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Home My WebLink About1998 05-04 CCP Board of Review Form No. A. F. 4 — Notice to Clerk of Meeting of Board of Review — *Equalization. OFFICE OF COUNTY ASSESSOR TO THE CLERK OF THE Ci ty OF Brooklyn Center Hennepin COUNTY, MINNESOTA: NOTICE IS HEREBY GIVEN, That the Fourth day of May at 7:00 o'clock P • M., has been fixed as the date for the meeting of the Board of Review — city t Istrike out one) *Equalization —in your y 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 Ninth day of February 19 98 County Assessor 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. Clerk. Poucher, Mpls. HC 586 (2184) CERTIFICATION OF POSTING OF ASSESSMENT NOTICE State of Minnesota COUNTY OF Hennepin ss. City OF Brooklyn Cent r I, Sharon Knutson Clerk of the %it`•' of Rroo ?cl-,rn Center in said County for the year 19 °8) , do hereby certify that on the ugh day of ADrlT , 199 , in conformity with requirements of law, I posted notices in each of three of the most public places in said City 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 C i ty o f Brooklyn Center it H e n n e o i n County, Minnesota, will meet at the office of the Brooklyn Center Clerk in said Ci tv , at SPvgn o'clock P - M., on Monday , the Fourth day of May , 1998 , for the purpose of reviewing and correcting the assessment of said Brooklyn Center for the year 19 98. All persons considering themselves aggrieved by said assessment, or who wish to complain that the property of another is assess- 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 5th d o f mev , 1999 Sharon Knutson Clerk of the City of Brookl vn Comer Given under my hand this day of Ma , 19 98 "4t Clerk State of Minnesota, COUNTY OF HENNEPIN ss. City of Brooklyn Cent r We, the undersigned, Board of Review 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 of said City on the day set forth in the notice given by the Clerk of said C i t v , and that we then and there remained in session the whole of said day as a Board of Review. Witness our hands this 4th day of M?y 1998 Chairman 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 �f 0 o k 1 v n C e w year 19 9 $ so 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 Brooklyn Center I 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 . Auditor of Hennepin Count;`�� CERTIFICATION OF NOTICE ON INCREASED VALUATIONS State of Minnesota County of Hennepin SS. City o f 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 May 4 1998 Im which Mon& Day Y— the City o f Brooklvn Center Board of Review duly convened or on ten days prior to the official adjournment thereof. Month Day Ysaa Date Signature: BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 4,1998 7:00 P.M. ', ,:A�'b.+$� r � rc a �r ' '} �' ,#� �` � «•; ": REGISTRATION LL -. ..NAME A DDRESS ) PR OPERTY LD . .. rj i s BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 4, 1998 7:00 P.M. WALK -IN SIGN UP NAME ADDRESS 'F5l-"'_7 d PROPERTY I.D. DATE OF PURCHASEG�� 1, PURCHASE PRICE / vim,, /_' � REMODELING / UPDATING SINCE PURCHASE (costs & description) /xj CONCERN(S) 1 -__ ___.____ _ , s „ r 1998 ESTIMATED MARKET VALUE __ ASSESSOR • REAL ESTATE DATA Garage n Heating Room Count Age I Dimensions is D. Number 10 118 -21 - - 0048 Floor Area Water 1 Total Rooms Actual j9S� 44x P_4= 1056 NEIGHBORHOOD t55 ZONING R 1 Ext. Walls cedAir 2 2t Bedrooms Effectiv� 1 x i 4= 1 4 PROPERTYADDRESS Number Cars ctric 3 Family Functional % x 9 1 5 0 DREW A V E N Condition vity 4 Living 1 Economic % u =r ar x Attached Other 5 Dining Aiu& r 1 �� + ^ x = OWNER Detached Z y Room Count Kitchen �� 1� x = LEE P AO YANQ Tuckunder 3 Total Rooms { 2 Other I x = LEGAL DESCRIPTION LOT BLOCK 4 Built -M' 4 Bedrooms • • Manual 1 Story Area I 1 070 "LINDEN SHORES ON TWIN Lq E • HENNEP I N Garage # 2 Family 1� Interior Yes 1 2 Story Area Neighborhood Rating Shape Roof Type Floor Area I PA itchen Plaster 1 Condition G.B.Area ( 1 070 Very Good 1 I A -0 1 able X( Ext. Walls 3 ther I Sheetrock 2 Excellent n T'C ' Partial Comp. Good 2 B -L 2 Hip Number Cars `" 2 1 • s Paneling 3 Go o��o F 2 Yes 1 1 00 Average 3 C -U 3 Mansard Corxdition 'G�f Kit. Rating Unfinished % Aver`age X' Int Inspected Fair 4 D- Irreg. 4 Gambrel 4 Attached 1 Excellent 1 Trim Fair �Y5 `)( Yes 1 I X Substandard 5 Style Flat 5 Detached 2 y Very Good 2 Hardwood 1 Subs tan an No 2 Site Rating Rambler 1 Roof Cover Tuckunder 3 Standard 3 y Softwood 2 House Room Count Comments Very Good i SE/SF 2 hingles 1 X Built -In 4 Substandard 4 Painted 3 Total Rooms g Appr. No. 1 � `�■ Good 2 Split Level 3 Wood Shakes 2 Pool Obsolete 5 Other 4 Bedrooms 3? Fair 3 1 1/4 4 P&G 3 Area I Interior Floor Family 1 Tim 1 5 Minimum 4 1 112 5 Slate Tile 4 Quality 1- 5 I Plaster 1 Wood 1 Living i 0 7 11111; Adj. Prop. Intl. 13/4 6 Windows ill 14 0 1 Sheetrock 2 X Carpet 2 I Dining 1 FLAT CHARGE Positive i 2 Story 7 Casement 1 Bsmt. Area Paneling 3 I Other 3 Kitchen 1 Add I I I I I Equal � Townhouse 8 Dbl. Hung 2 / q CJ Trim Baths (2nd) Other Sub I i Negative Condo 9 Gliders 3 Crawl / Slab ��, Hardwood 1 x Spa NOTES View Co -op 10 Awning 4 Figis?Jed • mt. { Softwood 2 Deluxe r' 1 t , SEP 0 4 1996 Positive 1 I Other 11 Patio Door 5 Painted 3 Full Equal 2 Walkout No Other 4 3/4 Negative 3 Quality 1 - 5 V Floor 1/2 ArchJAppeai I Dormers Wood 1 Bath Rating Excellent 1 Length 1 I 00 Bsmt. Quality /CI s Carpet 2 Quality 1- 5 Very Good 2 { Finish 2{ 1 thru 6 5 Tile 3 Average 3 Construction Air Conditionin Bsmt. Baths Concrete 4 I i� Fair 4 Wood Frame 1 { es 1 �( Spa Baths (1st) Fireplace Substandard 5 Masonary Walls 2 No 2 Deluxe Spa # of 4 So c Qi off' /4(� 70, i Quality /Class Other 3 Deck Full _ Deluxe Quality 1 -5 Land Chalactastics { A-'1 Exterior Walls Area 3/4 Full 1 None Paved Street 1 1 Frontage 751 Py Stone 1 Quality 1 .5 1/2 L 3/4 Room Count Curbs 2 Left % Brick 2 �y Patio Bath Rating 112 Total Rooms Sidewalk 3 Rear a I A- 4 Stucco 3 � rea { Quality 1 - 5 4 Bath Rating Bedrooms Sewer Avail. 4 � Right B- 5 Wood 4 uality 1 - 5 { Fireplace Quality 1 - 5 I Other WaterAvail. 5 j Eff. Width B- 6 Metal 5 Porch # of 0 { 3 • g• p Gas 6 1 Eff. Depth 1351 B- 7 X, Masonite 6 Glazed Area Quality 1 - 5 I Standard 1 )( Buried Elec. 7 Area I 10 1 25 � B- 8 Other 7 Quality 1- 5 None Fireplace Non - Standard 2 Alley 8 Ire Shape { N { / D • k C- 9 Screened Area # of 0 On River 9 On Lake C -10 Quality 1 - 5 Elec. Service Quality 1 - 5 River Rating 10 Lake Rating C -11 Open Area Standard 1 1 X None Wooded 11 Landscape 3 C -12 Quality 1 -5 Substandard 2 1 Location 12 02 ACR 0.100 S /S OTA9Ecv n - rt8- 2l• odd i j aS lea i I� i i IMPROVEMENT VALUE COMP 19 IMPROVEMENT VALUE COMP 19 ADDITIVES SECTION AREA RATE i VALUE ADDITIVES SECTION AREA RATE VALUE pItem No. Value Residence Item No. Value Residence 'place I Fireplace I o Doors I f Patio Doors I k -out I I Walk -out ! Bsm't Finish ` I ` y' I Bsm't Finish Brzway I Brzway x -Bath I 12 Fix -Bath x -Bath I Garage I I 13 Fix -Bath I Garage x -Bath I 14 Fix -Bath Porch I ` I Porch Air Cond. i i Air Cond. "AL Additives TOTAL I Additives Total Replacement Total Replacement Less Depreciation % I Less Depreciation % Total Value Improvements Total Value Improvements Land Value Land Value Total Est. Market Value Total Est. Market Value PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 10- 118 -21 -12 -0048 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 75 Back: 5150 l/ DREW AVE N 55429+ Right: Left: Ownerl: YANG LEE PAO Owner3: Owner2: XIONG DIA Owner4: Zoning: R1 Prim /sec: Yr.blt: 1959 Area: 10125 Acres: .00 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: 135 Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1998: 22800 57500 80300 H R 100 1997: 22300 56300 78600 H R 100 1996: 21500 54500 76000 H R 100 Legal Description: LOT BLOCK 4 "LINDEN SHORES ON TWIN LAKE" HENNEPIN CO., MINN. LOT 2 AND THE N 1/2 OF LOT 3 Type PID or ADDRESS: press ENTER; or Fl, F2, F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/04/98 CURR 436 NEXT PROPERTY ID: 10- 118 -21 -12 -0048 YEAR: 1998 ADDRESS 5150 DREW AVE N CLASS: B08 DT: SF TYPE : ONE LEVEL MANUAL: NO GBA 1070 (SQ.FT.) AGE: 39 YRS ZONED: R1 BASIC RATE $ 50.80 ADJ. RATE $ 51.30 -> EXT. WALL: 1.0% ( +) SHAPE: % ( +) ADJ.RATE *GBA: $ 54891 -> ADD BSMT : $ 6354 = 1059 SgFt @ $ 6.00 Rate -> DED UNF.GBA: $ = SgFt @ $40.00 Rate ADJUSTED TOT: $ 61245 ADDITIVE AMT: $ 17319 -> GARAGE : 10458 DORMERS: PAT.DOORS: -> WALKOUT: AIRCOND: 1284 DECKS -> PATIOS PORCHES: POOLS -> BATHS 2400 FIREPLC: FIN.BSMT.: 3177 TOTAL COST $ 78564 ADJUSTMENTS 73.3% -> DEPRECIATION: 79.3% INFLUENCES: -6% -> FUNCTIONAL % ECONOMIC % BLDG VALUE : $ 57500 BLDG MARKET VALUE : $ 57500 FLAT CHGS : $ LAND MARKET VALUE $ 22800 TOTAL MARKET VALUE: $ 80300 Type PID, Press ENTER; or Fl, F2, F8 s PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT 10- 118 -21 -12 -0048 5150 1/ DREW AVE N SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 2/1996 70450 3 7/1990 72300 3 P= 1055.13 11/1983 63000 5 B.C. BOND 5/1980 60000 2 11/1974 31000 4 FROM MLS / Press Fl, F2, F5, F8 F BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 4, 1998 7:00 P.M. WALK -IN SIGN UP NAME ADDRESS l S / © o c. PROPERTY 1. D. v3 - ZA- 4'2 ov 3 0 `� �� Y4Z ++ � y/7 i VJ DATE OF PURCHASE t j 9 L, PURCHASE PRICE REMODELING / UPDATING SINCE PURCHASE (costs & description) CONCERN(S) �-•- '.,Q v I 1998 ESTIMATED MARKET VALUE 38c? o Oc� PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT 03- 118 -21 -42 -0030 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 5615 1/_ BROOKLYN BLVD 55429+ Right: Left: Ownerl: GEDI - DAMANA FAMI LY LTD PTN Owner3: Owner2: Owner4: Zoning: C1 Prim /sec: Yr.blt: 1987 Area: 30056 Acres: .69 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1998: 150000 230000 380000 C 0 1997: 120000 230000 350000 C 0 1996: 112600 223900 336500 CC 0 Legal Description: __= NO LOT AND BLOCK GIVEN =__ REGISTERED LAND SURVEY #1547 TRACT B REGISTERED LAND SURVEY 1547 Tvoe PID or ADDRESS: Dress ENTER: or F1. F2, F8 PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURB 308 PROPERTY ID -------- - - - - -- Address --------- - - - - -- NEXT 03- 118 -21 -42 -0030 5615 1/ BROOKLYN BLVD SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 1/1996 374000 7 X NO GOOD PER CTY 3/1992 225000 7 ARMS LENGTH PER CTY 12/1990 X FORECL ON PROPERTY 7/1985 65000 1 PER CRV DATE 7/24/85 Press F1. F2. F5. F8 PROPERTY DATA SYSTEM VALUATION RECORDS INQUIRY CURB 316 NEXT PROPERTY ID ASSESSMENT YEAR SUBRECORD LAST APPR. 03- 118 -21 -42 -0030 1998 01 1997 ADDRESS: 5615 1/ BROOKLYN BLVD PROP — PRIMARY /SECONDARY — COOPERATIVE DISTRICT NBRHOOD TYPE Code Reference Id Code Reference Id 14 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: 150000 Hmstd: TRIAL MKT: 383500 Bldg: 230000 Nonhmstd: QUAL.LAND: 0 Mach: 0 QUAL.BLDG: 0 IMPROV.AMT: 0 Total: 380000 Total: 0 Type PID: press ENTER: or F1. F2. F4. F5. F8 PROPERTY DATA SYSTEM *NON- PUBLIC* DISPLAY COMMERCIAL CHARACTERISTICS - PART 1 CURB 310 PROPERTY ID BLDG NEXT 03- 118 -21 -42 -0030 A ADDRESS 5615 1/ BROOKLYN BLVD PROP NAME 5615 Professional Bldg DIST 14 NBRHOOD 0011 FRONTAGE DEPTH AREA 30056 IRREG SHAPE YES ZONING C1 AREA RATING GOOD SITE RATING GOOD ALL.UNITS TRACKAGE NO SEWER YES WATER YES STREET YES EXCESS LAND NO SOIL CORRECT NO CONSTR QUAL GOOD USE CQDE1 344 USE PCT1 100 USE CODE2 USE PCT2 USE CODE3 USE PCT3 USE CODE4 USE PCT4 ARCH APPEAL AVER FUNC DEPR PC ECON DEPR PCT P DEPR PCT CONST YEAR 1987 EFFECT YEAR 1990 CONDITION GOOD CONST. CONC BLK EXT. WALLS BRICK ROOF STR. STEEL ROOF COVER PIT &GRVL HEAT1 TYPE H & C HEAT1 PCT 100 HEAT2 TYPE HEAT2 PCT HEATS TYPE HEATS PCT FF AREA 4520 GB AREA 9495 NR AREA 8136 MEZZ AREA PERIM AREA 282 AT AREA AIR1 TYPE AIR2 TYPE CENT AIRS TYPE AIR PCT 100 BSM PCT 13 BSM USE 121 PLUMBING. AVG ELECTRICAL AVG AVG /STORY 11 # STORIES 2 CLEAR HEIGHT 10 ELEVATOR 1 SECURITY SYSTEM NO Press F1. F4. F5. or F8 PROPERTY DATA SYSTEM *NON- PUBLIC* DISPLAY COMMERCIAL CHARACTERISTICS - PART 2 CURB 310 PROPERTY ID BLDG NEXT 03- 118 -21 -42 -0030 A PARKINGI PARKING2 SURF PARKING3 NO /SPACES PARK AREA GAR AREA GAR SPACES GAR RENT GAR TYPE SPRINKLER PCT 100 POOL1 TYPE POOL2 TYPE FLAT CHARGE: ADD SUB CDE TOT EFF EFF AREA TOT 1BR 1BR AREA TOT 2BR 2BR AREA TOT 3BR 3BR 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 TOT ECON TOT GROSS INC VACANCIES .000 EFF INC OPER EXP NET INC CAP RATE . 000 GRM .0 RENT /SOFT .00 INTERIOR INSP YES INSP DT 4/17/1997 APPR INIT SLB CASH1 DT 3/1992 CASH1 PRC 225000 CASH2 DT 1/1996 CASH2 PRC 374000 BUILDING PERMITS: PERM1# PERI1 DT / / PERM1 TYP VALU1 PERM2# PERM2 DT / / PERM2 TYP VALU2 Press F1. F4. F5. or F8 BOARD OF EQUALIZATION CITY OF BROOKLYN CENTER MAY 4, 1998 7:00 P.M. WALK -IN SIGN UP NAME ADDRESS PROPERTY I.D. L4 —11 —D ( —t! "p0?D`l DATE OF PURCHASE �J �� `� PURCHASE PRICE REMODELING / UPDATING SINCE PURCHASE (costs & description) Z) 0. v3 CONCERN(S) �- 1998 ESTIMATED MARKET VALUE CITY ASSESSOR • REAL ESTATE DATA _ _ Garage # 1 �. Heating Room Count Age Dimensions i. D ber q_ 1 1 g Z 1 —1 1 — 0 0 3 9 Floor Area /44 0 Not water 1 Total Rooms j b Actu 1959 4 8 x 24 = 115 NEIGHBORHOOD ZONING R 1 I Ex.. Wails . 1 , 6 Forced Air 2$ Bedrooms E c /rj�� 1 2 x 0 = 4 0 PROPERTYADDRESS Numb, a�k Electric 3 Family (Ionl6c" x = 6 $1 BEARD A VE N Condi io ravity 4 Living % x Attac � Other Dining x = _ r "5 OWNER De �;4,> Rop r(i Cou t Kitchen 1 x Tudwn Total ' ) Ro Other x ARD S �A'G�K I N6 ZCSfkM V /� � LEGAL DESCRIPTION L T 8 S LO C K E Built -In Bedr • • ' Manual 1 Story Area tl 3 9 E L S E N` S CITY VIEW Garage # 2 Family ' 1 9 1 interior Yes 1 2 Story Area Neighborhood Rating . Shape Roof type \ Floor Area I Kitchen Plaster 1 Condition G.B. Area 1 3 9 Very Good 1 A -❑ 1 Gable 1 Ext. Walls 1 Other Sheetrock 2 Excellent 1 Partial Comp. Good 2 / X B 2� Hip / �_�, Number Cars 2 0 • • - • Paneling 3 Good 2 '�' Yes 1 l 0 0 Average 3 C -U 3 Mansard 3 I Condition 3 KIL Rating Unfinished % Int. Inspected Fair 4 D- Irreg. 4 V Gambrel 4 Attached 1 Excelle ®� 1 - Trim t "= Fair 4 Yes 1 X Substandard 5 Style Fiat 5 Detached 2 Very Goo Hardwood 1 Substan 5 No 2 Site Rating Rambler 1 �" X) Roof Cov / ef Tuckunder 3 Stand" ^ AX. Softwood 2 House Room Count Comments Very Good 1 / SE/SF 2� >` i +✓ 1 �- Built -in 4 Subs�rr�� 4 Painted 3 Total Rooms 8 App,. No.� Good 2 Split Level 3 C?d 2 ` Pool i Obsolele � 5 I Other 4 Bedrooms 3 Date: 1 1 1/4 4 P&G �3 Area I Interior Floor Family 2 e Fa it 3 ( // Minimum 4 1 112 5 Slate Tile 4 Quality 1 - 5 Plaster 1 /\, Wood 1 Living 1�� /�/ Adj. Prop. infl.' 1 314 6 :? = " ^' • Windows Sheetrock 2 X Carpet 2 I Dining Ff�7 CHARGE - - Positive 1 ��, 2 Story 7 Casement . BamLArea Paneling 3 Other 3 Kitchen I 1 Add I I I 1 I Equal 2 ,\' Townhouse 8 Dbl. Hung ps (( Tdm 1 - Baths (2nd) Other 1 Sub I 1 I I I Negative 3 Condo 9 Gliders 3 1 1 C I/ SI 9 Hardwood 1 Spa NOTES view Co -op 10 Awning _ '4 fi r ed j Softwood 2 Deluxe A/tSQ/Lfi /0 fa /93 i Positive 1 Other �11�`� Patio Doi o 5 1J % Painted 3 Full 9r& A I L rrt 5 /5ly{ Equal z i t -: ; walkout h 4p l c7 I other 4 3 /4 7,"b: t.% O / �+ � i51 .Z , �>frK 1/2 r- Negative 3 � Quality 1 - 5 Floor ArchJAppeal Dormers ; ._'r;G.;..,a- 9 1�1 Wood 1 Bath Rating 7 Excellent 1 Length 1 0 0-- Bsmt fqu�amiClass Carpet 2 Quality 1 - 5 Very ood 2 Finish 2 1 I Tile 3 ry ` Average 3 Construction :� Air Cond oni Baths Concrete 4 t Fair 4 J Wood Frame 1 Yes , / r! �{ S a Baths (1st) Fireplace _ i �,.?5 Substandard 5 Masonary Walls 2 No Deluxe spa # of 0 Sts �� 5 t �i9(� S v Quaitly /Class Other 3 Deck Full f �el�x y �- Quality 1 - 5 Land Characteristics A- 1 Exterior s ° : Area / 14 Full Y 1 i' None Paved Street 1 1 Frontage 7 A- 2 Stone 1 Quality 1 - 5 3 2 1 3/4 ` / Room Count < ; Curbs 2 Left 130 A- 3 Bric �p�t Pati Be /1/2 j�L ;� Total Rooms I Sidewalk 3 Rear 7$ A- 4 S cc �!� \ Area (SdalA I Bath Rating " ";: Bedrooms Sewer Avail. 4 1 Right 1 3 0 B- 5 W Quality 1 5 *ge Qti71it�1� f Other Water Avail. 5 1 Eff. Width B- 6 }( Metal / 1 ,5 i Porch # of 0 � • Gas 6 1 Eff. Depth B- 7 Maso i 6 Glazed Area Quality 1- 5 I' Standard 1 X Buried Elec. 7 Area 9 7 5 0 Alley 8 Ire g. Shape N B- 8 Other , 7 Quality 1- 5 None ace . t on- Standard 2 I Y 9 C_ 9 f \ Screened Area # of 1 J On River 9 On Lake C -10 �" J Quality 1 - 5 Else. Service Quality 1 - 5 2 / River Rating 10 Lake Rating C -11 J Open Area Standard 1 X None Wooded 11 Landscape 3 C -1 2 Quality 1 - 5 Substandard 2 Location 12 A C R 0. 00 - auursr111 LU.. BUILDING PERMITS Date Number Value Type C rq SALES INFORMATION I —� Date Source Price /Terms z 0 if D YEAR ILDINGS TOTAL HMST LAND BU I 19 19 19 19 19 /3 Z� I I l� IMPROVEMENT VALUE COMP 19 I �O — �fJ E,�� Z/- 11-0039 ADDITIVES SECTION I AREA I RATE I VALUE Item I No.I Value Residence I Itei Fireplace I I I Firepla Patio Doors ! ` Patio D Walk -out I I I I Walk -ot Bsm't Finish Brzway 2 Fix -Bath I I I ' 2 Fix -B 3 Fix -Bath I I Garage I 13 Fix -B 4 Fix -Bath I I I I 4 Fix -B. " Porch Air Cond. TOTAL Additives I TOTAL Total Replacement Less Depreciation % Total Value Improvements I Land Value Total Est. Market Value - - - t PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURR 319 PROPERTY ID NEXT 34- 119 -21 -11 -0039 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 75 Back: 75 6812 1/ BEARD AVE N 55429+ Right: 130 Left: 130 Ownerl: UZOEGBU ERIC 0 Owner3: Owner2: 0wner4: Zoning: R1 Prim /sec: Yr.blt: 1959 Area: 9750 Acres: .00 Sch.Dst: 279 Wshd: 00 Gr /Os /Ex: Subrecs: 01 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Rd PT %Own 1998: 21500 61400 82900 H R 100 1997: 21500 71900 93400 H R 100 1996: 21500 70400 91900 H R 100 Legal Description: LOT 8 BLOCK 2 ELSEN'S CITY VIEW Type PID or ADDRESS: press ENTER; or F1, F2, F8 PROPERTY DATA SYSTEM COMPUTER AIDED APPRAISAL INQUIRY 05/04/98 CURR 436 NEXT PROPERTY ID: 34- 119 -21 -11 -0039 YEAR: 1998 ADDRESS 6812 BEARD AVE N CLASS: B06 DT: SF TYPE ONE LEVEL MANUAL: NO GBA 1392 (SQ.FT.) AGE: 39 YRS ZONED: R1 BASIC RATE : $ 48.72 ADJ. RATE $ 49.69 -> EXT. WALL: % ( +) SHAPE: 2.0% ( +) ADJ.RATE *GBA: $ 69168 -> ADD BSMT $ 6912 1152 SgFt @ $ 6.00 Rate -> ADJUSTED TOT: $ 76080 DED UNF.GBA: $ SgFt @ $40.00 Rate ADDITIVE AMT: $ 16556 -> GARAGE : 6014 DORMERS: PAT.DOORS: 1000 -> WALKOUT: AIRCOND: 1670 DECKS 2520 -> PATIOS PORCHES: POOLS -> BATHS 1700 FIREPLC: 2500 FIN.BSMT.: 1152 TOTAL COST $ 92636 ADJUSTMENTS : 66.3% -> DEPRECIATION: 79.3% INFLUENCES: % -> FUNCTIONAL -13% ECONOMIC % BLDG VALUE $ 61400 BLDG MARKET VALUE $ 61400 FLAT CHGS : $ LAND MARKET VALUE $ 21500 TOTAL MARKET VALUE: $ 82900 Type PID, Press ENTER; or F1, F2, F8 r PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID -------- - - - - -- Address ---------- - - - - -- NEXT 34- 119 -21 -11 -0039 6812 1/ BEARD AVE N SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 4/1997 83057 3 X HUD 9/1987 85500 3 / / Press Fl, F2, F5, F8 Review of 5001 Ewing Avenue North P1D# 10- 118 -21 -13 -0042 for B. F. Dabrowski 1998 Board of Equalization y#. ' ,.."mot _ .A `+• - r., !.c. "IY.'a'� °��"� Upper level unit count: One 3 -bdrm unit, One 2 -bdrm unit Lower level unit count: Two 2 -bdrm units Garage: 4 car detached Laundry room One Type heat: Gas hot water Central air conditioning: Wall units TO: 1998 Brooklyn Center Board of Equalization RE: B. F. Dabrowski 5001 Ewing Avenue North PI D# 10- 118 -21 -13 -0042 On April 21, 1998, Mr. B. F. Dabrowski stopped in the Assessing office with questions concerning the 1998 value and value change on his property. Joe DaBruzzi was given the file for follow up. This property is a four -unit apartment building which is homesteaded by Mr. Dabrowski. There are one 3- bedroom unit and three two bedroom units in the building, plus a four stall detached garage. The property is located at 50th Avenue North and Ewing Avenue North directly across 50th Avenue from the older industrial area. Also, the N.S.P. substation is located one block west of the property. This property was inspected on October 6, 1997, during the Assessing division's review of all apartments in the City. The property was considered to be in average to above average condition or slightly better than competing apartment units. The rents that we were given by Mr. Dabrowski are considered to be low for this market. Mr. Dabrowski considers the three bedroom unit to have no more rental value than the two bedroom units as he considers the third bedroom to be too small to have the utility of a bedroom. In the Assessor's income analysis of this property, we have applied economic rents which are considerably higher than the actual rents in this case. These higher rates are substantiated by the market. There are copies of a rental offering study and sales for your review. Records further indicate that Mr. Dabrowski purchased this property in November, 1985, for $150,000. This fourteen year old purchase price is the same value we have placed on the property for the 1998 assessment. STAFF RECOMMENDATION: Reaffirm the 1998 estimated market value of $150,000 for subject property. , Res ectfull P Y Stephen Baker City Assessor PROPERTY DATA SYSTEM TAXPAYER INQUIRY CURB 319 PROPERTY ID NEXT — 10- 118 -21 -13 -0042 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: Back: 5001 1/ EWING AVE N 55429+ Right: Left: - Ownerl: DABROWSKI BARTHOLMEW Owner3: Owner2: Owner4: Zoning: R4 Prim /sec: Yr,blt: 1962 Area: 20250 Acres: .46 Sch.Dst: 281 Wshd: 00 Gr /Os /Ex: Subrecs: 02 Width: Depth: Mkt -Land Mkt -Bldg Mkt -Mach Mkt -Tot Tx Capacity Hd PT %Own 1996: 20000 130000 150000 H A 100 1997: 30000 92000 122000 H A 100 1996: 30000 92000 122000 M A 100 Legal Description: LOT 16 BLOCK 2 TWIN LAKE WOODS 2ND, ADDITION Type PID or ADDRESS: cress ENTER: or F1. F2,, F8 1998 INCOME. APPROACH A1L`ISS APARTMENTS DABROWSKI APARTMENTS YEAR OF CONSTRUCTION: 1962 5001 Ewing Avenue North P1D: 10- 118 -21 -13 -0042 : 4 UNfT E:COM ACTUAL. TOTAL. UNITS:_ MIX RENT RENT ECON RENT 0 STUDIOS $0 $0 $0 0 1 BEDROOMS $0 $0 $0 3 2 BEDROOMS $575 $495 $1,725 1 3 BEDROOMS $675 $495 $675 4 GARAGES $30 $40 $120 ECONOMIC ACTUAL MONTHLY ADJ. RENT $2,520 TOTAL ANNUAL ADJ. RENT $30,240 $25,680 TOTAL NUMBER OF UNITS 4 GROSS BUILDING AREA 3,616 Gross Rate Multiplier G.R.M. 5.00 5.00 5.00 CAPITALIZED VAL OF PROPERTY $151,200 $128,400 CAPITALIZED VALUE PER UNIT $37,800 $32,100 LV oer Unit BV oer [/I 1998 Land $20,000 $5,000 1998 Buildin $130,000 $35.95 i CORRELATED 1998 VALUE BY INCOME APPROACH . 1997 ASSESSMENT $122,000 22.95% 97 to 98 Sold 11185 $150,000 1996 ASSESSMENT $122,000 0.00% 96 to '97 1998 per [1] $41.48 1995 ASSESSMENT $114,000 6.56% 95 to'96 1998 per Unit $37,500 __- Land Value Bldg Value EMV Sub 1 A HIS $ 10,000 $ 65,000 $ 75,000 Sub 2 A $ 10,000 $ 65,000 $ 75,000 Total $ 20,000 $ 130,000 $150,000 Gross Rent Multiplier Comparables Used 4900 >_akebreeze Avenue North Brooklyn Center 4 - 2 bedroom units 2/10198 $141,000 4 - garage stalls G.R.M. 5.79 5106 - 56th Avenue North Crystal 4 - 2 bedroom units 9/20/97 $145,000 0 - garage stalls G. R. M. 5.59 7617 - 69th Avenue North Brooklyn Park 4 - 2 bedroom units 5/30/97 $140,000 0 - garage stalls G.R.M. 5.48 7230 West River Road Brooklyn Center 1 -1 & 3 -2 bedroom units 3/17197 $145,000 4 - garage stalls G.R.M. 6.39 r:\assesskawraisa4oe�9=comp 1 �.-- �g - - --- �.x.sr.lrr cr•at `� / //)i� `h Q� .a r, V _ . �\ W ' CS M �, ` ,q 1• � I ItiS -6221 N01 n.p +,p.fn _ Me A fri cc t6'6c, N - - 3AV M38a F1 "� •'1 1 I ui 7 , � W r I \ v ,y• s tiq \I 3AV 9NIM3 A " � P rY�'"f�. °- °�+vt, ✓: A!,T .�' �� "' '4 -t r ' k � n'#":11,b 'Y�S to W, a.Se'b�')'id'•y�f'' ooe • �X'.�„' =.i:, -� F4 - - -w - '`� l_S o1-vv •1)4 36 A�< y � �N � 69 �� ! .�; a' �JIJ �� y'. �•3��'Itb� b,�ir u r • D4 \D af:E.l•1�� •" r h � 't.. ;:n, {1 `:(- gtf3_e � %g f ,(i �. "� ^'�. "::j 7 i it I ,'ab; �C'' %_,i< � t- • '% •�'Y C„'�rY '� F ; _ - � . ' + Y • a�F� t9 3t.r 1'•�r r :�! i,�• �i'� 75-i� c. • �� I � , � ^ �� _xl'__+ —•_ Qp .� },� `� # >�.I''` 44�4 } .i n rv kiGi_ I , i: •!^•1 <.'- i' � ;° .nyPM?e•� -- .t�.:_,__._ _ {I 1• r� - � - - � . ti • f :'�, li� t� :'.� �Y,! i7 P.b'., }��' +:�: t1 ?.' �,t'j _ f a i0 n i R'.' f�. 1+ -__ -�-, �.r.>r� , S 4; r{¢� . + I �, �:i�rct r't ` ! _>r.� }� f P^ ;;�; , `;�'i •e v , sPl � ... I O I A,r; PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID - - - - -- Address --------- - - - - -- NEXT 10- 118 -21 -13 -0042 5001 1/ EWING AVE N SALE TYPE SALES DATE PRICE OF SALE RATIO REMARKS 11/1985 150000 1 PER CRV DATE 11/1/85 8/1980 135000 6 / r Press F1, F2, F5. F8 `:;: PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT _ PID 10- 118 -21 -13 -0042 ASSESSMENT YEAR 1998 SUB -REC 02 HOUSE# 5001 F/A 1/_ STREET EWING AVE N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE A HMSTD CODE PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 10000 MARKET BUILDING VALUE 65000 MACHINERY VALUE TOTAL MARKET VALUE 75000 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 75000 EXCLUDED IMPROVEMENT AMOUNT - MARKET VALUE SUBJECT TO TAXATION 75000 TAXABLE MARKET VALUE TAX CAPACITY 1875 Make chances: press ENTER: or F1.. F2, F4, F5, FS PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT — PID 10- 118 -21 -13 -0042 ASSESSMENT YEAR 1998 SUB -REC 01 HOUSE# 5001 F/A 1/_ STREET EWING AVE N UNIT CALCULATE LMV (Y /N) PROPERTY TYPE A HMSTD CODE H PART CONST GR /OS /EX REL HMSTD IND CONTIG IND MARKET LAND VALUE 10000 MARKET BUILDING VALUE 65000 MACHINERY VALUE TOTAL MARKET VALUE 75000 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 75000 -- EXCLUDED IMPROVEMENT AMOUNT = MARKET VALUE SUBJECT TO TAXATION 75000 TAXABLE MARKET VALUE TAX CAPACITY 750 Make chanaes: press ENTER; nr Ft F2. r4, F5. F8 � ~ - MEN T BREAKDOWN APPRAISAL DATA _61 1 - 1 c I - ID HUM13FA 22 10-118-21 13 0042 METAL 11 ELECTRICAL 05001 EWING AVE N B E J DABR13WSKI ROOF STRUCTURE HEIGHT ACTUAL FCONOMIC PRECAST _CLEAR I_jL:IGIIT TITY ROOF COVER QUAN LAND DATA USE CODES YFS - I I GROSS INCOMF VACANCIF PARKING t GI-10SS INCOME AREA 20,2513 -3 F R "^'`~~^'-- ^ �U APPEAL --- ZONING ----- CAP RATC AREA RATING EXCELLEN - 1 INCi VERY GOOD 2 - FORCED AIR 31 51 PACKAGE 111 FLOOR ARI ix"I Or NO 21 PIIYSICAL F_F.AAFA _I__I_ACI It 1) COMMENTS /ca_U CON YEAR T 1962 G-h. ARE nv-2L_- EFF. AGE INDOO � F � � FLATCHARGE 21 AT)iI(JM SO � --� AVERAGE AIR CONDITIONING _- --------- _______________ UUAL/7Y rmn y/ ."^'"`.^ .. ____. ____— - 4 � POOR si CEN TRAL 21 - | �6 CONSTRUCTION WALL u A]STEELFRA��E I OF AREA AC X�o -��--- 2 ' -- REIN. 2� SPRINKLER �NGL�_-_-__- ] _ o �� f�( --- 2 \/ ------- � �-� --- AREA MULllPLE ---- C\ CONCRETE BLOCK 31 �� -�-��------------l-----D\ WOOD FRAME 4|X______ b | i'VE',*u 51 BASEM � '=---'---'----- - - E[ �U_ ��OF�u VVH}{DA�E&YENT �^ {}T]| - < --(d- - --- ��r�-�-- -'- __ '�--- ---- _ - -' -� ----- 0SMl USE-00 -'---� - ^^ (��\` ]�\ \qq� ' O --_-_---' �'�'- '~ Rent sampler ! f �7 _. '_• = ^:' r- x Y.:..° __: Here are the average rents and Laeant r rates for reniat housing floor plans in j the Twin Cities and surrounding areas. The information is provided by the Apart 1 ment Search s third - quarter review of mare than i,600 rental properties contain l ing 134 apartment units- Information is through September. f Minneapolis St. Paul No. Av Pct No- Av- Pct Type units re vac Type units rent vac. studio 3,963 $393.73 2.0% Studio 1.465 $423.44 13% 1- bedroom 13151 551225 13% 1 -bedroom 7,773 $505234 16% 2- bedroom 4,879 $693.91 1.6% 2 -bedroom 6,009 $62915 2.4% 34)edroorn 356 $79818 22 °!° 34bedroom 466 $876.42 3.4% Northern suburbs Southern suburbs NCL A� v� Type units A Type units r eni vac Studio 217 $41439 3.6% Studio 1275 $475.05 0.6% 1- bedroom 8,926 $499.79 22% 143edroom 14,736 $570.03 13% 2- bedroom 9,684 $61326 2.6% 2-bedroom 14,902 $69913 1.8% 3-bedroom 933 $761.61 3.5% 3- bedroom 2,080 5909.63 3.4% indudex Anoka. Blaine, Brooklyn Canter, Brooklyn includes Apple Valley, Bloomington, Burnsville, Park. Champlin, Columbia Heights, Coon Rapids, Eagan, Ediina,Farmington, Inver Grove Heights, ::... _ ig sseo,Spr $ . ..'. keviile,ltiydaie Mend ota Heights, Prior lake, Fridley, Mounds View New Brighton, 0 in La _ .. • _. - _ _ :::_:: - - -.: - _ - = �l.ake Park and SLAnthony. Richfield, Rosemount Savage, Shakopee, South St PauiandWestSLPauL Eastern suburbs Western suburbs No. Avo Pet. No. Av Pct. Type urxts rerr vac. Type units ren vac. Studio 396 $43638 12% studio 810 $491.32 -1.4% room 6,150 $538.72 1.4% 14edroom 12,629 $612 -43 1-4°/6 243edrroom 7,536 $681.65 L4% 24jedroom 14,073 $752.86 2.0% 34iedroom 808 $826.7L 2.7% 34)edroom 1,471 $1,055.54, 23% lrtdudes Arden HHK cottage Grove,Falcon Includes: Cyanhassen, Chaska, Crystal, Eden Heights, Forest Lake, Hastings, Lauderdale, Little Prarie, Excelsior, Golden Valley, Hook ins, Maple Canada, MahtomedtMaplewood,NewportNorth Grove, Minnetonka, MOUnd NeovHope, Ptyrnouth; SLPau40akdale ,Rosev4ie,Shoreview;StPauiPark: Robbinsdale , Spring Park, SLLouis Park and Stillwater.Vadnais Heights. W hite Bear lake and Wayza Woodbury NOTES- CveraN.,-L,. Lrerrt increased0. 9percentto $614.75inthe past three months (July- e tember), an annual rate increase of 4.0 percent The vacancy rate held steady at 19 percent, same as, eported in the second quarter. 9 _- ___-__- Smmce: Apa= erttS earchProR des,4301stAv.N_MinneapolisPhone 337 5343- - - - - -- _-- :-- - - - - -- PAYABLE 1998 PROPERTY TAX INFORMATION INQUIRY CODE 101 PROPERTY ID 10 118 21 13 0042 PSC C SCE DST 281 WTRSHD 0 SWR DST IFPROJ # 2148 MUNIC 22 PLAT 90081 PARCEL 2800 MTG LOAN # OWNER B & J DABROWSKI MTG CO CODE R/S # D/S 0 PROP ADDR 5001 EWING AVE N CONDMN # TAXPAY N/A BARTHOLOMEW DABROWSKI 5001 EWING AVE N FORM M -1PR LN 1 434.64 BROOKLYN CENTER MN 55429 MKT VALUE TAX 93.54 GROSS TAX 5,453.83 IMPROV AMT STATE AID 2,266.18 : MV 122,000 QUAL IMPROV EDUC HMSTD CR 86.95 HMSTD CD H AG P/S TAXABLE MV 122,000 OVER 10 ACRE NET TC 2,113 320 ACRE LIMIT NET TAX 3,100.70 ' SOLID WASTE FEE 22.44 DEr^ SPECIAL. 1ST YR SPECIALS .00 BANKRUPTCY TOTAL TAX 3,123.14 TARGETED AREA NET TAX PAID .00 LAST PMT DATE INC FINANCE 29.36 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 2,977.80 PRIOR YEAR REAL ESTATE TAX INFORMATION PAYABLE 1997 MORE PSC C INQUIRY CODE 120 PROPERTY ID 10 118 21 13 0042 MUNIC 22 SCHOOL DIST 281 WATERSHED 0 SEWER DIST IFPROJ 2148 FORM M -IPR LINE 1 423.35 PROP ADDR 5001 EWING AVE N CONDMN # RENTAL TAX 2,3S9.69 TAX EXT RATE 138.8060 OWNER: 3 & J DABROWSKI MKT VAL RATE 0.00000 TAXPAYER: BARTHOLOMEW DABROWSKI MKT VAL TAX MARKET VALUES TAX CAPACITIES NET TAX 3,359.10 ESTIMATED LIMITED BASE1 720 SOLID WASTE 23.20 LAND 30,000 3ASE2 SPEC PRINCPL BLDG 92,000 NH BASE INTEREST MACH N JMST 1,700 TOTAL TAX 3,382.30 TOTAL 122,000 TOTAL 2,420 NET PAID 3,382.30 QUALIFYING IMPROV TOTAL REFUNDS TAXABLE MKT VALUE 122,000 HMSTD IMPROV AMT PROP TYPE CODE OWN A MID 100 PARCEL HAS ADDITIONAL SUBRECORDS - SEE YEAR END MICRO -FICHE 4/29/98 1997 n P 4-RT.\ REl'ITAL OFFERINGS F: MASS ESSISPREOSFRUOEIRENMR%ReMIA,XLS JANUARY 1, 1997 TO, DECEtiflER 31, 1997 - _.......... 3 BEDROOM 1 BEDROOM I 2 BEDROOitii # AMOUNT TOTAL I AMIOUly i TOT_4L, # AMOUNT TOTAL $0.00 5 $460.00 $2,300.00 1 $650.00 $650.00 $355.00 50.00 1 3470.00 $470.00 5 $675.00 $3,375.00 $365.00 $0.00 1 $47;.00 $47500 4 $705.00 $2,820.00 13 $375.00 34,875.00 1 3480.00 $480.00 29 $715.00 $20,735.00 3379.00 $0.00 4 $485.00 31,940.00 25 $725.00 518,125.00 $380.00 $0.00 4 $490.00 31,960 -00 1 $750.00 3750.00 $385.00 $0.00 $495.00 30.00 2 $760.00 $1,520.00 $389.00 $0.00 2 3499.00 3998.00 1 3795.00 $795.00 3390.00 $0.00 1 3500.00 3500.00 1 5 $825.00 $4,125.00 3392.00 $0.00 37 3505.00 $18,685.00 2- $850.00 $1,700.00 3394.00 $0.00 $509.00 $0.00 Z $860.00 $1,720.00 20 3395.00 $7,900.00 9 $510.00 34,590.00 $0.00 28 3399.00 311,172.00 $511.00 $0.00 30.00 $400.00 $0.00 28 $520.00 $14,560.00 $0.00 23 $405.00 $9,315.00 $522.00 $0.00 $0.00 9 $410.00 33,690.00 36 3525.00 318,900.00 $0.00 3415.00 $0.00 3529.00 30.00 $0.00 36 $420.00 315,120.00 9 $530.00 34,770.00 $0.00 56 3425.00 $23,800.00 4 3535.00 $2,140.00 $0.00 45 $430.00 319,350.00 I 75 $540.00 $40,500.00 30.00 5 $435.00 $2,175.00 1 10 $549.00 $5,490.00 $0.00 19 $440.00 38,360.00 18 3550.00 $9,900.00 30.00 22 3445.00 $9,790.00 23 3555.00 $12,765.00 $0.00 35 $449.00 315,715.00 7 $559.00 $3,913.00 $0.00 13 $450.00 $5,850.00 33 $560.00 $18,480.00 $0.00 67 $460.00 $30,820.00 27 $565.00 $15Y55.00 $0.00 17 3465.00 $7,905.00 17 $569.00 $9,673.00 $0.00 22 $469.00 $10,318.00 44 $575.00 $25,300.00 $0.00 4 3470.00 31,880.00 24 3580.00 $13,920.00 $0.00 35 3475.00 $16,625.00 27 $589.00 $15,903.00 $0.00 1 $479.00 3479.00 1 3590.00 3590.00 $0.00 2 $480.00 $960.00 26 $595.00 $15,470.00 $0.00 2 $495.00 $990.00 5 3599.00 $2,995.00 14 $499.00 $6,986.00 5 $600.00 $3,000.00 19 $520.00 $9,880.00 17 3605.00 $10,285.00 4 $525.00 $2,100.00 17 3609.00 $10,353.00 3 3530.00 31,590.00 22 3620.00 $13,640.00 $605.00 $0.00 19 $625.00 $11,875.00 2 $635.00 $1,270.00 1 $630.00 $630.00 2 $650.00 $1,300.00 16 $640.00 $10,240.00 $670.00 $0.00 6 $650.00 $3,900.00 $750.00 $0.00 17 $660.00 $11,220.00 6 $670.00 $4,020.00 1 $700.00 $700.00 1 $730.00 $730.00 2 $740.00 $1,480.00 InclDec 96 TO 97 InciDec 96 TO 97 Inc/Dec 96 TO 97 -18% 518 $230,215.00 9% 609 $344,995.00 83% 77 $56,315.00 3% $444.43 MEAN 3% $566.49 MEAN -4% $731.36 MEAN 5% $145.00 MEDIAN 2% $560.00 MfEDIAN -10% $715.00 51WEAI* 10% $460.00 MODE 0% $540.00 MODE #DIV /0! $715_00 MODE I t Review of 1112 Woodbine Lane PID# 25- 119 -21 -32 -0069 ..for Burton M. Petersen 1998 Board of Equalization Main level(s) room count: 513/1 _ Below grade room count: 110/0 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: 1998 Brooklyn Center Board of Equalization RE: Burton M. Petersen 1112 Woodbine Lane PID# 25- 119 -21 -32 -0069 On April 8, 1998, Mr. Petersen contacted the Assessor's office expressing his concerns about the 1998 estimated market value of $88,000 on his property. He asked, "How do we set market value ?" He also stated that he felt he'd never get $88,000 if he sold his property. A review of the property was set up by Joe DaBruzzi for April 14, 1998, and was completed at that time. The kitchen and deck ratings were lowered and the overall condition was adjusted to good during this inspection. A review appraisal was completed and a copy mailed to Mr. Petersen on April 16, 1998. The adjustment grid (review appraisal) prepared for this property is based on the data collected on April 14, 1998. Final reconciliation indicates a value of $95,000. 