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2012 05-07 CCP Continued Board of Appeal & Equalization
THE CITY OF BROOKLYN CENTER 2012 FOCAL BOARD OF APPEAL AND EQUALIZATION RECONVENE MAY 712012 i i i I 2012 Brooklyn Center Local Board of Appeal and Equalization Reconvene Meeting Agenda: 1. Meeting called to order, roll call. (6:00 p.m.) 2. Local Board of Appeal and Equalization (LBAE) Certification Form. 3. Consideration of appeals: Kurt Graham Residential 6913 Oliver Ave N. Brooklyn Center, MN PID # 26-119-21-34-0001 Monte Hanson Industrial Art Effects 3715 501h Ave N. Brooklyn Center, MN PID # 10-118-21-13-0080 Michael Haase Industrial 3607 50th Ave N. Brooklyn Center, MN PID # 10-118-21-13-0059 Chet Yancey Commercial Regal Cinema 6420 Camden Ave N Brooklyn Center, MN PID #(s) 36-119-21-42-0021 36-119-21-13-0120 Lee Sarin Commercial Som, LLC 5810 Xerxes Ave N. Brooklyn Center, MN PID # 02-118-21-23-0022 Chris Kennelly Commercial Americlnn 2050 Freeway Blvd. Brooklyn Center, MN PID # 35-119-21-13-0021 4. Adjourn CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2012 Assessment APPLICATION FOR APPEAL March 23, 2012 through April 18, 2012 You must return this application by April 18, 2012, to be placed on the Agenda for the Local Board of Appeal and Equalization held April 30, 2012 at 7:00 P.M. Name(s) U/ J .- (5d'a Daytime Contact Number: Property Address vet ✓ A J ��� /�/ 231e(fl Property Identification Number 6 " /I A l -_? V`Od01 Assessor's 2012 Estimated Market Value gCI)6 Is your property residential, commercial or multi-family? If you are appealing a commercial, multi-family or residential rental property you must include income and expense data for calendar year 2011 with your application. What is the reason you are appealing your 2012 assessment? i f J GG Q r When did you purchase your home? Date of Purchase Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? d? 6 Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. !"L ()() P Have you had a recent appraisal for refinancing, a purchase agreement or a market analysis by a real estate agent completed within the last year? � or No If so, what was the determination of value?Q ' / / n.o o O What do you think the market value of your property should be? / Id , 00 Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. ASOftSESSORS REPORT i City of Brooklyn Center A Millennium Community i TO: 2012 Brooklyn Center Local Board of Appeal and Equalization RE: Kurt Graham 6913 Oliver Ave N Brooklyn Center, MN 55430 Mr. Graham appeared in the assessor's office on Thursday, April 26`" requesting an appeal application for the 2012 Local Board of Appeal and Equalization. He was informed that the deadline for appeal applications had passed. Mr. Graham could appear as a walk-in at the board if he wished to appeal the 2012 estimated market value on his property. Mr. Graham informed assessing staff that he was a co-owner of this property who wished to buy out the other co-owner. Mr. Graham was interested in establishing a value for his property. Brooklyn Center ownership records show this property as being owned and occupied solely by Robert M. Vetter. Although Mr. Graham appears as a co-owner in Hennepin County property records, the city of Brooklyn Center was not aware of his ownership prior to his appeal request. After investigation of recorded documents, assessing staff learned Mr. Graham acquired an undivided one half interest in the property with Mr. Vetter via a warranty deed dated August 4, 2004. The deed states total consideration for this transfer of property is $500 or less. Transactions of$500 or less do not require a certificate of real estate value and are not reported to the city. The ownership conveyance is the responsibility of the owner. Per Mr. Graham, Mr. Vetter is not occupying the Oliver property, and is not living in the country at this time. Brooklyn Center had been extending homestead classification to the Oliver property based on Mr. Vetter's occupancy alone. Mr. Graham never contacted the city after his purchase to update city records, or apply for homestead. Based on the new information the city has received, the homestead status on this property has been removed for the 2013 assessment for taxes payable in 2014. Mr. Graham will need to apply in his name to reinstate the homestead status. Appraisal staff from the Assessor's office reviewed the property at 6913 Oliver on April 26th, 2012. Several changes in characteristics were noted, including a change in bathroom grade, odd room configuration and unfinished interior projects. Once all characteristics were updated on this home, the new 2012 estimate of market value calculates to $139,200. Mr. Graham furnished a copy of an appraisal that was recently completed to establish a market value for his upcoming buy-out transaction. This appraisal compares the subject 6301 Shingle Creek Parkway Recreation and Community Center Phone& TDD Number Brooklyn Center, MN 55430-2199 (763)569-3400 City Hall & TDD Number(763)569-3300 Fax (763) 569-3434 Fax (763) 569-3494 www.cityo fbrooklyncenter.org to four comparable properties. Comparable one is an open market transaction that occurred within the 2012 assessment study period. This comparable was also used by the assessor's office and appears as comparable four in the assessor's report. Comparable two was an estate transaction not considered open market by the Minnesota Dept. of Revenue. Comparable numbers three and four were open market sales that occurred in the 2013 assessment study period and are therefore not considered in determining value for the 2012 assessment. The following report compares the subject too en market rambler proper-ties of similar size that.sold within the state study period. While comparable four is closest to the subject property, comparable three and comparable six have the least amount of adjustments and are considered to be the most comparable to the subject. In reviewing these sales, the subject's adjusted 2012 estimated market value of$139,200 falls within the indicated range of adjusted sales. The enclosed grid indicates a value range for the subject property of$135,200 to $156,000. It is staff's recommendation to reduce the 2012 estimated market value of$150,900 to $139,200 for taxes payable in 2013. Respectfully, Nancy Wojcik, SAMA City Assessor 3c i of BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Kurt Graham Robert M. Vetter 6913 Oliver Ave N 26-119-21-34-0001 aov A A- ._- 2012 Assessed Value: $150,900 Recommendation: Reduction to $139,200 This report is not art appraisal as defined in M.S. §82B.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used cis a reference only and any use other than its intended rrse is prohibited and unlatii f d The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. City of Brooklyn Center Assessing Department 2012 Local Board of Appeal and Equalization Staff Report Kurt Graham PropertyOwner(s): Robert M. Vetter Property';Address: 6913 Oliver Ave N PID #: 26-119-21-34-0001 Market Value Assessment Year 2012 $150,900 Assessment Year 2011 $167,300 Assessment Year 2010 $170,800 Sale: May 1, 1991 - 72,000 (11 - Other) Comments: Subject property is a 1,224-sq. ft. rambler built in 1953 backing to the Palmer Lake recreation area. The lot size for this property is over 20,000 sq. ft. (.46 acre), making it significantly larger than our average Brooklyn Center residential lot. The subject property carries a higher land value to account for its larger size, and its location backing to Palmer Lake. The property has an updated exterior with vinyl siding, maintenance free soffits and fascia, and some newer windows. There is an attached 2 car garage, as well as a detached 12x24 auxiliary garage in the rear yard with no car access. The home has window air conditioning only. The main floor bedrooms of this property have been modified. Access to one bedroom has been closed off with a closet and currently that room is only accessible via a passage cut into the closet of the other main floor bedroom. This appears to have been the start of a main floor master bedroom combination that was never finished. Currently, this home has only one legal bedroom. Removal of the added closet