591 G.�M rATff E TAMTftVAXCLCN.1A1YN W Me Page 1 The April 1999 0 A joint publication of the Minneapolis Area and Minnesota Associations of REALTORS® 1 Minneapolis leads metro west in appreciation RECD APR 31999 M inneapolis leads the w. western metropolitan area in appreciation of home a values in 1998. Of the eleven core city districts, five y ge were in the top ten for avera sale price appreciation. Sixteen LL ` -0, v.- u% of the forty-four MLS districts in the western half of the metropolitan area saw home values appreciate nine percent or more. Nine of those sixteen were Minneapolis MLS dis- tricts. A t ti taw opkins topped the apprecia- J J �on parade at 18 percent in "1998. The Minneapolis districts of Powderhorn, University and Northeast followed in the 14.5 to 15 percent range. Champlin, McLeod County, Minneapolis Camden and Brooklyn Center were all in the 11.4 to 11.9 percent showed 64.1 percent appreciation, percent followed by Inver Grove range. Edina and Minneapolis but with only five sales it did not Heights, West St. Paul, Rice Longfellow rounded out the top ten have the critical count for a County, Crocus Hill and Spring at 10 percent. statistical analysis. Lake Park. Minneapolis districts of North, Southern Dakota County at 21.7 According to Regional MLS statis- Nokomis and Phillips along with percent led the entire metropolitan tics for all property types in 1998 Lake Minnetonka and Robbinsdale area in appreciation last year. the average property grew 7.8 finished 1998 at 9 to 9.9 percent Northern Chisago County was percent in value to a record high appreciation. Minneapolis Central next in the east metro at 17.2 $140,300 average sales price. Electronic commerce and National REALTOR® Minnesota Association the 21st century REALTOR® advertising campaign news and programs RMLS is planning a conference on The advertising campaign, pro- Check out the MAR section. Don't Electronic Transaction Manage- moting the use of REALTORS® in miss the article on copying and ment (ETM) on April 26, 10:00 to all real estate transactions is publishing other brokers ads on 3 The conference will focus on airing its four 30 second commer- page 7; the Legal Hotline on page h e potential impact of electronic cials throughout the nation. The 8; the article on property tax commerce on the real estate campaign is paid for by your $15 refunds on page 9 and the MAR industry. Cost is $75. annual dues assessment. Newswire on page 10. Turn to page 5 Turn to page 6 Turn to pages 7 -10 Home values outpacing inflation (8/13/1998) http://www.pioneerplanet.com/business/biz <ADVERTISEMENT> Published: Thursday, August 13, 1998 � PioneerPlanet: front Home values outpacing inflation News i Business Sports DAVE SKIDMORE ASSOCIATED PRESS Entertainment/Just Go f Living WASHINGTON Tech m Water Cooler The value of Americans' homes is increasing considerably faster y Special Reports than inflation in most of the nation's metro areas, offering support i Classified Ads for consumers' confidence that might have been threatened by the P Site index gyrating stock market. Nationally, the median home price -- meaning half sold for more and half for less -- increased to $131,100 during the April -June quarter, up 6 percent from a year earlier, the National Association of Realtors said Wednesday. That compares with an inflation rate in consumer prices of just 1.7 percent over the same period. The markets with the highest median prices in the nation were San Francisco, $329,400, followed by Honolulu, $305,000, and Orange County, Calif., $261,500. In the Minneapolis -St. Paul metro area, the median resale price for the April -June quarter was $127,100, up 7.9 percent from a year ago. The lowest prices were in Ocala, Fla., $69,100; Waterloo, Iowa, $71,500; and El Paso, Texas, $75,200. According to economists, the healthy gains in home values could help offset the threat to consumer confidence from the stock market's Asia - inspired turmoil, though by itself home value appreciation wouldn't be enough to offset a true stock crash. The Dow Jones industrial average gained 90 points Wednesday to close at 8,553. That's down 8.7 percent from its July 17 record high but still 8.1 percent higher than its level at the start of the year. In a sense, the stock market's turmoil and the housing market's • vigor have the same cause: Asia. Stocks are rocky because traders fear loss of business with Asia will cut deeply into U.S. corporate profits. At the same time, Asia's problems have motivated international investors to pour their 1 of 2 08/13/98 13:00:38 Residential real estate sales set a record again in 1998 http:// www2. startribune. com /cgi- bi...cle ?thisSlug= REAL12 &date =l2- Jan -99 WE" A 1111110 1011,j MINNESOTA HISTORY Published Tuesday, January 12, 1999 Residential real estate sales set a record again in 1998 s Neal Gendler / Star Tribune The booming market for residential real estate set a third consecutive annual record in the Twin Cities area last year, with completed transactions exceeding 50,000 for the first time. A total of 50,594 transactions closed last year, according to Regional Multiple Listing Service data released by the Minneapolis Area Association of Realtors. Sales increased 16.2 percent from 1997, when 43,528 sales closed. The market was full of first -time buyers as a strong economy, mortgage interest rates in the 7 percent range and an apartment vacancy rate of only 1 to 2 percent made ownership increasingly attractive. The result was speedy sale of entry -level houses and a . nagging shortage of inventory, down 36 percent last month from year - earlier levels, with only 12,098 homes listed compared with 18,912 in December 1997. "It was absolutely a seller's market for the year," said Michael Olsen of Coldwell Banker Jambor in St. Paul. Olsen, 1998 president of the St. Paul Area Association of Realtors, said Monday that sellers could get more for their houses last year than they would have received in a normal year. "For buyers, it's meant shorter time to make a decision and greater competition on each house." Demand was strongest for homes under $200,000, he said. Houses at $100,000 or less sometimes were snapped up in hours, often with competing offers. One result was a 6.6 percent rise in median price -- the price with half above and half below -- to $122,500, compared with $114,900 for 1997. The value of homes sold last year rose to $7.4 billion, up 27.3 percent from $5.8 billion in 1997. The boom is continuing: 27.2 percent more purchase agreements were �t signed last month than in December 1997. Copyright 1999 Star Tribune. All rights reserved. • 1 of 1 01/12/99 08:17:50 Home values outpacing inflation (8/13/1998) http://www.pioneerplanet.com/business/biz money into the U.S. bonds and that's lowered U.S. interest rates, • including mortgage rates. Owning a home, in turn, has become more affordable. "Appreciation in home prices is the flip side of Asia," said economist Everett Ehrlich of ESC Co. in Washington. "There's room for upper movement (in home prices) yet." In fact, despite the stock markets' strong gains in recent years and the proliferation of 401(k) and IRA accounts, Americans have almost as much of their wealth tied up in their homes as in stocks. In 1997, real estate represented about 27 percent and stocks, 28 percent, according to the Federal Reserve. Economist Sung Won Sohn of Norwest Corp. in Minneapolis said a change in stock prices has a more direct impact on consumer spending than a change in home prices. Stocks can be more easily sold and converted to cash when prices rise. Conversely, a price drop can scare consumers into saving more and spending less. But rising home equity influences consumers too, over time, by increasing their optimism and giving them added cash if they borrow through a home equity loan or refinance their mortgage and take money out. Sohn said home prices gains recently have been extraordinary but he doubted price drops would become common, as they did after • the real estate bust of the late 1980s. "Home prices have gone up so rapidly that we are certainly nearing a plateau, but that doesn't mean we'll fall back -- unless we have a stock market crash and a recession," he said. Of the 132 metro areas surveyed by the real estate group, only nine reported price declines. The worst came in Trenton, N.J., where the median dropped 5.4 percent to $135,400; Albany, N.Y., down 3.9 percent to $103,200; and Canton, Ohio, down 2.1 percent to $92,400. However, 23 cities reported gains of 10 percent or better. They were led by Charleston, S.C., up 19.7 percent to $121,100; San Francisco, up 16.6 percent to $329,400; and Bradenton, Fla., also up 16.6 percent, to $104,900. Other big advances came in Green Bay, Wis.; New Orleans; User Guide Mobile, Ala.; and San Diego. News Archives By region, gains were strongest in the Midwest, up 7.9 percent to Feedback $114,000, followed by the West, up 7.5 percent to $172,900, and the South, up 7.1 percent to $115,900. The increase in the P Back to Top Northeast was 3.5 percent, to $151,100. 01998 PioneerPlanet / St. Paul (Minnesota) Pioneer Press - All Rights Reserved copvright information • 2 of 2 08/13/98 13:00:39 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 $ 561.52 1972 3.1% $ 23,530 9.47% 1973 $ 501.52 - 10.69% 1973 6.0% $ 23,750 0.93% 1974 $ 556.04 10.87% 1974 11.6% $ 23,750 0.00% 1975 $ 463.42 - 16.66% 1975 8.5% $ 28,675 20.74% 1976 $ 541.91 16.94% 1976 6.3% $ 30,965 7.99% 1977 $ 556.40 2.67% 1977 7.0% $ 33,130 6.99% 1978 $ 685.70 23.24% 1978 9.1% $ 37,400 12.89% 1979 $ 661.02 -3.60% 1979 11.5% $ 44,900 20.05% 1980 $ 610.84 -7.59% 1980 11.4% $ 52,900 17.82% 1981 $ 437.32 - 28.41% 1981 12.3% $ 55,800 5.48% 1982 $ 367.76 - 15.91% 1982 9.9% $ 59,700 6.99% 1983 $ 430.68 17.11% 1983 2.2% $ 61,800 3.52% 1984 $ 496.26 15.23% 1984 3.6% $ 61,800 0.00% 1985 $ 579.90 16.85% 1985 3.8% $ 61,600 -0.32% 1986 $ 530.22 -8.57% 1986 1.3% $ 62,700 1.79% 1987 $ 554.06 4.50% 1987 3.0% $ 65,700 4.78% 1988 $ 574.63 3.71% • 1988 5.0% $ 68,900 4.87% 1989 $ 651.38 13.36% 1989 4.1% $ 70,600 2.47% 1990 $ 816.66 25.37% 1990 4.1% $ 71,300 0.99% 1991 $ 805.02 -1.43% 1991 2.7% $ 71,000 -0.42% 1992 $ 868.16 7.84% 1992 3.5% $ 70,900 -0.14% 1993 $ 909.42 4.75% 1993 3.1% $ 72,000 1.55% 1994 $ 939.20 3.27% 1994 3.2% $ 72,000 0.00% 1995 $ 999.88 6.46% 1995 2.6% $ 72,800 1.11% 1996 $ 1,044.30 4.44% 1996 2.8% $ 77,700 6.73% 1997 $ 1,175.00 12.52% 1997 3.0% $ 80,000 2.96% 1998 $ 1,201.00 2.21% 1998 2.3% $ 83,700 4.63% 1999 $ 1,248.00 3.91% 1999 1.6% $ 90,100 7.65% 2000 Unknown 28 Year Total' 14&6% 143.9% 28 Year Total 102.2% 28 Yr. Annualized 5.5% 5.3% 28 Yr. Annualized 3.8% 20 Year Total 85.5% 72.4% 20 Year Total 79.6% 20 Yr. Annualized 4.3% 3.6% 20 Yr. Annualized 4.0% 10 Year Total 28.9% 25.1% 10 Year Total 69.4% 10 Yr. Annualized 2.9% 2.5% 10 Yr. Annualized 6.9% 5 Year Total 12.3% 23.1% 5 Year Total 29.5% 5 Yr. Annualized 2.5% 4.6% 5 Yr. Annualized 5.9% * CPI change for the precee ding year leading up to the st ated year. G. NEVTSAS5E555PfEGSNM1BIEVFBTR XMTESy9B80Nro%l5ybnw�m Ta. HNay 4/7/991:31 PM CITY OF BROOKLYN CENTER • MINNEAPOLIS BOARD OF REALTOR'S MLS SALE STATISTICS SINGLE FAMILY RESIDENTIAL PROPERTIES 1997 SALE 1998 SALE PERCENTAGE INFORMATION INFORMATION CHANGE FOR 1998 FOR 1999 ASSESSMENT ASSESSMENT Number of Homes sold 313 322 +2.9% % of Listings Sold 82.07 85.26 +3.9% Average List Price 89 724 98 669 + .0% 1 g $ $ 0 Average Sale Price $ 88,620 $ 98,074 +10.7% % of List Price 98.76 99.39 +0.6% Received • ec ed Median Sale Price $88,900 $96,950 +9.1% Average Number of o Days on Market 2 - 1/ 35.4 5 8.33 20. o Average List Price of $ 97,532 $ 106,972 +9.7% Homes Not Sold Information listed is for MLS district 363 (Brooklyn Center) only. Source is the second half 1998 year photo sold book and year end marketing analysis, published by the Regional Multiple Listing Service Inc. As of the morning of April 30 1999 the MLS system listed 33 residential properties in Brooklyn Center which went "off market" after January 1, 1999 and which were "closed sales" as of April 30. The average sale price for these 33 Brooklyn Center properties sold in 1999 is $108,900. • RAMBLER - - ADDRESS: 6715 Perry Ave N. SALE [DATE: July, 1998 SALE PRICE: 564.000 GROSS BLDG AREA ABOVE GRADE 660 S.F. SALE PR €CEIFOOT: $96 -97 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning None Finished Basement Slab Only Garage 1 Car Detached Porches /Decks None • G:IDEPTS`- ASSESSI SPREDSNT' �APPRAISE !GENERAL';I,COMPSHT- XLSj6715 Perry RAMBLER k ADDRESS: 5407 4th St. N. SALE DATE: November. 1997 SALE PRICE: 374,300 GROSS BLDG AREA ABOVE GRADE 863 S.F. SALE PRICEIFOOT: 386.79 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 1 Other Garage 1 Car Detached Porches /Decks None . G: \DEPTSIASSESS� PREDSHTI APPRAISEXBRDBOOK IGENERALgCOMPSHT.XLSj5407 4th St. N. RAMBLER HERF ADDRESS: 5339 James Ave N. SALE DATE: October, 1997 SALE PRICE: $85.900 GROSS BLDG AREA ABOVE GRADE 912 S.F. SALE PRICE/FOOT: 59418 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 1 Other Garage 2 Car Detached PorchesfDecks Patio 300 S.F. • GtDEPTStASSESStSPREDSHT\ APPRAISEtBRDBOOKtGENERALgCOMPSHT .XLS]5339 James Ave N. RAMBLER ADDRESS: 7012 Crew Ave N. SALE DATE: January, 1998 SALE PRICE: $91,000 GROSS BLDG AREA ABOVE GRADE 960 S.F. SALE PRICEIFOOT: $9419 FEATURES: Total # of baths 1.5 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 1 Other Garage 2 Car Detached Porches /Decks Patio 192 S.F. . G:IDEPTSWSSESStSPREDSHTt APPRAISE IBRDBOOK\GENERALIICOMPSHT.XLS }7012 Drew Ave N. RAMBLER ADDRESS: 5530 Irving Ave N. SALE DATE: April, 1998 SALE PRICE: $90.000 GROSS BLDG AREA ABOVE GRADE 976 S.F. SALE PRICE/FOOT: $92.21 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room. 1 Bedroom Garage 2 Car Detached Porches /Decks Patio 242 S.F. G:`D EPTSIASSESStSPREDSHTxAPPRAISEtBRDBOOK IGENERAL4COMPSHT.XLSy5530 Irving Ave N. RAMBLER ADDRESS: 6112 Noble Ave N. SALE DATE: April, 1998 SALE PRICE: $104,750 GROSS BLDG AREA ABOVE GRADE 1,157 S.F. SALE PRICEIFOOT: $90.53 FEATURES: Total # of baths 1.75 Fireplaces 2 Central air Conditioning None Finished Basement Family Room, 2 Bedrooms. 1 Other Garage 1 Car Attached Porches /Decks Deck 188 S.F. • G: DEPTS�ASSESS \SPREDSHTI APPRAISE%. BRDBOOK�GENERALi (COMPSHT- XLSj6112 Noble Ave N. RAMBLER I ADDRESS: 6215 Brooklyn Dr. SALE DATE: May, 1996 [ SALE PRICE: $94,900 I GROSS BLDG AREA ABOVE GRADE 1,014 S.F. SALE PRICE/FOOT: 59159 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 1 Car Attached Porches /Decks Patio 252 S.F- r • G:IDEPTS APPRAISE, BRDBQOKiGENERAL ICQMPSH,.XLSj6215 Brooklyn Dr. RAMBLER ADDRESS: 6431 Perry Ave N. SALE DATE: December, 1997 SALE PRICE: S94,900 GROSS BLDG AREA ABOVE GRADE 1,008 S.F. SALE PRICEIFOOT: S 94.14 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning None Finished Basement Family Room, 1 Bedroom Garage 2 Car Detached Porches /Decks Patio 200 S.F. • G: tDEPTSt ASSESStSPREDSH PAPPRAISEIBRDBOOK tGENERALgCOMPSHT.XLS16431 Perry Ave N. RAMBLER '4 Ilk _ -- _- - ADDRESS: 6937 Newton Ave N. SALE DATE: January, 1388 SALE PRICE: $95.600 GROSS BLDG AREA ABOVE GRADE 1,000 S.F. SALE PRICEIFOOT: °$95.60 FEATURES: Total #f of baths 1 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 1 Other Garage 2 Car Attached Porches /Decks Screen Porch 168 S.F. • G:' DEPTS`• ASSESSISPREDSHT tAPPRAISEiBRDBOOK , ,GENERALICOMPSHT- XLS]6837 Newton Ave N. RAMBLER • f N _ -, - = - } - - 0 =_ -`44. _ ADDRESS: 3205 49th Ave N. SALE DATE: September, 1998 SALE PRICE: $97,900 GROSS BLDG AREA ABOVE GRADE 1,000 S.F. SALE PRICEIFOOT: $97.90 FEATURES: Total # of baths 1 Fireplaces Norte Central Air Conditioning None Finished Basement Family Room, 1 Other Garage 1 Car Attached Porches /Decks Glazed Porch 322 S.F. • G:tDEPTStASSESStSPREDSHT\ APPRAISE\ BRDBOOK IGENERAL 49th Ave N. RAMBLER _ RMIN - - -= - r pp z ADDRESS: 621 Belivue Lane ! SALE DATE: March, 1999 SALE PRICE: 5159.500 GROSS BLDG AREA ABOVE GRADE 1.305 SALE PRICEIFOOT: 5122.22 FEATURES: Total # of baths 45 Fireplaces 1 Central Air Conditioning Yes j Finished Basement None s Garage 2 Car Attached Porches /Decks Cp Porch 144 S en _F- • G = ; DEPTS SSESS- SPREDSHT APPRi ISE:Bt DBC)t}K;GENERAL° COPAPS!! .1CLS 621 Belvu e La RAMBLER 4' ADDRESS: 7218 Aldrich Ct. SALE DATE: February, 1999 SALE PRICE: $123,500 GROSS BLDG AREA ABOVE GRADE 1.590 SALE PRICE /FOOT: $77.87 FEATURES: Total # of baths 1 Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Roam Garage 2 Car, Detached Porches /Decks Glazed Porch 85 S F. / Deck 266 S.F. • G'1 DEPTSWSSESSISPREDSHTIAPPRAISEiBRDBOOK ',GENE RALI(COMPSHT.KLS]7218 Aldrich Ct _ I RAMBLER • s - - - 6 _ - -- - j ADDRESS: 3297 65th Ave N. SALE DATE: September, 1998 I SALE PRICE: $119:999 GROSS BLDG AREA ABOVE GRADE 1,734 S.F. SALE PRICE/FOOT: $69.14 FEATURES: Total # of baths 1.5 Fireplaces 1 Central Air Conditioning Yes l Finished Basement Family Room Garage 1 Car Attached, 1 Car Detached PorchestDecks Deck 489 S.F. G:\DEPTSiASSESSISPREDSHT• APPRAISE` BRDBOOK�GENERAL `[COMPSHTXLS,3297 65th Ave N. SPLIT ENTRY I I • ADDRESS: 5417 Fremont Ave N. SALE DATE: April, 1998 SALE PRICE: $87,400 GROSS BLDG AREA ABOVE GRADE 864 S.F. SALE PRICEIFOOT: $10115 FEATURES: I Total # of baths 1.75 Fireplaces None Central Air Conditioning None Finished Basement Family Roam, 1 Other Garage None Porches /Decks Deck 48 S.F. I . G.I DEPTS`\ ASSESStSPREDSHTN, APPRAI SE% BRDBOOW iGENERAL'.ICOMPSHT.XLS]5417 Fremont Ave N. SPLIT ENTRY :..► IN - _ 4 l - I I t S i ADDRESS: 7112 Halifax Ave N. SALE DATE: March, 1998 SALE PRICE: $108,900 1 GROSS BLDG AREA ABOVE GRADE 1000 S.F. SALE PRICEIFOOT: $108-90 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 2 Bedrooms Garage 2 Car Attached Porches /Decks Glazed Porch 182 S.F -. Deck 112 S.F. I • G: ° ADEPTS= ASSESS`: SPREDSHT =APPRAISE`BRDBOOK 'GENERAL *gCOMPSHT XLSE7112 Halifax Ave N. SPLIT FOYER g — c ADDRESS: 4507 Kathrene Dr. SALE DATE: April, 1998 SALE PRICE: $114,500 GROSS BLDG AREA ABOVE GRADE 1,090 S.F, SALE PRICEfFOOT: $105.46 FEATURES: Total # of baths 1.75 Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room, 1 Bedroom Garage 2 Car Attached Porches /Decks d Porch 144 S.F., Deck 72 S.F. • G:tDEPTSt ASSESSI SPREDSHTtAPPRAISEtBRDBOOK�GENERAL `ICOMPSHT.XLSj4507 Kathrene Dr. SPLIT FOYER ADDRESS: 4510 Kathrene Dr, SALE DATE: August, 1998 SALE PRICE: $130,000 GROSS BLDG AREA ABOVE GRADE 1,135 S.F. SALE PRICEIFOOT: $114.53 FEATURES: Total # of baths 1.75 Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room, 2 Bedrooms Garage 2 Car Attached, 1 Car Attached Porches /Decks Deck 120 S.F. • G:tDEPTStASSESStSPREDSHT\ APPRAISEI BRDBOOK \GENERALgCOMPSHT.XLSj4510 Kathrene Dr. — ,+�' - fi n= •,� a wv ITA _ t 1 4 6 gzr T- -s i cs i ii• •• - -s ss • r- -s '• !- • s2 SPLIT LEVEL AM _ s - ANNA i� .. - - - - ADDRESS: 2907 84th Ave N. SALE DATE: November, 1997 SALE PRICE: $96,500 GROSS BLDG AREA ABOVE GRADE 1,149 S.F. SALE PRICE/FOOT: $83.98 FEATURES: Total # of baths 1.75 Fireplaces 2 Central Air Conditioning Yes Finished Basement Family Room Garage 1 Car Tuckunder Porches /Decks Deck 308 S.F. • G:ti C} EPTStASSESStSPREDSHTI APPRAISEtBRDBOOKNGENERALVCOMPSHT .XLSj2907 64th Ave N. SPLIT LEVEL i ADDRESS: 2906 Mum €ord Road SALE DATE: October, 1997 SALE PRICE: $99,727 GROSS BLDG AREA ABOVE GRADE 1,152 S.F. SALE PRICEIFOOT: $86.56 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 1 Car Tuckunder Porches /Decks Patio 240 S.F. r • G:OEPTSIASSESSISFREDSHT\ APPRAISEE BRDBOOtC \GENERALlCOMPSHT.XLSJ2906 Mum €ord Rd. SPLIT LEVEL - -- - ADDRESS: 3825 Eckberg Dr. SALE DATE: April, 1998 SALE PRICE: $119,500 GROSS BLDG AREA ABOVE GRADE 1,588 S.F. SALE PRICE/FOOT: $75.25 FEATURES: Total # of baths 1.75 Fireplaces 1 Central Air Conditioning None Finished Basement Family Room Garage 2 Car Tuckunder Porches /Decks None • G,\DEPTSIASSESStSPREDSHT`, APPRAISE\ BRDBOOK tGENERALgCOMPSHT.XLSj3825 Eckberg Dr. 1 -114 EXPANSION I ADDRESS: 7130 Logan Ave N. SALE DATE: July, 1998 SALE PRICE: $88,900 GROSS BLDG AREA ABOVE GRADE 960 S.F. SALE PRICE/FOOT: $92.60 FEATURES: Total # of baths 1.5 Fireplaces 1 Central Air Conditioning None Finished Basement Family Room Garage 1 Car Detached Porches /Decks Deck 307 S.F. • G: \DEPTStiASSESSISFREDSHTI APPRAISE', BRDBOOK \GENERALgCOMPSHT.XLS]7130 Logan Ave N. 1 -1(4 EXPANSION �v ADDRESS: 5421 Dupont Ave N. SALE DATE: February, 1998 SALE PRICE: $77,000 GROSS BLDG AREA ABOVE GRADE 960 S.F. SALE PRICEIFOOT: $80.20 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning None Finished Basement None Garage 1 Car Detached Porches /Decks None • G:\ DEPTStASSESSISPREDSHTtAPPRAISEtBRDBOOKtGENERAL \[COMPSHT.XLS]5421 Dupont Ave N. 1 -1/4 EXPANSION r - ADDRESS: 4957 Brooklyn Blvd. SALE DATE: February, 1998 SALE PRICE: $77,000 GROSS BLDG AREA ABOVE GRADE 980 &F- SALE PRICE/FOOT: $78.57 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning None Finished Basement Amusement Room Garage 2 Car Detached Porches /Decks Glazed Porch 192 S.F. • G:\DEPTS`ASSESS\SPREDSHT\ APPRAISEt BRDBOOK \GENERALgCOMPSHT.XLS]4957 Brooklyn Blvd 1 -1/4 EXPANSION _ 1 - 1 ADDRESS: 6012 Emerson Ave N. SALE DATE: August, 1998 SALE PRICE: $96,400 GROSS BLDG AREA ABOVE GRADE 1,071 S.F. I SALE PRICEMOOT: $90.00 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 2 Car Detached Porches /Decks Patio 224 S.F. . G:IDEPTSNASSESStSPREDSHT\ APPRAISEI BRDBOOKIGENERALICOMPSHT _XLSj6012 Emerson Ave N. 1 -1t4 EXPANSION .T ADDRESS: 7200 Riverdale Rd. SALE BATE: August, 1998 SALE PRICE: 5104,000 GROSS BLDG AREA ABOVE GRADE 1,200 S.F. SALE PRICEIFOOT: $86.66 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 3 Car Detached Porches /Decks Glazed Porch 121 S.F., Deck 48 S.F. • G:'DEPTS`ASSESS \SPREDSHT\ APPRAISE }BRDBOOK \GENERALkICOMPSHT.XLS }7200 Riverdale Rd. 1 -114 EXPANSION ILI WK • ADDRESS: 5557 Morgan Ave N. SALE DATE: July, 1998 SALE PRICE: $105,900 GROSS BLDG AREA ABOVE GRADE 1.400 S-F. SALE PRICEIFOOT: $75.64 FEATURES: Total # of baths 2 Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room, 1 Other Garage 2 Car Detached Porches /Decks Open Porch 128 S.F Screen Porch 192 S.F • G: �DEPTS�ASSESSYSPREDSHPiAPPRAISE BRD BOOK ".GENERAL' Morgan Ave N. 1 -1/4 EXPANSION ADDRESS: 6900 Dallas Rd. SALE DATE: April, 1998 SALE PRICE: 5113.000 GROSS BLDG AREA ABOVE GRADE 1,469 S.F. SALE PRICE/FOOT: $76.92 FEATURES: Total # of baths 1.75 Fireplaces 1 Central Air Conditioning Yes Finished Basement Family Room Garage 2 Car Detached Porches /Decks Glazed Porch 120 S.F., Deck 140 S.F. • G , DEPTS`= ASSESS4 SPREBSHTIAPPRAISE': BRDBOOKtGENERAL `,COMPSHT.XLS16900 Dallas Rd- 1 -1/2 EXPANSION ADDRESS: 1424 55th Ave N. SALE DATE: August, 1998 SALE PRICE: $95,000 GROSS BLDG AREA ABOVE GRADE 1,240 S.F. SALE PRICEIFOOT: $76.61 FEATURES: Total # of baths 0.75 Fireplaces None Central Air Conditioning Yes Finished Basement None Garage 2 Car Detached Porches /Decks None G' .DEPT$ ASSESS' 4SPREDSHT_ APPRAI SE?. BRDBOOK \GENERAL:fCOMPSHT.XLSJ1424 55th Ave N. 1 -1/2 EXPANSION • ADDRESS: 5731 Camden Ave N. SALE DATE: July, 1998 SALE PRICE: 5136,400 GROSS BLDG AREA ABOVE GRADE 1,615 S.F. SALE PRICE/FOOT: $84.48 FEATURES: Total # of baths 1 175 1 25 i Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 2 Car Attached Porches /Decks Deck 168 S. Deck 157 S.F., Open Porch 51 S.F. G:'DEt TS`4 ASSESS`x SPREDSHTIAPPRAiSE\ BRDBOOKtGENERALN [COMPSHT.XI_SJ5731 Camden Ave N. • i' Fit- v - - 3 - r_� Gr G w r � I f a ss Mo -• • r• s Mt TWO STORY _ - - = - ADDRESS: 701 Bellvuew Lane SALE DATE: March, 1999 SALE PRICE: $171.100 GROSS BLDG AREA ABOVE GRADE 1,973 SALE PRICEIFOOT: $86.72 FEATURES: Total # of baths 2.5 Fireplaces 1 Central Air Conditioning Yes I Finished Basement Yes Garage 2 Car Attached Porches /Decks None • G:NDEPTSx ASSE8S\ SPREDSHTAPPRAISEtBRDBOOK�GENERALN (COMPSHT.XLS]701 Bellvue Lane CITY OF BROIIKLYN CENTER 1999 TOWNHOME SALE ANALYSIS SALES FROM OCTOBER, 1997 TO SEPTEMBER, 1998 NBHD TOWNHOME COMPLEX # of Units # SALES AVG. SALE PRICE 100 Evergreen Estates 8 4 $71,131 105 Rosemary Terrace 10 0 No Sales 110 Humboldt Square 9 0 No Sales 115 Riverwood 20 3 $69,485 120 Brookwood 32 1 $81,900 125 Northbrook Est. 8 0 No Sales 130 Madsen Floral 28 3 $81,033 140 -144 Moorwood 36 2 $88,725 150 -152 Hi -Crest 60 9 $73,765 160 Earle Brown Farm Estates 100 9 $68,391 170 -172 Earle Brown Farm Townhomes 20 1 $85,000 180 -188 Creek Villas 103 7 $77,352 190 -194 Mallard Creek 206 21 $71,260 195 Beard Ave 3 0 No Sales Totals 643 60 TOWNHOME SALES BY STYLE . MKT #SALES TOWNHOME STYLE AVG VALUE AVG. SALE PRICE V 9 Rambler $67,678 $69,871 16 Split Entry /Split Foyer $74,000 $77,868 3 Split Level $78,200 $81,033 32 Two Story $66,519 $71,248 G:IDEPTS\ASSESS\ BOARD 11999 \[THSALES.XLS]Townhome Sales 99 Asmt CITY OF BROOKLYN CENTER 1999 TOWNHOME ASSESSMENT • 1999 ASSESSED VALUES NBHD # TOWNHOME COMPLEX UNITS STYLE LOW HIGH ' AVERAGE 100 Evergreen Estates 5 Split Entry $65,200 $68,300 $65,800 105 Rosemary Terrace 9 Split Entry $47,700 $54,100 $50,770 110 Humboldt Square 8 Split Entry $54,600 $58,400 $56,338 115 Riverwood 20 Two Story $64,600 $68,700 $66,905 120 Brookwood 1 Rambler $69,900 $69,900 $69,900 30 Two Story $59,500 $78,000 $65,570 31 $59,500 $78,000 $67,716 125 Northbrook Estates 8 Split Entry $48,200 $57,500 $51,825 130 Madsen Floral 27 Split Level $76,200 $81,300 $78,675 140 Moorwood 10 Two Story $59,800 $79,000 $66,770 141 5 Two Story $73,100 $86,500 $77,367 142 " 1 Rambler $83,400 $83,400 $83,400 142 6 Two Story $90,000 $103,300 $95,216 143 1 Rambler $69,200 $69,200 $69,200 143 6 Two Story $87,200 $99,400 $89,071 144 5 Rambler $85,700 $92,900 $89,583 34 $59,800 $103,300 $81,878 150 Hi -Crest 27 Two Story $66,200 $70,000 $68,521 151 13 Two Story $60,900 $62,800 $61,900 152 16 Split Entry $65,700 $75,900 $70,900 56 $60,900 $75,900 $67,390 160 Earle Brown Farm Estates 97 Two Story $55,600 $74,100 $60,521 170 Earle Brown Farm Townhomes 3 Rambler $65,900 $70,500 $68,733 170 5 Two Story $65,100 $81,300 $73,440 171 4 Expansion $73,500 $74,300 $73,700 172 8 Rambler $77,900 $104,000 $87,063 20 $65,100 $104,000 $78,235 180 Creek Villas 103 Split Entry $73,100 $80,100 $76,229 181 18 Split Entry $70,400 $80,300 $75,672 182 4 Split Entry $79,600 $81,400 $80,750 183 2 Split Entry $65,100 $69,200 $67,150 184 3 Two Story $67,300 $68,600 $67,625 186 47 Two Story $66,800 $77,100 $73,271 187 2 Two Story $74,900 $80,100 $77,500 188 3 Two Story $73,700 $76,800 $75,667 • 182 $65,100 $81,400 $74,398 CITY OF BROOKLYN CENTER 1999 TOWNHOME ASSESSMENT • 190 Mallard Creek 63 Split Entry $72,500 $81,100 $78,195 191 51 Split Entry $65,700 $78,400 $72,005 1 92 36 Rambler $62,800 $69,700 $64,052 193 14 Split Entry $75,000 $79,800 $77,164 194 22 Two Story $57,900 $61,900 $59,310 186 $57,900 $81,100 $70,839 195 Beard Avenue 1 Rambler $56,600 $56,600 $56,600 2 Two Story $59,600 $60,600 $60,100 3 $56,600 $60,600 $59,350 G:IDEPTSWSSESS \BOARD %19991[THSALES.XLS]NBHD SALES • • City of Brooklyn Center Condominium Sales January, 1998 through March, 1999 # STREET NAME UNIT # SALE DATE SALE PRICE 99 MKT VALUE # BDRM RATIO 4201 Lakeside Avenue 106 Aug -98 $39,500 $37,300 1 94% 4201 Lakeside Avenue 116 Jun -98 $41,900 $35,400 1 84% 4207 Lakeside Avenue 122 Sep -98 $37,500 $36,400 1 97% 4207 Lakeside Avenue 124 Jul -98 $66,000 $58,800 2 89% 4201 Lakeside Avenue 204 Jun -98 $55,400 $55,000 2 99% 4201 Lakeside Avenue 207 Mar -99 $60,000 $53,800 2 90% 4201 Lakeside Avenue 208 Aug -98 $62,900 $55,000 2 87% 4207 Lakeside Avenue 224 Sep -98 $60,000 $59,200 2 99% 4207 Lakeside Avenue 233 Jul -98 $54,446 $52,200 2 96% 4207 Lakeside Avenue 238 Oct -98 $64,900 $54,000 2 83% 4201 Lakeside Avenue 303 Jun -98 $55,900 $53,900 2 96% 4207 Lakeside Avenue 330 Apr -98 $65,000 $58,800 2 90% Average: $55,287 $50,817 92% CITY OF BROOKLYN CENTER THE BEACH CONDO'S 1999 ASSESSMENT FLAT PID UNIT # MODEL QUALITY BDR GBA ACT. YR EFF. YR CHG 99 VALUE UPGRADED 110- 118 -21 -32 -0078 106 PEBBLE B05 01 695 1971 1982 0 $37,300 kitchen /bath 110- 118 -21 -32 -0084 112 PEBBLE B06 01 729 1971 1980 500 $39,000 110- 118 -21 -32 -0085 113 PEBBLE B06 01 662 1971 1979 0 $35,900 � 10- 118 -21 -32 -0086 114 PEBBLE B06 01 1 729 1971 1979 01 $37,900 10- 118 -21 -32 -0087 115 PEBBLE B05 01 729 1971 1982 30001 $41,800 kitchen /bath /lakeview 110- 118 -21 -32 -0088 116 PEBBLE B06 01 729 1971 1979 01 $35,400 1 10- 118 -21 -32 -0090 118 PEBBLE B05 01 1 729 1971 1982 01 $38,300 10- 118 -21 -32 -0092 120 PEBBLE B06 01 ` 729 1971 1979 0 $35,400 110- 118 -21 -32 -0093 122 PEBBLE B06 01 729 1971 1979 0 $36,400 110- 118 -21 -32 -0098 127 PEBBLE B06 01 729 1971 1979 0 $37,900 10- 118 -21 -32 -0100 129 PEBBLE B06 01 729 1971 1979 0 $37,900 10- 118 -21 -32 -0102 1 131 PEBBLE B05 01 I 66 1971 1982 1000 $37,400 kitchen /bath 10- 118 -21 -32 -0103 132 PEBBLE B06 01 729 1971 1979 0 $36,900 10- 118 -21 -32 -0118 206 PEBBLE B06 01 ( 695 1971 1979 0 $35,300 10- 118 -21 -32 -0132 220 PEBBLE B06 1 01 1 729 1971 1979 01 $36,800 10- 118 -21 -32 -0124 212 PEBBLE B06 01 I 729 1971 1979 01 $36,800 110- 118 -21 -32 -0125 213 PEBBLE B06 01 662 1971 1980 10001 $37,800 bath /Imtd lake view 10- 118 -21 -32 -0126 214 PEBBLE B06 01 729 1971 1979 01 $36,800 10- 118 -21 -32 -0127 215 PEBBLE B05 01 729 1971 1980 01 $38,500 10- 118 -21 -32 -0128 216 PEBBLE B06 01 1 729 1971 1980 01 $37,300 10- 118 -21 -32 -0130 218 PEBBLE B06 01 729 1971 1979 0 $36,800 10- 118 -21 -32 -0133 1 221 PEBBLE B05 1 01 1 910 1979 1 1980 3000 $50,000 lake view 4 0- 118 -21 -32 -0134 222 PEBBLE B06 01 - -1 729 1971 1980 0 $37,300 1 0-118-21-32-0139 227 PEBBLE B06 1 01 1 729 1971 1979 0 $38,400 10- 118 -21 -32 -0141 229 PEBBLE B06 01 1 729 1971 I 1980 0 $39,100 10- 118 -21 -32 -0143 231 PEBBLE B07 01 662 1971 1979 2000 $35,500 lake view fair 10- 118 -21 -32 -0144 232 PEBBLE B05 01 1 729 1971 1 1980 1000 $39,500 upgraded kitchen 10- 118 -21 -32 -0159 306 PEBBLE B06 01 1 695 1971 ( 1980 0 $35,800 10- 118 -21 -32 -0165 312 PEBBLE B06 01 1 729 1971 1979 0 $38,500 10- 118 -21 -32 -0166 313 PEBBLE B06 01 662 1971 1979 20001 $38,300 view lake / assumed 96 10- 118 -21 -32 -0167 314 PEBBLE B06 01 i 729 1971 1980 01 $39,000 10- 118 -21 -32 -0168 1 315 PEBBLE B06 1 01 1 729 1971 1979 20001 $40,300 lake view 10- 118 -21 -32 -0169 316 PEBBLE B06 1 01 l 729 1971 1979 01 $38,500 10- 118 -21 -32 -0171 318 PEBBLE B06 1 01 729 1971 1 1979 01 $38,500 10- 118 -21 -32 -0173 320 PEBBLE B06 01 729 1971 1979 0 $40,000 10- 118 -21 -32 -0174 321 PEBBLE 1306 01 910 1971 1979 2000 $48,700 10- 118 -21 -32 -0175 322 PEBBLE B06 01 729 1971 1979 0 $38,500 10- 118 -21 -32 -0180 327 PEBBLE B06 01 729 1971 1979 0 $40,000 10- 118 -21 -32 -0182 329 PEBBLE B06 01 720 1971 1979 0 $37,800 10- 118 -21 -32 -0184 331 PEBBLE B07 01 662 1971 1 1979 0 $33,200 10- 118 -21 -32 -0082 I 110 SURF B05 02 1080 1971 1982 3500 $62,500 kitchen /bath update recen 10- 118 -21 -32 -0083 111 SURF B06 02 1080 1971 1 1979 2 000 $58,800 lake view / assumed 96 10- 118 -21 -32 -0095 124 SURF B06 02 1080 1971 1 1979 20001 $58,800 lake view / assumed 96 10- 118 -21 -32 -0096 125 SURF B05 02 1080 1979 1 1980 3000 $60,100 kitchen /bath /lake view 10- 118 -21 -32 -0105 134 SURF A04 03 1300 1971 1980 10001 $61,200 kitchen 10- 118 -21 -32 -0107 136 SURF A04 03 1 1300 1 971 1980 0 $59,600 10- 118 -21 -32 -0111 140 SURF B05 02 1080 1971 1980 500 $58,000 kitchen /parking lot view 0- 118 -21 -32 -0112 141 SURF B06 02 1080 1971 1979 0 $55,700 10- 118 -21 -32 -0122 210 SURF B06 02 1080 1971 1979 1000 $58,400 lake & hwy view 10- 118 -21 -32 -0123 211 SURF B05 1 02 1080 1979 1 1980 30001 $60,500 kitchen / lake view 110- 118 -21 -32 -0136 224 SURF B06 j 02 1080 1971 1 1979 20001 $59,200 lake view CITY OF BROOKLYN CENTER THE BEACH CONDO'S 1999 ASSESSMENT 1 -118-21-32-0137 225 SURF B06 02 I 1080 1971 1980 2000 $60,400 no dishwasher /lake view 10- 118 -21 -32 -0146 234 SURF BO6 03 1300 1971 1979 0 $65,000 110- 118 -21 -32 -0148 236 SURF A04 03 1300 1971 1980 2000 $61,900 no upgrade 10- 118 -21 -32 -0152 240 SURF B06 02 1080 1971 1980 0 $53,400 10- 118 -21 -32 -0153 241 SURF B05 02 1080 1971 1980 0 $57,000 10- 118 -21 -32 -0163 310 SURF , B06 02 , 1080 , 1971 1979 500 $59,400 view lake & hwy 10- 118 -21 -32 -0164 311 SURF B06 02 1080 1971 1979 500 $59,400 view lake & hwy 10- 118 -21 -32 -0177 324 SURF B05 02 1080 1971 1980 3000 $62,200 kitchen / lake view 1 10- 118 -21 -32 -0178 325 SURF B06 02 1080 1971 1979 2000 $60,900 lake view 10- 118 -21 -32 -0189 336 SURF A04 03 1300 1971 1982 0 $62,300 110- 118 -21 -32- 0193 340 SURF B06 02 1080 1971 1979 0 $56,700 110- 118 -21 -32 -0194 341 SURF 13O6 0 - 2 1080 1971 1979 0 $57,400 1 10- 118 -21 -32 -0077 105 TIDE B06 02 1030 1971 1980 0 $51,000 10- 118 -21 -32 -0075 103 TIDE B06 02 1030 1971 1979 0 $51,900 10- 118 -21 -32 -0073 101 TIDE B06 02 1030 1971 1979 0 $51,900 10- 118 -21 -32 -0080 108 TIDE B06 02 1030 1971 1979 0 $53,400 10- 118 -21 -32 -0076. I 104 TIDE B06 1 02 1030 1971 1979 0 $52,500 10- 118 -21 -32 -0079 107 TIDE B06 02 1030 1971 1979 0 $51,900 10- 118 -21 -32 -0081 109 TIDE B05 02 1030 1971 1980 0 $53,100 10- 118 -21 -32 -0074 I 102 TIDE B06 I 02 1030 1971 1979 0 $51,900 10- 118 -21 -32 -0089 117 TIDE B06 02 1030 1971 1979 2000 $55,400 I lake view 10- 118 -21 -32 -0091 119 TIDE B06 02 1030 1971 1979 2000 $55,400 lake view 10- 118 -21 -32 -0094 123 TIDE B06 02 1030 1971 1979 2000 $55,500 lake view / assumed 96 4i0-1 0- 118 -21 -32 -0097 126 TIDE B06 02 1030 1971 1979 0 $54,000 0- 118 -21 -32 -0099 128 TIDE B05 02 1030 1971 1980 1000 $54,600 kitchen /standard view 18 -21 -32 -0101 130 TIDE B05 02 1030 1971 1980 2000 $55,600 kitchen 10- 118 -21 -32 -0104 133 TIDE B06 02 1030 1971 1979 0 $51,900 10- 118 -21 -32 -0106 135 TIDE B06 02 1030 1971 1979 0 $51,900 10- 118 -21 -32 -0108 137 TIDE B05 02 j 1030 1971 1980 500 $54,100 kitchen / parking lot view 10- 118 -21 -32 -0109 138 TIDE B05 02 I 1030 1971 1980 1000 $55,300 kitchen 10- 118 -21 -32 -0110 139 TIDE B05 02 1030 1971 1980 0 $53,100 10- 118 -21 -32 -0113 201 TIDE B06 02 j 1030 1971 1979 0 $53,800 10- 118 -21 -32 -0114 202 TIDE B05 02 1030 1971 1982 0 $55,300 10- 118 -21 -32 -0115 203 TIDE B06 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0116 204 TIDE B05 02 1030 1971 1980 1000 $55,000 kitchen 10- 118 -21 -32 -0117 205 TIDE I BO6 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0119 207 TIDE B06 02 1030 1971 1979 0 $53,800 10- 118 -21 -32 -0120 208 TIDE B05 I 02 1030 1971 1980 1000 $55,000 kitchen 10- 118 -21 -32 -0121 209 TIDE BO6 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0129 217 TIDE B06 02 1030 1971 1979 2000 $55,700 lake view 10- 118 -21 -32 -0131 219 TIDE B06 02 1030 1971 1979 1000 $54,700 lake view 10- 118 -21 -32 -0135 223 TIDE B05 02 1030 1971 1982 3000 $58,300 kitchen /baths /lakeview 10- 118 -21 -32 -0138 226 TIDE B06 02 1 1030 1971 1979 0 $53,700 10- 118 -21 -32 -0140 228 TIDE BO6 02 1030 1971 1979 0 $53,700 10- 118 -21 -32 -0142 230 TIDE I 1305 02 1030 1971 1980 1000 $53,100 kitchen /no parking stall 10- 118 -21 -32 -0145 233 TIDE B06 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0147 235 TIDE B06 02 1030 1 1971 1979 0 $53,800 10- 118 -21 -32 -0149 237 TIDE B06 02 1030 I 1971 1979 0 $52,200 10- 118 -21 -32 -0150 238 TIDE BO6 02 1030 1971 1979 0 $54,000 0- 118 -21 -32 -0151 239 TIDE B06 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0154 301 TIDE B_ 06 02 1030 { 1971 1979 0 $52,900 110- 118 -21 -32 -0155 302 TIDE B06 02 1030 1971 1979 0 $53,900 110- 118 -21 -32 -0156 303 TIDE B06 02 1030 1971 1979 0 $53,900 CITY OF BROOKLYN CENTER THE BEACH CONDO'S 1999 ASSESSMENT 19 - 118 -21 -32 -0157 304 TIDE I B06 02 1030 1971 1979 0 $53,900 10- 118 -21 -32 -0158 , 305 TIDE B06 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0160 307 TIDE B06 02 1030 1971 1979 0 $53,900 10- 118 -21 -32 -0161 308 TIDE B06 02 1030 1971 1979 I 2000 $55,700 lake view 10- 118 -21 -32 -0162 309 TIDE B06 02 1030 1971 1979 0 $55,400 10- 118 -21 -32 -0170 317 TIDE B06 02 1030 1971 1979 2000 $57,400 lake view 10- 118 -21 -32 -0172 319 TIDE B06 02 1030 1971 1979 2000 $57,400 lake view 10- 118 -21 -32 -0176 323 TIDE B05 02 1030 1971 1982 3000 $58,300 kitchen/baths /lake view 10- 118 -21 -32 -0179 326 TIDE B06 02 1030 1971 1979 0 $57,400 10- 118 -21 -32 -0181 328 TIDE B05 02 1030 1971 I 1982 1500 $58,500 kitchen /bath good cond. 10- 118 -21 -32 -0183 330 TIDE B05 02 1030 1971 1982 1500 $58,800 kitchen/bath 10- 118 -21 -32 -0185 332 TIDE B06 02 1030 1971 1979 0 $55,400 10- 118 -21 -32 -0186 333 TIDE B06 02 1030 1971 1980 0 $55,200 10- 118 -21 -32 -0187 334 TIDE B06 02 1030 1971 1979 0 $52,600 10- 118 -21 -32 -0188 335 TIDE B06 02 1030 1971 1979 0 $53,900 10- 118 -21 -32 -0190 337 TIDE B06 02 1030 1971 1979 0 $52,200 10- 118 -21 -32 -0191 I 338 TIDE I B06 02 1030 1971 1979 0 $55,700 10- 118 -21 -32 -0192 339 TIDE B06 02 1030 1971 1979 0 $53,900 $6,095,300 Lake view flat charge $2000 Single upgrade effective age adjusted to 1980 Multiple upgrades effective age adjusted to 1982 i COMMERCIAL AND INDUSTRIAL ANALYSIS 1998 VS. 1999 • %.CHANGE 1998 AEMV 1:999 AEMV NEW `98 TO '99 TYPE OF PROPERTY TOTALS TOTALS CONSTRUCTION ASSMVINT. 