1 believe the Petersen property is fairly assessed at $88,000. STAFF RECOMMENDATION: Reaffirm the 1998 estimated market value of $88,000 for subject property. Respectfully, Stephen Baker City Assessor 6301 Shingle Creek Pkury, Brooklyn Center, cYIN 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 25- 119 -21 -32 - 0069 Pt.Con: Mt.Adr: HOUSE# FRACTION STREET NAME UNIT ZIP +4 Front: 96 Back: _- _ -= `•s 1112 1/_ WOODBINE LA 55430+ Right: Left: Ownerl: PETERSEN BURTON M Owner3: Owner2: PETERSEN IRENE P Owner4: Zoning: R1 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 1998: 20500 67500 88000 H R 100 1997: 19500 63800 83300 H R 100 1996: 19500 60800 80300 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 05/01/98 CURB 436 NEXT PROPERTY ID: 25- 119 -21 -32 -0069 YEAR: 1998 ADDRESS 1112 WOODBINE LA CLASS: B07 DT: SF TYPE ONE LEVEL MANUAL: NO GBA 1156 (SQ.FT.) AGE: 33 YRS ZONED: R1 BASIC RATE $ 50.33 ADJ. RATE $ 50.83 -> EXT. WALL: 1.0 ( +) SHAPE: % ( +) ADJ.RATE *GBA: $ 58759 -> ADD BSMT $ 6936 = 1156 SgFt @ $ 6.00 Rate -> DED UNF.GBA: $ = SgFt @ $40.00 Rate ADJUSTED TOT: $ 65695 ADDITIVE AMT: $ 176 65 - > GARAGE 9072 DORMERS: PAT.DOORS: 1000 -> WALKOUT: AIRCONO: 1387 DECKS 738 -> PATIOS PORCHES: POOLS -> BATHS 2000 FIREPLC: FIN.BSMT.: 3468 TOTAL COST : $ 83360 ADJUSTMENTS 80.8% -> DEPRECIATION: 80.8% INFLUENCES: -> FUNCTIONAL � ECONOMIC BLDG VALUE $ 67300 BLDG MARKET VALUE $ 67300 FLAT CHGS $ LAND MARKET VALUE $ 20500 TOTAL MARKET VALUE: $ 87800 Type PID, Press ENTER: nr F1, FP_ FA RESIDLNT'LAL SALES COMPARABLE ADJUSTMENT GRID APPRAISAL OF 1112 WOODBINE LANE - Peterson, Br ut"' BROOKLYN CEffmi?, A11V AL4RKET YALUEAS OF: 112/1998 D a20'A 19a7 r ,w ..TusU�wxd sX VNY.ar N 0Z %a.r a.aWi SUBJECT COMP. BI CONIP. A2 COMP. 03 [ ID DRESS 1112 7236 7030 6713 ADURES WoodLwe Lane Bryant Avuwe NOW, r Avenue Nor1N Colfax Avenue NorU, 25- 119 -21 -31 -0030 25- 119 -21 -33 -0071 ll 25- 119 -21- 32.0069 36- t19 -21 -21 -0049 YIU- IiSALE PRICE $95,Us00 FIIA $ cl $84 ;U0o Unk,wwn $9x safe Fivauue AJjuslweul UsOSO Jwn 0 N'ivau .1 g u i i Sale Price $95,000 $84,000 (Adju.t,d to, (Adi..Ud fur Flo. —) SALE DATE 9/1997 $1,600 2/1997 $3,900 12/1997 $400 SALE DATE , Sale Price $96,600 ' $87,900 $9s,900 Snlu Price (Adjustor for Thu.) l(Adlusled for Time) LOCATION Recid/Average ReaiJ/Avnragn $0 Reaid/Avmage $0 Rosid/Average $0 LOCATION LOTIVIEW R,sid/Avemp Reaid/Averago $0 Resid/Ave,age SO Rocid/Avetago $0 LOT /VIEW !STYLE 1 Story I Slay $0 1 Story $0 1 Story $0 STYL EQUAL. of C.nttrucllou B07 B07 $0 B07 $o B07 $0 QUAL. of Coustructlu ROOM COUNT Ab.aa O /xa. ROOM COUNT Ab.v. Orad. a T."UYd Werth. 51311 S!3/LS ^800 SA /1 U 5/311 0 aTeWl9 u,y.L- r SIZE (..r.) 1156 1156 $0 1156 $0 1156 - $0 SizEZE ( YEAR BUILT /EH. Age 196S/1965 196311963 $400 196511965 $0 1968/1968 ($500) YEAR BUILT /EQ. A8 CONDITION Good Average $0 Av.rage $0 Avemge $U CONDITION 8 FIREPLACES Now 11vu ($4,000 None $0 Non, $0 M FIREPLACE � HEAT /AIR COND. GFWA/CAir GFWAMu CAir $1,400 GFWA/CAu $0 GFWA/CAir $0 BEAT /AIR COND i, DSNIT. AREA & FIN. 50°/./1/0 /0/Fair 50%'.!1 /0/o /Fair $0 40%/1 /o/o/Fair $700 50V n /0/0/Fair $0 DSMT. AREA &FIN GARAGE (Nears) 2 Car All I Cm Aft. t Cat Alt I Cm Alt. - _- _ - GARAGE (Ikar. G. ARAGE(s.f) 600 336 $2,112 336 $2,112 336 $2,112 GARAGE(s.f.)� PORCummCN/PATIO Deck 164 S F. Porcl✓D.ck ($1,060) N„ne $700 D,ek/M. ($700 PORCnIOeCRIPAr0 "MODELING Wales Beat. - 1997 Nunn V— W1, $300 Nwte $300 WII.A.r- 1996/1)eek-1996 $o REMODELINC OTHC;kS Pali. Door Nwtd $1,000 No,w $1,000 No". $1,000 oTnbR4 ' Net Adjustweut ($588) $4,812 ' $1,912 N,t AJjustwno, Iudicated Value $96,012 $92,712 $97,812 Iudicuted Value t ..:.:.::.... COMMENTS: Sales #1 and #2 art: in the subjects inunediate neighborhood, Sale #3 is approximately silt blocks soudt east of the subject. All sales were given equal weight in die lutal cunclusiun of value. Sales #2 required the fewest nurnber of adjustments but Ate sale Was almost a year old and required a large adjustment for lime. The subject properly is tinder good maintenance and it is felt that Ihd property could be marketed for between $96,000 and $99,500, with an expecteed said price of $95,000. i- waaeas>ywwai nuoewo.wr.uae,.itwArk�ttaanns 5 / 1 / 9 B No 3no yw --- ---- ------ _51 S ------ --- - JAY --------- 2 A n' :77 it IAV n . ---------------- ji FJ i Q qw - P liu t t ty✓ } 7S 7A' .vl. i. .U. �v �• p w� 4 y �CY{ rx t �; 1 � �t Y' �'+, !� �'� � y7�.'�'��II�,+ 1 � L� � R f�j�,yr ('MO � W "'+k, • • ! • ' • • I 1 1 1 + .� ,,. �'t 92 � � t �t �t +yy��•' d �riA 7V t.) +C �i Ye .. ,�w.AwiTw�>l�t�'• # C,a� � _- �� iK.i. one E4 .�:Tt oltY A SSE Ft7 + H�AI: �TATI .pATA { iltKx`i b, ' C, � ,: ri &} �`1 '``!` `. .. n - j; E 5 A�tua� 1 9 6 5 X16 x E �I = 1 104 0, . Total Rooms i -- Floor Area I -7�j Hot Water 1 / 4 x 13 - 5 2 . - 0 0 6 9 1 3 ( �He�fvr�LJ /�_ Exl Walls Forced Air Bedrooms ` 3 i �+ r NEIGHBORHOOD _ ZONING R 1 -� x - Electric Family Fu clion�l Number Cars /2 Living L - con x PROPERTY ADDRESS % � R Condition �K, Gravity 4 9 - Other 5 Dining � x Attached Y 11 j Aa' .t l..:'r x = - I ! {� >- -�,, Kitchen ,� OWNER Pelach6d Ir Other Tuckunder 3 Total Rooms % _ 1 x Fl ,tm + :;`` "�" " °c t Story Area 1 1 56 UURTQ_M_'__P�T_� pwlt In 4 Bedrooms • • 1lI'is�'.t.t?¢I�1J'•its LEGAL DESCRIPTION LOT 5 8 L 0 C K 1 "` x p.p Yes 1 I 2 Story Area U /j`I ! tJ4. 5 y,r •. jQ�1.E$_I.$S_flQ_E { Family �- s q rt.':�».. t u y r � r��.t d. Kitchen ` f Plaster 1 56 "';- " � G.B. Area 1 156 i y:� - °g; ' t :• :'•gtls a ?t• "'d, ..t, , r, b i `. Floor Area ! t .. Neighborhood Fli {11g,.;, ' .,o z; s,. 3 j, • p..2 St r ti " Excelle ir!!! � ib Ext. Walls 1 Other b Sheelrock 2 Very Good I A -A-[] I )( le 1 Goo �- 2 Yes 10 0 2 umber Cars 2 i • • 3 _ _ Good 22,) B L 2 ,/Hip X 0 Paneling Aver ge ' i,1,q�.,Itlppadted yX Condition 3r �lJ�{ r i _ J' f 3 Mansard / I Unfinished % � 1 I X Average 3 {vim b C'U r' Fair 4 Yes 1 Excellent - Gambrel 4N___ Attached 1 i �^ "'- - Fair 4 D- Irreg. 4 Very 2 * Hardwood i Substandard 5 No 2 ;q „ ty+8t 1 . L'i =t Flal 5 I Detached 2 ry n „ §(� � } � 1 � X 1f 't)q fiJ c'. Substandard 5 Y�: i;'. ?: ` , I L ".• "' Tuckunder 3 Stan d _ Sollwood 2 Rambler A ;.;j (� ►t>�jCifY r �.J 91te R6ling 1 s q Total Rooms / APPr N �i ' + Subsl dard 4 Palmed 3 b �- - Very Good 1 ! SE /SF 2 Shingles 1 X* / Built In pia , Obsolete 5 Other 4 - Bedrooms 3 )aiU - - Wood Shakes 2(;;,V d '' Good 2 X - Split Level 3 :� �g I �,wswn .$" q' .yi Family -- 3 1 � 114 4 P&G 3 Area `y . b , . � k�Fli ".. ' @t R i} i��liV " {� F Fair -- [ yduod 1 Living -[' � - Mutinunn 4 - - 5 Slate 1116 4 Quality 1 - 5 Plaster 1 /_f _/ AT Cil 11/2 2 Dining + a q HQE arpat ___---- --�- -- - - - -• i t ++ .^ to 13/4 + 1 p f�la8`J.t`i ! SI elrock AaJ. prop; Infi. x -,i - -- 6 ? ,l r =cbr_, Othe Kitchen 1 Add�l l -_1_ I- b111l�. ek'p:. Ff' Paneling r 3 Casement 1 ;e i��. +, PosUive 1 2Story 7 � ,,. r„ T "l= t •"`rj',' 1 ,•I,�J /- Other Sub - Townhouse d Obl Hung 2 1 j( ,i p 1 0 0 Al " .' i pa.113 �2+1c1).''I r(.7,, L=<uat 2 -11 01.ai':`3fJJ t —_ - - -_ � - Condo 9 -- Gliders 3 � Crawl J Slab Hardwood t X Spa . � Negative 3 Deluxe CO-OP to Awning ", r er ', I 4 "' ;RY(OA��++# 48!Il►r' . 5 0 «.i Sollwood Nfe"l Y 1� Painted 3 Full Positive t Other R Patio Door % f " I' <�' ' f Other 4 314 Equ31 - — 2 ^ X , t• ,'aid ws1CUi li No Negative Quality i - 5 i i12 g « 3 �. : t,_ t ;t r ,t (! Wool 1 V ' Arch. /dppeal' ! 2 ' ``an: '', 1dt' t!!� "fM4� s f'.11f (i G1U &lit 1 5 � 1 '� 0arpet , r X y vFf Excellent i Length i 0 Very ood 21 Average 3 Finish ncr Y OtS.9 i � }( i t Fair 4 Wood Frame 1 Yes 0 / !t t' Substandard 5 Y OsIt1Xe ;` ;': ; );; n . .•., Spa i "1 Masonar Walls 2 No r: .i f ° DalUxe' Quality 1 � 5 {1i,F:pU(; } d�?810?`t'_ Other 3 .G }1 FLI{ Full Paved Slreel 7 1 Frontage g t t �` None '1iit4 tq'i #i` a 3/4 t , :. s +9;, t p Left A 1 t: i -' C_.. t �,� z y_- i'r car hb g f)1 n a Curbs �— _. x j ,12 � 314 I 1,:�f ` } +!t 4r J — A_ ne 1 Qualit 1 5 ra:+ idewalk 3 Rear 2 Sto -- / t:,r.. tt. 1!2 Total Roams S A 3 B nck 2 .-' ; ^ t,r Sewer Avail. 4 1 Poght Bedrooms g A 4 Stucco 3 (( Area Quality 1 5 J %' lae4p Q ualit y 1 5 Other Wate Avail 5 1 Efl. Width - -- B_ 5 f Wood 4 Quality 1 5 ;s: s+l�.�P_ , . $:,:;', , y — -- 128 e Gas 6 1 Elf. Depth _ — 6 - ` Metal 5 s '. s °I.porcJt ,:rc. Quality 1. 5 Standard t X Buried Elec. 7 Area 11 0286 B- 7 X Masonite 6 Glazed Area Y ,r • , � ; . � � � • Ire Sha e B- o Other 7 Quality 1 - 5 None ?K,±t @d1oes �ij;j! Non - Standard 2 Alley 8 g' p - -- - - - -- -- 0 On River 9 On Lake C_ 9 Screened Area N of .,.• . r .y t,. ,; t; r River Rating 10 Lake Rating C-10 Quality - 5 1 �{r y. r','. 1 ;. Quality 1 5 - --- -- Slanderd t X None _ Wooded _R _ -- landscape 3 - -- — - -- Open Area - - - n sv 12 !� C-11 Location 0 - - -- - ( 12 - Quality 1 5 Substandard 1. D. DDRESS BUILDING PERMITS Date Number Value Type SALES INFORMATION De'rX Date Source Price/Terms 33 _ YEAR LAND BUILDINGS TOTAL HMST r , ,5 .. 1 3 IMP40 UEC Mill 9' 'j',,,=,�'�',= 1,'e�'.,.y''.• +` �:.;:','.i:;;;' ?:'. iii- t<;li;'k"=.r:;,i; MPROVEhtENT VALUE COMP t9 SECTION AREA RATE 4 VALUE ADDITIVES SECTION AREA RATE VALUE — I[etn' No. Value I Residence Fireplace Patio Doors Fni ,l Walk -out 4 Bsm't Finish Brzwa Y c#r< 2 Fix -Bath 3 Fix -Bath Garage it - { A Fix-Bath Porch s�7r� Air Cond. " TOTAL Additives Total Replacement Less Depreciation % Total Value Improvements .. . Land Value "j Total Est. Market Value PROPERTY DATA SYSTEM SALES RECORD INQUIRY CURR 308 PROPERTY ID -------- - - - - -- Address ------- -- - -- - -- NEXT 25- 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 F1, F2. F5, F8 PROPERTY DATA SYSTEM LIMITED MARKET VALUE INQUIRY CURR 318 NEXT PID 25- 119 -21 -32 -0069 ASSESSMENT YEAR 1998 SUB -REC 01 HOUSE# 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 20500 MARKET BUILDING VALUE 67500 MACHINERY VALUE TOTAL MARKET VALUE 88000 IMPROVEMENT AMOUNT LIMITED MARKET VALUE 88000 EXCLUDED IMPROVEMENT AMOUNT MARKET VALUE SUBJECT TO TAXATION 88000 TAXABLE MARKET VALUE TAX CAPACITY 971 Make changes: pres ENTER; or F1, F2 F4 , F, F8 April 16, 1998 Burton M. Peterson 1112 Woodbine Lane Brooklyn Center, MN. 55430 Dear Mr. Peterson: As mentioned in my message today, I am enclosing the adjustment grid that I prepared to determine value grid indicates a value of at 1112 Woodbine Lane. You will note that this adjustment on ou roe L a y property rtY $95,000 on this property. In view of this result I am recomending to Stephen Baker, the City Assessor, that there be no change in value. Your petition rights are still open with the Board of Equalization and if you would like to present your position to them, give us a call and we will schedule you for an appointment. I apologize for the quality of the adjustment Qrid copy. I feel the address's are not ledgible and therfore I will list them for you so you can drive by them to determine for yourself the comparability. Comp. 91 7236 Bryant Avenue No. Comp. ''2 7030 Girard Avenue No. Comp. 93 6713 Colfax Avenue No. Thank you for your cooperation during my inspection of your property on April 14, 1998, I look forward to hearing from you and discussing these current findings. Respectfully, Joseph DaBruzzl Senior Appraiser A.M.A. 91160 Cert. Gen. Lic. 94003156 MEMO 1� To: Sharon Knutson, City Clerk From: Stephen L. Baker, City Assessor Subject: 1998 City Board of Review Date: February 5, 1998 The 1998 Brooklyn Center Board of Review will be held on May 4, 1998 at 7:OOpm. The meeting will be in the city council chambers at Brooklyn Center city hall. This notice is pursuant to statute 274.01 subdivision 1. 1998 BROOKLYN CENTER BOARD OF REVIEW MAY 4,1998 7:00 PM AGENDA I. Meeting called to order, roll call. II. The statement of the purpose of the Board of Review. Ill. Assessor's report IV. Appearances by taxpayers with appointments. V. Appearances by taxpayers without appointments VI. Consideration of written appeals. VII. Motion to affirm the balance of the assessment. VIII. Adjourn 's City of Brooklyn Center 1998 Board of Equalization May 4, 1998 7 p.m. 1. Burton M. Petersen Residential 1112 Woodbine Lane PID# 25- 119 -21 -32 -0069 2. D. F. Dabrowski Apartment 5001 Ewing Avenue North PID# 10- 118 -21 -13 -0042 . REVIEW PROCEDURES, Review Procedures - 1998, 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 Review 2. County Board of Equalization 3. Minnesota Tax Court 4. Abatement LOCAL BOARD OF REVIEW - May 4,1998 • Minnesota Statutes, Section 274.01, provides that the governing body of each city or a duly appointed board will serve as the local board of review. This review is held each spring. The board has the responsibility to review the assessed valuation and classification of property within the city. This year's review is limited to the 1998 assessment; it affects taxes payable in 1999. 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 Review, 1. See that all taxable property is properly assessed, valued, and classified. 2. Add any omitted property to the assessment. Limits of Authoritv for the Local Board of Review, 1. The authority of the board extends over individual parcels only. No changes may be made by percentage, class, or property type. Changes in the aggregate assessment may be made by the county board of equalization. 2. The total of all changes made by the local board of review must not reduce the aggregate assessment by more than I%. Should this occur, then none of the changes of the local board of review will be allowed. This limitation does not apply to clerical corrections. 3. The local board of review does not have the authority to reopen previous assessments. An j4 example of this is the 1996 assessment for the taxes payable in 1997. 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 1998 meeting is May 4. 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 24, 1998. Typical meeting agenda; 1. Meeting called to order, roll call. 2. The statement of Purpose of Board of Review. 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. 7. Motion to affirm the balance of the assessment. 8. Adjourn. Summary The assessor's office will make every effort to resolve as many questions possible prior to the board. Those property owners still wishing to be heard at the board will be given an opportunity to express their individual concerns. The assessor's office will have an appraisal prepared for all properties where the owner has notified the assessor's office of their intent to appear at this year's board of review. A copy of this report will be provided to each board member and the property owner. Please remember that the issue at hand is the market value or classification of the property at hand - not the taxes. Cases that the board feels may be too difficult or complex to decide may be • affirmed. The property owner will then have the opportunity to continue on to the County Board of Review. r� County Board The 1998 County Board of Equalization will be held beginning June 15, 1998. Taxpayers wishing to appear must have appealed to their local board of review and must register with the county board prior to June 8, 1998 Call 348 -5076 for an appointment. At the County Board level the county assessor's office will perform an independent appraisal of each property. Should a reduction to the assessment be indicated, it is offered to the owner. The county will also notify the owner if their review indicates either no change or an increase. At this point, the owner can either accept the reduction, withdraw the appeal, or continue on to be heard by the County Board of Equalization. State Tax Court For information contact 296 -2806. The filing deadline is March 31 for the current years taxes p ayable. able. Abatements This is a mechanism which allows assessors to correct clerical or appraisal errors. Application must be received by assessor no later than December 31 for the year the taxes are payable. This is a discretionary process and decision of the assessor is final. Brooklyn Center charges a $45.00 application fee for an abatement application. However, in most cases the assessors office is able to inform the property owner prior to application if approval is likely. • REVIEW OF THE REAL ESTATE MARKET IN 1997 FOR THE 1998 ASSESSMENT Residential Overall growth in residential market values totaled approximately 5% for the 1998 assessment. The median sale price increased from $85,000 to $88,600, an increase of 4.2 %. The median assessed value increased from $80,000 to $83,700, an increase of 4.6 %. The overall residential sales ratio for 1998 is at 94.0% compared to a ratio the previous year of 93.4 %. There was a marked decline in the average marketing time in 1997 and the percentage of the homes listed that actually sold increased substantially; both items are measures of a stronger, healthy market. An analysis of 44 residential sales that occurred in the period January 1998 thru April 1998 indicates that the average sale price in the first four months of 1998 is $93,023 and that the median sale price is "now $91,000. The strength in the market can be primarily attributed to the strong economy, low interest rates, relaxation of mortgage requirements for borrowers and a strong Brooklyn Center housing stock of starter type housing. • Apartments c Overall growth in apartment valuation this year is 20 %. The increase in assessed value has resulted from record occupancy, rising rents and decreasing taxes. Additionally, the stated growth is an aggregate number which is influenced by the change in the larger properties. The five largest apartment complexes had valuation increases of approximately 30% to 40 %. These are typically buildings which experienced severe valuation reductions in 1994 to 1995 and while the values have been recovering, the owners have been spending substantial dollars renovating them. This has in recent years, negatively impacted the net income, therefore the assessed values have been held down. These buildings have now been stabilized and the income has recovered, so it is time to bring the values back to a stabilized level. An example of market activity is a recent sale of Earl Brown Commons, (now called Earl Brown Terrace). This property sold in February 1996 for $4,475,000 and 23 months later, in January 1998 resold for $7,300,000. These two sales indicate market appreciation of approximately 32.9% per year. The typical small to medium apartment complexes and buildings typically had changes in assessed value this year in the 9% to 12% range. An additional factor is declining tax rates. Taxes have been reduced for payable 1998 and 1999 for apartment properties. Since these properties rent on a gross basis, that is the landlord pays all expenses, lower taxes directly translate into higher income and higher value. i Buildings participating in the new 4d apartment program for low income tenants will ` likely experience effective tax rates in 1999 that are 40% of the 1997 rates, a reduction of approximately 60 %. Commercial Overall the commercial assessment increased 5.9% from 1997 to 1998. However the different types of properties within this class experienced change at varying degrees. Some examples are: PROPERTY TYPE RANGE OF VALUE AGGREGATE CHANGE PERCENTAGE CHANGE Auto Dealers 0% to +21% +5.% Auto Stores and Service 0 % to +22% +4% Stations l Banks 0% to +24% +8% Fast Food 0% to +13% +5% Hotel / Motels +4% to +154% +31% Large Office Buildings -3% to +22% +16% Small Office Buildings +2% to +18% +7% Medical Office Buildings -10% to + 21% +10.3% Restaurants -18% to +10% +0.2% Retail Buildings -8% to +5% +4.8% Shopping Centers -3.2% Industrial Prooerties The industrial market continues to evidence strength with increasing rents and stable occupancy. The impact of substantial new construction may begin to be felt in 1998, if so this will be incorporated into the 1999 assessment. The northern industrial park in Brooklyn Center has experienced rising values for three years and 1998 assessment is again up. This years increase is +15 %. The southern industrial park experienced the first value increases in several years with the 1998 assessment. There were a number of sales in surrounding suburbs of properties similar to those in Brooklyn Center and the prices were consistently strong. The overall increase this year in the older industrial properties in Brooklyn Center is +12 %. The change ranges from -3% to +33 %. CITY OF BROOKLYN CENTER MINNEAPOLIS BOARD OF REALTOR'S - MLS SALE STATISTICS SINGLE FAMILY RESIDENTIAL PROPERTIES 1996 SALE 1997 SALE PERCENTAGE INFORMATION INFORMATION CHANGE Number of 317 305 3.8% Homes sold % of Listings 71.55 81.77 +14.3% Sold Average List $ 86,132 $ 89,447 +3.8% Price Average Sale $ 85,084 $ 88,361 +3.85% Price % of List Price 98.78 98.78 No Change Received j Median Sale Price $ 85,000 $88,600 +4.23% ` Average Number of Days 43.64 35.53 -18.6% on Market Average List Price of Homes $ 91,219 $ 98,171 +7.6% Not Sold Information listed is for MLS district 363 (Brooklyn Center) only. Source is the second half 1997 year photo sold book and year end marketing analysis, published by the Regional Multiple Listing Service Inc. F USSESSIBOARDIOTHER198MISDAT "D ARAN AD..E::T O: :' 99 . .771' <: ::::: T 3k ': : e:. ..... , .................. . 1. r OV L .. . . Fre .... .. ... .. aok1 Ceii e .. .... .sso... Cuff: e . . CHAN E City Wide - All (Includes all property types) 7.8% (Excluding new construction) 6.4% City Wide - Resid. (Single Family - Detached Only) 5.1% (Excluding new construction) 5.0% Commercial (excluding new construction) 5. 9% Industra ........ 0::6..o C/I Land Q:o partzn gilt ......... `...... '` < : '.. >..:: > :> ... ....................................................................................... ..:............................. ................................................. . . . . . . . ........................ .............................. . Apartment Land a:: 3.7. fo COT3Cj0m." 11ZtnS : >: , >: » :: ::::::..... ..... . ......... .. .. o Co -ops 11.9 3n 1. ............... Tovinus .. ............................... . :: .: Q : ':.2 elude new cortstzitct o i » . >:..< >.. >. ` >... > .:............:... ... :.....:... . ). Double Bungalows 9.6% a .. 3 / ........ •.•. e d.... ..: V g abQrhooels ......... #sa » >....... duo ............................. . `... . 4: /o .. .. excl�iclii .new:c . oiistnct�o • ......... `. 3... ............ ............ ..................................... ............................... ......... 951 North West 3.7 (excluding new construction) 3.7% :a°tl fast F:lo .................... ................... �:: 1 ' ' 'z3ew 6onsi tidtioh . .................... (axc u .......... ....).......................... ...... ........... .............. .................... 453 West Central 5.6 (excluding new construction) 5.6% #54 ».. ; . `.... . >. ".Sdith. East......`:::.. >....:......:5:9 %a ................ 7% ':eXclud' ieu:aair§tiitatian: >::::::: >::< :5........ 455 South West 4.9% (excluding new construction) 4. >::` a : • �.0: 4:.o .1 �. ...................... Lakefront....... :.:.::::.. ;:.:......: ;........... . w ,SESS sarseOSHM*e EMTAXAAIESX e 0 XLSW .nano. 4/14/98 1997 vs 1998 VALUATION CHANGES FOR :• BROOKLYN CENTER RESIDENTIAL PROPERTIES f Payable 1998 TO 1999 PERCENTAGE OF PERCENTAGE OF NUMBER OF PARCELS RESIDENTIAL CHANGE PARCELS -69 % TO -21 % 2 0.03% -20% TO -11 % 24 0.33% -10 % TO -6% 60 0.82% -5% TO -1 % 290 3.98% NO CHANGE 286 3.93% +1% + o 45.35% 1 /o TO 5 l0 3 303 • +6% TO +10% 2,767 37.99% +11 % TO +20% 536 7.36% +21 % TO +27% 16 0.22% TOTAL 7,284 100.00% Parcels with change of 5% or less - 3,879 53.25% Parcels with declining values - 376 5.16% Parcels with increasing values - 6,622 90.91% • F: VISSESS ',SPREDSHTR,STEVEBICHANGE.XIS]97 to 98 RES EMV CHANGE 4/14/98 Brooklyn Center Single Family Residential Valuation History Assessment Consumer Price Assessor's Estimated Market Value, Year Index Change Median Value * % Change 1971 3.5% $21,495 1972 3.1% $23,530 9.47% 1973 6.0% $23,750 0.93% 1974 11.6% $23,750 0.00% 1975 8.5% $28,675 20.74% 1976 6.3% $30,965 7.99% 1977 7.0% $33,130 6.99% 1978 9.1% $37,400 12.89% 1979 11.5% $44,900 20.05% 1980 11.4% $52,900 17.82% 1981 12.3% $55,800 5.48% 1982 9.9% $59,700 6.99% 1983 2.2% $61,800 3.52% 1984 3.6% $61,800 0.00% 1985 3.8% $61,600 - 0.32% 1986 1.3% $62,700 1.79% • 1987 3.0% $65,700 4.78% 1988 5.0% $68,900 4.87% 1989 4.1% $70,600 2.47% 1990 4.1% $71,300 0.99% 1991 2.7% $71,000 -0.42% 1992 3.5% $70,900 -0.14% 1993 3.1% $72,000 1.55% 1994 3.2% $72,000 0.00% 1995 2.6% $72,800 1.11% 1996 2.8% $77,700 6.73% 1997 3.0% $80,000 2.96% 1998 2.3% $83,700 4.63% 27 Year Total 147.0% 143.9% 27 Yr. Annualized 5.4% 5.3% 20 Year Total 95.4% 84.9% 20 Yr. Annualized 4.8% 4.2% 10 Year Total 31.4% 19.9% 10 Yr. Annualized 3.1% 2.0% 5 Year Total 13.9% 15.4% • 5 Yr. Annualized 2.8% 3.1% ' The median value is the value where one -half of the homes are valued higher and one -half are valued lower. F % SSESS% SPREDSHTUOEISPECINT "ESIDENIPAUCHG.XISIR.. VN HWM 5111989:53 AM f CITY OF BROOKLYN CENTER 1998 SALES RATIO STUDY -1 year - ACTUAL VALUES - Aggregate Ratio - 94.3% Coefrcient of Dispersion - 4.7 Median Ratio - 94.0% Average Sale Price - $87,914 Average Estimated Market Value - $82,871 320 Sales / 7357 = 4.35% Growth Rate - 4.982% (Sales - October, 1996 through September, 1997) SINGLE FAiMILY DETACHED ONLY NEIGHBORHOODS 0050 0051 0052 0053 0054 0055 # 7 43 46 98 99 27 SP $124,414 $86,022 $93,904 $89,867 $79,961 $93,328 AV $116,200 $80,937 $87,924 $84,798 $75,723 $87,919 R 94.0 94.0 94.5 93.8 94.3 93.8 C/D 3.6 4.1 4.4 4.5 5.3 5.8 G/R 3.50% 3.70% 6.10% 5.60% 5.90% 4.90% STYLE RAMBLER EXP 11/4 EYP 1 1/2 Exp 13/4 SE -SF SPL -LVL 2 -STRY # 237 35 7 1 17 20 3 SP $86,202 $81,283 $91,586 $81,900 $107,565 $96,551 $124,967 AV $81,311 $76,917 $85,043 $75,400 $101,100 $90,945 $115,867 R 94.0 94.2 95.2 92.1 94.3 94.4 91.4 cod 4.8 4.6 6.7 0.0 3.6 4.2 3.7 LOCATION LAKE RIVER RAILROAD T/TRAFFIC HWY/FWY COML APT AIRPORT PARK # 1 2 3 42 15 4 11 2 11 SP $154,200 $137,500 $88,633 $83,890 $88,930 $80,125 $92,918 $86,500 $87,655 AV $133,100 $132,100 $83,767 $79,052 $82,533 $73,500 $88,155 $80,700 $82,782 • R 863 96.3 92.2 93.2 94.2 873 93.8 93.3 93.1 cod 0.0 2.3 2.9 5.3 4.3 5.8 5.4 3.6 4.6 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 # 0 0 0 1 9 18 24 94 105 SP $0 $0 $0 $125,000 $105,756 $102,328 $95,226 $90,275 $85,495 AV $0 $0 $0 $119,700 $101,478 $95,667 $89,429 $84,960 $80,856 R 0 0 0 95.8 96.0 915 93.9 94.1 94.6 AGE 46 -50 YRS 51 -55 YRS 56 -60 YRS 61-65 YRS 66 -70 YRS 71 -75 YRS 76 YRS + # 36 8 12 1 4 4 3 SP $80,313 $79,575 $72,833 $97,000 $76,950 $85,875 $75,933 AV $75,964 $75,788 $66,133 $82,200 $73,000 $83,000 $74,333 R 94.6 95.2 90.8 84.7 94.9 96.7 97.9 BY SALE PRICE TO$70K $70K -$85K $85K -$100K $100K -$115K $115 K+ # 18 119 147 23 13 SP $60,225 $80,124 $91,242 $105,904 $128,088 AV $58,672 $77,115 $85,495 $95,800 $116,523 R 97.9 95.6 93.3 91.7 91.0 cod 7.0 5.7 4.1 4.9 4.5 BY E.M.V. TO$70K $70K -$85K S85K -$100K $100K -$115K $115 K+ # 32 179 91 12 6 SP $67,242 $84,636 $94,921 $113,700 $138,100 AV $62,056 $79,740 $90,238 $105,617 $130,067 R 91.0 94.0 95.3 92.7 95.0 cod 6.0 4.2 5.4 3.7 3.1 DOUBLE BUNGALOWS TOWNHOUSES CONDOMINIUMS ALL 0 -15 Yrs 16 -20 Yrs 21 -25 Yrs 26 Yrs + # 3 52 28 13 7 4 5 • SP $122,420 $68,305 $68,267 $67,317 $69,100 $70,383 $41,773 AV $114,833 $65,256 $65,443 $63,800 $65,557 $68,150 $40,140 R 93.8 96.1 95.9 94.8 94.9 96.8 96.7 cod 2.6 3.6 1.9 ACTRAT98.XLS98 actual ratio bd 4127/98 SPRING 1998 RESIDENTIAL* RATIO" STUDY 3123/98 ICIPALITY # SALES MEDIAN MEAN COD MUNICIPALITY # SALES MEDIAN MEAN COD OMINGTON 761 . 93.8% 94.5% 5.7 MEDINA 39 93.4% 90.1% 6.8 BROOKLYN CENTER 305 94.0% 94.3% 4.8 MINNEAPOLIS 4,514 97.0% 97.6% 9.5 BROOKLYN PARK 628 93.7% 94.3% 6.1 MINNETONKA 472 95.4% 94.9% 7.5 CHAMPLIN 248 93.1% 93.7% 4.8 MINNETONKA BEACH 8 94.2% 93.3% 6.3 CORCORAN 25 94.4% 92.8% 7.7 MINNETRISTA 31 96.3% 97.2% 5.3 CRYSTAL , 322 93.7% 94.4% 5.3 MOUND 156 93.9% 94.4% 7.0 DAYTON 39 93.5% 92.8% 7.0 NEW HOPE 173 93.9% 94.7% 5.1 DEEPHAVEN 49 94.8% 93.9% 4.8 ORONO 117 93.9% 94.5% 8.2 EDEN PRAIRIE 634 94.3% 94.3% 4.7 OSSEO 28 94.6% 95.4% 7.7 EDINA 500 93.4% 93.7% 8.5 PLYMOUTH 674 93.8% 93.7% 6.0 EXCELSIOR 20 96.3% 95.7% 7.9 RICHFIELD 384 915% 94.0% 6.2 0 ° o 0 GOLDEN VALLEY 238 93. /° $ 94.3 /o b'.3 ROBBINSDALE 207 93.6 /0 93.310 5.4 GREENFIELD 11 94.4% 93.0% 7.5 ROCKFORD 2 96.7% 96.7% 0.2 GREENWOOD 14 94.7% 94.4% 2.5 ROGERS 13 95.0% 96.7% 5.3 I HANOVER 0 0.0% 0.0% 0.0 ST ANTHONY 51 94.8% 94.9% 4.1 HASSAN 18 94.3% 94.5% 5.7 ST BONIFACIUS 7 94.6% 95.9% 4.3 10INS 91 95.2% 95.8% 7.9 ST LOUIS PARK 568 94.1% 94.7% 5.0 INDEPENDENCE 31 93.8% 93.7% 4.0 SHOREWOOD 96 94.2% 95.4% 5.7 LONG LAKE 20 94.0% 92.2% 3.7 SPRING PARK 2 93.9% 93.9% 0.9 LORETCO 6 97.4% 92.9% 10.2 TONKA BAY 25 93.8% 92.6% 7.6 MAPLE GROVE 554 94.1% 94.5% 5.1 WAYZATA 48 95.6% 96.2% 4.5 MAPLE PLAIN 17 95.5% 95.7% 8.3 WOODLAND 2 98.2% 98.2% 4.0 MEDICINE LAKE 1 94.7% 94.7% 0.0 SUBURBAN HENNEPIN" 7,635 94.0% 94.3% 5.9 `PROPERTY TYPES: B,BJ,D,DJ,P,R,RL ALL HENNEPIN * ** 12,149 95.1% 95.5% 7.2 * "1998 EMV / 10 -96 THRU 9 -97 SALES * "TOTAL FIGURES (EXCEPT SALES) ARE WEIGHTED MUNIC AVERAGES VALUATION GROWTH 1982 THRU 1998 ASSESSMENTS City of Brooklyn Center Suburban Hennepin County Assessment Year * Apartments Commercial Industrial Residential Apartments Commercial Industrial Residential 1982 12.0% 10.9% 6.4% 5.9% 1983 10.2% 1.0% 9.8% 4.1% 1984 7.2% 3.3% -5.0% 0.7% 1 985 1.5% 6.4% 1.2% -0.5% ° ° 1.2% ° 1986 5.9/0 8.5/0 62/0 1987 7.4% 6.5% 4.8% 3.6% 1 988 9.9% 3.1% 2.7% 4.7% 1989 0.9% 6.8% 5.8% 2.0% 1990 0.9% 5.2% 6.3% 1.9% 0.0% 2.4% 2.7% 3.5% 1991 -4.1% 0.6% -0.9% -0.5% -4.7% -3.3% -0.1% 1.1% 1992 -8.1% 1.8% -10.6% -0.9% -5.5% -7.1% -5.7% 0.9% 1 993 -3.9% -3.5% -6.2% 0.5% -7.4% -6.7% -5.7% 2.7% 1994 2.1 -7.2% 2.0% 0.0% -0.7% -0.8% -5.0% 4.2% t 1995 -0.9% -2.1% 2.8% 1.1% 2.7% 3.4% 2.0% 4.7% 1996 -3.8% -4.6% 10.1% 4.5% 4.7% 8.0% 6.1% 3.6% 1997 3.9% 0.8% 3.3% 2.7% 5.8% 7.7% 5.8% 3.8% 1998 20.0% 5.9% 10.6% 5.1% Year Apartments Commercial Industrial Residential (Apartments Commercial Industrial Residential 5 year growth 21.3% -7.2% 28.8% 13.4% 5.1% 11.6% 3.2% 19.0% 1992 -1996 1992 -1996 1992 -1996 1992 -1996 10 year growth 7.0% 3.7% 23.2% 16.4% 15 year growth 38.9% 31.5% 33.1% 26.1% * Growth listed occurred in the calendar year preceding the assessment year. Changes in value indicated by the growth shown will impact taxes in the year following the assessment year. 1998 Assessment is preliminary until completion of the local board of review in May and the county board of equalization F:\ASSESS\SPREDSHT\STEVEB \TAXRATES\ 98BOARD.XLSigrowth 1982 -1998 • i 4/14/98 I RESIDENTIAL PROPERTY TAX COMPARISONS CITY OF BROOKLYN CENTER HOMESTEAD PROPERTIES SCHOOL DISTRICT 286 Taxes on Selected Market Values Taxable Market 1997 Taxes 1998 Taxes 1998 Taxes Value Without city Including referendum referendum levy $ 75,000 $ 1,102 $ 1,019 $ 1,077 $ 85,000 $ 1,375 $ 1,258 $ 1,323 $ 95,000 $ 1,648 $ 1,497 $ 1,570 t - � Taxes on Median Valued Home Taxable Market 1997 Taxes 1998 Taxes 1998 Taxes Value Without city Including referendum referendum levy $ 77,700 $ 1,175 $ 80,000 $ 1,140 $ 1,201 • ING, SALES A p g MINNE APOLIS ASSOCIATION OF y g . t'cw FastFax #3009 NORTH SUBURBAN YEAR TO DATE SALES BY MLS DISTRICT - JANUARY THROUGH DECEMBER This quarterly report includes average and median figures for closed sales of single family properties reported to the Regional Multiple Listing Service. Housing Sales is published in four regions: City of Minneapolis, North Suburban, West Suburban and South Suburban. Maple Grove /Osseo Brooklyn Park (365) (364) Sales Average Median Sales Average Median 1996 761 $162,545 $139,900 1996 880 $115,912 $109,000 19537 680 $169,552 $143,000 1997 877 $121,679 $114,900 % Change +4.3 +2.2 % Change +5.0 +5.4 Brooklyn Center (363) Sales Average Median 1996 313 $85,072 $85,000 Crystal 1997 316 $88,034 $88,500 New (361) % Change +3.5 +4. Ho ( Sales Average Median 1996 201 $112,352 $112,500 - 1997 183 $118,677 $119,000 % Change +5.6 +5.8 Robbinsdale (360) Sam Average Median �•--•• 1996 254 $89,933 $86,400 rrur 1997 225 $94,440 $90,000 %Change +5.0 +4.2 West Region Sales Average Median 1996 296 $89,841 $87,900 �— 1997 343 $96,002 $91,000 % Change +6.9 +3.5 City of Minneapolis 1 Minneapolis Area Association of REALTORSP, Lincoln Drive, Minneapolis, MN 55436 [telephone: 933 - 90201. Housing Sales is updated quarterly as a service to Association members. The data includes residential properties reported closed through the Regional MLS for the period shown. The information contained in this document, while deemed to be correct, has not been verified by the Minneapolis Area Association of REALTORS`. MAAR assumes no responsibility for the accuracy of the data found in this document. PRELIMINARY CHANGES TO 1998 ASSESSED VALUES � Sampling of Cities of Hennepin County CITY COMMERCIAL INDUSTRIAL APARTMENT PROPERTIES PROPERTIES I PROPERTIES Brooklyn Center +5.9% +10.6% 1 +20.0% Brooklyn Park +3.0% +2.0% 1+13.8% New Hope +3.6% +4.6% 1+9.5% Plymouth +11.0% 1+7.9% 1+13.3% Bloomington +12% 1+5% +12% St. Louis Park +20.2% 1+15.5% +19.1% Time not on home ' bu ers side 4/24/199$ h : / /www. ionee lanet.com/businessibiz m Y � ) ttP P rP _ docs /019703.ht A & I g Published Friday, ERftL_U ..;... -. P" a lu April 24, 1998, in the Pioneer Press. Time not on home buyers' side This material is copyrighted and may not be republished without With supply low and demand high, a quick decision is permission of the originating often imperative newspaper or wire service. PioneerPlanet ARON KAHN STAFF WRITER