would restore access to both main floor bedrooms. A negative functional adjustment has been added to the calculation of the value of this home to account for the odd room configuration. Most of the basement is finished with a sprayed ceiling, painted paneling, sheetrock and ceramic tile floor. The rear 12x26 addition has a masonry fireplace, finished ceiling, ceramic tile floor, unfinished block walls and a hot tub, Unfinished areas of the basement include a laundry room and mechanical room. The basement bathroom is ceramic the and in good condition. Damaged and unfinished components noted during the review include, missing trim around some main floor windows with damage to drywall visible, ceiling damage in a basement finished room, and missing radiator covers in basement. This home is considered to be in average condition. Assessor Recommendation: Reduction to $139,200 Appraiser: Last Inspection Date: Jill Brenna April 26, 2012 2012 Board of Appeal and Equalization Kurt Graham Subject Data Summary PID#: 26-119-21-34-0001 Property Address: 6913 Oliver Ave N Brooklyn Center,MN 55430 Multiple Address: No Lot/Block: 003/004 Addition: Halek's Addition Legal(120): Owner(s): Robert M Vetter Property Classification: Residential-Homestead 2012 EMV: 150,900 2011 EMV: 167,300 2010 EMV: 170,800 Last Sale: 5/1/1991 -72,000- Other- 1 l Lot Size: 20,172 Sq.Ft./.46 Acres Zoning: R1 Dwelling Type: Single Family Style: One Level/Rambler Bedrooms: I Baths: 2 Actual Year Built: 1953 Gross Building Area: 1,224 Basement Area: 1,224 Bsmt Finished %: 80 Garage#1: 2 Car Attached Garage#2: 1 Car Detached 2012 Board of Appeal and Equalization Kurt Graham i Additional Subject Photos VI ons � r z 6913 Oliver Ave N a r, { A 3 3 ` N F a Rear yard and Auxillary Garage 2012 Board of Appeal and Equalization Kurt Graham 8 s 7 „ 4 ill t i t X a a� �e As �1'1714 C9 � t,v, i l �� e •� } } „4 q� 4} �1 O �1 y n {� All O N_ O N Additional Subject Photos r' ' ' ,r:• 'fit' Auxillary Garage front f i Auxillary Garage 2012 Board of Appeal and Equalization Kurt Graham • 1 1 1 � 1 1 A � 1 � a I g. Ol � ' JF zht;i i1^ w cc CC l t, I JO � � 1 s{ cz , �Zr�ytzilatr �tti -,tj {�11f S v�.z1%%�d }�e r i4l'k LS. O N O N Additional Subject Photos ez I 5 1 a Basement Non-conforming BR -. -.-. ,Ly.` - r S - f t Basement Finished Room 2012 Board of Appeal and Equalization Kurt Graham cs MOM "..................... C6 mn fit ANA, 0 Q QOW O Inc ISO oil I In 11 :v: 70" Additional Subject Photos r r Hot tub room bsmt rear add'n 2012 Board of Appeal and Equalization Kurt Graham Subject Sketch 12' Garage 288 sf C4 ............ 14' patio deck 348 sf 168 sf 29' 21' 26' 26' N IV Garage 525 sf 12' 12' tO M Basement First Floor 1224 sf 1224 sf 21' 38' 1 38' sksmh by Ap- Sketch 2012 Board of Appeal and Equalization Kurt Graham Sales Comparables A Comparable 1 v., w t } r t Comparable 2 �" � AP Comparable 3 2012 Board of Appeal and Equalization Kurt Graham Sales Comparables Item Subject Comparable 1 Comparable 2 Comparable 3 PID 2611921340001 0311821130073 3411921310066 0311821120081 Address 6913 Oliver Ave N 5730 Drew Ave N 6449 Marlin Dr 6049 Ewing Ave N District Sale Price $72,000 $125,000 $125,000 $135,000 Sale Date 05/01/1991 09/16/2011 05/27/2011 06/28/2011 Cash Equivalent $121,000 Price Per Sq.Ft. $58.82 $100.83 $101.46 $108.17 Dwelling Type Single Family Single Family Single Family Single Family Style One Level/Rambler One Level/Rambler One Level/Rambler One Level/Rambler Property Area 20,172 10,564 11,970 10,477 Actual Age 1953 1955 1958 1955 Effective Age 1980 1980 1980 1980 Quality Class B06 B06 B06 B06 1st Floor Area 1,224 1,200 1,232 1,248 Total GBA 1,224 1,200 1,232 1,248 Finished Area 2,203 1,800 1,848 2,184 Basement Area 1,224 1,000 1,232 1,248 Basement Finished(%) 80% 60% 50% 75% Total Bedrooms 1 2 3 3 Total Bathrooms 2 2 2 2 Garage I Floor Area 525 240 440 440 Garage 1 #of Cars 2 1 2 2 Garage 1 Placement Attached Attached Detached Detached Total#of Cars 3 1 2 2 Walkout Type Air Conditioning No Central Central Central Pool Area-Total Fireplaces 2 2 1 2 Deck Area-Total 168 Porches 160 River Lake Influences Sq.Ft.Adj $51,242 ($2,000) ($375) $223 Add Bsmt Adj $10,673 $1,753 ($316) ($459) Ded Unfin GBA Adj Site Adj $43,700 $7,700 $7,700 $7,700 Garage Adj $11,074 $7,477 $5,069 $5,069 Walkout Adj Patio Adj $228 Bath Adj $9,592 ($1,112) $672 ($2,004) Air Conditioning Adj ($2,141) ($2,198) ($2,226) Porch Adj ($1,427) Fireplace Adj $3,488 $1,704 ($972) Deck Adj $1,172 $1,172 $1,172 $1,172 Fin Bsmt Adj $7,684 $2,867 $2,739 $170 Misc.Adj $436 Total Adj $139,289 $14,289 $16,167 $8,673 Market Adj Value $135,289 $141,167 $143,673 2012 Board of Appeal and Equalization Kurt Graham Sales Comparables Y,7 lam.._ e., ... •5�ra'-.TA'..y�`.'��-�--r.'_ - '�-_.=a..,,.�.�<_...._ ...___ - - Comparable 4 h_ �4 3I Comparable 5 fr f j, i = _ Comparable 6 2012 Board of Appeal and Equalization Kurt Graham Sales Comparables Item Subiect Comparable 4 Comparable 5 Comparable 6 u PID 2611921340001 2611921420096 0311821120067 3311921420106 Address 6913 Oliver Ave N 7124 Oliver Ave N 3606 Commodore Dr 5201 Eleanor La District Sale Price $72,000 $135,000 $135,000 $149,000 Sale Date 05/01/1991 08/31/2011 03/28/2011 10/29/2010 Cash Equivalent $128,299 Price Per Sq. Ft. $58.82 $124.32 $103.85 $119.39 Dwelling Type Single Family Single Family Single Family Single Family Style One Level/Rambler One Level/Rambler One Level/Rambler One Level/Rambler Property Area 20,172 9,779 9,525 11,430 Actual Age 1953 1962 1955 1958 Effective Age 1980 1980 1985 1980 Quality Class B06 B07 B06 B06 1st Floor Area 1,224 1,032 1,300 1,248 Total GBA 1,224 1,032 1,300 1,248 Finished Area 2,203 1,909 2,050 2,184 Basement Area 1,224 1,032 1,000 1,248 Basement Finished(%) 80% 85% 75% 75% Total Bedrooms 1 4 3 5 Total Bathrooms 2 1 2 3 Garage 1 Floor Area 525 676 440 528 Garage 1 #of Cars 2 2 2 2 Garage 1 Placement Attached Detached Attached Detached Total#of Cars 3 2 2 2 Walkout Type Air Conditioning No Central Central Pool Area-Total Fireplaces 2 1 Deck Area-Total 168 150 Porches 140 River Lake Influences Sq.Ft.Adj $51,242 $8,437 $352 $223 Add Bsmt Adj $10,673 $1,468 $1,473 ($459) Ded Unfin GBA Adj Site Adj $43,700 $6,300 $7,700 $7,700 Garage Adj $11,074 $751 $4,678 $4,075 Walkout Adj Patio Adj $228 $228 $228 Bath Adj $9,592 $2,902 ($2,368) ($5,126) Air Conditioning Adj ($1,841) ($2,392) Porch Adj ($1,030) Fireplace Adj $3,488 $366 $3,488 $3,488 Deck Adj $1,172 $102 $1,172 $1,172 Fin Bsmt Adj $7,684 ($3,270) $1,474 ($4,005) Misc.Adj $436 Total Adj $139,289 $15,443 $14,775 $7,068 Market Adj Value $143,742 $149,775 $156,068 2012 Board of Appeal and Equalization Kurt Graham i Test�ar �' L ParEc - Paek 6 Park r. okdale � I Br 13i5 — _$rooklyr:blvd - a� - 'lirookdale Dr-:.N 7.7th-Ale N k,'} 152 ParK a ?il 73Rd Avg N_ Hartkap€ 152 � d � �', Parfc -- f 1. 4 ' O 4 z i 1 z _..69th Ave N 130 fi4th Ac e N W { ' rhAveN_— S , ; C P � h'!k 1u�a�r L. - - _ 52 -- 15 cF `.� 6 d - anti m 81 © 252� f 3 1 -c 53rd Ave - �e�ter i I 52 Mac Par[c3 FA t air 3 _ i BicsakdaP� - s�� i r i — e8rfily�dye i ,�j�jr 1� - 1 r ;Cent ' Sk ParK'`, N �s Ttiintta 8 ii `' + ti r r—p LiNO=,otinNet 1D2 4 111}5iftf�t2 — �— '2 fe � 1 kr�p1 100 _- 201 4�ttcro ft Corporatio jj,03 1 NAVit �1fIIt3 1 i �� COMPARABLE SALES MAP COMPARABLE#1 5730 Drew Ave N, Brooklyn Center COMPARABLE#2 6449 Marlin Drive, Brooklyn Center COMPARABLE#3 6049 Ewing Ave N, Brooklyn Center COMPARABLE#4 7124 Oliver Ave N, Brooklyn Center COMPARABLE #5 3606 Commodore Dr, Brooklyn Center COMPARABLE #6 5201 Eleanor La, Brooklyn Center i CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2012 Assessment APPLICATION FOR APPEAL March 2..3, 2.012 through April 18, 2.012 You must return this application by April 18, 20121_to be placed on the Agenda for the Local Board of Appeal and Equalization held April 30, 2012 at 7:00 P.M. Name(s) ® �TIL —t" b� ��' 0 1U Daytime Contact Number: Q Property Address 31 t �_D SOS Ay L 'No Property Identification Number 1 l` y F� (D Assessor's 2012 Estimated Market Value Is your property residential, commercial or multi-family? C p If you are appealing a commercial, multi-farnily or residential rental property you must include income and expense data for calendar year 