1111 11 AUTO $7,576,800 $9,357,200 $821,400 12.7% AUTO DEALERS $19,822,700 $21,846,500 $345,000 8.5% BANKS $6,820,000 $6,823,000 0.0% BOWLING $2,430,000 $2,417,800 -0.5% FAST -FOOD $2,915,000 $2 ,917,000 0.1% HOTEL /MOTEL $30,149,000 $37,420,000 $5,511,000 5.8% MEDICAL OFFICE $5,829,900 $6,819,500 $645,600 5.9% OFFICE LARGE $31,767,800 $33,624,500 5.8% OFFICE SMALL $7,271,900 $8,466,300 16.4% • OFFICE CONDOMINIUMS $1,770,000 $1,770,000 0.0% RESTAURANT $7,969,100 $7,809,800 -2.0% RETAIL $60,234,300 $59,537,400 -1.2% SHOPPING CENTER $81,625,000 $80,943,400 $800,000 -1.8% COMMERCIAL TOTAL $266,181,500 $279,752,400 $8,123,000 2.0% INDUSTRIAL NORTH $56,701,600 $59,791,300 $1,975,100 2.0% INDUSTRIAL SOUTH $13,506,400 $15,127,400 $140,000 11.0% INDUSTRIAL TOTAL $70,208,000 $74,918,700 6.7% I TOTALS $336,389,500 $354,671,100 $40,238,100 • Weighted Mean 5,4 0 /6 Median by Use 3:0% 4/30/9912:45 PM BROOKLYN CENTER AUTO STORES AND SERVICE STATIONS EBA = Effective Building Area (baseement area taken at 1/2 actual) L:B 99 UNIT 99 EMV 98 UNIT 98 EMV / LOCATION AREA Ratio 1999 Values VALUES /LAND 1998 Values VALUES LAND Duke's LAND 39,988 10.40 Land $240,000 $6.00 $11.50 Land $240,000 $6.00 $11.00 6501 Humboldt Ave. N. GBA Building $220,000 $57.20 Building $200,000 $52.00 PID 35- 119 -21 -14 -0010 EBA 3,846 Total $460,000 $119.60 Total $440,000 $114.40 Change 4.55% Big Wheel /Rossi LAND 17,100 4.07 Land $120,000 $7.02 $10.23 Land $120,000 $7.02 $9.94 6822 Brooklyn Blvd. GBA Building $55,000 $13.10 Building $50,000 $11.90 PID 34-119-21-21-0027 EBA 4,200 Total $175,000 $41.67 Total $170,000 $40.48 Change 2.94% Brookdale Car Wash LAND 34,989 6.80 Land $275,000 $7.86 $14.58 Land $260,000 $7.43 $14.29 5500 Brooklyn Blvd. GBA Building $235,000 $45.65 Building $240,000 $46.62 PID 03-118-21-44-0032 EBA 5,148 Total $510,000 $99.07 Total $500,000 $97.13 Change 2.00% Mobile & Car Wash LAND 28,072 5.24 Land $210,500 $7.50 $20.50 Land $210,500 $7.50 $18.21 6849 Brooklyn Blvd. GBA Building $365,000 $68.16 Building $300,800 $56.17 PID 34119 -21 -22 -0016 EBA 5,355 Total $575,500 $107.47 Total $511,300 $95.48 Change 12.56% Land LAND 21,744 Land $206,900 $9.52 $9.52 Land $206,900 $9.52 $9.52 6245 Brooklyn Blvd. GBA Building $0 Building $0 PID 34 -119 -2143 -0004 EBA Total $206,900 Total $206,900 Building Razed 6197 Change 0.00% PT to LC Car - X Muffler LAND 30,112 7.93 Land $180,700 $6.00 $11.50 Land $180,700 $6.00 $11.50 6810 Brooklyn Blvd. GBA Building $165,500 $43.59 Building $165,500 $43.59 • PID 34119 -21 -21 -0031 EBA 3,797 Total $346,200 $91.18 Total $346,200 $91.18 Change 0.00% Champion Auto LAND 72,975 4.88 Land $383,100 $5.25 $8.29 Land $383,100 $5.25 $8.29 2105 -57th Ave. u. GBA Building $221,900 $14.84 Building $221,900 $14.84 PID 02-118-2142-0033 ERA 14,950 Total $605,000 $40.47 Total $605,000 $40.47 Change 0.00% Christy's Service LAND 18,900 6.86 Land $70,000 $3.70 $10.32 Land $60,000 $3.17 $8.73 5300 Dupont Ave. N. GBA Building $125,000 $45.39 Building $105,000 $38.13 PID 01- 118 -21- 340085 EBA 2,754 Total $195,000 $70.81 Total $165,000 $59.91 Change 18.18% Firestone Tire LAND 43,350 5.20 Land $325,000 $7.50 $12.23 Land $325,000 $7.50 $11.30 5445 Xerxes Ave. N. GBA Building $205,000 $24.60 Building $165,000 $19.80 PID 03- 118 - 21440030 EBA 8,335 Total $530,000 $63.59 Total $490,000 $58.79 New/.pr ---t- $30,000 New Improvement- $15,000 Partial Goodyear Tire LAND 52,642 6.32 Land $394,800 $7.50 $10.06 Land $394,800 $7.50 $9.81 5501 Xerxes Ave. N. GBA Building $135,000 $16.21 Building $121,600 $14.60 PID 03- 118 - 21440033 EBA 8,330 Total $529,800 $63.60 Total $516,400 $61.99 Change 2.59% Change $0 Stevens Auto Body LAND 10,969 2.74 Land $67,000 $6.11 $11.85 Land $44,000 $4.01 $11.85 430 - 65th Ave. N. GBA Building $63 $15.75 Building $86,000 $21.50 PID 36-119 -21 -13 -0030 EBA 4,000 Total $130,000 $32.50 Total $130,000 $32.50 $25,000 Midas Muffler LAND 53,143 6.39 Land $372,000 $7.00 $9.45 Land $320,800 $6.04 $9.09 1206 Brookdale Center GBA Building $130,000 $15.62 Building $162,500 $19.53 PID 03- 118 -21- 140032 EBA 8,322 Total $502,000 $60.32 Total $483,300 $58.07 Change 3.87% Change $o Phillips 66 - Land Only LAND 25,414 Land $228,700 $8.00 $9.00 Land $228,700 $8.00 $9.00 • 6901 Brooklyn Blvd. GBA Building Building PID 27- 119 -21 -33 -0100 EBA Total $228,700 Total $228,700 0.00% Permit March 97 No Const as of 1/2/98. Terry's Amoco LAND 24,675 8.59 Land $172,700 $7.00 $14.70 Land $172,700 $7.00 $12.88 6044 Brooklyn Blvd. GBA Building $190,000 $66.13 Building $145,000 $50.47 PID 03- 118 -21 -12 -0002 EBA 2,873 Total $362,700 $126.24 Total $317,700 $110.58 Change 14.16% Change $0 AUTO STORES & SERVICE 4/30/99 BROOKLYN CENTER AUTO STORES AND SERVICE STATIONS Super America LAND 14,520 8.34 Land $102,000 $7.02 $16.32 Land $102,000 $7.02 $15.15 1901- 57th Ave. N. GBA Building $135,000 $77.50 Building $118,000 $67.74 PID 02- 118 -21 -42 -0004 ERA 1,742 Total $237,000 $136.05 Total $220,000 $126.29 Change 7.73% Change $0 Super America LAND 62,457 10.53 Land $499,600 $8.00 $16.85 Land $437,000 $7.00 $13.56 6545 West River Rd. GBA Building $553,000 $93.22 Building $410,000 $69.12 PID 36- 119 -21 -13 -0109 EBA 5,932 Total $1,052,600 $177.44 Total $847,000 $142.78 Change 24.27% Change 3.84% Holiday Stationstore LAND 53,603 10.09 Land $429,000 $8.00 $22.58 420 66th st n GBA 5,312 Building $781,400 $147.10 36- 119 -21 -13 -0113 ERA 5,312 Total $1,210,400 $227.86 Change Change $0 Total Petroleum LAND 15,578 48.83 Land $170,000 $10.91 $13.48 Land $170,000 $10.91 $12.20 6830 Brooklyn Blvd. GBA Building $40,000 $125.39 Building $20,000 $62.70 PID 34-119-21-21-0028 EBA 319 Total $210,000 $658.31 Total $190,000 $595.61 Change 10.53% Change $0 Bill West 76 LAND 16,393 6.93 Land $98,400 $6.00 $14.36 Land $98,400 $6.00 $14.36 2000 - 57th Ave. N. GBA Building $137,000 $57.95 Building $137,000 $57.95 PID 02- 118 -21 -13 -0027 EBA 2,364 Total $235,400 $99.58 Total $235,400 $99.58 Change 0.00% Change $0 Brookdale Citgo LAND 38,000 27.94 Land $342,000 $9.00 $11.71 Land $342,000 $9.00 $11.71 5710 Xerxes Ave. N. GBA Building $103,000 $75.74 Building $103,000 $75.74 PID 03-118-21-14-0021 EBA 1,360 Total $445,000 $327.21 Total $445,000 $327.21 Change 0.00% Change $0 Humboldt Texaco LAND 26,031 16.31 Land $130,000 $4.99 $10.56 Land $130,000 $4.99 $8.82 6840 Humboldt Ave. N. GBA Building $145,000 $90.85 Building $99,500 $62.34 PID 36-119-21-22-0036 EBA 1,596 Total $275,000 $172.31 Total $229,500 $143.80 Change 19.83% Change $0 • Neil's Conoco LAND 38,025 Land $190,000 $5.00 $8.81 Land $190,000 $5.00 $7.87 35- 119 -21 -11 -0005 GBA 2,072 Building $145,000 $69.98 Building $109,400 $52.80 1505 69th Ave EBA 2,072 Total $335,000 $161.68 Total $299,400 $144.50 1966 L:B Ratio 18.35 Change 11.89% Change 4.98% II Totals and Means LAND 738,680 Land $5,207,400 $7.05 $12.67 Land $4,616,600 $6.74 $11.06 GBA Building $4,149,800 $44.81 Building $2,960,200 $33.91 EBA 92,607 Total $9,357,200 $101.04 Total $7,576,800 $86.80 G: \DEPTS\ ASSESS\ SPREDSHT \STEVEB \99CIA \[AUTO.XLS]AUTO STORES & SERVICE 23.50% Change 98 to 99 0.037661946 Change 97 to 9 i . AUTO STORES & SERVICE 4/30/99 4/30/99 BROOKLYN CENTER AUTOMOBILE DEALERS 1999 Unit 1999 EMV 1998 Unit 1998 ENV / • LOCATION areas 1999 EMV Values / LAND 1998 EMV Values LAND Brookdale Ford Land 375,760 Land $2,630,300 $7.00 $9.51 Land $2,630,300 $7.00 $8.54 2500 County Road 10 GBA 40,403 Building $943,700 $23.36 Building $578,700 $14.32 PID 02- 118 -21- 24-0019 EBA 40,403 Total $3,574,000 $88.46 Total $3,209,000 $79.42 L:B Ratio 9.30 11.4% Chang. 0.3% Change Brookdale Chrysler - Plymouth Land 194,282 Land $1,170,000 $6.02 $7.05 Land $1,068,500 $5.50 $6.20 6121 Brooklyn Blvd. GBA 24,788 Building $200,500 $9.07 EBA Building $135,500 $6.13 EBA PID 34- 119 -21-43 -0005 EBA 22,098 Total $1,370,500 $55.29 EBA Total $1,204,000 $48.57 EBA L:B Ratio 7.84 13.8% change 6.5% change Ryan Olds- Mazda Land 261,360 Land $1,829,500 $7.00 $11.44 Land $1,633,500 $6.25 $9.64 6700 Brooklyn Blvd. GBA 35,670 Building $1,160,500 $32.53 EBA Building $886,500 $24.85 EBA PID 34119.21 -21 -0030 EBA 35,670 Total $2,990,000 $83.82 EBA Total $2,520,000 $70.65 EBA _ L:B Ratio 7.33 New Imp. $220,000 18.7% Change 18.8% Chang. Iten Chevrolet & GEO Land 392,040 Land $2,646,300 $6.75 $10.23 Land $2,450,300 $6.25 $9.06 6701 Brooklyn Blvd. GBA 60,741 Building $1,363,700 $23.64 EBA Building $1,099,700 $19.06 EBA PID 34119 -21 -22 -0009 EBA 57,888 Total $4,010,000 $66.02 EBA Total $3,550,000 $58.44 EBA L:B Ratio 6.45 New Imp. $125,000 13.0 % change 4.7% Change Iten Trucks (Leased) Land 73,373 Land $440,200 $6.00 $11.31 Land $385,200 $5.25 $10.77 ' 4301 68th Ave N GBA 14,950 Building $389,800 $26.07 EBA Building $404,800 $27.08 EBA PID 34119 -21 -22 -0008 EBA 14,950 Total $830,000 $55.52 EBA Total $790,000 $52.84 EBA L:B Ratio 4.91 5.1% Change 0.9% Change Iten Chevrolet (Combined) Land 465,413 Land $3,086,500 $6.63 $10.40 Land $2,835,500 $6.09 $9.33 6701 Brooklyn Blvd. GBA 75,691 Building $1,753,500 $24.14 EBA Building $1,504,500 $20.71 EBA PID 34119 -21 -22 -0008 & 09 EBA 72,638 Total $4,840,000 $63.94 EBA Total $4,340,000 $57.34 EBA L:B Ratio 6.15 11.5% Change 4.0% Change i Brookdale Honda Land 174,676 Land $1,130,000 $6.47 $14.00 Land $960,700 $5.50 $13.03 6801 Brooklyn Blvd. GBA 52,455 Building $1,315,000 $29.51 EBA Building $1,315,000 $29.51 EBA 34- 119 -21 -22 -0017 0.095 44,567 Total $2,445,000 $46.61 EBA Total $2,275,700 $43.38 EBA L:B Ratio 3.33 7.4% Change 11.9% Change Brookdale Honda Used Cars Land 42,730 Land $280,000 $6.55 $7.65 Land $257,000 $6.01 $7.11 6837 Brooklyn Blvd. GBA 1,360 Building $47,000 $34.56 EBA Building $47,000 $34.56 EBA 34119 -21.22 -0018 EBA 1,360 Total $327,000 $240.44 EBA Total $304,000 $223.53 EBA L:B Ratio 31.42 7.6% Change 21.6% Change Combined Honda New & Used Land 217,406 Land $1,410,000 $6.49 $12.75 Land $1,217,700 $5.60 $11.87 6801 -37 Brooklyn Blvd. GBA 53,815 Building $1,362,000 $29.66 Building $1,362,000 $29.66 PID 3422 -17 & 1% EBA 45,927 Total $2,772,000 $51.51 Total $2,579,700 $47.94 L:B Ratio 4.04 7.5% Change 13.0% Change Brookdale Dodge Land 283,140 Land $1,700,000 $6.00 $7.42 Land $1,557,300 $5.50 $7.03 6800 Brooklyn Blvd. GBA 32,791 Building $400,000 $12.20 EBA Building $432,700 $13.20 EBA PID 34119 -21.21 -0009 EBA 32,791 Total $2,100,000 $64.04 EBA Total $1,990,000 $60.69 EBA L:B Ratio 8.63 5.5 %. Change 1.5% Change Brookdale Mltsibishi Land 174,240 Land $1,130,000 $6.49 $16.07 Land $1,045,000 $6.00 $15.21 7223 Brooklyn Blvd GBA 24,957 Building $1,670,000 $66.92 Building $1,605,000 $64.31 28- 119 -21-41 -0216 EBA 24,957 Total $2,800,000 $112.19 Total $2,650,000 $106.18 Site are. Noted i.'uoesbiw.. L:B Ratio 6.98 5.7% change Change Osseo- Brooklyn Bus Land 210,372 Land $1,051,900 $5.00 $6.65 Land $1,051,900 $5.00 $6.32 4435 68th Ave. N. GBA 34,040 Building $348,100 $10.23 Building $278,100 $8.17 PID 34119 -21 -22 -0012 EBA 34,040 Total $1,400,000 $41.13 Total $1,330,000 $39.07 L:B Ratio 6.18 5.3% Change 5.1% Change TOTALS Land 2,181,973 Land $14,008,200 $6.42 $10.01 Land $13,039,700 $5.00 $6.32 GBA 322,155 Building $7,638,300 $25.41 Building $6,783,000 $8.17 EBA 308,524 Total $21,846,500 $67.81 Total $19,822,700 $39.07 L:B Ratio 6.77 new Imp $345,000 10.2% Chong. 5.1% Change Note; Effective Building Area calculated with mezzanine and basement areas at 112 of actual area plus balance of improved area. G:I DEPTS'ASSESMPREDSHTSTEVEB1agCIA\ BANKS Brooklyn Center, Minnesota L$ 1999 UNIT 1998 UNIT 1997 UNIT LOCATION AREAS Ratty 1999 EMV VALUES [q 1998 EMV VALUES In 1997 EMV VALUES [/l City- County Credit Union Land 134,454 5.99 Land $693,000 $5.15 [q Land $693,000 $5.15 [/l Land $660,000 $5.00 (!J 6010 Earle Brown Dr GBA 22,431 Building $920,000 $54.55 [/J Building $920,000 $64.55 [!J Building $920,000 $54.55 [9 02. 118.21 -11 -0011 NRA 16,866 Total $1,613,000 $71.91 [/J Total $1,613,000 $71.91 [/J Total $1,580,000 $70.44 [/l Age 1990 Change 0.0% $95.64 NRA Change 2.1% $95.64 NRA Change - 5A% $93.68 NRA EMV to Land $12.00 EMV to Land $12.00 EMV to Land $11.97 Firstar Bank Land 45,024 4.61 Land $380,000 $8.44 (!) Land $380,000 $8.44 [/J Land $376,500 $8.00 [/J 5540 Brooklyn Blvd GBA 9,757 Building $700,000 $71.74 (/j Building $700,000 $71.74 [/[ Building $623,000 $63.85 [/J 03 -118 -21-41 -0013 NRA 9,757 Total $1,080,000 $110.69 [/J Total $1,080,000 $110.69 [![ Total $999,500 $102.44 [/J 2 Tenant Property Age 1992 Change 0.0% $110.69 NRA Change 8.1% $110.69 NRA Change -7.2% $102.44 NRA EMV to Land $23.99 EMV to Land $23.99 EMV to Land $21.24 Honeywell/Alliant Credit Land 105,841 17.49 Land $655,000 $6.19 [/[ Land $655,000 $6.19 [/J Land $490,000 $4.50 14 5825 Xerxes Ave N GBA 6,051 Building $295,000 $48.75 (/l Building $295,000 $48.75 [/J Building $273,000 $45.12 [/J 03- 118 -21 -14 -0026 NRA 6,051 Total $950,000 $157.00 (/[ Total $950,000 $157.00 [/J Total $763,000 $126.09 [/l Age 1980 Change 0.0% $157.00 NRA Change 24.5% $157.00 NRA Change -3.0% $126.09 NRA EMV to Land $8.98 EMV to Land $8.98 EMV to Land $7.01 Marquette Bank -Brkdl Land 85,150 4.76 Land $640,000 $7.52 [4 Land $640,000 $7.52 [/J Land $640,000 $7.01 [q 5620 Brooklyn Blvd GBA 17,881 Building $860,000 $48.10 [/j Building $860,000 $48.10 [7J Building $860,000 $48.10 [/J 03- 118 -21-41 -0001 NRA 14,720 Total $1,500,000 $83.89 [!j Total $1,500,000 $83.89 14 Total $1,500,000 $83.89 [/J Age 1961 11992 Change 0.0% $101.90 NRA Change 0.0% $101.90 NRA Change - 4.9% $101.90 NRA Effective Age 1986 EMV to Land $17.62 EMV to Land $17.62 EMV to Land $16.43 Marquette Bank (auto) Land 81,775 Land $355,000 $5.75 [q Land $338,000 $5.47 [/J Land $276,400 $4.50 [/J 5920 Brooklyn Blvd GBA 1,960 Building $35,000 $17.86 [/J Building $49,000 $25.00 [/J Building $58,800 $30.00 [/J 03- 118 -21 -12 -0095 NRA 1,960 Total $390,000 $198.98 [/j Total $387,000 $197.45 [/J Total $335,200 $171.02 [/J Age 1978 Change 0.8% $198.98 NRA Change 15.5% $197.45 NRA Change 3.8% $171.02 NRA EMV to Land $6.31 EMV to Land $6.26 EMV to Land $5.46 Norwest Bank Land 49,456 11.54 Land $400,000 $8.09 [/J Land $400,000 $8.09 [q Land $375,000 $7.51 [/l 2901 Northway Or GBA 4,285 Building $295,000 $68.84 [/J Building $295,000 $68.84 [q Building $212,500 $50.00 [/J 02- 118.21 -23 -0017 NRA 4,250 Total $695,000 $162.19 [/J Total $695,000 $162.19 [/[ Total $587,500 $138.24 Age 1967 Change 0.0% $163.53 NRA Change 18.3% $163.53 NRA Change - $138.24 NRA EMV to Land $14.05 EMV to Land $14.05 EMV to Land $11.77 TCF Savings & Loan Land 34,601 7.95 Land $295,000 $8.53 [/j Land $295,000 $8.53 [/l Land $276,200 $7.50 [/J 2950 Co Rd No 10 GBA 4,355 Building $300,000 $68.89 [/J Building $300,000 $68.89 [/J Building $283,000 $64.98 [/[ 03- 118 -21- 14.0030 NRA 4,355 Total $595,000 $136.62 [!J Total $595,000 $136.62 [/j Total $559,200 $128.40 [/[ Age 1965 Change 0.0% $136.62 NRA Change 6.4% $136.62 NRA Change - 4.9% $136.32 NRA EMV to Land $17.20 EMV to Land $17.20 EMV to Land $15.19 TOTALS Land 516,301 Land $3,418,000 $6.62 M Land $3,401,000 $6.59 [/J Land $3,094,100 $6.87 [![ GBA 66,720 Building $3,405,000 $51.03 [/J Building $3,419,000 $51.24 [/J Building $3,230,300 $48.44 [Q NRA 57,959 Total $6,823,000 $102.26 [/j Total $6,820,000 $102.22 [/J Total $6,324,400 $94.84 [/l Change 0.0% $117.72 Change 7.8% $117.67 Change -5.6% $109.60 G:I DEPT SW SSESSISPREDSHTSTEVEBt98CiA\BANKS .XLS EMV to Land $13.22 EMV to Land $13.21 EMV to Land $11.99 • 4/30199 FAST FOOD RESTAURANTS Brooklyn Center, Minnesota . 1999 UNIT 1998 UNIT # AREAS 1999 EMV VALUES 1998 EMV VALUES 1 Burger King LAND 31,605 Land $222,000 $7.02 Land $189,000 $5.98 6110 Brooklyn Boulevard GBA 2,403 Building $157,000 $65.33 Building $190,000 $79.07 PID 34- 119 -21-43 -0042 L/Bldg. Ratio 13.15 Total $379,000 $157.72 Total $379,000 $157.72 $11.99 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 $197,500 $89.45 Building $197,500 $89.45 PID 03- 118 -21-41 -0014 L/Bldg. Ratio 12.64 Total $421,000 $190.67 Total $421,000 $190.67 $15.09 EMV to Land 3 KFC LAND 18,615 Land $160,000 $8.60 Land $157,200 $8.44 5512 Brooklyn Boulevard GBA 1,698 Building $139,000 $81.86 Building $141,800 $83.51 PID 03- 118 -21-41 -0016 LIBldg. Ratio 10.96 Total $299,000 $176.09 Total $299,000 $176.09 $16.06 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 $168,000 $55.54 Building $168,000 $55.54 PID 03- 118 -21-41 -0023 UBldg. Ratio 17.42 Total $620,000 $204.96 Total $620,000 $204.96 $11.77 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 $323,400 $72.53 Building $323,400 $72.53 PID 03- 118 -21-41 -0020 UBldg. Ratio 9.95 Total $704,000 $157.88 Total $704,000 $157.88 $15.87 EMV to Land 6 Hardee's LAND 44,888 Land $325,000 $7.24 Land $275,100 $6.13 1601 Freeway Boulevard GBA 4,380 Building $169,000 $38.58 Building $216,900 $49.52 35- 119 -21-41 -0014 UBldg. Ratio 10.25 Total $494,000 $112.79 Total $492,000 $112.33 $11.01 EMV to Land $11 Orig of TOTALS LAND 220,055 Land $1,763,100 $8.01 Land $1,677,400 $7.62 GBA 18,173 Building $1,153,900 $63.50 Building $1,237,600 $68.10 IJBldg. Ratio 12.11 Total $2,917,000 $160.51 Total $2,915,000 $160.40 5.00% 0.05 Fast Food within Shopaina Center Parcels Increase Increase Various @ Brookdale Center . Subway @ Super America Leeann Chin @ Shingle Creek Center Subs, Etc. @ Shingle Creek Center Pizza Hut Delivery @ NAPA Subway @ Northbrook Center G: \DEPTS\ ASSESS \SPREDSHT\ STEVEB \99CIAgFASTFOOD.XLS]FASTFOOD - 1999 4/30/99 HOTELS /MOTELS Brooklyn Center, Minnesota • L:B 1999 UNIT 1998 UNIT LOCATION AREAS Ratio 1999 EMV VALUES [a 1998 EMV VALUES [/J Americlnn Land * 74,070 Land $590,000 $7.97 [/] Land $465,000 $6.28 [/] 2050 Freeway Blvd GBA 42,612 Building $3,560,000 $83.54 [/J Building $1,640,000 Improvement [/] 35- 119 -21 -13 -0021 Rooms 83 Total $4,150,000 $97.39 [/] Total $2,105,000 Partial [1] *Lot size is for new parcel. Age 1998 Change 97.1% $50,000 Rm Change 494.6% $25,361 Rm New Improvement = $1,920,000 Holiday Inn Land 297,182 2.46 Land $1,730,000 $5.82 [/] Land $1,725,800 $5.81 1501 Freeway Boulevard GBA 120,856 Building $4,220,000 $34.92 [/j Building $4,024,200 $33.30 [/J 35- 119 -21-41 -0003 Rooms 214 Total $5,950,000 $49.23 [/] Total $5,750,000 $47.58 [� Age 1971 Change 3.5% $27,804 Rm Change 132.1% $26,869 Rm Operble Rooms Operable Rooms Super 8 Land 105,813 2.88 Land $767,100 $7.25 [/] Land $706,000 $6.67 6445 James Circle GBA 36,696 Building $1,702,900 $46.41 [!1 Building $1,538,000 $41.91 [/] 35- 119 -21-42 -0006 Rooms 102 $2,470,000 $67.31 [!1 $2,244,000 $61.15 [/] Age 1980 Change 10.1% $24,216 Rm Change 4.4% $22,000 Rm Baymont Inn and Suites Land 89,882 2.32 Land $720,000 $8.01 [Il Land $642,500 $7.15 (/] 6415 James Circle North GBA 38,700 Building $2,310,000 $59.69 [/] Building $2,504,500 $64.72 [/] 35- 119 -21-42 -0011 Rooms 100 Total $3,030,000 $78.29 [/J Total $3,147,000 $81.32 [/] Age 1980 Change -3.7% $30,300 Rm Change 14.6% $31,470 Rm • Comfort Inn Land 47,761 Land $358,200 $7.50 [/J Land $320,000 $6.70 [/] 1600 James Circle North GBA 27,504 Building $2,046,800 $74.42 [/] Building $2,314,000 $84.13 [/] 35- 119 -21-41 -0015 Rooms 60 Total $2,405,000 $87.44 [/J Total $2,634,000 $95.77 [/] Angie Converse 560 -7464 Age 1995 Change -8.7% $40,083 Rm Change 25.7% $43,900 Rm Hilton Land 264,660 2.15 Land $1,852,600 $7.00 [/] Land $1,758,000 $6.64 [/] 2200 Freeway Blvd GBA 123,069 Building $8,554,400 $69.51 [/] Building $8,439,000 $68.57 [/] 35- 119 -21 -13 -0012 Rooms 176 Total $10,407,000 $84.56 [/] Total $10,197,000 $82.86 [/] Don Erickson 566 -8000 Age 1985 Change 2.1% $59,131 Rm Change 18.2% $57,938 Rm Country Inn Land 227,252 7.64 Land $1,477,100 $6.50 [/j Land $1,270,000 $5:59 [/J 2550 Freeway Blvd. GBA 29,736 Building $2,981,900 $100.28 [/J Building $2,537,000 $85.32 [/] 35- 119 -21 -24 -0008 Rooms 85 Total $4,459,000 $149.95 [II Total $3,807,000 $128.03 [/] Age 1997 Change 17.1% $52,459 Rm Change 96.3% $44,788 Rm Extended Stay America Land 116,913 Land $700,000 $8.04 LV /Useable Land 2701 Freeway Blvd GBA 45,450 Building $3,591,000 $79.01 [!] 35- 119- 21- 23 -Oxxx Rooms 104 Total $4,291,000 $94.41 [/] Age 1999 Change $41,260 Rm Usable Land is: 87,077 $5.99 Iv gross New Improvement = $3,591,000 Inn on the Farm Land 40,000 2.59 Land $200,000 $5.00 [/j Land $180,000 $4.50 [/] 6150 Summit Drive GBA 15,439 Building $58,000 $3.76 [/] Building $85,000 $5.51 M . 35- 119 -21-44 -0009 Rooms 10 Total $258,000 $16.71 [!] Total $265,000 $17.16 [n Age Change -2.6% $25,800 Rm Change 1.5% $26,500 Rm TOTALS 1,263,533 Land $8,395,000 $6.64 [!] Land $7,067,300 $6.16 [�] and 460,062 Building $29,025,000 $60.46 [!] Building $23,061,700 $53.11 [/] AVERAGES 934 Total $37,420,000 $77.95 [/j Total $30,149,000 $69.37 [/] Change 24.1% $40,064 Rm Change 43.8% $36,324 Rm G:\DEPTSV,SSESS4SPREDSHTISTEV EB\99C]AgHOTEL.XLS] 1999 4/30/99 BROOKLYN CENTER "B" OFFICE BUILDINGS • 1999 Unit 1998 uNl iNUiN6ER PROPERTY AREAS 1999 EMV Values 1998 EMV Values 1 Earle Brown Tower ( Land 276,548 (1 Land $1,400,000 $5.06 114 Land I I $1,305,500 $4.72 [/J Built 1974 6120 Earle Brown Drive GBA 139,978 In Building $4 $29.42 [4 Building $4,014,500 $28.68 in 9 Stories PID 35- 119 -21-44 -0003 NRA 112,347 [/1 Total $5,518 $39.42 I] Total $5,320,000 $38.01 114 Us Koll/ Mike Harrer 449 4429 Ratio 1.98 :1 NRA per [/J 549.12 111 NRA per [n $47.35 lin CIA • 1974 I Change in EMV 3.73 %I CChange in EMV 22.16 %I 2 Earle Brown Plaza land 185,670 11 Land $1,000,000 $5.39 1 I Land ( $1,000,000 _ $5.39 I/J Built 1972 6040 Earle Brown Drive GBA 55,360 [n Building $800,000 $14.45 I[Q Building 1 $700,000 $12.64 [/J 4Stories PID 02-118-21-11-0002 NRA 50,634 [n Total $1,800,000 $32.51 I[/] Total 1 $1,700,000 $30.71 [n L:B Compass / Mark Mundahl 546 -8700 Ratio 3.35 :1 NRA per [/J $35.55 I (Q I NRA per [1 $33.57 [n Sale 10197 $1,650,000 1 Change in EMV 5.88 %, Change in EMV 8.25% 6 Brookdale Corp Center I land 242,965 [n Land I $1,254,000 $5.16 [/1 Land I $1,254,000 $5.16 (/J Built 1982 6300 Shingle Creek Parkway GBA 116,640 (n Building] $4 $42.04 [4 Building $4,210,600 $36.10 1(4 6 Stories PI 35- 119 -21.43 -00 07 NRA 111_,151 M (Total I $6 $52.79 1[n Total $5,464,600 $46.85 IM Us r United / Mike Ohmes or Tom Stella 893 -883 Ratio 2.08 :1 NRA per [/1 $55.40 In (NRA per [11 $49.16 [n CIA - 1982 Sale 11-84 $9,250,000 Change in EMV 12.69% Change in EMV 16.55% 4 Brookdale Corporate Center II Land 220,081 [1 Land $1,252,100 _ _ $5.69 [q Land $1,252,100 $5.69 (/J Bulk 1986 6200 Shingle Creek Parkway GBA 116,640 [/1 Bui lding $5,084,700 $43.59 [11 (Building $4,229,600 $36.26 [n 6 Stories PID 35- 119 -21-43 -0008 NRA 111,500 14 Total $6 ,336 , 60 0 $54.33 [11 (Total $5,481,700 $47.00 [/) LA Ryan / Sandy Hansen 566 -3533 Ratio 1.89 :1 NRA per In $56.83 [11 INRA per (4 $49.16 (n CIA - 1986 � - C_ha_ nge in EMV - - 15.60 %1 Change in EMV 16.97 %1 • 3 Brookdale Corporate Center III Land _ 246,563 [1 (Land $1 $5.64 [/J Land $1,390,700 $5.64 M Built 1966 6160 Summit Drive GBA 111,907 [n IBuilding $5,955,000 $53.21 - 1 In IBuilding $5,547,900 1 $49.58 1[/1 6 Stories PID 35.119 -21-43 -0017 NRA 101,047 [n Tolal ' $7,345,700 $65.64 ITOtai $6,938,600 $62.00 [n L:B Ryan I Sandy Hansen 566 -3533 Ratio 2.2 :1 NRA per in _$72.70 [q I NRA per In $68.67 [n CIA - 1986 C hange in EMV 5.87 %I 1 Change in EMV 5.58% 5 Brooklyn Crossing (Land 143.259 In Land I $660,000 $6.00 in Lend I $883,000 $4.77 in Built 1980 3300 Bass Lake Road GBA 58,338 M Building $1,405,300 $24.09 1[n Building $1,373,100 $23.54 1/1 5 Stories PID 03- 118 -21 -14 -0033 NRA 53,905 M Total $2,265,300 $38.83 I[n Total $2,056,100 $35.24 1(n L:B CSM Bruce Carland 646 -1717 Ratio 2.46 :1 NRA per [11 $42.02 I[/1 NRA per M $38.14 IM CIA 1980 _ Change in EMV 10.17%1 (Change in EMV 12.86% 7 US West Office Land 347,814 M land $1,743,000 $5.01 [1] Land $1,481,000 Built 1989 591 Shingle Creek Parkway GBA 70,488 In Building $411 ,300 $5.84 I[n Building $1,617,800 $4.26 [1J _ _ _ _ $22.95 [/J 2 Stories PID 02- 118 -21 -21 -0001 NRA 70,488 [/1 Total $2 $30.56 [n Total 1 $3,098,800 $43.96 M C2 - 1968 -- - - - -- -- - - -... Rat ..._._.. 4.93:1 -- - -- NRA Per [l1 530.56 INRA per 1/J $43.98 (4 -- -- -- ..._. .... R , ..,...._. 4 , ..,.._.__._.._. .,,..err - - - - -- Chance in EMV -30.48 % Change in EMV -2.86% 9 BROOKDALE TOWERS Land 144,789 [/1 Land $907,000 $6.26 [n Land $907,000 $6.26 [n Built 1971 5701 Shingle Creek Parkway GBA 65,256 [n Building $1 $17.45 [q Building $801,000 $12.27 [/J - 6 Stories 02 - 118 - - - 0016 NRA 50,842 [n Total $2,046,000 $31.35 [11 Total $1,708,000 $26.17 [n Us Sam Cave Ratio _ 2.22 :1 _ _ - NRA per [9 $40.24 [!J NRA per [Q $33.59 [/1 C2 - 1971 w/1996 -98 renovation I Change in EMV 19.79% Change in EMV 22.00% TOTALS 1,a07,s88 9,606,800 $5.43 [/] 9,273,300 $5.13 [n TOTALS AND MEAN UNIT VALUES 734,507 23,817,700 $32.42 [/1 22,494,500 $30.62 [1 33,624,500 $45.77 I8 $31,767,600 $43.24 (n • I 1 1 1,856,700 1 New Value G:I DEPTSWSSESSt. SPREDSHTG S TEVEB \99CIAVOFFGT20K.XLS1Assessment 8 Unit Values laercentags ch nys 5.88 %I $0.16 i 4130/99 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS • 1999 Unit 1998 Unit PROPERTY AREAS 1999 EMV Values 1998 EMV Values Park Nicollet Medical Clinic Land 160,197 [Q Land $775,000 $4.84 [Q Land $760,300 $4.75 [/J 6000 Earle Brown Drive GBA 31,982 [Q'Building $1,425,000 $44.56 [/j Building $1,239,700 $38.76 [/] 02- 118 -21 -11 -0005 NRA 31,982 [Q Total $2,200,000 $68.79 [/j Total $2,000,000 $62.54 L:B 1977 Ratio 5.01 :1 NRA per [Q $68.79 [Q NRA per [/] $62.54 NEW IMPROVEMENT FOR 1999 - $200,000 Ch ange in EMV 10.00% Change in r:-MV 17.99 %1 Health Partners Dental Clinic Land 49,515(l `Land - $265,000 $5.35 [/] Land $263,400 $5.25 [/J 5901 John Martin Dr _ GBA 6,000 [/J IBuildin_g $228,800 $38.13 [Q Building $181,300 $30.22 [/J 02- 118 -21 -21 -0005 NRA 6,000 (Q Total $493,800 $82.30 [/] Total $444,700 $74.12 [/J L:B C2 - 1979 Ratio 8.25 :1 NRA per [/] $82.30 [1] NRA per [/j $74.12 [/] Cha ige in EMV 11.04% Change in EMV 14.03% Woodhaven Dental Assoc Land 28,336 [/] Land $120,000 $4.23 [Q Land $98,500 $3.48 [/] 5831 Brooklyn Blvd GBA _____3,936 [/J Building_ $118,000 $29.98 [Q Building $68,700 $17.45 [/] 03- 118 -21 -13 -0012 & 0013 NRA 2,755 [/] Total $238,000 $60.47 [q Total $167,200 $42.48 [/] L:B C1 - 1970 Ratio 7.20 :1 NRA per [1] $86.39 [Il NRA per $60.69 [/] Chanqe in EMV 42.34% Change in _MV 8.44% • Northport Medical Caner Land 31,757 [/] Land $1 $4.09 [1] Land $120,000 $3.78 [/I 5415 Brooklyn Blvd GBA 3,374 [4 Building $88,500 $26.23 (1] Building $90,100 $26.70 [Q 03- 118 -21-44 -0009 NRA 3,374 [/] Total $218,500 $64.76 (1] Total $210,100 $62.27 [(} L:B - C1 - 1960 Rati 9.41 :1 NRA per (I]- - $64.76 [/J NRA per [/] $62.27 [/J Change in EMV 4.00% Change in EMV 13.20 %I Dr. Moen DDS 6938 Brooklyn Blvd Land GBA 9,000 824 11 Bu Idinq I $25,000 $30.34 [1] Building $25,000 $8.00 [/J - - r $30.34 [/] 27- 119 -21 -33 -0061 NRA 824 [11 Total $97,000 $117.72 [11 Total $97,000 $117.72 [/] L:B 1951 Ratio 10.92 :1 NRA per [Q $117.72 [/1 NRA per [/j $117.72 [1 - -- Change in EMV 0.00% Change in :_MV 0.00% Group Health Medical Center Land 239,032 M Land $960,000 $4.02 [Q Land $960,000 $4.01 [/J 6845 Lee Ave N GBA 25,199 M Building $695,600 $27.60 [/] Building $714,600 $28.36 (/] _ .. . ....... - -- - - ------ - 34- 119 -21 -22 -0004 NRA 25,199 [/1 Total $1,655,600 $65.70 [Q Total $1,674,600 $66.46 [/l C1 - 1975 Ratio 9.49 :1 NRA per [/] $65.70 [/] NRA per [/j $66.46 [/J I Change in EMV -1.13% Change in EMV 20.82% Brookpark Dental Clinic Land 36,979 M Land $185,000 $5.00 [1] Land $160,000 $5.01 [/] 6437 Brooklyn Blvd. GBA 8,714 [/J Building $191,400 $21.96 [Q Building $155,800 $35.15 [/1 . 34- 119 -21 -31 -0104 NRA 6,432 [/1 Total ( $376,400 $43.19 [Q Total $315,800 $71.25 [/J L:B 1972 actual 11990 effective Ratio 4.24 :1 _N__ RA per [/] $58.52 [l] NRA per (n $71.25 [/1 Change in EMV 19.19% Change in EMV - 10.94 %1 4/30/99 BROOKLYN CENTER MEDICAL OFFICE BUILDINGS 1999 Unit 1998 Unit • PROPERTY AREAS 1999 EMV Values 1998 EMV Values Brookdale North - Park Dental Land 54,450 [/] Land $272,300 $5.00 [Q Land $272,300 $5.00 [/] 6142 Brooklyn Blvd GBA 9,345 [/] (Building $200,400 $21.44 [Q Building $64,100 $12.77 [4 34- 119 -21 -31 -0106 NRA 8,410 [/J Total $472,700 $50.58 [Q Total $336,400 $17.68 [/] L:B 1981 - C1 Ratio 5.83 :1 NRA per [Q $56.21 [II NRA per [Q $36.22 [/J One Story on Grade Change in EMV 40.52% Change in EMV 105.71% Brooklyn Blvd Chiropractic Land 14,415.M. Land $10,000 $0.69 (/] Land $10,000 $0.70 [/7 6142 Brooklyn Blvd GBA 2,036 [/] Building $27,000 $13.26 M Building $26,000 $12.77 [/] 34- 119 -21-43 -0037 NRA 994 [Q Total $37,000 $18.17 [I] Total $36,000 $17.68 [I] L:B R1(Conditional Use Permit) -1958 Ratio 7_.0 :1 NRA per [!J $37.22 [1] N per [/j $36.22 [/J Located in Residence Change in EMV 2.78% Change in =M 105.71% PBC Clinic Land - 67,442 [/] Land $338,000 $5.01 [a Land $300,000 $4.56 [/] 6120 Brooklyn Blvd GBA 14,034 [/] Building $63,000 $4.49 [1] Building $94,000 $6.70 [/] 34- 119 -21-43 -0060 NRA 7,017 [/] Total $401,000 $28.57 [1] Total $394,000 $28.07 [/l L:B C1 - 1962 Ratio 4.81 :1 NRA per [I] $57.15 [I] NRA per [/] $56.15 [/J � - r Sold 11/84 - $438,000 Change in EMV 1.78% Change in =MV 0.25% River Road Dental Land 35,090 [/J Land $192,900 $5.50 [/] Land $110,000 $5.50 [/] - -- 512 66th AVE N GBA � 5,861 [/1 B $587,800 I $100.29 [Q Building $93,200 $29.23 [/J 36- 119 -21 -13 -0114 NRA 4,750 [/ Total $780 ,700 $133.20 [/] Total $203,200 $63.72 [/1 L:B - - C2 - 1998 Ratio 5.99 :1 NRA per [q $164.36 [Il NRA per [Q $63.72 [/J NEW IMPROVEMENT FOR 1999 - $587,800 Change in EMV OLD CLINIC DEMOLISHED IN 1998. Land 726,213 Land 3,320,200 $4.57 [/j Land 3,126,500 $4.52 [Q TOTALS AND MEAN UNIT VALUES GBA 111,305 GBA 3,641,500 $32.72 [Q GBA 2,752,500 $29.18 [/1 NRA 97,737 NRA $6,961,700 $62.55 [1] NRA $5,829,900 $59.81 [/] TOTAL NEW IMPROVEMENTS $787,800 G:\DEPTSV ASSESS\ SPREDSHT\ STEVEB \99CIAgMEDICAL.XLS1Assessment & Unit Values 1 19.41% 1 1 $0.10 4/30/99 BROOKLYN CENTER "B" OFFICE BUILDINGS • 1999 Unit 1998 Unit PROPERTY AREAS 1999 EMV Values 1998 EMV Values I Earle Brown Tower Land I 276,548111I Land $1,400,000 $5.06 �[/j Land $1,305,500 $4.72 Built 1974 6120 Earle Brown Drive GBA( 139,978 [1] Building I $4,118,500 $29.42 [1 Building $4,014,500 $28.68 9 Stories PID 35-119-21-44-0003 I NRA 112,347 [/1 Total I $5,518,500 $ [1] Total $5.320,000 $38.01 8 Koll/ Mike Harrer 449-4429 R 1.98 :1 I NRA per In $49.12 in I NRA per [1] $47,35 CIA - 1974 I Change in EMV 3.73%1 1 Change in EMV 22.16% 2 Earle Brown Plaza Land 185,670 V] Land $1,000,000 $5.39 IV, Land $1,000,000 $5.39 Built 1972 6040 Earle Brown Drive GBA 55,360((() Building $800,000 $14.45 [1] Building $700,000 $12.64 4 Stories PID 02-118-21-11-0002 1 NRA 50,6341[n Total $1,800,000 $32.51 (Total $1.700,000 $30.71 Us Compass / Mark Mundahl 546-8700 1 Ratio 3.351:1 NRA per $35.55 [1] NRA per [1 $33.57 Sale 10197 $1,650,000 Change in EMV 5 . 