is a service of the Pioneer Press. For more information, click The he wisdom of the ages cautions you to take your time when here making important decisions, such as looking for a home. If this is • your credo as you search for the house of your dreams, kindly consider this divergent advice: Snap out of it. The current home market is so competitive that deciding to " sleep on it" could guarantee you'll be sleeping at your present address for a long time to come. Twin Cities home sales jumped 37 percent last month, as the • median sales price increased 7 percent. One key indicator was down: Eight percent fewer homes were for sale than the year before. Competition is particularly fierce at the low and middle price ranges, where three, four and more offers frequently slide under the door before the house is on the market for 48 hours. I � "If you see a house that's decent, you have to make a decision immediately," said Shannon Shetka, 34, who walked away with a nervous smile after bidding an extra five grand last week for a Macalester- Groveland bungalow with lots of wood and plenty of charm. She got it. "You can't wait to the next day," said Shetka, who nailed the house at $125,000 after being outbid two weeks earlier on a d model. ' I had to pull m similar make an p y husband out of work to go look at it and then we made the bid." Schooled in the dog- eat -dog marketplace, successful homebuyers are learning to get their loans approved in advance, to bid more than the asking price if necessary, and to remember that making a contingency offer is the rough equivalent of wearing a "kick me" sign on their backs. Many of the buyers have been in the hunt before, particularly since last summer, when mortgage rates dropped under 8 percent and stayed there. The cheap money nudged more people into the 1 of 3 04/27/98 15:56:49 Time not on home buyers' side (4/24/1998) http:// www. pioneerplanet. com /business/biz_docs /019703.htm market each week, enabling most to pay a higher price for that cute bath -and -a -half with three bedrooms and a birdhouse. is If they can find it. After almost a year of low rates and ideal shopping weather courtesy of El Nino, there aren't enough homes to go around. "It is hugely a seller's market out there," said Mike Olson, president of the St. Paul Area Association of Realtors and an agent at Coldwell Banker Jambor in St. Paul. "There's an extreme shortage of listings in everything up to the $200,000 range. There's nothing out there for the first -time home -buyer and nothing in the move -up category," he said, using a bit of hyperbole not entirely unknown to the real estate industry. There are homes to buy, but not enough for buyers in the low and middle price ranges, and not enough for the region's sturdy stock of commission -fed real estate agents. The phenomenon causes a particular kind of stress for agents and their home - shopping clients. "We have all these buyers who want certain kinds of homes and they get frustrated because they're not there," said Kathy Diffley, an agent in the Roseville office of Edina Realty. "They think we're not working hard enough to find them." The frustration is compounded when buyers finally find a home they adore and then lose it to a higher bidder. "We should have bid higher on the first home, because we really loved it," said Shetka, a St. Paul public schools employee who has one child and is expecting another. "But this one probably will turn out to be the best one in the long run, because it'll be four blocks from my son's kindergarten." Shetka advises eager buyers to stay in close touch with their agents and not waste time before visiting a new listing. Twenty -six people looked at her new house the first day it was on the market -- not on a Sunday, when the hordes are out, but on a Tuesday. Many were buoyed by the continuing low interest rates. For example, you could get a 30 -year conventional mortgage Thursday for 7 1/8 percent interest without paying a 'point," an occasional upfront fee equal to 1 percent of the principal. Exactly a year ago, the rate was 8 1/8 percent with no points. Theory has it that low interest rates are a psychological boost that every housing market needs. An example from Roger Harrington, a White Bear Lake mortgage adviser, shows how much money a 1 percent drop will save a family applying for a $100,000 mortgage. At last year's 8 1/8 percent rate, the principal and interest payment was $742 a month. At the current 7 1/8 percent rate, that payment is $674 per month. The difference is $68 a month. i 2of3 04/27/98 15:56:50 Time not on home buyers' side (4/24/1998) http://'Www.pioneerplanet.com/business/biz 19703.htrn Nothing is simple when it comes to home - buying, of course, as ,anyone who's been at a closing knows. In this case, the savings are tempered by income -tax considerations. For a four- member family earning a taxable income between $41,000 and $99,000 a year, the real savings is $39 a month, because the family is forgoing a more substantial write -off at the higher rate. Still, that's a carrot proving to be irresistible. Homes up to $125,000, considered first-time-buyer territory, are selling in a day or two in traditionally high- demand neighborhoods, with the market heating up in usually less - active neighborhoods such as the East Side of St. Paul. "Normally, I have 10 to 15 houses on the market for sale and now I have three," Olson said. "It's unbelievable out there." A survey of several real estate agents shows competition is also keen in the move -up market, generally considered to range between $125,000 and $200,000. Homes listed above $200,000 are selling at an average pace, although sometimes faster in high -demand areas, agents report. If falling interest rates weren't enough to get some low- and moderate- income families into the market, the Minnesota Housing Finance Agency just provided some cheaper money. In the metro area, for example, loans at 6.05 percent are newly available to first -time buyers with adjusted gross household incomes up to $38,500 a year, seeking homes priced to $95,000. The $20 million program, available through lenders, is expected to help about 360 families, an agency spokeswoman said. So there'll be more people in the hunt for the elusive lower - priced house with oh -so -much potential. Like in the case of the new Volkswagen Beetle, there's a heap of interest in those cute little numbers, but few models on the showroom floor. » ... ... »r...,. .:... .:..., ». ;....... .,. ..... _:... :. r. :. :, .i: � 5 :.. 1 Y t:sq. red > Lraa#�,esfate: In t;��Ee ..a Q , SE.. a :::5: )3Gf f : p ti:_fi t2 5FCEp 1DE1 SATIEK J! Fp. : 5s. C7ftI� E7ttEt i > * Ftxm�er of Ctase�t Sa #es: 2 ; : 3; 7 55 364 *�_.�IQlurrte af.Closed Salesi $321-6 mflt : ° $459.1 .tnfi X �. Medan Price of G[dsect Sales'_ Sstl,goo _ $119r000., : "'ma ». ✓.:..' ita,�A�:u::vau;. .. oa5.': ':r : it3.✓..'r:r! i *Residential: Single family, condo, townhouse, twinhome ** All property types: Single family, condo, townhouse, twinhome, duplex, mobile home, ' farms /hobby farm, investment and lots /acreage , Source: Minneapolis Area Association of Realtors PIONEER PRESS 3 of 3 04/271'98 15:27:03 asures the daily pertor- - 40.30 5224.10 London 6.750 (7 15028.17 +131.77 30 largest growth Tokyo {Nikk 6,500 ,iU urrency (Dollar vs.. Wednesday Tuesday .6145 .6147 6,2 C British pound 1,4330 1.4317 - $ Canadian dollar -50 1.=3 1.8314 day 6,000 DM German mark barge th e __ I-P14 50 apanese yen 131.25 133,65. J .. . ......... 5,750 Yesterday g Commodities Close Previous; . r b day 5,500 week a o .. 4.5 Gold (per ounce) $281.60 $282.80 Month ago mom Silver (per ounce) �5.990 $6.080 5,250 16.93 3 West Texas Crude (per barrel) $16.133 $ 5.000 months years 10-9 10-'30' 11-20 12-11 1-1 The economy to be best in 19 197 new home sales on track years lower than for the same period of current sales rate, the smallest Twin Cities area's lower backlog since July 1971. building permits up New home sales Permit numbers for the year show a continuation of the trend — Staff writer Neal Gealer con- in November over Seasonally adjusted annual toward townhome and twin tributed to this report. rate, in thousands of units home construction. For the first year-earlier period 900 1 11 months, 8,760 permits were Associated Press ssued for 12,034 units, compared 830 with 10,047 permits for 12,727 Nov. 6) units through November 1996. WASHINGTON, D.C. — New- 850 Economists had expected home sales surged 5.1 percent in I home sales to slow late in 1997. November, propelled by falling instead, they've taken off as mo inter- rates and the most z a IL est rates have fallen, the result Of age consumer confidence in 800 bi ""L skittish investors withdrawing OR 1 Wree decades. from Asia and sinking money into ,Lconomists said sales fo r all of the U.S. bond market. 1997 probably hit a 19 year high 750 Thirty-year, fixed-rate mort- and predicted that the strength SELLING� gages averaged 7.2 percent in No will carry over into early this year. vember and most recently have Residential building activi K also was strong in the Twin Cities 700 fallen to just under • 7 p�rcent, nearly the best in four years. 71 7-7 thanks to mild NDJFMAMJJA 1� area in November, SON That's shaved about :511 On the M!1111111111� - td weather. '97 monthly payment on a $100,000 O 200 500 5000 "We're working on all cylin- sources: commerce Department loan. shares shares shares ders," economist David Lereah of Associated Press And new-home prices have re- r @$15 @$50 @$2 the Mortgage Bankers Association mained affordable for many. The of America said of the national er of the Na- median price — meaning half Merrill Ly. $100 $402 $474 figures. "You have cyclically low mist Michael Carlin e and half for less — F c w 0 mortgage rates. You have a robust tional Association of Home Build- sold for mor economy. The bottom line is that ers. "But it still looks very posi- was $140,000 in November, down idelity 75 154 245 has given the consumer the fi- tive. The slowdown in 1998 2.4 percen t from a year earlier. by .1 L nancial wherewithal to go out Will be a fairly modest one." Sales have been supported * r optimism tin- there and buy homes. Although new home sales are levels of consume Accounts Insured to New single-family homes sold not tracked separately in the matched since 1969. That's been $2.5 Million. at a seasonally adjusted annual Twin Cities area, 4.78 percent helped by strong stock market rate of 830,000 in November, the more residential construction gains in 1997 and the lowest un- d in November employment rate in 24 years, 4.6 on Credit Balances. 5.25% Daily Interest Paid permits were issue most since April 1986, the Com- t in November. A.P.Y. 5.3 month a year percent merce Department said than in the same Wednesday. , ago, a gain that officials of the Econom ists are looking for Analysts predicted that sales Builders Association of the Twin home sales and related purchases IRA Accts./$2000 balance, for all of 1997 will top 800,000, Cities characterized as "a of furniture and appliances t No annual fee. about a 6 percent increase over rebound." help the economy this year ao s 0 and the best since 817,000 In November 1997, 767 per- export sales to Asia drop. the Call for Brochure, homes were sold in 1978. mits for 1,061 units were issued Strong sales pushed • s were expected to slacken to in the 132 metro-area communi- tory of unsold homes down by 1 Rates and Service: e association. In percent to 285,000 in November, around 760,000 this year, still ties tracked by the comparable That's a 4.2 month supply at the 339-7040 among the handful of best years November 1996 during the past two decades. numbers were 7 32 and 1,047. IVIN 800-292-4135 "We think the economy as a However, even with the increase, whole, homebuilding included, permit activity for the first 11 98 BRAND NEW C ORVETTE COUPE NATL 800-328-4076 will slow down a bit," said econo- months of 1997 was 13 percent $4 1 9 389 11 - - - is Your Twin Cifies based Stk-1243N M_ PREMIERE SERVICE South, Midwest led home price appreciation in 1997 http:// webservl. startribune.com /cgi- bin/stOnLine /article ?thisSlug= HOME1 xx • ATrM - _ Published Thursday, February 12, 1998 n South, Midwest led home price appreciation in 1997 Associated Press WASHINGTON, D.C. -- Americans are seeing the value of their homes increase at the fastest rate in six years. Cities in the South and Midwest dominated the list of big gains in 1997. The largest increase for existing homes, from the fourth quarter of 1996 to the fourth quarter of 1997, came in Charleston, S.C., the National Association of Realtors said Wednesday. Charleston's median home price -- meaning that half sold for more and half for less -- jumped 16.7 percent to $110,500. Economist Kim Kennedy of Cahner's Economics in Newton, Mass., said prices have been pushed up by retirees' moving there. As is typical, the Twin Cities metropolitan area experienced much more moderate increases. The median price of homes sold from October through December last year was $118,700, 4.6 percent higher than during the same three months of 1996. Throughout the ear, the median sale rice of homes sold was g Y � � $114,900, 4.9 percent higher than during 1996, when the median sale price was $109,500, showed the Regional Multiple Listing Service, which reports numbers for the Minneapolis Area Association of Realtors. Year -end data from the service showed that 43,528 residential transactions were reported closed in 1997. Most in 11 years Nationally, the median price rose 6.2 percent to $124,800. That was nearly double the 3.3 percent rise a year earlier and the biggest fourth- quarter -to- fourth - quarter gain in six years. Adjusted for inflation, it was the most appreciation in 11 years. Of 134 cities surveyed by the real estate group, only 10 registered declines in their median prices. The median slipped 10 percent in Honolulu to $300,000; for the first time since 1989, it lost its status as • the nation's most expensive housing market. It was supplanted by San Francisco, where prices rose 14.1 percent to $304,600. The high -tech and computer boom has helped San 1 of 2 02/12/98 08:44:38 South, Midwest led home price appreciation in 1997 http : / /webservl.startribune.com /cgi- bin /stOnLine /article ?thisSlug = HOMER Francisco's economy, while a dropoff in Japanese investment has hurt Honolulu's in recent years. ` ` Other cities with large gains included Des Moines, 15.5 percent; Fort Myers and Sarasota, Fla.; Lexington, Ky.; Champaign and Peoria, Ill.; Memphis; Canton, Columbus and Youngstown, Ohio; Dallas and Beaumont, Texas; Orange County, Calif.; South Bend, Ind., Boston; Fargo, N.D., and Kansas City, Mo. After Honolulu, cities with declines included Richland, Wash., 7.1 percent; Trenton, N.J.; Syracuse and Albany, N.Y.; Charleston, W.Va.; El Paso, Texas; Springfield, Mass.; Rockford, Ill., and Sioux Falls, S.D. By region, prices last year rose 7.4 percent in the West, 7 percent in the Midwest, 6.9 percent in the South and 4.6 percent in the Northeast. Orange County, Calif, with a median of $237,400, was the nation's third - most - expensive market. Least expensive were Waterloo, Iowa, $64,200; Ocala, Fla., $66,700, and Saginaw Bay, Mich., $70,900. Recovery lagged Markets in California, which lagged the country in recovering from the 1990 -91 recession, finally are coming back, Kennedy said. But California's recovery has dampened price appreciation in the Pacific • Northwest, which earlier prospered from an inflow of Californians looking for better economic prospects. Many cities in the Midwest have done well because manufacturing has led the U.S. economy. Although Boston's housing market is flourishing, the economies of many communities in the Northeast are trailing the rest of the country. Nationally, price gains were supported by a record 4.73 million sales of existing single - family homes, condos and co -ops in 1997. Those in turn were fueled by low mortgage rates and strong employment gains. "We saw phenomenal growth last year in real estate," said R. Layne Morrill, president of the real estate group. sttriEre. -- Staff writer Jim Buchta contrihuted to this report. Q Copyright 1998 Associated Press. All rights reserved. • 2 of 2 02/12/98 08:44:38 .uv u..w nu:aabr.�a, wall uv,�,Ulut; IUG aUlellul IIg111111b IllUblitol 101 all 0111 e111p1Uy- ' I a cilines, nlanagenient, aictliieciuic, con - Is Real Estate I .location will help our cis tenant of the two- story, 17,50 ees," he said. "It's a 45 -to -60 day struction, development anrt,4. _vcsit cut rs' needs well into the 21st centm- square -foot building, which is b program that teaches our people the services for office, indusiri., land, nsResidence 9, built by Minnetonka -based Si.Wspecific skills they need to succeed, condominium and multi- falnii epics. Nester added that the company's Construction Inc. for owner Mount as well as our values and expeeta- With the recent acquisition, Welsh Globe Tool first flush of success will be a hard act Properties. lions for them. We feel we out -work, Cos. will employ more than 50 Lasing to follow, but they feel primed to do so "The new location will allow us to out - smart and out - hustle the compe- and brokerage agents and consultants. ty &Victoria in coming years. spread out in the southwest suburbs," tition." in Minneapolis and will have a manage - l, P "1997 was an extremely positive said McVay, also the company's res- meat and leasing oitfolio of near{ 12 Philip A Y 1 Y. " P b P Y million square feet. Anderson & Adapts & 7,(xxJ. Southern , Midwestern Home Y"Ce, Rose Most in 1997 tees Ltd t E Erickson PRICE OF TYPICAL HOME PAR.DUTPACED INFLATION RATE DURING YEAR 'rd 7.19,0}0. BY D AVE S KIDMORE Median resale prices (in thousands) for homes in 14 areas of the upper home prices have been hurt in Ilunolulu s & Deborah Midwest from October through December, followed by the percentage 1 wnsuwclrorlAN by Japan's economic troubles. Fur fewer 1 Mears & P € change from anese are the same period in 1996: 1a investing overseas. rues in (h Metro Area Avg. price % change e South and Midwest 'though Boston's housing market is e6) dominated the list of cities with App leton, Wis. 86.4 2.2 flourishing, the economies of many the biggest increases in home communities in the Northeast are lrad- prices in 1997. Nationally, the rice of Cedar Rapids, Iowa 96.3 2.7 I Y. P ing the rest of the country, she slid. the typical home grew more than three Chicago 155.6 4.9 Markets in California, which lagged times faster than the inflation rate. Des Moines, Iowa 103.4 15.5 the country in recovering from the N E S D A Y The largest increases for existing Fargo, N.D. 87.1 10.4 1990 -91 recession, finally are coming • .n /a homes, from the fourth quarter of 1996 Green Bay, Wis. 106.7 6.2 back. The San Francisco area, in panic n/a to the fourth quarter of 1997, came in Lake County, III. 151.2 3.3 ular, has been helped by the cuulpurcr n/a Charleston, S.C., the National Madison, Wis. 127.5 1.1 and high -tech boom. rTn,duagSetvitex Association of Realtors said. Milwaukee 124.2 6.8 But California's recovery has damp- Charleston's median home price - MinneaL _ 1 18.7 4.6 ened price appreciation in the Pacific meaning half sold for more and half for Quad Cities, 111. 71.6 1.1 Northwest, which earlier prospered less - funipecl 16.7 percent to Rockford, Ill. 89.0 -0.4 front an inflow of Califutnians louknng $110,500. Sioux Falls, S.D. 90.0 -0.3 for better economic prospects. It was followed by Des Moines, up Waterloo, Iowa 64.2 4.7 Many cities in the Midwest have dune ...................3 15.5 percent; San Francisco, 14.1 per- well because manufactining has lcd the ....................4 cent; Dort Myers, Fla., 13.5 percent, and U.S. economy. Southeastern cities ncar the .. q Lexington, Ky., 11.9 percent. III.; Memphis, Tenn.; Cedar Rapids, were Syracuse, N.Y.; Charleston, coast, such as Charleston, S.C., have been ..................6 Nationally, the median price rose 6.2 Iowa; Dallas; Columbus, Ohio; W.Va.; El Paso, Texas; Springfield helped by more retirees, Kennedy- said. 1 ....................7 percent to $124,800. That was nearly Youngstown, Ohio; Beaumont, "texas; Mass.; Albany, N.Y.; Rockford, Ill., and Nationally, price gains were suppon- doubtc the 3.3 pet rise a year earlier Orange County, Calif.; South Bend, Sioux Falls, S.D. cd by a record 4.73 million sales of .••••• 2 and the biggest fourth quarter -to- fourth Ind.; Boston; Fargo, N.D.; Peoria, 111., San Francisco, with a median price of existing single - family homes, condos • .............•••. g quarter gain in six years. And the gain and Kansas City, Mo. $304,600, edged past Honolulu as the and co -ops in 1997. "those in turn were ....................f3 clearly beat overall inflation, which was Only 10 cities of the 134 on the most expensive market in the country. fueled by low mortgage rates and strung .................to Just 1.7 percent in 1997. Realtors' list showed fourth quarter -to- Orange County, Calif., with a median of employment gains. By region, prices list year rose 7.4 fourth quarter price drops. Honolulu, $237,400, was third. "We saw phenomenal growth last st time a notice percent in the West 7 percent in the down 10 percent to a median of The least expensive markets were year in real estate," said Reahors' pn si- atlonheading. Midwest, 6.9 percent in the South and $300,000, led the list, followed by Waterloo, Iowa, $P4,200; Ocala, Fla., dent R. Layne Murrill. "There acre the heading of 4.6 percent in the Northeast. Richland Wash., down 7.1 percent, and $66,70. and Saginaw Bay, Mich., $70 txx). prime opportunities, all year long for Other cities with double -digit gains Trenton, N.1., down 3.9 percent. Economist Kim Kennedy of Cahner's first -time and trade -up buyers to make included: Sarasota, Fla.; Champaign, The other cities with declining prices Econonnics in Newton, Mass., said their move." en, Lill .,. \ °�N f� 111- s -=—"�� -, �..,`..•.T _ �j�' / /'�� /��' - �' - /. r "�.- ^ t -- - - -'�-"� _ :;- :: ::�'F1 �_�. n ...._._��{ 11� i ,±�-- r��ll--- I�IIta7�_._— -f� - ! �ir-- /il- -- cl - �-,r. -7:,ri --- 'I - - = — i _ � r � � DI �� 1 mil 0 i?i$ . , . , �.. ,.. ' e ��1� 11�J1 `_I ( �_ -_ 1 � Y _ t ,- rare -. . _ , f 1 (Y { I = --r - - .. - ll-��I ' -- ---- -1 _.._ +\ �=-- [, ;rt Jl,.,,,.II�IC - -- ' � 1•+* I I If =7 MMMUTH.11 II ,. �U �.�� r 'i ti ' ' '-- - - �� - � i '` ' , _ I-- ) _ T( _ - � �� ,�.s �j. - ' a "i.�_' R I ' :� 'I ,....._I I I L ------- CC im 4i , k L J ( —I - a u, o jFA ��11 " I - - ---- 1! a �l - - (( J(_- ._ JL_ iE I I '_' ; n; y }J � :. —_.II I �_ J V _ C %J1 11-i 'l Gli low AML milli Assessment Valuation Procedures Residential stud period, October thru September, are anal Sales occurring in the prescribed y p p zed Y 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. Aaartment 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 levels are valid accurate measures of chap • in rental rates and occupancy le es in market 9 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 f 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 Jourrfal 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. • F: \ASSESS�30ARDIOTHER19880ARD.WPD RAMBLER MOM ADDRESS: 4512 Woodbine Lane SALE DATE: Jul -97 SALE PRICE: $ 87,000 FIRST FLOOR AREA: 948 SALE PRICE/FOOT: $ 91.77 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 2 others Garage 2 Car Attached Porches /Decks Patio 216 S.F. � - s ,.3. Sr - i r - > t = •3+• �' ;�lS" . it+�!� ��' s. t n '� � s T!- . ` m r _ < MZ _ - ate ,y ass- • - d 1Jf�� • 111 ••' 1 1 r � ,,��+' arc �i g p r y r r a -dSs r G s r ♦ i 'S3' r � a" � :, � � r4: 's 1NV �r ��' 111 iir� »a• Ohl •0' • *0 a. - •: r a t i .in.. z ADDRESS: 4200 Joyce Lane SALE DATE: Sept. - 97 SALE PRICE: $93,000 FIRST FLOOR AREA: 1,081 SALE PRICE /FOOT: $86.03 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room, 1 Other Garage 2 Car Detached Porches /Decks Patio 168 S.F. F +ASSESS%SPREDSHT\JOE \BRDBOOK \GENERAL \COMPSHT 5/1/98 A ` 1 i • ADDRESS: 5908 Halifax Place 1 SALE DATE: Jul -97 SALE PRICE: $99,900 FIRST FLOOR AREA: 1,092 SALE PRICE /FOOT: $91.48 FEATURES: I Total # of baths , 75 j j Fireplaces None j I Central :air Conditioning Yes �! i !i Finished Basement =am!iy ?cc r. O the r Garage yttacnec i P orches!: `ecks C.G j • sYy j� ++. y f,a� �J • 2i` ts��R' `'^.� t��,� «�'� + 3 (fit 5 q �+' # t 9� ' r( +p / f'tr � ^:�•�r':�. A�'; �-, ti. -` :�Ai�' At Af �f��r ,! ,. �,� ;��'+`� i��'�+ ins. ' ,t ! <� � �. � s,� • , ' t.. �+ V•? n: TIP; -}11r; • + till . s .� /. �`�`YJ:' :I LI � 1 � aY,. � : S ,R:J.+•I..�SIC•'� SR'+''�r'. 'J..FY:.s. � \ +Mr"� �� M1 _ s.M1Y. r...ixylz rtR11G. °� ,•, d Y a 1.. rte' "�A , S,� .. - w. . • � . '_�— a' • •• _ _. ^-, . { �� ""i' _' �• _ ms's z �e,� �•'r low • sa - •� - •o ADDRESS: 6013 York Ave N. SALE DATE: Dec. - 96 SALE PRICE: 5106,000 FIRST FLOOR AREA: 1,486 SALE PRICE/FOOT: $71.33 FEATURES: Total # of baths 1.5 Fireplaces 1 Central Air Conditioning Yes Finished Basement' Family Room, 1 Bedroom Garage 2 Car Attached Porches /Decks Deck 288 S.F. F.\ ASSESS\ SP REDSHT \JOE`,BROBOOK\GENERAL\COMPSHT 5/1/98 sly • off .3•i� t - :� °" ;S - . ` �� t r �f� �+ �� ;: ;e" •� iL, -3� rir'.� �',� '`• �>• �r� y ` "",�3,`zy�1� � � •:3 f yj I , y SPLIT ENTRY r •..- 90 .- • Drive SALE DATE: • •. SALE PRICE: 97,150 FIRST ss- 0• SALE s• :; • T otal - o Fire places • - Central Air Conditioning Yes Finished Basement 1 B edroo m Attach Garage 2 Car •. No SPLIT ENTRY i { JA ADDRESS: 6018 York Avenue North SALE DATE: Apr -97 SALE PRICE: $ 97,900 FIRST FLOOR AREA: 1,164 SALE PRICEIFOOT: $ 84.11 FEATURES: Total # of baths 1.75 Fireplaces One Central Air Conditioning Yes Finished Basement Recreation Room & Bedroom Garage 2 Car Attached Porches /Decks Screened Porch - 100 Sq. Ft. SPLIT ENTRY oil Y _ ADDRESS: 3312 49th Avenue North SALE DATE: Mar -97 SALE PRICE: $103,000 FIRST FLOOR AREA: 1,212 SALE PRICEIFOOT: $ 84.98 FEATURES: Total # of baths 1.75 Fireplaces One Central Air Conditioning Yes Finished Basement Family Room, 2 Bedrooms Garage 2 Car Attached Porches /Decks Open Porch - 60 S.F. / Deck 216 S.F. SPLIT ENTRY fy ADDRESS: 7031 Irving Avenue North SALE DATE: Jul -97 SALE PRICE: $ 105,000 FIRST FLOOR AREA: 1,111 SALE PRiCE1FOOT: $ 94.51 FEATURES: Total # of baths 1.75 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 2 Car Attached • Porches /Decks Deck 250 S.F. z„p J � a•S jiy�'� ' ' v im +..• . �'+= ' ^ J r • T� /� \�� i} R ,a f SPLIT ENTRY Emig Nor► - .,..:." _,��. - �- ~ � ��. ADDRESS: 5919 June Avenue North SALE DA TE: SALE PRICE: 000 FL OOR FIRST 1 SALE •• !• T otal of b aths Fire places • Central Air C onditioning - Room Finished Basement Family -• •• Gara 2 Car Attached PorchesiDecks GIzd. Porch - 168 S.F. I Deck 300 S.F. SPLi' ENTRY top Y ^ v�. , ...'Y- °``'`°..,F .: �'•�:wa Via•'. v _ ( I ADDRESS: 6931 Willow Lane North SALE DATE: Oct -96 SALE PRICE: S152,500 FIRST FLOOR AREA: 1,376 I SALE PRICE /FOOT: S 1i083 FEATURES: Total # of baths 1 75 Fireplaces Tv,o Central Air Conditioning Yes i I i Finished Basement Family Room, 2 Bedrooms i garage Car Attached Porches /DeCKS I I I f _� ijpq��`"' �.�,y,. ^-+.. .., - .. `..+� .. a. --...:. _-- aim- v��.,,;.'. •' ', _ ADDRESS: 6719 Bryant Avenue North l SALE DATE: Nov -97 SALE PRICE: 5106.000 , FIRST FLOOR AREA: 900 I SALE PRICE /FOOT: S 117.78 I ! FEATURES: I � Total # of baths 1.75 i Fireplaces One j Central Air Conditioning Yes II I Finished Basement Family Room, 2 Bedrooms !i :garage - -ai tsach i Porches /Decks 280 c. I SPLIT FOYER !: ak i T I d >• .,t,�" .. .. F y . .34_ _ _ A . • X'.:4. i:l�"', 55@'..i" u :., e ADDRESS: 6730 Aldrich Avenue North SALE DATE: Aug -97 SALE PRICE: S106.000 FIRST FLOOR AREA: 1.194 SALE PRICE /FOOT: S 88.78 I j FEATURES: ! Total # of baths 1.75 Fireplaces None I I Central Air Conditioning Yes i 1 : inished Basement an ?i 4' Ro0mi. ' oed , O then f i Garage -ar Attached with vjork room 'vehmd i PorchesiDecks Decx 288 S i • SPLIT LEVEL ADDRESS: 6430 Orchard Avenue North SALE DATE: Apr -97 SALE PRICE: $ 89,800 FIRST FLOOR AREA: 1,104 SALE PRICE/FOOT: $ 81.34 FEATURES: Total # of baths 1.5 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 2 Car Tuckunder PoFChes /Decks None T x f ' .t .� t : � � �.. ... � .yph.- S t ,� '.1^l G + i / � "i"s � �tfi 'Lia� r'�.`. - Y,.asuds ,� � t ''�y 1��,� e"d I fi � :-rte -F�s1 � i :Fir a�� , � � *. � �� I �� • _ �.•. ^� .. t �� s- � s` � �, m '� ��, _ +rte+ r -'�'" s - _ _ ^� '^"r .tom �:-. �� =<. • � � � • • � • � �• { {{ { � i • i • • •_ • • • • • � • � � • • ' - • 1 1/4 EXPANSION NEW 4 ADDRESS: 5516 Knox Avenue North SALE DATE: Nov -96 SALE PRICE: $ 79,900 GROSS BUILDING AREA 1 Above grade 1,012 SALE PRICEIFOOT: $ 73.95 FEATURES: Total # of baths 1 Fireplaces None Central Air Conditioning Yes Finished Basement Family Room Garage 1 Car Detached Porches /Decks None • r' �' - ! s, • � ' '�� F y� �•! �� ir_ ?� . `'�,. �y i we ' � d pm W _ �_.�_- Way - .;F r_f� -ir r•. ". '.: • f APARTMENT REPORT APARTMENT HIGHLIGHTS RET OVERVIEW combinations, multiple phone tines and . Average rents rose 3.8 %. Some i double car garages. These amenities markets had increases of 6 -12 %. According to data supplied by target the growing population that Apartment Search Profiles, the overall chooses renting over home ownership. i Tie overall vacancy race decreased m vacancy rate in the metro area decreased Notable apartment sates in 1997 1.9% in 1997. from 2.6% in 1996 to 1.9% in 1997. include York Plaza in Edina, purchased Rents escalated 3.3% for the metro area, by Ted Bigos and Stuart Nolan • Seventeen rental projects totaling with some smaller markets reporting for 558,800 per unit; Nicollet Towers, 2,300 units are under construction. 6 -12% rent increases. a senior - living development in In the metro area, there are 17 Minneapolis, purchased by Minnesota • Capitalization rates have been general occupancy rental projects with Affordabte Housing Trust, Inc. for coming down with most 1997 sales approximately 2,300 units currently 545,000 per unit; and Poplar Bridge in the 8.0 -9.5 /o range. under construction or recently completed. Apartments purchased by Highland These include Recrene Park, an IManaQement for 565,500 er unit. Investment opportunities are in 86 -unit townhome development in Capitalization rates have been redevelopments, acquisitions under OOunits, senior rental housing, large Eden Prairie and The Vinings at coming down with mostofthe1997sales market rate projects and smaller Woodbury, a 224 -unit townhome being in the 8.0 -9.5% range. Fueling this in -gill developments. IW /_topment in Woodbury. Presently trend is the ability to obtain 7.01 -7.5% der construction are the Calhoun mortgage financing and the belief that • St. Paul posted the greatest decrease Beach Club Apts., a 350 -unit values are rising. Most sales have been in vacancy, improving by over 3 restoration in Minneapolis; Remada Class B- quality projects. Institutional and percentage points. Conversely, its Company's 282 -unit complex in REIT buying has been limited due to the average rent rose the least, by .5 °'0. Woodbury; a 282 -unit development by lack of Class A and large size (250+ Heatey -Ramme in Eagan; and a units) projects available. There are some 4 Anoka County posted the highest 152 - townhome development by Steven owners who are holding off selling vacancy rate of all sectors, at Scott Development, Inc, in Minnetonka. because values will continue to rise for The Northeast sector reported the In Spring 1998, Klodt Companies will the next 2 -3 years. Supporting this lowest vacancy rate at 1.3 %. start 316 units in Eden Prairie, and a decision are the Strong number of local development partnership plans to household formations, tow vacancy rates, • Submarkets such as �tVoodbury. build a 156 -unit luxury high -rise in rising rents, lower real estate taxes (and Robbinsdale and Minnetonka downtown St. Paul. the prospect for additional reduction in reported average rent increases over The majority of these developments 1998) and relatively little new 10%. Brooklyn Center, Lakeville/ are townhome, garden -style or senior construction as competition. Farmington and New Brighton housing. Nlany newly developed New development should increase by showed slight average rent decreases. units include lifestyle nuances such year end 1998. Rising rents, continued s The Twin Cities area gained as one bedroom /two bathroom low interest rates and lower real estate approximately 1500 net apartment Source: Appmsw units in 1997. SELECT APARTMENT BUILDING SALES Data ivetwork Inc Y NAME CITY NUMBER OF UNITS PRICEIUNIT Edina Park Plaza Edina 203 5118,128 _ Regency Woods Apts. Nlinnetonka 282 365,734 Piverntood Lilydale 132 370,348 - - Poplar Bridge Apts. Bloomington 171 565,497 Symphony Place Minneapolis 250 $6 York Plaza Edina 260 558,791 The Vinings at Woodbury, a 234 -unit PF Parkway Acts. Eden Prairie 375 348,667 townhome development by local developer 'collet Towers Minneapolis 306 341,830 "Trammell Crow Residential. I 1..ILPOf6rifll ;ll, 4/30/98 1997 APARTMENT RENTAL OFFERINGS F:( ASSES =PREDSHTWOE1REMSURUtENi97AXLS JANUARY 1, 1997 TO, DECEMBER 31, 1997 1 BEDROOM 2 BEDROOM 3 BEDROOM # AMOUNT TOTAL # AMOUNT TOTAL # AMOUNT TOTAL $0.00 5 $460.00 $2,300.00 1 $650.00 $650.00 $355.00 $0.00 1 $470.00 $470.00 5 $675.00 $3,375.00 $365.00 $0.00 1 $475.00 $475.00 4 $705.00 $2,820.00 13 $375.00 $4,875.00 1 $480.00 $480.00 29 $715.00 $20,735.00 $379.00 $0.00 4 $485.00 $1,940.00 25 $725.00 $18,125.00 $380.00 $0.00 4 $490.00 $1,960.00 1 $750.00 $750.00 $385.00 $0.00 $495.00 $0.00 2 $760.00 $1,520.00 $389.00 $0.00 2 $499.00 $998.00 1 $795.00 $795.00 $390.00 $0.00 1 $500.00 $500.00 5 $825.00 $4,125.00 $39100 $0.00 37 $505.00 $18,685.00 2 $850.00 $1,700.00 $394.00 $0.00 $509.00 $0.00 2 $860.00 $1,720.00 20 $395.00 $7,900.00 9 $510.00 $4,590.00 $0.00 28 $399.00 $11,172.00 $511.00 $0.00 $0.00 $400.00 $0.00 1 28 $520.00 $14,560.00 $0.00 23 $405.00 $9,315.00 $522.00 $0.00 $0.00 9 $410.00 $3,690.00 36 $525.00 $18,900.00 $0.00 $415.00 $0.00 $529.00 $0.00 $0.00 36 $420.00 $15,120.00 9 $530.00 $4,770.00 $0.00 56 $425.00 $23,800.00 4 $535.00 $2,140.00 $0.00 45 $430.00 $19,350.00 75 $540.00 $40,500.00 $0.00 5 $435.00 $2,175.00 10 $549.00 $5,490.00 $0.00 19 $440.00 $8,360.00 18 $550.00 $9,900.00 $0.00 22 $445.00 $9,790.00 23 $555.00 $12,765.00 $0.00 35 $449.00 $15,715.00 7 $559.00 $3,913.00 $0.00 13 $450.00 $5,850.00 33 $560.00 $18,480.00 $0.00 67 $460.00 $30,820.00 27 $565.00 $15,255.00 $0.00 17 $465.00 $7,905.00 17 $569.00 $9,673.00 $0.00 22 $469.00 $10,318.00 44 $575.00 $25,300.00 $0.00 4 $470.00 $1,880.00 24 $580.00 $13,920.00 $0.00 35 $475.00 $16,625.00 27 $589.00 $15,903.00 $0.00 1 $479.00 $479.00 1 $590.00 $590.00 $0.00 2 $480.00 $960.00 26 $595.00 $15,470.00 $0.00 2 $495.00 $990.00 5 $599.00 $2,995.00 14 $499.00 $6,986.00 5 $600.00 $3,000.00 19 $520.00 $9,880.00 17 $605.00 $10,285.00 4 $525.00 32,100.00 I 17 $609.00 $10,353.00 3 $530.00 $1,590.00 tl l 22 $620.00 $13,640.00 $605.00 $0.00 19 $625.00 $11,875.00 2 $635.00 $1,270.00 1 $630.00 $630.00 2 $650.00 $1,300.00 16 $640.00 $10,240.00 $670.00 $0.00 6 $650.00 $3,900.00 $750.00 $0.00 17 $660.00 $11,220.00 6 $670.00 $4,020.00 1 $700.00 $700.00 1 $730.00 $730.00 2 $740.00 $1,480.00 Inc/Dec 96 TO 97 Inc/Dee 96 TO 97 IInc/Dec 96 TO 97 -18% 518 $230,215.00 9% 609 $344,995.00 83% 77 $56,315.00 3% $444.43 MEAN 3% $566.49 MEAN -4% $731.36 MEAN 5% $445.00 MEDIAN 2% $560.00 MEDIAN -10% $715.00 N'b!Z14-I 10% $460.00 MODE 0% $540.00 MODE # # # # ## $715.00 MODE taxes will reach the crossover point. Supplementing these factors is the AVERAGE VACANCY HISTORICAL SUMMARY Metropolitan Council's mandate to limit MINNEAPOLIS/ST. PAUL METROPOLITAN AREA 6 ; ban sprawl and raise housing densities accommodate the metro area's growth. The constraints to new development are the tack'of properly zoned land, and' rezonir crs, real estate taxes and the ! ! design burdens and exactions required I by cities. , q Some local developers are developing out of Minnesota" and not focusing their 4 °« efforts in the Twin Cities. Comparedo with other metropolitan areas, the Twin ( 1 Cities has a low rental construction rate. According to U. S. census data through 2° t k I s October 1997, developers are building more multi - family units in cities such as 1 9/89 91- 9,11 9,92 9/93 9114 s /ss s/ss 9197 Indianapolis, Nashville, Detroit, Source: Apartment Search Profiles Milwaukee and Columbus than in Minneapolis /St. Paul. Theoretically, rents should be rising RENTAL RATES faster than the 3% to 5% seen in 1997. MINNEAPOUS/$T. PAUL METROPOLITAN AREA However, landlords are protecting their AVERAGE cash flows by raising rents nominally on STUDY NUMBER AVERAGE RENT UNIT TYPE DATE OF UNITS RENT RANGE renewals and being more aggressive raising rents on the vacancies. Based on STUDIO 1995 7,591 $396.00 $303 -S566 conversations with existing owners, 1998 1996 8,012 $410.00 $305 -S583 rent increases will remain in the 3% to 1997 8,120 $424.21 $317-$565 O investors 5% range or perhaps up to 1% higher. ONE BEDROOM 1995 63,228 $506.00 $426 - $660 The opportunities for apartments 1996 62,501 $527.00 $415 - $893 are in smaller in -fill 1997 63,179 $545.68 $458 -$795 developments, the redevelopment of TWO BEDROOM 1995 58,608 $639.00 $506-$868 older loft /industrial buildings, i996 56,355 $661.00 $521 -$922 acquisitions under 200 units which are sub - institutional size, senior rental 1997 58,a63 $887.68 $558 $937 housing and large market rate projects THREE BEDROOM 1995 5,357 $813.00 S600-$1235 in good locations. 