2011 with your application. What is the reason you are appealing your 2012 assessment? ol When did you purchase, u o e? ,yy� Date of Purchase_ _ Purchase Priced 70 Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. I-lave you had a recent appraisal for refinancing, a purchase agreement or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? What do you think the market value of your property should be? DID I oco Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. At" SESSORS R EPORT �z --- - = A Millennium Community TO: 2012 Brooklyn Center Local Board of Appeal and Equalization RE: Monte Hanson 3715 50th Ave N. Brooklyn Center, MN 55430 Mr. Hanson came to the Local Board of Appeal and Equalization as a walk-in appeal on April 30, 2012. Mr. Hanson was requesting a reduction in his 2012 estimated market value to $700,000. Along with the appeal application, Mr. Hanson submitted a tax statement and information from a recent sale in 2012. An interior inspection was scheduled for May 1, 2012. The property is a 20,266 sq. ft. single story building of masonry construction. The property was originally two separate buildings and has been added on both in the center and rear to make it a single tenant building. The property has two overhead dock doors, one located at the rear of the building with truck access, and an additional overhead door located along 50th. The overhead door along 50th is not utilized as the street is too narrow for access by truck. A leveler in the floor and dropped floor in this area is currently used for storage. The oldest section of the property has the original wood trusses. There is a main entrance at the reception area and a side vestibule entrance for employees. The property has an average office finish of 8' in the office area. The office finish is considered good with sheetrock wall finish, ceiling tiles, fluorescent and track lighting. Bathroom areas are very large, with ceramic tile flooring. Bathrooms are all located in office and gallery areas. The gallery/showroom is finished with a higher end trim and doors. An employee kitchenette is located off the gallery area. The warehouse finish includes some areas of original and addition, with varying heights between 11' and 16'. All warehouse areas are painted white, and some include ceiling finish. The building has a high percentage of office finish. The building has updated windows throughout. The property originally contained two separate PID's from the original building but was combined into one parcel in 2009. Included with this report is a market analysis of four comparable office/warehouse properties. The sales are within the state sales study guidelines for the 2012 assessment. There were no comparable industrial open market sales within the City of Brooklyn Center, so sales were used from within Hennepin County, and adjusted for location. Sale comparable number two and three had the least amount of adjustments and would be considered the most comparable to the subject. Comparable number one has some repairs needed but has an irregular layout comparable to the subject. The adjusted sale prices indicate a value range of$35 to $46 dollars per square foot. 6301 Shingle Creek Parkway Recreation and Community Center Phone&TDD Number Brooklyn Center,MN 55430-2199 (763)569-3400 City Hall& TDD Number(763)569-3300 Fax(763)569-3434 Fax(763) 569-3494 www.cityofbrooklyncenter.org _, i A market derived income approach was included with this report. Mr. Hanson's property is owner occupied so income data is not available. The market derived income approach cap rate and rents were derived from industrial sales within Hennepin County. This approach indicated a value of$890,000, or$43.92 per sq. ft. Mr. Hanson's 2012 estimated market value of$850,000 represents a per square foot value of$41.94 per sq. ft. The 2012 estimated market value of the subject property per square foot falls within the market approach value per square foot, and is slightly under the income approach of$43.92 per sq. ft. It is the Assessor's recommendation to sustain the 2012 estimated market value of $850,000 for taxes payable in 2013. Respectfully, Nancy Wojc , SAMA City Assessor City of BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Monte Hanson Monte Hanson 3 715 50th Ave N 10-118-21-13-0080 - 2012 Assessed Value: $850,000 Recommendation: Sustain 2012 EMV of $850,000 This report is not an appraisal as defined in M.S. §82B.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlativf d The author does not represent this to bean appraisal and is not responsible for any inappropriate use. It is a report of public records using a mass appraisal technique. i Assessing Department 2012 Local Board of Appeal and Equalization a7 Staff Report Monte Hanson Property Monte Hanson Property Address 3715 50th Ave N 10-118-21-13-0080 Market value Assessment Year 2012 $850,000 Assessment Year 2011 $850,000 Assessment Year 2010 $850,000 Sale f"N No current sales exist Comments: The property is a 20,266 sq. ft. single story building of masonry construction. The property was originally two separate buildings and has been added on both in the center and rear to make it a single tenant building. The property has two overhead dock doors, one located at the rear of the building with truck access, and an additional overhead door located along 50th. The overhead door along 50th is not utilized as the street is too narrow for access by truck. A leveler in the floor and dropped floor in this area is currently used for storage. The oldest section of the property has the original wood trusses. There is a main entrance at the reception area and a side vestibule entrance for employees. The property has an average office finish of 8' in the office area. The office finish is considered good with sheetrock wall finish, ceiling tiles, fluorescent and track lighting. Bathroom areas are very large, with ceramic tile flooring. Bathrooms are all located in office and gallery areas. The gallery/showroom is finished with a higher end trim and doors. An employee kitchenette is located off the gallery area. The warehouse finish includes some areas of original and addition, with varying heights between 11' and 16'. All warehouse areas are painted white, and some include ceiling finish. The building has a high percentage of office finish. The building has updated windows throughout. The property originally contained two separate PID's from the original building but was combined into one parcel in 2009. The property has insufficient parking at approximately 6-8 stalls. Assessor Recommendation Sustain 2012 EMV of$850,000 Appraiser`', Last Inspection:Date: - Nancy Wojcik May 1, 2012 2012 Board of Appeal and Equalization Monte Hanson Subject Data Summary PID#: 10-118-21-13-0080 Buildings on File: 1 Property Name: Art Effects Property Address: 3715 50th Ave N Brooklyn Center,MN 55430 Multiple Address: No Lot/Block: Lot Missing 15 Addition: Brooklyn Manor Legal(120): Lots 5 and 6 Owner(s): Monte Hanson Property Classification: Industrial 2012 EMV: 850,000 2011 EMV: 850,000 2010 EMV: 850,000 EMV/GBA: 41.94 Lot Size: 29,380 Sq.Ft./.67 Acres Zoning: 12 Gross Office Area Percent: 31.5% Building Use: 494-Industrial Light Mfg/100% #Stories: I Avg Story Height: 13 Avg Clear Height: 10 Actual Year Built: 1952 Effective Year Built: 1980 Renovated Year: 1999 First Floor Area: 20,266 Gross Building Area: 20,266 Basement: No Parking: Parking-Surface I 2012 Board of Appeal and Equalization Monte Hanson I c...y..x—.y a ..vF'..y .y N,,. ................. Commercial Field Card Property Address: 3715 50th Ave N Zoning: I2 Lot/Block: 15 Addition: Brooklyn Manor Owner(s): Monte Hanson Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0016 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0281 Land Building Detail asement Income Information Zoning: I2 Name: Art Effects BasementBasics Gross Income: Area Rating: Average Quality Area(SgFt): Vacancy Percent: Site Rating: Fair - -o Effective b Gros s Income:Partial Construction(/): Basement Area Percent: Land Quality: B05-Land Bsmt.Use Code: Operating Expense:Contamination: Net Income: Architectural Appeal: Average Bsmt.Use Code Suffix: Flood Plain Map Ref: Capitalization Rate: PUD Ref: Construction Quality: Average Elevator(s): Gross Rent Multiplier: Allowable Units: Construction Type: Masonry Building Condition: Average Mechanicals Rent/Square Feet: b _. _ Plumbing:Service: Average La Security System: N Zoning Variance: N Walls and Roof Frontage:and(SgFt): 150 Sec_tSale Roof Construction: Wood g Left Side: 200 Se o dary Exterior Walls: Brick Heatiner T e/Percent: Yes/100" Date: Heatin (Type/Percent) , Reaz Side 150 Price: Right Side: 200 Roof Type: Flat Heating 1: Package Unit/75 Code: Effective Width: 150 Roof Cover: Pitch&Gravel Heating 2: Space/25 Desc: Effective Depth: 200 0 / Effepctive Water:q ) 0 YP - Conti. e/Percent) yast;Inspection _ P eating Use Codes T e Suffix /o ". ---° Code 1• 494-Industrial Light Mfg C 100 Package/100 Appraiser ID: 11 Acreage:Area S Ft: 290.60 Code 2: - 0 A/C 2: / Appraisal Date: - 05/01/2012 Park: Code 3: 0 A/C 3: / Reason: �ppeal Park Quality: On Lake: ode 4. 