88 %1 1 Change in EMV 6.25% 6 Brookdale Corp Center I - ]land 1 242,965 [/] 11-ain $1,254,000 $5.16 11/1 Land $1,254,000 $5.16 Built 1982 6300 Shingle Creek Parkway GSA 116,640 In Building $4,903,900 $42.04 In Building $4,210,600 $36.10 a Stories PID 35-119-21-43-0007 NRA 111,151 In Total $6,157,900 $52.79 [n Total $5,464,600 $46.85 L'S I United I Mike Ohmes or Tom Stella 893-883 Ratio 2.08 :1 NRA per [a $56.40 14 NRA per In $49.16 CIA - 1982 Sale 11-84 $9,250,000 Change in EMV 12.69% Change in EMV 16.55% 4 Brookdale Corporate Center 11 Land 220,081([/) Land $1,252,100 $5.69 [/] Land $1,252,100 $5.69 Built 1986 6200 Shingle Creek Parkway GBAI 1116,6401[f) (Building $5,084,700 $43.59 1[11 IBuilding $4,229,600 $36.26 6 Stories PID 35-119-21-43-0008 NRA 111,500 1/1 Total $6,336,800 $54.33 [1] (Total $5,481,700 $47.00 L:O Ryan I Sandy Hansen 5663533 Ratio 1.89 :1 NRA per In $56.83 [1] I NRA per In $49.16 • CIA - 1986 Change in EMV 15.60% Change in EMV 16.97% 3 Brookdale Corporate Center III Land 246,563 M Land $1,390,700 $5.64 [/] Land $1,390,700 $5.64 Built 1986 6160 Summit Drive GBA 111 In Building $6,955,000 $53.21 [n Building $5.547,900 $49.58 6 Stories PID 35-119-21-43-0017 NRA 101,047 [1 Total $7,346,700 $65.64 (Total $6.938,600 $62.00 Ryan I Sandy Hansen $663533 Ratio 2.20 :1 NRA per [a $72.70 NRA per In $68.67 CIA - 1986 Change in EMV 5.87%1 Change in EMV 5.58% 5 Brooklyn Crossing Land I 14 3,259 Land $860,000 $6. � Land $683,000 $4.77 Built 1980 3300 Bass Lake Road - 1 GBAI 58,338 [/J Building $1,405,300 $24.09 in I Building $1,373,100 $23.64 5 Stories PID 03-118-21-14-0033 1 NRAI 53,905I[/],Total $2,265,300 $38.83I[/] (Total $2,056.100 $35.24 CSM Bruce Carland 646-1717 Ratio 2.46 :1 NRA per [a _- -- __$42.02_ [/j NRA per [1] $38.14 CIA - 1980 Change in EMV 10.17% Change in EMV 12.86% 7 US West Office Land _347,814 Land $1,743,000 $5.01 [/] Land $1,481,000 $4.26 Built 1969 5910 Shingle Creek Parkway GBA 70,488 Building $411,300 $5.84 Ej Building $1,617,800 $22.95 2 Stories PID 02-118-21-21-0001 NRAj 70,4881[n Total $2,164,300 $30.56 1 m Total $3,098,800 $43.96 C2 - 1969 LIS Ratio 4.93 1:1 NRA per in $30.56 NRA per 14 $43.96 Change in EMV -30.48% Change in EMV -2.86% 9 BROOKDALE TOWERS Land 144,789 [11 Land $907,000 $6.26 [/1 Land $907,000 $6.26 Built 1971 5701 Shingle Creek Parkway GBA 65,256 M Building $1,139,000 $17.45 [11 Building $13011,000 $12.27 6 Stories 02-118-21-23-0016 NRA 50,842 M [Total $2,046,000 $31.35 11] Total $1.708,000 $26.17 Sam Cave Rasp 2.22 :1 NRA per [1) $40.24 [)l NRA per [1] $33.59 C2 - 1971 w11996-98 renovation Change in EMV 19.79% Change in EMV 22.00% TOTALS 1 9,806,800 $5.43 [/j 9,273,300 $5.13 TOTALS AND MEAN UNIT VALUES 734,607 23,817,700 $32.42 22,494,600 $30.62 33,624,500 $45.77 $31,767,800 $43.24 1,856,700 New Value G:IDEPTS\ASSESS\SPREDSH & Unit Values Percents c -p $0.16 5r3/99 • SMALL OFFICE BUILDINGS Brooklyn Center, Minnesota 1999 1998 1999 UNIT EMV: 1998 UNIT EMV: NUMBER LOCATION AREAS 1999 VALUES [AND 1998 EMV VALUES LAND 1 Hofstad Building LAND 34,16014 Land $153,700 $4.50 $6.75 Land $153,700 $4.50 $6.28 Built 1965 5650 Lilac Dr N GBA 3,894 [q Building $77,000 $19.77 Building $60,900 $15.64 1 Story 02 -118 -21-42 -0032 NRA 3,894 in Total $230,700 $59.24 Total $214,600 $55.11 L:B Ratio 8.77 [q $59.24 NRA per [q $55.11 NRA per Change in EMV 7.50% Change in EMV 4.99% 2 Bailey Office LAND 8,568 in Land $32,000 $3.73 $9.55 Land $32,000 $3.73 $6.28 Built 1930 902 53rd Ave N GBA 3,000 I/[ Building $49,800 $16.60 Building $54,600 $18.20 1 Story 01- 118 -21-04 -0081 NRA 1,800 iq Total $81,800 $27.27 Total $86,600 $28.87 Sold 12/1997 - $80, 000. L:B Ratio 2.86 in $45.44 NRA per [/1 $48.11 NRA per Change in EMV -5.54% Change in EMV 4.99% 3 M[lavetz LAND 55,000 in Land $165,000 $3.00 $4.61 Land $165,000 $3.00 $4.02 Built 1966 1915 - 57th Ave. N. GBA 2,677 In Building $88,800 $33.17 $4.16 Building $56,100 $20.96 3.6943 1 Story 02- 118 -21-42 -0035 w /0034 NRA 2,677 [q Total $253,800 $94.81 Total $221,100 $82.59 0034 15,000 L:B Ratio 20.5511 w/0034 $291,300 $108.82 w/0034 w/0034 $258,600 $96.60 w/0034 $37,500 Change in EMV 14.79% Change in EMV 7.70% 4 5615 Building LAND 30,056 in Land $150,000 $4.99 $13.64 Land $150,000 $4.99 $12.64 Built 1987 5615 Brooklyn Blvd. GBA 9,425 in Building $260,000 $27.59 Building $230,000 $24.40 2 Stories 03- 118 -21-42 -0030 NRA 8,136 in Total $410,000 $43.50 Total $380,000 $40.32 L:B Ratio 3.19 [q $50.39 NRA per [/] $46.71 NRA per [/ Sale 1196 for $374,000 or $38.90 [q. Change in EMV 7.89% Change in EMV 8.57% • 5 Brooklyn Peace Center LAND 46,613 [/] Land $209,800 $4.50 $10.60 Land $209,800 $4.50 $8.58 Built 1980 5637 Brooklyn Blvd. GBA 14,850 [q Building $284,400 $19.15 Building $190,200 $12.81 3 stories 03 -118 -21-42 -0028 NRA 11,204 [q Total $494,200 $33.28 Total $400,000 $26.94 L:B Ratio 3.14 in $44.11 NRA per [/] $35.70 NRA per [/ Change in EMV 23.55% Change in EMV 0.00% 6 Brookdale Ten LAND 43,450 [q Land $305,000 $7.02 $14.58 Land $305,000 $7.02 $13.41 Built 1966 5740 Brooklyn Blvd. GBA 13,586 [q Building $328,600 $24.19 Building $277,700 $20.44 2 stories 03- 118 -21 -14 -0001 NRA 13586 [q Total $633,600 $46.64 Total $582,700 $42.89 L:B Ratio 3.20 in $46.64 NRA per [q $42.89 NRA per [/ Change in EMV 8.74% Change in EMV 11.37% 7 Brooklyn Crossings 11 LAND 181,754 in Land $908,800 $5.00 $7.50 Land $908,800 $5.00 $6.28 Built 1987 3200 County Road 10 GBA 15,600 [q Building $453,700 $29.08 Building $233,000 $14.94 1 story 03- 118 -21 -14 -0034 NRA 15,600 in Total $1,362,500 $87.34 Total $1,141,800 $73.19 LB Ratio 11.65 [q 94.72% NRA per[/] $73.19 NRA per [/ Change in EMV 19.33% Change in EMV 18.49% 8 Brookdals West Professional Building LAND 64,422 [q Land $297,000 $4.61 $9.42 Land $297,700 $4.62 $8.59 1968 5901 Brooklyn Boulevard GBA 19,847 in Building $309,600 $15.60 Building $255,600 $12.88 2.5 Story 03- 118 -21 -12 -0001,13- 0099 NRA 15,958 [q Total $606,600 $30.56 Total $553,300 $27.88 Gl Sold 1977 for $511,200. LB Ratio [!] $38.01 NRA per [/] $34.67 NRA per [/ For Sale 1098 - $1,220,000 or $76.45 to NRA Change in EMV 9.63% Centerbrook Office (Brown & 9 Co) LAND 35,2001/] Land $176,000 $5.00 $15.88 Land $176,000 $5.00 $10.12 Built 1970 5930 Brooklyn Blvd. GBA 10,692 [q Building $382,900 $35.81 Building $180,200 $16.85 2 Stories 03- 118 -21 -12 -0006 NRA 10,692 in Total $558,900 $52.27 Total $356,200 $33.31 LB Ratio 3.29 in $52.27 NRA per [q $33.31 NRA per (/ Change in EMV 56.91% Change in EMV 4.55% 10 Kruger Gallery Homes LAND 24,231 [q Land $121,200 $5.00 $6.76 Land $121,200 $5.00 $5.83 • Built 1933 6045 Brooklyn Blvd GBA 1,097 [q Building $42,600 $38.83 Building $20,000 $18.23 2 Story 03- 118 -21 -12 -0087 NRA 1,097 [q Total $163,800 $149.32 Total $141,200 $128.71 LB Ratio 22.09[q $149.32 NRA per[/ $128.71 NRA per Change in EMV 16.01% Change in EMV 16.50% OFFSMALL.XLS1999 4/30/99 • 1999 1998 1999 UNIT EMV: 1998 UNIT EMV: NUMBER LOCATION AREAS 1999 VALUES LAND 1998 EMV VALUES LAND 11 6500 Building LAND 40,950 [n Land $204,800 $5.00 $11.77 Land $204,800 $5.00 $9.15 Built 1972 6500 Brooklyn Blvd. GBA 10,680 [n Building $277,300 $25.96 Building $170,000 $15.92 2 Stories 34- 119 -21 -13 -0084 NRA 10,680 in Total $482,100 $45.14 Total $374,800 $35.09 L.B Ratio 3.83 [/1 $45.14 NRA per 1/1 $35.09 NRA per [/ 12 EDA of Brooklyn Center LAND 23,479 in Land $140,900 $6.00 $6.01 Land $140,900 $6.00 $6.01 Built 1978 7000 Brooklyn Blvd. GBA 5,425 [n Building $100 $0.02 Building $100 $0.02 2 Stories 27- 119 -21 -33 -0067 NRA 5,425 in Total $141,000 $25.99 Total $141,000 $25.99 LB Ratio 4.33 in Exempt $25.99 NRA per [/I Exempt $25.99 NRA per [/ Change in EMV 0.00% Change in EMV 12.98% 13 Remax Building LAND 80,900 In Land $404,500 $5.00 $6.34 Land $404,500 $5.00 $5.57 Built 1979 7240 Brooklyn Blvd. GBA 9,920 In Building $101,200 $10.20 Building $39,000 $3.93 2 stories 28- 119 -21-41 -0204 NRA 7,500 in Bc Total $505,700 $51.69 BC Total $443,500 $45.42 Addl. Birk. Park Parcel- 14-0006 LS Ratio 8.16 in Total* $512,800 $68.37 NRA per [/ Total' $450,600 $60.08 NRA per [/ B. Park parcel valuation is - $ 7,100 - Includes value of B. Park parcel • - Includes value of B. Park parcel 1996 sale for $425,000 or $42.85 [n to GBA or $56.66 to NRA Change in EMV 13.80% Change in EMV 7.70% 14 7100 Corp Plaza/Edina Realty LAND 60,905 In Land $304,500 $5.00 $14.24 Land $304,500 $5.00 $11.00 Built 1986 7100 Brooklyn Blvd GBA 12,160 In Building $563,000 $46.30 Building $365,600 $30.07 2 story 27- 119 -21 -33 -0097 NRA 11,190 in Total $867,500 $71.34 Total $670,100 $55.11 LB Ratio 5.01 in $77.52 NRA per [n $59.88 NRA per [/ Sold 1991 for $1,276,000. Change in EMV 29.46% Change in EMV 0.31% 15 Associated Insurance LAND 53,240 In Land $213,000 $4.00 $12.66 Land $213,000 $4.00 $11.04 Built 1988 2800 Freeway Blvd. GBA 13,936 In Building $460,900 $33.07 Building $375,000 $26.91 • 2 Stories 35- 119 -21 -22 -0052 NRA 13,936 in Total $673,900 $48.36 Total $588,000 $42.19 LB Ratio 3.82 in $48.36 NRA per [n $42.19 NRA per [/ 1996 sale for $600,000 or $43.99 [n. Change in EMV 14.61% Change in EMV 1.61% 16 Viking Enterprises LAND 18,000 in Land $108,000 $6.00 $12.70 Land $108,000 $6.00 12.594 Built 1954 4315 70th Ave N GBA 5,335 [n Building $120,600 $22.61 Building $118,700 $22.25 1 Story 27- 119 -21 -33 -0065 NRA 5,335 in Total $228,600 $42.85 Total $226,700 $42.49 LB Ratio 3.37 [n $42.85 NRA per [n $42.49 NRA per Change in EMV 0.84% Change in EMV - 18.87% 17 State Farm Building LAND 80,067 [n Land $475,000 $5.93 $9.64 Land $475,000 $5.93 $9.37 Built 1986 5930 Shingle Creek Parkway GBA 12,008 (n Building $296,600 $24.70 Building $275,300 $22.93 2 story 02- 118 -21 -21 -0002 NRA 9,990 in Total $771,600 $64.26 Total $750,300 $62.48 LB Ratar 6.67 (n $77.24 NRA per [n $75.11 NRA per [/ Change in EMV 2.84% Change in EMV -0.29% nand and :. S9:S9:: land<:. .:Building _164,432 : euiiding .:: :. $4,097,100 : $24'.96;: Building $2 902,OQtt,.: .$17:68 - idRA 148,700' :;Total' . $$, d$6300:::: Total::*: a: oearsassESatsareEnsHnstEVgemaeuYPSecau Changeln:El4fV:' 16.42 %:.:.;. ".GharigeTnAV" 6.22% • OFFSMALL.XLS1999 4/30/99 RESTAURANTS Brooklyn Center, Minnesota L:B:... 1989 Emit :: :::EMV to;. i=imv `_' , to:.. <..:. '._ ' 1998: LIp3;: #:. hOCAj1aN < _ . ;; : _ : AREAS Ralro . 199:: V �4t«tFEa: ? : :!. V aIU @S.. ..;(:and:':: VALt9ES.:::: Value &;::;::Land:; 2 Que Viet LAND 28,696 12.76 Land $143 ,600 $5.00 $10.48 Land $143,600 $5.00 $10.48 6100 Brooklyn Boulevard GBA 2,249 Building $157,100 $69.85 Building $157,100 $69.85 34 -43-47 and 03 -12 -90 AGE 1972 Total $300,700 $133.70 Total $300,700 $133.70 Change 0.00% Change 11% 3 50's Grill LAND 48,476 9.73 Land $339 ,300 $7.00 $10.93 Land $339,300 $7.00 $12.57 5524 Brooklyn Boulevard GBA 4,980 Building $190,700 $38.29 Building $270,000 $54.22 03 -118 -21-41 -0015 AGE 1968 Total $530,000 $106.43 Total $609,300 $122.35 Change -13.01% Change 5% 4 Ground Round LAND 46,390 7.99 Land $371 ,100 $8.00 $15.83 Land $371,100 $8.00 $15.83 2545 County Road 10 GBA 5,808 Building $363 ,400 $62.57 Building $363,400 $62.57 02- 118 -21 -31 -0049 AGE 1977 Total $734 ,500 $126.46 Total $734,500 $126.46 Change 0.00% Change 5% 5 Baker's Square LAND 43,200 10.39 Land $291 ,600 $6.75 $11.57 Land $291,600 $6.75 $13.43 5601 Xerxes Avenue North GBA 4,157 Building $208,400 $50.13 ($0.00) Building $288,400 $69.38 03- 118 -21-41 -0002 AGE 1965 Total $500,000 $120.28 Total $580,000 $139.52 Change - 13.79% Change 0% 6 Denny's LAND 81,279 14.91 Land $365,700 $4.50 $7.81 Land $365,700 $4.50 $7.81 3901 Lakebreeze GBA 5,452 Building $268,800 $49.30 Building $268,800 $49.30 10- 118 -21-31 -0024 AGE 1978 Total $634,500 $116.38 Total $634,500 $116.38 Change 0.00% Change 0% 7 Perkins LAND 51,417 9.52 Land $282,800 $5.50 $12.01 Land $282,800 $5.50 $12.01 5915 John Martin Drive GBA 5,400 Building $334 ,800 $62.00 Building $334,800 $62.00 02- 118 -21 -12 -0011 AGE 1972 Total $617,600 $114 .37 Total $617,600 $114.37 • Change 0.00% Change -11% New Imp 8 Davanni's LAND 38,576 10.33 Land $212,000 $5.50 $11.33 Land $212,000 $5.50 $11.33 5937 Summit Dr. GBA 3,734 Building $225,000 $60.26 Building $225,000 $60.26 02- 118 -21 -12 -0009 AGE 1981 Total $437,000 $117.03 Total $437,000 $117.03 Change 0.00% Change 0% 9 Olive Garden LAND 105,192 11.56 Land $736,300 $7.00 $12.36 Land $736,300 $7.00 $12.36 1601 James Circle GSA 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 2% 10 Cracker Barrel LAND 182,744 18.74 Land $1,005,000 $5.50 $8.65 Land $1,005,000 $5.50 $8.65 1501 James Circle GBA 9,752 Building $576,000 $59.06 Building $576,000 $59.06 35- 119 -21-41 -0019 AGE 1993 Total $1 $162.12 Total $1,581,000 $162.12 Change 0.00% Change 2% 11 Chi Chi's LAND 92,550 12.82 Land $700,000 $7.56 $8.64 Land $625,000 $6.75 $8.64 2101 Freeway Blvd. GBA 7,222 Building $100,000 $13.85 Building $175,000 $24.23 35- 119 -21 -13 -0006 AGE 1981 Total $800,000 $110.77 Total $800,000 $110.77 Change 0.00% Change -18% 11 Denny's LAND 44 4 y 31 8.32 Land $330 ,000 $7.43 $17.75 land $330,000 $7.43 $17.75 6405 James Cir N GBA 5,338 Building $458,600 $85.91 Building $458,600 $85.91 35- 119 -21-42 -0012 AGE 1996 Total $788,600 $147.73 Total $788,600 $147.73 Change 0. 00% Change 10% 11 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 New Improvement $803,600 12 Bridgeman's LAND 49,232 11.80 Land $270,700 $5.50 $7.61 Land $270,700 $5.50 $7.61 6201 Brooklyn Blvd. GBA 4,173 Building $103,800 $24.87 Building $103,800 $24.87 • 34- 119 -2143 -0007 AGE 1964 Total $374,500 $89.74 Total $374,500 $89.74 Change 0.00% Change 7% TOTALS LAND 767,752 Land $4,718,100 $6.15 $10.17 Land $4,643,100 $6.05 $10.38 GBA 62,027 Building $3 $49.84 Building $3,326,000 $53.62 Total $7,809,800 $125.91 Total $7,969,100 $128.48 f:\ assess \spredsht\steveb \96cia \rest.xls 4/30/99 BROOKLYN CENTER RETAIL ASSESSMENT 1999 1999 1998 1998 1 YEAR UNIT EMV TO UNIT EMV TO LOCATION BUILT AREAS 1999 EMV VALUES LAND 1998 EMV VALUES LAND Settled Stipulated Kohl's 1987 LAND 305,980 Land $2,200,000 $7.19 $10.79 Land $1,700,000 $5.56 $10.79 2501 County Road 10 GBA 73,680 Building $1,100,000 $14.93 Building $1,600,000 $21.72 PID 02- 118 -21 -31 -0056 GLA Total $3,300,000 $44.79 Total $3,300,000 $44.79 L:B Ratio 4.15 Change 0.00% Change -3.42% J. C. Penny's 1965 LAND 79,009 Land $2,950,000 $37.34 $71.13 Land $2,950,000 $36.02 $74.21 1265 Brookdale Center GBA 140,320 Building $2,669,700 $19.03 Building $3,127,000 $22.28 PID 02- 118 -21-32 -0009 with TBA 150,589 Total $5,619,700 $40.05 Total $6,077,000 $43.31 TBA on parcel 2.32 -0010 L:B Ratio 0.56 ,.u,1an $5,819,700 $38.65 wpb TeA . 1a. $6,277,000 $41.68 ,.mmA LAND WITH TBA 94,842 TeAWk. sno.ao -7.29% s2oomo -8.63% Dayton's 1966 LAND 125,017 Land $4,000,000 $32.00 $66.64 Land $4,000,000 $32.00 $63.32 1100 Brookdale Center GBA 195,368 Building $4,331,700 $22.17 Building $4,331,700 $20.04 PID 02- 118 -21 -32 -0011 Total $8,331,700 $42.65 Total $8,331,700 $40.52 L:B Ratio 0.64 Change 0.00% Change -6.87% Mervyn's 1966 LAND 476,042 Land $3,570,300 $7.50 $13.36 Land $3,287,000 $7.00 $13.18 1200 Brookdale Center GBA 140,336 Building $2,789,600 $19.88 Building $2,903,000 $20.69 PID 02- 118 -21-32 -0012 Total $6,359,900 $45.32 Total $6,190,000 $44.11 L:B Ratio 3.39 Change 2.74% Change -2.13% Sears 1962 LAND 660,192 Land $5,028,000 $7.62 $12.12 Land $5,028,000 $7.00 $11.14 .1297 Brookdale Center GBA 180,669 Building $2,972,000 $16.45 Building $2,972,000 $16.45 PID 03- 118 -21-44 -0026 with TBA 211,004 Total $8,000,000 $44.28 Total $8,000,000 $44.28 L:B Ratio 3.65 Change 0.00% $37.91 with TBA Change 0.00% $37.91 with TBA Dayton's Home Store 1965 LAND 137,670 Land $924,000 $6.71 $6.72 Land $1,032,500 $7.50 $11.75 5701 Xerxes Ave. N. GBA 39,501 Building $1,000 $0.03 Building $585,500 $14.82 • PID 03- 118 -21 -14 -0019 Total $925,000 $23.42 Total $1,618,000 $40.96 L:B Ratio 3.49 Change - 42.83% Change -1.94% Target 1986 LAND 392,920 Land $2,358,000 $6.00 $16.03 Land $2,358,000 $6.00 $14.76 6100 Shingle Creek Parkway GBA 112,547 Building $3,942,000 $35.03 Building $3,442,000 $30.58 PID 35- 119 -21-43 -0009 Total $6,300,000 $55.98 Total $5,800,000 $51.53 L:B Ratio 3.49 Change 8.62% Change -6.45% K -Mart 1971 LAND 517,492 Land $2,587,000 $5.00 $7.84 Land $2,587,000 $5.00 $7.84 5930 Earle Brown Dr. GBA 120,038 Building $1,468,000 $12.23 Building $1,468,000 $12.23 -PID 02-118-21-12-0010 Plus Mezzanine of 17,355sgft. Total $4,055,000 $33.78 Total $4,055,000 $33.78 Us Ratio 4.31 Change 0.00% $29.51 w /men Change -3.62% $29.51 whnezz Toys R Us 1989 LAND 215,504 Land $1,508,500 $7.00 $9.58 Land $1,508,500 $7.00 $9.74 5425 Xerxes Ave. n. GBA 44,566 Building $556,500 $12.49 Building $591,500 $13.27 PID 03- 118 -21-44 -0034 Incl Mezz of 11,920 Total $2,065,000 $46.34 Total $2,100,000 $47.12 L:B Ratio 4.84 Change - 1.67% Change 0.00% (Rainbow & Hlywd Video 1959 LAND 611,112 Land $3,650,000 $5.97 $12.52 Land $3,650,000 $5.97 $12.52 6300 Brooklyn Blvd GBA 85,875 Building $4,003,400 $46.62 Building $4,003,400 $46.62 PID 34- 119 -21-42 -0030 Total $7,653,400 $89.12 Total $7,653,400 $89.12 i L:B Ratio 7.12 Change 0.00% Change 183.03% I Walgreens 1959 LAND 70,316 Land $630,000 $8.96 $22.74 Land $630,000 $8.96 $22.74 6390 Brooklyn Blvd GBA 13,905 Building $968,800 $69.67 Building $968,800 $69.67 PID 34- 119 -21-42 -0029 Total $1,598,800 $114.98 Total $1,598,800 $114.98 L:B Ratio 5.06 Change 0.00% Change 184.18% . Jerr New Market 1970 LAND 208 930 Land $1,253,600 $6.00 $6.00 Land $1,358,000 $6.50 $6.50 rY 5801 Xerxes Ave. N. GBA 30,922 Building $1,000 $0.03 Building $1,000 $0.03 PID 03- 118 -21 -14 -0024 Total $1,254,600 $40.57 Total $1,359,000 $43.95 L:B Ratio 6.76 Change -7.68% Change 0.00% Best Buy 1971 LAND 234,187 Land $1,288,000 $5.50 $9.75 Land $1,288,000 $5.50 $9.33 • 5925 Earle Brown Dr. GBA 52,920 Building $994,500 $18.79 Building $897,200 $16.95 PID 02- 118 -21 -12 -0007 Total $2,282,500 $43.13 Total $2,185,200 $41.29 L:B Ratio 4.43 Change 4.45% Change -9.92% 4/30/99 BROOKLYN CENTER RETAIL ASSESSMENT • 1999 1999 1998 1998 YEAR UNIT EMV TO UNIT EMV TO LOCATION BUILT AREAS 1999 EMV VALUES LAND 1998 EMV VALUES LAND Tires Plus 1981 LAND 59,049 Land $354,300 $6.00 $9.81 Land $354,300 $6.00 $8.21 i 5927 John Martin Dr. GBA 10,454 Building $224,900 $21.51 Building $130,300 $12.46 PID 02- 118 -21 -21 -0015 Total $579,200 $55.40 Total $484,600 $46.36 L:B Ratio 5.65 Change 19.52% Change - 12.65% Audio King 1982 LAND 69,453 Land $416,700 $6.00 $10.43 Land $416,700 $6.00 $10.02 5939 John Martin Dr. GBA 14,918 Building $307,500 $20.61 Building $279,500 $18.74 PID 02- 118 -21 -21 -0014 Total $724,200 $48.55 Total $696,200 $46.67 L:B Ratio 4.66 Change 4.02% Change -5.92% JoAnn Fabrics 1969 LAND 47,425 Land $331,900 $7.00 $14.42 Land $331,900 $7.00 $14.42 2920 County Road 10 GBA 14 ,790 Building $352,100 $23.81 Building $352,100 $23.81 PID 02- 118 -21 -23 -0019 Total $684,000 $46.25 Total $684,000 $46.25 L:B Ratio 3.21 Change 0.00% Change -1.16% Porter Cable 1968 LAND 19,837 Land $99,200 $5.00 $8.44 Land $99,200 $5.00 $7.46 4315 68th Ave N GBA 3,200 Building $68,300 $21.34 Building $48,800 $15.25 34- 119 -21 -22 -0010 Total $167,500 $52.34 Total $148,000 $46.25 L:B Ratio 6.20 Change 13.18% Change -2.63% Lowell's Auto/ Pacific Pools 1969 LAND 31,944 Land $159,700 $5.00 $7.96 Land $159,700 $5.00 $7.96 4321 68th Ave N GBA 5,400 Building $94,500 $17.50 Building $94,500 $17.50 34- 119 -21 -22 -0011 Total $254,200 $47.07 Total $254,200 $47.07 L:B Ratio 5.92 Change 0.00% Change -0.90% Pearle Vision 1973 LAND 25,519 Land $216,900 $8.50 $12.39 Land $216,900 $8.50 $11.94 03- 118 -21-41 -0018 GBA 6,000 Building $99,400 $16.57 Building $87,900 $14.65 . 5515 Xerxes Ave N NRA 4,004 Total $316,300 $52.72 Total $304,800 $50.80 L:B Ratio 4.25 Change 3.77% $79.00 Change 4.99% $76.12 NAPA / 2nd Wind 1970 LAND 56,646 Land $400,000 $7.06 $11.74 Land $368,200 $6.50 $11.03 5810 Xerxes Ave. N. GBA 14,827 Building $265,200 $17.89 Building $256,800 $17.32 PID 02- 118 -21 -23 -0022 NRA 14,827 Total $665,200 $44.86 Total $625,000 $42.16 L:B Ratio 3.82 $44.86 1E.BuikdAt .......... 2B AI iiA.......41..... :.8ut�t1 ...#.t::«:: '.. ' l`d1aE? > >< #':3< >r 59 7 + `:' ><: ;....M1> ?, Fz z< :'.'.` '.'< 'zT Eat':< >'> ?' `;::> : :..:::• ::::.:.:::::.:::::.:.:...:...........:.....:.............. ....:........::...... :......... ................ ::........... x.........:.::......................:.;................:.:::.............. a...... s........... ............................... -1.16% 4.83 CHANGE CHANGE G:\ DEPTS \ASSESS\SPREDSHT\STEVEBt99CIA1 RETAIL.XLSi1999 • 4/30/99 BROOKLYN CENTER SHOPPING CENTERS 1999 1998 L:B 1999 Unit EMV to 1998 Unit EMV to LOCATION AREAS Ratio 1999 Mrs Vales Land 1998 EMV's Values Land r,raus- Anoerson Realty Boulevard Shopping Center 96,654 4.87 Land $530,000 $5.48 $6.44 Land $530,000 $5.48 $6.44 332 -1241 6215 Brooklyn Boulevard 19,862 Building $92,400 $4.65 Building $92,400 $4.65 PID 34-119 -21.43 -0006 Total $622,400 $31.34 Total $622,400 $31.34 None Posted -For Sale Lane's Shopping Center 77,731 8.45 Land $448,500 $5.77 $5.78 Land $448,500 $5.77 $5.78 Cheasapeake -Peter Carlson 6912 Brooklyn Boulevard 9,202 Building $1,000 $0.11 Building $1,000 $0.11 333 -1360 PID 27- 119 -21 -33 -0055 thru 0060 Total $449,500 $48.85 Total $449,500 $48.85 Welsh Companies Westbrook 430,067 4.55 Land $1,600,000 $3.72 $3.72 Land $1,799,000 $4.18 $4.19 Johannson/Tim Prinsen 5615 Xerxes Ave. N. 94,572 Building $1,000 $0.01 Building $1,000 $0.01 897.7700 PID 03-118-21-14-0022 Total $1,601,000 $16.93 Total $1,800,000 $19.03 Schliesenger Cos. Brookdale 1,906,640 7.55 Land $8,800,000 $4.62 $11.80 Land $9,500,000 $4.98 $11.28 1108 Brookdale Center 252,392 Building $13,700,000 $54.28 GBA Building $12,000,000 $47.55 GBA PID 02 -23- 0021, 02 -31 -0055 & 199,922 Total $22,500,000 .$112.54 GLA Total $21,500,000 $107.54 GLA 02 -32 -0008 includes Cntmn subrcrd of $225, 000 $1.13 GLA $225,000 $1.13 GLA Bradley Real Estate Brookdale Square 1,012.123 5.72 Land $6,570,000 $6.49 $8.60 Land $6,570,000 $6.49 $8.60 5900 Shingle Creek Parkway 176,901 Building $2,130,900 $12.05 Building $2,130,900 $12.05 PID 02- 118 -21 -24 -0020 Total $8,700,900 $49.19 Total $8,700,900 $49.19 Original Aaaeasma,t ew Improvement $300,000 Jean Oullette Humboldt Square 179,689 4.46 Land $815,000 $4.54 $7.85 Land $815,000 $4.54 $6.38 0 6800 Humboldt Ave. N. 40,250 Building $596,300 $14.81 Building $331,800 $8.24 PID 36-119-21-22-0047 Total $1 ,411,30 0 $35.06 Total $1,146,800 $28.49 Team Properties Northbrook Shopping Center 336,725 5.07 Land $1,076,400 $3.20 $3.96 Land $1,076,400 $3.20 $4.18 924 -9455 1910 -57th Ave. n. 66,444 Building $256,600 $3.86 Building $330,000 $4.97 PID 02 -13 -0024,0025,0026, &0028 Total $1,333,000 $20.06 Total $1,406,400 $21.17 Ryan Properties - - - - Lease Shingle Creek Center 192,171 4.71 Land $1,218,300 $6.34 $12.39 Land $1,218,300 $6.34 $13.25 337 -3382 6100 Shingle Creek Parkway 40,840 Building $1,162,700 $28.47 Building $1,328,700 $32.53 PID 02- 12 -14 &15 Total $2,381,000 $58.30 Total $2,547,000 $62.37 Welsh Companies Brookview Plaza 281,276 4.07 Land $1,407,000 $5.00 $9.35 Land $1,407,000 $5.00 $6.40 Jennifer Green 5951 Earle Brown Dr. 69,099 Building $1,223,000 $17.70 Building $393,000 $5.69 897 -7700 PID 02-118-21-12-0013 Total $2,630,000 $38.06 Total $1,800,000 $26.05 new Improvement $500,000 LAND TOTALS and MEANS 4,513,076 5.86 Land 22,465 9 200. $4.98 [nMean Land 23,732,400 $5.19 [QMean .BUILDING 769,562 Building 19,163,900. $24.90 [QMean Building 16,865,600 $21.50 [AMean_ Total $41,629,100 $54.09 [QMean- T otal. $40;598,000. $51.76 [4Mean L:B 1998 Unit 1998 Unit LEASING AGENT LOCATION AREAS Ratio 1998 EMV's Values 1998 EMV's Values 110 in Real Fstate 1999 Chapter Two Investment Trends THE GREATEST FEAR among some industry players is that real estate investment markets in 1999 will be "boring." The Exhibit 2 -1 cycle has entered the "sticks, bricks, and leases" phase, where performance gains are wrung out in day -to -day management Asset Class Investment Potential for 1999 of properties, not through flashy arbitrage or innovative financial engineering. If you want a rush, try development — downtown office provides the best bet. Or test the Interviewee Rating Scale International waters — overseas markets offer prospects for Very Strong venture - capital type returns with all the attendant risk. A 10 SHORT MEMORIES But what's so bad about low- double -digit returns? Investors need to get their heads straightened out if g they still think the stock market will pump up returns at a 6.5 20% -plus clip for the indefinite future —and then expect matching performance from real estate. That's how markets s 5.3 5.1 5.2 5.2 • get out of whack and people lose their shirts. "Some capital 4.4 is greedier than ever, but sadly no smarter than before." It's 4 only six years ago that real estate markets were capital- starved and dripping in red ink. Investors should enjoy the relative stability, but not get too complacent. 1999 will be a good 2 time to prune lesser assets and strengthen rent rolls with credit tenants able to withstand the inevitable recession. Three potential traps that could derail chances for sustained er o p p Very Weak Money .Junk U.S. High- Global Real solid performance were ranked by ourEmerging Trends Market Bonds Stocks Grade Invest- Estate interviewees: Funds Bonds meets (1) The economy. Leading indicators look relatively good Source: Emerging Trends interviews, 1998 domestically, but will offshore shocks reduce corporate earnings and set off a downturn that reduces demand for think the no- brainer is simply picking real estate over other space and gridlocks the capital markets? asset classes. But as one respondent added: "Today, the brain damage comes in picking the best real estate investments" in (2) Development. It's always a legitimate concern as sectors a fully priced market. Emerging Trends surveys peg real estate peak, but most new projects have been justified and to outdistance high -yield bonds, high -grade bonds, and both absorption has been strong. domestic and global stocks on a risk - adjusted basis in 1999 (3) A sustained high level of CMBS offerings leading to poor (see Exhibit 2 -1). underwriting and a string of defaults. Conduits will need to INVESTMENT WRAPPERS Investors continue to favor private back off in the year ahead. forms of ownership over REITs (see Exhibit 2 -2), while private Certainly, any combination of recession, continued building, mortgage originations nose out CMBS on the debt side. Low and unrestrained lending would be a prescription for a sick interest rates and good market fundamentals add to the luster market. But the consensus sees at least two more good years of leverage strategies for boosting the performance of private for real estate investors. Then the crystal ball gets a little real estate. Varied ownership wrappers and the influence of cloudy, although the interviewees are cautiously optimistic. public - market disciplines have been hallmarks of the past More than a few of our respondents say they think now may decade, providing market liquidity and a host of investment • be "the greatest period for real estate during this century." options. Expect a confluence of public and private ownership Well, it's what happens early in the next century that will structures to increase now that the public markets have been count. so firmly established. More REITs and private owners will partner up in off - balance -sheet transactions to undertake ASSET CLASS FAVORITE Remember the no- brainer phase of the development deals. Investors will show stepped -up interest real estate cycle back in 1993 -94, when anyone could make a in buying into real estate operating companies (REOCs), killing if they had the guts to get into the market at what private managers, and developers that can be taken public. appeared to be bottom? Now, many of our interviewees In turn, watch for languishing REITs to be taken private. Exhibit 2-2 Exhibit 2-4 Favored Forms of Ownership Real Estate Outlook: 1999 7.8 7.3 6.3 6.5 6.6 6.4i 6.3 5.8 5.4 Financing Development Investment -4— Interviewee Rating Scale —lo- Interviewee Rating Scale )0- 1 10 1 10 Avoided Most Favored Very Weak Very Strong Source: Emerging Trends Interviews, 1998 Source: Emerging Trends interviews, 1998 Hybrid investment vehicles that invest executive. "We want the form of gains—they're selling. Insurers • in both public and private structures ownership that delivers performance— continue to empty their portfolios in may also become more popular. otherwise we say no." With relative these advantageous markets. Now REITs stability in the marketplace, wrappers are disposing of properties, bought in Marked-to-market private core real will become less important in the package deals, that don't meet the estate portfolios have trailed REIT stock performance equation during 1999. It necessary upside for their funds from performance over the past three years, will be the real estate in the package operations (FFOs). TheEmerging Trends largely because REIT prices got well that determines the returns. barometer (see Exhibit 2-3), scaled from ahead of the market. That gap is I (poor) to 10 (excellent), registers a 7.4 closing quickly after REITs' poor BUY-SELL-HOLD As the markets ripen for dispositions—up from 7.2 in 1998. performance in 1998. "There's lots of further, our interviewees find better Holding properties rates a strong 6.5, an room in our portfolio for all types of opportunities for selling than buying. endorsement for investors with core ownership," said a pension fund "What a time to be a seller!" portfolios of higher-quality assets. The Opportunity funds aren't sitting on buying environment receives a considerably more tepid 5.2, underscoring why the opportunity Exhibit 2-3 funds are looking internationally for The Emerging Trends Real Estate Barometer: 1999 deals—and why capital has fled REITs that are bent on accretive acquisition Time to buy? Time to sell? Time to hold? strategies. DEVELOPMENT REDux There's still Excellent Excellent Excellent nervousness about development and 10 10 10 overbuilding, but it's muted. Emerging 9 9 9 Trends surveys rate the development 8 7.4 8 8 outlook a solid 6.5 on the 1-to-10 7 7 6.5 7 scale—almost on a par with investment 6 6 6 prospects at 6.6 (see Exhibit 2-4). Given 5.2 — 5 5 5 strong demand, most markets can — 4 4 4 sustain new building. But "It's still a • — 3 3 3 risk." When builders start touting "a — 2 2 2 sure thing," it's time to back off. The major difference between the resurgence of cranes in the late nineties Very Bad Very Bad Very Bad and the disastrous overbuilding phase ( S 6 of a decade ago is that investors now are Source: Emerging Trends Interviews, 1998 seriously assessing the relative risks and 112 in Real Estate 1999 rewards. "In the last cycle, the market hotels have gone over the top and are killed the messenger carrying predicted to weaken significantly. development warnings." Today, the Downtown office properties still have Exhibit 2 -s capital muscle of the public markets is room before replacement -cost hurdles Investment Recommendations too influential to be ignored. are met — they're resting comfortably in by Property Type Information flow rules the day. If the sweet part of their cycle. Likewise analysts downgrade REITs operating in R &D space. Power centers peaked markets with too many projects ramped several years ago and are nearing Property Type Buy Sell Hold up, it chills activity. Says a pension bottom. Regional malls have bottomed advisor: "With high growth in the and are entering a slow improvement Lana 40% 26% 34% Denver apartment market, buildings phase— without tremendous upside. started sprouting up. But investors and Community centers secure a relatively Downtown Once EE 1E% 25% developers backed off, and now a good position in the cycle among the Suburban Office 20% 44% 37% potentially overbuilt market is relatively retail categories. strong." Some interviewees register Full- Service Hotels 23% 37% 40% concern about bank construction Most property categories register lending. But regulators seem to be reasonably strong combined buy/hold Limited- Service Hotels 10% 4% 16% keeping a closer eye on activity than marks, consistent with market they have in the past. So far, it's under confidence in the near -term prospects Research & Development 36% 27% 38% i control. So far. for real estate investments ( see Exhibit industrial zs% 32% 40% 2 -6). But interviewees emphasize MARKET CYCLES Based on our holding properties over buying. And Community Shopping Ctrs. 31% 19% 9% collective investment trends data and with few bargains left, they're ready to Apartments zs% 2s% 4s% Emerging Trends interviews, we see the pull the sales trigger to realize gains in overall market plateauing rather than categories that have experienced recent Regional Malls 24% 27% s% • peaking out and entering a rapid period rapid runups— suburban office in of decline (see Exhibit 2 -5). Property particular. Power Centers 10% 51% 39% categories are bunching together at cyclical highs. Apartments have already TOWER TARGETS Again, downtown El - Highest Recommendations flattened and are holding steady. office is the leading acquisition target, Suburban office and full - service hotels really the only one left in these mature Source: Emerging Trends Interviews. 1998 will peak in 1999. Industrials are markets. Significantly, the suburban leveling off too. Only limited - service office bloom is fading —only 20% of the I • 131 Exhibit 2 -8 Anticipated Price and Yield Changes: 1999 gia Respondent Ratings y _'. pre. Price Yield is po Property Type Change Change 80 Land Up + Down Downtown Office Up + Down Suburban Office Up Stagnant Full- Service Hotels Up Up Limited- Service Hotels Down Up Research & Development Up Stagnant Industrial Up Stagnant Community Shopping Centers Up Up interviewees are buyers, while close to industrials, and apartments at only 30. • 45% would sell. R &D, industrials, and Not surprisingly, power centers and Apartments Up Stagnant full- service hotels are solid holds, with limited - service hotels rate the largest buying appetites waning. Apartments bid/ask spreads and highest deal caps. Regional Malls Up Up rated the sell sign last year; now they're Buyers want steals, and sellers want Power Centers Down Up strong holds— providing more evidence exits with something to show for it. that multifamily has stabilized rather than weakened at the top. Regional PRICES AND YIELDS Yields will hold Source: Emerging Trends interviews, 1998 malls are "wait and see" holds. Even steady to slightly down as prices rise though they've bottomed, there aren't a modestly during the year (see Exhibit lot of buyers for B malls and below. 2 -8). Only downtown office and land Limited- service hotels and power support strong pricing increases. Most centers are the leading sales candidates. property sectors show a leveling of Exhibit 2 -9 Investors want to weed them from pricing changes when compared with Spreads Between Real Estate portfolios. 1997 and 1998 surveys — especially Yields and 10 -Year Treasuries hotels and suburban office, which have RATIONAL TRANSACTION MARKET seen their best days in this cycle. Capitalization rates declined for all Again, our familiar tandem of power property types over last year, suggesting centers and limited- service hotels are Basis Points a lessening in perceived risk and the only sectors with predicted pricing Sao indicating the full pricing of real estate declines. assets. Although rates firmed as REITs 700 backed off acquisitions, sellers will The spread between real estate yields 800 maintain an advantage over buyers as and Treasury bills has increased over / deal caps hold (see Exhibit 2 -7), last year, rising to about 540 basis 500 providing more evidence that 1999 will points (see Exhibit 2 -9). "This is a good / be a good time to dispose of properties. cushion in case interest rates nudge 400 Bid /ask spreads also tightened relative up —and as yields for real estate go 300 V to last year, sending another signal that down," says a real estate analyst. • the transaction market will continue to "We're at a very healthy point if you 200 be rational and realistic —that bidding look at these numbers." In the won't get out of control. R &D and full- overheated markets of the late eighties, 100 service hotels —high flyers in the strong the real estate yield/T -bill spread had '80 '82 14 '86 '88 •90 '92 '94 '96 '97 2a economy — registered the smallest spread dipped under 300 basis points. Since 98 between deal and ask rates, just 20 basis the start of the real estate recovery in points. They were followed by office, late 1993, the spread has never been Sources: Real Estate Research Corporation; much below 450. Federal Reserve Bank 114 in Real Estate 1999 • tyHT s 12.2% 8.1 %;. ..., . 10.8% 6.0% evelcment 8.2% 5.6% x ,. ` 10.2% 5.4 %. 4.5% e... omin#ey:Shop : ;:9% . 3 8 %" .. _,.. ,. yRegran a& Tails �: 3.2* ' � -� Reg :_:. .. Limife' Power . ; Siaurce: ?T?mei ri Tiends.iri " ::' .F y . . VALUE GROWTH SLACKENS Emerging Trends value -change data reinforces our belief that the cycle's best years are behind and the opportunity phase is past (see Exhibit 2 -10). For 1999, respondents are lowering expectations across all sectors. Suburban office and hotels show the most significant slowing in value growth after big advances in 1996, 1997, and 1998. Retail sectors continue to muddle along. Over the longer term, land and office have the best prospects for appreciation. Industrials and apartments should provide a decent value component to supplement their typically strong income returns. The retail group continues to lag, and limited - service hotels receive lugubrious marks. "These results tell us that industry players aren't pumping up expectations irrationally," says an interviewee. "It's another healthy sign that people aren't losing control." In g eneral, the investment trends data • substantiate our outlook for a more stable period in the U.S. markets, with overall portfolio returns scoring in the low teens and relatively small risk of a rapid deterioration in the markets. Boring maybe —but boringly healthy. 1ft1II( 11I1I [Illtttt[llfflltftlltlllit[ i I Map ID BUILDING NAME Total Space Large/Small Block Rate High/Low Type Agency Contact(s) Yr Built Address SF Available Sf per FIr /# As Total Ops/Taxes Phone Brooklyn Center a+ 2/C -5 BROOKDALE CORPORATE CENTER 1 112,396 40,000/824 $9.00 /$9.00 N United Properties, LLC Bob Revoir ! 1981 6300 Shingle Creek Pky 45,020 18,000/6 $7.95 /$2.92 (612) 831 -1000 Mike Ohmes r 2/C -5 BROOKDALE CORPORATE CENTER II 113,419 / $7.50 /$7.00 N Ryan Properties Inc Sandy Hansen 1985 6200 Shingle Creek Pky 18,500/6 $7.92 /$2.59 (612) 566 -3533 2/C -5 BROOKDALE CORPORATE CENTER 111104,079 4,640/1,327 $8.50 /$8.00 N Ryan Properties Inc Sandy Hansen 7 , 1987 6160 Summit Dr 13,500 22,000/6 $9.23 /$3.58 (612) 566 -3533 2/13-5 BROOKDALE TOWERS 63,000 10,000 /500 $15.00 /$14.00 G Cave & Associates Ltd Barb Ankrum 1972 5701 Shinglecreek Pkwy 10,000 10,000/6 / (651) 482 -9668 Samuel Cave 2/C -5 EARLE BROWN PLAZA 50,731 3,127/404 $7.00 /$7.00 N Welsh Companies Matt Angleson y _ 1975 6040 Earle Brown Dr 6,564 12,500/4 $7.11 /$1.78 (612) 897 -7700 !' 