1996 5,815. $862.00 $635 - $1143 1997 6,081 $902.17 $714-$1365 Source: Apartment Search Profiles APARTMENT AVERA AND AVI]RAGE RENT AVE RAGE RE MINNEAPOLIS /ST. PAUL METROPOLITAN AREA MINNEAPOLIS/ST. PAUL METROPOUTAN AREA �,bGU X611 S� NUMBER 9197 9197 $61 U / ! OF PERCENT AVERAGE II11 SECTOR UNITS VACANT RENT SbUU $592 Anoka County 7,408 2.7% $583.70 S590I Dakota County 1 8,226 2.2% $670.16 22,349 1.8% $549.74 $580 1 t si Metro 1 4,091 1.3% $600.06 $ 570 Ptct Northmest 13,229 2.6 °0 $581.91 55701 SL Paul 15,713 2.0% $536.16 $558 $562 Scutrwe5 20,509 1.4% $676.62 S560 Washington Counry 4,443 2.0% $674.69 I SooC West 18.275 1.6% $733.78 3/95 6/95 9/95 9/96 9/97 M�ditan Total 1 34.243 1.9% $614-63 Source: Apartment Search Profiles Source: Apartment Search Profiles tl >,1 6 .�......a.. ..................................................................... .................................. ......................................................................... Rent sampler 1-3 Here are the at rents and t:acaricy races for rental hou-sing J7 oor plans in the Twin Cities and surrounding areas. The information is prov&zd by the.-Jpart - ment Search's third-quarter review of more than 1,600 rental properties contain- ing 134,748 apartment units. Information is through September. Minneapolis St Paul No. Avg. Pct. No. Avg Pct Type units rem vac. Type Type units vac_ Studio 3,963 $393.73 2.0% Studio 1.465 $423.44 15% 14*droom 13,151 $51225 1.8% 1-bedroom 7,773 $505Z4 1.6% 2-bedroom 4,879 $69391 1.6% 2 -bedroom 6,009 $62915 2.4% 3-bedroom 356 $79813 22% 34)edroom 466 $876.42 3.4% Northern suburbs Southern suburbs No. A Pct No. A Type units rent vac. Type units rA v Studio 217 $41439 3.6% Studio 1,275 $475-05 0.6% 1•bedroom 8,926 $499.79 22% 1- bedroom 14,736 5570.03 15% 2-bedroom 9,684 $61326 2.6% 2-bedroom 14,902 $69913 13% 3-bedroom 933 $761.61 35% 3- bedroom 2,080 $909.63 3.4% Includes Anoka, Blaine, Brooklyn Center, Brooklyn Includes: Apple Valley, Bloomington, Burrisviije, Park, Champlin, Columbia Heights, Coon Rapids, Eagan, Edina, Farmington, Inver Grove Heights, Fridley, Mounds View, New Brighton, Osseo, Spring LakevHL-- Ulydale, Mendota Heights, Prior Lake, -z4,ake Park and SL Anthony. Richfield.Rosemount. Savage, Shakopee, South St Paul and West SLPauL Eastern suburbs Western suburbs NO. A Pct. No. A " A - a , — Type 2 vac_ Type units units rent Pc'- Studio 396 $43658 12% Studio 810 $491,32 1.4% 1-bedroom 6,150 5538.72 1.4 0 /,, 1-bedroom 12.629 $612.43 1.4% 2-bedroom 7.596 $68!.65 L4% 2-bedroorn 14,073 $752.86 2-0% 3bedroom 808 $826.71 2-7% 3 1,471 $1,05554 25% , Includes Arden Hills, Cottage Grove.Falcon kwkides: Chanhassen, Chaska, 'Crystal Eden Heights, Forest Lake, Hastings, Lauderdale, Uttle Praeke, Excelsior, Goiden Valley, Hopkins, Maple Canada. Mahtomiedi Maplewood, Newport. North Grove, Minnetonka, Mound L New Hope, PtymoutrV St.Paul. Oakdale, Roseville, Shoreview, St. Paul Park, Robbinsdale, Spring Park, SLLouis; Park and Stfllwater,Vadnais Heights, White Bear Lake and Wayzata. Woodbury. -a, - 14017—S-0yerall entfent increased 09 percent to $614.75 in the past three months (July-September), an annual rate increase of 4.0 percent The vacancy rate held steady at 1-9 percent same as reported in the second quarter. Source:Aoartment Search Proflles, 4301st Av. N, M inneapoIL& Phone: 3375343. Apartments Online Detail Results http:// webservI. startribune .com/apts /preview_reply.cgi I Kensington Place 312 Zane v 8 A North Brooklyn IVN 612 -561 -5015 B okl n Park � Y 55443 Property ID# 237 uiiw Rai ra:�ilasd'rW3 walk in closet cable available ceiling fan X ; so air conditioning window treatments stove carpet disposal refrigerator IrROVERY77EATURES in this building- laundry Transit & Parking: pool Public Transit owl Blocks to Stop: 0 Routes 5N - 16 - 94M Parking detached garage ' ' • TRICES for p roperty: Rent $450 -$450 Lease in Mos Min 7 Pets: Dogs Cats Gas Included Max 12 Electricity Ask on Visit App. Fee $35 # Allowed 0' 2 Property Water Included Deposit $200 Add'l Rent $0 2 of 2 Garbage Included Notice 60 Days Add'1 Dep. $250 fim h Parking $50 Weight Directions: 94 to Brooklyn Blvd north, to Zane Ave north. Property is on the right. Property Managed by: Lincoln Property Company. Send them an Description: Wonderful Kensington Place has recently been re- designed. Well located, large apartments with lots of extras await you at Kensington Place. You won't be disappointed! (Deposit: $50 due at application, $150 due at move -in.) Print an Info Page Get a custom iii I i II muri with a guest car er d sonal Property Map j�� t r t��il�i� V >d�'.�i�►7 UL L 1 of 1 04/22/98 15:48:44 Apartments Online Detail Results http: // webservl. startribune .com /apts /detail_reply.cgi veT R1 Glen 507 70th Ave North, Brooklyn Center, MN 612- 566 -3200 55430 Property ID# 211 I11 � llr��Yn' ✓rlY1V:d0" ` Infi k�IJ:iXMy�l�lsj�'YJ�alalil3�� 43�'iiso 4 air conditioning window treatments owl u x` carpet ceiling fan cable available stove YHOPHICUTT in this building laundry basketball Transit & Parking: pool volleyball Public Transit playground Blocks to Stop: 1 Routes '1TRWF7& PRICES for this propertv- Parking detached garage i iumn Rent $5004500 Lease in Mos Min 12 Pets: Dogs Cats Gas Included Max 12 Electricity Ask on Visit App. Fee $30 # Allowed 0 2 WIP roperty W Included Deposit $300 Add'l Rent $0 3 of 7 Garbage Included Notice 2 Months Add'1 Dep. $100 Parking Ask on Visit Weight As of 04/22/1998 there are availabilities priced at $500. &. Directions: 694 to Hwy 252; go north for about 1 mile, left „� on 70th Ave N and take an immediate left into parking lot. Property Managed by: Brummer, Gary all Print an Info Page Get a custom -- with peerrsonal Property Map I ��t "�1t'�111 'il?:�v[►" gues c ard 9L i 1 of 1 04/22/98 15:45:14 Apartments Online Detail Results http: / /webservl. startribune .com /apts /preview_reply.egi AML F . Carrington Drive 6910 Humboldt Ave #204, Brooklyn Center, 612 -561 -4190 MN 55430 Property 11D# 208 a "M a D�_ ` inad�jl: ��Clst :�rri.i•`�►!�•�a�Y.lai�'�a u: Nriam I air conditioning cable available ceiling fan dishwasher window treatments stove carpet disposal refrigerator .. laundry Transit s Parking: Public Transit ' Blocks to Stop: 0 ss Routes 82C, 22N, 94F Parking off street PR ICES R / 4 Rent $432 -$497 Lease in Mos Min 9 Pets: Dogs Cats Gas Included Max 12 Electricity Ask on Visit App. Fee $35 # Allowed 0 0 jVV roperty Water Included Deposit $300 Add'I Rent 2 of 7 Garbage Included Notice 60 Days Add'1 Dep. Parking Ask on Visit Weight As of 04/22/1998 there are availabilities ranging from $432 to $497. Directions: Hwy 100 to Humboldt. Follow Humboldt to Q !!< 69th avenue, then go East. Building on left. Property Managed by: Asset Management Group, Inc. Description: Located within walking distance of shopping, dining & entertainment, Carrington Drive offers well groomed grounds with an outdoor pool. Inside you'll find roomy apartments with mini blinds & ceiling fans. Come see us today! Application fee is $35 per person or $45 per couple. Print an Info Page Get a custom with a personal Property Map guest card 1 of 1 04/22/98 15:44:49 Apartments Online Detail Results http: / /webservl. startribune .com /apts /detaiLreply.cgi >S Willow Park 6401 67th Avenue North, Brooklyn Park, MN 612 536 -1404 55429 Property 1D# 239 U �l\`l rli9T _�Ylii�NJ{�Y��i�.>r�alilt•1i��u ® �i:�1'•'i3��i�� .�JJ.i�l��i, walk in closet cable available stove air conditioning deck refrigerator dishwasher window treatments carpet disposal laundry exercise rm Transit & Parking: pool sauna/steam rm Public Transit party room tanning Blocks to Stop: 0 Routes 14D w, Parking detached garage ' PRICES for this prop Rent $5004560 Lease in Mos Min 6 Pets: Dogs Cats Gas Included Maas 12 AR P ro p e r t Y13L Electricity $20 App. Fee $30 # Allowed 0 1 6 of 7 Water Included Deposit $300 Add'l Rent $0 .n. Garbage Included Notice 2 Months Add'1 Dep. $200 Parking $35 Weight As of 05/01/1998 there are availabilities ranging from $500 to $560. Directions: • e .,'�tt' Hwy 694/94 to Hwy 81, South to 63rd Ave., go East, turn left on Douglas, go 2 blks. to 65th, turn left. Property Managed by: Mid Continent Mgmt. Corp. Send them an Description: Large one bedroom with walk in closet, roomy bedroom. Some eating areas have ceiling fanss. Apartments on the second and third floors have a sliding glass door that goes out to a balcony. Textured walls, lots of cupboard space in the kitchen. Courtesy patrol & child programs are available. Print an Info Page Get a custom with a personal Property Map guest card � [��ft'�t�'1111�i��'�!t`t #��►'f F. 1 of 1 04/22/98 15:47:20 Apartments Online Detail Results http: / /webservI.startribune .com/apts /detail_repty.cgi 1 0 Melrose Gates 6401 Camden Avenue, Brooklyn Center, MN 612 -561 -3634 55430 Property 1D# 214 air conditioning cable available disposal rAg dishwasher deck stove carpet window treatments refrigerator r s 0 ► i + • laundry sauna/steam rm Transit & Parking: pool billiards Public Transit exercise rm hobby room Blocks to St 1 putting green library Routes tennis volleyball Parking detached garage - M � gardening tanning 1 pll l �;. K VIS , TW ES for this property: Rent $550 -$550 Lease in Mos Min 6 Pets: Dogs Cats & Vropertypok. Gas Included Max 18 4 of 7 Electricity Ask on Visit App. Fee $20 # Allowed 0 2 Water Included Deposit $300 Add'1 Rent $0 Garbage Included Notice 2 Months Add'1 Dep. $200 Parking $50 Weight As of 05/01/1998 there are availabilities priced at $550. #Te5C1Ct11, Directions: 694 to 252 to 66th avenue, go left to Camden Ave south. Property is on the right. Property Managed by: Soderberg Apartment Specialists Send them an - Description: Spoil yourself with the luxuries you love at Melrose Gates! Melrose Gates has been beautifully renovated, & has over 26 amenities. It is convenient to downtown Minneapolis & the U of M. There is lots of free offstreet parking, or garages for $50 per month. App. Fee is $20 each, or $30 per married couple. Print an Info Page Get a custom with a personal Property Map guest card ML 1 of 1 04/22/98 15:45:31 Apartments Online Detail Results http: / /webservl.starttibune .com/apts /preview_reply.cgi mftw��Jbkmm Am 612 -536 -0566 5240 Drew Ave, Brooklyn Center, MN 55429 Property EN 21643 . `il \� i11i �I die i 1MINJi:d D�Ys i' i• �aiiu.�aiCi�iyti�l��ir�ll�ii:�rr n��iuh�•��Yr��iioi ' air conditioning cable available stove carpet disposal refrigerator P R OV E R I T TEATU R ES in this building: laundry Transit & Parking: walking trail Public Transit WWI Blocks to Stop: 1 Routes awl Parking off street ' ♦ s PRICES for prop Rent $600 -$600 Lease in Mos Min 1 Pets: Dogs Cats Gas Included Max 1 Electricity Ask on Visit App. Fee $35 # Allowed 0 0 Water Included Deposit $300 Add'l Rent Garbage Included Notice Add 'l De p. p. roperty Parking Ask on Visit Weight 3 of 15 W As of 05/15/1998 there are availabilities priced at $600. Directions: Please call for directions. P n &orfl - Prope rty Managed by : , Hughes, Ed Print an Info Page Get a custom ,u i with a personal Property Map " guest card • 1 of 1 04/30/98 12:10:56 Apartments Online Detail Results http://webservl.startribune.com/apts/preview MM AOL ' 12XX 57th Ave N., Brooklyn Center, N4N 612- 544 -4850 55430 Property 1D# 2185 LiJ�y r M � y�a it Mlil>V:�I �hv�uyrt JLi�.> �i:�:�i'�r�i•lr'•��Y�at iii' b> r� a�'�i��ii� "••u'�I�Vu air conditioning cable available stove carpet window treatments refrigerator VROPER'177EATURES in this • laundry Transit 6 Parking: Public Transit Blocks to Stop: 1 low] Routes Parking off street - FETUqT& PRICES I this property Rent $6004600 Lease in Mos Min 6 Pets: Dogs Cats Gas Included Max 12 Electricity Ask on Visit App. Fee $0 # Allowed 1 1 Water Included Deposit One month Add'l Rent $25 $25 ,&V ropertyFjL Garbage Included Notice Add'l Dep. $0 $0 `M 2 of 15 Or parking Ask on Visit Weight As of 04/30/1998 there are availabilities priced at $600. Directions: East of Brookdale Shopping Center. rre QCtxi Property Managed by: Doll, Edward Description: This 2 bedroom upper fourplex is located in a residential neighborhood. There is new carpet. There is coin operated washer and dryer in the laundry room. Yard maintenance, snow removal, gas, water and trash removal are included in the rent. Call for an appointment and directions. Print an Info Page Get a custom �- with a personal Property Map at t��1t'1111t'l�tP1.1�"l guest card ML • 1 of 1 04/30/98 12:10:05 Apartments Online Detail Results http: / /webservl. startribune .com /apts /detail_reply.cgi T ow, River Glen 507 70th Ave North, Brooklyn Center, MN 612 - 566 - 3200 55430 Property 1D# 211 ti�11 � Du: � YWy:�I Di►' �tiiidyi�: �nl: is��l' �tiue��iuW� l��«V.1'a�ai��u�zi'tliui y @ ! walk in closet cable available ceiling fan air conditioning deck stove carpet window treatments refrigerator PROP IKKITTEATURES in this building- laundry basketball Transit & Parking: Pool volleyball Public Transit owl playground Blocks to Stop: 1 Routes Parking detached garage 'ITI PR ICES Rent $590 -$605 Lease in Mos Min 12 Pets: Dogs Cats Gas Included Max 12 Electricity Ask on Visit App. Fee $30 # Allowed 0 2 rope Water Included Deposit $300 Add'I Rent $0 3 of 109" Garbage Included Notice 2 Months Add'l Dep. $100 _ Parking $30 Weight As of 04/22/1998 there are availabilities ranging from $590 to $605. Directions: 694 to Hwy 252; go north for about 1 mile, left ne an1 on 70th Ave N and take an immediate left into -� parking lot. Property Managed by: Brummer, Gary Print an Info Page Get a custom with a personal Property Map �� ili'�lill!'�tT��i1►"l guest card 9L 1 of 1 04/22/98 15:40:55 Apartments Online Detail Results http: / /webservl.startribune .com/apts /detail_reply.cgi hL ...,,, y , Kensington Place 8312 Zane Avenue North, Brooklyn Park, MN 612 -561 -5015 55443 Property ID# 237 �1W11:d 9hy istiir�li�i�lru:; ii�lt��:> rl' �i�irta�l :i��a�u�3i�r air conditioning deck stove dishwasher window treatments refrigerator carpet disposal cable available ceiling fan P.rP laundry Transit & Parking: pool Public Transit Blocks to Stop: 0 Routes 5N - 16 - 94M Parking detached garage '1TRWFF PRICES for this property: Rent $677 4677 Lease in Mos Min 7 Pets: Dogs Cats rope Gas Included Max 12 4MP 5 of lU Electricity Ask on Visit App. Fee $35 # Allowed 0 2 Water Included Deposit $300 /50NR Add'l Rent $0 Garbage Included Notice 60 Days Add'I Dep. $250 Parking $50 Weight As of 04/22/1998 there are availabilities priced at $677. Directions: Qrt1 94 to Brooklyn Blvd north, to Zane Ave north. Property is on the right. t , Property Managed by: Lincoln Property Company Send them an Description: Wonderfull Kensington Place has recently been re- designed. Well located, large apartments with lots of extras await you at Kensington Place. You won't be disappointed! (Deposit: $50 due at application, $150 due at move -in.) Print an Info Page Get a custom • with a personal Property Map # ° �li'�1H�1111�1f�t�1�► guest card r 1 of 1 04/22/98 15:43:23 Apartments Online Detail Results http: / /webservl.startr ibune .com /apts /preview_reply,cgi Ap Carrington Drive 6910 Humboldt Ave 4204, Brooklyn Center, 612 -551 -4190 MN 55430 Property EN 208 air conditioning cable available ceiling fan dishwasher window treatments stove NMI carpet disposal refrigerator TEATURES in this bLtitd o w l laund Transit & Parking: Public Transit Blocks to Stop: 0 Routes 82C, 22N, 94F Parking off street IT PRICES forthis property: mMY1 Rent $552 -$610 Lease in Mos Min 9 Pets: Dogs Cats - Gas Included Max 12 Electricity Ask on Visit App. Fee $35 # Allowed 0 0 roperty Water Included Deposit $300 Add'I Rent 2 of 10 Garbage Included Notice 60 Days Add'I Dep. AOL' t- Moak Parking Ask on Visit Weight As of 04/22/1998 there are availabilities ranging from $552 to $610. Directions: Hwy 100 to Humboldt. Follow Humboldt to e o fti ll 69th avenue, then go East. Building on left. n Property Managed by: Asset Management Group, Inc. Description: = Located within walking distance of shopping, dining and entertainment, Carrington Drive offers well groomed grounds with an outdoor pool. Inside you'll find roomy apartments with mini blinds and ceiling fans. Come see us today! Application fee is $35 per person or $45 per couple. Print an Info Page Get a custom with a personal Property Map� It41t'tlllil "it't:I;�►7 guest card 1 of 1 04/22/98 15:40:38 Apartments Online Detail Results http: / /webservl. startribune .com /apts /detail_reply.cgi Melrose Gates 6401 Camden Avenue, Brooklyn Center, MN 612 -561 -3634 55430 Property ID# 214 I� 9�e w) �LY1I N D►. �JCi�ilt�l��Mel i1►�iri �l.�a� ais��.r sjiffl�# 1 E , air conditioning cable available disposal MIF dishwasher deck stove carpet window treatments refrigerator IrROVE i laundry sauna/steam rm Transit & Parking: pool billiards Public Transit owl exercise rm hobby room Blocks to Stop: i p utti n g green library P g g Routes tennis volleyball Parking detached garage gardening tanning PRICES for this property: 61 /p - 1 Rent $700 -$700 Lease in Mos Min 6 Pets: Dogs Cats &jP ropertyFjjL Gas Included Max 18 4 of 100 Electricity Ask on Visit App. Fee $20 # Allowed 0 2 Water Included Deposit $300 Add'1 Rent $0 Garbage Included Notice 2 Months Add'l Dep. $200 Parking $50 Weight As of 04/22/1998 there are availabilities priced at $700. Qrtll Directions: • 694 to 252 to 66th avenue, go left to Camden Ave south. Property is on the right. V t I • ' Property Managed by: Soderberg Apartment Specialists Send them an Description: k ' Spoil yourself with the luxuries you love at Melrose Gates! Melrose Gates has been beautifully renovated, & has over 26 amenities. It is convenient to downtown Minneapolis & the U of M. There is lots of free offstreet parking, or garages for $50 per month. App. Fee is $20 each, or $30 per married couple. Print an Info Page Get a custom with a personal Proper Ma P rh' P guest card �It'i1a'1X11iM�t`ttt'1;1•'� 1 of 1 04/22/98 15:42:30 Apartments Online Search http://webservl.startribune.com/apts/search ICOMTRAD� PROPE " R1 P Y 2 properties match your Search folder choices and preferences. NMI PREVIEW Displaying I - 2 ......... . Brooklyn Park Properties below are all: Studio Area Carrington Drive 612-561-4190 6910 Humboldt Ave 9204 3 Brooklyn Center MN 55430 Type: apartment ir Laundry EffControlled Rent: $392 - $392 [g Dishwasher Entry Parking: off street it AC ❑ Dogs Bath: One ❑ Cats Kensington Place 612-561-5015 8312 Zane Avenue North • Brooklyn Park MN 55443 Type: apartment v Laundry wControlled Rent: $450 - $450 ❑ Dishwasher Entry Parking: detached garage gr AC ❑ Dogs Bath: One OW Cats tie our 2 properties match your Search our choices and preferences. Displaying 1 - 2 ;i 10 MR I of 1 04/22/98 15:43:14 � l�i�; :r' 4. n . ,•� - r;� �, �� °� � i �y�� Pf��`Y��,,�(l,ry / °1,✓' i Yip � .�, 1 7 _ i P F O""RlY U.,E. Apartment - .Four Plex MUNICiPA_i Brooklyn Center COMPLEX NAME amour ?!ex COUNTY: Hennepin CONF DEN .,ALj ADDRESS: 4110 Lakehreeze Ave n I PIN x 10 118 - 21 - 32 -007130, - II J iil- o f r. . - __.:._. Chu La, Khernn eiln la ar ail,.. Condiuon :: 196. Ave-age - - Buye. _' .; g Nc. Buiidings- / -llnrs r^....- _ r` s riY - - _�ch: 1 4 SeiieGc -:- -- KeiL, and a ortensen Na of Sto es.: Heicht: One-- Eight Saie Da a: Cate of Sa;e: 112719_] Cons; Typ °Klass ;rode -Si: Wood. Frame D -Avg -: -- - Taal Purchase ?; ice:, - - S 130,000.- = ^teriCrTJpe/recfTvpe.:, Brick,' Stucco Hip Asph Shingle _ Iams:_ 13,000ZN PIV7 _'U - 0.00 Bsm`!.ControHed.�ntries: :1703 No = c : _ NTT- % 0 _P NT T PIv17S- BALLOON Tatai Units ! Ava Size: 4 600 Sq Wit" - - - =- -- Cash Equivalent ?rice - - S 130.000 -_ -- Tctat Rooms 1 Avc-Size- -. -.: -16 150 Sa Ft _ - L:-SS - Persoal Prooery S - 0 First F;ooc.Area / GBA::. 1,703.-- Sq Ft 3,416. Sq Ft_ PU15: Spe�al Azsessmen's: S_ - 0 3!dc Permeter ,' NRA: rt 2.400 Sq -i `_ CasilEquivaient of Reai Estate :-- - -S 130 ,- 0f2..Bd.^^ 1:0 SAtSize: 4 11 600 Sq Ft Sale Aratvsis: Safe Price Pe Urit: S 32,500 T of BCrn BA/Size: I j i S Ft Sale Price Per Room:.. S 8,125 Sale Price Per 5 Fi...G5 t: S 38.06 of Bdm BA/Size: f Sq F. q• Bdn^ BA ze: •, F, = Gress �enc Multiplier. -4 'Si Sq _ Detached Garage Stalls i Si 4 Sa Ft income Data: Gross Annual Income: S Parking Surface / Area: Blacktop Vacancy ( 0.0% } - S 0 Interior ``Nails i Floors: I' rywaII Carpet Other Income: Heatina / Air Conditioning: Gas HW Wait = Effective Gress..income: S zr Laundry Rooms i Decks: One None Exoe.^,ses 0.0% Inc7ax: 7 0 Elevators 'Sprinklers: None None = Replacement Reserve_ 5 Zoninc / Neichoorhocd: R4 Residential Net Operating Income: S T oocgmchy /Lake or View: Level No Caoltaliza *.ion -Pate: _and Area i excess Land: 1 1 1 1,750 None Rent Scnecule: = 3drrn 5460 Jmts P .AcreBiac =ff: 14 -3 7(2.1% e Site Utilities. Afl Rent lncluces. Garage COMMENTS /.AMENi`,ES / CTHEP, BUI_CINGS Propery adverstised in newspaper. A,—,s ler. - ooen market ! I i The ms's new to ;ne •_mr! oescouor. incim 'e5oe ^1ve1 ' 'Siove S P.ernoeraccr- �anwasnen -i �ar^aee �! socsai' ^n.'fasner L Cryer, -tNn or .4u Conditioners Per Unr.'- F:reotn :e S =Scace. 7ses=ernt year' 1997 i anc MV - Slcc MV S94,C00 I 7 0'a t i'•1' S124,3C0 - n,crr-auon Sour__ '_RV , Chu La 5uver S Steohen Sake` _ -t' 0 ?! 5157 Iv ao �cc 50= �.� - 3 ri .e Je 7ii "n" Chu La -it!e 5uver 0-ii2 /97 -gez 1. • ! , 7. O x ' iF -"Jr• Y PROPERTY USE. Apartment Four Plex MUNICIPALITY: Brooklyn Center �,,.....- .- ,,,a »<.•.:..F- li COMPLEX NAME. Four Plex I a COUNTY: Hennepin 1 CONFIDENTIAL� ADDRESS: 7230 West River Road i PIN R: 25- 119 -21 -42 -0044 1 !0 ; ♦ =kid 3 EM Year Built / Condition: 1971 Average Buyer. Michael David Cederberg • No. Buildings / Units Each: 1 4 Seller. Watthew and Stephanie Albrecht No. of Stories / Height: 1.9 Eight Ft Sale Data: Date of Sale: 03/17/97 Const Type /Class- Grade -Sh: Wood Frame D - Avg. 1 Total Purchase Price: S 145,000 = Exterior Type /Roof Type: Wood Gable Asph Shngl Terms: 0 ON PMT- 0 ASSUM- 0.00 Ssmt ( Controlled Entries: 1920 No PMT-'//. INT- 0 PMTS- BALLOON Total Units / Ava Size: 4 750 Sq Ft Cash Equivalent Price: ( x } S 145,000 - Total Rooms / Avg Size: 15 200 Sq Ft - LESS: Personal Property: $ 0 First Floor Area / GBA: 1,920 Sq Ft 3,340 Sq Ft - PLUS: Special Assessments: S 0 Bldg Perimeter / NRA: 184 Ft 3,000 Sq Ft Cash Equivalent of Real Estate: S 145,000 T of 1 Sdrm t SA/Size: 1 Ix (; ;11 600 Sq Ft _ Sale Analysis: Sale Price Per Unit: 5 36,250 - .of 2 Bdrm 1.0 SA/Size: 3 ;x j i 1j. i 800 So Ft Sale Price Per Room: S 9,567 r of 5drm BAISize: ! I Sq Ft Sale Price Per Sq. Ft. GSA: S 37.766 ' r of Sdnn BA/Size: Sq Ft = Gross Rent Multiplier. 6.39 Detached Garage Stalls / Si a 300 So Ft Income Data: Gross Annual Income: S Parking Surface / Area: Blacktop Vacancy ( 0.0 %) S 0 Interior Walls ( Floors: Drywall Carpet - Other Income: S 0 `;eating / Air Conditioning: Wail Effective Gress Income: S Laundry Rooms ! Decks: 1 None Expenses 0.0% Inc Tax: S 0 Elevators / Sprinklers: None None Replacement Reserve: _ S 0 Zoning ! Neighborhood: R4 Resiential Net Operating Income: S Topography /Lake or View: Level No Capitalization Rate: Land Area / Excess Land: 15,150 None Rent Schedule: 1 Bdrm Units P Acre /Sldg Eff: 11.5 78.1 % 2 Bdm Site Utilities: All Rent Includes: ' Garage COMMENTS / AMENITIES i CTHER BUILDINGS: Seller transferrad title to buyer with a warranty deed even though the s eller had only a contract for deed inte Bu yer has applied for hometead. This pro perty sold as part . of a three building package Mar of 1996 to this seller. Ra tio on 1996 packag sale was 1.013. 1 question validity of this t, � nsaction as it may merely be a vehicle for the homestead. Sellers are homesteading one of the other proceries purchased in 1996 and applied for another and previously homesteaded a in Brooklyn Park. -he x's next to the vnrt oesanotton i ndicate e scearJaty: (Stove 3 R err, a erator sr - asnen iGarace J:soosa vvasner 3 3rver)- o(av Condalwners Per until -iFre- `aces. S =Stara Assessment '!ear 1997 Land .MV 524, 000 311 i`J1V. $76,000 Total NIV: 5100,000 ..omation Source CRV / Buyer Sucmyttec By Steohen Baker Cate: 07/25/97 Map Cooe: 37 -2C ?nri2C tl /ith: ",t;a Date. ?hon 525 -1995 A CD:4010-C60 3ROOKLYN PI -PROPERTY TYPE- A-! PR/ 7609 6 T H A V N 2 -36 7 P .. ID: 2 9 - 119-21-33-0018 l 3R /LEGAL : i.ot: 3 31k: 2 Sabd: Cast Mohr Add - 3u� ER: Mart -1, Spencer & Karen M PHONE: 490-5914 Lj le t t e C an a a R LIE- anad- MI; 5 17 1�7 b reC: PHONE: 531-200-9 S'� LER: Ma7"'�114 S_ D� J L 7250 W Ri ve r Rd 3-rookIlyn Parki MN 55430 MK 'VALUEE 72,000.00 PUR ?__C 142,000.00 TAXES : 2,493,75 DO ?;_YMT 4 -- 2-, 0 25 . 00 1 PROP TYPE: A -11 i T./SA/AMT: 109,000.00 OV'QS . PROP: 0 00 1 Y EAR BUILT: 1965 L/SA/IDATE: 08/94 POINTS-Buyer- 0 77 LE NTUM2E -0 6 3 12 1Fj PUS. AGREEMENT. POINTS-Selir: 0.00 F DATE: 03/09/971 CLOSING DATE: 03/04/97 / / TYPE W MC-TE . / MONTH PAYMT o 1 _NT T E R~ ST NO o A Y�T 3A.LLOO_NN DA7 1: 99,975.00 945.-- 9.500 350 2: 0.00 0 .00 0.000 01 3: 0.00 0.00 0.000 0 COMMENTS lid 10 r j 'PERSON FILING: Spence: Martin ZONING/USAGE: RS One & Two Fay, _1y Res Sid—s:! LAND SIZE: 1 -d-,695 SF # Sto_ries.-2 BUILDING SIZE: 3,560 GBA APTS 4-1 -1 3F. 2 31P, 3 3'R , o - - F Units:4 fr� - 1'r #7EFF: BUILDING TYPE: • ----- . ........ sgrs AVE 2 05/31 Data-CREV Cocyri—Ht -1 -997 Plat System Services, Inc. Plat System Services, Inc. has made every effort to obtain accurate and current information, but in no manner Is the information contained herein guaranteed, and the publisher shall not be responsible for any loss caused by the negligence of any of its agents or employees in procuring, compiling or publishing the said in formation. ADN CD:4010 -C60 3ROOKLYN PARK /HENL`iEPIN PROPERTY 'TYPE _A -1 _ AVE Ni 2.0 -35 PID: 29- 119 -21 -33 -00;9 D: X617 69T -- 3R /LEGS Lot. 4 B1k. 2 Suhd. Casty Mchr - v- Mart _n Spencer & Karen_ M I P =ONE. 533 -5 70 76_7 59th - Ave N 3rocklvn Park! T 554.28 K SE_L ER . Kotask, Rodney M & Ka___ eee_r M PHONE: 421 -0901 ^ I 11198 r_�! 1 s,CrC Ave Champl.n I MN 55 310� I I MKT VA E : 72,000.00 PUS PRICE 140,000.00 1 T -XES: 2,664.91 DOWN ?A MT 28,000.00 PROP TYPE. L %SA, /At�!T: 13?, 9x0.00 PCRS PROP: 0.00 `_''E: -`R 3liILT: 1905 /SA /DA 11/90 POINTS- Euver: 0.00 FILE Nu'M3ER: 638047 BUR. AGREEMENT: / % i POINTS- Sellr; O.OG FILE DATE: 05/10/9/ CLOSING DATE: 05/30/97' DEED /TYPE: W MGTE . /CONTRACT MONTHLY PA`_TMT o INTEREST NO. c PA'�IT 3ALLOON DA T E 1 0.00 0.00 0.000 0 2: 0.00 0.00 0.000 0 3: 0.00 0.00 0.000 0 COMMENTS: I PERSON FILING: Spencer Marren 533 -5176 ZONING /USAGE: R4 Apt 31dgs:i Stories:2 LAND SIZE: 14,695 SF 105.35 X 139.5 BUILDING SIZE: 3,562 GBA APTS or Urits:4 #13R: =`23R: 4 139R: #EFF: BUILDING TYPE: -. .n • '� • 65TH AVE N 10/31/97 Data -CREV Copyright 1997 Plat System Services, Inc. Plat System Services, Inc. has made every effort to obtain accurate and current information, but in no manner is the information contained 'herein guaranteed, and the publisher shall not be responsible for any foss caused by the negligence of any of its agents or employees in procuring, compiling or publishing the said information. ,.., � _,: �; - r:. •' ;(mot - . I I. I 4,J1 �•' (a51' %l:ju, {! ; ^l . E`I''1''. -' - 't.'.� - ate. -- - - PROPERTY USE. 7 Unit Apartment Building i MUNICIPAL! Y: Brooklyn Center - -- it Il ° ;_'� " =; COMPLEX NAME. Unnamed I COUNTY: Hennepin j i. ADDRESS: 5843 Fremont Ave N j! PINT' 01- 118 -21 -23 -0059 f�{•:�''�'I.I�� y y .gt�ti. ,:� ,; . I. ylilt' ,�i�f�' „� „�i a' II• I Year Built / Condition,: 1960 7Ave Buyer. D & J Properties No. Buildings ./ Units Each: 1 Seller Fredrick.Guthrie No. of Stories / Heiah� Two t Ft Salz Oata: Date of Sale., 07/23197 Const Type /Class- Grade -Sh: Wood Fvg - 1 �_ Total. Purchase- Price: S 182,500 Exterior Type /Roof Type: Stucco Asph. Shngi Gable Terms: 42,400 DN PMT - 140,100 Unknown - 2106.11 Bsmt / Controlled Entries: 2825 No PMT- Unk% INT- 0 PLAITS- BALLOON Unkown _- Total Units /.Avg Size: 7 671 So Ft Cash Equivalent Price: ! x ) $ 182,500 Total Rooms / Avg Size: 22 214 Sq Ft _ LESS: Personal Property: $ 2,100 First Floor Area ! GBA: 2,826 Sq Ft 5,652 Sq Ft PLUS: Special Assessments: S 0 Bldg Perimeter / NRA: 229 Ft 4,700 Sq Ft Cash Equivalent of Real. Estate: S 180,400 ' of 1 Bdrm 1 BA/Size: 6 x ! 1io: 650 Sq Ft - Sale Analysis: Sale Price Per Unit: $ 25,771 of 2 Bdrm 1 BA/Size: 1 ix; :1 800 Sq Ft Sale Price Per Room: 5 8,200 ' of Bdrm BAJSize: 1 Sq Ft Sale Price.Per Sq. Ft. GBA: $ 31.92 ' # of Bdrm BA/Size: Sq r Gross Rent Multiplier. 4.52 Detached Garage Stalls / Si 4 1280 Sq Ft Income Data: Gross Annual income: Act 97 S Parking Surface / Area: Blacktop 3840 Vacancy ( 1.2 %) Act 97 S Interior Walis / Floors: Drywall Carpet/Vinyl Other Income: Act 97 $ 0 Heating / Air Conditioning: Gas HW wall Effective Gross Income: S _ Laundry Rooms/ Decks: One None Expenses 45.0% Inc Tax: Est 97 S Elevators /Sprinklers: None None - Replacement Reserve: Est 97 S Zoning ! Neighborhood: Rd Residential Net Operating Income: $ - Topography /Lake or View: Level No Capitalization Rate: Land Area /Excess Land: 19,710 None Rent Schedule: 1 Bdrm Units P Acre /Bldg Eff: 15.5 83.2% 2 Bdrm Site Utilities: All Rent Includes: Heattwater ast Garage COMMENTS / AMENIT'ES / OTHER BUILDINGS: Down, payment and monthly payment was the only informatioin buver would release or. financing. Rents and vacancies are actual 1997. Expenses and reserves are estimates. B uildin g in good interior c ondion and poor exterior condition, rate as average overall. -he "s next to the unit descncdon Indicate peso ectroely' (Stove 3 2efnaerator�- ;'Gshwasnerl- (Garoace �i ^N�sner 3 0!ver% - {No of Air Conditioners Per Und`- (=�reolace�. S =J'OaCe F ssess - men' Year 1997 Land MV 535,000 Biog MV $115,500 Total MV 5150,500 nfor-rancn Source: CR /`Buyer /File Suomlt:ec B•/' Stephen Baker Date 11/25/97 Mao Code — 01 1A - - Verified Vjith. Diane Miller Title auver Cate 08/13197 Phone: 612571 -7 ":27 I'& �' •i s . , .�.+yr��n��lnrr�ctr+r ?i .. 