0 Tofals Result Interior OnkRive Quality: D Functional nti and Age BuildmgAt eas r ° • Actual Age: 1952 First Floor Area: 20,266 Cu renf Inspection River Quality: Economic%: Effective Age: 1980 Gross Building Area: 20,266 Appraiser ID:LL J Landscape Quality: Physical% Renovated Age 1999 Net Rentable Area: 20,266 Appraisal Date: �uildm,Miscellaneou *�i�e"�y �� Attributes - -'* ,_:.. .. ., ._ Mezzanine Area: Gara es and Parkin _g- g Total Floor Area: 20,266 Reason: Curbs _ Gas Type Spaces Area Rental$ Building Ratios and Perimeter Result: Gutter Type 1 Parking-Surface 6 Irregular Shape Land Building Percent: 145.0 TYPe 2 ti Paved Street Type 3: Floor Area Percent: 69.0 Left Tag: Yes/No Sewer Available Perimeter Length: 658 Type 4: Office Area: 6,380 Flat Value Water Available yP Gross Office Area Percent: 31.5 Value: Type 5: Net Office Area Percent: 31.5 Desc: Pools Number Type Comments` - Y y Influences Sprinkler/Fire Protection installation in 2000. Low ceiling height in office 8'8"and 11'clear ht in warchouso area of oldest part of building.Old section has wood truss roof.Delivery door along 50th is difficult toe use for fortruck Buildi"n' "o g6ts deliveries,but levelor exits,main delivery handled off France.Employee entrance facing 50th. Interior has small ceiling tiles,sheetrock finish,and ceramic tile floors in bathrooms.Bldg includes 3 bathrooms,kitchenette, Average Story Height: 13.0 lunchroom and a Gallery finish.The Gallery has oak 6 panel doors and track lighting. Building has had windows Number of Stories: 1.0 replaced. Variations in ceiling hts from 9'to 16'.High level of finish in entry/showroom area.Originally two?ID's Average Clearance Height: 10.0 that were combined in the 2009 assessment,total equals 20,266 GBA,29,351 Land Area. Finished Ceiling Height: 9.0 Miscellaneous Income/Lease: Tenant: Single Tenant Commercial Field Card Property Address: 3715 50th Ave N Zoning: I2 Lot/Block: 15 Addition: Brooklyn Manor Owner(s): Monte Hanson Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0016 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0281 i 85' w,. 6' Lean To Storage Area 510 Sf 9'Clear t-'" 6' 120' 59' 24 6' Dtr-e Wm 32' _a ' lS'Clr ti4 StuJ ro? 20' •rt GBA 20,465 sf 15' wry: • ^n C—T 91' 20" - t i'•dear : 120' 46' Sketch by Apex IJledina TM' I i I Report Name: Permit List Printed: 5/4/2012 City of Brooklyn Center Page: 1 Permit List Permit List for: 3715 50th Ave N i Permit# Unit Value Permit Type Sub Type Work Type Description Cancelled Issued Date Final Date Dead Date Expiration Date Refund Date BC041942 $1,085 Electrical Residential 1&2 Famil: Replace HOOK UP SERVICE 07/28/2010 07/22/2010 PEDESTAL& COOLPED ON BLVD BC015280 $1,200 Fire Sprinkler System(Wet) Remodel/Alteration ART 04/12/2000 05/27/2004 EFFECTS-RELOCATE HEADS BC015225 $8,500 Mechanical Roof Top Units Addition ART EFFECTS-RTU'S 04/06/2000 07/09/2001 BC015156 $1,980 Fire Sprinkler System(Wet) Remodel/Alteration ADD/RELOC 20 03/28/2000 05/27/2004 HEADS BC014467 $15,000 Building Commercial Remodel/Alteration ART EFFECTS 12/02/1999 05/27/2004 BC009792 $150 Plumbing Commercial Addition ART EFFECTS 05/19/1998 01/09/1999 BC009033 $16,470 Building Commercial Replace MIKROS 11/19/1997 12/29/1998 ENGINEERING BC005144 $260 Fire Sprinkler System(Wet) 2 SPRINKLER HEADS 07/11/1995 09/20/1995 BC005095 $24 Sign Wall New OLEVIA COLORS INC. 06/28/1995 07/31/1995 BC005044 $600 Building Commercial Tenant Finish METROTECH 06/21/1995 09/20/1995 CORPORATIO BC004971 $7,500 Plumbing Commercial Tenant Finish OLEVIA COLORS 06/07/1995 06/15/1995 BC004914 $0 Building Industrial Undefined C OF O OLEVIA 05/24/1995 06/15/1995 COLORS BC004200 $2,500 Building Industrial Tenant Finish LARRY KOPP,INC 11/09/1994 06/16/1995 BC000309 $3,000 Building Industrial Remodel/Alteration RPL ROCK AND 05/18/1992 05/19/1992 WINDOWS Permit Count: 14 r'I ii i Additional Subject Photos 3715 50th Ave N r MWOR - i View from across street i 2012 Board of Appeal and Equalization Monte Hanson Additional Subject Photos X, 'S e F TA Delivery Door- 7s, +� ioswf a[' 1 i Showroom I 2012 Board of Appeal and Equalization Monte Hanson Additional Subject Photos t i Kitchenette R d^ r 1 �v} I Bathroom i 2012 Board of Appeal and Equalization Monte Hanson • 1 1 1 � 1 1 .FYI" r.-- m ah al I ISM rig- won _ 4 �I } L ;.,. t - - rf i Comparable Sales Analysis r .D ;g; :3, 0 D &0 9.3 9•D 9 9. 2 2 9 8 2 3 D0.8 9 -* D leas D e� D � � 2= loo g 869 a 39 8 s e (3 Gans ea.p 6 ta4 9 0 9 A a G e "l $600,000 $895,000 $1,217,575 $1,180,950 Sao a a 12/312010 12/21/2010 3!7/2012 11/8/2011 as Nate ce $600,000 $895,000 $1,217,575 $1,180,960 Pic rflfGl3Y $42 $35 $45 $55 $50 P e Office/Warehouse Office/Warehouse Office/Warehouse Office/Warehouse Office/Warehouse ca o Average Average Average Average Average o a 29,380 35,569 43,917 64,690 79,195 B 1.45 1.68 2.21 2.90 3.35 e ul E Y a 1952/1999 1949/1960 1961/1965 1973/1977 1987/1987 tl e f Co 't Average 7 Good Average/Average Average/Fair Average/Average Average/Average Go o Masonry Block Masonry Block Masonry Block Masonry Block Masonry Block 1 1 1 1 1 F 20,266 17,389 19,910 22,304 23,622 o F 20,266 17,389 19,910 22,304 23,622 e n e None None None None None Ha one 3,750 None None 2000 20,266 21,139 19,910 22,304 23,622 6,380 6098 1,728 8,754 4,158 i 0 31% 29% 9% 39% 18% 13/10 14/12 12/10 18/16 17115 Pkg 75%/Space 25% GFA 70%/Space 30% Space 60%/GFA 40% Space 67%/RTU 33% Space 82%/RTU 18% c 6 12 30 47 39 I a None None None None None i t?o Lack of parking on site, Sold to adjacent property Site included a billboard with Vacant at time of purchase, Original Condition. Will be currently leasing lot across owner.Chopped up irregular active lease,but buyer felt Office area to be gutted due to owner occupied property. street. Only one loading shaped bldg,not good for detriment and had lease mold and asbestos. Some dock useable for large general warehouse use. Bldg canceled and billboard updating to electrical and trucks. needs new roof,and some removed. Seller will lease HVAC needed. settling issues with Floor. back 6,400 SF until buyer Basement only used for needs all space. storage. B 0% 0% 0% 0% 0% -10% -10% -15% a 0% -2% -2% -3% 5% 3% -5% -5% 15% 10% 10% 0% 0% 0% 0% 0% : 0% 5% -1% 2% ( 0% 2% 2% 2% -1% -10% -10% -10% P 4% 0% 0% 0°k t1a 23% -2% -16% -29% q__ate p $738,000 $877,100 $1,022,763 $838,475 d Ua $35 $44 $46 $35 In ca ed€V.a tte, Indicated Sales Price Range$35 to$46 per Sq.Ft. PROPERTY USE: Warehouse Storage MUNICIPALITY: MINNEAPOLIS Code: 406 RC:00 COMPLEX NAME: Bepex COUNTY: HENNEPIN GBA 21139 WD m02,9m03-33-0039. AUDITOR ID: 27238 MULTI PID: N COMMUNITY: Univ NBRHOOD: 85 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1949 1960 Buyer: Bepex Holdings LLC Const Quality/Condition: AVERAGE AVERAGE Seller: Salles Inc Const Class/No.of Bldgs: Masonry Bearing Wall Sale Data: Date of Sale: 12/3/10 Exterior Type/Roof Type:. Concrete Block Flat Total Purchase Price: $600,000 2nd Exterior Type/Roof Cvr: Brick Tar and Gravel Down Payment Amount: $0 SIZE&USES First Floor Area/GBA: 17,389 SF 21,139 SF Other Terms: Total Floor Area/NRA: 17,389 SF TERMS Bldg Perim./Shape/Units: FT Multiple Angles No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 4.41% $600,000 Bsmt Area/%Fin/%: 3,750 SF 160% 18% GBA Cash Equivalent Adj: Bsmt Use: office/Storage LESS: Personal Property: $0 Bsmt Fin/%: 2,348 SF 11% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: office warehouse Cash Equivalent of Real Estate: $600,000 First Floor SF/%: 17,389 SF 82% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: $34.50 2nd+ Floor SF/%: SF 0% GBA Sale Price Per Sq.Ft.GBA: $28.38 Tot Off Area: 6,098 SF 29% GBA Sale Price Per Sq.Ft. NRA: Primary Heating/Pct: Forced Air 70% Sale Price Per Sq.Ft. Land Area: $16.87 Secondary Heating/Pct: Space Heaters 30% Sale Price Per Room: Air Conditioning Pct: 70% Income Data: Sprinklers/Elevators: N 0 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 12 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 14.0 FT FT #Stories: 1.0 Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 35,569 SF Useable Land Area: SF Zoning/Land Def Cd: I2 F Trackage/Utilities: N Land Big Ratio/Excess Land: 1.68 to One N Environmental Concern Ind: Other Amenities: 1 Dock/1 DI Summary Comments: Property was on the market since April,2008,initially asking$1,200,000.Sold to adjacent property owned-arms length transaction,negotiated sales price. Buyers own property across the street-plan is to eventually use as warehouse instead of leasing space at another adjacent property. Broker had another buyer who was interested around the same price who was looking to enter the area. Chopped up,irregularly shaped building,not good for general warehouse use. Building needs a new roof and one of the floor sections has a settling issue. Bid for roof is$135,000 and to remediate a floor settling issue in warehouse area is $130,000. Due to high costs to repair building buyer is now considering tearing down building and building new warehouse.Indicated value with improvements (roof/settling)-$41 PSF,indicated value of land without wrecking costs—$17 PSF.Property previously sold on 2/18/05 for$835,000 reflecting a 4.82%annual decrease. 1� t, r u r 4i t s t srssirs�i��ir��YlG � t� � 4 iz' tz iai rsR�? ��, r�lt r"� s nit ry t�z e li�Cie >7#{{n li h �i�t x �( 4 Inn G`t ofi 4A i31t i� ',�#t'ii ��{iil�{ ��digi k§�fiz 4ill I� t 4 i ins'#Fw 1, z 4�� Nn N„ O 00 mil N 'a' cn PROPERTY USE: Warehouse Storage MUNICIPALITY: BLOOMINGTON Code: 406 RC:00 COMPLEX NAME: Bucks furniture whse COUNTY: HENNEPIN GBA 19910 WD Ar3DR SS 33 6 rsi rn7rlcjcen ry° :930 rr�erson-Ave ^IN , 09 X27=24?3 0010 = S q#:2 _:.Ratio Y,- CQmp:,Y AUDITOR ID: 29705 MULTI PID: Y COMMUNITY: NBRHOOD: i PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1961 1965 Buyer: J and R Bloomington LLC Const Quality/Condition: AVERAGE FAIR Seller: Bucks Unpainted Furniture Inc Const Class/No.of Bldgs: Masonry Bearing Wall 1 Sale Data: Date of Sale: 12/21/10 Exterior Type/Roof Type: Concrete Block Flat 2nd Exterior Type/Roof Cvr: Tar and Gravel Total Purchase Price: $895,000 SIZE&USES Down Payment Amount: $895,000 . First Floor Area/GBA: 19,910 SF 19,910 SF Other Terms: Total Floor Area/NRA: 19,910 SF TERMS Bldg Perim./Shape/Units: 668 FT Rectangle No Data Available Mezzanine Area/Use: 0 SF Cash Equivalent Price: 5.13% $895,000 Bsmt Area/%Fin/%: 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: whse Cash Equivalent of Real Estate: $895,000 . First Floor SF/%: 19,910 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: $44.95 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $44.95 Tot Off Area: 1,728 SF 9% GBA Sale Price Per Sq. Ft.NRA: Primary Heating/Pct: space Heaters 60% Sale Price Per Sq.Ft.Land Area: $20.38 Secondary Heating/Pct: Forced Air 40% Sale Price Per Room: Air Conditioning Pct: 8% Income Data: Sprinklers/Elevators: 100 0 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 30 Parking Surface Type: Gravel Rent Schedule: Multiple Tenancy: PRIVATE DATA Bldg Ht/Avg Clear Ht: 12.0 FT 10.0 FT #Stories: 1.0 Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 43,917 SF Useable Land Area: 43,917 SF Zoning/Land Def Cd: I-3 F Trackage/Utilities: N Land Blg Ratio/Excess Land: 2.21 to one N Environmental Concern Ind: Other Amenities: 35W Frontage Summary Comments: Propery listed for sale fall 2010 for$1,200,000.Buyer negotiated heavily,original offer was 600k. Buyer to convert property from whse into auto body repair shop.Improvements after sale estimated to be$175k in improvements and 125k in PP and paint booths.Site included a billboard with active lease.Buyer felt it was a detriment to the site and had lease cancelled and billboard removed.Seller will lease back 6,400 SF of the Whse month to month until buyer needs space. Estimated to be less than 1 year.Additional PIN 0014.See Addn comments i I i 'II 'x f �1 JI i p car ' a RVA t, II s r4, rr r � �4s�h Nssl 4a k 2241 7114%' �E ,- ^� i 5 �'�� t fr^t ��' �t a�t 41"�� �„ �• tsV, ��� p psi+ ,�srirar ti rn a. V) w PROPERTY USE: Warehouse Storage MUNICIPALITY: BLOOMINGTON Code: 406 RC:00 COMPLEX NAME: Former Yale Mechanical COUNTY: HENNEPIN GBA 22304 WD �nOFs>93 _ �rr ,Aen�le 5ct r. _ _. P0?7 24..L -0019.. _ ? R1io AUDITOR ID: MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1973 1977 Buyer: Triple8 Holdings,LLC Const Quality/Condition: AVERAGE AVERAGE Seller: Girard Ventures,LLC Const Class/No.of Bldgs: Masonry Bearing wall 1 Sale Data: Date of Sale: 3/7/12 Exterior Type/Roof Type: Concrete Block Flat 2nd Exterior Type/Roof Cvr: Tar and Gravel Total Purchase Price: $1,217,575 SIZE&USES Down Payment Amount: $15,000 First Floor Area/GBA: 22,304 SF 22,304 SF Other Terms; Total Floor Area/NRA: 22,304 SF TERMS Bldg Perim./Shape/Units: 628 FT Rectangle No Data Available Mezzanine Area/Use: 0 SF Cash Equivalent Price: 0.00% $1,217,575 Bsmt Area/%Fin/%: 0 SF 0% GBA Cash Equivalent Adj: Bsmt Use: LESS:Personal Property: $0 Bsmt Fin/%: 0 SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: off/whse Cash Equivalent of Real Estate: $1,217,575 First Floor SF/%: 22,304 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq. Ft.TFA: $54.59 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $54.59 Tot Off Area: 8,754 SF 39% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/Pct: space Heaters 67% Sale Price Per Sq. Ft. Land Area: $18.82 Secondary Heating/Pct: Package Unit 33% Sale Price Per Room: Air Conditioning Pct: 89% Income Data: Sprinklers/Elevators: 100 0 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 47 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 18.7 FT 16.0 FT #Stories: 1.0 Avg.Finished Ceiling Ht: FT Total Land Area/Topography: 64,690 SF flat Useable Land Area: 64,690 SF Zoning/Land Def Cd: I-3 F Trackage/Utilities: N Land Big Ratio/Excess Land: 2.90 to one N Environmental Concern Ind: Other Amenities: Summary Comments: Vacant since Fall 2010.Property listed for sale for$1,674,900.Buyer owns Archetype Signmakers and was a tenant in Eagan. He decided to purchase and searched 20-25,000 SF buildings.Only 5 or so available.This was the best one. Buyer to spend$380,000 after purchase.Office area to be gutted completely due to mold and asbestos.Also,some updated electrical and HVAC venting in whse.Property appraised at$1,300,000 and$1,600,000 after improvements. Property was formerly occupied by Yale Mechanical who purchased 03-027-24-24-0079 in June 2010. PROPERTY USE: Ind. Light Mfg. MUNICIPALITY: MAPLE GROVE Code: 494 C RC:00 COMPLEX NAME: COUNTY: HENNEPIN GBA 23622 WD ADIES a 91t,,;Aeenu�North PIN# 9 722.14:11019., AUDITOR ID: 44689 MULTI PID: N COMMUNITY: NBRHOOD: • � • � PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1987 1987 Buyer: Minnetonka Amusement,LLC Const Quality/Condition: AVERAGE AVERAGE Seller. Commers Clover II,LLP Const Class/No.of Bldgs: Masonry Bearing wall 1 Sale Data: Date of Sale: 11/8/11 Exterior Type/Roof Type: Concrete Block Flat Total Purchase Price: $1,180,950 2nd Exterior Type/Roof Cvr: Brick Tar and Gravel Down Payment Amount: $150,000 SIZE&USES First Floor Area/GBA: 23,622 SF 23,622 SF Other Terms: Total Floor Area/NRA: 23,622 SF 23,622 SF TERMS Bldg Perim./Shape/Units: 642 FT Rectangle No Data Available Mezzanine Area/Use: 0 SF none Cash Equivalent Price: 0.00% $1,180,950 Bsmt Area/%Fin/%: 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS:Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:Y $0 First Floor Use: warehouse/office Cash Equivalent of Real Estate: $1,180,950 First