2/C -5 EARLE BROWN TOWER 116,700 34,000/855 $8.50 /$8.00 N Grubb & Ellis Mike Geffman t 1974 6120 Earle Brown Dr 34,000 16,500/8 $7.88/ (612) 912 -8500 Doug Fulton ?. Brooklyn Park 2/C-4 QUADRANT OFFICE BUILDING 101,385 3,194/1,153 $11.00 /$11.00 N Lanmark Inc Mark Steege ffi ' 1986 7100 Northland Cir 18,512 25,854/4 $6.75/ (507) 285 -5082 Trish Olson 21C-4 TRIAD BUILDING 45,591 890/859 $10.00 /$9.00 N CB Richard Ellis Inc Michael T Harrer 1981 7101 Northland Cir 1,749 22,796/2 $8.06 /$2.95 (612) 924 -4600 Columbia Heights 2/D -6 4111 OFFICE BUILDING 34,400 2,400/1,200 $8.00 /$8.00 N Welsh Companies Thomas P Dunn 1983 4111 Central Ave NE 5,000 17,200 / 2 $5.00/ (612) 897 -7700 20-6 THE BUSINESS CENTER 85,000 16,000/16000 $9.00 /$6.00 N Minnesota Development Inc Gordon Awsumb 1981 3989 Central Ave NE 16,000 16,000/6 $7.00/ (612)781 -6352 Coon Rapids 2/13-6 9920 ZILLA ST BUILDING 25,000 / $10.00 /$6.00 N Re/Max Associates Plus Rodney Lee 9920 Zilla St / / (612) 323 -8080 f EARLE BROWN TOWER 6120 Earle Brown Drive 3 Brooklyn Center, MN �► GrubbaElfis Property Solutions Worldwide°' Contact: Mike Gelfman or Doug Fulton 612.912.8500 Map number 2/C -5 Year built/year renovated 1974/1997 Total size (sq. ft) 116700 Major Tenants: ? Textron Financial, Prudential, Firstel Federal Credit Total available (sq. ft) 34,000 Union. Asking ates h1 h/low $8. / $8. Amenities: g ( g � 50 00 5 /1,000 sq. ft. parking ratio, building signage available, Operating expenses /taxes $788 workout facility & locker rooms, racketball courts, cli- mate controlled parking & storage, building conference Number of floors g room, newly renovated common areas, bus service, access to Hwy 10Q I-494 and Downtown Minneapolis. Floor size (sq. ft) 16,500 i SIGNATURE OPPORTUNITY 16 February 1999 Leasing Guide Commercial Real Estate Listing, #85399 http://www.loopnet.com/mainfomi/1.85399.htrnl • rOverview Brooklyn Peace Center Office 5637 Brooklyn Blvd Brooklyn Center, Minnesota County: Hennepin Date Modified: 10/6/1998 Property ID: 85399 Investment Summary Price: $795,000 Building Sq.Ft.: 14,850 Cap. Rate: Lot Size: Price /Sq.Ft.: $54.00 Year Built: 1980 • Presented By: Greg Maltby, TCN Griffin Companies Minneapolis, MN 612 - 904 -7806 Rmaltbvnl7riffincos. com This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. All references to age, sq. footage, income, and expenses are approximate. Buyers should conduct their own independent investigations and rely only on those results. © Loon Ventures. 1995, 1998 • 1 of 1 04/29/99 12:48:57 Commercial Real Estate Listing, #77646 http: / /www.loopnet .com /mainform/1.77646.html mffmw Brookdale West Professional Building General Office 5837 Brooklyn Blvd. Brooklyn Center, Minnesota County: Hennepin Date Modified: 2/2/1999 Property ID: 77646 Investment Summary Price: $1,220,000 Building Sq.Ft.: 19,479 • Cap. Rate: Lot Size: 60 x 144 Price /Sq.Ft.: $63.00 Year Built: 1968 Property Description Office building located ° g o ated on high traffic street next to Brookdale, 90 /o occupied. Tenants are present owners. Good condition, newly decorated. Single family rental property next door included in sale. Presented By: Mark E. Moore, TCN Griffin Companies Minneapolis, MN 612 - 904 -7818 mmoorea,,ariffincos. com This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. All references to age, sq. footage, income, and expenses are approximate. Buyers should conduct their own independent investigations and rely only on those results. © Loop Ventures, 1995. 1999 • 1 of 1 04/29/99 12:49:29 Commercial Real Estate Listing, #85595 http:// www. loopnet .com/mainfonn/1.85595.html • P .vAm PROPERIY AmsoRs, INC Real. Estate Investment Sex-vices The Quadrant Office For -Lease 7100 Northland Circle Brooklyn Park, Minnesota County: Hennepin Date Modified: 10/6/1998 Property ID: 85595 Leasing Summary Available Sq.Ft.: 11,418 Min. Lease Rate: $10.50 Max. Contig. Sq.Ft.: 3,194 Max. Lease Rate: $10.50 Min. Divisible Sq.Ft.: 1,153 Lease Type: Net Building Sq.Ft.: 101,385 Lot Size: Year Built: Available Floors: None Property Description The Quadrant is a 4 story building surrounded by trees and wetlands. Amenities include security access, ample parking, conference room and lunch room. Area Description The Quadrant is located directly off of I -94 and Boone Avenue and provides easy access to I -94, I -694 and I -494. Suite Availability Suite: 103 Itease Rate: 110.50 Sq. Ft.: 3,194 1 Term: 13 - 5 yrs. Suite: 108 Lease Rate: 10.50 Sq. Ft.: 2,397 Term: 3 - 5 yrs. Suite: 214 Lease Rate: 10.50 Sq. Ft.: 2,898 Term: 3 - 5 yrs. Suite: 311 Lease Rate: 10.50 Sq. Ft.: 1,776 Term: 3 - 5 yrs. Suite: 404 'Lease Rate: 10.50 Sq. Ft.: 1,153 Term: 3 - 5 yrs. �..._.. _ , �ul�d lk Spl � ✓��%� � 1�1,7o OD � Presented By: fA; 30 7 V G v. 7a 0 T G 8,4 Trish Olson, Lanmark, Inc. r 20 T MIM Harvard Property Trust G QH /! V S Minneapolis, MN 612 - 925 -0027 A/R A / trishl (a_�xconnect.com I) ° Io 1 of 2 '614 it t % y y .5 r / 10/30/98 15:07:00 OFFI CE. Despite exceptional construction gains the vacancy rate rose from 4.7% A- category. These office buildings sales activity, developers and lenders appear to to 6.1%. have occurred or are occurring in both S demonstrating a prudent approach to The Minneapolis CBD incurred central business districts and the West and ilding more office space. Though tenant losses totaling 1,010 sq. ft. Southwest suburbs, as outlined speculative development is occurring, overall. After marked improvement last below. most of today's projects come on the year, Class C suffered negative market either preleased, or are generally absorption of 110,677 sq. ft. Class saw MINNEAPOLIS fully leased within several months of few tenant relocations and finished out The biggest news in the completion. As a result, we are likely to fourth quarter with minimal negative Minneapolis CBD is the development avoid overbuilding into a soft economy. absorption of 6,958 sq. ft. planned and underway. Now under Valuing function over glamour, Tenant gains of 68,756 sq. ft. were construction is the Piper Jaffray much of the new construction has reported by Class B, and the Renovated Center on Eighth Street and Nicollet design efficiencies that support the category posted six-month absorption of Mall. The 30 -story, 920,000 sq. ft. tower, growing trend toward downsizing the 47,869 sq. ft. being developed by Ryan Companies, is amount of work space per employee. scheduled, for completion in June 2000. These features include large open floor ROBUST SALES ACTIVITY The project is 47% preleased to Piper plans, more electrical power, and larger Strong occupancy levels, Jaffray and Ryan Companies. mechanical_ systems. As technology abundant capital and low interest rates Hines Interests Limited advances building utomations stems continue to fuel investor interest in Partnership is the developer f g Y P P o are another distinguishing element office buildings. Buyers during the last 50 South 6th, a 600,000 sq. ft. multi- of today's office construction. Building year have acquired or are acquiring the tenant tower to be anchored by the law designs are attractive, but not last of the buildings with early 1990's firm of Dorsey" & Whitney LLP and ostentatious, and entry lobbies receive the rents, which they can convert into Fallon McElligott Advertising Agency. upgraded materials. higher values. The 27 -story building will be located on Capitalization rates ranged from Sixth Street and Nicollet Mall. Hines VACANCIES RISE IN FOURTH QUARTER 9.0% to 10.0% and mortgage interest hopes to break ground this summer and A fourth quarter 1998 survey rates during this period have been in the complete the building in mid 2001. of the two largest sectors — the 7.0% to 7.5% range. FRM Associates plans to renovate AI J L 4inneapolis CBD and the Southwest REITs have been the most active and expand the former Federal Reserve ctor — revealed some tenant losses for buyers, followed by pension funds and Bank building at 250 Marquette Avenue e six -month period between the then entrepreneurial investors. Sales into 500,000 sq. ft. of `B" office space. second and fourth quarters. With activity remains brisk despite there A possibility for future the exception of Class B in both sectors being fewer Class A properties available. development is Opus Corporation's and the Renovated category in the Closed sales and properties under proposed 600,000 sq. ft. tower at Minneapolis CBD, minimal negative contract range in quality from Class B to 444 Marquette on the site of the former absorption was reported, which raised Class A, but mostly in the B+ and Powers store. vacancy rates slightly. Asking rents stabilized, rising just .7% to 4.4 %, following significant rate increases reported in second quarter 1998. MULTI - TENANT OFFICE BUILDINGS SOLD IN 1998 In the Southwest sector, overall BUILDING NAME CITY /SECTOR PRICE PER SO. FT. negative absorption of 21,367 s . ft. was t'P q Minnesota Center Bloomington $165 reported. Class A posted tenant losses of Northland Plaza Bloomington $158 138,547 sq. ft. due to major tenants Meridian Crossing I Richfield $147 vacating Minnesota Center and Lake Calhoun Executive Center Minneapolis $116 Northland Executive Center I. Added Rosedale Corporate Plaza Roseville $105 510 Marquette Minneapolis $103 to the Class A universe was the newly Kinnard Financial Center Minneapolis $101 constructed 10400 Southwest Crossing, International Centre Minneapolis $91 which is 47.5% vacant. These two Northpark Corporate Center Arden Hills $90 Package sale of Ea andale 9 9 factors contributed to a rise in the Office Center & 8200 Normandale Eagan /Bloomington $90 vacancy rate, from 3.3% to 10.0% for the US Bank Building Minneapolis $83 six -month period ending fourth Pioneer Endicott 3 - Building quarter 1998. Complex & parking ramp St. Paul $80 Five buildings were added to Norwest Bank Building Hopkins $78 Class B in the fourth quarter, which Park National Bank Building St. Louis Park $68 "ntributed to 117 180 s ft. of Bridge on P Minneapolis $67 � � q• Pentagon Park Edina $59 x - month absorption. Three buildings Midland Bank Building Minneapolis $45 are new developments and two buildings Wright Building St. Paul $20 were single tenant and have become Agribank St. Paul price unavailable ® Colliers Towle multi- tenant. However, even with these by Ryan Companies. STATED NET RENTAL RATES AND EXPENSES The former State Farm building, renamed Minnesota Office Plaza, INNEAPOLIS /ST. PAUL METROPOLITAN AREA- SECOND QUARTER 1998 (PSF) is undergoing renovation by Wellington AVERAGE NET RENT AVERAGE AVERAGE Management, Inc. for its new tenant, MARKET NET RANGE PROPERTY TOTAL SECTOR RENT LOW -HIGH TAX EXPENSES the Minnesota Department of Children, Anoka County $9.68 $8.00- $11.25 $2.93 $6.34 Families and Learning. Dakota County $10.34 $8.25- $14.00 $2.84 $7.18 Minneapolis CBD ANOKA COUNTY Class A $18.23 $16.00 - $22.00 $7.74 $13.85 Minimal annual absorption of Class B $12,74 $10.00 - $16.00 $3.68 $9.72 vacancy sq. ft. reduced Anoka County's rate from 8% to 7.2% for the Class C $9.90 $6.50 - $13.00 $1.81 $5.83 y Renovated $10.12 $4.00 - $14.25 $1.93 $6.58 year ending second quarter 1998. This small sector of 10 buildings has Mpls.Out -of- -CBD $10.45 $7.00 - $15.50 $2.66 $8.55 had steady improvement for nine Northeast $9.85 $7.00 - $14.00 $2.72 $6.88 consecutive years. Northwest $8.78 $6.00- $10.50 $2.48 $7.52 With the pending completion of St. Paul CBD the new Hwy. 169 /Champlin bridge, Class A $14.25 $12.50 - $16.00 $2.81 $8.92 Anoka County is ripe for development. Class B $9.31 $6.00- $14.50 $2.09 $8.00 Recently built were Village Bank Class C $6.54 $5.00 -$9.00 $1.25 $5.46 Financial Plaza (48,000 sq. ft.) and the St. Paul Out -of -CBD $8.63 $4.00 - $13.00 $1.92 $6.10 21st Century Bank building (28,000 Southwest sq. ft.), both in Blaine. Class A $16.20 $14.25 - $18.50 $5.21 $11.21 Average net rental rates rose 1.3% Class B $12.13 $7.00 - $15.50 $3.02 $8.09 to $9.68 psf. Real estate taxes and total Washington $10.06 $7.25 - $13.00 $1.95 $6.68 operating expenses remained stable at West $2.93 psf and $6.34 psf, respectively. Class A $17.06 $15.00 - $20.00 $5.01 $11.07 Class B $11.07 $6.00 - $14.00 $2.74 $8.14 DAKOTA COUNTY Wurth Quarter 1998 Data ®Colliers Towle The biggest news in Dakota County is the addition of three newly constructed office buildings, totaling Minnesota Mutual also broke sq. ft., the vacancy rate climbed from 84,000 sq. ft., that are 92% occupied. ground on its 450,000 sq. ft. multi- 13.7% to 14.8 %. This was the net result Added to the survey was the fully tenant office tower /expansion project, of two building changes in the survey. occupied 25,000 sq. ft. Compass Office of which it will initially occupy The 103,000 sq. ft. Bigelow Center I, the first phase of a 60,000 200,000 sq. ft. Retail space is planned building was deleted because it is now sq. ft. project in Eagan. Also added was for 50,000 sq. ft. St. Paul Companies single tenant. And, added to the survey United Properties' new 24,000 sq. ft. hopes to build expansion space at a was University Centre at 1919, a RHS Building in Eagan, which is proposed 450,000 sq. ft. office building 130,000 sq. ft. multi -tenant building that 73% occupied, and the fully- occupied and underground parking ramp at 7th is 90% occupied. 35,000 sq. ft. second phase of Place and St. Peter. Average asking rents rose by 6.5% Roseville Properties' Centre Pointe in Media One plans to occupy to $8.63, while real estate taxes and total Mendota Heights. 200,000 sq. ft. in the former Department expenses remained the same at $1.92 psf Also added to the survey was the Of Revenue building, renamed 10 River and $6.10 psf, respectively. GNC Technologies Building in Park Plaza. Mendota Heights. The former single - St. Paul's average net rental rates NORTHEAST METRO user, 106,000 sq. ft. building is now shot up 20% in Class B, rising $1.55 psf The Northeast Metro sector multi -tenant and is 86% occupied. to $9.31 psf. Class A asking rents inched reported negative absorption of 12,915 The net result of this added space up 1.8% to $14.25 psf, while Class C sq. ft. for the year ending second quarter was an unchanged vacancy rate of 9.1 %, rental rates saw a 7.7% increase to $6.54 1998, which raised the vacancy rate but absorption of 166,028 sq. ft. for the psf. Overall, real estate taxes and total slightly, from 8.7% to 9.5 %. year ending second quarter 1998. operating expenses remained stable. Rental rates, real estate taxes and Recently completed is Mendota total operating expenses dipped slightly Office Center, a 60,000 sq. ft. facility SI PAUL OUT -Of -CBD to $9.85 psf, $2.72 psf and $6.88 psf, by United Properties that is 97% leased. After two years of improvement, respectively. Average asking rents rose 8.3% to Paul Out -of -CBD took a step back for Development plans include future $10.34 psf. Real estate taxes dipped from the year ending second quarter 1998. construction of the 60,000 sq. ft. $3.03 psf to $2.82 psf. Operating Despite minimal absorption of 2,292 Centre Pointe Campus III in Roseville, expenses remained at $7.18 psf. completed but was not included in our second quarter survey. Construction 0Colllers Towle egan at Wedgwood Commerce VACANCY AND ABSORPTION enter, a 42,000 sq. ft. project by TOLD MINNEAPOLIS /ST. PAUL METROPOLITAN AREA 1996 -1998 Development. And, O us laps to build NUMBER TOTAL TOTAL Develo p P P MARKET STUDY OF RENTABLE AMOUNT VACANCY NET up to 320,000 sq. ft. of office space SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION at the first phase of Arbor Lakes in Anoka County 2nd Qtr. 1996 9 382,028 60,466 15.8% 4,942 Maple Grove. 2nd Qtr. 1997 10 413,917 33,256 8.0% 27,210 After several years of stable rates, 2nd Qtr. 1998 10 413,917 29,760 7.2% 3,496 average net rents had a significant Mal increase of 10.6% to $8.78 psf. Dakota County 2nd Qtr. 1996 17 749,883 27,087 3.6% 175,969 2nd Qtr. 1997 20 877,203 79,954 9.1% -2,867 WEST 2nd Qtr. 1998 24 1,059,203 95,926 9.1% 166,028 The West sector reported an Minneapolis CBD overall vacancy rate of 6.2% due to Class A 2nd Qtr. 1996 19 12,676,319 490,710 3.9% 83,340 annual absorption of 61,607 sq. ft . The 2nd Qtr. 1997 13 10,483,773 390,629 3.7% - 10,557 Class B segment experienced negative 2nd Qtr. 1998 13 10,483,773 452,452 4.3% - 61,823 absorption, of 34,540 sq. ft., raising its 4th Qtr. 1998 13 10,483,773 459,410 4.4% -6,958 vacancy rate slightly, from 6.0% to 6.8% for second quarter 1998 The Class A Class B 2nd Qtr. 1996 26 4,570,898 933,440 20.4% - 17,378 2nd Qtr. 1997 31 6,728,492 618,565 9.2% 209,155 segment also saw an increase in the 2nd Qtr. 1998 32 6,929,549 483,744 7.0% 295,878 0 t 44% vacancy ate from 2.5 o . ° Y s f 25 4th Qtr. 1998 32 6,929,549 414,988 6.0 /0 68,756 despite absorption of 96,147 sq. ft. This is due to the addition of the Class C 2nd Qtr. 1996 9 938,277 237,084 25.3% - 12,711 newly constructed 130,000 sq. ft. 2nd Qtr. 1997 16 2,076,563 455,759 21.9% 190,918 Two Carlson Parkway building which 2nd Qtr. 1998 15 2,019,786 349,572 17.3% 49,410 is 75% occupied. 4th Qtr. 1998 15 2,019,786 460,249 22.8% - 110,677 More construction completed, but Renovated 2nd Qtr. 1996 25 3,005,092 340,504 11.3% -1,177 not yet added to our survey universe, 2nd Qtr. 1997 22 2,456,424 350,315 14.3% - 80,901 cludes: the 3- building 128,000 sq. ft. 2nd Qtr. 1998 22 2,457,144 270,806 11.0% 80,229 alley Creek Office Park in Golden 4th Qtr. 1998 22 2,457,144 222,937 9.1% 47,869 Valley and United Properties and St. Paul Subtotal 2nd Qtr. 1996 79 21,190,586 2,001,738 9.4% 52,074 Companies 3- story, 86,000 sq. ft. 2nd Qtr. 1997 82 21,745,252 1,815,268 8.3% 308,615 Plymouth Woods Office Center. 2nd Qtr. 1998 82 21,890,252 1,556,574 7.1% 363,694 Under construction in Minnetonka 4th Qtr. 1998 82 21,890,252 1,557,584 7.1% -1,010 is Opus' two-building 565 000 s p g � q. ft. Crescent Ridge Corporate Center and Minneapolis 2nd Qtr. 1996 15 04 1,332,463 216,599 16.3% 55,533 Carlson Real Estate's Carlson Center Out -of -CBD 2nd Qtr. 1997 16 ,o 1,370,991 139,394 10.2% 77,205 East, a 3 -story, 82,000 sq. ft. building. 2nd Qtr. 1998 16 1,370,991 124,783 9.1% 14,611 More development is planned, as Northeast 2nd tr. 1996 30 1,496,584 - Q 153,286 10.2/0 31,846 outlined on page 12. 2nd Qtr. 1997 30 1,491,620 129,299 8.7% 23,987 An 8.2% rise in Class A rental rates 2nd Qtr. 1998 30 1,491,620 142,214 9.5% - 12,915 brought the average net rent to $17.06 psf. mi As in 1997, Class B asking rents rose Northwest 2nd Qtr. 1996 12 929,212 129,956 14.0% 8,562 another 5.2% to $11.07 psf. 2nd Qtr. 1997 12 929,212 166,804 18.0% - 36,848 2nd Qtr. 1998. 12 929,212 100,555 10.8% 66,249 SOUTHWEST Although notable changes 1998. Added to the Class A survey was 10400 Southwest Crossing, 168,000 sq. occurred in the last six months, the United Properties' 130,000 sq. ft. ft. building was completed, and is 47% Southwest sector emerged the metro area Centennial Lakes II in Edina. Also vacant. The end result was in an increase absorption leader for the year ending added was TOLD Development's in the fourth quarter vacancy rate, from second uarter 1998 claiming 455 830 ft ° ° q g , Meridian Crossing I, a 185,000 sq. ., 3.3 /o to to 10 /o. sq. ft. This reduced the overall erall vacancy fully- occupied building in Richfield. Following a year of strong rate from 4.6% to 4.3 %. With the Notable results of the fourth leasing activity, absorption in the Class addition of two new buildings that are quarter survey revealed negative six- B segment slowed for the year ending lly occupied, the Class A segment was month absorption of 138,547 sq. ft. for second quarter 1998, reporting 13,830 sq. Mesponsible for almost all of the annual Class A due to significant tenant ft. This reduced the vacancy rate just .2 g Y J absorption, with 442,000 sq. ft. The relocations in Northland Executive of a percentage point to 4.7 %. resulting Class A vacancy rate dipped Center I and Minnesota Center. In By fourth quarter, the addition of from 3.9% to 3.3% for second quarter addition, Liberty Property Trust's new five buildings to Class B boosted WEST & IVOn i rIWEST NET ABSORPTION TRENDS Sq. Ft. 350,000 -/ 304,673 300 259,633 250 200,000 141,682 150,000 -// 11 79 347 88,203 100,000 50 0-A 1994 1995 1996 1997 1998 VACANCY TRENDS Percent Vacant 12%--- 1 .5°/ 8% -� 1 6 .80 .may, x.ti:.•t 4% 4. u o µ .2 a �---� 0% 1994 1995 1996 1997 i 1998 WEST & NORTHWEST CLASS A VACANCY TRENDS Percent Vacant 15% -x 11.5% 10% 7.8% 7.2% 6.6% 6.0% 5.8% 5% 3.6% 3.1% 1.6% 1.8% • 0% 1994 1995 1996 1997 1998 ❑ Class A Buildings ■ Other Buildings w�a I GE Min I nw=a I • CURRENT UNIVERSE Annual Net Total Occupied Vacant Percent Absorption (Sq. Ft.) (Sq. Ft.) (Sq. Ft.) Vacant (Sq. Ft.) Existing Projects 7,300,723 6,946,348 354,375 4.9 33,879 New Projects 316,000 270,794 45,206 16.5 270,794 Current Universe 7,616,723 7,217,142 399,581 5.2 304,673 FUTURE PROJECTS FUTURE PROJECTS Under Construction Total Number Of * Carlson Center East 82,000 Sq. Ft. (Sq. Ft.) Projects • Crescent Ridge Office Center I 265,000 Sq. Ft. Under Construction 493 ,000 5 * Golden Valley Professional Center 31,000 Sq. Ft. Planned Projects 2,263 ,000. 12 • J. Renolds Financial Center 29,000 Sq. Ft. Future Projects 2,756 ,000 17 • Plymouth Woods Office Center I 86,000 Sq. Ft. Planned Projects • 1600 Tower 244,000 Sq. Ft. NET ABSOPTION * 301 Carlson Parkway . 21 S Ft. Annual Net Percent of • 401 Carlson Parkway Absorption Occupied 215 ,000 Lake s q. Ft. • Arbor Lakes Year (Sq. Ft.) Square Feet 360,000 Sq., Ft, • Bass Creek Corporate Center I 1994 141,682 2.2 120 ,000 Sq. Ft. • Crescent Ridge Office Center II 1995 259,633 3.9 301 ,000 Sq. Ft. • Golden Hills IV 1996 117,347 1.7 200 ,000 Sq. Ft. 1997 88,203 1.3 * Golden Hills Office Center 192,000 Sq. Ft. 1998 304,673 4.2 * Parkdale Court 200,000 Sq. Ft. Five Year Average 182,308 * Plymouth Woods Office Center II 86,000 Sq. Ft. Supply of Space in Years 2.2 * Wedgewood XIV 30,000 Sq. Ft. Ten Year Average 260,221 * Wedgewood XV 100,000 Sq. Ft. RENT SUMMARY Net Rent Tax & Estimated Estimated Operating Building Class Quoted Low - High Base* Class A $16.55 $7.50 - $22.00 $11.51 • Class B $11.25 $5.00 - $15.00 $8.02 Class C $9.54 $5.50 - $15.00 $6.80 * Does not include new construction that has not yet been fully assessed. me '' WEST & NOR i. HWEST r� SIGNIFICANT EVENTS AND TRENDS r� 00 • Overall vacancy increased slightly from 4.6% to 5.2 %. 00 00 • West submarket is 3.7% vacant and the Northwest submarket is 12.5% vacant. • Vacancy in Class A buildings has remained essentially stable at 1.8% compared to 1.6% in 1997, even 00 in light of 316,000 square feet of new product being added to the universe. 00 • THREE NEW BUILDINGS HAVE BEEN ADDED TO THE SUBMARKET: 00 • Two Carlson Parkway (130,000 Sq. Ft.) 00 • Valley Creek Office Complex (3 buildings totaling 128,000 Sq. Ft.) • Elm Creek Executive Center (58,000 Sq. Ft.) 00 • Class A net rental rates range from $16.50 to $18.00 per square foot. 00 00 • Investment activity has slowed although pricing has increased. Sales that occurred in 1998 include The Quadrant, Superior Plaza, Park National Bank, and a portion of Duke Realty's (formerly MEPC's portfolio in the Minneapolis West Park at 394 and Hwy. 100). • FIVE PROJECTS CURRENTLY UNDER CONSTRUCTION TO DELIVER IN 1999: 00 • Carlson Center East (82,000 Sq. Ft.) • Crescent Ridge Office Center I (265,000 Sq. Ft.) • Golden Valley Professional Center (31,000 Sq. Ft.) 00 • J. Renolds Financial Center (29,000 Sq. Ft.) 00 • Plymouth Woods Office Center I (86,000 Sq. Ft.) Ole 0 1.7 million square feet have been planned for this submarket, of which 1 million square will likely 00 begin construction in 1999. 00 0; • Approximately 435,000 square feet of multi -tenant office users in this submarket have left the universe, 00 or will be leaving the universe to move .into single tenant buildings or single story (office showroom) 00 projects. 06 • Approximately 442,000 square feet of second generation space will come on the market in 1999 with an average quoted gross rental rate of $25.00 psf. NAIOP 1998 ANNUAL OFFICE MARKET UPDATE 27 • V �� National Suburban Office Market With the early -fall price correction Exhibit.E transaction activity slowed and the Average Forecast Value Indicator Change Rates, 1999 national suburban office market is turning from a sellers' market to a Discount Rate (IRR) s-- ?•2% buyers' market. "Suburban office overall cap Rate (OAR) -0.1% •0 took the.biggest hit ," comments a Vacancy Rate Rent Rate a 2_7 participant who invests in all prop- Operating Expenses erty types. The immediate effect of Pn"ce/Vaiue" s 22% the REIT pullout and the capital Development s 6.8% crunch was two-fold: Prices of some -1 o 1 2 3 4 5 6 - 7 suburban office product dropped an estimated 1Q.0% to 20.0 %, and a minor 2 basis points to 9.03 %. points higher than in the CBD mar - sources of capital for new devel- As prices of CBD office buildings ket. Last quarter the.- spread was opment disappeared. Both are per- increase, the spreads between value , 65 basis points. , ceived to have been a good'thing indicators in the national suburban Despite .the ,current curtailment for a market that was overheated office market and those in the na- of financing for construction, there and could have become overbuilt. tional CBD office market are nar- - is wide belief that it will rebound Nationwide, 16 million square feet . rowing. Comparisons of value indi- during Therefore, forecast re- of new suburban office space had cators.show an average- suburban spondents project a 6.8% increase been delivered by midyear and an IRR 16 basis points lower'than that in new development next year (see additional 60 million square feet were in the CBD office market. The sub - Exhibit E). As a result, prices will in- being built, according to Cushman urban OAR is 31 basis points high - crease only modestly. The average • & Wakefield. In markets where em- er than the CBD rate. The - average 'forecast rate of change in prices/ ployment projections are good and initial market rent change rate in the values is only 2.2 %. ■ not too much addition to. supply is suburban market is only 2 basis under way or proposed, new con - struction is .feasible. Other mar- Table 9 kets are bit shaky, however. "A few National Suburban Office Market suburbs will see sizable spikes in vacancies over the next year," FOURTH QUARTER 1998 predicts one participant. "Some CURRENT LAST YEAR KEY INDICATORS QUARTER QUARTER AGO, - perennial favorites could change dramatically, including suburban RANGE 9.50 % - 12.50% 10.00 % - 12.50% 10.00 %-13.50% Boston, San Francisco, Seattle and AVERAGE 11 06 /0 11.14% 11.42% . Northern Virginia." The new environment may pro- �•..a..�, -. <�.�•, +. +;�.� - ®® vide opportunities for forward com -, RANGE 7.50 % - 10.50% 7.50 % - 10.50% 7.50 % - 11.00% AVERAGE 9.03% 9.05% 9.20%, . mitments on .projects under con- struction. Given the retreat of cap- ital sources, developers may be will - ° " ° `� i0i � ° �"' " °` ^�•�" '�'- ®® ing to cut a more attractive deals than RANGE E 0.004.02% 00% o.00a 5 00.00° 0.004 8 00% they would have a few months ago. cKAtvdloasisPoi41 =30,. _W �_ .._: _. ".._►6> ,_ v . -�. _ Key indicators are shown in Table 9. The greatest shift is 'a 48- basis- —�"•` " " "�•` " " "'�'�~'" � -�• °-® RANGE 2.00 2.00 % - 4.00% 3.00% -5.00% point drop In the average market rent AVERAGE 3.25% 3.42% 3.59% change rate. For the most part, rent _. -.. -3a .;F spikes are past; and investors use ® ® ®® . lower rent increases in their analy- RANGE 8.00%-11.00% 8.00%- 11.00% 8.25 % -11.50% ses. The average discount rate (IRR), AVERAGE _ 9. 47% 9.43% 9.61% "CHANGE (t3asis,Poirif4` =14 decreased 8 basis points: The aver- a. Rate on unleveraged, all -cash transactions age overall cap rate (OAR) dipped b. Initial rate of change 13 Milk National Suburban Office Market Despite prices that often surprise places where successful develop -- propriate to the new supply. even sellers, transaction activity in ment is a sure thing because of - the Discounts in the national subur- the national suburban office market supply coming on -line, but where ban office market are disappearing. continues nearly unabated. Top qual- there are good employment projec- Prices- range from 85.0% to 110.0% ity buildings are in great demand,. tions and there is not too much addi- of replacement cost. The average and intense competition makes them tion to supply under way or pro- price is 96.0% of cost. Still, prices are hard to land, even at prices in excess posed, new construction is feasi -- likely to increase over the. next 12 of replacement cost. ble. As the rate of development is months as much as 10.0 %. The aver= As a' result, many investors are accelerating, however, a healthy age projected price increase is 4.8 %. looking for niche opportunities. concern is emerging. For now at Key indicators are shown in Table Buildings in infill locations where least, only a few markets are on the . 9. Although the average overall, cap - there is no land for development or verge of overbuilding. Nationwide, rate (OAR) remained at 9.05% for zoning is restrictive are attractive. as of the first quarter, speculative the second consecutive quarter, the They are not necessarily investment - and build ,to=suit office construction- indicators continue to point to rising grade property and are often older- is .2.6% of total inventory, according prices. The average OAR dropped and - smaller buildings with tenants to Grubb & Ellis. This is about 45 mil- 13 basis points last quarter. _ The that have smaller space require- lion square feet of spec and 17 mil- average ,discount rate (IRR) de- ments" than institutional investors - lion square feet of build -to -suit creased 15 basis points to 11.14 %. usually target. They may seem pricey space. "During the 1980s, the As prices of CBD office buildings on a per-square-foot basis, but they, amount of space under construction . increase, the spreads between value provide good income streams. was as high as 13% of the existing indicators in the national suburban Development is the obvious next competitive inventory." Estimates_of office market and those in the step, a step that more investors are first quarter absorption, which range national CBD office market are par - taking. Since most new construction from 10.6 million to 15.0 million rowing. Comparisons of value incti- is in the suburbs, there are fewer square feet, indicate demand ap- , cators show an average suburban •! IRR 19 basis points lower than that, in the CBD office market. The subur- Table 9 ban OAR was lower than the CBD National Suburban Office Market rate in from first quarter 1996 until THIRD QUARTER 1998 second quarter 1998. This quarter CURRENT. LAST YEAR the suburban OAR is 25 basis points _ KEY INDICATORS QUARTER QUARTER AGO higher than the CBD rate. The aver- - ® ® ■� RANGE, 10.00 % - 12.50% 10.00 % - 13.50 %' 10.00 %-13.50% age initial market rent change rate in AVERAGE 11.14% 11.29% 11.43% the suburban market is. 65 basis CHAt�iGE .< {,. Basis Pints - _. :�• .. _ < :- ...... points higher than in the CBD market. �•u:.mi.ha..:un:��•_f:9` .� ® -_ ®- The most attractive suburban RANGE 7.50 % - 10.50% 7.50 % - 10.50% 7.50 % - 11.00 markets include those around Los AVERAGE 9.05% 9.05 %' 9.21% ;1✓IiANGE:, BasiS.t'oin `_ ' n'�''' 4 4�° << :- :- Angeles, Miami, New York, Portland, _ - San Francisco, Seattle, and Wash- " " "'` "a'�'" "�' " "`•'�" " "� -O ington,. DC. There is a plethora of RANGE 0.00 % - 10.00% 0.001/° 10.00% 0.00 %- 8.00 % AVERAGE 4.50% 4.31% 3.91 -/° building along Boston's 128 Corridor, CHA Basis Ron + .x ..' ; .;- �_ > ,;.• , "r �!,. _( -..._ _ ?� 7„ -, ._ ae ±t9N:;_;,:. Wmu ,,3s , _3 and while some investors express a little nervousness," so far demand ��raia.w�a•fusnu,ea:mt�� RANGE 2.00% -4.00% 2.00% - 5.00% 3 .00°/°-5.00% exceeds. supply. A recent report from AVERAGE 3 42% 3.58% 3.59% LaSalle Advisors Capital Manage - „CHAi�GIz < (B8sis`Point��,,', t . R-i rrtent,' Inc. identified. the following • . -.- ® ®® markets as having forecast supply in RANGE 8.00 % - 11.00% 8.25% - 11.00% 8.25 11.50% excess of demand: Atlanta, Char- AVERAGE 9.43% 9.55% 9.63% _ loe,- Columbus 'Phoenix, and Sac - ,cH ANGB {Basis Poin #s) , a. Rate on unleveraged, all -cash transactions ramento..Dallas and Denver also b. Initial rate of change appear on watch lists. ■ 14 National Suburban Office Market MARKETINI INVESTOR SURVEY RESPONSES* VACANCY r 1 1 THIRD QUARTER 1998' t. ASSUMPTIO 'Representative sample; due to space constraints, not all responses are included. Underlying Per Source: Personal survey conducted by Market Cap Selling Free & Free & Months Tenant- Vacancy & Square The Korpacz Company, Inc. during July 1998. Rent Expenses CPI Rate Expense Clear Clear Vacant Retention Credit loss Foot Months INVESTMENT ADVISOR ■ Forecast Period: 10 to 15 Years Years 1 -5 ° ° ° es (initial Prefers tee and clear ap rates), and price per squa esfoot; total vacancy total c loss varies pe.market; ' 3,5 %, ,. 8. Z 10 BJtoo. to ' 5 t o % 2.. o%, $0 to to; Including rollover vacancy is 5.0% to. 10.0 %; reflects actual rents and 30 3.5 %" 10.00° %" 4.0% 12.00% 10.00 ., 12 75.0% 5,0% $0.20 . 12 concessions. thereafter INVESTMENT BANKER ■ Forecast Period: 10 years Years 1 -3 8.50% 10.50% 8.00% 6 5.0% $0.10 6 per market Real cash on cash (after capital expenditures) more important varies p ° 3.5 3.5% to 2.0% to to to 65.0% t0 "' to to than IRR. thereafter 10.50% 12.50% 10.50% 9 7.5% $0.20 9 DOMESTIC PENSION FUND ■ Forecast Period: 10 to 12 years years 1 -3' o 0 0 Buys tree and clear; average IRR consists,of a 0.5% to 7.5% - real rate 2.0%/ 2.0 /o/ 9.00% 10.50 % 8.75 %. 6 60.0% ', • 2.0% $0,10 9 of return plus the inflation, rate; the indicated growth scenarios help to varies per market; 4. 0°% 6.0 °%' 9.25% 11.50% • 9.50°% 9 70.0°% 5.0% 0 %/ 4.0 %/ to 2.0 °% to to to to � ' to' to 'to tY- of Investment to inflation; relies on DCF determine sensitive thereafter at , (IRR) and $0:20 ' 12 overall cap rates equally; use of face or effective rents varies with market infl 6. ationary rate INVESTMENT ADVISOR ■ Forecast Period: 5 to 10 years 3.5°% 9.00% 2.0% 10.75% 7.50% 6 50.0 5.0% $0.20 Seeks a discount to replacement cost in recovering markets; in certain • to 3.5% 3.5% to to I to to to to to to 6 markets may apply spike in first three years; uses face refits. 7.0% 10.00% 3.0% 12.50% 9.00% 12 75.0°% 10.0% $0.40' DOMESTIC PENSION FUND ■' Foreeast Period:10 to 15 years Relies on DCF (IRR), direct capitalization (initial cap rates), and pnce per square foot; uses face rants and reflects free rent and other Concessions 2.0 %' ' 3.0% 3.0% 9.00 %, 2.0% 1 9.00% ' 6 60.0% 3,0% 12 when they are scheduled to occur; placing additional emphasis on . to, to to to to to' to to " to '• to to. to average cash -on -cash rates for years 1 to 5, 6 to 10, and then the average . 5.0% 4.0% . 4.0% 10.00% 4.0% 12.50% 10.50% 9 _ 70.9% ' 4.0% $0.50 18 ' rate for 1 to 10, coupled with partitioning present values and placing „ greater weight on cash figw vs. residual;,continuing caution.. INVESTMENT ADVISOR . ■ Forecast Period: 10 years Prefers free and clear properties with joint venture partner and 0.0% 9.00% 11.00% 8.50% 4 2.0 $0.10 6 preferred return; uses all valuation techniques and correlates; does not to 3.5% 3.5% , to 1.5% ' to to to 70.0% to to to rely on any one technique; looks at components of N01 growth; uses 8.0°% - 10.00% 12.00°% 10.00 6 5.0% $0.20 9 face rents. DOMESTIC PENSION FUND ■ Forecast Period: 10 years 3.0% 3.0% 9.00 %' 1.Q% 8.00% '6 _ 6 Relies on DCF (IRR); direct capitalization (initial cap rates) aqd price per to to. _3.0%,. . to , to 11.00°% to • to . `50.0% 5.0% -- to square foot, uses effective rents. 