1'i i - -- s PROPERTY USE: Twelve unit aparcmenttHomesteaded MUNICIPALITY: Brooklyn Center y COMPLEX NAME: Unnamed 'I COUNTY: Hennepin ' 1 ,0-113-21-32-006 6 t 4819 Azelia Avenue North � PIN �. ADDRESS h Year Built i Condition;: 1963 Average Buyer: Penelope A. Brown No. Buildings / Units Each: 1 12 Seller. Irvin 8 Ruth Schloff No. of Stories r' Height: Two and 112 Eight Ft _ Sale Cata. Date of Sale: 10!01197 Ccr7st Tvpe /Class - Grade -Si Wood Frame D -Avg_1 - Total Purchase Price: S 294,000 2xtenor Type /Roof Type: Stucco /Brick Fiat(P & G _ Terms: 89,000 ON PMT- 0 Conventional- 0.00 Bsmt / Cont, oiled = ntries: 3483 No PMT- Unknown% INT- 0 PMTS- BALLOON Total Units/ Avg Size: 12 675 Sq Ft Cash Equivalent Price: ( x ) S 294,000 Total Rooms / Avg Size:. 39 208 Sq Ft LESS: Personal Property: S 0 First Floor Area i GSA: 3,483 Sq Ft 10,499 Sq Pt PLUS: Special Assessments: $ 0 Bldg Perimeter / NP.A: 252 Ft 8,100 Sq Ft Cash Equivalent of Real Estate: $ 294,000 Y of 1 Sdrm 1 BA/Size: 9 .xi Ao 600 Sq Ft Sale Analysis: Sale Price Per Unit: S 24,500 " x of 2 Sd m 1 BArSize: 3 ix ' !, 1,0+ 900 Sq F; = Sate Pnce Per Room: S 7,538 r of Bdrm SAiSize: SR Ft Sale Price Per Sq. Ft. GBA: S 28.00 I ' j P t - Gross Rent Multiplier: 4.55 of Bdm SA/Size: 54: _ Detached Garage Stalls / Si 2 528 So Ft - Income Data: Gross Annual Income: Act 97 S Parking Surface / Area: Blacktop 15 Stalls13,000 S.F _ Vacancy ( 5.0% j Est. 97 S Interior Walls / Floors: Drywall CarpetlVinyl /CT Other Income: Est 97 S Heating / Air Conditioning: Forced Warn Air Wall - Effective Gross Income: S Laundry Rooms / Decks: One Nome = Expenses 50.0% Inc Tax: Act. 97 $ Elevators /Sprinklers: None None Replacement Reserve: Est. 97 $ Zoning / Neighborhood: R4 Comm. /Residential ulti Family Net Operating Income: Topography /Lake or View: Level No Capitalization Rate: Land Areal Excess Land: 35,280 None Rent Schedule: ?..Bdrm Units P Acre/Bldg Eff: 14.8 77.2% 2 Bdrm Sre Utilities: All Rent includes: beat, Water, Trash Garage - .i u,d 4l rd..,n n... uiu ., .., .,._ N .i li., iii uil, •.ni, . u, ui.. aiu. n al .l . V al, i. / i��i .ei ini ...Y.i.� i, .,, ii.,. ,. , a -i[un iii iii. .L, ��i.In .u, ul ilSiLf..I,�.,�aiu�liub L.nJA. •.lei i��n. n:d it iii COMMENTS: AMENITIES ( OTHER BUILDINGS: Sold MLS, Burnet Realty, 61 days on market, Original listing orice "x299.000. Building was inspected November 4, ? 997 with the new owner. New owner did not want to release financing details. Building is now owner occupied. T*te X'� next .o me unn cesc. ^.ot[on nC;;ate resoectweiy ;Stoup 3 Rem ;era[o��- ( ^[snwasner+- (Garoaoe Csoesai} -ibVasher 3 Dryers -`NO of Air Comm�one•s �- -. �, Assessrre Year 1998 _ano MV 560,000 B'dq MV: 5218,000 Total MV1 $275,000 n Sour ^e: CRJ /File /Suver /MLS Sucrrred By Joseph DaBruzzi Date. Mao ..gde 1!04!97 ah `/enfec `Frith P9neioce Br Title OwnertBuyer D at e — PROPERTY USE: 15 UNIT APARTMENT j 'j MUNICIPALITY: BROOKLYN PARK COMPLEX NAME: COUNTY: HENNEPIN ADDRESIS: 6325 DOUGLAS DRIVE NORTH j PIN #: 32- 119 -21 -41 -0002 ,r - - ---------- 1 I - i _ T I Year Built / Effective Age: 1969 1969 Buyer: ELIZABETH I. FRYSLIE TRUST Const Quality/ Condition: D- Average AVERAGE Seller. MARION J. DONNELLY REVOCABLE TRUST Const Type / Ssmt Use WOOD Sale Data: Date of Sale: 12/10/96 Exterior Type ! Roof Type: BRICK FLAT Total Purchase Price: 5 428,000 No. of Stories / Bldg Height: 3 9 Ft Terms: 58,000 DN PMT- 370,000 CO- 3037.51 No. of Bldgs / Units Each: ONE + GAR. 16" PMT- 7 314% INT- 60 PMTS - BALLOON 12/01/2008 Bsmt Areal Bsmt Finished: NONE Sq Ft 0 Sq Ft 3094.38 @ 8% FOR 96 MOS. First Floor Area / GBA: 9,912 Sq Ft 19,824 Sq Ft Cash Equivalent Price: 8.23% $ 407,193 Bldg Perimeter / NRA: 472 Ft 0 Sq Ft LESS: Personal: Property: $" 10,500 Total Units / Avg Size: 16 Units S% Ft PLUS:. Special Assessments: $ 0 Total Rooms / Avg Size: Rooms Sq Ft Cash Equivalent of Real Estate: $ 396,693 # 1 BORM Bdrm 1 BA/Size: 10 ixlpxl ',11 Sq Ft Sale" Sale Price Per Unit - , $" 24,793 2 BDRM Bdrm 1 BA/Size: 6 ixl ,�i Sq Ft Analysis: Sale Price Per Room: $ ERR E * # Bdrm BA/Size: ; i Sq Ft. Sale Price Per Sq. Ft_ GBA:. $ 20.01 *# Bdrm BAiSize: Sq Ft Gross Rent Multiplier: Detached Garage Stalls / Size 10 2,200 Sq Ft Income Potential" Gross Income :_ S" Heating / Air Conditioning: HOT WATER WALL Data: Vacancy _ $ Sprinklers / Elevators: NO NO Other Income: S Parking Surface / Area: ASPHALT SURF & 10 ST GAR Effective Gross Income: Interior Wails / Floors: SHEETROCKED CARPET & LINO Expenses Inc Tax: $ Control Entry /Laundry Rms: YES ONE Reserves: $ Patio Decks / Lake or View: 8 SMALL BALCS NO Net Operating Income: $ Land Area / Topography: 25,690 Level Capitalization Rate: Zoning / Neighborhood: R5 Older mixed use Apt Rents: 1 BDRM Bldg Efficiency / Utilities: 0.0 % PUBLIC 2 BDRM Units P Acre /Excess Land- I 27.13 NO Includes: TYPICAL ; Garage The X's next to unit descrodon indicate respectively: (Stove & Retrigerator)- (Dishwasher; - (Garbage (Disoosal)_fwasher & Dryer) -iNo. of Air Conditioners Per Unit)- (Fireolace). S= Space. BUYER WAS LOOKING FOR AN APARTMENT INVESTMENT. HAD CONSIDERED 8 TO 10 OTHER PROPERTIES BEFORE SELECTING SUBJECT. 100% OCCUPIED AT THE TIME OF THE SALE. ONE GARAGE STALL IS USED FOR MGMT STORAGE. r �++� + �/ .i♦ ��IL / �Ti � 6" ' ,� 7 �li�i ;lllIM "-�_ PROPEn T Y USE. 12 .1nit Apartment 3uildinc MUNICIPAL7Y. Brooklyn Center , - COMP_EX NAUIE. i' 1' COON^ . Hennepin YCONFIDENTfAL I� I ADDRESS: 5211 Xerxes Aves ;, ?IN = - 118 - i - 11 -0022 �LA = Year Built / Condition: 19'5 Average Buye'- Mark Johnson 8 Reza Vojoai No. Buildings / Unis Eacn: 1 12 Selle Fences Lunachek No of Stories / Heiaht: Three Eight r = Sale Data: Cate of S `aie: 05/2319' Const T ,ype /Gass - Grace -Sh: 1Nood =name D'- Avg. - 1 ; otal Purr-rase Once S 233,795 ^ Exterior Type /RocfTvpe: Brick Veneer Asph. Shngl Gable Terms: 233,795 DN PMT 233,795 CC Payo°f• OAG 3smt / Controlled Entnes: Yes PMT- % IN'- 0 PMTS- BALLOON Total Units / Avig Sze: 10 Sq Ft Cash Eql Price ( S Total Rooms / Avg Ste_: Sq Ft =SS. Pe,Sdna; Procer y S First Floor Area / GSA: S- Ft 10,94- Sc; Ft PLUS. Special Assessments: S Bldg Perimeter ( NRA: Ft 0 Sq Ft Cash Equivalent of Real Estate: S r of 1 Bdm - 1 SA/Size: 4 $q F Sale nalyss: Sale Price Per Unit: o; 2 Sdm1 B JS ss: 12 Sq Ft Sale Price Per Room: 5 o; Bdrm 3A'S:z_. Sq Ft Sate Price Per Sq- Ft. GBA. S a of Bdrn BAlSl Sq i=t Gross Rent Muthpher. 0.00 Garage Stales / S:ze: Sc Ft Income Data: Gross Annual income: Parking Su "ace / Area Blacktop Vacancy ( 0.Q % ) 5 0 Interior Walls / Fioors: Drywall Carpet Other Income: 5 0 Heating / Air Conditioning: Effie ive Gross Income S Laundry Rooms / Decks: One Eight Balconies Expenses 0.0% Inc Tax: S 0 Elevati / Sonnk)ers: None None Repiacemel Reserve. S 0 Zoning / Neighoortiood: RS Residential Net Operating income S TopographyP-ake or View: NO Capitalization Rate Land Area / Excess Land: 39,00 None Rent Scheduie: 1 Bdrm Units P Al E ": 17.9 0.0% 2 Bdrn Site Utilities: All Rent lnsludes: J COMMENTS / AMENMES / CTHER BUILDINGS _ Property sold in 1995 to t hese buy ers on CD. This is a payoff. Buildinc was poorly managed by sellers estate at the time of the 1995 sale- Actual sale once June 21, 1905 was S25 0,000. Claimed S16, 000 PP. CD terms were 5 5,000 down and S21 5,00C for 34 mon.ns at 3.5%. Buyer is an age and received an 52,100 commission. I ' Tne x s non to mr un__� rs.^.ot,on Inac�le rezoee..- 'Stowe d �etnoerata G arace ' ✓ISOOSa� ^+�'zsne e � >, .Iwo o %.1 onc:uoner tee- unit ..; =�r". tac_- _ =S%ace i r Assessment Year: 1997 Lard MV 550, 0DO Bloc MV 518',200 7ctal , AV 524',220 n,ornat.on Sour;, CRV /BLver/ Seier' = ile Submt7ed By Ci:v Assessor Date 111 Mao Sooe jer;fied'Nrt mark Jo 7 itle Buyer ^,at ° - _ Phone 5Z3.1 3110 — PROPERTY - 0 S APARTMENT MUNICIPALITY: ROBBINSDALE COMPLEX NAME: BROADWAY APTS COUNTY: HENNEPIN ADDRESS: 3833 -3837 WEST BROADWAY PIN #: 06- 029 -24-41 -0022 & 0023 % .I • � i ` ' M 4 J ➢ia v '/ o f LAAC. ICASO-G \ c � i 5' ♦ Sn p 38ti AVE 7 - T 14 \, \ 1 � `1 TOrfr•>' \ 48i's: 'r'76 - -- - 9 ' 3TS3 770 O } b Cx•1 T P7 OW � f �+011 3737 T •PTS ♦ 3 T \\� 'A Ror O \2 Year Built ! Effective Age: 1948 1960 Buyer: DALE E. & CAROL M. GERDIN Const Quality / Condition: D -AVG AVG Seller. GEORGE W. & JEAN E WAHL • Const Type / Bsmt Use: FRAME Sale Data: Date of Sale: 05/15/97 Exterior Type / Roof Type: STUCCO HIP Total Purchase Price: $ 450,000 , No. of Stories I Bldg Height: 2.9 9.0 Ft Terms: 150,000 DN PMT- 300,000 CD- 3640.00 No. of Bldgs / Units Each: 2 10 PMT - 816 INT- 120 PMTS BALLOON 0 Bsmt Area / Bsmt Finished: 0 Sq Ft 0 Sq Ft NONE First Floor Area I GBA: 5,248 Sq Ft 15,744 Sq Ft Cash Equivalent Price: 8.40 " /a $ 450,000' Bldg Perimeter/ NRA: 456 Ft 13,700 Sq Ft LESS: Personal Property: $ 12,000 Total Units I Avg Size: 20 Units 685 Sq Ft PLUS: Special Assessments: $ 0 Total Rooms / Avg Size: 60 Rooms 228 Sq Ft Cash Equivalent of Real Esta te: $ 438,000. " # 1 BR Bdrm 1 BA/Size: 20 fix! 'X 68 Sq Ft Sale Sale Price Per Unit: $ 21,900 # Bdrm BA/Size: _ i j i, Sq Ft Analysis: Sale Price Per Room: $ 7,300 # Bdrm BA/Size: Sq Ft Sale Price Per Sq. Ft. GBA: $ 27.82 # Bdrm BA/Size: Sq Ft Gross Rent Multiplier: Garage Stalls / Size: 0 Sq Ft income Potential Gross Income: $ Heating / Air Conditioning: HOT WATER WALL Data: Vacancy $ Sprinklers / Elevators: NONE NONE Other income: $ Parking Surface / Area: Effective Gross Income: $ Interior Walls / Floors: SHEETROCK CPTIVINYL Expenses Inc Tax: $ Control Entry/Laundry Rms: YES ONE Reserves: $ Patio Decks / Lake or View: NONE NONE Net Operating Income: $ Land Area / Topography: 19,380 LEVEL Capitalization Rate: Zoning / Neighborhood: B -1 STAB Apt Rents: 1 BR Bd Bldg Efficiency / Utilities: 87.0% ALL PUBLIC Units P Acre /Excess Land: 44.95 NONE Includes: WATERfswR, HeAT,TRASH The X's next to unit description indicate respectively: (Stove & Refrigerator ) - (Dishwasher)- (Garbagt Disposal)-(Washer & Dryer) -(No. of Air Conditioners Per Unit) - (Fireplace). S= Space. BUYER KNEW SELLER PRIOR TO PURCHASE, CALLED INQUIRING ABOUT PURCHASE AND NEGOTIATED PRICE OVER A COUPLE OF MONTHS. SELLER FINANCED - FAVORABLE FINANCING. NO APPRAISAL DONE. RETURN ON INVESTMENT LOOKED GOOD TO BUYER. EXPENSES FIGURED AT 36% EXPENSE RATIO OR $44,189 PLUS ACTUAL 97 PAYABLE TAXES OF $16,349.60 TOTALS $60,539 • PP AT $600 /UNIT OR $12,000 PROPERTY USE: Three 12 Unit Apartments Buildings MUNICIPALITY: BROOKLYN CENTER I I COMPLEX NAME: Humboldt Court Apartments COUNTY: HENNEPIN ADDRESS: 6807 Humboldt Ave N :l PIN 35-119-21-11-0006 CJW! s `BLE WRMT SALS El F I t Nj 7,VE I L C2 R 14111111111vali, eLACE 6-TH ' I - AVE, N F - 7 --- Year Built Effective Age: 1966 1965 Buyer: Humboldt Court LLP Const Quality / Condition: C-Avg -1 Average to Fair Seller. Gary D Lyons Family Trust • Const Type / Bsmt Use: Wood Frame Apartments Sale Data. Date of Sale: 07101/96 Exterior Type Roof Type: Stucco w Brick Trim Flat P & G Total Purchase Price: $ 890,000 No. of Stories Bldg Height: Three Eight Ft Terms: 75,000 DN PMT- 815,000 CD- 7814.00 No. of Bldgs / Units Each: 3 12 PMT- 9.0% INT- 240 PMTS - BALLOON None Bsmt Area I Bsmt Finished'. 12,000 Sq Ft 11,200 Sq Ft Interest only for first 24 months First Floor Area GBA: 12,000 Sq Ft 36,000 Sq Ft Cash Equivalent Price: 8.36% $ 890,000 Bldg Perimeter NRA: 780 Ft 34,800 Sq Ft LESS: Personal Property: $ 18,000 Total Units / Avg Size: 36 Units 967 Sq Ft PLUS: Special Assessments: $ 3325 Total Rooms / Avg Size: 135 Rooms 268 Sq Ft Cash Equivalent of Real Estate: $ 875"326 # 0 Bdrm 1.0 BA/Size: 3 xi i ; i{ 600 Sq Ft Sale Sale Price Per Unit: $ 24,316 # 2 Bdrm 1.0 BA/Size: 3:3 1,000 Sq Ft Analysis: Safe Price Per Room: $ 6,484 # Bdrm BA/Size: Sq Ft Sale Price Per Sq. Ft. GBA. $ 24.31 # Bdrm BA/Size: Sq Ft Gross Rent Multiplier. None Garage Stalls / Size: 0 Sq Ft Income Potential Gross Income: $ Heating / Air Conditioning, Gas HW Wall Data'. Vacancy $ Sprinklers / Elevators: None None Other Income: $ Parking, Surface I Area Blacktop Effective Gross Income: $ Interior Walls / Flows: Drywall Carpet Expenses Inc Tax: $ Control Entry/Laundry Rms: No Three Reserves: $ Patio Decks / Lake or View: 24 Decks No Net Operating Income: $ Land Area / Topography: 106,545 Level Capitalization Rate: Zoning / Neighborhood: R5 Residential Apt Rents: 0 Bdrm Bldg Efficiency / Utilities: 96.7% Alt 2 Bdrm Units P Acre/Excess Land: 14.86 None Includes: Heat, Water, Trash The X's next to unit description indicate respectively: (Stove & Refrigerator)- (Dishwasher) - (Garbage Disposal)-(Washer & Dryer)-(No. of Air Conditioners Per Unit) - (Fireplace). S=Space. Property was listed and sale was brokered. Buyer claims that the long term fixed rate contract for deed was instrumental to the deal and that without it sale would not have happened. Building needs new carpet in half of the units and ail hallways. 2 Bedroom units with new carpet rent for $535 and same units with old carpet rent for $485. Building was 100% occupied at time of sale. Buyer has retained seller • as property manager - claims had no impact on transaction and that it was not required. PROPERTY USE: APARTMENT i MUNICIPALITY: ROBBINSDALE COMPLEX NAME: ROBIN COURT APARTMENTS COUNTY: HENNEPIN ADDRESS: 4400 45TH AVENUE NORTH PIN 10-118-21-33-0019 • t� •RABLEWARKETSALE A A.F 4400 .11"T 42C 4331 1 / 1 5 1 h AvE sc,* 4412 21111 01ST 0 44 Z LAKEVIEW E-EmEt CIRCLE cm, 4..o 1 14 14 A O� 454 1 j !t (rl 0 4-00� 4110 . k' 1 4435/ 4 360 4420 35! 4202 4358 44 1 29 4-42 1 54 1 4210 4423 1 4Z2 4352 4220 17 is 4 4. 3 4 43 4 4 24 0 4 '�4 1 4 3 0 00 2 0 4 4 3 Z 1 4 4 2 - 440 4 0 4 314 Z 2 5 0 443 4 y 4 4 4 3 1 \ 4 4 a 00 4 3, 3 0 f 314 3 0 , } 4 4 3 3 0 4 3 1 4 3 1 4 13 4 4 A 7 3 2 Year Built Effective Age: 1971 1971 Buyer ROBIN COURT APARTMENTS Const Quality / Condition: C-AVG BELOW AVERAGE Seller. ROWLAND F. HEIN TRUSTEE • Const Type / Bsmt Use. WOOD FRAME NIA Sale Data: Date of Sale: 10130196 Exterior Type 1 Roof Type: STUCCO FLAT P & G Total Purchase Price: $ 925,000 No. of Stories Bldg Height: 3.0 9.0 Ft Terms: 420,000 DN PMT- 505,000 CD- 5500.00 No. of Bldgs / Units Each: ONE 36 PMT- 8.25% INT- 120 PMTS- BALLOON 1013012b06 Bsmt Area f Bsmt Finished: NONE Sq Ft NIA Sq Ft NONE First Floor Area / GBA: 12,700 Sq Ft 37,512 Sq Ft Cash Equivalent Price; 8.26% $ 925,000 Bldg Perimeter NRA: 648 Ft 0 Sq Ft LESS: Personal Property', $ 35,000 Total Units / Avg Size: 36 Units Sq Ft PLUS: Special Assessments'. $ 0 Total Rooms / Avg Size: Rooms Sq Ft Cash Equivalent of Real Estate: $ 890,000 # 2 BDRML Bdrm I BA/Size: 34 Ill Sq Ft Sale Sale Price Per Unit: $ 24,722 # 3 BORM Bdrm 1 BA/Size: 2 i tI Sq Ft Analysis: Sale Price Per Room: $ ERR # Bdrm BA/Size: I Sq Ft Sale. Price Per Sq. Ft. GBA. $ 23.73 # Bdrm BA/Size: Sq Ft Gross Rent Multiplier Detached Garage Stalls / Size 18 Sq Ft Income Potential Gross Income: $ Heating / Air Conditioning: HOT WATER WALL UNIT Data: Vacancy $ Sprinklers / Elevators: NO NONE Other Income: $ Parking Surface / Area: ASPHALT ADEQUATE Effective Gross Income: $ Interior Walls I Floors: SHEETROCK CARPET & LINO Expenses Inc Tax: $ Control Entry/Laundry Rms: YES ONE Reserves: $ Patio Decks / Lake or View: 2ND LEVEL ONLY YES Net Operating Income: $ Land Area / Topography: 58,000 LEVEL Capitalization Rate: Zoning / Neighborhood: R-3 STABLE Apt Rents: 2BDRM Bldg. Efficiency / Utilities: 0-0% ALL PUBLIC 3BDRM Units P Acre/Excess Land: 27.04 NO Includes: HEAT, WATER, TRASH I Garage The X's next to unit description indicate respectively: (Stove & Refrigerator )-(Dishwar,hkar)-(r gitiage Disoosail-(Washer & Dryer)-(No. of Air Conditioners Per Unit)-(Fireplace). S=Space. BUYER HAS PARTIAL INTEREST IN ADJACENT PROPERTY AT 4200 45TH AVENUE NORTH. ACCORDING TO SANDY MARRIOTT11WITH ROBIN COURT APARTMENTS, LLC, PROPERTY WAS KNOWN TO BE FOR SALE IN APARTMENT OWNERS CIRCLE. PROPERTY SOLD WITH NO BROKER INVOLVEMENT. FOR AGE AND CONDITION OF UNITS, PP ESTIMATE SEEMS HIGH. PROP. HAS ABOUT HALF REPLACE ROOF. NEWER CARPET AND SOME NEWER WINDOWS. OLD SWIMIING POOL HAS BEEN BURIED. HAS HISTORY OF MANY POLICE CALLS. SINCE PURCHASE 8 UNITS HAVE TURNED OVER OUT OF THE 36 UNITS. , _ . rte.. PROPERTY USE: Three 18 Unit Buildings I MUNICIPALITY: Brooklyn Center I COMPLEX NAME: Brookhaven COON t : Henne pi 1CONFIDENTIAL ADDRESS. 3907 65th Ave N I IN 34- 119 -21 -31 -0081 Year Built / Condition: 1963 Average Buyer. LIDA Properties LLP - No. Buildings Each: - s Units E c . 3 9 18 Seiler. Fifty Three Company 1 P y No. of Stories /Height: Three Eight Ft Sale Data: Date of Sale: 10101i97 - Const Type /Class- Grade -Sh: Wood Frame O -Avg -1 Total Purchase Price: S 1,450,580 Exterior Type /Roof Type: Brick Veneer Hip Asph Sngle Terms: 1,304,780 ON PMT- 145,800 WD- 1174.00 Ssmt / Controlled Entries: 19008 Yes PMT- 8.511 INT- 60 PMTS- BALLOON 1110512002 Total Units / A vg Size: 54 814 Sq Ft Cash Equivalent Price: ( : ) S 1,450,580 Total Rooms / Avg Size: 192 229 Sq Ft LESS: Personal Property: S 27,000 First Floor Area / GBA: 19,008 Sq Ft 57,024 Sq Ft - PLUS: Special Assessments: $ 0 Bldg Perimeter / NRA: 1,030 Ft 43,950 Sq Ft Cash Equivalent of Real Estate: S 1,423,580 �< >. of 0 Bdrm 1.0 BA/Size: 4 x! ' I i 600• Sq Ft Sale Analysis: Sale Price Per Unit: S 26,363 of 1 8drm 1.0 BA/Size: 17 x i i 14 750 Sq Ft Sale Price Per Room: $ 7,414 - r of 2 Sdrm 1.0 SA/Size: 32 xI I 1 111 900 Sq Ft Sale Price Per Sq. Ft. GSA: S 24.96 of 3 8drm 1.0 BA)Size: 1 �x : i Sq Ft Gross Rent Multiplier: 4.31 Detached Garage Stalls / Si 21 5500 Sq Ft Income Cata: Gress Annual Income: PRO 96 S Parking Surface / Area: Blacktop 27900 Vacancy ( 5.0% Pro 96 S Interior Walls / Floors: Drywall Carpet Other Income: Pro 96 S Heating / Air Conditioning: Gas HW Wall Effective Gross Income: S Laundry Roams / Decks: Three None = Expenses 50.0% Inc Tax: Est 96 S Elevators / Sprinklers: None None Replacement Reserve: Est 96 S Zoning / Neighborhood: R5 Residential / Cam dial Net Operating Income: S Topography /Lake or View: Level No Capitalization Rate: Land Area / Excess Land: 115,160 None Rent Schedule: 0 Bdrm 2 Bdrm Units P AcreiSIdg Er 20.4 77.1% 1 Bdmn 3 Bdrm Site Utilities: All Rent Includes: Gas, water, Sewer, Trasn Garage COMMENTS / AMENIT! =S / OTHER BUILDINGS: CRV listed personal property of 550,000; this is excessive for actual property - use $500 per unit or 527,000. Buyer claims he discovered problems after the purchase; settlinq in one building and problems with a sewer line. Windows have been replaced. Original boilers and roofs. Carpet average all units have two doors into common hallway. On bus line and next to park and ride lot. Two blocks to Rainbow grocery. Tot lot next dor. "he X's next to the ❑nit cescnoaon indicate resoecnvety iStove 3 Refngerator t +Cisnwasrer; ;Garoace oiseosao iwasner Diver) No of Air Conditioners Per Unit) (Fireeiace). S= Soace. Assessment Year: 1997 Land MV' 5324,000 Bldg MV' 5891,000 Total MV: 31,215,000 Information Source: CRV /Buyer /Filellnsp, Suotnitted By Joe DaBruzzi Date. 12/23197 Map Code: 36 - Verified `ilhth: Douglas Lida Tit!a: Suver gate 11/17/97 Phone: 612 755 - 5536•' ,I......- ...iii ll +� LL4��;�1� = .a I 7, _ 1' �ti � ' 1•N l��Ji 't _ PROPERTY USE: Four Buildings, 2 -12 unit, 2 -15 unit MUNICIPALITY: Brooklyn Center U li {i II II COMPLEX NAME: HiCrest COUNTY: Hennepin, i tICONFIDENTIAL;; I ADDRESS. 1400 -01 67th Ave N, 6640 -6700 Humboldt jj PIN r: 36- 119- 21 -22- 0038,39,43,44 Year Built Condition: 1968 Fair Buyer Johnson Management Company No. Buildings / Units Each: 4 2 -12 / 2 -15 Seller: Pow -Bel LLC No of Stories !Height: Three Eight Ft Sale Data: Date of Sale: 11/07/97 Cons', Type /C lass - Grade -Sh: Wood Frame D -Avg -1 Total Purchase Price: S 1,365,000 Exterior Type /Roof Type: Stucco /Brick =tat -Pitch 8: Gravel Terms: 185,000 DN PMT- 0 Assume CD- 8798.90 Bsmt / Controlled Entries: 16 Yes PMT- .08% INT- 39 PMTS- BALLOON 3117 , Total Units / Avg Size: 54 880 Sq Ft Cash Equivalent Price: ( x ) 5 1,338,000 Total Rooms / Avg Size: 202 235 Sq Ft LESS: Personal Property: S 27,000 e First Floor Area / GBA: 16,168 Sq Ft 48,504 Sq Ft PLUS: Special Assessments: S 0 Bldg Perimeter / NRA: 1,082 Ft 47,516 Sq Ft Cash Equivalent of Real Estate: S 1,311,000 of 1 Bdrm 1.0 BA/Size: 14 z' ; 1 I11oi 594 Sq Ft Sale Analysis: Sale Price Per Unit: S 24,278 of 2 Bdrm 1.0 BA/Size: 40 x 110i 980 Sq Ft - Sale Price Per ,Room. S 6,490 ' of Bdrm BA/Size. Sq Ft Sale Price Per Sq. FL GBA: S 27.03 T of 6drm BA/Size: ! Sq Ft Gross Rent Multiplier 3.65_ Detached Garage Stalls / Si 56 11200 Sq Ft - Income Data: Gross Annual Income. Act 97 S Parking Surface It Area: Blacktop 26400 = Vacancy ( 14.8 %) Act 97 S - Interior Walls / Floors: Drywall Carpet/Vinyl Other Income: Act 97 S 0 Heating / Air Conditioning: Gas Hot Water Wall Effective Gross Income: S Launcry Rooms / Decks: Four 36 Decks /18 Patios __ Expenses 50 0% Inc Tax: Est 97 S 7 Elevators 1 Sprinklers: None None Replacement Reserve. Est. 97 S Zoning / Neighborhood: R5 Res. /Comm. /Apts - Net Operating Income: S Topography /Lake or View: Level No - Capitalization Rate: Land Area / Excess Land 149,118 None Rent Schedule: 1 Bdrm Units P AcreiBldg Eff: 15.8 98.0% 2 Bdrm Site Utilities: All Rent Includes: Heat.watet,Trash Garace .I �.. .I. ��. ��..i .. .,— ,.11 —I .I I 1. 1.1 1.11.11, ..", I, ...I .. d. a J... I .,.. I. Jl +tlN .illi,l .Ilu..m..l, COMMENTS / AMENITiES / OTHER BUILDINGS $89,000 in personal property claimed on CRV, allow 5500 per unit or 527.000 total. Building had 16 pages of compliance orders issued 8/28197 and 2 pages of fire inspection correction orders Issued 8119 /1997. Inspection was made on 9/17/1997 by the B.C. Assessors office and no improvement was seen at that time. ' The X; next to the unr, descnotion Inolcal r esoecttveiv: (Stove G Petnaeralor )- (Cishwasneri- !Garoage Cisecsai`- ti^) asher , u 6rven -(Nc. of Air Conditioners 5 =Scare Assessmer„ ear: 1997 Land M`✓' S27C,Q00 Sldq M'd 5391,000 Total MV S1,'.51,000 r,fcrma;cn Source CRV,'Fiie_IPro Suomrctec By Stephen Baker D ate: 1V i Mao Cod=_ 51-1D Ve - _ Pau lette L arso n Tl,le Manaaer C'ar 09/1 Phone: 512- 560 - 957,''; PROPERTY USE: Senior Independent uvno � MUNICIPALITY: BROOKLYN CENTER � � COMPLEX NAME: sa�eBrown oomnnono .' COUNTY: HewwsP|w i ADDRESS: �oo�u��nonw�woR�* i PIN � a��s��o�z � ! � � ,"~~ ! K | u t Year Built/ Effective Aoe� 1987 ��-1990 .' Buy s*mLE BROWN Lavef LIMITED PARTNERS oonvc Quality /Condition: g-Good Very Good Seller PRESBYTERIAN HOMES *aG & ASSISTED Const Type /BsmtUse: Reinforced: Concrete Common Areas sale Data: Date of Sale: 01/15198 Exterior Type /Roof Type: Brick P&G Total Purchase Price: $ r'auo.000 No. of Stories /Bldg Height- Eleven Eight Ft Terms: 7,zon PMT- u New- o.00 No. of8mgs/ Units Each: z� 140 u0 PMT- 0%|NT'n PMTS- BALLOON NONE Ssmtweo-/annxFinohed-. 7.987 GqFt 7.000 3n Ft wows � � First Floor Area /GB*: 16,993 sqp{ 155,831 so Ft Cosh- Equivalentphce 7.18%_ S 7,300,000 Bldg Perimeter/ wR*: Ft 107,274 SnFt LESS: Personal Property: $ 8511,000 Total Units / Avg Size: 1*0 Units 766 SqFt PLUS: .5pecia|Asscaum=nts. $ o Total Roams / Avg Size: soa Rooms zns Sqrt Cash Equivalent of Real Estate: s 6.450,000 - #I8unmrVBpuS|ze: sa 1 )( 1 ,!oi nz^ GqFt 3o|e Sale Price Per Und� S 46,071 | °#1Bdnn1,OBp/3zz rn [�nd /, 798 SqFt Analysis: Sale Price Per Room S 12,333 °#2Bunn 1.0 BA/Size: su !)OCIA 1 2; � nso SqFt Sale Price Per Sq. Ft.. GSA.. S 41z9 °#2Bdnn1.OBeStze O (ol�id 1 1.oro SqFt Gross Rent Multiplier* Ramp Garage Stalls /Gioz 1*0 28,309 GqFt Income Potential Gross Income: S Heating / Air Conditioning. sas*vv Wall Data: vacancy $ Sprinklers /Elevators. 100% Two Other Income: S Parking Surface /Area: Blacktop zor Effective Gross Income: $ Interior Walls /Floors: o,ywq|/ Carpet Expenses Inc Tax: r Contno|Extry/Luundry Rmo: Yes Four R:nemom: S Patio Decks / Lake o,View- mnno No Net Operating Income: S Land Area /Topography: 142,098 Capitalization Rate Zoning /Neighborhood: pooc1 ornue/netaioMu/tiF T. Apt Rents: 1 Bdnn 2ounn Bldg Efficiency /Utilities: 68.8% All I 8dnn 2ounn Units P Acre/Excess Land- 42.92 None | Includes: 1 1 Garage / r S=S pace. (n�°&n°m of Air "un""��p��S ^ p=°. Buyer claimed purchase price o,sa4sn0000ncnv however seller and cms/ngdocuments verify actual prmewas $rsoo.00u.eeoe, � purchased p,npeyon� nn caonth�ea,\ip,ro,$*.4r�.ono.wowsn|oinmoa»noannua|izeuanp,eoiauunov3c^��nm1y�su,1yyu. PROPERTY USE: 444 Unit Apartment Complex j MUNICIPALITY: Little Canada - -- _ COMPLEX NAME: MONTREAL COURTS COUNTY: Ramsey _ j �,, � ADDRESS: 396 LaBore Road PIN;*: 05- 29 -22 -32 -0001 I� I ' ` 'C _-- -- ` 1 7 . 3345 NIAwAr:li �� atvo j segwsoo � S / v ' SELLAND J �c A1�A -i o I`a � QANA l o � Z� -- - - - - -1 CAR ONE PO C5/ ELI AO Ge , r - -- - .—�— - -� - La' (!Fh£awz+ev4yAp1� + - i<�siA`' 3 1 1 L 5 iii :{ *3ii:3aXA2 aim L,,,�. Year Built l Effective Age: 1971 1971 Buyer: Housing Alternatives Inc. Const Quality / Condition: 0- Avg - 1 Fair Seller. Const Type f Bsmt Use: Sale Data. Date of Sale: 01/01/98 Exterior Type f Roof Type: Total Purchase Price: S 12,900,000 No. of Stores ! Bldg Height: 3 Ft Terms: 0 ON. PMT- 0 WD ASSUM- 0.00 No of Bldgs / Units. Each: 13 34 PMT - % INT- 0 PMTS BALLOON Bsmt Area / Ssmt Finished: 0 Sq Ft 0 Sq Ft First Floor. Area f GBA: Sq Ft 518,073 Sq: Ft Cash Equivalent Price: 7.18 %:. S 12900 Bldg Perimeter / NRA: Ft 0 Sq Ft LESS: Personal Property.. 265,400 Total Units / Avg Size: 444 Units Sq Ft PLUS: Special Assessments: $: 0 Total: Rooms! Avg Size: Rooms Sq Ft Cash Equivalent of Real Estate- S 12,634,600 # EFF Bdrm BA/Size: _ 7 j ! Sq Fit Sale Sale Price Per Unit. S 28,456 # 1 SR Bdrm BA/Size: 168 i Sq Ft Analysis: Sale Price Per Room: S ERR '# 2. BR Bdrm BA/Size 252 j j ! j j Sq Ft Sale Price Per Sq. Ft.. GBA:... 5 24.39 * 4 3 BR Bdrm BA/Size: 1-7 k j j Sq Ft Gross Rent Multiplier: Detached Garage Stalls / Size 428 Sq Ft Income Potential Gross Income: S Heating! Air Conditioning: Data: Vacancy $ Sprinklers! Elevators: Other Income: S Parking Surface/ Area: Effective Gross Income: S Interior Walls / Floors: Expenses Inc Tax: S Control Entry/Laundry Rms: Reserves: S Patio Decks / Lake or View: Net Operating Income: S Land Area / Topography: Capitalization Rate: Zoning/ Neighborhood: Apt Rents: EFF Bdr 2 BR B Bldg Efficiency / Utilities: 0.0% 1 SR Bd 3 SR B Units P Acre /Excess Land: ERR Includes: Garage. ` The X's next to unit descnption indicate respectively: (Stove & Refri(iera tor)- (r'i- hwasherl- ((;arhaae Disoosal)- (Washer & Dryer) -(No. of Air Conditioners Per Unit) - (Fireplace). S =Spars Very experienced buyer. High number of police calls prior to sale. y i COMMERCIAL PROPERTY SALES From This Date - - -> 01/0 To This Date ---> 01/o Use Code Type of Property Total Number Avg Sale Price Avg Cap Rate Of Sales Per SF GBA After Taxes All Properties 2217 59.51 11.04% A455 (Auto Dealership 16 108.91 10.41% A410 jAutomotive Center 43 78.32 ERR A434 jCar Wash i 20 61.10 8.97% ` A419 ;Convenience Market W /Fuel Sales 38 126.85 7.62% A423 Garage, Mini -Luba 1 I 169.63 8.52% A326 Garage, Storage i 11 I 39.60 12.94 I A528 IService Repair Garage 64 51.18 10.83% A408 IService Station 53 179.95 12.90% j E306 `Bowling Alley -- 6 17.56 9.39% F442 l Bar/Tavern -_ _ 28 38.00 8.21% F349 !Fast Food Restaurant 57 170.69 8.05% F350 IRestaurant 62 91.41 9.65% H332 I Hotel �- 15 67.18 1 12.06% H343 M0 tel i 13 35.51 19.30% H330 lNursing Homes _ 5 33.30 I ERR 1453 1Industrial Flex Building 83 43.56 11.34% 1495 lindustrial Heavy Manufacturing 4 18.31 ERR 1494 1Industrial Light Manufacturing 121 32.62 10.70% 1392 1Industrial, Engineering 24 33.87 9.89% 1407 lWarehouse, Distribution 66 33.01 10.08°1° 1386 lWarehouse, Mini - Storage 11 33.96 11.64 1406 Warehouse, Storage 164 31.67 10.72 f 1387 ,Warehouse, Transit 4 32.17 10.77% M426 i Day Care Center 15 97.67 9.55% • 0304 Bank ! 15 i 123.30 10.36% 0344 Office Building 315 51.86 11.56% 0444 Office, Dental Clinic _ 1 _ 11 8033 9.99% 0341 Office, Medical 24 53.92 22.77% 0381 JVeterinary Hospital 7 51.67 12.64% R318 f Department Store 0 R319 Discount Store 9 55.82 11.22% R353 Retail Store 227 ! 45.91 12.39% R413 Shopping Center, Community 18 47.64 8.63% R412 Shopping Center, Neighborhood 49 44.21 11.64% R414 IShopping Center, Regional 7 I 65.06 19.94 R446 Supermarket 10 i 55-06 11.12% - - 4 Map 10 BUILDING NAME Total Space Large/Smail °lock Rate High /Low Type Agency Contact(s) Yr Built Address SF Available St per Fir /# Fis Total OpslTaxes Phone 2/A -6 VILLAGE BANK FINANCIAL CENTER 39.200 34,000/ 2,000 $ N Re/Max Commercial MN Myles O Borstad 1998 Hwy 65 NE 34,000 10,000/4 / (612) 755 -T733 2/C -5 BROOKDALE CORPORATE CENTER 1 112.396 40.000/904 59.00/ N United Properties Bob Revoir 1981 6300 Shingle Creek Pky 28,439 19,32616 57.48 (612) 831 -1000 Mike Ohmes 2/C -5 BROOKOALE CORPORATE CENTER it 111,123 4,0001 896 $6.50 /$6.50 N Ryan Properties Inc Sandy Hansen 1985 6200 Shingle Creek Pky 14,700 18,500/6 57.72 /$2.88 (612) 566 -3533 2(C -5 BROOKDALE CORPORATE CENTER 111102,000 12,160 i 1,900 57.50 1$7.50 N Ryan Properties Inc Sandy Hansen 1987 6160 Summit Or 12,160 22,000!6 $9.44 /S4.34 (612) 566 -3533 I p 2/0 -5 BROOKDALE TOWERS 63,000 5,000/500 $15.00 /$14.00 G Cave & Associates Ltd Barb Ankrum 1972 5701 Shinglecreek Pkwy 8,328 10,000/6 1 (612) 482 -9668 Samuel Cave 21C -5 BROOKLYN CROSSING 52,215 2.635 / 1,417 $7.00 15.00 N CSM Corporation Bruce Cartand 1980 3300 County Rd 10 6,672 11,00015 $6.97 /$2.09 (612) 646 -1717 Dave Cartand 2/C -5 EARLE BROWN PLAZA 50,731 3,127/404 $8.00/57.00 N Welsh Companies James J Damians 1975 6040 Earle Brown Or 6,563 12,500/4 S7.27/ (612) 897 -7700 Bryan J Beitrand 24-5 EARLE BROWN TOWER 116,669 11,679/496 $8.50 /$8.50 N Grubb & Ellis Mike Gelfman 1973 6120 Earle Brown Or 33,200 16,600/8 S7.57/ (612) 912 -8500 Doug Fulton i 2tC -5 PALMER LAKE PLAZA 58,840 13,000/150 $11.60 /$11.60 G C8 Commercial Real Estate Gerald Driessen 1979 6860 Shingle Creek Pky 15,000 29,420/2 $5.38/ (612) 291 -5900 James Freytag ZIC -5 EDINBURGH EXECUTIVE CENTER 39,998 1,0001240 516.00 /S6.00 N High View Investments Sharon Schmidt 1985 8525 Edinbrook Crossing 1,600 9,750/4 $5,31/ (612) 420 -5244 Gwen Segelstrom 2/C -4 QUADRANT OFFICE BUILDING 102,038 14,000/4,850 $10.00 /$10.00 N Welsh Companies Bryan J Beitrand 1986 7100 Northland Cir 25,427 29,000/4 $6.75 /$2.25 (612) 371 -4500 James J Damiani 21C -4 TRIAD BUILDING 45,591 1,000/ 1,000 $9.00 /$9.00 N CS Commercial Real Estate Michael T Horror 1981 7101 Northland Cir 1,000 22,796 /2 $8.66 /$3.26 (612) 924 -4600 $ROOKI)r�.I.E C ®I. RATE CEN'T'ER 6300 . Shingle Creek Pkwy. Y Brooklyn Center, TVIN Contact: Mike Ohmes or Bob Revoir 4� UNITED PROPERTIES W.dd.lde Raul F >a�e Servbaf 612 831 -1000 Map number 2/C -5 Year built/Year renovated 1981/1990 Total size (sq. ft.) 112,396 Total available (sq. ft.) 28 ,439 Ability to assemble up to 40,000 sq. ft. of contiguous space plus an additional 12,000 sq. ft. of Asking rates non - contiguous space. Building sublease available. $9.00 Total Operating Expenses $7.48 Amenities: Number of floors 6 Easy access and great visibilty to I -694, close to restaurants and other retail, vended lunchroom Floor size (sq. ft.) 19,326 and conference room 18 February 1993 Leasing Guide OFFICE REPORT GMCE NUUMET HIGHUGHTS the fullest with a 2.5% vacancy, followed *Overall vacancy rates dropped to a MARKET OVERVIEW by the Minneapolis CBD at 3.7 and 13-year low of I 79 °,o. The biggest story in the Twin Cities the Southwest sector at 3.9%. Once ,:Do office market is the new development that struggling St. Paul CBD continued its 0 Metro area absorption totaled moved from the drawing board to co mebac k performance again this year, 1.1 million sq. ft. of which Class B construction. Three new multi - tenant improving its Class A vacancy rate by and Class C buildings claimed 80%. properties were completed, and eleven 6.2 percentage points to 10% for the year office buildings are now under ending second quarter 1997. *Office investment market is very construction. With high I Class B and Class C space garnered gaining active; REITs are a g h dernand, capital 0 =1 av ailability, and rental rates justifying great deal of interest as tenants, momentum as buyers. val I J Z� a 0 new construction, developers are particularly those less concerned with greeting 1998 full of optimism. As corporate image, sought out the less *Office development race is heating detailed on page 12, many more new expensive alternatives for their space up: three new office developments projects are proposed. needs. Combined, Class B and Class C built, eleven 'projects under Many of the new buildings will buildings claimed 80% of the total construction, and 32 more proposed. feature utilitarian designs, without the absorption, or 892,755 sq. ft. flash shown in the late 1980s. What Strong absorption and low vacancy B ig increases in rental rates in the tters most to tenants is form, function rates exerted upward pressure on rents, Minneapolis CBD again this year. O more companies resulting in steep rises again this year. Second quarter rents rose up to 12.9% ,iownsize, the amount of work space per For the year ending second quarter 1997, and fourth quarter increased up z employee has been reduced. New office Class A quoted net rents in the to 19%. projects will have open flexible floor Minneapolis CBD rose 51.80 psf, while plans, advanced telecommunications, St. Paul CBD posted an increase of more electrical power and larger $-75 psf . In the Southwest and West mechanical systems to accommodate sectors, Class A asking rents jumped up more people. Suburban development $I psf. Metro area Class B and Class C trends feature smaller buildings and increases were more moderate, ranging phased development. from $.25 psf to S1 psf. The Twin Cities metropolitan area In 1996 we reported a shift from a beriefitted from steady employment tenant's market to a landlord's market: g rowth and expansion, with tenants stricter credit or guarantee requirements, fillina the available spaces wherever they equal rents for lease renewals and new could. Total metropolitan absorption of tenants, relocation clauses becoming 1, 115,750 sq. ft. pushed the vacancy rate common, and a decrease in various types down to a thirteen-year low of 7.9% for of options and rights. This landlord the year ending second quarter 1997. The environment continues with another lion's share of absorption - 31.7% - was emerging trend: declining tenant in the Southwest sector. The improvement allowances, especially for Minneapolis CBD, with 27.6% of the second generation space. Tenants are total market absorption, came in a close being asked to take space as is or pay second. The greatest loss was reported extra for changes. by the Northwest Sector with negative absorption of 36,848 sq.