Floor SF/%: 23,622 SF 100% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq. Ft.TFA: $49.99 2nd+ Floor SF/%: 0 SF 0% GBA Sale Price Per Sq.Ft.GBA: $49.99 Tot Off Area: 4,158 SF 18% GBA Sale Price Per Sq.Ft. NRA: $49.99 Bldg Eff/%: 23,622 SF 100% Sale Price Per Sq.Ft. Land Area: $14.91 Primary Heating/Pct: Space Heaters 82% Sale Price Per Room: Secondary Heating/Pct: Package Unit 18% Income Data: Air Conditioning Pct: 18% Sprinklers/Elevators: 100 Potential Gross Income: Garage/Ramp Spaces: Vacancy: 0.0% $0 Surface Parking Space: 39 Other Income: 0.0% $0 Parking Surface Type: Asphalt Effective Gross Income: Multiple Tenancy: Y Expenses: 0.0% $0 Bldg Ht/Avg Clear Ht: 17.0 FT 15.0 FT Reserves: 0.0% $0 #Stories: 1.0 Net Operating Income: Avg. Finished Ceiling Ht: 15.0 FT Capitalization Rate: Total Land Area/Topography: 79,195 SF Level Rent Schedule: Useable Land Area: 79,195 SF Zoning/Land Def Cd: Industrial F Trackage/Utilities: N All available Land Blg Ratio/Excess Land: 3.35 to one N Environmental Concern Ind: N Other Amenities: Summary Comments: Openly marketed property with buying/selling brokers involved. Property is in original condition. There was an appraisal completed for financing purposes, but buyer did not have a copy. It will be owner occupied with one tenant. Buyer did not provide any data related to tenant. He stated that the tenant is currently on a month-to-month basis. No mezzanines. Ratio Study Comments: '00'-Good Sale Interest Purchased: Fee Simple Info Source: CRV Towle Sec: NW Sector Map Code: Assmt Year: 2012 Land EMV: $300,100 Submitted By: Rich Gruber Date: 2/15/12 Assessor Staff Verified by: R Gruber Phone: 763-494-6254 Bldg EMV: $829,900 Verified With: David Carish Date: 11/22/11 Title: Chief Manager Phone: 612-805-4275 Total EMV: $1,130,000 I I --- m CONFIDENTIAL********ACE********CONFIDENTIAL ON gg 44 --ra i ^ r w r r ,. t s : , e MARKET DERIVED INCOME APPROACH 2012 Pay 2013 P....nJ.ECT.NAME................... .. Arfi.Effec�s.................... Ave.N............. :.. ....:..............................................:.: INN ....€. . . . .>....... .... ......IVI`ti#e. ''`'.'``. PROPERTY TYPE-CC : INDUSTRIAL NET LEASES YEAR BUILT 1952 INCOME ANALYSIS GROSS BUILDING AREA 20,266 OFFICE INCOME $51,040 WAREHOUSE INCOME $52,073 ................................... MEZZANINE INCOME $p see°dedxe�t OFFICE AREA 6,380 PGI $103,113 s.o.. WAREHOUSE AREA 13,886 syrt can s .........; MEZZANINE AREA 0 0% LESS:VACANCY $10,311 MARKET OFFICE RATE $8.00 EGI(before concessions) $92,801 MARKET WAREHOUSE RATE $3.75 MEZZ. RATE LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 10.00% FREE RENT $0 SQUARE FEET VACANT 368 SQUARE FEET OCC. 3,312 EGI $92,801 %OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $1,104 1.19% FREE RENT 0.00% LEASING $464 0.50% TURNOVER RATE 20.00% TENANT IMPROVEMENTS $2,412 2.60% TENANTS REMAINING 80.00% RESERVES $920 0.99% AV. LEASING PERIOD 5 MANAGEMENT $4,640 5.00% TOTAL EXPENSES - $9,539 10.28% EXPENSES/SQ.FT. $3.00 MANAGEMENT 5.00% TENANT IMP. COST-NEW $10.00 201.?eAPtALkZEQIAUE . . $± 3t30 _ RENEWAL $8.00 PER SQ.FT. GBA $43.92 EXPENDABLE VAL. OF TI 25.00% RES. FOR REPLACEMENT $0.25 SQ FT EXPENSE RATIO- 10.28% LEASE COMMISIONS-NEW $3.50 SQ FT USEABLE LAND AREA- 271,740 RENEWAL $0.00 SQ FT EFFECTIVE TAX RATE 4.00% VTAFKET. AP RATE =€€.90t1°1D TAX21t •.•••.•.• . .. ......... .`: .4f1. 2012 ASSESSED VALUE-..-�- U $890,000 1l RA,..L,RA7 .................::.: t1 h,. PER SQ.FT. GBA $43.92 CITY OF BROOKLYN CENTER 2012 LOCAL BOARD OF APPEAL AND EQUALIZATION Walk — In Appeal Application Local Board of Appeal and Equalization held April 30, 2012 at 7:00 P.M. Name(s) Daytime Contact Number: C 3 60 7 Property Address U 4, kT Property Identification Number ' 0 t I Z 13 005S9 Assessor's 2012 Estimated Market Value Is your property residential, commercial or multi-family? If you are appealing a commercial, multi-family or residential rental property you will need to submit income and expense data for calendar year 2011 with your application. What is the reason you are opealing your 2012 assessment? When did you purchase your home?_. L d Date of Purchase /lz.-c h WPurchase Price � S/ Did you purchase your property from a bank, as a foreclosure or short sale? 4V Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. Have you had a recent appraisal for refinancing, purchase ,�;o�r�a market analysis by a real estate agent completed within the last year? Yes or(V If so, what was the determination of value? What do you think the market value of your property should be? We will need to schedule an interior review of your property within the week, is there a specific date or time that works best for you? Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. In order to appeal your valuation an appointment to view the property will be required. CONTRACT FOR DEED Form No. 66—M Minnesota uniform Conveyancing nlnnh(7979)M ller-Davie Co.Minneapolis Corporation or Partnership Seller III No delinquent taxes and transfer_entered; Certificate of Real Estate Value (. )filed ( )not required 19—. County Auditor By Deputy (reserved for recording data) MORTGAGE REGISTRY TAX DUE HEREON: (reserved for mortgage registry lax payment data) Date: THIS CONTRACT FOR DEED is made on the above date by REN FF TOW, TNC a CORPORATION under the laws of MIS Seller,and AMERICAN WILDLIFE ART GALLERIES, LLC, A LIMITED LIABILITY CORPORATION, Purchaser (whether one or more). Seller and Purchaser agree to the following terms: 1. PROPERTY DESCRIPTION.Seller hereby sells,and Purchaser hereby buys,real property in HF_NMF.PTN County,Minnesota,described as follows: Lot 001, Block 005, Brooklyn Manor Hennepin County, Minnesota. together with all hereditaments and appurtenances belonging thereto(the Property). 2. TITLE. Seller warrants that title to the Property is,on the date of this contract,subject only to the following exceptions: (a) Covenants,conditions, restrictions,declarations and easements of record,if any; (b) Reservations of minerals or mineral rights by the State of Minnesota,if any; (c) Building,zoning and subdivision laws and regulations; (d) The lien of real estate taxes and installments of special assessments which are payable by Purchaser pursuant to paragraph 6 of this contract;and (e) The following liens or encumbrances: 3. DELIVERY OF DEED AND EVIDENCE OF TITLE.Upon Purchaser's prompt and full performance of this contract,Seller shall: (a) Execute,acknowledge and deliver to Purchaser alJarranty' Deed,in recordable form, conveying marketable title to the Property to Purchaser, subject only to the following exceptions: (i) Those exceptions refereed to in paragraph 2(a), (b),(c)and(d)of this contract; (ii) Liens,encumbrances,adverse claims or other matters which Purchaserhas created,suffered or permitted to accrue after the�date of this contract;and (in)The tollowing liens or encumbrances: and (b) Deliver to Purchaser the abstract of title to the Property or,if the title is registered,the owner's duplicate certificate of title. 4. PURCHASE PRICE.Purchaser shall pay to Seller, at a designated nl are One Hundred Twenty Five Thousand and 00 100ths — — — — — — the sum of — (y; 125 000.00 ) as and for the purchase price for the Property,payable as follows: $ 5,000.00 Cash, the receipt of which is hereby acknowledged; $ 120,000.00 By contract for deed with "0" interest thereon payable as follows: There will be no payments on this contract for deed until March 15, 2014, at which time a payment of $500.00 shall be made and a payment of $500.00 shall be made on each and every month thereafter until March 15, 2027 at which time the entire remaining contract balance will be due and payable in full. Seller retains security interest in said property until contract is paid in full. 5. PREPAYMENT.Unless otherwise provided in this contract,Purchaser shall have the right to fully or partially prepay this contract at any time without penalty.Any partial prepayment shall be applied first to payment of amounts then due under this contract,including unpaid accrued interest,and the balance shall be applied to the principal installments to be paid in the inverse order of their maturity. Partial prepayment shall not postpone the due date of the installments to be paid pursuant to this contract or change the amount of such installments. 