4 0% 4.0 ^% 11.00% 5.0% 10.00 °� 12 ` ' .. 12, . INVESTOR ■ Forecast Period: 5 to 7 years 2 Relies on DCF and direct capitalization; selling expense capped at 5.0% 3.5% 3.0% 9.00% f .5% 10.00% 8.50°% to 70.0% 2.0% $0.50 - $150,000; uses face rents. 4 REAL ESTATE ADVISOR ■. Forecast Period: 5 years : 40% to 8.0% Relies on DCF, also uses direct capitalization . , and price per square foot;' years 1 -3; 9.50 °% 11.50% initial market rent change rate for years 110 3 is a spike and is a'function 3.0% years , 3.5°% 3.5°% to 2.0% to 9.50°0 6 60.0 %' S.0% ' $0!15 ' of the Torto- Wheaton forecast recd in individual markets; residual cap 4 -6; 3.5% ' ` 9.75 %: 12.50% rate is in part developed through a second 10 -year DCF analysis (years 11 to 20); uses effective rents after all concessions are extracted. Years 711 T INSTITUTIONAL INVESTOR ■ ,Forecast Period: 10 years 2.0% to ° ° o ° ° $0.15 6 Invests primarily in newer suburban office properties with credit quality 3.0% 3.O�o 9.50% 2.0% 10.50% 8.50% 4 50.0% 1.0% tenants; relies on DCF; market rent growth rates vary according to supply- 4b, /0. 3 .0 .0 to .0 .5 to to to .0 to to demand balance in specific market; applies rent spikes as warranted varies 3.5% 4.0% 9.75°% 3.0% 11.25% 9.25° %, 8 60.0% . 3.0% $0.20.. 9 by market conditions a nd specific property; uses effective rents. thereafter' J , i RETAIL RETAIL MARKET REPORT HIGHLIGHTS • Seven new retail centers totaling 1.4 million sq. ft. were completed MARKET OVERVIEW last year. •Net absorption for 1998 was The Twin Cities metropolitan surveyed universe to 45 million sq. ft. 1.2 million sq. ft. retail market remains healthy: very low In addition, we estimate that 6 million vacancy rates and consistent absorption. sq. ft. of free standing retail space is in • Vacancy rates improved in almost Almost all new development is the market – Wal -Mart, Target, Fleet every category and submarket. substantially leased by time of Farm, Home Depot and others. completion. The vacancies in the There is upside in reformatting, repositioning and retenantin . Two trends market are primarily in older centers ep g g � •The proliferation of movie theaters p Y ed over the P have not been updated or reformatted. have develop past few p P continues - 144 new screens are Emerging retail trade areas years: the "de- malling" of older anticipated. continue to be Maple Grove/Plymouth, community and strip centers, and • Most retail development is being Shakopee /Savage and Washington development on in -fill sites in established driven b grocers – both in the County. National and regional tenants are trade areas. Y g a and in outstate single- loaded are attracted to our market because of the De- malling is best illustrated when a sin le loaded mall is redesigned economic health of the region and the g to Minnesota. high discretionary income. The Mall of collapse the front corridor and expand the • Seven retail centers were sold America draws millions of tourists retail space to the parking lot, in 1998. and visitors to our area. Hotel and providing visibility and easy access. The entertainment sales are reported to be process increases GLA and therefore • Two trends have emerged: strong and restaurants and food concepts rental income; provides more curb "de- malling" of older centers and are expanding. Developers and users are appeal for the center; and offsets CAM paying top prices for pad sites or small charges previously paid by the landlord. development of in -fill sites. of successful de- maliin p spaces in key locations. Panes, a 4,000 Examples g • Retailers will continue to sq. ft. bakery cafe concept will be include: Yorktown Mall, Apple Valley consolidate. Mergers unleash seeking 40 locations locally. Mall and Southtown. excess space into the market. Seven new retail centers were The second trend is necessitated by added to the market in 1998 totaling a lack of available land in good retail 1.4 million sq. ft. This brings the total areas. Small sites within the first and second ring are providing developers with prime real estate in strong trade areas. Two examples of "shoehorn" P .iw • _ — - �F- - development are: On 50th and France in I _ _ - Edina, two developers are building small retail projects with office space above. Pinehurst Properties is redeveloping the site on the SE corner of the key intersection and Edina Properties is constructing 13,000 sq. ft. on 1 50th Street just west of the intersection. – Also the Robert Muir Company P Y has started construction on a 6 -acre site near .,n• Calhoun in Minneapolis. Lake The C p ` parcel had tremendous challenges to it _ including neighborhood opposition, t bad soil conditions, access, and environmental issues. Arbor Lakes in Maple Grove is a mixed use development proposed by Opus Corporation. The project sits on 389 acres and will include 550,000 sq. ft. of retail space in Phase I. ANOKA COUNTY This nort metro sector has 30 qa'il enters thattotal 4.4 mill on sq. ft. SALE PRICES PSF OF RETAIL CENTERS 1996 -1998 cancy rates are 7.6 %, the lowest point �� ®� fiT�O� L ®CA�' ®� L L OCATION , in many years. The area is growing in population and jobs. Strong MINNEAPOLIS /ST. PAUL METROPOLITAN AREA infrastructure will be added with the CENTER CI siz PPSF AGE completion of Highway 610 scheduled Leisure Lane Edina 53,000 $151 1972 Mail for next year. Ridgehaven Minnetonka 129,999 $136 Strip- Anchored Riverdale Commons, a 550,000 Yorkdale Shops Edina 34,780 $119 1975 sq. ft. community center in Coon Ridgedale Festival Minnetonka 119,999 $103 1990 Rapids, was built by Ryan Companies Elk Park Center Elk Park 155,000 $102 1996 and includes Target and Rainbow Foods. Ridge Square North Minnetonka 81,202 $100 1982 The proposed Riverdale Village Lund's Center Eden Prairie 57,800 $95 1988 project (up to 800,000 sq. ft.) was handed Eagan Town Centre Eagan 153,032 $94 1986 off from Robert Muir Company Rockford Road Plaza Plymouth 250,000 $82 1991 to Developers' Diversified. The Burnsville Ctr Burnsville 1,040,000 $78 1977 100 -acre site is located at Main St. and Eagan Promenade Eagan 324,000 $77 1997 Round Lake Blvd. Midway Marketplace St. Paul 324,000 $77 1994 DAKOTA COUNTY Wayzata Village Shops Wayzata 43,127 $74 1964 Vacancies declined to 6.8% Southdale Center Edina 1,600,000 $73 1956/ 1993 Mail overall in the 54 retail centers in this large Central Valu Columbia Heights 123,000 $68 1983 south suburban sector. The centers built Northtown Mall Blaine 840,000 $64 1972 Mall in the past decade are virtually full while Bergen Plaza Oakdale 274,000 $63 1989 the older centers are showing higher Roseville Center Roseville 74,500 $62 1958 vacancies. The "re- formatting" of a Northtown Mall Blaine 816,000 $53 1972 Mall center like Signal Hills Mall in West Westview Valu Center St. Paul 167,000 $51 1984 W Paul illustrates a successful approach Victoria Crossing St. Paul 43,250 $49 1927 historic updating retail space. Brookdale Square Brookdale 185,000 $48 1980 Burnsville Center, a 1.1 million Maple Grove Crossing Maple Grove 265,000 $46 ** 1996 sq. ft. regional mall in Burnsville was sold Prairie Village Eden Prairie 75,736 $45 1976 by Corporate Property Investors to a Salem Square Inver Grove Hts 51,685 $36 1988 REIT, CBL & Associates in early 1998 Skywood Mall Fridley 73,000 $26 1968 for a reported $81 million. The center is Four Seasons Mall Plymouth 117,003 $23 1978 Mall anchored by Sears, Mervyn's, Dayton's, Brookdale Center Brooklyn Park 984,000 $21 1981 Mall and J.C. Penney. Shorewood Village Minnetonka 72,000 $13 1975 In Lakeville, Aurora Development Market Place Little Canada 106,000 $13 1974 has proposed Heritage Commons, a Bandana Square St. Paul 148,000 $13 Specialty Ctr 250,000 sq. ft. project anchored by Rosemount Mall Rosemount 40,000 $11 1964 Mall Rainbow Foods. The village - type format Village 19 Coon Rapids 181,340 $11 1971 will include housing, a church library • Excluding Target Greatiand "Part of package sale ® Colliers Towle and golf course. In Apple Valley, the 278,700 MINNEAPOLIS mixed -use project reformats 1.9 million sq. ft. Apple Valley Square wa ft. of space into light manufacturing In the city's 19 retail centers, sq. p g g renovated for the first time in 22 years. Retailers Party City and Office Max overall vacancy increased to 9.7 %. and assembly space, office space, West 153rd Notable vacancies are in malls such as parking ramps and over 200,000 sq. ft. of moved into new space on We Street adjacent to Best Buy. M 153 is Minnehaha Mall on Lake Street, and retail and restaurant space. Called Great h a 160,000 City Center and Gavildae in downtown Lake Commercial Center, the 17.6 acre under construction with under a store construction Co. n it Minneapolis. project will bring jobs and activity to the sq. Inver Grove Heights has nurtured In the Uptown area, the Robert depressed area. Minnehaha Mall, also a 450 -acre Arbor Pointe housing Muir Company has started construction on Lake Street, is being studied development with likelihood for retail of Calhoun Commons on a 6 -acre site for renovation. W development. Ryan Companies has on the northwest corner of Lake In the past few years, downtown ptioned 37 acres at the gateway the Calhoun. The 65,000 sq. ft. center will Minneapolis has seen the conversion of be anchored housing. Plans include a home by Whole Foods. traditional retail space to office space. improvement store, grocery, big -box Also on Lake Street, developer This trend continues at City Center retailers and both fast food and sit -down Ray Harris is redeveloping the former where the Law Center offices will Sears tower and warehouses. The occupy 30,000 sq. ft. of the former restaurant formats. Montgomery Ward space. New skyway and first floor retail ® Colliers Towle and restaurants will appear in the new VACANCY AND ABSORPTION . office towers such as 50 S. Sixth the MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - FIRST QUARTER 1996 -1998 Piper Jaffray Center and the Target Headquarters building. NUMBER GROSS TOTAL ANNUAL In Northeast Minneapolis, The MARKET STUDY OF LEASABLE AMOUNT PERCENT NET SECTOR DATE CENTERS AREA VACANT VACANT ABSORPTION Quarry 419,000 sq. ft. was completed last year and continues to be strongly ANOKA COUNTY welcomed by the community. The Neighborhood 1997 20 1,652,509 144,639 8.8% (34,659) r big -box format, developed by Ryan 1998 20 1,652,509 165,627 10.0% (20,988) Companies, provided 8 anchor - sized 1999 20 1,652,509 129,418 7.8% 36,209 stores on a redeveloped industrial site. Community 1997 8 1,476,940 95,154 6.4% 45,388 1998 8 1,476,940 96,734 6.5% (1,580) Target Stores has announced it 1999 9 2,008,940 106,616 5.3% 522,118 will proceed with a two Target store in downtown Minneapolis. Located d Regional 1998 1 816 ,000 88,720 10.9% (852) on the 900 block of Nicollet Mall, the 1999 1 816,000 104,000 12.7% (15,280) urban prototype will be assisted with Specialty NONE tax - increment financing provided by Total 1997 29 3,945,449 321,881 8.2% 9,877 the MCDA. 1998 29 3,945,449 351,081 8.9% (29,200) Block E in downtown continues its 199 30 4,477,449 340,034 7.6% 543,047 engagement period with Brookfield DAKOTA COUNTY Management. The latest proposal calls for Neighborhood 1997 38 2,221,482 258,774 11.6% 7,455 a two - story historic look. To date, no 1998 38 2,221,482 236,879 10.7% 21,865 1999 38 2,221,482 238,497 10.7% (1,618) movie theaters, hotels or retailers have Community 1997 14 2,686,471 154,272 5.7% 273,738 been announced. 1998 14 2,686,471 178,359 6.6% (24,087) 1999 15 2,946,477 195,639 6.6% 26,720 NORTHEAST METRO Regional 1997 2 1,664,343 80,000 4.8% 30,000 Overall vacancy rate is 9.2% in 1998 2 1,664,343 94,000 5.6% (14,000) • this sector of 622,000 sq, ft and 42 1999 1 1,314,343 8,000 0.6% 42,000 Specialty NONE centers. Absorption for 1998 was 71,000 � Total 1997 54 6,572,296 493,016 7.5% 251193 sq. ft. , q 1998 54 6,572,296 509,238 7.7% (16,222) Apache Mall 531,000 sq. ft. as 1999 54 6,504,302 442,136 6.8% 67,102 reported last year, is a candidate for MINNEAPOLIS redevelopment, especially since Cub Neighborhood 1997 9 474,540 13,200 2.8% 26,365 Foods opened on an adjacent parcel. 1998 8 439,554 10,024 2.3% 3,176 In Roseville, Aar Mar Mall lost 1999 8 439,554 4,041 0.9% 5,983 HomePlace to bankruptcy, adding Community 1997 2 313,459 57,122 18.2% (17,122) a 60,000 sq. ft. vacancy. Hamline 1998 3 730,459 87,122 11.9% 387,000 Shopping Center also lost an anch or, 1999 3 730,459 61,542 8.4% 25,580 Regional 1997 0 Sn der s Drug for g 3 712,054 23,004 3.2/0 27,280 Y g , a 32,000 sq. ft. 0 (33,681) 998 3 712 054 vacancy 1 56,685 8.0 Y 1999 3 712 ° ,054 123,145 17.3 /° ( 66 460 NORTHWEST Specialty 1997 5 550,169 85,748 15.6% 23,752 1998 5 550,169 54,900 10.0% 30,848 This diverse sector includes Maple 1999 5 550,169 46,000 8.4% 8,900 Grove and Brooklyn Park where Total 1997 19 2,050,222 179,074 8.7% 60,275 adjacent trade areas are positioning 1998 19 2,432,236 208,731 8.6% 387,343 themselves to become the dominant 1999 19 2,432,236 234,728 9.7% (25,997) regional draw. The sector's 34 retail centers absorbed 372,000 sq. ft. this past comprehensive mixed -use plan for the being discussed as a third phase, along year. The overall vacancy rate dropped 389 acre development now called with 200,000 sq. ft. of office space and from 9.9% to 9.1 %. Arbor Lakes. The first phase includes additional housing. Will we see a The new Champlin Marketplace 550,000 sq. ft. of big box retailers, Dayton's, Nordstrom or Macy's in on Hwy. 169 is anchored by a County furniture, fabrics, fashion, sporting Maple Grove? Market and a Walgreen's. Ryan's new goods and electronics. A Byerly's Brookdale Center, under new • Maple Grove Retail at I -94 and Co. Rd. grocery, a 20- screen theater, and many ownership, is planning a $100 4125 30 is a Rainbow- anchored center of restaurants complete the mix. The million renovation to reposition the 215,000 sq. ft. second phase fits in the town center 900,000 sq. ft. regional mall (built 1981) Also in Maple Grove, Opus buildings, offices, city hall, and a new to an entertainment complex. Plans Corporation has developed a library. A possible regional mall is include an amphitheater, a 20- screen theater, record and book stores, and NUMBER TOTAL TOTAL several restaurants. A key component of MARKET STUDY OF RENTABLE AMOUNT VACANCY NET W e renovation is Dayton's decision of SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION hether to renovate or build new at Brookdale, or consider Maple Grove. NORTHEAST The existing store was last updated Neighborhood 1997 29 2,003,951 244,343 12.0% (6,455) eleven years ago. 1998 31 2,152,895 256,608 11.9% 17,179 1999 31 2,152,895 167,950 7.8% 88,658 SOUTHWEST METRO Community 1997 7 1,445,803 55,546 3.8% 234,354 1998 7 1,455,803 71,505 4.9% (15,959) There are 41 retail centers 1999 7 1,315,803 70,480 5.4% 1,025 surveyed in this large sector of 9 million Regional 1997 4 3,068,477 380,824 12.4% 275,079 sq. ft. Almost 50% of the metropolitan 1998 4 3,293,477 364,824 11.1% 241,000 area retail development of the past ten 1999 4 3,293,477 383,524 11.6% (18,700) years has been in the Southwest. Specialty NONE Current vacancy ates for all es Total 1997 40 6,558,231 680,713 10.4% 502,978 y � ° 0 0 1998 42 6,902,175 692,937 10.0% 242,2 20 of centers increased from 4.9 /o to 5.6 /o. 1999 42 6,762,175 621,954 9.2% 70,983 At 50th and France in Edina, two NORTHWEST small retail projects are planned: 40 ,000 Neighborhood 1997 20 1,502,330 220,685 14.7% 10,187 sq. ft retail /office is proposed by 1998 22 1,662,330 297,527 17.9% 83,158 Pinehurst Properties, and 13 ,000 sq. ft. 1999 23 1,747,330 226,265 12.9% 156,262 is planned by Edina Properties for 50th Community 1997 9 2,062,712 99,343 4.8% 278,529 Street, just west of France. 1998 9 2,062,712 102,940 5.0% (3,597) In Eden Prairie, Best Buy plans to 1999 10 2,278,042 98,909 4.3% 219,361 anchor Hartford Place, a 70,000 sq. ft. Regional 1997 1 986,000 167,000 16.9% 10,480 retail project to be constructed by Ryan 1998 1 986,000 125,000 12.7% 42,000 Companies in 1999. Also in Eden 1999 1 986,000 130,000 13.2% (5,000) Specialt NONE Prairie Home Depot is buildin a p h' o ' )? i Total 1997 30 4,551,042 487,028 10.7 /0 299,196 114,000 sq. ft. store on Valley View 1998 32 4,711,042 464,467 9.9% 182,561 • Road at Prairie Center Drive. 1999. 34 5,012,247 455,174 9.1% 371,498 SOUTHWEST SCOTT COUNTY Neighborhood 1997 26 1,766,684 95,066 5.4% 23,926 Oppidan Investment Co. 1998 27 1,866,684 146,184 7.8% 48,882 developed two centers in the cities of 1999 27 1,934,083 177,035 9.2% 36,548 Shakopee and Savage in Scott County. Community 1997 9 1,198,885 102,726 8.6% 76,943 As the population grows in the third and 1998 9 1,198,885 64,039 5.3% 38,687 fourth ring suburbs, and as highways are 1999 9 1 ,198,885 56 ,800 4.7% 7,239 improved like Hwy. 169 and Hwy. 101 Regional 1997 4 5,418,522 283,700 5.2% (100,640) 'u 1998 4 5,418,522 218,406 4.0% 65,294 the growth of retail accelerates. p ee, 1999 4 5,418,522 265,114 4.9% (46,708) Crossroads Center, in Shako p Specialty 1997 1 417,784. 8,000 1.9% 23,000 is a 200,000 sq. ft. development anchored 1998 1 417,784 8,000 1.9% 0 by Cub Foods and Blockbuster Video. 1999 1 417,784 1,967 0.5% 6,033 Marketplace at 42, in Savage, is a Total 1997 40 8,801,875 489,492 5.6% 23,229 170,000 sq. ft. center anchored by 1998 41 8,901,875 436,629 4.9% 152,863 Rainbow Foods, Walgreen's and 1999 41 8,969,274 500,916 5.6% 3,112 Hollywood Video. ST. PAUL Neighborhood 1997 11 578,214 31,044 5.4% 9,522 ST. PAUL 1998 13 670,484 103,649 15.5% (72,605) In downtown St. Paul, the goal of 1999 14 699,853 89,490 12.8% 43,528 Community 1997 4 891,929 166,425 18.7% 28,171 city leaders is a retail spine along 1998 4 891,929 142,749 16.0% 23,676 Wabasha Avenue. The World Trade 1999 4 723,929 47,000 6.5% (72,251) Center, Dayton's and the new Lawson Regional 1997 3 619,101 149,050 24.1% 23,400 Software tower will anchor the 1998 3 619,101 25,900 4.2% 123,150 corridor which is designed to have 1999 3 619,101 80,600 13.0% (54,700) pedestrian - friendly storefronts with Specialty 1997 5 262,650 17,862 6.8% 10,138 interesting specialty shops. 1998 5 262,650 32,314 12.3% (14,452) An overall reduction of 121 1999 5 262,650 18,268 7.0% 14,046 ': • 1997 23 2,351,894 364,381 15.5 /° 68,231 sq. ft. of retail space occurred downtown Total ° 1998 25 2,444,164 304,612 12.5 59,769 in 1998: Town Square retail GLA was 1999 26 2,305,533 235,358 10.2% (69,377) reduced by 38,000 sq. ft. and Galtier � Scott county will) be surveyed in 1999, and added to the study. ®Colliers Towle Plaza retail GLA was reduced by 83,000 l� Neighborhood Centers in the greater The low vacancy rate has been impacted by Definition: 30,000 - 149,999 sq. ft. Minneapolis /St. Paul area are enjoying the the increase of what use to be considered office # of Properties: 265 lowest midpoint vacancy rate in 5 years. Rates space users such as dentists, insurance agencies, Total GLA:19,861,422 sq. ft. have steadily declined from 5.7% in 1993 to and other service type businesses. These tradi- 2.6% in 1998. tional office users continue to realize the value % of Total GLA: 40.3% Neighborhood Centers are typically of the visibility, convenience, and competitive Real Estate Tax Midpoint: $2.47 anchored by supermarkets and or discounters. rental rates Neighborhood Centers have to Real Estate Tax Range: $52 - $7 Their customer base is typically from a 1 to 3 offer. Growth of service retailers is expected to CAM Midpoint: $1.84 miles radius and makes regular repeat visits. continue to grow. CAM Range: $.17 - $8.78 Most centers have coffee shops, dry cleaners, New Neighborhood Centers have been Midpoint Vacancy Rate: hair salons, and service oriented retailers. preleasing at 60% and higher. An example is 1998 2.60% The healthy economy has helped spur the Plymouth Station which was 75% leased before 1997 3.00% g rowth of Neighborhood Centers. Low infla- construction be and was 90% leased u pon 199 4. g g � P 1995 4.54 /o tion and interest rates have contributed to the construction completion. Plymouth Town 1994 6.30% growth of these retailers. These start up busi- Center located at Highway 55 and Vicksburg 1993 5.70% nesses are drawn to the rent values of neighbor- Lane was 74% leased or committed at its hood centers. completion. "Neighborhood Centers Expansion efforts for these retailers has The outlook for Neighborhood Centers in in the greater • been hindered by the lack of available space. the outlying growing suburbs continues to be Minneapolis /St. Paul area Development has not kept pace with the good and we expect 1999 to continue a trend of are enjoying the lowest demand for these small users. Many centers low vacancies. midpoint vacancy rate in 5 p cY have subdivided larger spaces to accommodate years. Rates have steadily these smaller users. declined from 5.7% in 1993 to 2.6% in 1998." "New Neighborhood *' Centers have been pre- 5 leasing at 60% and higher. An example is Plymouth 1 w h ic h i Stat hic was 75 leased before construction 3• Y began and was 90% leased upon construction i completion." The Plymouth Town Center was 74% leased or committed at completion. 17 o CE • Community Centers are defined as retail Main Street and Northdale Boulevard, was Definition: 150,000 - 399,999 sq. ft. centers with 150,000 to 399,999 square feet, developed by Ryan Companies. Tenants # of Properties: 53 are generally open air centers and have a wide include Target Greatland, Rainbow Foods, Total GLA: 12,972,640 sq. ft. variety of tenants ranging from grocery stores to Office Max, Parry City and Petco. An addi- % of Total GLA: 26.3% discount stores to smaller local. retailers. The tional 100,000 square feet of space has been Real Estate Tax Midpoint: draw of these centers is the convenience they approved for future development. $2.90 offer along with the selection of retailers. Upcoming projects include Arbor Lakes in Real Estate Tax Range: Although the square footage of the center Maple Grove and the redevelopment of Signal $.80-$6.35 is a defining factor, there are centers that exceed Hills Shopping Center in South St. Paul. Arbor CAM Midpoint: $1.93 the square footage parameters but possess the Lakes is a 610,000 square foot power center CAM Range: 530 - $5.40 other characteristics of community centers. being developed by Opus Corporation. Phase I Midpoint Vacancy Rate: Therefore, these centers would be classified as of this development will begin construction in 1997 4.50% 1998 4.30 community centers. Examples of these centers the fall of 1998 and is expected to be completed 1996 7.08% would include The Quarry in northeast by fall, 1999. Most of the tenants will be big 1994 4.00% Minneapolis and the Arbor Lakes development box users. Tenants that have committed to this 1993 5.30% in Maple Grove. project are: Byerly's, Best Buy, Babies 'R' Us, Community Centers that will open in Office Depot, Marshalls, Linen's 'N' Things, 1998 include Shakopee Crossroads and JoAnn Etc., Zaney Brany, NW Bookstore, "Although the square • Marketplace at 42. Both of these centers are Wickes Furniture and Ethan Allen. Also footage of the center is a developments of Oppidan Investment planned for this development is a 20 screen defining factor, there are Company. Shakopee Crossroads is a 200,000 theater with 4,400 seats. centers that exceed the square foot center located at the northwest Signal Hills Shopping Center originally quadrant of Highways 17 and 169 in Shakopee. opened in 1954 as a strip center and was square footage parameters The center is anchored by Cub Foods. Other enclosed in 1961. For many years it was a but possess the other char- tenants include Blockbuster Video, Chaska strong regional center and competed well acteristics of community Cleaners, Crossroads Liquor, Edina Realty, against the "Dales ". However, with the opening centers." Great Clips, Hallmark, Norwest Bank, State of the Mall of America, their ability to compete Farm Insurance, Pet Food Outlet, Rossi as a regional center suffered. The current rede- Imported Auto, SuperAmerica and True Value velopment plans for Signal Hills Shopping Hardware. Cub Foods has opened and the rest Center is an example of how older centers can of the center will be open by the end of 1998. continue to compete effectively in this market - Marketplace at 42, a 170,000 square foot place. The owners of Signal Hills are currently center, is located at the northwest corner of negotiating with Wal -Mart to add a 125,000 Highways 42 and 13 in Savage. The tenants at square foot store. They are also negotiating Marketplace at 42 include Rainbow Foods, with Herbergers to open a new 70,000 square Hollywood Video, Taco Bell, Radio Shack, foot store. The remaining mall will be Crystal Town Center LeeAnn Chin, City of Savage Liquor, Cole's convened to a strip center format and will have Salon, Advantage Travel, Dry Cleaning Station, approximately 90,000 square feet of in -line TCF Bank and Walgreern s. Rainbow Foods is space. scheduled to open in November and the rest of • the center is scheduled to open by the end of 1998. Also opened in 1998 is Riverdale Commons in Coon Rapids. This 250,000 square foot center, located at the intersection of Chaska Commons 15 ..O. "The improving trend of Midpoint Rental Rates Midpoint CAM Expenses BY TYPE OF CENTER / HI RATES & LO RATES BY GEOGRAPHIC SECTOR / PER SQUARE FOOT reduced vacancies contin- $35 .S350D $10 s 950 ued in 1998 as new $30 „ national and regional s25 $6 retailers continued their $20 ,450 f14ap ,650 16 s,s $4 expansions into the metro $120 Sion Wn 5463 stn $ , .ea S $194 f10 s2 area." $5 $0 Regional Comm pity NdghboftW Mph CBD St Paul CBD $U ®� ��C �" ■HRata 13LORM SQ° �P Midpoint CAM Expenses Midpoint Rental Rates ,o P p BY GEOGRAPHIC SECTOR / HI RATES & LO RATES BY TYPE Of CENTER PER SQUARE FOOT / $30I 521.50 $2S I f8 b L $20 S 6 $15 1m SR00 a; $10 St33 SC61 $2 ell, 0 so Natlreat NmOtaest %w ag W"'t t Mph CBD maul WO i WWRata OLORata 54 t 1997. Comparing vacancy rates by geographic of locations available and some amount of flex- sector in Graphs #5A and #5B, we can see that ibility in negotiating rents for unique tenants. vacancy is quite low in all areas of the Twin Midpoint rental rates for Regional Centers showed the greatest improvement in 1998, as Cities except the St. Paul CBD. The southwest a high rates grew 40% from $25 per square foot and southeast geographic segments experienced the largest midpoint vacancy rates, while the in 1997 and low rates grew nearly 30% from northwest geographic segment grew slightly to $11 per square foot in 1997. This reflects 5.0% from 4.0% in 1997. Graphs #6A and #6B improved retail demand and low vacancy show historical midpoint vacancy rates by supply at Regional Centers such as Burnsville, Rfdgedale and Rosedale. Graph #8, shows an property type and geographic sector for the � past six years. The improving trend of reduced analysis of rental rates by geographic sector. vacancies continued in 1998 as new national Excluding the CBD's the remaining four sectors are surprisingly similar in rental rates and and regional retailers continued their expan- sions into the metro area showed little improvement from 1997. There is a slight premium for rental rates in the south - EXPENSE ANALYSIS west region reflecting increased retail demand influenced by population and income growth. RENTAL RATES However, this sector also has the largest concen- Graph #7 reflects the market rental rates tration of Regional Centers. The previous for shopping centers by property type. The graphs illustrate that the Regional Centers have graphs reflect both the high rate and the low a higher midpoint rental rate and therefore rate for the properties. It is interesting to note Would explain the increase in this area. the disparity between high and low rates for the CBD' s and Regional Centers. This clearly indicates that these property types have a variety 11 aA Midpoint Vacancy Rate east community sector grew from 19% in 1997 BY TYPE OF PROPERTY: 1998 east community sector grew from 19% in 1997, 259• . n% to 22% in 1998, while the northeast neighbor- 20% hood sector decreased from 74% to 72 %. Graphs #3B, #3C and #3D show no significant 15% 12.1 change from 1997. 10% 5% L6% ?% VACANCY 0% Graphs #4A and #4B show the difference r ° between midpoint and average vacancy rates by 41 r property type. Midpoint vacancy rates more 4B Average Vacancy Rate closely reflect the markets condition in that the BY TYPE OF PROPERTY`. 1998 25 % midpoint does not allow the results of any one '% property to skew the data like the average 20% vacancy rate can. Midpoint vacancy rates in the 15% IM St. Paul CBD have improved dramatically from 10% as% 1997, but still amount to more than 20 %. • a9x 41% Vacancy rates in the Minneapolis CBD 0% improved slightly from 1997, while Regional o% .tc1 �y Center vacancy remained relatively flat. � �a Vacancy rates in Community and Neighborhood Centers nearly tripled from SA Midpoint Vacancy Rate 6A Historical Midpoint Vacancy Rate BY GEOGRAPHIC SECTOR: 1998 BY GEOGRAPHIC SECTOR: 19941998 25 "S 222% 20% 20% 159/ 15% 10% lit, 1 -1 10% 5% 4.9% 39% S% 5% .6% 1% 0% td i La 0% 1994 1995 1996 1997 1998 ■Weast [3NorthW ■Sodeast ■So mest ®Total Market loQ� S" F s6 ] Average Vacancy Rate 66 Historical Midpoint Vacancy Rate BY GEOGRAPHIC SECTOR: 1996 BY TYPE OF PROPERTY: 1994.1998 25% 2091 22.1% 20% 15% 15% 12.9% • 11.1% 10.6% 10% 10% 7A% k1% 5% 5% 0% erQ�dcSQaJ\�a �/ 0% 1994 1995 1996 1997 1998 ■ CBDs MOW ■ CMU4 ■ Neighborhood ■Total Market 10 FF T o o m M S Stri p pp g Sho in Center Market At the same time that most REITs 'Exhibit C have exited the acquisitions arena Average Forecast Value Indicator Change Rates, 1999 well- capitalized retail REITs that fo- cus on community and neighborhood Discount Rate (IRR) shopping centers are buying prop - Overall cap Rate (OAR) 0 --0.8% Vacancy Rate - 0.6% -6 erties. Like the pension funds and Rent Rate t 2.1% other institutional investors who are Operating Expenses keeping the national strip shopping Price/Value center transaction market active Development t 22% they like shopping centers that are -1 o 1 2 a anchored by one of the market's dominant grocers. one year ago. OAR premium is 1.28 basis points. Increasingly, the dominant gro- Strip shopping centers have tra- The national strip shopping cen- cers are in chains that have recently dition'ally been perceived to - pose ter market will be stable in 1999. merged. Consolidation has escalat - higher investment risk than regional NeitherlRRs nor OARs are expect -. ed over the past several months. In malls, and both IRRs and going -in ed to move significantly (see Exhibit October, Kroger Co. agreed to cap rates reflected a premium for C). The greatest forecast shift is a acquire Fred Meyer, Inc. to form the the higher risk. For the past year the 2.2% change rate in the amount of largest U.S. supermarket chain, with spread between the average strip new development. Consequently, reported revenues of $43 billion. center IRR and the regional mall although rents are expected to in- Two megamergers than occurred rate has been widening. This guar- crease, - nearly stagnant vacancy early in the year are Albertson's, Inc. ter. the spread is 25 basis points. rates will keep prices close to cur - buyout of American Stores, Inc. and The strip center OAR has consis- rent levels. Participants in our annu- ® the Safeway, Inc. acquisition of Dom- tently been considerably higher than al forecast put the rate of change in inick's Supermarkets, Inc. and Carr- the regional mall rate. This quarter's prices /values at only 1.5 %. ■ Gottsteln Food Co. The U.S. grocery business is quickly becoming a re- Table 7 i { ona business and further mergers g g National Strip Shopping Center Market may make it a predominantly nation- FOURTH QUARTER 1998 al endeavor. For now, the only truly na- CURRENT LAST YEAR tional grocer is Wal -Mart, which has KEY INDICATORS QUARTER QUARTER AGO taken third place in the grocery -size sweepstakes. Its annual sales are re- RANGE 10.00 % - 14.00% 10.00 % - 14.00% 10.00 9 / - 14.00% ported at $25 billion. AVERAGE 11.53% 11,63% 11.54% HANGE On average,, prices in the nation- al strip shopping center market are RANGE- 8.00 % - 12.00% 8.00 % - 12.00% 8.00 % - 13.00% nearly at, replacement cost. Partici- ° ° 0 p AVERAGE 9.73/0 9.72/0 9.89/0 - ants .. p estimate that they :vary from �eH Gs 80.0% to 120.0% of replacement cost. The average is 98.0 fvlost artici p RANGE 0.00% -7.00% 0.00% -7.00 0.00 % - 5.00% pants think current prices are . justi - , AVERAGE 3 . J✓p' 322 % 3.05% fled by higher rents and lower vacan- riaNE,teas�s�nta.:t Rte.• u r .rs. „- - 3 ...v ..i� w. . cy rates. For the most part, income — ® ®® streams are satisfactory and most RANGE 2.50 9 /-5.00 1 /* 2.50% -5.00% 0.00% -5.00 tenants are performing well. AVERAGE 3.33% 3.42% 3.43% Key value indicators are shown in CHAIJGE (Basis Table 7. The average discount rate ®® (IRR) decreased 10 basis points to RANGE 8.50 % - 12.00% 8.50 % - 12.00% 8.50 % - 12.00% [� 11.53 %. Although there have been AVERAGE s s5/ s s5% 10 02 °�0 � -CHANGE (Basis Pants) 0 > 7 small fluctuations this year -the rate a. Rate on unleveraged, all -cash transactions is now only 1 basis point lower than b. Initial rate of change 11 COMMERCIAL AND INDUSTRIAL ANALYSIS 1998 VS. 1999 • % CHANGE 1998 AEMV 1999 AEMV NEW 1 98 TO '99 TYPE OF PROPERTY TOTALS TOTALS CONSTRUCTION ASSMNT. AUTO $7,576,800 $9,357,200 $821,400 12.7% AUTO DEALERS $19,822,700 $21,846,500 $345,000 8.5% BANKS $6,820,000 $6,823,000 0.0% BOWLING $2,430,000 $2,417,800 -0.5% FAST -FOOD $2,915,000 $2,917,000 0.1% HOTEL /MOTEL $30,149,000 $37,420,000 $5,511,000 5.8% MEDICAL OFFICE $5,829,900 $6,819,500 $645,600 5.9% OFFICE LARGE $31,767,800 $33,624,500 5.8% OFFICE SMALL $7,271,900 $8,466,300 16.4% • OFFICE CONDOMINIUMS $1,770,000 $1,770,000 0.0% RESTAURANT $7,969,100 $7,809,800 -2.0% RETAIL $60,234,300 $59,537,400 -1.2% SHOPPING CENTER $81,625,000 $80,943,400 $800,000 -1.8% COMMERCIAL TOTAL $266,181,500 $279,752,400 $8,123,000 2.0% INDUSTRIAL NORTH $56,701,600 $59,791,300 $1,975,100 2.0% INDUSTRIAL SOUTH $13,506,400 $15,127,400 $140,000 11.0% INDUSTRIAL TOTAL $70,208,000 $74,918,700 6.7% TOTALS $336,389,500 $354,671,100 $10,2381;0.0 WelgMeO. Mean 5.4 °/a • o Median'by Use 3.0 /o 4/30/9912:45 PM • INDUSTRIAL North of 694 BROOKLYN CENTER, MINNESOTA AGiiY�. ;; ^<:::::: >'.` r: ♦: ^ {5':iJ'i. "i. ...:: ;.:.:::.::EMV:li: < 1998Bt11Y:: ":::Values »::: >: iAwa::r`:; > 1988.EM�/> ::;::::.:Values >`: > LAjy :. C B Commercial Freeway Commerce Center E 8W Land 238,756 Land $675,000 $2.83 $9.93 Land $702,000 $2.94 $9.77 Dan Swartz / Dennis Panzer 1600 81700 Freeway Blvd. GSA 81,008 Building $1,697,000 $20.95 Building $1,630,000 $20.12 924 -4600 PID 35- 119 -21 -14 -0011 8 0004 L:B Ratio 2.95 Total $2,372,000 $29.28 Total $2,332,000 $28.79 Built -1969 1.72% 12.43% Marquette Partners 1810 Freeway Blvd Building Land 321,200 Land $882,000 $2.75 $9.2a Land $882,000 $2.76 $8.79 481 -8070 1800 Freeway Blvd. GSA 97,660 Building $2,099,000 $21.49 Building $1,940,000 $19.86 John Thompson 8 PID 35- 119.21 -14 -0008 L:B Ratio 3.29 Total $2,981,000 $30.52 Total $2,822,000 $28.90 Charles Howard Built -1971 5.63% 4.63% Welsh Companies 6840 Shingle Creek Building Land 369,869 Land $1,030,000 $2.78 $9.37 Land $1,019,000 $2.76 $9.74 Jeff Mines / Rich Yablonsky 6840 Shingle Creek Parkway GSA 113,412 Building $2,437,000 $21.49 Building $2,585,000 $22.79 897 -7741 PID 35- 119 -21.21 -0003 L:B Ratio 3.26 Total $3,467,000 $30.57 Total $3,604,000 $31.78 Built - 1972 -3.80% 12.72% Welsh Companies 6820 Shingle Creek Building Land 409,347 Land $1,145,000 $2.80 $11.14 Land $1,138,000 $2.78 $10.74 Jeff Mines / Rich Yablonsky 6820 Shingle Creek Parkway GBA 146,868 Building $3,416,000 $23.26 Building $3,260,000 $22.20 897 -7741 PID 35- 119 -21 -12 -0002 L:B Ratio 2.79 Total $4,561,000 $31.06 Total $4,398,000 $29.95 Built 3.71% 8.62% Northco Shingle Creek Industrial Land 477,595 Land $1,311,000 $2.75 $10.77 Land $1,311,000 $2.75 $1129 Mike Fleetham / Julie Yeazle 6800 Shingle Creek Parkway GBA 172,883 Building $3,831,000 $22.16 Building $3,439,000 $19.89 820 -1600 PID 35- 119 -21 -12 -0003 L:B Ratio 2.76 Total $5,142,000 $29.74 Total $4,750,000 $27.48 Built -1973 81978 Inch Mezz.