-ft. FOURTH QUARTER SAW The Class A category is nearly SHARP RISE IN RENTS 0 sting at the seams with extremely low A fourth quarter 1997 survey of the Metropolitan Centre II, a 21-story, anc I I es. For the year ending second two laraest sectors—the Minneapolis 640,000 sq. ft. proposed office tower by z:1 0 Metropolitan Life Insurance Company in quarter 1997, the West sector emerged CBD and the Southwest sector – found downtown Minneapolis. PROFIT TAKING MULTI - TENANT OFFICE BUILDINGS SOLD IN 1997 INVESTMENT MARKET BUILDING NAME CITY PRICE PER SCI. FT. The office investment market in the OF-irstar metro area is extremely active, as Bank Building Wayzata 5186 * indicated by the adjacent list of multi- LaSalle Plaza Mpis. C80 8165 tenant office buildings sold since last Fifth St. Towers MCI&C80 $147 year's Towle Report was published. One Southwest Crossing Eden Praide Sim Multiple offers and sate prices Centennial Lakes Edina $130 setting new highs characterize the International Plaza Bloomington $120 current investment climate. Downtown Praide Lakes Corporate Ctr. Eden Prairie $103 Eagandale Corp. Ctr. Eagan $98 new construction costs range from S 140 - MEPC - Parkdales St. Louis Park S98 S 180 psf and suburban Class A office 701 Building Mpls. C80 395 construction costs range from S 110 -S 130 Firstar Financial Bloomington $94 psf. The LaSalle Plaza sale (S165 psf) Lutheran Brotherhood Bldg. Roseville S86 becomes a gau by which to measure Riverview Office Bloomington $86 future sales, and spells good news for Interchange Office Plaza St. Louis Park Sao developers downtown who are currently Valley Square Corp. Ctr. Golden Valley S80 planning new office towers. Southgate Office Plaza Bloomington S78 Returns on the resale of .buildings Towle Bldg. Mpis. CBD $69 acquired during the early stages of the Paramount Plaza III Bloomington S68 Pentagon Park Eagan 367 recovery cycle have been exceptional. Soo Line Bldg. Mpis. CBO $61 Resale gains of 30% to 100% have been Metro Office Park Bloomington $59 common. Additionally, the investors 11000 W. 78th St. (SW Crossing) Eden Prairie S46 with long term holding strategies are 8401 Wayzata Eden Prairie S46 experiencing significant cash -on -cash Westwood Lake Golden Valley $46 returns due to rising rental rates. The Earle Brown Tower Brooklyn Center S40 f upside potential and overall return will Marquette Bank Bldg. Mpis. CBO S32 begin to moderate as more projects are Lumber Exchange Mpis. CBO S31 developed, setting upper limits on rental .0 Medical Arts Bldg. Mpis. C80 S28 developed, and values. However, the current Ford Centre Mpis. CBD $27 Pondview Plaza Minnetonka unavailable tight supply of available space, rising ` Z TowVe Peal Estate Company rental rates, and the resulting potential them to be in a holding pattern, with each increased by 31 psf, to $9.19 minimal six -month absorption reported. and $9.55, respectively. Little change BUILDINGS RECLASSIFIED For the six -month period between the occurred in Southwest sector rents. second and fourth quarters of 1997, the In 1997, Towle reclassified sectors claimed total absorption of TAX BURDEN EASED several buildings which no longer 78,465 sq. ft. Comparatively, last year For the first time in 20 years, conform to our definitions found on each absorbed over 200,000 sq. ft. commercial property taxes may go down. In the distribution of 1997's A tax bill recently passed by the page 3 .. With occupancy rates at an all -time high it is the best time to six -month absorption, the Minneapolis Legislature will result in a 6% average make changes, minimiz the impact CBD reported total absorption of 72,333 reduction in commercial taxes payable on aggregate vacancy rates. Several sq. ft. Class A suffered negative in 1998, provided assessed values and the buildings were reclassified in the absorption of 53,759 sq. ft., while Class tax rate stay the same. Expected Minneapolis CBD, St. Paul CBD and B claimed 61,150 sq. ft.; Class C reported decreases, created by the reduction in the Southwest sector. As a result, the 39,331 sq. ft.; and the Renovated classification rates for commercial new vacancy rates don't always segment enjoyed 25,611 sq. ft. properties, will vary according to local minor the absorption figures. For In the Southwest sector, Class A jurisdiction's policies and individual example, when several poorly absorption led with 56,927 sq. ft. while building values. occupied buildings are added to a new Class B reported negative absorption of Last year we reported looming tax category, the vacancy rate may rise 50,795 sq. ft. hikes due to a sharp rebound (10 %) in even though the segment as a whole The most significant change revealed the assessed values of office buildings, reported positive absorption. For in the fourth quarter survey was as estimated by the City of Minneapolis more details, refer to the vacancy and the dramatic rise in quoted net rents in Assessor's Office. Although taxes will absorption tables on pages 7 and 8 the Minneapolis CBD. Class A asking rise accordingly with the increases in and the individual sector reviews O tes rose $I psf to $ 17.69 psf and Class valuation, the passage of this tax bill will throughout the office report. shot up S2 psf to 512.29 psf. Class C bring needed relief to property owners and the Renovated segment's rates and tenants. LEI return ono ice building costs, makes most well- located new office properties ��1�11/ AND ABSORPTION financially feasible. C ble. The current market Id- editions have led to numerous office MINNEAPOUS /ST. PAUL METROPOUTAN AREA .1995 -1997 a Towle Real Estate Company iding presale takeout commitments, NUMBER TOTAL TOTAL, 7v;xlch allows the developer to cover MARKET STUDY OF RENTABLE AMOUNT VACANCY NET project costs and share the upside through SECTOR DATE BLOGS AREA VACANT RATE ABSORPTION earnout provisions. Anoka County 2nd Qtr. 1995 9 382,028 65,408 17.1% 1,097 2nd Qtr. 1996 9 382,028 60,466 15.8% 4,942 MINNEAPOLIS (80 2nd Qtr. 1997 10 413,917 33,256 8.0% 27,210 Cranes begin to dot the skyline as Dakota County 2nd Qtr. 1995 18 855,688 203,056 23.7% •3,903 development begins. Currently there are 2nd Qtr. 1996 17 749,883 27,087 3.6% 175,969 eight new developments planned. 2nd Qtr. 1997 20 808,386 79,954 9.9% -2,867 1) 250 Marquette (former Federal Reserve Bank Building): a potential redevelopment Minneapolis 080 to include office space and parking. Class A 2nd Qtr. 1995 19 12,676,319 574,050 4.5% 481,574 p p ° 2nd Qtr. 1996 19 12,676,319 490,710 3.9. 83,340 2) Metropolitan Centre Phase II: a 2nd Qtr. 1997 13 10,483,773 390,629 3.7 °a - 10,557 21- story, 640,000 sq. ft, multi- tenant 4th Qtr. 1997 13 10,483,773 444,388 4.2% - 53,759 office building, by Metropolitan Life. 3) American Express Tower: a 31 -story Class B 2nd Qtr, 1995 26 4,562,710 916,062 20.1% `" 4,764 870,000 sq. ft. office tower by Opus. 2nd Qtr. 1996 26 4,570,898 933,440 20.4% - 17,378 4) 444 Marquette: a 15 - story , 600,000 2nd Qtr. 1997 31 6,728,492 618,565 9?% 209,155 sq. ft. multi - tenant office building by Opus 4th Qtr. 1997 31 6,768,707 557,630 8.2% 61,150 ' (currently a parking lot). Class C 2nd Qtr. 1995 9 938,277 224,373 23.9% - 26,297 5) Target Stores, Inc. Headquarters: a 2nd Qtr. 1996 9 938,277 237,084 25.3% - 12,711 14- story, 400,000 sq. ft. office tower by 2nd Qtr. 1997 16 2,076,563 455,759 21.9% 190,918 Ryan Companies. 4th Qtr, 1997 16 2,076,563 416,428 20.1% 39,331 6) Piper Jaffray Center: a 30 -Story, Renovated 2nd Qtr. 1995 25 3,004,491 378,128 11.3% -60,392 920,000 sq. ft. skyscraper on the 2nd Qtr. 1996 25 3,005,092 340,504 11.3% -1,177 Conservatory site, developed by Ryan. 2nd Qtr. 1997 22 2,456,424 300,315 14.3% - 80,901 a Sixth & Nicollet Site: a 600,000 4th Qtr. 1997 22 2,457,144 324,704 13.2% 25,611 . ft. office tower located on the vl nnesota Law Center site, possibly Subtotal 2nd Qtr. 1995 79 21,181,797 2,053,211 9.7% 399,649 2nd Qtr. 1996 79 21,190,586 2,001,738 9.4% 52,074 developed by Gerald Hines Company. 2nd Qtr. 1997 82 21,745,252 1,815,268 8.3% 308,615 8) 900 Nicollet: a 14 -story, 600,000 4th Qtr. 1997 82 21,786,187 1,743,150 8.0% 72,333 sq. ft. office building to be located above the proposed Target retail store by Ryan. Minneapolis 2nd Qtr. 1995 15 1,338,463 272,132 20.3% - 80,055 In the second quarter 1997's Out- of -C80 2nd Qtr. 1996 15 1,332,463 216,599 16.3% 140,655 reclassification of office buildings 2nd Qtr. 1997 16 1,370,991 139,394 10.2% 77,205 downtown, the following occurred: five buildings were moved from Class A to �� ABSORPTION Class B; three buildings were moved from 1 Class B to Class C; and three Renovated 1997 MINNEAPOLIS /ST. PAUL METRO AREA ° - 0.25% at _ properties were reclassified as Class C SECTOR ANNUAL NET buildings. Towle's fourth quarter survey ABSORPTION (sa. FT.) measured the absorption in these newly ANOKA COUNTY z7,z10 structured classes. Total six -month - absorption of 72,333 sq. ft. lowered the 'DAKOTA COUNTY (2,967) IF vacancy rate very slightly, from 8.3 for 'MPLSCeo 308,615 the year ending second quarter 1997 to 'MPLSOUT -0E-CBo 77,205 8.0% by fourth quarter 1997. � NORTHEAST 23,987 Due to the present shortage of large ONoMHWEST (36,848) blocks of available space, Class A 'ST PAUL C30 210,350 properties reported negative six -month -ST PAUL OUT -cF -c80 32,750 absorption of 53,759 sq. ft., which raised 'SOUTHWEST 354,036 the vacancy rate from 3.7% for second Z a WASHINGTON COUNTY 22,971 .3.3% t i a rter 1997 to 4.2 by fourth quarter WEST 48,343 7. Minimal leasing in three buildings s not enough to offset tenant losses in TOTAL 1,115,750 five office towers. Class A asking rents and real estate NUMBER TOTAL TOTAL taxes, which rose sig nificantly for the MARKET STUDY Of RENTABLE AMOUNT VACANCY NET SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION year ending second quarter 1997 (12.0% Northeast 2nd Qtr. 1995 30 1,496,584 121,440 8.1% 20,777 increase t0 S16.77 psf), spiked up 2nd Qtr. 1996 30 1,496,584 151286 10.21% - 31,846 another S psf by fourth quarter to 2nd Qtr. 1997 30 1,491,620 129,299 8.70 23,987 S 17.69 ps f. As predicted, real estate taxes shot up 32% to $7.30 psf for second Northwest 2nd Qtr. 1995 11 886,212 138,518 16.0% 10,572 quarter 1997, with no change reported 2nd Qtr. 1996 12 929,212 129,956 14.0% 8,562 2nd Qtr. 1997 12 929,212 166,804 18.0% - 36,848 fourth quarter. Continuing tremendous improve- ' St. PaulC8o ment, Class B enjoyed six -month Class A 2nd Qtr. 1995 4 1,259,419 244,101 19.4% 100,060 absorption of 61,150 sq. ft., which 2nd Qtr. 1996 4 1,259,419 204,508 16.2% 39,593 of lowered the vacancy rate from 9.110 to a 2nd Qtr. 1997 2 681,832 68,408 10.00 77,275 thirteen -year low of 8.2% for fourth Class 3 2nd Qtr. 1995 16 2,417,038 504,376 20.9% - 58,850 quarter 1997. Tenant gains in Norwest 2nd Qtr. 1996 16 2,417,038 349,083 14.d% 155,293 Midland and TCF Tower were 2nd Qtr. 1997 23 4,152,653 356,376 8.6% 80,953 responsible for the majority of this Class C 2nd Qtr. 1995 6 754,403 144,854 19.2% 54,946 absorption. Considering Class B reported 2nd Qtr. 1996 7 898,916 173,177 19.3% 33,004 a 17.5% vacancy rate for fourth quarter 2nd Qtr. 1997 14 1,453,727 346,406 23.8% 52,122 1996, this segment has come a long way in just one year. Renovated 2nd Qtr. 1995 12 1,712,839 376,062 22.0% - 14,314 For the year ending second quarter 2nd Qtr. 1996 12 1,712,839 327,272 19.1% 48,790 2nd Qtr. 1997 Reclassdiad to CMss 5 and Cla" C 1997, Class B asking rents saw a moderate increase, with average net rents Subtotal 2nd Qtr. 1995 38 6,143,699 1,269,393 20.7% 81,842 rising 5% to $10.31 psf and real estate 2nd Qtr. 1996 39 6,288,212 1,054,040 16.3% 276,680 taxes up 6.2% to 53.27 psf. By fourth 2nd Qtr. 1997 39' 6,288,212 771,190 12.3% 210,350 quarter, however, many building St. Paul 2nd Qtr. 1995 20 1,793,211 579,178 32.31% - 142,685 owners increased their asking rents. The Out- of -CSO 2nd Qtr. 1996 21 1,803,870 329,236 18.3% 249,942 resulting average net rental rate rose 19% 2nd 01r. 1997 21 1,803,870 246,486 13.71 82,750 to $12.29 psf. Showing promising signs of Southwest 2nd Qtr. 1995 19 4,386,131 256,733 6.1% 185,228 recovery, Class C reported six -month Class A 2nd Qtr. 1996 19 4,386,201 101,751 2.3% 163,982 absorption of 39,331 sq. ft., which 2nd Qtr. 1997 15 3,935,748 152,680 3.9% 77,982 vacancy d its improved 4th Qtr. 1997 15 4,055,748 215,753 5.3% - 56,927 P y rate from 21.9% to 20.1% by fourth quarter 1997. The Class B 2nd Qtr. 1995 109 7,958,839 635,911 8.0 1 /6 - 14,729 majority of this absorption was reported 2nd Qtr. 1996 109 7,918,839 504,123 6.4% 131,788 by the LaSalle Building. 2nd Qtr. 1997 113 8,405,906 411,111 4.9°a 276,053 For the year ending second quarter 4th Qtr. 1997 113 8,405,906 461,906 5.5% - 50,795 1997, Class C reported a rental rate jump Subtotal 2nd Qtr. 1995 128 12,344,970 892,644 7.2% 170,499 of nearly $1 psf (12.9% increase) to 2nd Qtr. 1996 128 12,305,040 605,874 4.9% 295,770 $7.87 psf, with real estate taxes rising 2nd Qtr. 1997 128 12,341,654 563,791 4.6% 354,035 25 to 51.74 psf. By fourth quarter, 4th Qtr. 1997 128 12,461,654 677,659 5.4% - 61,132 average asking rents increased by another Washington 2nd Qtr. 1995 4 280,877 8,438 3.0% -272 16.8% to $9.19 psf. County 2nd Qtr. 1996 4 280,877 37,962 13.5% - 29,524 And finally, the Renovated segment 2nd Qtr. 1997 4 280,877 14,991 5.3% 22,971 recovered somewhat, after suffering West 2nd Qtr. 1995 7 1,464,256 114,745 7.8% 24,902 negative absorption of 80,901 sq. ft. for Class A 2nd Qtr. 1996 7 1,464,256 88,075 6.0% 26,670 the year ending second quarter. By fourth 2nd Qtr. 1997 7 1,464,256 36,779 2.5% 51,296 quarter 1997, its vacancy rate had improved from 14.3% to 13.2% due to Class B 2nd Qtr. 1995 60 3,876,971 340,412 8.8 1 6 44,983 six -month absorption of 25,611 sq. ft. 2nd Qtr, 1996 60 3,876,971 240,514 6.2% 99,898 The Renovated segment posted a 2nd Qtr. 1997 63 4,062,452 243,467 6.0,6 -2,953 rental rate increase of just 4% to 58.58 Subtotal 2nd Qtr. 1995 67 5,341,227 455,157 8.5% 69,885 psf, while real estate taxes rose 8.8% to 2nd Qtr. 1996 67 5,341,227 328,589 6.2% 126,568 3198 psf for the year ending second 2nd Qtr. 1997 70 5,526,708 280,246 5.1% 48,343 quarter 1997. By fourth quarter rental Metropolitan 2nd Qtr. 1995 419 52,024,756 6,097,977 11.616 555,677 rates rose by 113 to $9.55 psf. Total 2nd Qtr. 1996 422 51,099,982 4,944,833 9.6% 1.184,670 2nd Qtr. 1997 432 53,069,516 4,240,679 7.9% 1,115,750 ESQ' & NORTHWEST OFFICE SIGNUICANT EVENTS AND TRENDS Overall vacancy declined from 5.2% to 4.6%. + West submarket is 3 % vacant, Northwest submarket is 13 % vacant. 0 Vacancy in Class A buildings stands at 1.6%. 09 + Two new buildings added to universe: 00 + West Lake Office Building in Wayzata (32,000 sq. ft.) 00 + Grove Square Office Building in Maple Grove (20,000 sq. ft.) to ,0 + Class A net rental rates increased to $15 - $17 per sq. ft., Wayzata experiences ,•L some net rents of $20 per sq. ft. and higher. Property taxes continue to increase an average of 10 % -15 %. Investment sale activity strong, and high profile projects sell including: Interchange ,.� Park (St. Louis Park), West Minneapolis Parkdales (St. Louis Park), Westwood we Lake Office Park (Golden Valley), Earle Brown Tower (Brooklyn Center), Lake we Calhoun Executive Center (Minneapolis), Long Lake Office Center (Long Lake), 00 and Investors Savings Bank (Wayzata). A 00 + Carlson Real Estate Company building 130,000 sq. ft. project called Two Carlson 00 Parkway. Now 40% leased five months prior to completion. 00 we + One million square feet of new space is planned to start next year. me 00 0 00 00 ii 00 NAIOP 1997 t1,1Y`IU.0 OFFICE MARKET UPDATE 27 40 W EST & NORTHWEST to .� 60 NET ABSORPTION TRENDS Sq. Ft. 279,300 $� 300,000- :::; 259,633 250,000 209,000 -f 141,682 00 150,000 00 117 100,000 50,000 0 - 1993 1994 1995 1996 1997 i� VACANCY TRENDS Percent Vacant so a 16 �� a - a . 0. a ................. o 1 8 /o �i 5;' o 4,6% 0% 1993 1994 1995 1996 1997 p 28 NAIOP 1997 ANNUAL OFFICE MARKET UPDATE EST NORTHWEST CUNT LTINIvERSE 4D Annual Net Re Total Occupied Vacant Percent Absorption 41 (Sq. Ft.) (Sq. Ft.) (Sq. Ft.) Vacant (Sq. Ft.) 46 Existing Projects 7,242,298 6,906,044 336,254 4.6 36,203 40 New Projects 52.000 52,000 0 0 52,000 16 Current Universe 7,294,298 6,9 - 336,24 4.6 88,203 No r �- FUTURE PROJECTS FUTURE PROJECTS M Total Number Of (Sq. Ft.) Projects Under Construction • Two Carlson Parkway Under Construction 130,000 1 130,000 Sq. Ft. Planned Projects 1,117,000 8 s® Future Projects 1,247,000 9 Planned Projects 1600 Tower 0 235,000 Sq. Ft. 0 Carlson Center East 77,000 Sq. Ft, NET ABSOPTION Carlson Center Site 210 Phase I Annual Net Percent of 200,000 Sq. Ft. , Crescent Rid Phase I Absorption Occupied 250,000 Sq. Ft. Year (Sq. Ft.) Square Feet a Maple Grove Executive Center 'e 1993 279,300 4 60,000 Sq. Ft. . Plymouth Woods Phase I 1994 141,682 2.2 90,000 Sq. Ft. 1995 259,633 3.9 0 Valley Creek Office Park 1996 117,347 17 Phases I - III 1 N -t 120,000 Sq. Ft. 1987 IOQ� boa o�� 5 88,203 1.3 + Wedgwood Office Building 85 Sq. Ft. Five Year Average 177,233 Supply of Space in Years 1.9 00 s! RENT SLrMMARY 00 Net Rent ,0 Tax & 00 Estimated Estimated Operating 00 Building Class Quoted Low - High Base Class A $14.43 $11.00 - $18.50 $10.00 Al S T o J �'i 7 Lei Class B $11.37 $8.00 - $14.00* $8.00 )/ ?� ' . Class C $8.90 $5.50 - $8.00 $6.75 *Three quoted net rents in Wayzata range from $20.00 to $24.00 ,� ✓ ,� NAIOP 1997 ANNUAL OFFICE MARKET UPDATE 29 s� ,.� WEST & NORTHWEST 0 SIGNIFICANT EVENTS AND THE NDS IGNIFICAN T „ Overall vacancy declined from 5.2% to 4.6%. • West submarket is 3 % vacant, Northwest submarket is 13 % vacant. Vacancy in Class A buildings stands at 1.6%. ,.�► Two new buildings added to universe: 4 • West Lake Office Building in Wavzata (32,000 sq. ft.) • Grove Square Office Building in Maple Grove (20,000 sq. ft.) • Class A net rental rates increased to $15 - $17 per sq. ft., Wayzata experiences some net rents of $20 per sq. ft. and higher. • Property taxes continue to increase an average of 10 % -15 %. law • Investment sale activity strong, and high profile projects sell including: Interchange Park (St. Louis Park), West Minneapolis Parkdales (St. Louis Park), Westwood Lake Office Park (Golden Valley), Earle Brown Tower (Brooklyn Center), Lake Calhoun Executive Center (Minneapolis), Long Lake Office Center (Long Lake), and Investors Savings Bank (Wayzata). • Carlson Real Estate Company building 130,000 sq. ft. project called Two Carlson Parkway. Now 40% leased five months prior to completion. • One million square feet of new space is planned to start next year. 27 NAIOP 1997 ANNUAL, OFFICE MARKET UPDATE DEVELO cents this issue: 129. Construction bids wanted, received New businesses, new incorporations Jme: $803,073 > Page 3 > Pages 5 and 6 > Paaas.4 and -5 * ** * * * * * * * * * * *5 -DIGIT 554 0 f1 OU= 'Sift' (?_ '.49 OS. 1701AAM — -- — - BAKER: STEPHEN ASSESSOR OFFICE 6._3'01 SHINGLE CREED: PKWY •�. BROOKLYN CENTER MN 554=0 -2113 C d M .66. I ?TA SATURDAY APRIL 25 1998 PERIODICALS POSTAGE NO. 82 $ I.00 lost Local office market ranked 7th best in the nation 113 . their best opportunities in those met- egory. BY ERIC SANDVE ropolitan areas expected to have the Seattle is forecast to top the retail �g F &C STAFF WRITER "Developers and investors may find strongest economic performance over- sector over the five -year period. That is all or in individual property cate- also based on the same projections as 5921 The Minneapolis office market is their best opportunities in those goriest' she said. the office market forecast. 5345. ranked seventh nationwide in a five- However, Reiss cautioned that it will Reiss has been in the real estate eLS: metropolitan are expected to have year forecast. p as p ec � be necessary to differentiate among the industry for over 20 years and has RR 113 Ernst & Young Kenneth Leventhal the strongest economic performance overall best markets for development of those experience in planning, financial analy- Ltab; Real Estate Group, the real estate arm » best suited for investment. sis, structuring mergers, acquisitions, of Chicago -based Ernst & Young or in individual property categories According to Towle Real Estate, divestitures and major transactions for Blaine Ct, recently released preliminary data from Class A downtown offices are renting developers, financial institutions, insur- apter7. its "Five -Year Economic and Real :Dale Ann Reiss mansgingpartner for $17 per square foot and Class B ance companies, pension funds and Estate Outlook," which ranks five Mid- Ernst & Young Kenneth Leventhal Real Estate Group offices average $14 per square foot. Fortune 500 companies. PI, Winte west cities among the top- performing The report states that Class A rents may The E &Y Kenneth Leventhal Real ab' United States markets. increase to $21 per square foot. Estate Group is a business unit of Ernst DOLLAR The study's economic and real estate effective oversupply; completions of during the five -year period. Overall, the nation's top economic & Young, which provides assurance AGE 31 models forecast and rank economic, new office space, occupied square According to Dale Ann Reiss, man- performer is Atlanta, based on projec- and advisory business services, tax office, industrial and retail perfor- footage and absorption. aging partner of the group's Midwest tions of population, non - agricultural services and consulting for domestic mance potential for approximately 60 Ranking top in the nation is Seattle, Operations, the outlook evaluates a employment, personal income, unem- and global clients. The firm has 29,000 metropolitan areas. The complete followed by San Diego, Orange Coun- myriad of factors, including econom- ployment and projections of dwelling people in 87 United States cities. era) report is due out this summer. ty, Calif., Tucson, San Francisco and ics, office market supply and demand, unit permits. Ernst &Young is a member of Ernst -at In the office markets, forecasted sup- Portland, Ore. All the top office mar - industrial markets and retail markets, to Indianapolis is forecast to be the & Young International, which has near - State. ply and demand is weighted on pro- kets are projected to average under a project impacts from 1997 to 2001. nation's top industrial market, weight- ly 72,000 people in 660 cities in 130 jections of office vacancy rates, year of effective oversupply of space "Developers and investors may find ed on the same criteria as the office cat - countries. .LAR VOL- I{ 1 L o cal 'L 3l I �A /IMAM T l� K �7�M !! w IF ln��. /1 ATM � Ate. 71 N ��ll7l Cl rl !. h. n/P �1Y w Yws R� i+ I Johnson L ocal PERFORMANCE BY GEOGRAPHIC REGION HOTEL / MOTEL IMARKET: OCTOBER NOVEMBER DECE_Mr ti < YEAR ENO 111 " ' 74.0% 64.0% 53.0u/1 70.0 % OCC 79.5% 67.0% 42-5 69. 1.0% -3.8% 1 0.7% P. 7' N -6.9% -4.5% $84.75 580.25 $73.25 I $80.00 ' s81. $83.75 579.25 $72.00 $79' 00 $78.751 1.2% 1.3% 1.7% 1.3°!0 �' 3.8%, $51.36 $38,821 $54.73 $50,801 $57.231 .. . . $62.72 $37.8 $52.141 4.6%1 P M�N'.G -5.8% -3.3% 2.7% (V I -,,;Loll - 68.5% 19977: O-r_CJJP� 9y 81.5% 66.5% 51.5% 66.0%1 69.0% . 86.5% 69.0% 47.5% 67,5% -0.7% 8.4% -2.2%, -3,5% :.i.PERGE=NT..*':.V'.' $105.25 $95.75 $85,00 S96.25 $95.75 $101.50 593.25 $77.50 $93.00 $92-25 .' > 3.7% 2.7% 9.7% 3.5 %j $43.78 $65.59 ii: $85�78 $63.67 $87.80 564-34 $36.31 $62.781 563.65 -2.3% -1.0% 18.9%, 1.2% 3.0%1 I d 771 F. , q*'Y.*��ii�;�i�;��i] 65.0% 58.0% 42.0% 55.5%' 61.0%11 ... . .... I .. p .. ' ' " 52 73.0% 60.5% 40.5% . ..... . �.o% 59.5%' y 3.7% -4.3%, 2.5% -4.1% $84.25 $81.00 $82.7 $82.75 $81.251 5 $73. 2 .... ..... . : $77.00 $76.75 P. $78.25 ........ ... 13.0% 7.5% 5.9% ER ETGR 7.7% 4.2% S34.7�6 $45.93 $49.561 $54.76 $46.98 1 $57.12 5471.04 $29.67 $44.66 545. 6 5% -4.1% -0.1% 17,2% 2.3% Yc 50 77.0% 1 72.0% 61 .0% 70 72.0% 78.5% 61 76.0% 82.0% 72.0% .5% 1.3% % 0.0 T -4.3 % -0.8% -2.1 % 0 $70.251 $76.001 s3U0 I ........ ... . . $80.25 $76.0 $79.50 $76.25 S71.251 $76.00 $77. 0.9% -0.3% -1.4%1 0.0% 1 3.2% $63.00 $54.72 $42.85 553.58 $61-601 $65 *% 19 $54.90 $43.82 $54.72 $58.901 4.5% -3.4% -2.2% 70.5% 59.0% 51.0% 60.0% 67.5% 63.0% 67.5% �: 73.5% 63.0% PER .... -6.3% 0.0% 520% -1.9% -4.8%1 -41 % $70.50 . . $68.75 $69.25 $69.501 $70.50 $67.00 $65.50 $67.501 $66.50 5.7% 3.0%1 60% '. 1.4% 2.6% $49.70 $40.56 $35.32' $41.70 $47 $51.08 542.21 $34.06 $42.53 544.89 1 6 -2..7% -3.9% 3.7% 0% 66.0% 55.0% 48.b% 56.5%1 66.0% 11 Y.:*:':.:*:'.:. _ C; :. 715% 62.0% 53.r % 62.5%1 66. -9.3%, -9.6%1 ::P�::� ENT."::ttH'MGE ERC: -11.3% $76.00 574.010 371.501 $74 575.75 $�.Z 25 $72.25 $ 7 2. 0 0 S69.751 • `i: ? ;::...::., 99&:. S74.50 2.0 % 2_8% 2. 24 % 6.2% _Ric $50.16 $40.70 $50.66 ........... 33732 a45.16 S 69 $53.27 S44,64 -8 -7. " % i �l 9% I OPINION SECTION RETAIL "The survey shows a OPPORTUNITIES g OBSTACLES It is often said that obstacles create oppor- significant increase from runiries, and shopping centers are no exception. Last year we questioned whether the glass While there are clearly a number of opportuni- the previous year in was half empty or half fill with respect to ties noted above, there are also a number of those people that are shopping center opportunities in 1997. Based obstacles according to the respondents. encouraged by the current on the research results, we can conclude that the Following are the more notable comments from market, and therefore majority of people in the business were pleased the survey: believe that there are with the market during the last 12 months, so many opportunities avail in retrospect, the glass was definitely half full. "Over- retailed market with too many i" V v resulting in flat Certain_}, the stron economy st choices for consumers able in the coming year." helped retailers by keeping consumers sales results for many retailers." employed and malting moderate wage gains in "Lack of quality employees." (Current unem- the process. ; ur-mermore, the strong stock ployment rare in the metro is 2.3'io. Where "There are also a number market has been assumed to have created a will retailers find help for the holiday season ?) of obstacles... Some "wealth effect ", where consumers are inclined to • "Unless sales grow, it will be very difficult example of alarming spend more of their earnings on retail purchases to increase rental rates." trends are high credit that they may otherwise not consider. Regardless of the precise reasons, the retailers. We look forward to the next downturn in Lard debt and delinquen- the economy, when access to money tight - especially the strong ones, have benefited. ties plus the effects of ens and under- capitalized competitors will The survey shows a significant increase fall out." ersonal bankruptcies, from the previous year in those people that are ch continue to encouraged by the current market, and there "Upcoming inflation in costs will allow for - increase significantly." fore believe Char there are many opportunities less increase in rental rates." available in the coming year. Specific opporru- "Electronic commerce will have a huge nities include the following: effect because it will make more products a commodity resulting in service being the • "New development in expanding residential primary factor in determining consumers' markets." purchases." • "Due to lack of available land in some mar- Based on the survey responses, the strong kets, our focus will turn to redevelopment or economy and the signifcant amount of capita. , infill opportunities." available or investment, we believe that 1998 • "Taking advantage of shifting demographics will be a strong year for the shopping center to conform and revitalize existing centers." business. There will certainly be exceptions to • "Redevelopment of urban sites is "hot" this belief. Some examples of alarming trends today!'" are high credit card debt and delinquencies plus Retenantin the effects of personal bankruptcies, which • " of vacant big boxes." g 9 continue to increase significantly. Also, the • "rinancing and refinancing." srrong economy and stock market will 'nave to • A Combination of shifting demographics take a breather sometime. But the over - and cyber shopping should be a great whelming opinion by survey respondents is hat opportunity for retailers to educate the the upcoming year will offer man% opporruni- shopper, and increase sales." ties for development, redevelopment and the • strengthening of existing properries. ,. 4 OVERVIEW OF TWIN CITIES PROPERTIES A E VACANCY Midpoint Vacancy Rate BY TYPE OF PROPERTY 1997 Graphs #4A and :-"4B show the difference 30% 1 between midpoint and average vacancy rates b ,5% -4, property n We believe the midpoint Lv% vacancy rates to be reflective of the marker's 5-16 condition. The midpoint does not allow the 10% — ------- resulu of any one property to skew the data like 5% J0 -_ 'Oo%- I me average vacancy rate does. L1% As we compare vacancy rates b} Geographic Sector In Graphs ;-5A and #5B, we can see that vacancy Is quite low in all areas of F46 I ' Average Vacancy Rate the Twin Cities except the CBDs. The high BIY TYPE OF PROPERTY.1097 vacancy rates are a reflecrion of the Changes and 35% redevelopments that are occurri in both 30.07% n 30%- downtown Minneapolis and Sr. Paul. Z5% For further reference, the following graphs 20% 14.25% show vacancy rates by Pro perry Type and 7 67 % Five v Geographic Sectors for the past r yea All 5% in all, 1997 was a y ear in which retail vacancN, ()% I races Stayed remarkably low and markets stayed surrir�singly strong 57A I Midpoint Vacancy Rate 67A Historical Midpoint Vacancy Rate BY GEOGRAPHIC SECTOR: 1997 BY GEOGRAPHIC SECTOR: 1 - 1997 30% 20% 25% 20% 14% 12% 77 1 8% 0 "% 3.W% 3 00% 5% 4,6 2% 0% L 6 cz 46 to It SIN 1-93 1994 Islas 1996 1997 0 Nm a$j Nonhj S x t *a ,, MS nm s : U cowl Mwke! 7 1 Average Vacancy Rate 16 Historical Midpoint Vacancy Rate BY GEOGRAPHIC SECTOR 1 .997 BY TYPE OF PROPERT 1993 - 1997 35% 20% 3G.02% - — ------ 30% A 25% 14% 20% 1.21 14.25% 5.28% r.7 '5"' 24 5.02% 910'. 10% 6% 7, % - A l f . O-A % 1993 1996 C* 10 OP INION SECTION REA1 ESTATE TA A highly publicized tax appeal by the Mali "As expected, even with of America resulted in a .510.3 million refund the State Legislature's As expected, even with the State for the ears 1992 -1995• While uhis is certainly Y "property tax overhaul ", Legi ' sla tires "property tax overhaul ,the high a significant amount of money, the mall's tax cost of property taxes continues to be a major the high cost of property bill payable in 1996 was still S21.5 million. problem for - both retailers and landlords. taxes continue to be a Imagine the frequent fiver miles they could Nearly 7 0% of survey respondents reported that receive if only the county would accept credit major problem for both their taxes increased during the last year. W, en cards for payment of real estate cases! retailers and landlords." these increases are piled upon already high The Minnesota Legislature provided some rental payments, the bottom line proncability, tax relief for commercial- industrial property negatively affects stores and property owners. The highest reported tax der square foot during the most recent session. In fact, the executive director of the Minnesota Taxpayers again comes from the regional mall category Association projected that the legislative and was reported at 317.00. This compares to changes would have lowered the roe P P 'tY tax on the $17.85 figure noted in 1996. Using a very a commercial proplm valued at 01 million general rule of thumb that a retailer can afford dollars in 1995 from 362,412 to $55,340 in to pay 12% occupancy costs in relation to gross 1998, assuming che stayed the same. This sales, a retailer within a regional mall would is a reduction of slightly more than 11 %, which have to generate approximately $150 of sales is somewhat significant. Let's all cross our per square foot just to pay their property taxes. fingers that we will be pleasantly surprised when On a positive note, of the 53% of respon we open those upcorn ing tax bills payable next dents that contested their real estate taxes May during the past 12 months, 64°../o reported success. Because of the effective tax rate, even with a supposedly fair valuation, the total tax Real Estate Taxes payment in Minnesota is still in he stratosphere DURING THE PAST 12 MONTHS 12% e % nveasz for commercial p roperty. e 12% In the survey, when asked about challenges 10% impacting the shopping center industry in the coming year, 60% of respondents stated chat :% A% real estate taxes represent by far the biggest chat- _ 1% lenge, the highest of any of the categories. 2% [1 0 __t . Several specific comments include the o— following' • "All national retailers look at the entire RENTAL RATES / NEW & RENEWAL lease package cost which results in lower minimum rents that can be achieved." While the majoriry of, esponclents in 1996 • Since we develop retail centers nationally, reported that rental rates remained constant it is clear that retailers will pay less base from the previous year, the results for 1997 rent in Minnesota, even compared to less indicate that rates increased for 66% for those desirable markets, due solely to high taxes." - reporting. This is an exceilenc example of the • "Retailers continue to look at their rent in a renewed s rength of shopping centers in today's "gross" manner, which naturally reduces market. While is seems likely that this will minimum rent attainable." continue into 1998, it deoends upon increased sales by retailers. With Ll e amount of compen- 5 OPINION SECTION 5? RETAIL SALES PERFORMANCE Sales Performance "65.5% of respondents DURING THE NEXT 1 2 MONTHS i ndicate that they expect If the term "Rine Tun:ng "car. be defined as is% to end 1997 with an "a siight change of a situation chat is observed as a positive result," such could be said to describe 201 increase in sales over the performance of retail sales this past year. 1996." While new development continues to offer 1 D% customers additional stores in which to spend 5% — — - a% -- - 0% 0% "- their hard earned dollar, the pace of new 0% — ._. _... __.