6. REAL ESTATE TAXES AND ASSESSMENTS.Purchaser shall pay,before penalty accrues,all real estate taxes and installments of special assessments assessed against the Property which are due and payable in the year '2012_,and in all subsequent years.Real estate taxes and installments of special assessments which are due and payable in the year in which this contract is dated shall be paid as follows:*Real Estate taxes payable in 2012 shall be prorated to date of closing between seller and'purchaser. Any pending or levied special assessments due shall be the Seller's responsiblity to pay. Seller warrants that the real estate taxes and installments of special assessments which were due and payable in the years preceding the year in which this contract is dated are paid in full. 7. PROPERTY INSURANCE. (a) INSURED RISKS AND AMOUNT. 1'.,;.chaser shall keep all buildings, improvements and fixtures now or later.located on or a part of the Property insured against loss by fire,extended coverage perils, vandalism,malicious mischief a d,if applicable,steam boiler explosion for at least the amount of it's full insurable va�ue If any of the buildings,improvements or fixtures are located in a federally designated flood prone area,and if flood insurance is available for that area,Purchaser shall procure and maintain flood insurance in amounts reasonably satisfactory to Seller. (b) OTHERTERMS.The insurance policy shall contain aloss payableclausein favor ofSeller which provides that Seller's right to recover under the insurance shall not be impaired by any acts or omissions of Purchaser or Seller, and that Seller shall otherwise be afforded all rights and privileges customarily provided a mortgagee under the so-called standard mortgage clause. (c) NOTICE OF DAMAGE. In the event of damage to the Property by fire or other casualty, Purchaser shall promptly give notice of such damage to Seller and the insurance compnny, 8. DAMAGE TO THE PROPERTY. (a) APPLICATION OF INSURANCE PROCEEDS. If the Property is damaged by fire or other casualty,the insurance proceeds paid on account of such damage shall be applied to payment of the amounts payable by Purchaser under this contract,even if such amounts are not then due to be paid,unless Purchaser makes a permitted election described in the next paragraph.Such amounts shall be first applied to unpaid accrued interest and next to the installments to be paid as provided in this contract in the inverse order of their maturity.Such payment shall not postpone the due date of the installments to be paid pursuant to this contract or change the amount of such installments.The balance of insurance proceeds,if any,shall be the property of Purchaser. ��� •v+..-++ Ll\ J L'LL'L.11 V1V 1 V 1\L'l]V1LL. 11 rLl1 L:Ila�C1 16 1IOL 111 nelanlL UIIUCr MIS coturacr, or after curing any such default, and if the mortgagees in any prior mortgages and sellers in any prior contracts for deed do not require otherwise, Purchaser may elect to have that portion of such insurance proceeds necessary to repair, replace or restore the damaged Property (the repair work) deposited in escrow with a bank or title insurance company qualified to do business in the State of Minnesota, or such other party as may be mutually agreeable to Seller and Purchaser.The election may only be made by written notice to Seller within sixty days after the damage occurs. Also, the election will only be permitted if the plans and specifications and contracts for the repair work are approved by Seller, which approval Seller shall not unreasonably withhold or delay; If such a permitted election is made by Purchaser, Seller and Purchaser shall jointly deposit, when paid, such insurance proceeds into such escrow. If such insurance proceeds are insufficient for the repair work, Purchaser shall, before the commencement of the repair work, deposit into such escrow sufficient additional money to insure the full payment for the repair work. Even if the insurance proceeds are unavailable or are insufficient to pay the cost of the repair wort.,Purchaser shall at all times be responsible to pay the full cost of the repair work.All escrowed funds shall be disbursed by the escrowee in accordance with generally accepted sound construction disbursement proce- dures. The costs incurred or to be incurred on account of such escrow shall be deposited by Pur- chaser into such escrow before the commencement of the repair work. Purchaser shall complete the repair work as soon as reasonably possible and in a good and workmanlike manner, and in any event the repair work shall be completed by Purchaser within one year after the damage occurs. If, following the completion of and payment for the repair work,there remain any undisbursed escrow funds, such funds shall be applied to payment of the amounts payable by Purchaser tinder this contract in accordance with paragraph 8 (a) above. 9. INJURY OR DAMAGE OCCURRING ON THE PROPERTY. (a) LIABILITY. Seller shall be free from liability and claims for damages by reason of injuries occur- ring on or after the date of this contract to any person or persons or property while on or about the Property. Purchaser shall defend and indemnify Seller from all liability, loss, costs and obliga- tions, including reasonable attorneys' fees, on account of or arising out of any such injuries. However, Purchaser shall have no liability or obligation to Seller for such injuries which are caused by the negligence or intentional wrongful acts or omissions of Seller. (b) LIABILITY INSURANCE. Purchaser shall, at Purchaser's own expense, procure and maintain liability insurance against claims for bodily injury, death and property damage occurring on or about the Property in amounts reasonably satisfactory to Seller and naming Seller as an additional insured. 10. INSURANCE, GENERALLY. The insurance which Purchaser is required to proctire and maintain pursuant to paragraphs 7 and 9 of this contract shall be issued by an insurance company or companies licensed to do business in the State of Minnesota and acceptable to Seller. The insurance shall be maintained by Purchaser at all times while any amount remains unpaid under this contract. The insur- ance policies shall provide for not less than ten days written notice to Seller before cancellation, non-renewal, termination or change in coverage, and Purchaser shall deliver to Seller a duplicate original or certificate of such insurance policy or policies. + 11. CONDEMNATION. If all or any part of the Property is taken in condemnation proceedings instituted under power of eminent domain or is conveyed in lieu thereof under threat of condemnation; the money paid 'pursuant to such condemnation or conveyance in lieu thereof.shall be applied to payment of the amounts payable by Purchaser under this contract, even if such amounts are not then due to be paid. Such amounts shall be applied first to unpaid accrued interest and next to the installments to be paid as provided in this contract in the inverse order of their maturity. Such payment shall not postpone the due date of the installments to be paid pursuant to this contract or change the amount of such installments.The balance, if any, shall be the property of Purchaser. 12..WASTE,REPAIR AND LIENS.Purchaser shall not remove or demolish any buildings,improvements or fixtures now or later located on or a part-of the Property,nor shall Purchaser commit or allow waste of the Property. Purchaser shall maintain the Property in good condition and repair. Purchaser shall not create or permit to accrue liens or adverse claims against the Property which constitute a lien or claim against Seller's interest in the Property. Purchaser shall pay to Seller all amounts, costs and expenses, including reasonable attorneys' fees, incurred by Seller to remove any such liens or adverse claims. 