- 5,291 8.25% 1.06% Welsh Companies Bradley -1600 67th Bldg. Land 366,609 Land $1,017,000 $2.77 $1123 Land $1,017,000 $2.77 $10.62 Jeff Mines / Rich Yablonsky 1600 - 67th Ave. N. GBA 135,936 Building $3,100,000 $22.80 Building $2,877,000 WAS 897 -7741 PID 35- 119 -21 -11 -0012 L:B Ratio 2.70 Total $4,117,000 $30.29 Total $3,894,000 $28.65 Built-1978 6.73% 2.84% C B Commercial Spec #8 - PALMER PLAZA Land 490,758 Land $1,500,000 $3.06 $724 Land $1,458,000 $2.97 $7.76 • Peter Mork/ Gerald Driessen 6850,80,870 Shingle Creek Pky GBA 154,177 Building $2,100,000 $13.62 Building $2,350,000 $15.24 924.4600 PID 35 -22 -0005,0007,0008,0011 NRA 143,296 Total $3,600,000 $23.35 GSA Total $3,808,000 $24.70 GSA L:B Ratio 3.18 -5.46% $25.12 NRA 14.65% $26.67 NRA - Built -1979 John Allen Shingle Creek Plaza - Spec 9 Land 229,038 Land $626,000 $2.73 $12.76 Land $621,000 $2.71 $11.64 T80 -8500 6801 Shingle Creek Parkway GBA 85,232 Building $2,297,000 $26.95 Building $2,045,000 $23.99 PID 36- 119 -21 -12 -0008 L:B Ratio 2.69 Total $2,922,000 $34.28 Total $2,666,000 $31.28 Built-1980 9.60% 14.34% Chris Wilson 943 -2700 Freeway Busisness Center III Land 193,073 Land $532,000 $2.76 $19.14 Land $532,000 $2.76 $1827 Michael Stevens 6701 Parkway Circle GBA 74,848 Building $3,163,000 $42.26 Building $2,995,000 $40.01 Target 100% Tenant PID 36- 119 -21 -12 -0014 L:B Ratio Total $3,695,000 $49.37 Total $3,527,000 $47.12 Built -1986 4.76% 29.61% Chris Wilson Freeway Busisness Center II Land 192,067 Land $525,000 $2.73 $12.2a Land $606,000 $2.63 s11.eo Michael Stevens 6707 Shingle Creek Parkway GBA 76,246 Building $1,834,000 $24.05 Building $1,780,000 $23.35 943 -2700 PID 35- 119 -21 -12 -0013 US Ratio 2.52 Total $2,359,000 $30.94 Total $2,286,000 $29.98 Built -1982 3.19% 18.79% Towle Sunlite Business Center Land 272,354 Land $750,000 $2.75 $13.38 Land $750,000 $2.76 $11.64 Jim Miller/ Jonathan Dostel 6665 Parkway Circle GBA 73,000 Building $2,893,000 $39.63 Building - $33.16 341 -4444 PID 35- 119 -21 -13 -0011 L:B Ratio Total $3,643,000 $49.90 Total $3,170,000 $43.42 New Imp, $473,000 14.92% 26.80% Chris Wilson Freeway Bushiness Center I Land 205,971 Land $575,000 $2.79 $13.81 Land $530,000 $2.57 $12.96 Michael Stevens 6601 Shingle Creek Parkway 75,074 Building $2,270,000 $30.24 Building $2,139,000 $28.49 943 -2700 PID 35- 119 -21 -13 -0017 L:B Ratio 2.74 Total $2,845,000 $37.90 Total $2,669,000 $35.55 Built -1985 6.59% 12.38% C B Commercial Shingle Creek Plaza li Land 329,657 Land $930,000 $2.82 $922 Land $930,000 $2.82 $884 Jim Leary/Tom Shaver 2700 Freeway Blvd. GBA 78,977 Building $2,143,000 $27.13 Building $1,984,000 $25.12 924 -4666 PID 35- 119 -21 -23 -0001 L:B Ratio 4.17 Total $3,073,000 $38.91 Total $2,914,000 $36.90 Built -1982 6.46% 18.23% • None Indicated Steffens Building Land 104,536 Land $296,000 $2.82 $9.92 La nd $295,000 $2.82 sa.57 1601 - 67th Ave. N. GBA 34,574 Building $742,000 $21.46 Building $706,000 $20.39 PID 35 119 - 21 - 14 - 0014 L:B Ratio 3.02 Total $1,037,000 $29.99 Total $1 ,000,000 $28.92 Built .1978 3.70% 10.39% ■ 998 1999 tiit ACTIVE ..Unit. ACTIVE O U • "LEASING AGENT LQCATION" A99% : fHTV .:_.',Va Ueg : :. LANK 1998 EM\/ : s a/laiUSS. None Indicated Hiawatha Rubber Land 170,379 $468,000 $2.75 $14.34 $468,000 $2.75 $7.10 1700 .67th Ave. N. GBA 76,840 Building $1,975,000 $25.70 Building $741,000 $18.43 PID 35- 119 -21 -11 -0013 L:B Ratio 2.22 Total $2,443,000 $31.79 Total $1,209,000 $30.08 Built 1975 1998 additionof37,440sf New Imp, $1,234,000 102.07% 15.95% None Indicated Johnson Controls Land 59,625 Land $164,000 $2.75 slo.7o Land $165,000 $2.77 $10 .2a 1801 -67th Ave. N. GBA 16,666 Building $474,000 $28.44 Building $464,000 $27.24 PID 35. 119 -21- 14-0005 L:B Ratio 3.58 Total $638,000 $38.28 Total $619,000 $37.14 Built -1972 & 1990 Addn. 3.07% 0.02% The C. Chase Company Coachman Building Land 90,570 Land $249,000 $2.75 $10.53 Land $249,000 $2.75 $9.66 Sherman Malkerson 6660 Shingle Creek Parkway GBA 34,800 Building $705,000 $20.26 Building $625,000 $17.96 525 -1000 PID 35- 119.21 -14 -0006 L:B Ratio 2.60 Total $954,000 $27.41 Total $874,000 $25.11 Built-1978 9.15% -2.35% Denny McCardle Medtronlc Land 353,063 Land $975,000 $2.76 $11.27 Land $980,100 $2.78 $10.81 6700 Shingle Creek Parkway GBA 80,507 Building $3,005,000 $37.33 Building $2,836,900 $35.24 PID 35- 119.21 -12 -0004 & 0005 L:B Ratio 4.39 Total $3,980,000 $49.44 Total $3,817,000 $47.41 Built -1980 New Imp, $168,100 4.27% 8.62% None Indicated Hoffman Engineering Land 333,478 Land $915,000 $2.74 $9.6o Land $912,000 $2.73 $9.56 6530 James Ave. N. GBA 120,250 Building $2,286,000 $19.01 Building $2,276,000 $18.93 PID 35- 119 -21- 14-0003 &0002 L:B Ratio 2.77 Total $3,201,000 $26.62 Total $3,188,000 $26.51 Built -1971 0.41% 2.99% None Indicated US West Land 89,623 Land $250,000 $2.79 $lo is Land $256,000 $2.86 $10.33 6540 Shingle Creek Parkway GBA 27,156 Building $689,000 $25.37 Building $670,000 $24.67 PID 35- 119 -21 -14 -0007 L:B Ratio 3.30 Total $939,000 $34.68 Total $926,000 $34.10 Built -1970 1.40% 2.99% Schmitt Music Land 203,119 Land $1,116,500 $5.50 $8.97 Land $920,000 $4.53 $7.82 2400 Freeway Blvd GBA 54,124 Building $705,800 $13.04 Building $668,600 $12.35 35- 119 -21- 24.0004 L:B Ratio Total $1,822,300 $33.67 Total $1,588,600 $29.35 Built 1974 New Imp.- $100,000 14.71% 9.38% • TOTALS Land 5,297,567 Land $15,929,500 $3.01 $11 .29 Land $15,641,100 $2.95 $10.70 GBA 1,683,114 Building $43,861,800 $26.06 Building $41,060,500 $24.94 L:B Ra0o 3.15 Total $59,791,300 $35.52 Total $56,701,600 $34.44 New Imp.- $1,975,100 5.45% 15.23% Mean Size 84,156 82,324 Weighted Mean Value 35.52 34.44 PTSVASSESSkSPREDSHMTEVEB l99CIAIINDNO694.XLSJ1999 Value Comparison 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. 1998 1998 • # LOCATION 1999 EMV 1 VA UB TO LAND 1998 EMV VALUE EMV LAND To LAND 1 Murphy Warehouse LAND 302,460 Land $829,000 $2.74 $8.77 Land $829,000 $2.74 $7.28 5001 France Ave. n. GBA 121,640 Building $1,823,000 $14.99 Building $1,373,000 $11.29 PID 10- 118 -21 -24 -0002 Total $2,652,000 $21.80 Total $2,202,000 $18.10 Age -1965/ Wall Ht - 36' US RATIO 2.49 Change 20.4% Change 7.4% 2 Joslyn Manufacturing LAND 1,628,852 Land $192,500 $0.12 $0.12 Land $192,500 $0.12 $0.12 4837 France Ave. N. GBA 1,120 Building $100 $0.09 Building $100 $0.09 PID 10- 118 -21- 23-0004 Usable Land 782,338 Total $192,600 $171.96 Total $192,600 #ate### SUBRECORD 2 COMTAMINATION EXEMPT CODE C CONTIG Y $2,300,000 $1,031,600 Usable US RATIO 1454.33 Change 0.0% 0.24605733 Land Change 0.0% 0.24606 Usable 3 Steiner Cos. LAND 21,780 Land $76,200 $3.50 $8.71 Land $76,200 $3.50 $4.50 5001 Drew Ave N GBA 3,118 Building $113,400 $36.37 Building $21,900 $7.02 10- 118 -21 -13 -0003 NRA 3118 Total $189,600 $60.81 Total $98,100 $31.46 Sale 9198 $220,000. US Raba 6.99 Change 93.3% $60.81 NRA per [/1 31.4625 NRA per 4 Break Tradition Uniforms LAND 22,984 Land $63,000 $2.75 $5.13 Land $60,000 $2.61 $4.79 3607 - 50th Ave. N. GBA 3,680 Building $55,000 $14.95 Building $50,000 $12.77 PID 10. 118 -21 -13 -0059 Total $118,000 $32.07 Total $110,000 $29.89 Age -1961/Wall Ht -10' US RATIO 6.25 Change 7.3% Change 4.8% 5 (old Fun Services) LAND 15,000 Land $41,000 $2.75 $7.60 Land $41,000 $2.73 $7.33 3615 - 50th Ave. N. GBA 3,680 Building $73,000 $19.84 Building $69,000 $18.75 PID 10- 118 -21 -13 -0060 Total $114,000 $30.98 Total $110,000 $29.89 Age -1952/ Wall Ht -11' US RATIO 4.08 Change 3.6% - Change 14.3% 6 Minutemen Services LAND 15,000 Land $41,000 $2.75 $6.27 Land $41,000 $2.73 $6.27 3701 - 50th Ave. N. GBA 2,580 Building $53,000 $20.54 Building $53,000 $20.54 PID 10- 118 -21 -13 -0061 Total $94,000 $36.43 Total $94,000 $36.43 Age -19541 Wall Ht -13' US RATIO 5.81 Change 0.0% Change 1.5% 7 Harkess Engineering LAND 15,000 Land $41,000 $2.75 $11.60 Land $41,000 $2.73 $10.00 3707 - 50th Ave. N. GBA 5,604 Building $133,000 $23.73 Building $109,000 $19.45 PID 10- 118 -21 -13 -0062 Total $174,000 $31.05 Total $150,000 $26.77 Age -1952/ Wall Ht -13' US RATIO 2.68 Change 16.0% Change 6.4% 8 Metrotech Corporation H LAND 15,000 Land $41,000 $2.75 $21.53 Land $41,000 $2.73 $18.00 3715 - 50th Ave. N. A GBA 14,495 Building $282,000 $19.45 Building $229,000 $15.80 PID 10- 118 -21 -13 -0063 E Total $323,000 $22.28 Total $270,000 $18.63 Age -19521 Wall Ht -13' D U6 RA 770 1.03 Change 19.6% Change 13.9% 9 R & M Automotive R LAND 15,000 Land $41,000 $2.75 $10.60 Land $41,000 $2.73 $10.20 3721 - 50th Ave. N. K GBA 5,608 Building $118,000 $21.04 Building $112,000 $19.97 PID 10- 118.21- 13-0064 Sale Total $159,000 $28.35 Total $153,000 $27.28 5/98 Age -19521 Wall Ht - 20' 480 0o US RATIO 2.67 Change 3.9% Change 30.3% 10 Douglas Metal Specialties LAND 35,088 Land $96,000 $2.75 $10.12 Land $96,000 $2.74 $9.15 4912 France Ave. n. GBA 11,246 Building $259,000 $23.03 Building $225,000 $20.01 PID 10- 118 -21 -13 -0065 Total $355,000 $31.57 Total $321,000 $28.54 Age -19511 Wall Ht -11' US RATIO 3.12 10.6% 16.3% 11 Macro Scientific LAND 29,900 Land $82,000 $2.75 $7.06 Land $81,000 $2.71 $5.38 4906 France Ave. N. GBA 4,786 Building $129,000 $26.95 Building $80,000 $16.51 PID 10- 118 -21.13 -0066 Total $211,000 $44.09 Total $161,000 $33.64 Age -19511 Wall Ht -10' US RATIO 6.25 Change 31.1% Change 25.5% 14 Brooklyn Pet Hospital / Mikes Auto LAND 31,410 Land $86,000 $2.75 $8.79 Land $86,000 $2.74 $4.85 4902 ( &4900) France Ave. N GBA 4,159 Building $153,000 $36.79 Building $105,000 $25.25 PID 10- 118 -21 -13 -0069 Total $239,000 $57.47 Total $191,000 $45.92 Age -1963/ Wall Ht - 9' Us RATIO 7.55 Change 44.5% Change 5.7% • 15 Dale Tile LAND 101,011 Land $313,000 $3.10 $11.30 Land $329,000 $3.26 $9.37 4825 France Ave. N. GBA 29,804 Building $828,000 $27.78 Building $617,000 $21.24 PID 10- 118 -21 -31 -0027 Total $1,141,000 $38.28 Total $946,000 $31.74 Age -1958/ Wall Ht - 22' US RATIO 3.39 Change 20.6% Change 10.7% ■ 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. 1998.: 1998 ; UNCF:' <'.'149 @_ EINY :: t1.N. IT: ::;':£M1!:Tt)' #.:.: LOCATION _ 1/AI1JE; >:;.? :Tt2Lanlo : 1993:EMV 'VACtJE`:'; LAND ' • 16 Davies Water LAND 148,780 Land $409,000 $2.75 $4.36 Land $413,000 $2.78 $3.82 4010 Lakebreeze Ave. N. GBA 12,000 Building $240,000 $20.00 Building $161,000 $13.42 PID 10- 118 -21 -31 -0008 Total $649,000 $54.08 Total $574,000 $47.83 Age -19671 Wail Ht -18' uB RATIO 12.40 Change 13.1 % Change 6.7% 17 Howe Inc. LAND 211,969 Land $456,000 $2.15 $2.38 Land $450,000 $2.12 $2.56 4821 Xerxes Ave. n. GBA 75,385 Building $49,000 $0.65 Building $50,000 $0.66 PID 10- 118 -21-41 -0020 Total $505,000 $6.70 Total $500,000 $6.63 Age -19811 Wall Ht -15' uB RATIO 2.81 Change 1.0% Change 17.1% 18 MacMillan Bloedel LAND 284,147 Land $852,000 $3.00 $5.01 Land $846,000 $2.98 $5.16 4810 Lilac Dr. N. GBA 72,507 Building $571,000 $7.88 Building $610,000 $8.41 PID 10- 118 -21-42 -0039 Total $1,423,000 $19.63 Total $1,456,000 $20.08 US RATIO 3.92 Change -2.3% Change 3.1% 19 Cass Screw (Old K 8 K) LAND 146,756 Land $440,000 $3.00 $8.78 Land $442,000 $3.01 $7.77 4800 Lilac Dr. N. GBA 40,309 Building $848,000 $21.04 Building $703,000 $17.44 PID 10- 118 -21-42 -0041 Sale 4198 - $1,175,000 Total $1,288,000 $31.95 Total $1,145,000 $28.41 Age -1956/ Wall Ht -,18' ue RATIO 3.64 Change 12.5% Change 9.4% 20 Omni Tool LAND 64,450 Land $193,000 $3.00 $13.51 Land $191,000 $2.96 $12.26 3500 - 48th Ave. n. GBA 27,017 Building $678,000 $25.10 Building $589,000 $21.80 PID 10- 118 -21-42 -0042 Total $871,000 $32.24 Total $780,000 $28.87 Age - 1967 -94/ Wall Ht -19' u6 RATIO 2.39 Change 11.7% Change 19.1% 21 Bergmann Machinery LAND 25,025 Land $81,000 $3.25 $11.67 Land $78,000 $3.12 $11.04 3420 - 48th Ave. n. GBA 9,312 Building $211,000 $22.66 Building $187,000 $20.08 • PID 10- 118 -21-42 -0017 Total $292,000 $31.36 Total $265,000 $26.46 Age -19611 Wall Ht -11' uB RATIO 2.69 Change 10.2% Change 37.4% 22 Midwest Screw LAND 24,000 Land $78,000 $3.25 $11.92 Land $78,000 $3.25 $10.33 3410 - 48th Ave. n. GBA 9,312 Building $208,000 $22.34 Building $170,000 $18.26 PID 10- 118 -21-42 -0018 Total $286,000 $30.71 Total $248,000 $26.63 Age -19611 Wail Ht -11' ue RATIO 2.58 Change 15.3% Change 9.3% 23 Premier Electrical LAND 30,300 Land $91,000 $3.00 $10.66 Land $91,000 $3.00 $9.83 3400 -48th Ave. n. GBA 9,648 Building $232,000 $24.05 Building $207,000 $21.46 PID 10- 118 -21-42 -0019 Total $323,000 $33.48 Total $298,000 $30.89 Age -1961/ Wall Ht - 20' ue RATIO 3.14 Change 8.4% Change -0.1% 24 Sparky Abrasives /Far East Trading LAND 53,000 Land $159,000 $3.00 $12.42 Land $159,000 $3.00 $10.89 4811 Dusharme Dr. GBA 23,380 Building $499,000 $21.34 Building $418,000 $17.88 PID 10- 118 -21-42 -0021 Total $658,000 $28.14 Total $577,000 $24.68 Age -19611 Wall Ht -14' US RATIO 2.27 Change 14.0% Change 32.6% 25 Diversico Industries LAND 30,360 Land $91,000 $3.00 $14.99 Land $91,000 $3.00 $12.42 3401 - 48th Ave.n. GBA 17,298 Building $364,000 $21.04 Building $286,000 $16.53 PID 10- 118 -21-42 -0015 Total $455,000 $26.30 Total $377,000 $21.79 Age -19611 Wall Ht -11' uB RATIO 1.76 Change 20.7% Change 27.4% 26 Witt - Miller Inc. LAND 31,440 Land $94,000 $3.00 $9.67 Land $94,000 $2.99 $8.72 3415 - 48th Ave. N. GBA 10,000 Building $210,000 $21.00 Building $180,000 $18.00 PID 10 -118 -21-42 -0014 Total $304,000 $30.40 Total $274,000 $27.40 Age -19611 Wall Ht -16' uB RATIO 3.14 Change 10.9% Change 17.1% 27 Midwest Screw LAND 31,440 Land $94,000 $3.00 $8.72 Land $94,000 $2.99 $8.72 3501 - 48th Ave. N. GBA 10,000 Building $180,000 $18.00 Building $180,000 $18.00 • PID 10 -118- 21-42 -0013 Total $274,000 $27.40 Total $274,000 $27.40 Age -1961/ Wall Ht -13' uB RATIO 3.14 Change 0.0% Change 17.1% 28 Milton Granquist LAND 44,414 Land $133,000 $3.00 $6.01 Land $138,000 $3.11 $4.89 3515 -48th Ave. N. GBA 8,500 Building $134,000 $15.76 Building $86,000 $10.12 PID 10- 118 -21-42 -0012 Total $267,000 $31.41 Total $224,000 $26.35 50TH AND FRANCE INDUSTRIAL; BROOKLYN CENTER MN. 1 999 , :W _.: ; . .:N� .1994�EM1f:' :.: `.;ii.;:`: : -: <;': # LUCATIUN : 1999 I1MS�<_:<::::ua r�>=. To, Na: <.19se:EMV.. • Age -18611 Wail Ht -16' us xano 5.23 Change 19.2% Change -3 . .7 °h 29 ACI Construction LAND 24,429 Land $73,000 $3.00 $6.55 Land $77,000 $3.15 $5.98 3601 - 48th Ave. N. GBA 3,200 Building $87,000 $27.19 Building $76,000 $23.75 PID 10- 118 -21-42 -0011 Outdoor Stor 16,000 Total $160,060 $50.00 Total $153,000 $47.81 Age .19601 Wall Ht -13' uB RA TIO 7.63 Change 4.6% Change 25.7% 30 Cass Screw LAND 43,523 Land $125 ,000 $2.87 Land $125,000 $2.87 3615 48TH AVE & (3607) GBA 15,184 Building $318,000 $20.94 Building $295,000 $19.43 PID 10- 118 -21-42 -0044 Total $443,000 $29.18 Total $420,000 $27.66 Age - 1958161196 Wall Ht -14' uB RA TIO 2.87 Change 5.5% Change 22.5% 31 Cass Screw LAND 85,020 Land $240,000 $2.82 Land $240,000 $2.82 4748 France GBA 35,970 Building $750,000 $20.85 Building $640,000 $17.79 PID 10-118-21-42- 0007 Total $990,000 $27.52 Total $880,000 $24.46 Change 92 to Age -1958/ Wall Ht -12' LIB RATIO 2.36 Change 12.5% 98- 4% per Yr Change 13.7% Change 4% per 32 Cass Screw LAND 25,760 Land $77,000 $3.00 Land $79,000 $3.07 3625 - 48th Ave. N. GBA 7,500 Building $130 ,000 $17.33 Building $122,000 $16.27 PID 10- 118 -21-42 -0006 Total $207,000 $27.60 Total $201,000 $26.80 Age -1957/Wall Ht - 10' uB RA TIO 3.43 Change 3,0% Change 9.2% TOTALS LAND 1,839,426 Land $5,436,200 $2.96 Land $5 ,448,200 $2.97 GBA 615,584 Building $9,691,200 $15.74 Building $8,058,200 $13.46 F :%SSESMPRECSHTSTEVE1MIAVND50FRC Total $15,127,400 $24.57 Total $13,506,400 $22.49 Change 98 to 99 12.00% 11.53% • acres 42.22741 41.40579 avg building 19 ,237 Sq Ft 19,793 Sq Ft JOSLYN NOT INCLUDED IN TOTALS OR MEAN UNIT VALUES. • prices has caused them to pull back recently. STATED NET RENTAL RATES AND EXPENSES Sales examples include: AMB MINNEAPOLIS /ST. PAUL METROPOLITAN AREA -THIRD QUARTER 1998 (PSF) Ift perty Corp. purchased four buildings ali ng 314,000 sq. ft. averaging MARKET NET RENTAL RANGE AVG. NET RENT REAL TOTAL $47 psf. First Industrial Realty Trust .SECTOR OFFICE WHSE OFFICE WHSE ESTATE purchased four office warehouse OS /BC buildings totaling 318,000 sq. ft. for Anoka County $6.00 -8.50 $4.00 -4.50 $7.89 $4.14 $1.89 $2.98 an average of $35 psf. Duke Realty Dakota County $5.00 -12.00 $3.00 -5.00 $8.60 $4.33 $2.02 $2.98 Investments purchased four industrial Minneapolis $7.00 -8.50 $2.25 -4.50 $8.20 $3.95 $1.18 $2.61 properties totaling 635,000 square feet Northeast $4.50 -10.00 $4.00 -5.00 $8.18 $4.49 $2.06 $2.96 from MEPC American Properties. Northwest $6.25 -10.00 $3.50 -5.00 $8.14 $4.06 $1.74 $3.51 Another package acquired by Duke from Southwest $6.50 -10.00 $3.75 -5.00 $8.61 $4.35 $2.19 $3.36 Happe Properties was six OS/BC and St. Paul $8.00 -9.75 $3.95 -9.00 $8.75 $4.82 $2.40 $4.46 West $7.95 -10.50 $3.95 -6.50 $8.86 $4.56 $2.06 $3.28 O/W properties totaling 231,625 sq. ft. Metro Averages $4.50 -12.00 $2.25 -9.00 $8.56 $4.39 $2.07 $3.26 for an average $36 psf Among investors, the preferred a/W product type is office- showroom. Anoka County $3.86 -8.75 $3.50 -4.25 $7.40 $3.92 $1.00 $1.72 New York -based Sentinel Real Estate Dakota County $7.00 -8.00 $3.004.50 $7.70 $3.96 $1.22 $1.96 Corp. entered the Twin Cities market by Minneapolis $3.00 -8.50 $2.00 -4.25 $6.83 $3.29 $1.22 $1.86 buying a 12- building portfolio of Northeast $6.25 -9.50 $2.75 -6.10 $7.82 $3.97 $1.31 $1.84 OS /BC properties from Caliber Northwest $3.50 -11.00 $3.00 -5.00 $7.50 $3.88 $1.53 $2.23 P P Scott County $7.50 -8.00 $3.50 -4.50 $8.17 $4.17 $1.76 $2.25 Development. The package sale totaled Southwest $3.00 -10.50 $2.90 -4.95 $7.71 $3.86 $1.57 $2.36 557,948 sq. ft. for an average $69 psf. St. Paul $3.00 -9.00 $2.50 -4.75 $6.36 $3.39 $1.41 $2.12 University Crossings, an OS /BC Washington County $7.00 -9.00 $3.25 -4.75 $8.30 $4.11 $1.12 $2.19 property in St. Paul sold for $68 psf, West $2.75 -10.00 $2.75 -5.00 $7.78 $3.93 $1.67 $2.34 while Edenvale Executive Center set a Metro Averages $2.75 -11.00 $2.00 -6.10 $7.58 $3.83 $1.42 $2.13 high -water mark with its sale price of $99 BULK psf to Liberty Property Trust. Anoka County $6.50 -8.50 $3.75 -4.25 $7.35 $3.85 $0.98 $2.06 Since second quarter 1998, another Dakota Coun ty $3.00 -8.50 $2.75 -4.00 $6.83 $3.55 $0.95 $1.63 nge occurred in the investment Minneapolis $5.50 -7.50 $1.75 -4.00 $6.30 $2.96 $1.02 $1.66 arket: Cap rates have shifted from Northeast $6.00 -8.25 $3.00 -4.50 $7.46 $3.77 $1.16 $1.93 9.25 % -10% to 9.75 % - 10.25% Northwest $6.25 -8.00 $3.10 -4.00 $7.54 $3.68 $1.23 $1.97 Scott County $6.75 -8.25 $3.50 -4.25 $7.50 $4.10 n/a $2.00 Southwest $7.00 -8.00 $3.25 -4.10 $7.71 $3.94 $1.14 $1.86 t \\ St. Paul $7.00 -8.25 $2.00 -3.60 $7.63 $3.16 $0.91 $1.38 OFFICE SHOWROOM West $5.21 -9.00 $2.75 -5.50 $7.37 $3.91 $1.33 $1.95 BUSINESS CENTER Metro Averages $3.00 -9.00 $1.75 -5.50 $7.33 $3.64 $1.10 $1.80 ® Colliers Towle ANOKA COUNTY Tenant relocations resulted in Nicollet Business Campus VII in NORTHEAST METRO minimal negative absorption of 13,985 Burnsville is 50% occupied. Eagan Even with annual absorption of sq. ft. for the year ending third quarter Business Commons I, a 69,275 sq. ft. 150,419 sq. ft., the vacancy rate in the 1998, causing a rise in the vacancy rate project developed by Roseville Northeast Metro sector increased from from 7.9% to 10.5 %. Properties is 44% occupied. And, 1.6% to 4.2% for the year ending third Average quoted net rental rates Duke's 76,000 sq. ft. Eagandale Tech quarter 1998. Again, this is due to the remained steady at $7.89 psf for office Center is 84% occupied. addition of two newly constructed space and $4.14 psf for warehouse space. projects not yet fully occupied. Ryan However, real estate taxes increased MINNEAPOLIS Companies' new Twin Lakes IV, a from $1.80 psf to $1.89 psf, and total This small sector of six buildings 100,000 sq. ft. facility in Roseville has operating expenses rose 8% to $2.98 psf. reported minimal annual absorption of 8,000 sq. ft. available. Also added was DAKOTA COUNTY 2,836 sq. ft. The result was a slight dip Ryan Companies' 100,000 sq. ft. in the vacancy rate from 9.4% to 8.7% Centre Pointe II, which has 40,000 Even though Dakota County for the year ending third quarter 1998. sq. ft. vacant. reported annual absorption of 176,532 Asking rents for office space rose The average net office rent dropped sq. ft., the vacancy rate rose from 9.2% from $8.38 psf to $8.60 psf, while the from $8.62 psf to $8.18 psf, while to 11.4% for third quarter 1998. This is average rent for warehouse remained warehouse rates fell from $4.74 psf to Afte to the addition of three newly stable at $4.33 psf. Real estate taxes and $4.49 psf. Total expenses also dipped structed properties that are not yet total operating expenses also remained slightly, from $3.16 psf to $2.96 psf. ly occupied. steady at $2.02 psf and $2.98 psf, Real estate taxes remained the same at Hoyt Properties' new 118,400 sq. ft. respectively. $2.06 psf. a .J MINNEAPOLIS VACANCY AND ABSORPTION 0CouiersT°wie 41 Minneapolis saw new development MINNEAPOLIS /ST. PAUL METROPOLITAN AREA 1996 -1998 past year, with three buildings 1ing 348,955 sq. ft. added to the NUMBER TOTAL TOTAL survey. CSM Corporation built MARKET STUDY OF RENTABLE AMOUNT VACANCY NET University Park I & II (205 ,855 S ft.), SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION that are 100% occupied. Also added was OFFICE SHOWROOM/BUSINESS CENTER MARKET Midway Business Center, a 143,100 �t ° sq. ft. project developed by First Anoka County 3rd Qtr. 1996 9 a = =� 600,146 38,765 6.5/° (14,973) Industrial that is 35% occupied. 3rd Qtr. 1997 9 � 747,830 58,860 7.9% (5,595) 3rd Qtr. 1998 8 = 698,170 73,185 10.5% (13,985) These new buildings, plus tenant Dakota County 3rd Qtr. 1996 52 2,529,917 245,544 9.7% (9,583) relocations in several other buildings, 3rd Qtr. 1997 54 2,623,020 242,386 9.2% 43,169 contributed to annual absorption of 3rd Qtr. 1998 57 2.888.497 329.529 11.4% 176,532 316,689 sq. ft. However, allowing for the Minneapolis 3rd Qtr. 1996 4 289,911 22,000 7.6% 48,786 vacancy at the newly built Midway 3rd Qtr. 1997 6 388,982 36,500 9.4% (6,000) Business Center, the vacancy rate 3rd Qtr. 1998 6_., 388 982 33,664 8.7% 2 -836 Business b ju one -tenth of a Northeast 3rd Qtr. 1996 26 1,352,672 55,195 4.1% 50,805 i 3rd Qtr. 1997 30 1,524,672 23,878 1.6% 48,047 percentage point to 9.4% for third 3rd Qtr. 1998 32 4 ,m 1,721,999 73,051 4.2% 150,419 quarter 1998. Northwest 3rd Qtr. 1996 14 1,020,704 51,800 5.1% 21,329 Minneapolis reported fluctuation in 3rd Qtr. 1997 18 1,106,320 83,311 7.5% (14,662) 3rd Qtr. 1998 19 1.131.320 104.978 9.3% its average asking rents, with office space "�'� °" 3.333 o St. Paul 3rd Qtr. 1996 14 . 1,025,210 61,732 6.0% (18,008) increasing by 5 /o to $6.83 psf and �� warehouse space decreasing by 7% to 3rd Qtr. 1997 15 .. 1,056,21 73,953 7.0 % ( 13,848 ) 3rd Qtr. 1998 15 1.056.210 98.202 9.3 (24.249) $3.29 psf. Real estate taxes went up 8.9% Southwest 3rd Qtr. 1996 117 5,695,119 197,696 3.5% 408,569 to $1.22 psf, while total operating 3rd Qtr. 1997 121 5,939,914 365,620 6.2% (56,965) expenses ticked up 6.3% to $1.86 psf. 3rd Qtr. 1998 123 6.115.414 356.635 5.8% 193,985 West 3rd Qtr. 1996 53 J; 2,849,079 187,520 6.6% 118,059 NORTHEAST METRO 3rd Qtr. 1997 58 3,390,814 465,101 13.7% (157,581) Major new construction occurred in 3rd Qtr. 1998 59 ° >t., 3.378.000 176.242 5.2% 276.045 Metropolitan 3rd Qtr. 1996 289 15,362,758 860,252 5.6% 604,984 Northeast Metro sector, with seven Totals 3rd Qtr. 1997 311 16,777,762 1,349,609 8.0% (163,435) q u o ildings t otalin 518 594 s . ft. added - 592 1 245 g � q 3rd Qtr. 1998 319 �' ,.� 17,378, , 486 7.2% 764,916 to the survey. Tenant relocations to these new buildings contributed to the 215,962 sq. ft. of annual absorption reported for percentage points to 9.9% for third SCOTT COUNTY third quarter 1998. However, due to the quarter 1998. This is due to the addition One new project was added 48.6% vacancy rate in these new of five new buildings totaling 464,700 sq. bringing the Scott County total to six buildings, combined with tenant losses ft. with a combined vacancy rate of buildings. Added was Park 2000, a in several of the existing buildings, the 47.1 %. 126,000 sq. ft. project by First vacancy rate increased, from 8.4% These new properties include: Industrial in Shakopee's Valley Green to 12.8 %. in Brooklyn Park, Ryan Companies' Business Park. Despite the absorption of New development added to the Northland Interstate III (60,200 sq. ft.), 76,000 sq. ft. that this new building added survey includes Welsh Co.'s Arden Hills Marfield, Belgarde and Yaffee's to Scott County, the vacancy rate remains Lakeside Center (155,564 sq. ft.), Crosstown North I (158,000 sq. ft.) and high at 31.3 %. I -35W Business Center 121 475 s . ft. Crosstown North H 68,300 sq. ft.), and improved ( q ) ( With roved access due to the p in Roseville, and Parkway Point II -IV Christianson Building Corporations opening of the new Minnesota River Zane Business Center 92 216 s . ft.. (77,555 sq. ft.) to White Bear Lake. ( q ) Bridge and expanded Highway 169 Industrial Equities completed Roseville Caliber Development's Eagle Lake I distribution corridor, plus the available Tech Center (42,000 sq. ft.) and CSM (86,000 sq. ft.) is in Maple Grove. labor pool, developers are confident that Corporation built White Bear Parkway conditions will recover soon. Future Center (160,000 sq. ft.). ST. PAUL construction plans include Opus Current construction projects and Annual absorption of 139,742 sq. ft. Northwest, L.L.C.'s Eagle Creek development plans for 1999 will add was enough to push the vacancy rate Commerce Center, a 100,000 sq. ft. 518,000 sq. ft. to the Northeast Metro down by 4.3 percentage points to 6% for multi- tenant facility in Eagle Creek sector, as outlined on page 20. the year ending third quarter 1998. Business Park. The 210 -acre master - The 165,000 sq. ft. building at 1902 planned business park is a joint � RTHWEST SECTOR Minnehaha was reclassified to our development of Opus and the City of Even though annual absorption BULK warehouse survey, which brings Savage EDA. Also planned is First totaled 314,441 sq. ft. in the Northwest the new total of O/W buildings in Industrial's 136,000 sq. ft. Park 2000 sector, the vacancy rate went up 2.9 St. Paul to 40. Oakdale, include Welsh Co.s' Acorn VACANCY AND ABSORPTION ®Colliers Towle Business Center (27,380 sq. ft.) and MINNEAPOLIS /ST. PAUL METROPOLITAN AREA 1996 -1998 Hadley Business Center (56,952 sq. ft.), Stiglich Construction's FSE • NUMBER TOTAL TOTAL Building (30,000 sq. ft.), Minnesota MARKET STUDY OF RENTABLE AMOUNT VACANCY NET Fabricator's Building (60,000 sq. ft.), SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION and CSM Corp.'s North Granada OFFICE WAREHOUSE MARKET Business Center 11 (39,700 sq. ft.). Anoka County 3rd Qtr. 1996 n/a n/a n/a n/a n/a 3rd Qtr. 1997 20 ° 1,896,279 196,921 10.4% n/a WEST SECTOR 3rd Qtr. 1998 21 1,943,179 98,996 5.1% 144,825 Polaris Business Center, a fully } Dakota County 3rd Qtr. 1996 29 mJ, 2,078,603 112,221 5.4% 265,502 occupied, 52,000 sq. ft. building in 3rd Qtr. 1997 38 2,712,562 610,348 22.5% 163,291 Plymouth by Caliber Development was r 3rd Qtr. 1998 41: 3.132.548 283.651 9.1% 746,683 ` Minneapolis 3rd Qtr. 1996 14 787,757 7,800 1.0% 26,378 added bringing the West sector's O/W 3rd Qtr. 1997 44 3,396,777 315,508 9.5% (41,288) universe to 82 buildings. Annual 3rd Qtr. 1998 47 J 3,685,732 347,774 9.4% 316,689 absorption of 109 sq. ft. reduced the Northeast 3rd Qtr. 1996 65 3,795,794 178,943 4.7% 253,730 vacancy rate by one percentage point to 3rd Qtr. 1997 94 5 465,886 8.4% 257,290 8.8% for third quarter 1998. 3rd Qtr. 1998 101 6.045.029 772.782 12.8% 215.962 Northwest 3rd Qtr. 1996 40 2,661,765 112,803 4.2% 330,551 3rd Qtr. 1997 72 5,007,662 349,549 7.0% 28,704 3rd Qtr. 1998 77 5380.104 53.1._350 9.9% 314.441 Scott County 3rd Qtr. 1996 4 221,107 0 0.0% 18,750 BULK 3rd Qtr. 1997 5 292,107 81,000 27.7% (10,000) 3rd Qtr. 1998 6 FrhV 418.107 131.000 31.3% 76.000 nskj� WAREHOUSE St. Paul 3rd Qtr. 1996 11 646,319 39,279 6.1% 8,421 3rd Qtr. 1997 41 2,983,876 308,037 10.3% 39,279 ANOKA COUNTY r 3rd Qtr. 1998 40 Ll 2.818.876 168.295 6.0% 139.742 bso Minimal abso rptio n 7 Southwest 3rd Qtr. 1996 87 5,302,607 259,747 4.9% 105,215 hon o ,707 s ft. 3rd Qtr. 1997 104 -6,981,928 570,812 8.2% 314,165 lowered the vacancy rate from 16.3% to 3rd Qtr. 1998 110 7.310.324 4@3.527 6.3% 516.755 15.1% for the year ending third quarter Washington 3rd Qtr. 1996 11 336,139 69,908 20.8% n/a 1998. The high vacancy rate is due, in • County 3rd Qtr. 1997 19 820,657 138,641 16.9% 200,015 part, to 73 ,000 sq. ft. of available space 3rd Qtr. 1998 24u 1.034.759 178.793 17.3% 173.950 in Blaine Industrial Center. West 3rd Qtr. 1996 48 3,710,482 124,828 3.4% 844,301 Asking net rental rates for office 3rd Qtr. 1997 81 6,291,590 613,559 9.8% 357,392 3rd Qtr. 1998 82 ('' 6.343.590 556.005 8.8% 109.554 space went up 4.1% to $7.35 psf and Metropolitan 3rd Qtr. 1996 309 19,540573 905,529 4.6% 1,852 warehouse space increased by 2.7% to Totals 3rd Qtr. 1997 518. 34,019,798 3,453,340 10.2% 1,308,848 $3.85. Average real estate taxes dipped 3rd Qtr. 1998 549" 38,112,248 3,532,173 9.5% 2,754,601 by 19.4% to $. psf, while total operating expenses rose by 11.4% to Phase H. And, Capp Industries has land sq. ft.) in Chanhassen by Steiner $2,06 psf available for future development Development, Chanhassen Business of 130 sq. ft. of multi-tenant q m t tenant Center II 64 000 s . ft. b CSM Co ( � q ) Y Corp. DAKOTA COUNTY office warehouse space in Valley Green Edenvale Crossing I, II & II (131,465 After the vacancy rate slipped into Business Park. sq. ft.) in Eden Prairie by CSM Corp., double digits in 1997, Dakota County Average net rents for office space and Lake Corporate Center (73,000 posted tenant gains of 82,781 sq. ft. for rose 4.3% to $8.17 psf, while warehouse sq. ft.) in Eden Prairie by Moen Leuer. the year ending third quarter 1998. This space increased by 8.8% to $4.17 psf annual absorption reduced the vacancy WASHINGTON COUNTY rate from 14.9% to 11.0 %, due to SOUTHWEST SECTOR The explosive growth in leasing activity in Apollo Industrial As the metro area's absorption leader, Washington County is evidenced by the Center in Eagan. l the Southwest sector posted amount of new development added to No new BULK development was tenant gains of 516,755 sq. ft., which this sector during the past year. Five constructed this past year, and currently lowered the vacancy rate by 1.9 buildings totaling 214,102 sq. ft. were nothing is planned. percentage points to 6.3% for the year constructed, with a combined vacancy Dakota County posted the largest ending third quarter 1998. Contributing rate of 35.8 %. This contributed to increase in asking net rents in the metro to the majority of this absorption were annual absorption of 173,950 sq. ft., but area, with office space up 10.9% to $6.83 six new developments totaling 370,100 again, due to the occupancy levels of the psf and warehouse space up 6.6% to sq. ft. with an exceptional combined new buildings, the vacancy rate ticked $3.55 psf. Average real estate taxes and • occupancy of 92 %. up by four- tenths of a percentage point total operating expenses remained the New O/W buildings added include: to 17.3% for third quarter 1998. same, at $.95 psf and $1.63 psf, Arboretum Business Park (101,600 The recently built projects, all in respectively. MINNEAPOLIS Added to the survey this year was VACANCY AND ABSORPTION ®Colliers Towle 142,000 sq. ft. Mid -City South house, which is 100% occupied. MINNEAPOLIS /ST. PAUL METROPOLITAN AREA 1996 -1998 nual absorption of 134 ,088 sq. ft. NUMBER TOTAL TOTAL lowered the vacancy rate from 10.7% MARKET STUDY OF RENTABLE AMOUNT VACANCY NET to 4.1 % for the year ending third SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION quarter 1998. After decreasing substantially the BULK WAREHOUSE MARKET year prior, average net rental rates for Anoka County 3rd Qtr. 1996 n/a n/a n/a n/a n/a office space went back up from $5.64 psf 3rd Qtr. 1997 5 � � 599 ,800 98,000 16.3% n/a to $6.30 psf. Warehouse rates, 3rd Qtr. 1998 5 { 599,800 90,293 15.1% 7,707 real estate taxes and total operating Dakota County 3rd Qtr. 1996 7 1,778,191 22,000 1.2% 187,594 expenses remained steady. 3rd Qtr. 1997 11 ' 2,142,671 318,280 14.9% (200) 3rd Qtr. 1998 11 2,141,318 236,019 11.0% 82,781 NORTHEAST METRO Minneapolis 3rd Qtr. 1996 7 1,031,082 0 0.0% 120,200 With availability at Mounds View 3rd Qtr. 1997 12 2,106,253 226,000 10.7% (56,000) Business Park G, this sector had 3rd Qtr. 1998 13 ,, 2,248,253 91,912 4.1% 134,088 negative annual absorption of 43,186 Northeast 3rd Qtr. 1996 6 ` > °µ' 1,542,500 34,381 2.2% 44,619 sq. ft. Last year's extremely tight .4% '3rd Qtr. 1997 8 1,863,724 6,800 0.4% 27,581 vacancy rate eased to 2.8% as a result of 3rd Qtr. 1998 8 G >.x� 1,803,724 49,986 2.8% (43,186) these tenant losses. Northwest 3rd Qtr. 1996 12 1,847,701 183,049 9.9% . (67,609) No new development occurred or 3rd Qtr. 1997 17r 2,435,057 474,733 19.5% 67,255 is planned. 3rd Qtr. 1998 16 2,324,617 157,967 6.8% 276,766 Scott County 3rd Qtr. 1996 n/a n/a n/a n/a n/a NORTHWEST 3rd Qtr. 1997 n/a ,` n/a n/a n/a n/a The Northwest sector saw dramatic 3rd Qtr. 1998 3 456,004 405,004 88.8% n/a 800 16 8% 800 10 000 169 565 1996 14 d Qt St. Paul 3rr. - _,. 1 . improvement for third quarter 1998 with ( 16,800 ) annual absorption of 276,766 sq. ft. Its 3rd Qtr. 1997 21 2,995,037 375,300 12.5% 3,000 vacancy rate of 19.5% plunged to 3rd Qtr. 1998 22 "` 2,914,037 11,000 0.4% 283,300 Southwest 3rd Qtr. 1996 11 1,424,499 19,000 1.3% 210,407 o as a result of substantial tenant 3rd Qtr. 1997 13 1,719,499 109,048 5.8% 9,000 gains in Maple Grove Distribution 3rd Qtr. 1998 13 1,719,499 155,038 9.0% (100,038) Center and Continental New Hope West 3rd Qtr. 1996 14 .: 1,638,087 42,641 2.6% 71,474 Distribution Center. 