- _= __.ter.__ conscructior, has slowed. Consumer confidence, ea which is up in the Twin Cities area, is helping to drive sales to the modest increases reported by most of the respondents co the survey. 'Looking towards 1998, respondents were 65.5% of respondents indicate chat they in general more optimistic. 83% anticipate sales expect co end 199% with an increase in sales increases next year, while 84% of those expect over 1996. Of these, pearl; 19% of the total sales not to exceed 5 %, with the remaining 16% ancicioate an increase of between 5 -10 %. 44% Predicting gains of between 5 10% . Only 3% believe their year -end sales gains will show a expect a decrease in sales at their properties in more modest gain of about 5 %. 22% antici- 1998, and project it to be between 5 -10 %. pace no change from 1996. It is interesting to Supporting comments for these predictions note th while 12.5% expect a decline in sales, Were similar to those observed for the 1997 no respondent expects a decline in sales of more sales, and included the continued anticipation than 5 %. of additional retail competition, either through A number of the comments supplied in existing vacancy lease up or new projects. One support of these predictions indicated that observation was that sales for newly opened while the year as a whole is viewed as a positive stores and propeaies are now almost always at for sales, some aspects still showed mixed tine expense of a direct or indirect competitor. results. Responses reported soft first and second Assuming the continual, although varying, quarters of the year, with sales increasing during pace of retail expansion, the science of antici the summer months. Other indicated that Pacing customer needs and product trends in strong sales increases among some stores was in order to be successful will only become more part offset by less than expected performances challenging. Retailers will continue to face of others because of location, increased compe- demographics showing groups that are anon and ever changing product trends and changing not only by the act that they are consumer tastes. aging but also how they are aging. Baby Boomers are now beginning to enter their 50's, but they are crying to bring their youth and Sa les Performance vitality along. A g DURING THE PAST YEAR eneration whose advice in the ■ % 1wene „ 60's was to distrust anyone cr. tlhe:r 30's is standing in line to watch the Rolling Stones on tour in the 90's. Since many started careers 2% before families, not all are empty nesters as most ,% of their parents were at the same age. Appealing 3% to otner age- groups whose members are increas- ox ohs e% W ingly time - challenged and decreasingly store - xaa� y \e a�p�` e ' ea sy ey ¢ 45' �s�? loyal will be no less daunnng. 7 NEIGHBORHOOD CENTERS I PROPERTY GEO TOTAL SQ.FT. NAME ADDRESS CITY SECTOR GLA AVAIL- VACANCY % CAM TAX Rainbow Village 405 - 551 87th Lane NE Blaine NW 130, 700 0 0% S .30 53.00 Rice Creek Plaza 2100 Silver Lake Roap New Brighton NE 72,000 57,000 79% 52.44 5152 Richfield Shoppes 660? Nicollet Avenue South Ric`neid SW 84,215 10,500 12% S1 36 53.14 _. Ridge Square North 12977.13057 Ridgedale Drive Minnetonka SW 81,202 7,500 9% 52.09 54.59 Ridge Square South Plymouth Rd & Ridgedale Or Minnetonka SW 125,000 2,000 2% R dgedale Festival 14200 Wayzata Blvd. Minnetonka SW 119,392 0 0% 51.71 S431 Ridgehaven ?3081 Ridgedale Dr. Minnetonka NW 69,800 0 0% SO.00 50.00 Ridgewood 13601 Ridgedale Drive Minnetonka SW 30.000 0 0% 51 J s 51.73 River Heights Plaza 1250 Frontage Rd Stillwater NE 84,000 26,000 31% Riverolace 1 Main St. S.E. Minneapolis NE 101.965 0 0°% 50.00 SO.00 Robbinsdale Town Center 4080 West Broadway Robbinsdale NW 89,730 4,000 4% 52.70 Robin Center 4098 & Lakeland Avenue N. Robbinsdale NW 100,468 0 0% S1 75 Rockford Mall 8900 Walnut Street Rockford NW 43,000 9,900 23% St 00 51.00 Rosedale Marketplace 2401 Fairview Avenue N Roseville NE 147,498 0 0% S 1.35 53.44 Rosedale Square North 2701 Lincoln Dnve Roseville NE 42,000 0 0% 50.00 SL86 Rosemount Mall SWQ Highway 3 & 14Sth Street Rosemount SE 40,000 10,000 25% Rosemount Village Square County Road 4Z Rosemount SE 48,139 0 0% Roseville Shopping Center 1121 -1215 Larpenteur Avenue West Roseville NE 74,000 3.300 4% 51.00 53.00 Rosewood Shopping Center 218 -2195 Snelling Ave. N. Roseville NE 30,131 8,000 27% 51.20 53.49 Round Lake Snoopes 1^11 Round Lake Bouievard Coon Radios NW 42,100 7,000 17% St 92 51.87 _.. Salem Square 53300 South Robert Trail Inver Grove Heights SE 52,867 551 1 % 5110 52.95 Schneiderman's Plaza 1955 County Rd. 82 W. Roseville NE 79,000 3,000 4% 50.85 52.01 Seeger Square Shopping Center 835.898 Arcade Street St. Paul NE 131,947 0 0% 50.00 5250 - hady Oak Center 6399 - 6411 City West Parkway Eden Prairie SW 33,271 3,310 10% 52.53 53.01 akopee Town Square 1113.1159 Minnesota 300 Shakopee SW 140,107 10,000 7% 52.08 S1.58 _. n ngle Creek Center 6000 Shingle Creek Parkway Brooklyn Center NW 45,414 8,373 6°!° 52.15 55.35 Shops at Lyndale Phase I 1000 West 78th Street Ricnfeld SW 126,535 0 0% Shops at Lyndale Phase II 700 -900 West 78th Street Richfield SW 114,540 0 0% Shoreline Plaza 2324 Wilshire Blvd Mound NW 33,966 5,750 17% SZ.63 51.72 Shoreview Center 3475 Rice Street North Shoreview NE 30,000 0 0% 53.15 Shoreview Mall Lexington Avenue & Highway 96 Shoreview NE 70,306 0 0% 52.05 52.19 Shorewood Village 23600 -23750 Highway 7 Shorewood SW 72.250 0 0 S1.91 51.45 Sibley Plaza 2395 -2503 West 7th Street St. Paul NE 95,570 34.415 36% 52.70 52.05 Silver View Plaza 2544 -2575 Hwy 10 Mounds View NE 35,160 12,739 36% 5110 52.12 Skyline Plaza 2000 -2034 West County Road 42 Burnsville SW 30,826 0 0% S1.86 52.62 Skywood Mall 5201 University Ave. NE Minneapolis NW 56,000 26,000 46% 51.91 South Robert Plaza 2000 South Robert Street West SL Paul SE 34,202 0 0% 51.95 S3.58 ....... ..... ... Southcross Shoppes County Road 42 & 141st Street Savage SW 34,766 1,242 4% 52.00 S1.72 _ ..... Southdale Square 2900 -3000 West 66th Street Richfield SW 91,701 0 0% 51.60 53.53 Southfork Shopping Center 17665 Kerarrd Trail Lakeville 5W 43,826 1,320 3% Southport Center Franc, Ave. & Old Shakopee Rd. Bloomington 5W 43,000 1,682 411° 5156 51.41 Southview Snooping Center Southview Blvd. & 12th Street South St. Paul SE 74,420 16,220 22% s1.85 50.72 Southview Square S. Robert St. & Marie .Ave. West SL Paul SE 00,000 17,580 189 52.91 Sportmart Plaza Shopping Center 12300 Wayzata Blvd. Minnetonka SW 66,150 0 0% S1 43 53.39 Spring Gate Shopping Center 5611 -5695 Duluth Street Golden valley NW 42,918 1,540 4% SI.73 62.61 Soringbrook Mall 85th Avenue NW & University Avenue Coon Rapids NW 71,301 18,700 26% 52.09 53.27 Spruce Tree Center SL Paul NE ?18,000 0 0% SO.00 50.00 St. Anthony Main IV 125 Main Street SE Minneapolis SW 6 3,300 6% 50.30 St. Anthony Snooping Center 2900 Pentagon Drive St. Anthony NW 37,475 2,484 3% 51.06 51.34 Suburban Square 1664 -1714 Suburban Avenue St. Paul SE 39,331 12,000 30% S 5.85 53.25 Suburban Square Snooping Center Excelsior Ave. & Shady Gak Rd. Hopkins SW 36,000 5,492 15% 5015 51.06 Summit Oaks Square County Rd 11 & County Rd 42 Burnsville SW 32.804 6,130 19% 52.01 53.55 Sunume Shopping Center 12202 Hwy 7 Minnetonxa SW 45,000 4,500 iO% 52.10 S2.00 get Center 7000 York Avenue South Edina SW 48,000 0 0 °!0 SL29 54,02 z Mall 5301 W. Broadway Robbinsdale IN 1 36,925 3,092 6% 52.1? SI 50 Texa -ionka Shopping Center 8000.8140 Minnetonka Blvd. St. Louis Park SW 56,000 14,500 26% ` The Commons 85th & West Brpadwav Brooklyn Park NW 46.173 2,900 6% 51.66 52.90 The Crossings 1964 Rahnchff Court Eagan 36,000 2,400 7% 52.01 52.45 22 COMMUNITY CENTERS ! y PROPERTY GEO TOTAL SQ. FT. NAME ADDRESS CITY SECTOR GLA AVAIL. VACANCY % CAM TAX 7 -Hi Shopping Center 4900 Hwy 101 Minnetonka SW 199,875 7,973 4% 52.88 53.09 Apole Valley Square 7666 W. 150th Street ,Apple Valley SE 270,000 40,000 15% 52.55 Bergen Plaza Shopping Center 7101 10th Street North Oakdale NE 273,981 9,432 3% 51.40 53.30 Birch Run Station 1715.1'41 Beam Avenue Maplewood NE 293,144 69,044 24% 51.18 52.56 Brookdaie Square 5900 Shingle Creek Parkway Brooklyn Center NW 185,346 31,312 17% Si.38 53.40 Bumhaven Shopping Center 850 West County Road 42 Burnsville SW 208,860 's 5, 000 !7% 52.64 52.74 3urnsvilie Marketplace 14141 Aldrich Ave Surnsvdle SW 260,000 31,500 12% 51.44 53.91 Centennial Lakes Plaza 7501 France Avenue South Edina SW 197,012 2,547 1% S i.83 55,08 Cliff Lake Centre 1900 Cliff Lake Road Eagan SE 274,593 4,000 1% 51.50 5434 Coon Rapids 'Family Center Mall 2975 NW Coon Rapids Blvd Coon Rapids NW 220,000 10,000 5% 51.55 50.88 Coon Rapids Village Shopping Center 3010 -3030 111th Avenue NW Coon Rapids NW 163.200 0 0% 51.17 52.23 Cottage Grove Plaza 8711 E Point Douglas Road Cottage Grove SE 215,000 9,021 4% 52.34 53.06 Crossroads of Roseville 1'055 W County Rd 82 Roseville NE 330,505 1,025 >1% 51.82 53.43 Crystal Shopping Center 68 Sass eke Road Crystal NW 213,987 100,320 4730 S 1 SO 52.57 Crystal Shopping CenterlTarget 99 -355 Willow Bend & Bass Lake Road Crystal NW 337,911 29,!00 9% 5190 5298 Eagan Promenade 1 -12;9 Promenade Place Eagan, SE 350,000 50,000 14% 53.00 S1 50 Eapan Town Centre 1284 Town Center Drive Eagan SE 153.333 0 0% 52.20 53 -30 Edinburgh Center NWC Highway 2S2 & 8th Avenue Brooklyn Park NW 200,000 0 0% 50.00 SOAO "Fontana Square 1132 E County Rd E Vadnais Heights NE Grove Plaza 7282 E. Point Douglas Dr. Cottage Grove SE 179,993 65,000 36% 50.87 SZ -3= _ . .. _. Grove Square Center 13621 Grove Onve Maoie Grove NW 130,604 5,900 3% 52.03 53.62 Hartford Place 11200 Prairie Lakes Drive Eden Prairie SW 193,000 30,000 16% _ Horizon Outlet Center 10150 Hudson Rd. Woodbu ry SE 249,200 0 0% 52.00 52 92 Knollwood Village Shopping Center 8906 -8942 Hwy 7 Si. Louis Park SW 176,000 4,300 2% 51.52 52.98 aple Grove Commons Phase I Elm Creek Boulevard Maple Grove NW 361,846 0 0% 51.50 53-50 olidway Center 1516 University Ave. St, Paul NE 331,300 17,000 :% S2. 6 4 .. .. .. .. Minnehaha Mall 2510 East Lake Street Minneapolis SW 252.938 51,122 23% 56.35 51.82 C Northtown Village 10 -60 East Coon Rapids Blvd Coon Rapids NW 176,859 0 0% 50.00 50.00 Oak Park Ponds Highway 36 & Highway 5 Stillwater NE 155,700 90,000 581° S1 25 53.75 Oakdale Value Mail 7166 1 Oth Street North Oakdale NE 180,000 141,620 79% S i.00 Park Place Plaza 16th and Park Place St. Louis Park SW 215,248 25,000 12% 51.75 S3.S0 Park Place Centre 7000 Boone Avenue North Brooklyn Park NW 200,000 40,000 20°% Phalen Shopping Center 1345 -1441 E Magnolia St. Paul NE 261,756 179,425 46% 50.70 51.14 Ridoehaven 13101 Ridoedale Drive Minnetonka SW 228,000 3,100 1% 52.92 SE -58 Riverdale Crossing 13020 Riverdale Drive Coon Rapids NW 315,715 0 0% 51.51 54.58 Rockford Road Plaza 4190 Vinewood Lane Plymouth NW 369,382 0 0% 51.55 5433 Rosedale Commons 2480 Fairview Avenue N Roseville NE 183,138 3.000 2% 52.00 53.13 Rosedale Square Shopping Center 1601 W County Rd C Roseville NE 159,861 1,600 1% 52.00 53.69 Ryan Center Hwy. 36 White Bear Ave. Maplewood NW 226,000 0 0% 50.00 50.00 Shakopee Town Center Hwy. 169 & Hwy. 101 Shakopee SW 164,550 0 0% 54.00 50.00 Signal Hills Shopping Center 47 Signal Hills West St. Paul SE 290,004 44,000 I S% 52.86 52.34 Soutnridge Center 1396 Mendoat Heights Road East nver Grove He ghu SE 302,763 5, i 13 2% S 115 S .25 St. Croix Mall 14617 59th Street North Stillwater NE 330,000 85,000 26% 52.00 52.25 Starlite Shopping Center 7555 West Broadway Brooklyn Park NW 302,763 0 0% 51 -25 53.25 Sun Ray Shopping Center 2089 -2215 Hudson Road St. Paul NE 261,485 55.862 21% 51.93 SZ._a 5 University Center St. Paul NE 242,000 0 0% $0.00 SO.00 Vadnais Square 975 Arcade Street Vadnais Heights NE 259,000 37,000 14% 51.50 Valley West Shopping Center 3500 West Old Shakopp Road Bloomington SbV 199 22,169 11 % 51.93 52.27 Village North Shopping Center 7595 Brooklyn Blvd Brooklyn Park NW 166,460 51,834 31% 52.32 52.52 Village Ten Shopping Center 2026.2160 Northdale Blvd Coon Rapids NW 181,677 23,311 13% 50.89 50.73 West Ridge Marxet 11210 -11544 Wayzata Blvd Minnetonka SW 257,300 5,653 2% S130 54.00 Westvew'Valu Center 1000 South Robert Street & Mendota Road West St. Paul SE 163,162 18,468 l i % S1 61 S2.6i Woodbury Village 7020 - 7250 valley Creek Plaza Woodbury SE 342,000 16,000 5% si.50 S3.5O 0 A. 16 I NEIGHBORHOOD CENTERS PROPERTY GEO TOTAL N APA E ADDRESS CITY - SECTOR AVAIL. VACANCI 11, CAA TAX 1559 Larpenteur Ave. 1539 Larperiteur.,ve- St. Paul NE 33,'00 9,269 234 Si.63 SO.00 1666- Robert Street South 1666 -1 7 20 Robert Nest St. Paul Sc 6`1 2.326 tre-t )GUM SO-00 SZ.91 1 400-4420 ExcListor Blvd. 1400-4420 Excelsior Blvd. St, Louis Park SAN 30.000 SUS Si.25 7 akeiand Averue 7316-73Z4 Lakeland Ave. Brooklyn Park ;WN 42,;; 1 - 1 0 0% SI.33 Si 58 7701 Nicollet 7701 Nicoilec 3i0tield SIN 104,3 0 0% SUS SI 32 ,Albrec`tt I CoKeV 3uflding 21 5th St. W. it, Paul SE 30.000 5,000 1 SI.30 S3.30 Andover Center 13735 Round Lake 3ouievara Andover \NV 125,000 12,920 10% SZ.36 52A0 Apacne Plaza 2201 37th Avenue NE Columbia Heights MIN 1 2880 0 0% Apple valley Retail 7370 153rd SL Apple Valley SE 49,104 0 0% 30.00 50.00 Apple Valley Village Cedar Ave. 1 , 147th St. Apple Valley SE 50,000 25"100 SO% SS.30 50.00 Arden Plaza Shopoing Center 3531 -3565 Lexington Ave. N. Arden Hlils NE SZS21 9,304 199 Si J-1 sl 49 Aurora Village Center 1601-1801 County Rd 42 Burnsville SIN 122,323 3,600 3 1 0 S3-09 Bandana Square 1021 Bandana Blvd E St, Paul NE 62 7 ,375 5% Best Building 1910 Suburban Ave. St. Paul NE 42.230 12,280 100% SOAO SO.00 alack1lawk Plaza 4! 30 3lackhawk Pond Eagan SE 30,01S 0 0% 50.00 SO 00 siaorridale Shopping Center 10713 - 10756 =faoce Avenue South Bloomington SW 64,000 7,050 13% SO.55 S1.10 Bloomington ShopPes 3501-3599 Lyridale Ave S Bloomington 5W 42,142 1,296 3% SZ.33 54.14 8onaven(ure Mail 1601 Plymouth Road South Minnetonka SIN 73,000 0 0% SL23 53-67 Brandon Square 35' Z3 70th S N. caina SIN 18.2 3 0 00 St 68 S3.71 Brickyard Shopping Center 300 Yellow Brick Road Chaska TIN 48,000 0 09 si.io 52.3 Srighron Village 2303 Palmer Orive New Brighton 78,382 0 0% S1.91 SI 92 Broadway Shopping Center SEC Broadway & Lyndaie Minneapolis SW 70,000 1,200 4% 3rocklyn Park plaza 7316 - 7324 Lakeland -'venue Brooklyn P ark MAN 12 0 O'S t o 3rockview Plaza 3951 Earle Brown Drive Brooklyn Center NIN 59,192 4 61°, ST 03 52..73 Builder's Square Bldg 14230 Burnhave Or Burnsville SW 107,400 0% guilder's Square Bldg 1740 Van Duke Ave MaPiewood NE 94,300 0 01 0 Burrihiii Plaza 1350 W. County Road 42 Burnsville SW 145,473 0 00 52.43 Sa'SO Burnhill Shoppers Corner 14101 Irving Avenue Burnsville SW 43,389 ZO, 700 17% 50.31 52.31 Burnside Plaza 14304 Burnhaven Drive Burnsville SIN 98,671 4,360 4% Si .-O S-,IO ...... ..... - - - ... I . Burnsville Auto Mail 500-620 Southaoss Onve Burnsville SW 30, 7,000 23% 52.65 54.00 Burnsville Crossings 14260 Plymouth Ave Burnsville SW 31,370 35,000 43% 5I.57 S3 ..I Sverty's Burnsville Centre 401 County Road 42 Burnsville SW 74,516 1,674 2% 52.51 53.33 Calhoun Square 3001 Hennepin Ave S Minneapolis 5W 112,000 25,000 18% sa.78 SU . 0 Calhoun Village 3220 West Lake Scrs-t Minneapolis SIN 88,361 2,730 3% 52.69 56.11 Carish Building 641-681 East Lake Street Wayzata NIN 86,000 0 0% 51.98 56.00 Cedarc!W Shopping ' Canter 21) 5 -2149 Cliff Rd. Sagan SE 38,200 200 1% SZ-00 ........ 53.00 Cadarvale Shopping Center 3920-3988 Sibley Memorial :Hwy Eagan SE 138.000 20,000 14% .... 5Z.2 . 0 . S . 1 .1 . 0 . Central Plaza Shopping Canter Minn eap oiis NIN 125,580 6,280 5% 52.23 51.35 Central Valu mall 4350 Central Ave Columbia Heights NW 1 ,23,350 0 0% 51.55 52.69 ............ .. . .. Central Value Shopping Center 4300 Central Avenue NE Minneapolis NW 125,680 6,280 5% Century Hills Shopping Center 2686 County Road E White Beer Lake NE 34,165 6,500 12% 5I-23 52.01 Champ ii . n Plaza 12455 Champlin Drive Champlin 1 4W 79,316 2,262 3% . 51 . .17 - St. 1 9 Cherokee Center 627 North Brooklyn ?ark NIN 52,939 5,1 Z6 10% 50.35 SZ. ' 74 Circuit City Plaza 4200.4250 West 78th Street Bloomington SW 1, 0 0"1 55.27 Circuit City Plaza 1005 Plymouth Road Minnetonka SW 32,900 0 0% 1 50.77 ... 52 : 08 City C . ent . er Plaza 8300-8340 City Center Drive 'Noodbury SE 45,000 0 0% S3.SO 50.00 Clover Shopping Center 800-822 W98th St Bloomington SW 58,058 Z1,000 36% 54.47 52.38 Cobblestone Court I . 4150 N . icoile i: . A . venue S I ouch - Burns . ville S 1 4V 97,7 36,000 31% 51.1 . 0 . S . 3.04 Colonial Ridge 13724 Nicallet Avenue South Burnsville SIN 36,000 4,300 13 Colonial Square . Shopping Center 112S Wayzata 3 lvd Wayzata i`IW 94,368 0 0% 54,17 1 53. 1 2 . 3 Columbia Heights -Irlail 4001 Central Avenue Columbia Heights NIN 30,COO 16,000 209 SZA 0 52.20 Commerce Plaza Commerce Blvd. & Lynwood Blvd. Mound NIN 33,658 1 4% S?.39 56,34 Computer City Plaza 13570 Wayzata 3culevara Minnetonka S 16,500 0 0% 53. 53.00 0 Concord Mail 245 North Concord South SE, Paul SE 33,190 0 0% SLC6 SO .39 Gaon Rapids Shzoclng center 1336 Coon Rapids Blvd. Coon Rapids NW 48, 690 Coon Rapids Square 3005-3071 Coon Rapids Boulevard Coon Rapids MIN 47,347 1,045 2% 251 53.75 Cottage Grove Shopping Center 8118 Hadley Avenue Cottage,--,rove NE 55,000 29,Z10 5311, 1 SO.19 Dotage Square Mail 3200 Hadley Ave. S. Coaage Grove SE !00,000 1,953 Z ?I. S2 75 Si.10 NEIGHBORHOOD CENTERS PROPERTY GEO TOTAL SQ. - rT. NAME ADDRESS CITY SECTOR GLA AVAIL. VACANCY % CAM _ TAX he Holiv renter Mississippi & University Avenue Fridley NW 72,000 Z,455 3°a_ 51.10 52.52 fie Lake Shoppes 810 Lake Street South Forest 'ake NE 6d 0 0% 50:72 51.33 The North St. Paul Shoppes St. Paul NE 47,580 0 0% 50.00 50.00 Tnomas Lake Center 1565 Ciift Road Cagan SE - -2,C52 0 0% S1.60 53.68 Time Square Center 7525; 1665 148th St W Apoie'Vailey SE 48.002 1,600 2 ° d 50.61 52.89 Tower Square 5741582 Prairie Center Drive Eaen Prairie SW 6 2, 757 4,649 7% 52.20 S4.I Town & Country 2000 Highway 13E 3umsville SW ?00,000 0 0% 51.22 50.98 Town & Country Shopping Center I -494 & Par tiand Ave. S. 3loomington Sw 41,539 0 0% 52.33 52.43 Town & Country Square 2000 Hwy. 13 E. 3umsville SE 100,000 0 0% ° $1 40 50.98 Town Centre Shoppes 3440 Denmark Avenue Eagan SE 43 0 0 52.10 ioys'R' Us Building: Northtown 170 89th Avenue NE Blaine NW 68,492 0 0 %° S0.90 51.65 Umdale Mall 544 University Ave St. Pau( NE 144.000 34,000 24 °/ S2.74 SI 50 University Center IV 8i St -8225 UniversiryAve Spring Lake Park NW 55,785 15,000 27 53.39 52.51 University Park Center University Ave. W & 79th St. Fridiey NW 132,462 0 0% Vadnais Heiahts Plaza 1142 East County Road E vadnais Heights NE 38,000 2,022 5 ° ,r° 55.45 50.00 Valley Creek Mail 1750 weir Drive Woodbury SE 94,163 18,200 19 S1 85 S i.03 Valley Plaza Center Golden Valley NW 75.000 2,000 3% 50.00 50.00 Valley Ridge 1917 W Bumsvilie Pkwy Bumsville SW 88,595 12,253 14% Si.93 50.33 Village Square 7825 -7843 Portland Avenue South Bloomington SW 56,700 0 0% 51.22 52.63 Village Square 6600 Cahill Ave. E. Inver Grove Heights SE 70,892 0 0 54.40 SO.00 Village Squares 7825 -7843 Portland Ave. S. Bloomington SE 56,700 0 0% 51.22 52.63 Waterford Park Plaza 10100 6th Ave N Plymouth NW 121,303 14,246 12% SL84 53.44 Wayzata Bay Plaza Wayzata NW 78,000 0 0% 50.00 50.00 Wayzata Bay Shopping Center 900 East Lake Street Wayzata NW 127, ' 0 0 0% 54.80 50.00 % , Wayzata Village Shoppes 8i2 -866 East Lake Street Wayzata NW 43,)31 1.147 3 °k 52.62 53.8 - -� '+Vest Lake Plaza 239 12th Street SW Forest Lake NE 87,000 43,366 50% 51-25 S2 Westbrook Mail 5717 Xerxes Ave N Brooklyn Center NW 79.242 18,500 23% S1.6 1 52.. Westbrook Marketplace Brooklyn Park NW 90,000 0 0% 50.00 50.00 Weswiew Shopping Center Hwy 55 & Pleasant Drive Hastings SE 126,700 1 10,000 16% 51.65 51.85 Wes-,wind Plaza . 4703 -4795 Highway 10i Minnetonka SW 88,016 2,380 3% S2.09 54.31 Westwood Shopping Center Louisiana Avenue & Cedar Lake Rd. St. Louis Park SW 41,867 3,197 8% SS 20 ' so. * 00 White Bear Hills - )hopping Center 2671 East County Rd E White Bear Lake Nf 73,095 0 0% 51.65 SZ.7 White Bear Shopping Center 4391 -4425 S. Lake Ave White Bear Lake NE 110,000 0 0 St 30 51.37 Wiidwood Shopping Center 915 Wiidwood Road White Bear Lake NE 52,140 11,046 2 51.00 5191 Winnetka Commons 3520 -3564 Winnetka AveN New Hope NW 42,381 0 0% 52.40 5393 Winnetka Shopping Center Winnetka Ave. between 42nd & 45th New Hope NW 90,720 2,800 3% 51.67 51.33 Woodbury Village -Green (Phase 11) 1470 -1575 Queens Drive Woodbury SE 117,000 0 C% 51.50 53.50 ,anKee Square Shopping Center 1460 Yankee Doodle Road Eagan SE 55,000 4,634 8% 52.75 52.90 Yorkdaie Shoppes 6801 York Avenue South Edina SW 41,729 3,352 8% 51.48 53.37 ... . .......... . Yorktown Mali 3301 -3535 Hazelton Road Edina SW 97,000 4,084 4% 52.15 52.91 Zachary Square 9400 Zachary Lane Maple Grove NW 11 5,000 20,000 17% SZ.01 SO99 Zanebrook Shopping Center 7632 -7658 Brooklyn Blvd Brooklyn Park NW 33,966 5,750 17°% 50.91 S1 72 �i 23 r- 6 = NXARCrI 1998 € 1 30,000 square feet. Owner- occupied buildings are not included. Irokerage firm. NA means the information was not available. Building name Class NRA Rate office Operating Broker company Address Clearance Avail. Rate ware. Taxes Broker City, state, ZIP Year built Rate type Total OET Phone i' Thurston Business Center OW 37,123 $8.00 $0.60 Copperwood Investments 3600 Thurston Ave. 18' 17,123 $4.00 $1.00 Tom Bissen Anoka, MN 55303 1998 Net 51.60 593 -2730 1600 filth Ave. N. BW 100,000 $7.50 Welsh Cos. 1600 67th Ave. N. 20' 28,880 $3.75 Jeff Minea, Rich Yablonsky Brooklyn Center, MN 55430 NA Net 52.44 897 -7741, 897 -7735 i 6800 Shingle Creek OW 167,564 57.50 Northco 6800 Shingle Creek Parkway 14' -20' 48,328 $3.75 Julie Yeazle, Mike Fleetham Brooklyn Center, MN 55430 1975 Net $3.12 820 - 1617, 820 -1629 Murphy Warehouse OW 121,675 Welsh Cos, 5001 France Ave. N. 26' 0 $3.85 Paul Bickford, Jeff Minea Brooklyn Center, MN 55429 NA Net $1.44 897 -7732, 897 -7741 Murphy's Warehouse BW 121,675 53.50 United Properties 5001 France Ave. N. 27' 40,200 Mark Sims, Chris Hickok Brooklyn Center, MN 55429 1954 Net $0.44 893-8829,893-8845 Coachman Center OS 35,000 54.00 $0.50 The C. Chase Co. 6660 Shingle Creek Parkway 16' 9,200 $1.50 Sherman Malkerson Brooklyn Center, MN 55430 1973 Net 52.00 525 -1000 Freeway Business Center I OW 68,899 NA First Industrial Realty Trust Inc. 6601 Shingle Creek Parkway 12' 0 Michael Stephens Brooklyn Center, MN 55430 1985 NA 943 -2700 Freeway Business Center II OW 75,939 First Industrial Realty Trust Inc. 6707 Shingle Creek Parkway 22' 0 Michael Stephens - - Brooklyn Canter, MN 55430 1986 NA 943 2700 Freeway Business Center III OW 75,000 NA First Industrial Realty Trust Inc. 6701 Parkway Circle 12' 0 Michael Stephens Brooklyn Center, MN 55430 1987 NA 943 -2700 Freeway Business Center IV OW 78,741 NA First Industrial Realty Trust Inc. 2700 Freeway Blvd. 16' 0 Michael Stephens. Brooklyn Center, MN 55430 1981 NA 943 -2700 Freeway Commerce Center OW 40,000 57.50 CB Commercial 1600 -1700 Freeway Blvd. 18' 10,800 $3.50 Dennis Panzer, Dan Swartz Brooklyn Center, MN 55430 NA Net $2.85 924 -4617, 924 -4652 Shingle Creek Parkway OW 261,348 $8.50 Welsh Cos. 6820 -6840 Shingle Ceek Pkwy. 20' 16,545 $3.75 Jeff Minea, Rich Yablonsky Brooklyn Center, MN 55430 NA Net 5224 897 -7741, 897 -7735 The St Paul Industrial Properties OW 102,580 55.50 $0.58 Madison Marquette Realty ' 1800 Freeway Blvd. 18' 20,562 54.25 $1.70 Services Brooklyn Center, MN 55430 1964 Net $2.28 John Thompson 481 -8070 Sunlite Commerce Center BW 73,903 54.50 Towle Real Estate Co. 6601 Parkway Circle 24' 11,500 Jim Miller Brooklyn Center, MN 1996 Net NA 347 -9365 = ,.'WrgGNe'„ .:'n" _2� s " - :•1.�`„ % "3« -r�.' • � ,,T h a..ssb � -- -" - �s - s.'�'�3 ,..�'�:"�$�,,:�X• 5'�r. ." •} % -NSe^ •.'• Ce - ±iW�.X'L 'c }`�'E s_ _ �,a.� ' "� �.., ' �,«" -'=c -. - "_, ••>- T3,sx! ° , ,N ,'Y`ie,'t - - . ate+'' -- «sw•. '_T.`�.:i- b,'*'": �, ;',cy:; 4�t Ra'•�j'`,.�.n nNA,`'T'q".".;i•'tna,' -"^; Kt�fficelW�reliaase Q1i r ene 7,QQt i ga ee qr Larger etearauce t of L6' '' an' atteast Ifr 2 percent o office r! sttiivaro4rte apace - hsigtt -- Y offfice/ShowroomC0S)RGenerally, 3,000sq -pre ibet ot li46r, witit lace „T ............. 5,,.:..i.� - 0 . 141 t e' .,.,,7 ..t' r.-+ 9 Tn T nnrrortt n1a ni ne nr ehnwr.v�m _.tne.a = INDUSTRIAL REPORT _I�VL )�ITT IX U-1 MARKET OVERVIEW indus trial use, are now quite flexible, j Overall vacancy rate doubled, crossing over category lines and clouding from 4.9% to 9.8%. Last year's tightest-ever industrial the current classification definitions. Arid, market softened during the year ending with a shortage of buildable land, more In this development boom, 3.5 third quarter 1997, providing good development is occurring in the outer million sq. ft. were added this choices for tenants looking for space. A ring areas, requiring a close review of year; 2.7 million sq. ft. are under flurry of development activity, combined every industrial product in Anoka, construction; and 3.3 million with slower absorption, has increased Dakota, Scott and Washington counties. sq. ft. are planned. vacancy rates and stabilized rents. The combination of these factors The pent-up demand for space in a prompted us to expand our survey to D The Office Warehouse category previously undersupplied market is include every building in the Twin Cities is the strongest performer overall, tapering off, as indicated by the metro area that currently meets the the only product type to have occupancy levels in the 32 new multi- general requirement of offering multi- positive annual absorption. tenant buildings completed this year. tenant industrial space for lease. The net Of the 3,5 million square feet added, result to the reader is a more Some tenant concessions are 56% is vacant. In comparison, when comprehensive view of the industrial appearing in new development. 1) million square feet was built the year marketplace, as follows. ,O nor, 91% was occupied immediately. Overall, the total universe surveyed Sales activity has slowed due to The metro area is beginning to see a increased by 269 buildings, totaling the lack of properties available. chance from a landlords' market to a 23 million square feet. This includes 3.5 tenants' market. The amount of flexible- million square feet of construction Explosive growth is occurring in use space available to tenants will grow completed this year, the new market Savage, Shakopee, Eagan and by another 2.7 million square feet with areas of Anoka and Scott counties. and Chanhassen. Watch for expansion the 30 new projects now under conversions of single tenant properties in Anoka County with the construction. This presents businesses to multi-tenant. The new universe Highway 610 improvements, with many choices; and for sizeable credit includes 938 buildings totaling 69.5 and in north suburban tenants, a return of some bargaining million square feet. Ramsey County. P These extras may include one of The BULK market universe grew by the following: early occupancy in new 6.1 million square feet Office Warehouse developments, or more generous tenant expanded by 14.5 million square feet; improvements amortized with interest and the Office Showroom/Business Center within the term of a lease. Some REITs category added 1.4 million square feet. are not charging market rents on renewals When reviewing the data in the to maintain their earnings levels. following report. , please note several key items related to the expanded universe: EXPANDED UNIVERSE OFFERS Absorption: Because it's not COMPREHENSIVE VIEW possible to measure absorption for the Over the past several years, many added buildings until next year's survey, chan ges have occurred in the uses of all absorption figures reflect only the buildings. This has affected the total buildings in last year's universe, plus new number of square feet in the multi-tenant construction absorption. industrial universe in the seven-county Vacancy Rates: Many of the added metro area. Many single tenant properties buildings are older, have lower ceilings have leased portions of their buildings and are poorly occupied. Therefore, in Phase III of Ryan Companies' Twin Lakes others and have become multi-tenant. many cases, even though positive annual Corporate Center, an OS/BC campus in A significant number of buildings, absorption was reported in a sector, the Roseville, was completed in 1997 and is 100% \vhether new or converted for office/ vacancy rate still went up because of the occupied. I %Al cumulative effect of the vacancies in the since mid 1996 due to a lack of than 5,000 available sq. ft. -- indicating added buildings. properties available. The OS/BC category limited choices for larger users. Several Average Net Rent: The same effect is selling in the upper $60's psf. V choices are on the way. Nicollet Business applies to rental rates. The addition of Campus VII will add 118,000 sq. ft., and older buildings with comparatively lower Roseville Properties' Eagan Commons I asking rents caused a dip in the overall OFFICE SHOWROOM/ & II will offer 121,000 sq. ft. average despite a slight rise in asking BUSINESS CENTER rates reported by the buildings in the MINNEAPOLIS former universe and new development- A N O KA COUNTY After a remarkable recovery last In the overall review of the industrial In the sector's largest gain, Fridley's year -- when Minneapolis improved its market, a combined annual absorption River Road Business Center North vacancy rate from 24.4% in 1995 to of 1.1 million square feet is reported, achieved 100% occupancy when over 7.6% in 1996 -- it experienced negative compared to 3 million square feet posted 36,000 sq. ft. was absorbed. However, absorption of 6,000 sq. ft. Combined with last year. The net result is a rise in the with tenant losses in three other the addition to the survey of two buildings overall vacancy rate from 4.9% in 1996 buildings, negative absorption of 5,595 with minim vacancies, the result is an to 9.8% for the year ending third sq. ft. was reported. This factor, increase of the vacancy rate to 9.4% for the quarter 1997. combined with the addition to the survey year ending third quarter 1997. Again this year, the Office of four buildings with minimal Warehouse category was the strongest vacancies, resulted in a slight increase in NORTHEAST METRO performer with 1.4 million square feet the vacancy rate, from 6.5% in 1996 to Overall leasing activity brought the of absorption reported - over two- thirds 7.9% for third quarter 1997. vacancy rate down to an outstanding 1.6 %. was claimed by the West Sector with Annual net absorption totaled 48,047 357,392 square feet and the Southwest DAKOTA COUNTY sq, ft., the majority of which was due tothe Sector with 314,165 square feet. The vacancy rate dipped slightly in completion and 100% occupancy of Ryan Despite this absorption, the 1997 Dakota County, from 9.7% in 1996 to Companies' 35,000 sq. $. Twin Lakes O/W vacancy rate of 10.2% is up from a 9.3% for third quarter 1997. Large Corporate Center III in Roseville. record -low of 4.6% in 1996. New tenant gains in Eagandale Business Ryan is building a 110,000 sq. ft. construction contributed to this vacancy Campus and Yankee Place offset a OS/BC facility on the Centre Pointe increase. Almost half of the 1.1 million number of small occupancy losses in the Campus located in Roseville. Occupancy square feet of new 0/W development is sector. Net annual absorption was begins in February 1998. l acant. Currently under construction are 43,169 sq. ft. Also contributing to this 21 projects totaling 2 million square feet. absorption was the newly constructed NORTHWEST The BULK market had negative Nicollet Business Campus VI, a Although half of its buildings absorption of 14,573 square feet. The 69,291 sq. ft. project in Burnsville reported no vacancy, tenant losses in vacancy rate rose from 4.3% in 1996 to developed by Hoyt Properties that is several buildings bumped the Northwest 10.9% in third quarter 1997. The modest 100% occupied. Sector's vacancy rate up 2.4 percentage tenant growth in most sectors of the Although the sector reported a total points to 7.5% for the year ending third metro area was offset by the 865,211 of 242,386 sq. ft. of vacant space, two- quarter 1997. Negative annual absorption square feet of new development which thirds of the sector's buildings report less of 14,662 sq. ft., plus the addition to the is 97% vacant. Six additional projects totaling 334,000 square feet are now under construction. Much of the new VACANCY RATES INDUSTRIAL PROPERTIES development features 32' clear ceilings. The OS/BC category also recorded ALL SECTORS THIRD QUARTER 1997 negative absorption of 184,569 square 30% feet. This was more a case of tenant losses than vacant new construction. The three 25% new developments totaling 133,000 square feet are 77% occupied. Factoring ` BULK = 10.9% ` in the addition of newly surveyed 200/0 CVVIt = 101 /" buildings the vacancy rate increased OSIX - 6.20/9 CD from 5.6% in 1996 to 8.2% by third 15% quarter 1997. Construction now underway 1090 will add another 281,500 square feet. However, pre - leasing is reported to be slow 5% I I , A ith estimated available space at 89 %. Investment sales activity is still above 0 I i i average, especially office showroom/ 1990 1991 1992 1993 1994 1995 1996 1991 business centers. There has been a fall - ®Towle Real Estate Company off in sales for all other property types survey of four buildings with minimal vacancies The Northwest S or ported the STATED NET RENTAL RATES AND EXPENSES - metro area's largest increase in rental MINNEAPOLIS /ST. PAUL METROPOLITAN AREA - THIRD QUARTER 1997 (PS17 106 rates. Average net office rents rose psf and warehouses ace MARKET NETRENTALRANGE AVERAGE NET RENT REAL ESTATE TOTAL . 10% to $8.22 P P SECTOR OFFICE WHSE OFFICE WHSE TAXES EXPENSES increased by 3.4% to $4.20 psf. Although no new development was OS/BC completed prior to Towle's survey, Anoka County $6.00- 8.50 $3.75- 4.25 $7.87 $4.04 $1.80 $2.76 Opus' Northgate II project in Maple Dakota County $5.00-12.00 $3.00- 8.12 $8.38 $4.32 $1.97 $3.02 Grove is under construction and will Minneapolis $7.00- 8.50 $2.25 -5.50 $7.95 $4.30 $1.58 $2.11 Northeast $5.00- 10.50 $3.00- 10.50 $8.62 $4.74 $2.01 $3.16 add 25 ,500 sq. ft. Northwest $6.25- 9.50 $3.50 -4.75 $8.22 $4.20 $1.76 $2.98 $ T. PAUL Southwest $6.50- 10.00 $3.50 -10.00 $8.55 $4.51 $2.13 $3.38 St. Paul $8.00- 9.75 $3.75- 9.00 $8.57 $4.52 $2.28 $4.10 All but two of St. Paul's OS /BC West $7.75- 9.50 $3.75 -4.95 $8.75 $4.42 $2.16 $2.85 buildings reported available space, Metro Averages $5.00 -1200 $225- 10.50 $8.36 $4.39 $1.96 $3.05 causing a 1 point rise in the vacancy rate to 7% for third quarter 1997. O/W Negative absorption of 13,848 sq. ft. Anoka County $3.86 -8.50 $2.75 -4.25 $7.45 $3.74 $1.13 $1.72 occurred, with the biggest loss in Dakota County $3.00- 8.50 $3.00 -4.50 $7.26 $3.81 $1.21 $1.96 Westgate Business Center III. Minneapolis $3.00- 10.25 $2.00 -9.00 $6.51 $3.52 $1.12 $1.75 Having posted steady tenant gains over Northeast $6.00 -10.00 $2.75-7.00 $7.73 $4.01 $2.94 $1.96 Northwest $2.50- 11.00 $2.50 -5.00 $7.30 $3.77 $1.46 $2.22 the last few years, University Scott County $7.50 - 8.00 $3.50-4.00 $7.83 $3.83 $1.76 $2.33 Crossing achieved 100% occupancy. Southwest $3.00- 10.50 $2.90-10.50 $7.50 $4.10 $1.50 $2.33 St. Paul $3.00 -9.00 $1.50 -4.50 $6.41 $3.29 $1.34 $1.99 SOUTHWEST Washington County $6.00- 9.00 $4.00 -6.00 $7.90 $4.55 $1.34 $2.45 Negative absorption of 56,965 sq. ft. West $2.75 -10.00 $2.50 -6.00 $7.54 $3.89 $1.65 $2.22 for the year ending third quarter 1997 Metro Averages $2-75 -11.00 $1.50 -10.50 $7.34 $3.a5 $1.55 $2.09 pushed the Southwest Sector's vacancy rate up to 6.2 %. Chanhassen etc ke Anoka County $6.50- 7.75 $3.75 -3.75 $7.06 $3.75 $1.17 $1.85 * Lake s Business Center II achieved occupancy. However, tenant Dakota County $3.00- 7.00 $2.75- 3.75 $6.16 $3.33 $0.95 $1.63 Minneapolis $3.50 -7.50 $175 -4.00 $5.64 $2.98 $1.09 $1.60 relocations in a number of buildings a Northeast $3.50- 8.75 $3.00 -8.25 $7.18 $4.31 $1.23 $1,69 resulted in overall loss for this sector. Northwest $3.50 -8.00 $3.10 -4.00 $6.97 $3.65 $1.25 $1.93 .. Although no new development Southwest $4.50- 8.25 $3.50.4.50 $7.00 $3.84 $1.17 $1.68 was completed before Towle's survey, St Paul $6.00- 8.25 $2.00-3.75 $6.88 $3.17 $0.91 $1.55 look for Oppidan's Edenvale Tech West $5.21 -8.50 $2.75 -5.50 $7.18 $3.83 $133 $1.97 Center to add 43 ,000 sq_ ft. of OS /BC Metro Averages $3.00.8.75 $1.75-8.25 $6.76 $3.61 $1.14 $1.74 space before year end. ®Towle Real Estate Company WEST OFFICE WAREHOUSE Significant tenant losses caused Slightly below the metro average are the West Sector's vacancy rate to ANOKA COUNTY real estate taxes at $1.13 psf and total double to 13.7% for third quarter Added to the Towle Report O/W operating expenses at S1.72 psf. 1997. Negative absorption totaling survey for the first time, Anoka County 157,581 sq. ft. was a result of tenant posted a vacancy rate of 10.4% for the DAKOTA COUNTY relocations in Plymouth Business year ending third quarter 1997. Of the An explosion of new development is Center I - IV, Plymouth Oaks Park I -V, 20 buildings totaling 1.9 million sq. ft. occurring in Dakota County, with seven Plymouth Tech Center, and Tech in this sector, fifteen are 100% occupied. new O/W buildings built recently, three West 55. The vacancy was found mainly in two more under construction, and two The newly built Carlson Center newly constructed buildings. Steiner planned for completion in 1998. Besides Showroom is 29,000 sq. ft. and Development's new Osborne Commerce the seven new projects, which added 50% occupied. Now under Center II in Fridley is a 53,151 sq. ft. 564,520 sq. ft. of space, two half - construction is Hoyt Properties' building that is 40% occupied. Elm Creek occupied buildings totaling 70,000 sq. ft. 26,000 sq. ft. Plymouth Tech Park I. Commerce Center III, a 94,370 sq. ft. were added to the survey. Future development plans include facility developed by Opus Northwest, The majority of the annual MEPC's Golden Hills Phase II & III, L.L.C. is completed but not yet occupied. absorption of 163,291 sq. ft. was a result • totaling 163,000 sq. ft., and Plymouth Average asking rents are close to the of leasing activity in the newly Tech Park II & III, totaling metro average, at $7.45 psf for office constructed buildings, as only three 200,000 sq. ft. space and $3.74 psf for warehouse space. existing buildings reported improvement i �" average net rental rates due to the NUMBER TOTAL TOTAL addition of older buildings with lower MARKET STUDY OF RENTABLE AMOUNT VACANCY NET ceilings and lower rents. The average SECTOR DATE BLDGS AREA VACANT RATE ABSORPTION office rent decreased 16.3% to $6.41 OFFICE WAREHOUSE MARKET psf, while warehouse space fell 6.7% Anoka County 3rd Qtr. 1995 n/a n/a n/a n/a n/a to $3.29. Average total operating 3rd Qtr. 1996 n/a n/a n/a n/a n/a expenses also decreased, by 1.9% to 3rd Qtr. 1997 20 1.896.279 196,921 10.4% n/a $1.99 psf, and real estate taxes dropped Dakota County 3rd Qtr. 1995 28 1,957,603 245,723 12.6% 153,047 3.7% to $1.34 psf. 3rd Qtr. 1996 29 2,078,603 112,221 5.4% 265,502 New construction in St. Paul has 3rd Qtr. 1997 39 2,712,562 610,348 22.5% (163 occurred primarily in owner - occupied Minneapolis 3rd Qtr. 1995 14 787,757 34,178 4.3% 40,186 buildings The St. Paul Port Authority 3rd Qtr. 1996 14 787,757 7,800 1.0% 26,378 has successful) co m p leted development 3rd Qtr. 1997 44 3,396,777 315,508 9.3% (41,288) y com P Northeast 3rd Qtr. 1995 59 3,367,379 193,410 5.7°0 89 ,685 of two brownfield sites and has several 3rd Qtr. 1996 65 3,795,794 178,943 4.7% 253,730 more underway. Crosby Lake Business 3rd Qtr. 1997 94 5,532,639 465,886 8.4% 257 Park and Arlington Business Center Northwest 3rd Qtr. 1995 38 2,413,811 195,400 8.1% 42,731 are both 100% filled with single tenant 3rd Qtr. 1996 40 2,661,765 112,803 4.2% 330,551 buildings. Under development is the 3rd Qtr. 1997 72 5,007,662 349,549 7.0% 28,704 Scott County 3rd Qtr. 1995 4 221,107 18,750 8.5% 18,467 25 -acre Williams Hills site (part of the 3rd Qtr. 1996 4 221,107 0 0.0% 18,750 100 -acre Phalen Corridor II project), 3rd Qtr. 1997 5 292,107 81,000 27.7% (10,000) also slated for build -to -suit projects. St. Paul 3rd Qtr. 1995 11 646,319 47,700 7.4% 105,190 3rd Qtr. 1996 11 646,319 39,279 6.1% 8,421 SCOTT COUNTY 3rd Qtr. 1997 41 2,983,876 308,037 10.3% 39 ,279 This small sector of five buildings Southwest 3rd Qtr. 1995 86 5,234,607 296,962 5.7% 244,451 will see substantial growth in 1998. In 3rd Qtr. 1996 87 5,302,607 259,747 4.9% 105,215 Valle j ust-built ee Shako , the Green 3rd Qtr. 1997 104 6,981,928 570,812 8.2% 314,165 P 1 y Washington 3rd Qtr. 1995 n/a n/a n/a n/a n/a Business Park I has 50,000 sq. ft. County 3rd Qtr. 1996 11 336,139 69,908 20.8% n/a available. First Industrial's Park 2000 3rd Qtr. 1997 19 820,657 138.641 16.9% 200,015 SW in Shakopee is the largest West 3rd Qtr. 1995 42 2,843,694 102,341 3.6% 143,297 development, with Phase I (126,000 3rd Qtr. 1996 48 3,710,482 124,828 3.4% 844,301 s q . ft.) under construction and an 3rd Qtr. 1997 81 6.291,590 613.559 9.8% 357,392 Metropolitan 3rd Qtr. 1995 282 17,472,277 1,134,464 6.5% 837,054 additional 5 sq. ft. planned. Totals 3rd Qtr. 1996 309 19,540,573 905,529 4.6% 1,852,848 Future p la ns s in cludethedevelopment Of Valley Green Business Park II 3rd Qtr. 1997 519 34,019,798 3,453,340 10.2 �° 1,308,848 (70,000 sq. ft.) and Eagle Creek BULK WAREHOUSE MARKET Business Park by Opus Northwest, Anoka County 3rd Qtr. 1995 n/a n/a n/a n/a n/a L.L.C. and the City of Savage EDA. The 3rd Qtr. 1996 n/a n/a n/a n/a n/a 160 - acre master - planned industrial park 3rd Qtr. 1997 6 599,800 98 ,000 16.3% n/a will include 100,000 sq. ft. of multi - Dakota County 3rd Qtr. 1995 7 1,778,191 209,594 11.8% 63,206 tenant O/W space in a park -like setting. 3rd Qtr. 1996 7 1,778,191 22,000 1.2% 187,594 With minimal negative absorp c 3rd Qtr. 1997 11 2,142,671 318,280 14.9% (200) plus the M inneapolis 3rd Qtr. 1995 7 1,031,082 120,200 11.7% (50,200) of 10,000 sq. ft. in one building, p 3rd Qtr. 1996 7 1,031,082 0 0.0% 120,200 vacant 71 ,000 sq. ft. in the new building, 3rd Qtr. 1997 11 2,106,253 226,000 10.7% (56 ,000) Scott County registered a vacancy rate of Northeast 3rd Qtr. 1995 6 1,542,500 79,000 5.1% (69,000) 27.7 %. The sector's other three 3rd Qtr. 1996 6 1,542,500 34,381 2.2% 44,619 buildings maintained 100% occupancy. 3rd Qtr. 1997 8 1,863,724 6,800 0.4% 27,581 Northwest 3rd Qtr. 1995 11 1,737,261 5,000 0.3% 39,168 SOUTHWEST 3rd Qtr. 1996 12 1,847,701 183,049 9.9% (67,609) 3rd Qtr. 1997 17 2,435,057 474,733 19.5% 67 ,255 Added to the survey of the Southwest St. Paul 3rd Qtr. 1995 14 1,565,000 153,000 9.8% (2,297) Sector were 17 buildings totaling 1.7 3rd Qtr. 1996 14 1,565,000 169,800 10.8% (16,800) million sq. ft. Annual absorption of 3rd Qtr. 1997 21 2,995,037 375,300 12.5% 3, 000 314,165 sq. ft. occurred, but could not Southwest 3rd Qtr. 1995 10 1,264,522 69,430 5.5% 183,400 offset the influx of newly constructed 3rd Qtr. 1996 11 1,424,499 19,000 1.3% 210,407 space and vacancies in the buildings added 3rd Qtr. 1997 13 1,885,019 109,048 5.8% 91000 to the survey this ear. The result is a rise West 3rd Qtr. 1995 14 1,638,087 114,115 7.0% 201,775 y y 3rd Qtr. 1996 14 1,638,087 42,641 2.6% 71,474 in the vacancy rate, from 4.9 0 /o in 1996 to 3rd Qtr. 1997 21 2,861,398 236,087 8.3% (67,206) 82% for third quarter 1997. Metropolitan 3rd Qtr. 1995 69 10,556,643 750,339 7.1% 366,052 Two more newly constructed • Totals 3rd Qtr. 1996 71 10,827,060 470,871 4.3% 549,885 properties added to the survey include 3rd Qtr. 1997 108 16,888,959 1,844,248 10.9% (14,573) Signature Business Center in e WEST NUMBER TOTAL TOTAL A fl of new development occurred MARKET STUDY OF RENTABLE AMOUNT VACANCY NET P SECTOR DATE SLOGS AREA VACANT RATE ABSORPTION last year and is continuing in the West i t COMBINED OS /BC, O/W, BULK MARKETS Sector. Six newly constructed buildings were added to the survey, along with 27 Anoka County 3rd Qtr. 1995 9 600,146 23,792 4.0% 23,638 existing buildings, all totaling 2.6 million 3rd Qtr. 1996 9 600,146 38,765 6.5 % (14,973) 3rd Qtr. 1997 35 3.243,909 353.781 10.9% (5,595) sq. ft. Sizable vacancies in these buildings Dakota County 3rd Qtr. 1995 87 6,267,069 692,636 11.1% 360,064 exceeded the reported annual absorption 3rd Qtr. 1996 88 6,386,711 379,765 5.9% 443,513 of 357,392 sq. ft., so the vacancy rate 3rd Qtr. 1997 104 7,476,253 1,171,014 157% 206,260 rose from 3.4% in 1996 to 9.8% for the Minneapolis 3rd Qtr. 1995 25 2,108,750 225,164 10.7% (15,014) year ending third quarter 1997. 3rd Qtr. 1996 25 2,108,750 29,800 1.4% 195,364 The Cheney Carpet Building 3rd Qtr. 1997 61 5,892,012 578,008 9.8°% (103,288) showed the greatest leasing gain of Northeast 3rd Qtr. 1995 91 6,262,397 378,256 6.0% 107,134 28 S ft. Othersi significant Lion 3rd Qtr. 1996 97 6,690,966 268,519 4.0% 349,154 q' 3rd Qtr. 1997 132 8,921,035 496,564 5.6% 332,918 contributors were in Plymouth: Opus Northwest 3rd Qtr. 1995 63 5,170,949 272,702 5.3% 132,950 Northwest, L.L.C's 82,000 sq. ft. 3rd Qtr. 1996 66 5,530,170 347,652 6.3% 284,27 Plymouth Creek Commons is 25% 3rd Qtr. 1997 107 8,549,039 907,593 10.6% 81,297 occupied and its 72,000 sq. ft. Borealis Scott County 3rd Qtr. 1995 4 221,240 18,750 8.5% 18,467 Warehouse is 100% occupied; and the 3rd Qtr. 1996 4 221,107 0 0% 18,750 30 sq. ft. Bass Lake Business 3rd Qtr. 1997 5 292,107 81,000 27.7% (10, 000) St. Paul 3rd Qtr. 1995 39 3,213,857 243,670 .6% 150,159 Center II is also 100% occupied. 3rd Qtr. 1996 39 3,236,529 270,811 8.3% (26,387) Plymouth Ponds III, a 68,217 sq. ft. 3rd Qtr. 1997 77 7,035,123 757,290 10.8% 28,431 facility developed by Moen Leurer, is Southwest 3rd Qtr. 1995 212 12,003,845 782,254 6.5% 591,097 100% occupied, and the 110 sq. ft. 3rd Qtr. 1996 215 12,422,225 476,443 3.8% 724,191 Phase IV is complete and 60% 3rd Qtr. 1997 238 14,806,861 1,045,480 7.1% 266,200 occupied. Caliber Development's West 3rd Qtr. 1995 108 7,166,950 430,667 6.0% 381,371 92,000 S ft. Northwest Pointe 3rd Qtr. 1996 115 8,197,648 354,989 4.3% 1,033,834 q' 3rd Qtr. 1997 160 12.543.802 1.314.747 10.5% 132.605 Business Center is complete and Washington 3rd Qtr. 1995 n/a n/a n/a n/a n/a 57% leased. County 3rd Qtr. 1996 11 336,139 69,908 20.8% n/a 3rd Qtr. 1997 19 820,657 138,641 16.9% 200,015 BULK WAREHOUSE Metropolitan 3rd Qtr. 1995 639 43,070,070 3,067,891 7.1% 1,784,866 Totals 3rd Qtr. 1996 669 45,730,391 2,236,652 4.9% 3,007,717 ANOKA COUNTY 3rd Qtr. 1997 938 69,582,798 6,844,118 9.8% 1,128,843 Added to the Towle Report survey C Towle Real Estate Company this year, the Anoka County sector includes five BULK warehouse buildings Minnetonka, a 43,800 sq. ft. building WASHINGTON COUNTY totaling 599,800 sq. ft. A high vacancy developed by a local partnership that is Annual absorption of 200,015 sq. ft. rate of 16.3% is due, in part, to 80,000 30% occupied; and Huntington Business lowered Washington County's vacancy sq. ft. of available space in the new Park II, a 54,000 sq. ft. property rate by 3.9 percentage points to 16.9% 92,000 sq. ft. Blaine Industrial Center, developed by Hampshire Properties that for the year ending third quarter 1 997. developed recently by Industrial Equities. is 23% occupied. Significant leasing activity occurred in Asking net rental rates run between Construction is now underway on Hadley Commerce Center and 3 -6% above the average metro BULK CSM` Corporation's 105,000 sq. ft. Oakdale Business Center I -V, but the rates, at $3.75 psf for warehouse space Edenvale Crossing Business Center in majority of the absorption was claimed and $7.06 psf for office space. Taxes and Eden Prairie and the 105,000 sq. ft. by the newly constructed projects. In operating expenses hover only 1% above Chanhassen Business Center H. Oakdale, Stiglich Construction's 29,000 the metro average, at $1.17 psf and $1.85 Oppidan Inv, and Ryan Companies are sq. ft. building at 1301 Helmo Avenue is psf respectively. building Edenvale Tech Center, a 100% occupied; Welsh Co's 85,748 sq. 43,000 sq. ft. project in Eden Prairie. ft. Hale Avenue Business Center is DAKOTA COUNTY Also planned are Huntington 28% occuped; and CSM Corporation's After improving over ten percentage Business Park III (100,000 sq. ft.) and 124,000 sq. ft. Granada Business points in 1996, the over rate for the Kensington Properties' Hampshire Center I is 100% occupied. Dakota Sector reverted to 14.9% for the Business Center (70,000 sq. ft.), both in More development is under way. year ending third quarter 1997. This Bloomington. Gateway Partners plans to In Oakdale, Stiglich Construction setback resulted largely from the newly build Arboretum. Business Park, a is constructing the FSE building constructed and unoccupied Apollo 100,000 sq. ft. O/W facility in (30,000 sq. ft.) and the 60,000 sq. ft. Industrial Center in Eagan. Chanhassen. And Moen Leurer is pre- multi - tenant Minnesota Fabricators Additionally, 110,000 sq. ft. became easing the 73,000 sq. ft. Lake Corporate building. Welsh Co's Hadley Avenue available in Our Own Hardware Center in Eden Prairie. Business Center will add 54,000 sq. ft. Distribution Center in Burnsville. ��e However, the loss was offset by the sector's buildings remained completely The recently completed 105,600 100% leasing of two newly constructed occupied. Added to the survey were two sq. ft. Shakopee Distribution Center, buildings totaling 100,000 sq. ft. The new buildings totaling 460,200 sq. ft., with developed by Haugland Company, was Terminal 3 and Terminal 4 warehouses combined vacancy of 100,000 sq. ft. 100% leased to Graham Webb. The are part of the Eagan Commons project Asking rents remained steady, after company formerly operated its warehouse developed by Roseville Properties. reporting the biggest increases in. the functions in Chaska. metro area last year .(11.5% for office Planned for future development is MINNEAPOLIS space and 8.4% for warehouse space). Opus Northwest, L.L.C.'s 162,500 With the addition of five buildings sq. ft. Minnesota Valley Distribution to the survey the Minneapolis Sector ST. PAUL Center in Shakopee. There are an saw its vacancy rate climb to 10.7% Seven buildings with an average additional 11 acres on which another by third quarter 1997. Negative vacancy rate of 23.5% joined the survey. 162,000 sq. ft. warehouse could be built absorption of 56,000 sq. ft. was the result This factor, combined with only 3,000 in the future, or the entire site could be of vacancies in the American Trio, sq. ft. of annual absorption, resulted in an combined for one user. the Vic Manufacturing, and the Space increase in the vacancy rate from 10.8% Center buildings. in 1996 to 12.5% for third quarter 1997. The addition of these buildings also The addition of 1.4 million sq. ft. to affected the average asking rental rates in the survey of St. Paul also had a dramatic this sector, with an 11% decrease in effect on average net rental rates. A office space to $5.64 psf and a 3.3% decrease of 7.5% brought the asking rent decrease in warehouse space to $2.98 psf, of office space down to $6.88 psf, while However, total operating expenses and warehouse space reported a reduction of real estate taxes remained steady at $1.60 3 .6% to $3.17 psf. psf and $1.09 psf respectively. NORTHEAST METRO WEST 4 f Seven buildings totaling 1.2 million Due to leasing activity in the Pacal sq. ft. were added to the survey of the Business Center in Roseville, and the West Sector this year, the majority _ addition to the survey of two fully of which are fully occupied. However, 1` occupied buildings, the Northeast several factors contributed to a jump °'- Sector has virtually no vacancy. in the vacancy rate of 5.7 percentage Annual absorption was 27,581 sq. ft. points to 8.3% for the year ending third NORTHWEST quarter 1997. First, tenant relocations resulted in negative annual absorption of Evenwithreportedannualabsorption 67,206 sq, ft., despite leasing activity at of 67,255 sq. ft., the Northwest Sector 1000 Berkshire Lane and Carlson experienced a sharp rise in the vacancy Center Park D. The vacancy increase can Much of the new BULK distribution space rate, from 9.9% in 1996 to 19.5 %. This also be traced to the availability of features 32' clear ceiling height, ESFR was the result of adding two newly 115,000 sq. ft. in the Braun's Fashions sprinkler systems, warehouse floors constructed but yet unoccupied BULK building in Plymouth, which was just with flatness ratings, and flexible warehouse buildings. The situation docking options. should improve, however, because of added to the survey because it changed active leasing in the new 120,000 sq. ft. from a single tenant building to a multi -tenant buildin 49th Avenue Distribution Center, built g. by Hoyt Development, and the new SCOTT COUNTY 183,000 sq. ft. Maple Grove Distribution Scott Gounty is the latest area to Center, developed by Opus Northwest, show incredible industrial growth. L.L.C. Three existing properties were Due to improved access via the new also added to the survey, all fully Highway 169 and Minnesota River occupied. bridge, plus the availability of land, SOUTHWEST developers are targeting Shakopee and After diving to a low of 1.3% in 1996, Savage. Hoyt Development's the vacancy rate for the Southwest Sector completed but unoccupied Continental returned to the level reported in 1995, Distribution Center added 201,600 sq. ft. reaching 5.8% for third quarter 1997. ofBULK warehouse space in Shakopee. Annual absorption of 9,000 sq. ft. was a Under construction is Principal • marked slowdown from past years. Two Financial Group's 182,880 sq. ft. buildings experienced sizable tenant Valley Oaks Distribution Center. relocations, while the majority of the which is 20 /o leased. MARKET OUTLOOK TWIN CITIES NEW INDUSTRIAL SPACE w A year ago, Towle warned that a watchful eye must be kept on the UNDER CONSTRUCTION 0 Towle Real EmteCompany (0 balance between supply and demand as CITY PROJECT NAME PRODUCT SQ. FT. DEVELOPER 2.0 million sq. ft. Of new product was Arden Hills Gateway Industrial Park 0/W 75,000 Welsh Cos. under construction at that time, with Brooklyn Park Northland Interstate Business Ctr III & IV O/W 170,000 Ryan Construction another 3,4 million sq. ft. proposed. Brooklyn Park Zane Business Center 0/W 92,000 Christianson Building Corp. A year later, caution IS more Burnsville Nicollet Business Campus VII OSBC 118,000 Hoyt Properties encourgaed. In fact, we may be heading Chanhassen Chanhassen Business Center II O/W 105,000 CSM Corporation into an oversupplied market for all Chanhassen Chanhassen Pointe Business Center O/W 225,000 Welsh Cos. industrial product types in almost all Eagan Eagan Business Commons 1 OSBC 69,000 Roseville Properties sectors. Since last year's report, the Eagan Eagan Business Commons II OSBC 52,000 Roseville Properties Twin Cities area job growth rate has Eagan Lexington Commerce Center O/W 90.000 Opus Northwest, L.L.C. declined tol .8 %, and growth in the Eagan Trapp Road Commerce Center II O/W 180,000 MEPC local economy is actually being Stunted Eden Prairie Edenvale Crossing Business Center II O/W 85,000 CSM Corporation by lack of employees. Furthermore, the Eden Prairie Edenvale Tech Center OSBC 43,000 Oppidan growth rate in factory orders across the Maple Grove Northgate II OSBC 25,500 Opus Northwest, L.L.C. country (long considered an important Maple Grove Eagle Lake Business Center O/W 86,000 Caliber Development indicator Of economic activity) declined Minneapolis Midway Business Center 0/W 143,000 First Industrial 0 o Mendota Heights Gateway Commons 01W 150,000 AMB 25 /o from 6.6 /o at year -end 1995 to 4.9% Oakdale Hadley Business Center O/W 54,000 Welsh Cos. at year -end 1996. Oakdale FSE Building O/W 30,000 Stiglich Construction Net absorption in the Twin Cities Oakdale Minnesota Fabricators Building O/W 60,000 Stiglich Construction metroplex declined to historic levels. The Oakdale Oakdale Crossing O/W 105,000 Dan Dolan Development Twin Cities industrial market is well into Oakdale Oakdale Crossing 0/W 57,000 Dan Dolan/Welsh Cos. a new development boom phase with Plymouth Lakepoint Distribution Center 0/W 98,500 United Properties 3.5 million sq. ft. of new construction Plymouth Plymouth Tech Park I OSBC 26,000 Hoyt Properties oCCUmng within the last 12 months, and Plymouth Polaris Lane Business Center O/W 52,000 Caliber Development another 2.9 million sq, ft. - under Roseville Roseville Technology Center O/W 44,000 Industrial Equities construction at this time. AS of the third Roseville Centre Pointe OSBC 110,000 Ryan Companies quarter of 1997, 56% of the new Shakopee Park 2000 SW 0/W 126,000 First industrial construction and 76% Of the Space Shakopee Shakopee Distribution Center BULK 105,500 Haugland Company under construction is still available. Shakopee Valley Oaks Distribution Center BULK 88,000 Principal Financial Group Comparing only the universe of White Bear Lake White Bear Parkway Center OM! 160,000 CSM Corporation space surveyed last year with that same White Bear Lake Parkway Pointe III O/W 27,500 Welsh Cos. space this year, plus all of the new Woodbury Heritage Building BULK 80,000 First Industrial construction built within the past year, TOTAL UNDER CONSTRUCTION ..... ............................... 2.9 million sq, ft. the total amount of available space TOTAL PLANNED CONSTRUCTION ................. .............. .3.3 million sq. ft. more than doubles from 2.2 million to 4.6 million sq. ft. Adding in 2.8 million sq. ft. of available space for overall vacancy rate in the industrial especially Dakota County, and we are projects under construction at this time, market in the third quarter of 1998 will likely to see certain types of owners this figure grows to 7.4 million sq. ft. be higher at 10.5% to 11.0 %. offer rent concessions similar to those Considering the above information The increasing supply in the multi- that existed in the first half of the 1990s, and that vacancies for all types of tenant industrial market is being fueled when the market dynamics were similar. industrial space surveyed in 1996 and in by several sources: low interest rates, a Tenants will, find the best deals in 1997 have doubled (from 4.9% in 1996 perception that demand is great and will second generation space, especially if to 9.8% in 1997), we may be heading continue to be so, and abundant they can take the space in "as is" into an oversupplied industrial market. investment capital. Investment dollars condition. Third generation space, Our research indicates we currently from REITs, pension funds and private generally older buildings with lower have a 4.5 year supply of industrial equity investors are pursuing industrial ceilings, is an opportunity for those who space -if we add the buildings under acquisitions to the point where few don't need many tenant improvements. construction (2.9 million sq. ft.) with properties are available at a "reasonable" For the local investor, it's tough to some proposed construction that will get price, say many local investors.. compete with REITs, but buys do exist built (at least another half million Many of the buildings under in non -REIT quality buildings. sq. ft.), and if we assume that construction will be vacant when absorption will be 1.6 million completed (as many that are newly _sq. ft. Typically, the overall industrial constructed are), and they will stay . -market has an approximate two -year vacant longer than originally anticipated. supply. Therefore, we predict the Many submarkets may soon become soft, _ 4! ASSESSOR'S DATA EXCHANGE City of Fridley Anoka County N ^♦ . Property Use: Light Industrial Address: 7760 Elm St. N. E. PID #: 3 -30 -24-44 -0074 Name: Complete Tool Grinding Prop. Desc: Sale Information: Yr. Built 1977 Condition: Average Bldg Size: 1` Floor Area: 11,355 'sq. ft. Sale Price: $360,000 G. B. A:: 11,355 sq. 8. Sale Date: 117/97 Net Rentable Area: Cash Equiv: Const Type: Masonry Terms: Not given, WD Wall Ht: 14' Personal Prop: None Use: Bsmt 1" Floor. Light manufacturing Buyer: Boelter, Richard & Linda Upper Fhs: Seller: Olsen, Dennis L. Office Area: 700 sq. ft. ( est.) Heating System Space htrs Sale/sq ft-GBA: 531.70 Air Cond. None Sale/sq ft-NRA: Sprinklers: None Gross Rent Mult: Elevators: Rental Info: Uti /R.R.: Grs Ann Inc: Zoning: NOI: Land Area: 23,440 sq. ft. Emv: Yr. `97 Land: 41,000 Bldg: 212,500 Total: $253,500 Comments: Generic tight industrial building located in industrial area at north end of the city. Building in decent condition with low quality office finish. :& Source: Viewing and records I iffed by: Ed Hervin 572 -3536; Date: Mar. 16, 1998 i ASSESSORS DATA EXCHANGE City of Fridley Anoka County V3� f I • Property Use: Light Industrial Address: 7850 Beech St. KID #: 3 -30 -24-44 -0034 Name: Main Tool Mfg. Prop. Desc: Sale Information: Yr. Built 1973 Condition: Average Bldg Size: 1" Floor Area: 11,600 sq. R Sale Price: $300,000 G. B. A.: 11,600 sq. & Sale Date: 9/22M Net Rentable Area: Cash Equiv: $308,650 @ 8.5% Cons# Type: Masonry Terms: $60,000 dn, Cd @ 9.5% Wall Ht 12' Personal Prop: None Use: Bsmt: None I" Floor. Mfg Buyer. Main Properties, LLC Upper Flrs: Seller. Al Zies Cement Co. Office Area: Heating System: Space heaters Sale/sq ft-GBA: $25.86 Air Cond: Sale/sq ft-NRA: Sprinklers: Yes Gross Rent Mult: Elevators: Rental Info: Ubl R.R.: Grs Ann Inc: Zoning: NOI: Land Area: 26,800 sq. ft. Emv: Yr: `97 Land: $46,900 Bldg: $221,200 Total: $268,100 Comments: Generic industrial building in industrial area on north end of city. Seems to be good sale. e o Source: CRV and records mitted by: Ed Hervin 572 -3536; Date: Mar. 13, 1998 ASSESSOR'S DATA EXCHANGE City of Fridley Anoka County - F .W Property Use: Indust Machine Shop Address: 980 Osborne Rd. PID #: 12 -30 -24-22 -0012 Name: Premier Indust. Machine Shop Prop. Desc: Sale Information: Yr. Built 1970 Condition: Fair Bldg Size: I" Floor Area: 12,000 sq.ft. Sale Prix: $355,000 G. B. A-: 12,000 sq. & Sale Date: 7118197 Net Rentable Area: Cash Equiv: $345,600 @ 9%; WD Cons# Type: Masonry Terms: $158 down, $104K @ 7.4% Wall Hz: 14' Personal Prop: None Use: Bsmt: None Balance of Fia unknown 1" Floor. Machine shop Buyer. DS Real Estate, LLC Upper Flrs: Seller. CRW & SMW, LLC Office Area: 1,200 sq. ft. Fair to poor (Wimer & Ossmo) Heating System Unit space htrs Sale/sq ft-GBA: $29.58 Air Cond: Salelsq ft-N, Sprinklers: None Gross Rent Mult: Elevators: Rental Info: UW/R -R-: Grs Ann Inc: Zoning: NOI: Land Area: 34,710 sq ft Emv: Yr: `97 Land: 69,400 Bldg: 219,900 Total: $289,300 Comments: Tired looking building on busy street at north end of city. Office finish is not good. Generic building. 0 Source: CRV and Viewing witted by: Ed Hervin 572 -3536; Date: Mar. 16, 1998 PROPERTY USE: INDUSTRIAL LIGHT MANUFACTURING MUNICIPALITY: NEW HOPE CODE '340 RC PROJECT NAME: METRO PARTS & SERVICE COUNTY: HENNEPIN GBA 13,288 WD ADDRESS: 2857 LOUISIANA AVENUE NORTH PIN #: 20.118 -21- 344018 RATIO Y COMP Y sub e - ' '�-�' _ _ �% ;+�t�: � �"�'� i- - • -- te j - i f � I No I =�= }� Buyer. MAYM 4f 1_3:4 :4 d SI_ Yea Built / Effective Age: 1978/1978 AR, LLP • Const Quality I Condition: C- AVERAGE / AVERAGE Seiler- KENNETH G. BENSON Const Type / No. of Bidgs: CONCRETE / 1 Sale Data: Date of Sale: 08/28/97 Exterior Type / Roof Type: CONCRETE / FLATIP &G Total Purchase Price: S 550,000 S First Floor Area / GSA: 13,288 SF / 13,288 SF Terms: 550,000 ON PMT- 0 NONE- 0.00 I Total Floor Area J NRA: 13,288 SF / 13,288 SF PMT- 0% INT- 0 PMTS- BALLOON NONE Z Bldg Perimeter /No Rms. 464_ FT / NONE E Mezzanine Area/Use: SF / NONE Cash Equivalent Price: 7.89% 3 550,000 S Basement Area/%Ffn 1%. SF l LESS: Personal Property: $ 0 U Basement Use / SF 1%: PLUS: Special Assessments: $ 0 S 1st Floor Use / SF /%: OFFIWHSEIMANF 113,288 SF 1100%GBA Cash Equivalent of Real Estate: $ 550,000 E 2nd+ Floor Use / SF /%: Sale Sale Price Per Sq. Ft TFA: S 41.39 S Tot Off Area/Bldg Eff /%: 7,224 SF M00% /54 %GBA Analysis: Sale Price Per Sq. Ft GBA: $ 41.39 Heating / Air Conditioning: FA & SPACE/ PACKAGE -W% Sale Price Per Sq. Ft. NRA. $ 41.39 Sprinklers / Elevators: 100% 1 NO Sale Price Per Sq. Ft. Land Area: $ 12.79 Ramp or Garage / Stalls: 1 Sale Price Per Room: $ Parking Surface / Area: ASPHALT/ Income. Potential Gross Income: $ Interior Wails / Floors: • I Data: Vacancy $ Baths / Fixtures: / Other Income: $ # Stories / Bldg Ht / Clear Ht 1 116 FT 114 FT Effective Gross Income: $ Extra Features: Expenses: $ Land Area / Topography: 43,000 SF /LEVEL Reserves: $ Zoning / Neighborhood: INDUSTRIAL 1 STABLE Net Operating Income: $ Trackage / Utilities: NONE / ALL PUBLIC Capitalization Rate: Land BlgRatio/Excess Land: 3.24 TO ONE I NO Rent OWNER OCCUPIED Schedule: GOOD ARMS LENGTH OPEN MARKET SALE. 2 REAL ESTATE BROKERS INVOLVED - BOTH THE LISTING AGENT & THE BUYER'S REAL ESTATE BROKER WHO WAS LOOKING FOR THEM & FOUND THIS PROPERTY. $20,000 WORTH OF PERSONAL PROPERTY WAS REPORTED BUT NO SUPPORTING DOCUMENTATION WAS PROVIDED (APPEARS TO BE PART OF REAL ESTATE). • Ratio Study Comments: GOOD ARM'S LENGTH, BROKERED SALE. Interest Purchased: FEE SIMPLE Info Source: CRV Towle Sec: 10 Mao Code: 50 -30 Assmt Year: 1997 Land MV: S 75,000 " Submitted By: THOMAS SCHERER Date: 03/27/98 7 SR. APPRAISER Phone: 348 -3046 Bldg MV: $ 387,000 Verified With: JERRY MARTIN Date: 09 /29/97 TPtle RIIYER Ph one: 546 -4221 Total MV: S 4 62.000 ADN CD:3022 -050 NEW HOPE /HENNEPIN PROPERTY TYPE E -59 PR /ADD: 9301 SCIENCE CENTER DR 13-50 PID: 07- 113 -21 -22 -0010] I I . :i BR /LEGAL,: Lot: 1 Blk: 1 Subd: Science Industry Center j .._ I 1 I I BUYER: SCD Mrgmnt LLP, � PHONE: 442 -5625 j 820 Pine St Waconia MN 553871 SELLER: Griffin Real Estate Fund -VI, PHONE: 338 -2828 j 510 Marquette Ave Ste 300 Minneapolis j MN 554021 MKT VALUE: 1,275,000.00 PUR PRICE 1,590,000.00 TAXES: 77,255.54 DOWN PAYMT 1,590,000.00 PROP TYPE: E -59 L /SA /AMT: 1,880,000.00 PERS PROP: 0.00 YEAR BUILT: 1978 L /SA /DATE: 05/88 POINTS- Buyer: 0.00 FILE NUMBER: 625518 PUn1R. AGREEMENT: / / POINTS- Sellr: 0.00 FILE DATE: 12/10/96 CLOSING DATE: 11115196 DEED /TYPE: W MGTE. /CONTRACT MONTHLY PAYMT e INTEREST NO. of PAYMT BALLOON DATE 1: 0.00 0.00 0.000 0 2: 0.00 0.00 0.000 0 3: 0.00 0.00 0.000 0 COMMENTS: X774 PERSON FILING: SCD Mngmnt ZONING /USAGE: industry Park Bldg # of Bldgs: 1 # of Stories: 1.5 . LAND SIZE: 173,107 SF 315 X 554.46 BUILDING SIZE: 57,372 GBA 55,190 GBA 1st flr APTS # of Units: 0 #1BR: #23R: #3BR: #EFF: BUILDING TYPE: Office /Industrial /Warehouse 15o Office 85o Warehouse 100 Sprinkler 15% A /(' -' SCIENCE LWER OR ik 4 �QUw SCIENCE I I p 9 soo L,NE I 02/28/97 Data -CREV Copyright 1997 Plat System Services, Inc. Plat System Services, Inc. has made every effort to obtain accurate and current information, but in no manner is the information contained herein guaranteed, and the publisher shall not be responsible for any loss caused by the negligence of any of its agents or employees in procuring, compiling or publishing the said information.