3rd Qtr. 1997 21 2,861,398 236,087 8.3% (67,206) 3rd Qtr. 1998 22 °' : 2,969,941 130,895 4.4% 203,735 SCOTT COUNTY Metropolitan 3rd Qtr. 1996 71 10,827,060 470,871 4.3% 549,885 Scott County is new to the survey Totals 3rd Qtr. 1997 108 : , 16,888,959 1,844,248 10.9% 14,573 with three buildings totaling 456 ,004 3rd Qtr. 1998 113 '` 17,177,193 1,328,114 7.7% 845,153 sq. ft. Included are Continental Distribution Center, Shakopee warehouse space and $7.50 psf for St PAUL Distribution Center and Valley Oaks office space. Total operating expenses .One of the most improved vacancy Distribution Center, all in Shakopee. average $2.00 psf. rates in the metro area was earned by Plenty of space is available in Scott St. Paul as 283,300 sq. ft. of absorption County; as of third quarter 1998 the SOUTHWEST lowered the vacancy rate from 12.5% in vacancy rate is 88.8 %. Available space in Lyndale 1997 to a scant .4% by 1998. Last year we reported that Haugland Distribution Center and Shady Oak I Contributing to this absorption was Company was constructing a 201,600 contributed to negative annual the addition to the survey of the 160,000 sq. ft. distribution center in Shakopee. absorption of 100,038 sq. ft. for third sq. ft. BULK building at 1902 Since it was leased entirely to a single quarter 1998. The current vacancy rate Minnehaha, which is 93% occupied. The user, we did not include it in our study. of 9.0% has slipped considerably from balance of the tenant gains occurred The same holds true for Minnesota the 1.3% vacancy the Southwest sector among six of the other 21 buildings in Valley Distribution Center, which was posted in 1996 and the 2.9% vacancy rate this sector. recently built by Opus Northwest, L.L.C. reported in 1997. The average quoted net rent for as multi- tenant, but is under lease No new construction occurred and office space jumped up 10.9% to $7.63 contract by a single user so it will not be to date no development is planned. psf, however, the average warehouse added to our survey. However, Opus plans Average net asking rates increased rate, real estate taxes and total operating O uild a 162,000 sq. ft. second for the year ending third quarter 1998, expenses remained the same. se multi- tenant facility during the with office space rising 10% to $7.71 psf next year. and warehouse up 2.6% to $3.94 psf. Asking net rates are $4.10 psf for an ____m 1 2 3 4 5 6 Miles K: �a..pas. Mcaa (6 2I �7vr" t 10 65 P, �:��nd��str�alg�r t r M. - Kinnea 01tsz` ` North` 252 �i 10 illy � 55 r 1 t 8 tip ` 55 81 i y 12 _ 100 � 280 4� • I MapID BUILDING NAME Total Space Large/Small Block Rate High/Low Type Agency Contact(s) Class Address SF Available Clearlrotal Docks Total Oparraxes Phone Anoka 1/A -4 THURSTON BUSINESS CENTER 37,225 12,915/4,305 $8.00 /$4.00 NNN Copperwood Investments Thomas M Bissen OW 900 Lund Blvd 12,915 18'/5 $0.70/ (612) 593.2730 Blaine 1 /A -6 99TH LANE BUSINESS CENTER 36,400 / $8.50 /$4.40 N CB Richard Ellis Inc Daniel Swartz OW 1610 99th Ln NE / 1 $2.01/ (612) 924 -4600 Todd E Hanson 1/13-6 BLAINE BUSINESS CENTER 79,140 39,570/4,000 $8.25 /$4.25 N Welsh Companies Jeff Mines OW xx 91 st Ave NE & Davenport St N 39,570 18'/ $0.60/ (612) 897 -7700 Rich Yablonsky ' 1/A -6 BLAINE INDUSTRIAL CENTER 92,000 72,293/8,000 $9.25!$4.25 N Industrial Equities LLP John N Allen OW 8720 - 8786 W 1 -35 Service Rd 72„293 24'/ 23 $2.18/ (612) 332 -1122 Brooklyn Center 1/C -5 1600 67TH AVE N BUILDING 100,000 / $7.50 /$3.75 N Welsh Companies Rich Yablonsky BW 1600 67th Ave N 20'/ 4 $2.44/ (612) 897 -7700 Jeff Minea 1 /C -5 1810 FWY BLVD BUILDING 102,580 20,000/14,700 $7.50!$3.75 N Equity Commercial Services John Thompson I OW 1810 Fwy Blvd 34,708 20'/ $2.14 /$1.56 (651) 481 -8070 1/C -5 6820 SHINGLE CREEK PKY BLDG 261,348 16,595/5,320 $8.00 /$3.75 N Welsh Companies Jeff Minea BW 6820 - 6840 Shingle Creek Pky 21,915 20'/ 12 $2.56/ (612) 897 -7700 Rich Yablonsky 1/C -5 FREEWAY BUSINESS CENTER 1 68,899 / / N First Industrial Realty Trust Chris Willson OS 6601 Shingle Creek Pky 12'/ / (612) 943 -2700 Michael Stephens 1 /C -5 FREEWAY BUSINESS CENTER Ii 75,939 / ! First Industrial Realty Trust Chris Willson BW 6707 Shingle Creek Pky 14'/ / (612) 943 -2700 Michael Stephens • 1/C -5 FREEWAY BUSINESS CENTER Ili 75,000 / / First Industrial Realty Trust Chris Willson OW 6701 Parkway Cir 12'/ / (612) 943 -2700 Michael Stephens 1/C-5 FREEWAY BUSINESS CENTER IV 78,741 9,812/9,812 $8.00 /$4.00 N Northco Real Estate Services Eric R Dueholm OS 2700 Freeway Blvd 9,812 16'/ $3.10/ (612) 820 -1600 Michael A Fleetham I' i 50 February 1999 Leasing Guide 'i ■ T 1 Map ID BUILDING NAME Total Space Large /Small Block Rate High/Low Type Agency Contact(s) Class Address SF Available Cleadrotal Docks Total Ops/Taxes Phone 1/C -5 FREEWAY COMMERCE CENTER EAST 40,000 / $7.50 /$3.50 N CB Richard Ellis Inc Daniel Swartz E • OW 1600 Freeway Blvd 18'/4 $2.95/ (612) 924 -4600 c 1/13-5 MURPHY'S WAREHOUSE 121,675 / $3.50 /$3.50 N United Properties, LLC Christopher J Hickok OW 5001 France Ave N 2r/lo $1.44/ (612) 831 -1000 Mark Sims VC-4 SHINGLE CREEK INDUSTRIAL 167,564 27,100/2,800 $7.50 /$3.75 N Northco Real Estate Services Michael A Fleetham OW 6800 Shingle Creek Pky 27,100 20'/ $2.72 1$1.39 (612) 820 -1600 Eric R Dueholm 1/C-5 SUNLITE COMMERCE CENTER 73,903 / /$4.50 Towle Real Estate Co Anthony Kamp OW 6601 Parkway Cir 24'/ 3 $2.87/ (612) 341 -4444 Brooklyn Park 1/C-4 6750 W BROADWAY AVE BLDG 25,010 25,010/ $8.00 /$4.00 N Welsh Companies Brad Bohlman OW 6750 W Broadway Ave 25,010 22'/ $1.20/ (612) 897 -7700 1/C-4 7300 BOONE AVE BLDG 50,000 / $7.751$3.75 N Hoyt Properties Terri Wright BW 7300 Boone Ave N 14'/ $3.19 /$1.62 (612) 338 -5537 1/C-4 ATRIUM 11 BUILDING 82,192 10,000/1,800 $7.75 /$3.75 N CB Richard Ellis Inc Daniel Swartz OW 8401 73rd Ave N 16,073 12'/ $3.35/ (612) 924 -4600 1 /C-4 ATRIUM III BUILDING 84,680 2,500/2,500 $7.75 /$3.75 N CB Richard Ellis Inc Daniel Swartz OW 7308 Aspen Ln N 7,500 12'/ $3.30/ (612) 924 -4600 1/C-4 AURORA BUSINESS CENTER 50,404 If $8.50 /$4.50 N Welsh Companies Todd McGinley Y OW 8823 Zealand Ave N 16'/ 30 $2.18/ (612) 371 -4500 Brian Doyle 1/C-4 BROOKLYN PARK INTERSTATE CTR 91,731 68,619/8,000 $8.50 /$4.50 N Welsh Companies Brad Bohlman OW 7716 68th Ave N 68,619 20'/ 8 $0.65/ (612) 897 -7700 Rich Yablonsky 1/C -4 BUSINESS CENTER V 96,000 52,480/6,400 $8.001$4.00 NNN CB Richard Ellis Inc Daniel Swartz BW 7325 Aspen Ln N 52,480 24'/ $2.60/ (612) 924 -4600 1/C -4 CROSSTOWN NORTH BUS CTR 3 68,300 68,300/3,840 $8.65 /$4.35 N United Properties, LLC Dennis Panzer A 9200 Wyoming Ave N 68,300 18 $ 1.19/ (612) 831 -1000 Mark Sims 1/C -4 CROSSTOWN NORTH BUS CTR 7 212,000 212,000/15,000 $8.65 /$4.35 NNN United Properties, LLC Dennis Panzer • A 8400 89th Ave N 212,000 25'/ $1.06/ (612) 831 -1000 Mark Sims 1/C-4 CROSSTOWN NORTH BUS CTR 1 158,000 112,000/13,500 $8.50/$4.25 N United Properties, LLC Dennis Panzer OW 93rd & Broadway W 84,400 25'/25 $0.77/ (612) 831 -1000 Mark Sims 1 /C-4 CROSSTOWN NORTH BUST CTR 11 68,300 13,400/3,840 $8.65 /$4.35 N United Properties, LLC Dennis Panzer OW 93rd & Broadway W 13,400 18 $0.77/ (612) 831 -1000 Mark Sims 1/C-4 FREEWAY NORTH DIST CTR 252,978 / $3.50 /$3.50 N First Industrial Realty Trust Chris Willson BW 7101 Winnetka Ave N 2r/ $1.50/ (612) 943 -2700 1/C-4 GILLETTE BUILDING 97,640 / It N First Industrial Realty Trust Chris Willson OW 7316 Aspen Ln 23'/ It (612) 943 -2700 Peggy Schatz 1 /C-4 MARSH PARK 39,000 31,584/31,584 $8.50 /$4.50 Welsh Companies Jeff Minea OW 6224 Lakeland Ave N 31,584 21'/ $0.50/ (612) 897 -7700 Rich Yablonsky 1/C-4 NORTHLAND FITNESS CENTER 60,000 / $8.50 /$4.50 N CB Richard Ellis Inc Daniel Swartz OW 7624 Boone Ave N 24'/ It (612) 924 -4600 1 /C-4 NORTHLAND INTERSTATE BUS CTR V 111,664 10,878/10,878 $9.00 /$4.50 N United Properties, LLC Mark Sims BW xxx Mendelssohn Ave 10,878 22'/ / (612) 831 -1000 Christopher J Hickok 1/C -4 NORTHLAND INTERSTATE BUS CTR 111 60,200 21,700/4,340 $9.50 /$4.75 N United Properties, LLC Mark Sims OW 7115 Northland Terrace 21,700 18'/ 12 $3.90/ (612) 831 -1000 Christopher J Hickok 1 /C-4 NORTHLAND PARK BUS CENTER VI 96,712 19,000/19,000 $8.001$4.00 NNN CB Richard Ellis Inc John Ryden BW 7500 Boone Ave N 19,000 24'/ 3 $2.93/ (612) 924 -4600 1/C -5 PARK DISTRIBUTION CENTER 44,227 / $7.00 /$3.50 N Welsh Companies Brian Doyle BW 6801 Winnetka Ave N 21'/8 $2.91/ (612) 371 -4500 1/C-4 WELCOME SQUARE 50,000 / /$4.25 N The C Chase Company Sherman Malkerson OW 6301 - 6317 Welcome Ave N 12'/ $2.30 /$1.48 (612) 525 -1000 1/C-4 XYLON COURT BUILDING 60,801 16,600/5,000 $8.00 /$4.00 NNN Asset Realty Advisors Inc Gregory E Pylatiuk OW 8626 Xylon Ct 16,600 18 $ 3.44 /$2.44 (612) 252 -2020 Gary A Gabrielson 1 /C-4 ZANE BUSINESS CENTER 92,216 14,281/5,209 $8.50 /$4.50 N Welsh Companies Rich Yablonsky • OW 6500 Zane Ave N 19,490 22'/ 14 $2.05/ (612) 897 -7700 Jeff Minea Columbia Heights 1/D -5 3900 JACKSON BUILDING 62,500 / $3.00 /$3.00 N Hillcrest Development Joseph N Klein OW 3900 Jackson St NE 13'/ 10 $1.50/ (612) 371 -0123 Leasing Guide February OW 51 co • ., e National Industrial Market INVESTOR SURVEY RESPONSES* ACA CY THIRD QUARTER 1998 CHANGE RATES r r 5.0 /o E 'Representative sample; due to space constraints, Unde rl y ing Per not all responses are included. Y g Source: Personal survey conducted by Market Cap Selling Free & Free & Months Tenant Vacancy & Square The Korpacz Company, Inc. during July 1998. Rent . - Expenses CPI Rate Expense Clear. Clear Vacant Retention ,Credit Loss Foot Months INVESTMENT ADVISOR a Forecast Period 10 to 16 years 'Years 1 -3 0 0 ° Prefers free and clear properties; relies on DCF (IRR), direct 3:0% 8.50 %" 2.0 /0 10.50 k 8.00 %� 6 60.0 /0 2.0% -$0.10 6 capitalization intial ca rates), and ripe per square foot; total vacancy varies per - to 3.5% to to to - to - " to to . ' to to to and credit loss including rollover vacancy is 5.0 o to 7.0 - uses actual market; 3:5%"' 3:5% 10.00% . 4.0 °/6 ° ° ° rents and reflects concessions as they occur _ . thereafter 12.00 /0 10.00 /0 12 70.0 � - 3.0% $0.15 12 3. 9.00% 2.0% 11.00% 6 50.0% 6 DOME PENSION FUND ■ Forecast Period: 10 years 3.0% to 3.0 °/6 to to to 8.00% to, ' to 5.0% - to Prefers to buy free and clear; uses all valuation techniques. 4.0% 10.00% 3.0% 12.00% 12 60.0%, 9 INVESTMENT ADVISOR ■ Forecast Period: 10 years 2.0 %- 9,00% 11.00% 8.50% 4 4.Q% $0.10 6 Prefers free and clear; relies on direct capitalization (initial cap rates), - to - 3.6 1 /9 3.5% 'to' 1.5 %, to to to' 65.0% . to to to price per square foot, and DCF (IRR) a nd equity cap rates equally; hard 4 0 °k 10.00 °% 12.00 %. 9.50% 6 8.0% $0.15 9 to find in bulk (250,000 square feet or more);, uses face rents. DOMESTIC PENSION FUND ■ Forecast Period: 10 to 12 years Years 1 3 Strongest market; buys free and clear only; average IRR consists of a o ° o $0.10 6 7.0% to 7.5% real rate of return, plus the inflation rate; the three indicated varies per . 2.0 2.096/ 9.00% ° 11.00% 9.00 /6 6 2.0% growth scenarios help to determine sensitivity of Investment to Inflation; market; 4.0%/ 4.0 to 2.0% to to to 60.0 %, to to to relies on DCF (IRR) and initial cap rates equally, use of face or effective thereafter at 6.0% 6',0 9.50% 11.50% 10.00% 9 5.0% $0.20 9 rents varies by market. inflationary rate. ; DOMESTIC PENSION FUND ■ Fore s cast Period: 10 to 12 year Good market; continuing - interest = more stress on supply /demand, etc.; relies on DCF (IRR), direct.capitalization (initial cap rates), and price 3.0 %6 3.0°/6 9.00% 2.0 %. 10.50% 9:00% 6 50.0% "3.0 per square foot; emphasis on average cash -on -cash rates, more realistic; 3.0% credit loss, downtime, free rent, Tls, and annual `capital reserve; a lot of to t , •: to to ° to -' to. to' _ to to 12 60.0 a /0 to 6 Interest in this market but also very cautious; more concemed with the 5.0 /o - 4.0./0 4.0 /6 10.00 k 5.0% 12.00% 10.00 / . resale estimate - stabilized income, full selling commissions,' full legal_ ,. expenses, an real estate tax adjustment. ; REIT ■ Forecast Period: 10 years 8,25% Uses both DCF and direct capitalization; in direct cap, capitalizes N01 before 4.0% 4.0% '4.0% - 2.0% 10.75% to 6 70.0% 7.0% $0.05 5 Tie, leasing commissions, and capital replacement reserve; uses effective 10.00% rents after all concessions are extracted. REAL ESTATE ADVISOR: 0 Forecast Period: 10 years 9.00% Relies on DCF, also uses direct capitalization and price per square foot; 3.5% 3.5% 3.5% 9.50 2,5% 11.50% to 6 60.04 5:0% $0.05 " residual cap rate is in part developed through a second 10 -year DCF analysis 9,50% (years 11 to 20); uses effective rent After all concessions are extracted: , PENSION FUND ADVISOR ■ Forecast Period: 10 to 14 years Uses both DCF and direct capitalization; in direct cap, capitalizes NO[ 3.5% 9.00% 1.5% 10.50% 8.50% 60.0% $0.10 before Tls, leasing commissions, and capital replacement reserve; to 3.5 °/6 3.5% to to to to - to 6.0 °h to 2 vacancy assumption is 5.0% total including lag on noncredit tenants plus 4.0% 9.50% 5.0% 11.50 9.50% 70.0% $0.15 1.0% credit loss; may use 4.0% to 6.0% rent spike in year 2 on service centers and R &D properties. SOWARY OF AVAILABLE LISTINGS • CB FM Richard EIIk 1ST QUARTER OF 1999 NAVIGATING A NEW WORLD ,CI3 D 13 1 d "Lease Ta g A .00 U, 'S agi INDUSTRIAL BUILDINGS #2631 OLYMPIA BUSINESS CENTER 55,258 Total N/A $4.50/$9.00 Net High Image office/showroom space. Dock doors, 12' dear. Joel Buttenhoff 1325 East 79th Street -0- Available $3.67 ('99) Located just blocks from 1-494, Cedar Ave., Mpls./St.Paul - Int'l YES MT Airport and Mall of America. Managed by CB Richard Ellis. #2440 PENN-JAMES WHSE. 215,606 Total N/A $4.00/$8.00 Built In 1974, excellent high-cube office/warehouse, 18' dear, with Peter Mork 9201 Penn Avenue So. 41,333 Available $2.40 ('99 Est.) GFA unit heaters In whse, and packaged roof-top units in office. Steve Nilsson MT 41,333 Largest Space available includes: 7,012 sf office, 33,296 sf whse, and Mike Helmer 3,889 Smallest 1,025 sf mezzanine, 7 docks. Space is divisible. YES Managed by CB Richard Ellis #2994 WANG LABORATORIES 72,366 Available N/A $4.00 Whse Clean building built in 1995, 5,600 sf office, 6,400 sf A/C tech Peter Mork SUBLEASE $6.00 Tech space, 60,366 sf whse, 28' dear, 42'x 50' column spacing, 8 dock Steve Nilsson 6901 W. Old Shakopee Road $8.00 Office doors, drive-ins possible. Parking for 91. Excellent access to Mike Helmer MT $2.26 Hwys. 169, 100 and 1-494. Visibility to W. Old Shakopee Road. YES- Peter Mork 4010 Lake Breeze Avenue $.50 psf land office, 8,015 sf whse, 19' dear, 2 dock doors, 2 drive-in doors. Steve Nilsson ST 3.45 Acres On month-to- Parking for 33. Great opportunity for expansion With 3.45 acres John Ryden month basis available. Conveniently located off Highway 100. Zoned 1-2. YES NEW CONSTRUCTION BY RYAN COMPANIES! #2999 FRANCE AVENUE BUSINESS OFFICE/SHOWROOM N/A $4.50 whse Peter Mork CENTER 118,700 Total B-T-S office High quality officetshowroom, 18' dear, 40'x 40' bays, dock and Steve Nilsson Highway 100 & France Avenue 118,700 Available $.97 ('99-2000) -drive-sin doors available, build to suit office space. John Ryden MT $1.25 (2001) AVAILABLE FALL 19991 OFFICE/WAREHOUSE $4.25 whse High ZV clear office/Warehouse space, 40'x 40' bays, dock and 85,000 Total B-T-S office drive-in doors available, build to suit office space. 85,000 Available $.77 ('99-2000) $.90 (2001) One mile to 1-694, 5 miles to 1-394. Immediate access to Hwy 100. C13 RICHARD ELLIS, INC. 3 CB RICHARD ELLIS, INC. 7760 France Avenue South, Suits 770 4" Cedar Street, Sufte.800 Minneapolis, MN 55435 St. Paul, MN 55101 612-924-4600 651-222-4600 H.WSTINGSISALLU11nddoc —7- -,a -- SUMMARY OF AVAILABLE LISTINGS C B FM Richard Ellis I ST QUARTER OF 1999 NAviGATING A NEW WORLD 4 ' 1' izA j;a . g 0 e A en S a 14:1 Per Sq ..t 0 A to C R ON - A t omments I N D U S T R I A L B U I L D I N G S #2692 FREEWAY COMMERCE 40,000 Total N/A $3.50/$7.50 Block building with b-t-s office space, 18' Gear, GFA in whse. Dan Swartz CENTER EAST -0- Available $2.95 New roof, paint and parking lot. Located one block north of 1-694. YES 1600 Freeway Boulevard Comer visibile location on Freeway Blvd. MT Managed by CB Richard Ellis FREEWAY COMMERCE 40,000 Total N/A $3.751$7.75 CENTER WEST -0- Available $2.85 1700 Freeway Boulevard MT #2643 ATRIUM 11 82,420 Total N/A $3.75/$7.75 Docks and drive-in doors available, 12' dear, office b-t-s. Will Dan Swartz 8401 - 73rd Ave. North 16,073 Available $3.37 divide to 1,800 sf. Tax/Op.exp. includes heat. #2642 ATRIUM 111 84,500 Total $3.751$7.75 Docks and drIve4n doors available, 12' clear, all office. YES 7308 Aspen Lane North 22,500 Available $3.33 Tax/Op.exp. includes heat. MT Managed by C13 Richard Ellis #2938 BOONE AVE. BUS. CTR. 120,000 Total N/A $4.25 whse SUBLEASE OPPORTUNITY In quality brick/block building, 9,1100 Peter Mork 7145 Boone Ave., #150 34,920 Available $6.50 prod. sf office, 24,140 sf A/C production area with raised floor and Steve Nilsson MT $8.25 office compressed air-lines, 1,680 sf whse, 1 dock with leveler, 2 drive-in Mike Helmer $3.10 ('99) doors, 20' dear. Immediate access to 1-94,1-494,1-694 and Hwy YES 169 via Boone Ave. #2734 BUSINESS CENTER V 96,000 Total N/A $4.00/$8.00 Quality space with office B-T-S. 24' clear height, 6 docks, will Dan Swartz 7325 Aspen Lane North 52,480 Available $2.68 divide. Convenient location. Space Is 100% airconditioned. YES MT 6,400 Smallest Managed by CB Richard Ellis #2925 NORTHLAND INTERSTATE 59,440 Total NIA $4.25/$8.50 SUBLEASE OPPORTUNITYI Quality officetwarehouse space, John Ryden BUS. CTR. 1 18,535 Available $3.93 15,835 sf office, 2,700 sf whse, 18' dear, 2 dock doors, 30' x 42' Dan Swartz (Nice Man Space) LEASEDI columns, 2 sets of restrooms, conference room, breakroorn w/sInk, YES 9401-73 Ave. No. darkroom. Parking for 69, more possible. Visible from 169, just MT north of 1-694. C13 RICHARD ELLIS, INC. 4 CB RICHARD ELLIS, INC. 7760 France Avenue South, Suite 770 444 Cedar Street, Sulte.800 Minneapolis, MN 55435 SL Paul, IVIN 65101 612-924-4600 651-222-4600 MUS77MOSISALISdind.doc • BROOKLYN CENTER APARTMENT ASSESSMENT 1998 VS 1999 AVERAGE. 1 99 °lo: CHANGE: 1998 AEMV 1999 AEMV AEMV'PER 9.8 TC199 SIZE BUILDINGS TOTALS TOTALS UNIT ,ASSMNT- 4 TO 5 UNITS $2,896,200 $3,186,000 $37,482 10.0% 6 TO 8 UNITS $950,000 $1,035,000 $30,441 8.9% 10 TO 12 UNITS $3,763,200 $4,006,000 $25,516 6.5% 18 TO 36 UNITS $4,634,000 $5,370,000 $27,754 15.9% 48 TO 72 UNITS $19,264,000 $20,505,000 $34,695 6.4% 80 TO 310 UNITS $58,900,000 $64,450,000 $30,103 9.4% TOTALS $90,407,400 $98,552,000 Mean 9.0% Median by Size $30,272 9.2% • 41301999:09 PM BROOKLYN CENTER, MINNESOTA ADVERTISED APARTMENT RENTS FROM 1993 -1999 1 BEDROOM 2 BEDROOM 3 BEDROOM STUDIO Change from Change from Change from Change 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 1999 5% $489 67 3% $629 45 -2% $720 2 2% $407 8 1998 5% $465 270 8% $611 283 2% $731 51 -- $399 18 I 1997 3% $444 518 3% $566 609 -7% $715 77 ; 1996 5% $430 633 p 6% $551 558 -- $765 42 1995 3% $411 345 6% $521 433 1994 3% $400 595 2% $491 558 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings • Apartments 5 AND 4 UNIT BUILIDINGS 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES[/] 1998 EMV VALUES [/I 1 HINCK APARTMENTS - HL Land 28,140 Land $32,000 $s,400 Unit Land $25,000 $5,000 4715 France Ave. N. GBA 3,780 Building $108,000 $28.57 [4 Building $100,000 $26.46 PID:10- 118 -21 -31 -0015 Units 5 Total $140,000 $37.04 [/J Total $125,000 $33.07 0 Garages Age 1959 Change 12.0% $28,000 Unit Change 1.6% $25,000 2 TRIVEDUKRUGER APARTMENTS Land 15,000 Land $28,000 $7,000 Unit Land $20,000 $5,000 5500 Bryant Avenue North GBA 4,816 Building $180,000 $37.38 [/[ Building $150,000 $31.15 PID:01- 118 -21 -31 -0061 Units 4 Total $208,000 $43.19 [/1 Total $170,000 $35.30 0Garages Age 1961 Change 22.4% $52,000 Unit Change 12.1% $42,500 3 ROBSON APARTMENTS Land 13,736 Land $28,000 $7,000 Unit Land $20,000 $5,000 1107 57th Ave. North GBA 3,416 Building $125,000 $36.59 [4 Building $120,000 $35.13 PID:01. 118 -21 -32 -0018 Units 4 $153,000 $44.79 [/J $140,000 $40.98 4 Garages Age 1963 Change 9.3% $38,250 Unit Change 14.8% $35,000 4 DOLL APARTMENTS Land 12,800 Land $28,000 $7,000 Unit Land $20,000 $5,000 1201 57th Avenue North GBA 3,416 Building $119,000 $34.84 [4 Building $118,000 $34.54 PID:01 -118 -21-32 -0105 Units 4 Total $147,000 $43.03 [/j Total $138,000 $40.40 0 Garages Age 1960 Change 6.5% $36,750 Unit Change 13.1% $34,500 5 MAYERS APARTMENTS - HL Land 10,710 Land $28,000 $7,000 unit Land $20,000 $5,000 1425 55th Avenue North GBA 3,416 Building $119,000 $34.84 [/J Building $117,000 $34.25 PID:01- 118 -21 -33 -0072 Units 4 Total $147,000 $43.03 [/j Total $137,000 $40.11 • 0 Garages Age 1960 Change 7.3% $36,750 Unit Change 23.4% $34,250 6 WINTERBROOK Land 15,240 Land $30,000 $7,500 Unit Land $30,000 $7,500 5547 Lyndale Avenue North GBA 3,472 Building $117,000 $33.70 [/J Building $105,000 $30.24 PID:01- 116 -21-42 -0019 Units 4 Total $147,000 $42.34 [/] Total $135,000 $38.88 0 Garages Age 1960 Change 8.9% $36,750 Unit Change 6.8% $33,750 7 THEISEN APARTMENTS Land 14,798 Land $30,000 $7,500 Unit Land $30,000 $7,500 5601 Lyndale Avenue North GBA 3,528 Building $122,000 $34.58 [/J Building $115,000 $32.60 PID:01- 118.21.42 -0021 Units 4 Total $152,000 $43.08 [/] Total $145,000 $41.10 4Garages Age 1962 Change 4.8% $38,000 Unit Change 15.1% $36,250 8 DABROWSKI APARTMENTS Land 20,250 Land $28,000 $7,000 Unit Land $20,000 $5.000 5001 Ewing Avenue North GBA 3,616 Building $132,000 $36.50 [/] Building $130,000 $35.95 PID:10- 118 -21 -13 -0042 Units 4 Total $160,000 $44.25 Total $150,000 $41.48 [n 4 Garages Age 1973 Change 6.7% $40,000 Unit Change 23.0% $37,500 9 Anderson 4 -flex Land 12,208 Land $28,000 $7,000 Unit Land $20,000 $5,000 4200 Lakebreeze Avenue GBA 3,712 Building $121,000 $32.60 [4 Building $121,600 $32.76 PID:10- 118.21 -32 -0052 Units 4 Total $149,000 $40.14 [q Total $141,600 $38.15 2 Garages Age 1961 Change 5.2% $37,250 Unit Change 7.3% $35,400 10 SCHURMAN APARTMENTS Land 10,416 Land $28,000 $7,000 Unit Land $20,000 $5,000 4204 Lakebreeze Avenue GBA 3,622 Building $119,000 $32.85 [q Building $110,000 $30.37 PID:10- 118 -21 -32 -0053 Units 4 Total $147,000 $40.59 [/[ Total $130,000 $35.89 o Garages Age 1961 Change 13.1% $36,750 Unit Change 3.2% $32,500 11 FOBBEAPARTMENTS Land 11,312 Land $28,000 $7,000 Unit Land $20,000 $5,000 4811 Lakeview Avenue North GBA 3,472 Building $124,000 $35.71 [/] Building $120,000 $34.56 PID:10- 118 -21 -32 -0054 Units 4 Total $152,000 $43.78 [/J Total $140,000 $40.32 4 Garages Age 1964 Change 8.6% $38,000 Unit Change 9.4% $35,000 4/29/99 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 4 and 5 unit Buildings 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES[/] 1998 EMV VALUES [/) 12 Young 4 -Plex Land 12,420 Land $28,000 $7,000 Unit Land $20,000 $5,000 4806 Twin Lake Avenue GBA 3,654 Building $121,000 $33.11 (/1 Building $110,000 $30.10 PID '10-11`18-21-32-0061 Units 4 Total $149,000 $40.78 [/] Total $130,000 $35.58 0 Garages Age 1960 Change 16.4% $37,250 Unit Change 1.6% $32,500 13 SIMONS APARTMENTS Land 14,280 Land $28,000 $7,000 Unit Land $20,000 $5,000 4210 Lakebreeze Avenue GBA 3,712 Building $124,000 $33.41 (/] Building $120,000 $32.33 PID: 10-118-21-32-0062 Units 4 Total $152,000 $40.95 [1 Total $140,000 $37.72 4 Garages Age 1960 Change 8.6% $38,000 Unit Change 9.4% $35,000 14 DANIELSON APARTMENTS Land 11,592 Land $28,000 $7,000 Unit Land $20,000 $5,000 4216 Lakebreeze Avenue GBA 3,660 Building $119,000 $32.51 [/] Building $110,000 $30.05 PID: 10-118-21-32-0063 Units 4 Total $147,000 $40.16 [/] Total $130,000 $35.52 0 Garages Age 1960 Change 13.1% $38,000 Unit Change 9.4% $35,000 15 WAAGE APARTMENTS Land 12,208 Land $28,000 $7,000 Unit Land $20,000 $5,000 4100 Lakebreeze Avenue GBA 3,548 Building $124,000 $34.95 [/] Building $120,000 $33.82 PID: 10-118-21-32-0064 Units 4 Total $152,000 $42.84 fn Total $140,000 $39.46 4 Garages Age 1964 Change 8.6% $36,750 Unit Change 1.6% $32,500 16 CHU LA APARTMENTS Land 11,760 Land $28,000 $7,000 Unit Land $20,000 $5,000 4110 Lakebreeze Avenue GBA 3,476 Building $124,000 $35.67 [/] Building $113,200 $32.57 PID: 10- 118 -21 -32 -0071 Units 4 Total $152,000 $43.73 [n Total $133,200 $38.32 4 Garages Age 1964 Change 14.1% $38,000 Unit Change 7.4% $33,300 • 17 KARA ALBRECHT APARTMENTS Land 15,000 Land $28,000 $7,000 Unit Land $20,000 $5,000 7250 West River Road GBA 4,026 Building $121,000 $30.05 [/] Building $119,200 $29.61 PID: 26-119-21-42-0042 Units 4 Total $149,000 $37.01 (/] Total $139,200 $34.58 4 Garages Age 1972 Change 7.0% $37,250 Unit Change 39.2% $34,800 18 CEDARBURG APARTMENTS Land 15,150 Land $28,000 $7,000 Unit Land $20,000 $5,000 7230 West River Road GBA 4,016 Building $121,000 $30.13 [/] Building $119,200 $29.68 PID: 25 -119 -2142 -0044 Units 4 Total $149,000 $37.10 [IJ Total $139,200 $34.66 4 Garages Age 1971 Change 7.0% $37,250 Unit Change 39.2% $34,800 19 HANSON APARTMENTS Land 15,300 Land $28,000 $7,000 Unit Land $20,000 $5,000 1510 69th Avenue North GBA 3,700 Building $115,000 $31.08 [Q Building $112,000 $30.27 PID: 26 -119 -21-44 -0068 Units 4 Total $143,000 $38.65 [!J Total $132,000 $35.68 0Garages Age 1979 Change 8.3 $35,750 Unit Change 3.1% $33,000 19 WRIGHT GROUP HOUSE Land 10,000 Land $28,000 $7,000 Unit Land $20,000 $5,000 4408 69th Avenue North GBA 3,600 Building $119,000 $33.06 [/J Building $115,000 $31.94 PID: 27-119-21-33-0016 Units 4 Total $147,000 $40.83 [/j Total $135,000 $37.50 0 Garages Age 1963 Change 8.9% $36,750 Unit Change 14.4% $33,750 21 SCHWARTZ APARTMENTS Land 11,430 Land $28,000 $7,000 Unit Land $20,000 $5,000 5401 63rd Avenue North GBA 3,360 Building $116,000 $34.52 [/j Building $106,000 $31.55 PID: 33-119-21-43-0081 Units 4 Total $144,000 $42.86 (/J Total $126,000 $37.50 0 Garages Age 1961 Change 14.3% $35,750 Unit Change 26.0% $33,000 TOTALS Land 293,750 Land 596,000 $ 7,012 Unit Land 445,000 $ 5,235 and GBA 77,016 Building 2,590,000 s 33.63 [4 Building 2,451,200 $ 31.83 AVERAGES Units 85 Total 3,186,000 $ 41.37 11 Total 2,896,200 $ 37.60 • Change 10.0% $37,482 Unit Change 13% $34,073 G: \DEPTS\ASSESS\ SPREDSHT \STEVEB\99CIA1[AP5- 4.XLS]1999 Totals $151,714 AVG. AEMV 4/29/99 • • • Recent Four Plex Sales Date of Year Price per Price per Price per # Street City Sale Sale Price Built Unit Mix Garages GBA Unit Sq Ft BR 4110 Lakebreeze Brooklyn Center Nov -96 $130,000 1964 All 2 BR 4 3,416 $32,500 $38.06 $16,250 1 -1 BR, 3- 7230 W. River Rd Brooklyn Center Mar -97 $145,000 1971 2BR 4 4,016 $36,250 $36.11 $20,714 4100 Lakebreeze Brooklyn Center Feb -98 $141,000 1964 all 2 BR 4 3,548 $35,250 $39.74 $17,625 4806 Twin Lake Ave Brooklyn Center Apr -98 $159,900 1960 all 2 BR 0 3,654 $39,975 $43.76 $19,988 4200 Lakebreeze Brooklyn Center May -98 $155,000 1961 all 2 BR 2 3,712 $38,750 $41.76 $19,375 4216 Lakebreeze Brooklyn Center Dec -98 $151,000 1960 all 2 BR 0 3,668 $37,750 $41.17 $18,875 7609 69th Ave N Brooklyn Park Mar -97 $142,000 1965 3,560 $35,500 $39.89 7617 69th ave N Brooklyn Park May -97 $140,000 1965 all 2 BR 4 3,562 $35,000 $39.30 $17,500 5111 Bass Lk Rd Crystal May -97 $132,000 1959 all 2 BR 0 3,294 $33,000 $40.07 $16,500 5101 56th Ave Crystal Jul -97 $145,000 1960 all 2BR 0 3,596 $36,250 $40.32 $18,125 G:\ DEPTSW SSESS\ SPREDSHT\ STEVEB \99CIA \[4PLXSAL.XLS]Sheetl 4/29/992:18 PM 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 6 to 8 units • Apartments 6 TO 8 UNITS 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES [9 1998 EMV VALUES [n 1 BACKER APARTMENTS Land 20,000 Land $44,000 $5,5oo Uni Land $40,000 $5,000 Uni 7018 Brooklyn Boulevard GBA 7,042 Building $181,000 $25.70 [!] Building $148,000 $21.02 [/] PID:27- 119 -21 -33 -0005 Units 8 Total $225,000 $31.95 [/] Total $188,000 $26.70 Age 1963 Change 19.7% $28,125 Uni Change 13.2% $23,500 Uni 2 MILLER APARTMENTS Land 19,710 Land $38,500 $5,500 Uni Land $35,000 $5,000 Uni 5843 Fremont Ave. N. GBA 5,652 Building $151,500 $26.80 [/] Building $147,000 $26.01 [/] PID:01- 118 -21 -23 -0059 Units 7 Total $190,000 $33.62 (/] Total $182,000 $32.20 [/] Age 1960 Change 4.4% $27,143 Uni Change 20.8% $26,000 Uni 4 ALBRECHT APARTMENTS Land 26,850 Land $38,500 $5,500 Uni Land $35,000 $5,000 Uni 7240 West River Road GBA 7,890 Building $186,500 $23.64 [1 Building $180,000 $22.81 [/] PID:25- 119 -21-42 -0043 Units 7 Total $225,000 $28.52 [1 Total $215,000 $27.25 [/] Age 1978 Change 4.7% $32,143 Uni Change 58.3% $30,714 Uni • 5 DES PARIOS APARTMENTS Land 15,360 Land $36,000 $s,000 unit Land $30,000 $5,000 unit 5301 Dupont Avenue North GBA 5,616 Building $144,000 $25.64 [n Building $130,000 $23.15 [/] PID: 01 -118- 2133 -0146 Units 6 Total $180,000 $32.05 [/] Total $160,000 $28.49 [/] Age 1960 Change 12.5% $30,000 Uni Change 13.2% $26,667 Uni 6 LAKE SHORE APARTMENTS Land 15,360 Land $45,000 $7,500 Uni Land $45,000 $7,500 Uni 4809 Twin Lake Avenue GBA 6,130 Building $170,000 $27.73 [1 Building $160,000 $26.10 [/] PID:10- 118 -21 -32 -0048 Units 6 Total $215,000 $35.07 [/j Total $205,000 $33.44 [/] Age 1961 Change 4.9% $35,833 Uni Change 0.4% $34,167 Uni TOTALS Land 97,280 Land $202,000 $ 5,941 Unit Land $185,000 $ 5,441 Una and GBA 32,330 Building $833,000 $ 25.77 [i] Building $765,000 $ 23.66" Iq AVERAGES Units 34 Total $1,035,000 $ 32.01 [q Total $950,000 $ 29.38 in Change 8.95% $30,441 Unit Change 19.03% $27,941 unit I G: \DEPTSV ASSESS\ SPREDSHT \STEVEB \99CIA\[AP8- 6.XLS]1999 Totals • 4/29/99 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 10 to 12 units Apartments 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES [tl 1998 EMV VALUES [/j 1 BROWN APARTMENTS Land 35,280 Land $60,000 $5,000 Uni Land $60,000 $5,000 Uni 4819 Azelia Ave. GBA 10,499 Building $220,000 $20.95 Building $218,000 $20.76 [/] PID:10- 118 -21 -32 -0066 Units 12 Total $280,000 $26.67 [/] Total $278,000 $26.48 [/] Homestead Age 1963 Change 0.7% $23,333 Uni Change 6.5% $23,167 Uni 2 KRAWIECKI APARTMENTS Land 34,408 Land $60,000 $5,000 Uni Land $60,000 $5,000 Uni 5209 Xerxes Avenue North GBA 11,577 Building $230,000 $19.87 [/] Building $217,000 $18.74 [/J PID:10- 118 -21 -11 -0016 Units 12 Total $290,000 $25.05 [/] Total $277,000 $23.93 [/] Age 1966 Change 4.7% $24,167 Uni Change 9.9% $23,083 Uni 3 BONA APARTMENTS Land 33,785 Land $60,000 $5,000 Uni Land $60,000 $5,000 Uni 5207 Xerxes Avenue North GBA 10,944 Building $250,000 $22.84 [/] Building $219,000 $20.01 [/] PID:10- 118 -21 -11 -0017 Units 12 $310,000 $28.33 [/] $279,000 $25.49 [/] Age 1966 Change 11.1% $25,833 Uni Change 9.8% $23,250 Uni 4 JOHNSONNOJOODI APTS Land 39,004 Land $60,000 $5,000 Uni Land $60,000 $5,000 Uni 5211 Xerxes Avenue North GBA 10,944 Building $250,000 $22.84 [/] Building $235,000 $21.47 [/] PID:10- 118 -21 -11 -0022 Units 12 Total $310,000 $28.33 [/] Total $295,000 $26.96 [/] Age 1966 Change 5.1% $25,833 Uni Change 19.3% $24,583 Uni 10 5 HANGGI APARTMENTS Land 29,016 Land $55,000 $5,000 unit Land $55,000 $5,000 unit 3725 47th Avenue North GBA 9,660 Building $225,000 $23.29 [/] Building $209,000 $21.64 [/] PID:10- 118 -21-42 -0024 Units 11 Total $280,000 $28.99 [/] Total $264,000 $27.33 [/] Age 1960 Change 6.1% $25,455 Uni Change 8.6% $24,000 Uni 6 MODELL APARTMENTS Land 30,420 Land $55,000 $5,000 Uni Land $55,000 $5,000 Uni 3713 47th Avenue North GBA 9,924 Building $215,000 $21.66 [/] Building $195,000 $19.65 [/] PID:10- 118 -21-42 -0025 Units 11 Total $270,000 $27.21 [/] Total $250,000 $25.19 [/] Age 1960 Change 8.0% $24,545 Uni Change 19.0% $22,727 Uni 7 SOBANIA APARTMENTS Land 30,420 Land $55,000 $5,000 Uni Land $55,000 $5,000 Uni 3701 47th Avenue North GBA 10,011 Building $215,000 $21.48 [tl Building $195,000 $19.48 [/] PI D: 10- 118 -21-42 -0026 Units 11 Total $270,000 $26.97 [/] Total $250,000 $24.97 [!] Age 1960 Change 8.0% $24,545 Uni Change 9.5% $22,727 Uni 8 LEBOW APARTMENTS Land 30,420 Land $55,000 $5,000 Uni Land $55,000 $5,000 Uni 3613 47th Avenue North GBA 9,975 Building $215,000 $21.56 [/J Building $195,000 $19.55 [/] PID:10- 118 -21-42 -0027 Units 11 Total $270,000 $27.07 [/] Total $250,000 $25.06 [t1 Age 1973 Change 8.0% $24,545 Uni Change 4.5% $22,727 Uni 9 RYAN TERRACE MANOR Land 30,507 Land $55,000 $5,000 Uni Land $55,000 $5,000 Uni 3601 47th Avenue North GBA 9,921 Building $220,000 $22.18 [/] Building $200,600 $20.22 [/J PID:10- 118 -21-42 -0028 Units 11 Total $275,000 $27.72 [/j Total $255,600 $25.76 [/] Age 1960 Change 7.6% $25,000 Uni Change 6.8% $23,236 Uni • 10 MILLER #1 APARTMENTS Land 31,590 Land $55,000 $5,000 Uni Land $55,000 $5,000 Uni 3513 47TH Avenue North GBA 9,660 Building $223,000 $23.08 [/ Building $204,800 $21.20 [/] 4129199 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 10 to 12 units • 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES [Q 1998 EMV VALUES [/J PID:10- 118 -21-42 -0029 Units 11 Total $278,000 $28.78 [/] Total $259,800 $26.89 [/1 Age 1961 Change 7.0% $25,273 Uni Change 7.2% $23,618 Uni 11 MILLER #2 APARTMENTS Land 30,420 Land $55,000 $s,000 Uni Land $55,000 $5,000 Uni 3501 47TH Avenue North GBA 9,660 Building $223,000 $23.08 [/] Building $204,800 $21.20 [/] PID:10- 118 -21-42 -0030 Units 11 Total $278,000 $28.78 [/1 Total $259,800 $26.89 [/J Age 1961 Change 7.0% $25,273 Uni Change 7.2% $23,618 Uni 12 NORTHBROOK- HL Land 26,120 Land $55,100 $5,009 Uni Land $55,000 $5,000 Uni 6037 Brooklyn Blvd. GBA 9,672 Building $214,900 $22.22 [/] Building $195,000 $20.16 [/] PID:03- 118 -21 -12 -0098 Units 11 Total $270,000 $27.92 [/J Total $250,000 $25.85 [/] 4d Age 1961 Change 8.0% $24,545 Uni Change 7.6% $22,727 Uni 13 BASSWOOD APARTMENTS Land 32,110 Land $55,000 $5,000 Uni Land $55,000 $5,000 Uni 4450 68th Avenue North GBA 13,248 Building $275,000 $20.76 [/] Building $265,000 $20.00 [/] PID:03- 118 -21 -23 -0001 Units 11 Total $330,000 $24.91 [/] Total $320,000 $24.15 [/] Age 1984 Change 3.1% $30,000 Uni Change 11.0% $29,091 Uni 14 HUGHES APARTMENTS - HL Land 27,531 Land $50,000 $5,000 Uni Land $50,000 $5,000 Uni 5240 Drew Ave. N. GBA 11,811 Building $245,000 $20.74 [/] Building $225,000 $19.05 [/] PID:10- 118 -21.12 -0005 Units 10 Total $295,000 $24.98 [/] Total $275,000 $23.28 [/] 4d Age 1962 Change 7.3% $29,500 Uni Change 25.0% $27,500 Uni TOTALS Land 441,031 Land $785,100 $ 6,001 Unit Land $785,000 $ 5,000 Unit • and GBA 147,506 Building $3,220,900 $ 21.84 [t[ Building $2,978,200 $ 20.19 [1 AVERAGES Units 157 Total $4,006,000 $ 27.16 [1 Total $3,763,200 $ 25.51 In Change 6.45% $25,516 unit Change 10.69% $23,969 unit G: \DEPTS\ ASSESS\ SPREDSHT \STEVEB \99CIA \[AP12- 10.XLS]1999 Totals • 4/29/99 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 18 to 36 UNITS Apartments 18 TO 36 UNIT COMPLEXES 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES 14 1998 EMV VALUES [4 1 SHINGLE CREEK APARTMENTS Land 83,635 Land $180,000 $s,000 Uni Land $180,000 $5,000 Uni 5301 Russell Avenue North GBA 40,516 Building $938,000 $23.15 In Building $755,000 $18.63 In PID: 02-118-21-34-0002 Units 36 Total $1,118,000 $27.59 In Total $935,000 $23.08 In Age 1972 Change 19.6% $31,056 Uni Change 16.7% $25,972 Uni 2 COMMER/CLOVER - HL Land 91,140 Land $180,000 w000 Uni Land $180,000 $5,000 Uni 6331, 6401, & 6425 Beard Ave. N. GBA 33,852 Building $666,000 $19.67 In Building $570,000 $16.84 In PID: 34- 119 -21-42 -0023, 0022, & 0017 Units 36 Total $846,000 $24.99 In Total $750,000 $22.16 In Age 1959/60 Change 12.8% $23,500 Uni Change 1.7% $20,833 Uni 3 HUMBOLDT COURTS - HL Land 105,545 Land $180,000 $5,000 Uni Land $180,000 $5,000 Uni 6807 Humboldt Avenue North GBA 36,000 Building $721,000 $20.03 In Building $648,000 $18.00 In PID: 35-119-21-11-0006 Units 36 $901,000 $25.03 In $828,000 $23.00 In Age 1966 Change 8.8% $25,028 Uni Change 16.3% $23,000 Uni 4 BROOKDALE MANOR Land 55,204 Land $120,000 $5,000 Uni Land $120,000 $5,000 Uni 6101 Beard Avenue North GBA 41,884 Building $505,000 $12.06 In Building $444,000 $10.60 In PID: 03-118-21-12-0075 Units 24 Total $625,000 $14.92 In Total $564,000 $13.47 In PID: 34- 119 -21-43 -0056 (LA) Age 1966 Change 10.8% $26,042 Uni Change 9.7% $23,500 Uni Sale 11198 for $690,000 i 5 LILAC APARTMENTS Land 51,434 Land $115,000 $5,000 unit Land $115,000 $5,000 unit 5800, 5820, & 5830 Logan Ave. N. GBA 20,236 Building $510,000 $25.20 In Building $414,000 $20.46 I/] PID: 02-118-21-14-0025 Units 23 Total $625,000 $30.89 In Total $529,000 $26.14 In Sale 1129199 - $650,000. Age 1960 & 1923 Change 18.1% $27,174 Uni Change 5.7% $23,000 Uni 6 EWING SQUARE - HL Land 132,176 Land $115,000 $5,000 Uni Land $115,000 $5mo Uni 6130, 6138, & 6200 France Ave. N. GBA 26,404 Building $745,000 $28.22 In Building $685,000 $25.94 In PID: 34- 119 -21-43 -0059, 0058, & 0057 Units 23 Total $860,000 $32.57 In Total $800,000 $30.30 In Age 1978 Change 7.5% $37,391 Uni Change 4.6% $34,783 Uni 7 RYAN LAKE APARTMENTS Land 198,115 Land $110,000 gs,000 Uni Land $110,000 $5,0oo Uni 3401 47th Avenue North GBA 21,648 Building $505,000 $23.33 In Building $420,000 $19.40 In PID: 10 -118 -21-42 -0038 Units 22 Total $615,000 $28.41 In Total $530,000 $24.48 In Age 1963 Change 16.0% $27,955 Uni Change 16.0% $24,091 Uni 8 HUMBOLDT SQUARE APARTMENTS Land 48,872 Land $90,000 $s,000 Uni Land $90,000 $5,000 Uni 6737 -6743 Humboldt Ave. N. GBA 19,074 Building $385,000 $20.18 In Building $333,000 $17.46 In PID: 36-119-21-11-0002 Units 18 Total $475,000 $24.90 In Total $423,000 $22.18 In Age 1961 Change 12.3% $26,389 Uni Change 15.9% $23,500 Uni 9 EMERSON CHALET - HL Land 58,621 Land $90,000 $5,000 Uni Land $90,000 $5,000 Uni 1200 - 67th Avenue N. GBA 19,796 Building $395,000 $19.95 In Building $365,000 $18.44 In PID: 36-119-21-22-0041 Units 18 Total $485,000 $24.50 In Total $455,000 $22.98 In • Sale 05/1998 - $ 385,000 Age 1978 Change 6.6% $26,944 Uni Change 16.2% $25,278 Uni TOTALS Land 824,742 Land $1,180,000 $ 5,000.. Unit Land. $1,180 $5,000 Unit and GBA 259,410 Building $5 $ 20.70 iq Building $4,634,000 $17.86. .)/I AVERAGES, units 236 Total $6,550,000, $ 25.25 I/! : Totat $5,814,000 $22 : 41_ Change 12.7% $27,754 writ Change. 10.9% $24,636! unit 4/29/99 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 48 -75 UNITS 48 TO 75 UNIT COMPLEXES Apartments • 1998 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES [/) 1998 EMV VALUES lit 1 GARDEN CITY COURT Land 191,225 Land $432,000 $6,000 Unit Land $432,000 $6,000 Uni 3407 -17 65TH AVE N GBA 66,960 Building $1,470,400 $21.96 [/1 Building $1,318,000 $19.68 [/] PID: 34-119 -21-42 -0018, 19, 20, 21, 24, 25, 26(LA) Units 72 Total $1,902,400 $28.41 [/] Total $1,750,000 $26.14 [/1 Age 1963 Change 8.7% $26,422 Unit Change 10.4% $24,306 Uni 2 Maranatha Residence Land 143,682 Land $390,000 $6,000 Unit Land $390,000 $6,000 Uni 5415 69TH AVE N GBA 68,707 Building $2,510,000 $36.53 [/J Building $2,390,000 $34.79 [/] PID:33- 119 -21 -12 -0106 Units 65 1 Total $2,900,000 $42.21 [/] Total $2,780,000 $40.46 [!] Age 1988 Change 4.3% $44,615 Unit Change 3.0% $42,769 Uni 3 BROOKWOOD CROSSINGS 1 Land 169,470 Land $438,000 $6,000 Unit Land $438,000 $6,000 Uni 6201 LILAC DRIVE NORTH GBA 144,220 Building $2,862,000 $19.84 [/J Building $2,812,000 $19.50 [/] PID:36- 119 -21-33 -0167 Units 73 Total $3,300,000 $22.88 [/] Total $3,250,000 $22.54 [/] Age 1984 Change 1.5% $45,205 Unit Change 9.2% $44,521 Uni 4 BROOKWOOD CROSSINGS 2 Land 142,070 Land $390,000 $6,000 Unit Land $390,000 $6,000 Uni 6125 LILAC DRIVE NORTH GBA 91,655 Building $2,360,000 $25.75 [/J Building $2,260,000 $24.66 [/J PID:36- 119 -21- 33.0055 Units 65 Total $2,750,000 $30.00 Total $2,650,000 $28.91 [lj Age 1984 Change 3.8% $42,308 Unit Change 10.9% $40,769 Uni 5 WILLOW LANE - HL Land 167,636 Land $348,000 $6,000 Unit Land $348,000 $6,000 Uni • 7015 BROOKLYN BLVD GBA 56,331 Building $1,152,000 $20.45 [/1 Building $1,052,000 $18.68 [/J PID:27- 119 -21-33 -0010 Units 58 Total $1,500,000 $26.63 [/J Total $1,400,000 $24.85 [/] Chuck Miller 925 -1510 XT 15 Age 1969 Change 7.1% $25,862 Unit Change 12.0% $24,138 Uni 6 STERLING SQUARE Land 149,118 Land $324,000 $6,000 Unit Land $324,000 $6,000 Uni 6640 & 6700 HUMBOLDT GBA 48,504 Building $1,128,600 $23.27 [/] Building $976,000 $20.12 [!] 1400 & 1401 67TH AVE N Units 54 Total $1,452,600 $29.95 [/J Total $1,300,000 $26.80 [/1 PID: 36-119-21-22-0038,0039,0043, 0044 Age 1968 Change 11.7% $26,900 Unit Change 12.0% $24,074 Uni 7 BROOKHAVEN Land 115,160 Land $324,000 $6,000 Unit Land $324,000 $6,000 Uni 3907 65TH AVE N GBA 57,024 Building $1,126,000 $19.75 [/] Building $1,026,000 $17.99 [/] PID:34- 119.21 -31 -0081 Units 54 Total $1,450,000 $25.43 [/] Total $1,350,000 $23.67 [/] Age 1968 Change 7.4% $26,852 Unit Change 11.1% $25,000 Uni 8 MARVIN GARDENS Land 262,836 Land $390,000 $7,500 Unit Land $390,000 $7,500 Uni 6710 ORCHARD LANE N GBA 93,412 Building $1,560,000 $16.70 [/] Building $1,482,000 $15.87 [/] PID:33- 119 -21 -11 -0104 Units 52 Total $1,950,000 $20.88 [/J Total $1,872,000 $20.04 [/] Age 1973 Change 4.2% $37,500 Unit Change 4.0% $36,000 Uni 9 BROOKDALE TOWERS - HL Land 133,341 Land $300,000 $6,000 Unit Land $300,000 moon Uni 6915 HUMBOLDT AVE N GBA 69,810 Building $1,200,000 $17.19 [7] Building $1,100,000 $15.76 [/J PID:26- 119 -21-44 -0070 Units 50 Total $1,500,000 $21.49 [/] Total $1,400,000 $20.05 [n Age 1969 Change 7.1% $30,000 Unit Change 12.0% $28,000 Uni 10 Victoria Townhomes - HL Land 291,400 Land $360,000 $7,500 Unit Land $360,000 $7,500 Uni 6740 GRIMES PLACE GBA 57,562 Building $1,440,000 $25.02 [/J Building $1,152,000 $20.01 [/] • PID:34- 119 -21 -21 -0026 Units 48 Total $1,800,000 $31.27 [/j Total $1,512,000 $26.27 [/] Age 1,979 Change 19.0% $37,500 Unit Change 0.0% $31,500 Uni TOTALS Land 1,765,938 Land $ 3,696,000 $ 6,254 Unit Land $3,696,000 $ 6,254 Unit and GBA 754,185 Building $ 16,809,000 $ 22.29 [n Building $15,568,000 $ 20.64 [I AVERAGES Units 591 Total $ 20,505,000 $ 27.19 In Total $19,264,000 $ 25.54 in Change 6.44% $34,695 Unit Change 7.99% $32,596 Unit G: \DEPTS\ ASSESS\ SPREDSH RSTEVEB \99CIA \[AP72- 48.XLS]1999 Totals 4/29/99 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE • 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES [n 1998 EMV VALUES I/] 1 Twin Lake Manor - HL Land 829,171 Land $1,860,000 $6,000 Unit Land $1,860,000 $6,000 3305 -3413 63rd Ave N GBA 255,504 Building $5,440,000 $21.29 [/j Building $4,240,000 $16.59 PID: 10-118-21-12-0066,0057 Units 310 Total $7,300,000 $28.57 [/J Total $6,100,000 $23.87 Age 1967 Change 19.7% $23,548 Unit Change 40.6% $19,677 2 TWIN LAKE NORTH Land 851,400 Land $1,656,000 $6,000 Unit Land $1,656,000 $6,000 4500 -4639 68TH AVE N GBA 354,912 Building $8,044,000 $22.66 [I Building $7,844,000 $22.10 PID: 03- 118 -21- 22-0025 AND 0027 Units 276 Total $9,700,000 $27.33 [/[ Total $9,500,000 $26.77 Age 1968 Change 2.1% $35,145 Unit Change 31.9% $34,420 3 SUMMERCHASE -HL Land 674,352 Land $1,512,000 $6,000 Unit Land $1,512,000 $6,000 2802 NORTHWAY DRIVE GBA 246,433 Building $5,488,000 $22.27 [n Building $4,788,000 $19.43 PID: 02-118-21-23-0015 Units 252 $7,000,000 $28.41 fn $6,300,000 $25.56 Age 1968 Change 11.1% $27,778 Unit Change 35.1% $25,000 4 MELROSE GATES Land 586,574 Land $1,302,000 $6,000 Unit Land $1,302,000 $6,000 6305 -6607 CAMDEN AVE N GBA 220,711 Building $5,098,000 $23.10 [/] Building $4,298,000 $19.47 PID: 36-119-21-31-0046 Units 217 Total $6,400,000 $29.00 [!] Total $5,600,000 $25.37 PID: 36- 119 -21 -24 -0046 Age 1969 Change 14.3% $29,493 Unit Change 33.3% $25,806 • 5 Earle Brown Commons Land 142,098 Land $840,000 $6,000 unit Land $840,000 $6,000 6100 Summit Drive GBA 142,237 Building $5,960,000 $41.90 [/] Building $5,660,000 $39.79 PID: 36-119-21-44-0012 Units 140 Total $6,800,000 $47.81 [/] Total $6,500,000 $45.70 Age 1987 Change 4.6% $48,571 Unit Change 35.4% $46,429 6 Carrington Drive Land 256,789 Land $768,000 $s,000 Unit Land $768,000 $6,000 1302 -08 69th; 6910 -20 Humboldt GBA 121,180 Building $2,432,000 $20.07 [/] Building $2,232,000 $18.42 PID: 25-119-21-33-0045 thru 0048 Units 128 Total $3,200,000 $26.41 [/j Total $3,000,000 $24.76 Age 1965 Change 6.7% $25,000 Unit Change 15.4% $23,438 7 River Glen - HL Land 478,123 Land $768,000 $s,000 Unit Land $768,000 $6,000 407 70th Ave N GBA 131,848 Building $2,932,000 $22.24 [/j Building $2,632,000 $19.96 PID :25 -119 -21-43 -0049 Units 128 Total $3,700,000 $28.06 [/] Total $3,400,000 $25.79 Age 1971 Change 8.8% $28,906 Unit Change 19.3% $26,563 8 Shingle Creek Tower Apartments Land 478,123 Land $732,000 $6,000 Unit Land $732,000 $6,000 6221 Shingle Creek Pkwy GBA 104,624 Building $3,268,000 $31.24 [/] Building $2,768,000 $26.46 PID: 36-119-21-34-0004 Units 122 Total $4,000,000 $38.23 [/] Total $3,500,000 $33.45 Age 1973 Change 14.3% $32,787 Unit Change 14.8% $28,689 9 EARLE BROWN FARM APARTMENTS Land 361,722 Land $720,000 $6,000 Unit Land $720,000 $6,000 1701 69TH AVE N GBA 139,044 Building $2,780,000 $19.99 [/[ Building $2,580,000 $18.56 PID: 36-119-21-11-0037 Units 120 Total $3,500,000 $25.17 [/] Total $3,300,000 $23.73 Age 1971 Change 6.1% $29,167 Unit Change 12.2% $27,500 • 10 THE PINES Land 276,562 Land $612,000 $6,000 Unit Land $612,000 $6,000 6611 HUMBOLDT AVE N GBA 101,658 Building $1,838,000 $18.08 [/J Building $1,738,000 $17.10 PID: 36-119-21-14-0009 Units 102 Total $2,450,000 $24.10 [/J Total $2,350,000 $23.12 Age 1969 Change 4.3% $24,020 Unit Change 12.4% $23,039 4129199 1999 BROOKLYN CENTER APARTMENT ASSESSMENT COMPLEXES 76 UNITS OR MORE • 1999 UNIT 1998 UNIT # PROPERTY AREAS 1999 EMV VALUES[/] 1998 EMV VALUES [/] 11 GEORGETOWN TOWNHOMES Land 476,238 Land $690,000 $7,500 Unit Land $690,000 $7,500 700 66TH AVE N GBA 165,912 Building $2,960,000 $17.84 [/] Building $2,860,000 $17.24 PID: 36-119-21-24-0047 Units 92 Total $3,650,000 $22.00 [/] Total $3,550,000 $21.40 Age 1967 Change 2.8% $39,674 Unit Change 16.4% $38,587 12 BROOKSIDE MANOR Land 293,070 Land $540,000 $6,000 Unit Land $540,000 $6,000 1300, 1301, 1121 67TH AVE N GBA 91,863 Building $1,910,000 $20.79 [/] Building $1,660,000 $18.07 PID: 36- 119 -21 -22 -0040, 0045, 0046 Units 90 Total $2,450,000 $26.67 [! Total $2,200,000 $23.95 Age 1968 Change 11.4% $27,222 Unit Change 13.7% $24,444 13 LYN RIVER Land 244,207 Land $504,000 $6,000 Unit Land $504,000 $6,000 6401 -6425 WILLOW Ln N1201 -215 65th Av GBA 71,337 Building $1,596,000 $22.37 (/] Building $1,096,000 $15.36 PID: 36 -119 -21-42 -0007, 0008, 0009, 0010, 0011, 0012,0013 Units 84 Total $2,100,000 $29.44 [/] Total $1,600,000 $22.43 Age 1962 Change 31.3% $25,000 Unit Change 32.7% $19,048 14 EVERGREEN PARK MANOR - HL Land 203,018 Land $492,000 $6,150 Unit Land $492,000 $6,000 7200 CAMDEN AVE N GBA 86,552 Building $1,708,000 $19.73 [/] Building $1,508,000 $17.42 PID: 25-119-21-42-0069 Units 80 Total $2,200,000 $25.42 [!j Total $2,000,000 $23.11 Age 1972 Change 10.0% $27,500 Unit Change 11.1% $24,390 TOTALS Land 6,151,447 Land $12,996,000 $ 6,070 Unit Land $12,996,000 $ 6,064 • and GBA 2,233,815 Building $51,454,000 $ 23.03 in Building $45,904,000 $ 20.55 AVERAGES Units 2,141 Total $64,450,000 $ 28.85 In Total $58,900,000 $ 26.37 Change 9.42% $30,103 Unit Change 26.06% $27,485 G: \DEPTS\ ASSESS\ SPREDSHT\ STEVEB \99CIA \[AP310- 80.XLS]1999 Totals • 4/29/99 ■ AP .. �� APARTMENT REPORT HIGHLIGHTS • Average rents rose 4.4 %. Some markets had increases of 9 -12 %. Source. Appraisal •The overall vacancy rate SELECT APARTMENT BUILDING SALES Data Network Inc. decreased to 1.1% in 1998. NAME CITY NUMBER OF UNITS PRICE/UNIT Gates of Edinburgh Brooklyn Park 198 $90,657 • 2,800 new units will be added Cityscape Apartments St. Louis Park 156 $78,846 in 1999. 740 River Drive St. Paul 164 $78,049 Coachman Trails Plymouth 150 $70,667 *Capitalization rates ranged from Atrium Apartments Burnsville 261 $65,134 7.5% to 10.5% for 1998 sales. Earle Brown Terrace Brooklyn Center 142 $51,408 Oakwood Apartments Plymouth 107 $43,925 • Changing demographics have Jonathan Acres Townhomes Chaska 86 $37,442 prompted new amenities like high Montreal Court Little Canada 444 $36,036 speed phone lines and on -site Plymouth Oaks Plymouth 210 $27,619 business center services. Mill Pond Apartments Burnsville 156 $23,718 Maywood East Apartments St. Paul 132 $17,424 • The Northeast sector reported the lowest vacancy rate at .4 %. Dakota and Washington Counties 12.4 %, followed by Dakota County at conditioning, garage and dishwasher; posted the highest vacancy rates 9.4 %. Rents in Washington County were qualitative benefits like security, at 2.6 %. down 3.1% and the City of Minneapolis management services and space • Apartment development is had virtually no change. availability; locational proximity to occurring in senior housing and Apartment development is work, play and retail services; and high -end projects. occurring in subsidized senior housing new age items such as high speed phone and assisted living, and high -end market lines, cable TV hookups, and business rate projects, many of which are a center services on site. townhouse style. While it appears that the 1998 was another active year MARKET OVERVIEW Twin Cities is ripe for development, there of apartment sales. Equity Residential are many factors discouraging it. These Properties Trust was the most active The Twin Cities' apartment are lack of land zoned for multi - family; buyer, acquiring at least eight properties market experienced another record year some multi - family land being developed totaling $90 million. Capitalization rates in 1998. According to data supplied by as "for sale" housing; opposition by some for apartments sales ranged from 7.5% Apartment Search Profiles, the vacancy cities against high density; rent levels not to 10.5% for class A and B quality rate is 1.1%, down from 1.9% a high enough to support construction properties. Unit prices ranged from year ago, clearly illustrating the costs; and high property taxes. New $90,000 to $17,000 per unit. overwhelming demand for rental units. apartment developments will occur in Currently, there are about 300,000 Woodbury, Apple Valley, West St. Paul, non - subsidized rental units in the Shakopee and Richfield. New senior Twin Cities MSA, with just under 2,800 housing projects are slated for most more units to be developed by the end cities in Dakota County, Richfield, of 1999. Despite this addition of Robbinsdale and Oak Park Heights. units, Colliers Towle predicts the The current senior housing vacancy vacancy rate will remain about the same rate is 2.6% according to Maxfield _ by the year 2000. Research Group. Rents in the metropolitan area Changing demographics and increased 4.4% during the past year. This desired amenities by renters will play a is up from the 3.9% increase for the same larger role in the economic success of an The Gates of Edinburgh in Brooklyn Park Aft eriod between 1996 and 1997. The apartment project. Lifestyle amenities features fireplaces, bay windows and washers gest gain was in the city of St. Paul at include physical features like air and dryers in each unit. R E S AVERAGE VACANCY HISTORICAL SUMMARY • MINNEAPOLIS /ST PAUL METROPOLITAN AREA 9% 8%I i 7 % i i 6%d ,+ � 5 % 4.8% � ,. 4 %'' 7 °/a 3% 3 . 1 % i 12.4% 2.6% o ' 1.9% 2 /o. ' iOW I o 0 / 0 � - - -- -- - i 8 92 91 -- 9%94 9 95 - - -- - 9/96 - 8%97 9%98 - Source: Apartment Search Profiles RENTAL RATES MINNEAPOLIS /ST. PAUL METROPOLITAN AREA AVERAGE 740 River Drive, a 164 -unit partment building STUDY NUMBER AVERAGE RENT in St. Paul, sold for $78,049 per unit. UNIT TYPE DATE OF UNITS RENT RANGE STUDIO 1996 8,012 $410.00 $305-$583 s 1997 8,120 $424.21 $317-$565 I 1998 7,953 $383.71 $401-$578 ONE BEDROOM 1996 62,501 $527.00 $415-$693 1997 63,179 $545.68 $458-$795 1998 62,917 $577.89 $523-$671 11 . r TWO BEDROOM 1996 56,355 $661.00 $521-$922 � I 1 Sm 1997 56,863 $687.68 $558-$937 1998 56,753 $717.80 $632-$821 Cityscape Apartments, a 156 -unit complex in THREE BEDROOM 1996 5,815 $862.00 $635-$1143 St. Louis Park, sold for $78,000 per unit. 1997 6,081 $902.17 $714-$1365 1998 6,134 $929.58 $700-$1175 "Average Rent - 9/98 = $642 Source: Apartment Search Profiles 9/98 APARTMENT VACANCY AND AVERAGE RENT Source: Apartment Search Profiles A MINNEAPOLIS /ST. PAUL METROPOLITAN AREA VERAGE RENT MINNEAPOLIS /ST. PAUL METROPOLITAN AREA $660 NUMBER 9198 9/98 $6501 $642 OF PERCENT AVERAGE $640; w SECTOR UNITS VACANT RENT $630; Anoka County 7,405 0.9% $615.15 Dakota County 18,156 2.6% $732.55 $6201 $615 Minneapolis 22,215 1.3% $547.86 $610' NoAheast 14,040 0.4% ° $633.81 1 Norttwest 13,321 2.4% $610.76 $60n I St. Paul 15,496 1.4% $602.51 $ 592 Southwest 20,433 1.0% $694.18 $590 i 1 • Washington County 4,416 2.6% $653.85 $580' West 18,275 0.8% $761.73 $570 $570 Metropolitan Total 133,757 1.1% $641.83 $560' $562 'I Source: Apartment Search Profiles 6/95 9/95 9 /b6 9,97 9198 i t Review 9 B • The Twin Cities apartment market is enjoying record success for yet another year. • Multifamily vacancies dropped further, from 1.9 percent as of 3rd Quarter 1997 to only 1.1 percent as of 3rd Quarter 1998. • Rents increased faster in 1998 than in 1997, responding to the exceptionally tight market. Rents increased by 5.0 percent, up from 3.9 percent the year before. • New units brought on -line so far in 1998, limited in number, have been absorbed rapidly. • The limited amount of new construction has been insufficient to satisfy the continuing strong demand. • Land currently zoned for high- density development is increasingly limited and these sites are often being developed with owned rather than rental housing. • The number of building sales increased; prices are increasing and cap rates are continuing to decline. ♦ The Twin Cities economy continued to be very healthy with exceptionally low unemployment (2.2 percent) and a very strong housing market. Compared with Greater Minnesota and the United States as a whole, the Twin Cities continues to enjoy a lower unemployment rate. • The national economy boomed until August when several events converged: a strong down turn in the stock market, the Presidential scandal, Russia's devaluation of the ruble, and the full international impact of the Asian Pacific economic crisis. ed the Fed to lower interest rates which will spur the • The faltering global economy encouraged P single - family housing market upward even further. • Apartment lenders continued to seek out opportunities in markets across the country although several other metropolitan areas (notably Atlanta and Las Vegas) are considered to be softening. • REITs continued to scour national markets for institutional-grade and upscale rental product g and are now expanding into development as available product becomes increasingly scarce. The recent stock market decline however, has forced some REITs to place pending acquisitions on hold. • . of Rental Market Several factors in the Twin Cities continue to impact ♦ The lack of affordable housing and the potential the rental market. conversion of even more units as a consequence of the expiration of HAP (Housing Assistance ♦ Limited new construction, combined with rock- Programs) continues to be controversial. Owners are bottom vacancy rates, are pushing rents upward. caught in the middle as government tries to limit its responsibilities and communities scramble to maintain ♦ Attractive apartment sites are scarce. The most their affordable housing stock. Lawsuits have blocked desirable sites have been taken and other potential or delayed the removal of units from the HAP pool. sites have been downzoned by communities con- cerned about overdevelopment of rental housing. ♦ There is limited apartment product available for The municipal approval process can be arduous and sale in the Twin Cities. Many of the larger Class A development fees are high. and B+ properties in the metropolitan area have recently changed ownership. ♦ A substantial increase in construction costs along with relatively high multifamily tax rates in Minnesota ♦ A predisposition toward homeownership in the • have resulted in the construction of predominantly Twin Cities and in Minnesota generally and contin- upper -end product or projects directly subsidized by ued low mortgage interest rates are fueling the for- special community programs or government agencies. sale market. ♦ While tax rates for rental housing in Minnesota ♦ The shortfall of rental housing continues to be a have dropped slightly, they remain high relative to hurdle in many smaller outstate Minnesota communi- other states. ties, particularly in and near regional centers experi- encing strong employment growth. ♦ Historically strong submarkets remain strong -- even those that have recently experienced new apart- ment construction. • • IV Economic & Growth Trends in TCMA The population and household base in the Twin A significant shift will not occur until the peak of the Cities Metropolitan Area continues to grow. Revised echo boom generation fully enters the labor force, projections by the Metropolitan Council (see Exhibit sometime after 2010. The Twin Cities continues to 1) show greater population and household growth experience a strong and growing housing market and through 2000 with growth tapering off more quickly companies seeking to bolster their labor force often through 2010 and 2020. These trends suggest that look outside the metropolitan area for employees. the Twin Cities' housing market will continue to remain strong into the next decade, but future Employment is projected to show an increase of 20 growth (2010 and beyond) will be somewhat less percent for the 1990s and 12.2 percent during the than was originally forecast. 2000s. The Twin Cities' stable and diversified economy should continue to grow, and our The Twin Cities' unemployment rate has consistently employment growth rates will be somewhat below been well below the overall Minnesota and national such larger metropolitan areas as Chicago, Atlanta, rates -- a testament to our diverse and stable Dallas and Phoenix. Companies seeking the best economy (See Exhibit 2). With an unemployment workers will likely be forced to pay higher wages until rate of only 2.2 percent as of June 1998, the Twin technology can enhance productivity and reduce the is Cities are experiencing an overall labor shortage and current dependence on skilled labor. a severe shortage in certain industries. The low unemployment rate illustrates the significant drop in the number of new entrants into the workforce combined with continued growth in the economy. POPULATION AND HOUSEHOLD GROWTH TRENDS TWIN CITIES METRO AREA COMPARISON OF UNEMPLOYMENT RATES 1990 TO 2020 1990 TO JUNE 1998 3.2 1.34 e Population — 1.28 7 — 3.0 - z United States — 1.2.2 C! 6 — tn p 2.8 — 1.16 „ O (-�' 5 — .."'.�- Minn esota — 1.10 ° 8 4 — —0 C a 0 1 2.6 3 —_ Original TCMA 2.4 z ZZHou Revised — .90 2 — . 1 — 2.2 0 .eb 1990 1991 1 1992 1993 ' 1994 1995 1996 1997 1998 1990 2000 2010 2020 YEAR YEAR Source: Metropolitan Council Source: Minnesota Department of Economic Security • �Ve1riV'lue� u ��l Jruli�.�lu4FaWe ■ Rent and Vacancy Rates The TCMA's current rental vacancy rate of 1.1 per- for construction. Beyond 1999, projections include cent is at an all-time low. We believe that this rate projects that are in the planning stages, but may not will rise slightly in 1999 in response to new product have received all approvals and /or financing. In coming on -line during the balance of 1998 and addition, there may be additional multifamily devel- 1999. opment in Maple Grove, St. Louis Park and Golden Valley in conjunction with redevelopment projects Exhibit 3 dramatically presents the continued decline and conversion of land use to residential and com- of vacancy rates from 1990 through this year, but mercial development. shows that rents have only recently racheted upward. "i" ►lolJud Wai W WWW Percentage rent increases fluctuated in the beginning AVERAGE ANNUAL INCREASE IN RENTS TWIN CITIES METRO AREA of the decade, then increased slowly to 1996 (see 1991 0 Exhibit 4). In 1997, the percentage increase in over- all rents dropped slightly, only to shoot up again in 5 1998. 4 - 3 - • Approximately 2,750 units will come to the market is from now through 1999 (see Exhibit 5). This num- 2 ber reflects projects already approved and scheduled 1 - 0 1991 1992 1993 I994 1995 1996 1997 1998 YEAR Sources: Apartment Search Profiles Maxfield Research Inc. TWIN CITIES METRO AREA VACANCIES AND RENTS NUMBER OF UNITS PROJECTED TO COME ON -LINE 1990 TO 2000 TWIN CITIES METROPOLITAN AREA 8 goo 2,000 1 809 . 7 - - 700 1,800 Average Rent _ - - 6 _ V..'Rau ��' - 600 1 _ 1400 -. 1377 , .w._. 5 - - 1 - 500 �Z 9 ✓ 1,200 I _ _ - W 4 Projected - ' I Wo 3 - � - 300 � 800 - a � 2 - J - 200 2 600 -484 777 1 - - 100 400 - 200 I ' 1996 , 1991 , 1992 ' 1993 1994 1995 1996 1997 1998 1999 2000 0 YEAR 0 1997 1998 YEAR 1999 2000 Sources: Apartment Search Profiles Source: Maxfield Research Inc. Maxfield Research Inc. 10A Hot Submarkets Exhibit 6 depicts Twin Cities apartment submarkets. sector, the rent increase in Minneapolis reflects I i substantial increases in the Uptown and Downtown Scott County and the North (Maple Grove, sectors which have been the strongest. Brooklyn Park, Brooklyn Center, Crystal, New Hope and Robbinsdale) had the greatest increases in We believe that rent increases will spur additional i 1 average rent between 2nd Quarter 1997 and 2nd rental construction, which will consequently soften i Quarter 1998 (see Exhibit 7). Scott County's the market just slightly. Despite recent rental average rent increased by 8.6 percent, from $593 to construction in several communities, overall vacancy $644, while rents at properties in the North rates in the Twin Cities have continued to drop. increased by 6.1 percent, from $538 to $571 per Renters feeling the pinch of higher rents and the month. Average rents reflect rents at all properties, continued tight market prevented many from not just newer rental properties. Although rents in moving, uncertain whether they would be either able the City of Minneapolis have increased in each to find an apartment or be any better off financially. • TWIN CITIES METRO AREA RENTAL SUBMARKETS P �d Northeast ." 2nd Tier d - 'w %° ortheast 1st Tie' dA a N� 1st or rA rt :: Fop" Southwest Soulhwest'; .; asinn 2nd ` icztN South —ot o0 Tie 1st Tier " r t� • i • The Northeast 2nd Tier (Forest Lake) the Southwest With few exceptions, vacancy rates have now 1st Tier (Edina, Eden Prairie) and the West 1st Tier dropped to levels where they can literally decrease (Golden Valley, Hopkins and St. Louis Park) no further. Because of the difficulty of finding an exhibited the greatest declines in vacancy rates over apartment, renter mobility has been reduced and the most recent one -year period (see Exhibit 8). transferees to this market are also experiencing Vacancy rates declined by 100 percent in the difficulty finding temporary and /or permanent rental Northeast 2nd Tier, by 63.3 percent in the housing. Southwest 1st Tier, and by 61.5 percent in the West 1st Tier. Vacancies increased the most in the South 1st Tier (Richfield and Bloomington) and in the Southwest 2nd Tier (Chanhassen, Chaska) during this same period. PERCENT INCREASE IN RENTS PERCENT INCREASE/DECREASE IN VACANCY RATES TOP FIVE TWIN CITIES SUBMARKETS TOP FIVE SUBMARKETS • 1997 -1998 (2ND QTR) 150 1997 - 1998 (2ND QTR) Southwest 2nd Tier West 100 2nd Tier 50 South dinneapolis 1st Tier Northwest 0 -50 North Northeast North Southwest West 1st Tier 1st Tier 1st Tier -100 - Ott County Northeast 2nd Tier -150 0 1 2 3 4 5 6 7 8 9 10 Sources: Apartment Search Profiles Sources: Apartment Search Profiles Maxfield Research Inc. Maxfield Research Inc. • • • A ren a I I Financial markets continue to surge during 1998 as both sellers and buyers went to the ring to transfer p roduct. Griffin Projections 11/6/97 Outcomes as of 11/5/98 Last year, sales volume represented only 5% of the This year, the total transactional value of projects of market for projects of 100 units or more. This rate 100 or more units is up 120% over the comparable suggested a 20 -year turnover of property which is period last year. Total units sold were up 81% from Sales abnormally low. We projected that interest rates 4,729 to 8,552 units. The number of properties sold Volume would decline, that capital would be plentiful and was up 50% from 26 sales to 39 sales. Interest rates that NOI's and values would go up. Therefore, are at historical lows and values are significantly higher sales volume would increase. than at this same time last year. Last year, more than 50% of the properties sold This year, no 1950's product traded hands and a Property were built before 1980 with 10% of the product higher percentage of newer properties sold. REITs Age built in the 1950's. We commented that institutions moved into this market and purchased property for were likely buyers and tended to focus on 1980 or cash and also for UPREIT shares. (See Exhibit 15) newer product. Last year, we predicted higher values based on This year, values rose among properties in all age lower cap rates, lower interest rates and higher groups and except for 1960's product, all other age NOIs. We found that sales price per square foot groups exhibited higher prices per square foot. Values tracked with the age of the property. The newer the property, the higher the sales price per square foot. (See Exhibit 16) -- — _ — - -.— —_ - -- -- _— ._. - -- AVERAGE PRICE PER UNIT AVERAGE PRICE PSF ACCORDING TO YEAR BUILT BY YEAR e., 90,001 80,000 — r 70 O -AMR 98 70,000 — AMR98 �i G 60 — �. AMR99 60,000 _ AMR99 w a 50 a 50, 000 N _ 40 w � 40,000 F Q 30 30,000 — 0 20 20,000 — a Q 10,000 u =,: g to 0 — 0 19503 1960s 1970s 1980s 1990s 1950s 1960s 1970s 1980s 19903 YEAR • Source: Griffin Companies YEAR Source: Griffin Companies .uIrOvJi Biala" a. • Last year, we predicted higher values based on This year, cap rates were 25 to 50 basis points lower cap rates, lower interest rates and higher lower across the board and interest rates were 50 to Cap 100 basis points lower, allowing buyers to pay more NOIs. Rates for properties and achieve their target returns. (See Exhibit 17) { Last year, we reported that a majority of apartment This year, almost 50% of the sales over the past year sales were located in Minneapolis and St. Paul. We were located in the suburbs as larger properties Location indicated that as institutional buyers looked at the were sold to institutional buyers and REITs. ' ' market, they would focus on the suburbs. I Last year, we reported that 50% of the transactions This year, transaction volume is up more than were under $5,000,000 and only 4% were above 120% over the comparable time period and the total $20,000,000. We projected a larger turnover of number of units sold is up 81% to 8,552. (See Size properties based on the cheaper cost of debt and Exhibit 18) . that owners would capture the opportunity to sell into a stronger seller's market. CAP RATE RANGE BY AGE OF PROPERTY TRANSACTION SIZE TWIN CITIES METRO AREA 12.0C 60% 11.75 11.50 11.25 50% — 11.00 - AMR 98 10.75 r; =i"� R AM99 .` Y 10.50 w 40% �•+ 10.25 ;'. Z 10.00 d nMa'98 U 9.75 �zr d. 9.50 W 30% O 9.25 AMR'99 �- 9.00 8.75 20% — 8.50 8.25 8.00 _ r . 7.75 10% u y4 fit' 7.50 sg ?aK 7.25 •„ 19605 1970S 19805 19605 19705 1980S Over $20mm $10mm - $5mm - Under $5mm $20mm $lOmm �rce: Griffin Companies YEAR $20mm Griffin Companies �iIIRid'®uYsih'db169/' u�illlii•,�� dW National Apartment Market INVESTOR SURVEY RESPONSES , I THIRD QUARTER 1998 V I I ' ' •Representative sample; due to space constraints not ail responses are included.. Market Total Cap' Selling Free & Free & Per ' „Source: Personal survey conducted by Rent Expenses Vacancy . Rate Expense Clear Clear Unit Months The Korpacz Company, Inc. during July 1998. DOMESTIC g balanced market;, PENSION FUND ■ Forecast Period: 10 years _ '2,0 8.75% `i 1_.00% 8.50% $150 3 Stroh rou by-expiration g ps leases dates for DCF anal is; ys typical N01 ratio is 60.0 %; 4.0°% 4.0°%/: to - 2.0% to to to to "uses face rent's since concessions are typically minor; leasing fees are. in addition to a 4,0% management 6 . 9,50 % '11.50 %. 9.00% , $250 4 fee relies.on direct capitalization; uses DCF as a test. DOMESTIC PENSION FUND ■ Forecast Period: 10 years S pecific by c - people re resent real su I and demand in balance; 0.0 °� 3.0% 3.0% 9.00% 11.00% 8.50% 9 p ositive interest -P P P demand; strop 9 market; pP Y component, groups leases by expiration dates for DCF analysis; management fee ranges from 3.0% to 5.0 %; relies to to to to 3.0 %+ - to to Continuin 6 on DCF, direct capitalization, and sales comparison; emphasis on average cash -on -cash rates, more realistic 3.0% 4.0% 5.0% 10.00% 12.00% 9.50% cost life credit loss; downtime, free rent, Tls, and annual capital reserve. expectancy DDMESTIC PENSIDN FUND ■ Forecast Period: and 10 years 5. 0 8.00% 10.50% 7.00% - $200 6 Uses both DCF and direct capitalization; in direct cap, capitalizes N01 after capital replacement reserve; 3.5 %, 3.5% to to . to to to . to reflects concessions as they occur; may burn off on.new, property during lease -up period in strong market._ 10.0 °� 10.00% - 12.00%' 9.00"/° "$400. 9 DOMESTIC PENSION FUND ■ Forecast Period: 10 years o 0 0 $300 year 1; ° o 3.0% 5.0% 9.00% 2.0% 8.00% Strong interest in this product nationwide; applies management fee of 3.0 to 4.0 /o, uses DCF and to 4.0% to to to 11.00% to 4.0% 6 direct capitalization; emphasis is on initial returns; only concern is excess investment demand which 4,U % 10.0% 10.00% 3.0% 9.00% thereafter is driving up prices, INVESTMENT ADVISOR .■ .Forecast Period: 5 to 10 years .: Years 1.3 3.0% 8.00% ?.0% 10.50% 7.50% $200 3 Good product for diversified portfolio, groups leases by expiration dates for DCF analysis; uses - varies per 3.0% to to to to to to .: - - to to management fee of 4.0% Including leasing and replacement reserve; average N01 ratio is 40.0% to 50.0°%; market; 3.5% 3.5 %, 10.0% 10.00 %' 3.0 %. 12.00 , 9.50% $300 9 relies on direct capitalization and uses DCF to calculate yield. ' thereafter RE ' AL ESTATE ADVISOR ■ Forecast Period: 5 and 10 years 3.0% 6.0% 9.25% 10.75% 8.75% $200 to $250+ Relies on DCF, also uses direct capitalization; residual cap rate is 25 basis points over the going -in cap to 3.5% to to 2.5% to to $100 to $150. _ rate on a 5 -year holding period, 50 basis points over the going -in cap rate on a 10 -year holding period. 3.5% 8.0% 9:75% 11.50% 9.25% for capital Improvements PENSION FUND ADVISOR ■ Forecast Period: 10 year 5 . 0 % 9.25% 11.25% 8,00% $200 Uses both DCF and direct capitalization; in direct cap, capitalizes NOI after capital replacement reserve 3.0 3.0% to - to 1.5 to - to to 3 deduction; buys 1507 to 400 -unit . apartment complexes in first -and second-tier markets nationwide. 7.0% 10.00 12.50% 9.00% $250 PENSION FUND ADVISOR ■ Forecast Period: 7 years ,Specializes in this market; increases annual rent in lieu of lease -by -lease analysis; uses management 0.0% 6.0% 8.25% 10.00% 7.75% $200 fee of 4.0% plus leasing costs and reserve (actually funded); relies on direct capitalization primarily; to 3.5% to to 2.0% to to to 4 also uses sales comparison and cost; more equity and debt are flowing to this market; sees signs 2.0% 8.0% 9.00% 11.00 %, 8.50% $250 of overbuilding of new deluxe product. i 4VESTMENT ADVISOR P Forecast Period: 10 years 8.75% 2.5% 11.00% 8.25°Io $150 . Specializes in this market; relies equally on,DCF and direct capitalization; IRR may be as high as 12.00% 3 to to: 3 In very weak markets; reserve'amount depends on age and/or conditions, typically $150 per unit for new .5% 3.5% 7.5 °� 9. to o 3 to to 11 to to 9. to $3o properties, $300 per unit for those over 10 years old. REIT ■ Forecast Period: 10 years 2.0% 11.00% 3 Uses both DCF and direct capitalization; in direct cap applies OAR to N01 after capital replacement 3.0% 3.0% 5.0% 9.25% to to 8.00 0 /0 . $200 to reserve deduction; acquisitions are in the Western region of the United States. 3.0°% 12.00% 5 REAL ESTATE ADVISOR Forecast Period: 10 years 5.0% 10.50 %: 8.75% $150 _ 6 Prefers newer suburban garden complexes in mature, stable markets; uses both DCF and direct 3.0 °% : 3.0 °% to 9.25% .3.0% . ' to to to to capitalization; on DCF; indirect cap, capitalizes N01 after-capital replacement reserve deduction. ' i '8.0% '11.50% 8.5070 , $250 9