13. DEED AND MORTGAGE REGISTRY TAXES. Seller shall, upon Purchaser's full performance of this contract, pay the deed tax due upon the recording or filing of the deed to be delivered by Seller to Purchaser. The mortgage registry tax due upon the recording or filing of this contract shall be paid by the party who records or files this contract;however, this provision shall not impair the right of Seller to collect from Purchaser the amount of such tax actually paid by Seller as provided in the applicable law governing default and service of notice of termination of this contract. 14. NOTICE OF ASSIGNMENT.If either Seller or Purchaser assigns their interest in the Property, a copy of such assignment shall promptly be furnished to the non-assigning party. 15. PROTECTION OF INTERESTS. If Purchaser fails to pay any sum of money required under the terms of this contract or fails to perform any of Purchaser's obligations as set forth in this contract, Seller may, at Seller's option,pay the same or cause the same to be performed, or both, and the amounts so paid by Seller and the cost of such performance shall be payable at once,with interest at the rate stated in paragraph 4 of this contract, as an additional amount due Seller under this contract. If there now exists, or if Seller hereafter creates, suffers or permits to accrue, any mortgage, contract for deed; lien or encumbrance against the Property which is not herein expressly assumed by Purch- aser, and provided Purchaser is not in default under this contract, Seller shall timely pay all amounts due thereon, and if Seller fails to do so,Purchaser may,at Purchaser's option, pay any such delinquent amounts and deduct the amounts paid from the installment(s)next coming due under this contract. 16. DEFAULT. The time of performance by Purchaser of the terms of this contract is an essential part of this contract. Should Purchaser fail to timely perform any of the terms of this contract, Seller may, at Seller's option,elect to declare this contract cancelled and terminated by notice to Purchaser in accor- dance with applicable law. All right, title and interest acquired under this contract by Purchaser shall then cease and terminate, and all improvements made upon the Property and all payments made by Purchaser pursuant to this contract shall belong to Seller as liquidated damages for breach of this contract. Neither the extension of the time for payment of any sum of money to be paid hereunder nor any waiver by Seller of Seller's rights to declare this contract forfeited by reason of any breach shall in any manner affect Seller's right to cancel this contract because of defaults subsequently occurring, and no extension of time shall be valid unless agreed to in writing. After service.of notice of default and failure to cure such default within the period allowed by law, purchaser shall, upon demand, surrender possession of the Property to Seller, but Purchaser shall be entitled to possession of the Property until the expiration of such period. 17. BINDING EFFECT. The terms"of this contract shall run with the land and bind the parties hereto and their successors in interest. 18. HEADINGS. Headings of the paragraphs of this contract are for convenience only and do not define, limit or construe the contents of such paragraphs. 19. ASSESSMENTS BY OWNERS' ASSOCIATION. If the Property is subject to a recorded declaration providing for assessments to belevied against the Property by any owners' association, which assessments may i become a lien against the Property if not paid, then: (a)Purchaser shall promptly pay, when due, all assessments imposed by the owners' association or other j governing body as required by the provisions of the declaration or other related documents; and (b)So long as the owners' association maintains a master or blanket policy of insurance against fire, extended coverage perils and such other hazards and in such amounts as are required by this contract, then: ' 0) Purchaser's obligation in this contract to maintain hazard insurance coverage on the Property is satisfied; and (ii)The provisions in paragraph 8 of this contract regarding application of insurance proceeds shall be superseded by the provisions of the declaration or other related documents; and l ('iii) In the event of a distribution of insurance proceeds in lien of restoration or repair following an insured casualty loss to the Property, any such proceeds payable to Purchaser are hereby assigned and shall be paid to Seller for application to the sum secured by this contract,with the excess,if any,paid to Purchaser. 20.ADDITIONAL TERMS: See attached list of equipment and assets made a part hereof. (SELLER PURCHASERS _WE LOW INC. AMERICAN WILDLIFE ART GALLERIES. LLC. w A LIMITED LIABILITY CORP 0 – ' E L. LOW, PRESIDENT I Its I BY: Michael W. Haase, President B i I Y Its STATE OF MINNESOTA �COUNTY OFn�e�;In ss. The foregoing instrument was acknowledged before me this ro day of '°'rllb'1 .by—Ra4E�L9Z- and the^ ( and of RFNr.F.,--LOW,—I-NCT a CORPORATION i tinder the laws of_M7NNES0TA on behalf of the�nRPnRATTn�l L6:nnu�=Tb(Olt �r�r�_h ryj q: i 110 lic SIONATURR OFNOTARY PUBLIC OR OMER OFFICIAL anuary 31,2013 fI I STATE OF MINNESOTA 'COUNTY OF I The foregoing instrument was acknowledged before me this day of by Mirhae] W. Haasa,-PraaidPnt of AMERICAN WILDLIFE ART'CALLERI SfM, A MTNNESnTA 'T TMTTED LIARTT TTY f nRP(1RAT-QN f NOTARIAL STAnIP Olt SItAL(Olt f»1113VI'l'1'I.I;Olt RANI): I I I SIGNATURI'OF NOTARY PUBLIC OR 01HLR OFFICIAL Tnx Slnlan ft f,the real property&—ikd h.this hul.n.1 should I.sail in: AMERICAN WILDLIFE ART GALT_:ERIES,LLC. 'I'BIS L`t�tl:U'.IL•:N't'WAS Ultv'TMI RY(N,IMC ANO.l1)IiIi1*1f): 4531 Robin Circle North CLOSERS FINALS, INC. Minneapolis, Minnesota 55422 _ j 4W Hemlock Lane No Plylm tdh,Mlnneso#a 55M2 FAILURE TO RECORD OR FILE THIS CONTRACT FOR DEED MAY GIVE OTHER PARTIES PRIORITY OVER PURCHASERS' INTEREST IN THE PROPERTY. ---------- ASSESSORS REPORT i City r o ly Center A Millennium Community TO: 2012 Brooklyn Center Local Board of Appeal and Equalization RE: Michael Haase Amercian Wildlife Art Galleries, LLC 3507 50th Ave N. Brooklyn Center, MN 55430 Mr. Haase appeared at the Local Board of Appeal and Equalization on April 30, 2012 as a walk-in appeal. He was requesting a reduction of the estimated market value on his property located at 3507 50th Ave N., Brooklyn Center. Mr. Haase indicated that he recently purchased the property on March 16, 2012, by contract for deed. Mr. Haase indicated that he would like the estimated market value of the property reduced to the sale price. An interior inspection was scheduled for May 2, 2012. An interior inspection of the property was completed on May 2, 2012 by the City Assessor. The property is a 3,680 sq. ft. industrial single story building. The property is masonry construction, with stucco and painted block exterior, has a pitch & gravel roof, and varying wall heights. The front 30' of the building, which encompasses 1,200 sq. ft of the building, has a 9' wall height, with 8' clear height, and would be used as the office area. This section currently houses an embroidery business. The rear 92 of the building has a 12' wall height and 8' ceiling finish, and is considered the warehouse area. The warehouse area has no delivery door access. The warehouse interior is finished with carpet, painted walls, large ceiling tiles and florescent lighting, which is non-typical for warehouse properties. The building includes an office area, warehouse, kitchenette, manager office and two 1/2 baths. The entire building is heated with two gas forced air furnaces and cooled by a CAC rooftop unit. All windows in the building are inoperable glass block. The building does not have sprinklers. The roof was recently repaired and replaced in 2011, and concrete tuck pointing was completed on portions of the buildings masonry. The building exterior is stucco and painted block. The building has had no recent updates to finishing. The property has a large parking area that supports approximately 20 cars and is visible from Hwy 100. The building is considered in fair condition. j Upon inspection it was noted that Mr. Haase occupies the warehouse area of the building, and the past owner occupies the office area. Mr. Haas was asked if there was a lease in place with the prior owner, and he indicated there was. Mr. Haas was requested to provide a copy of the current lease to review for the appeal on the property. The Assessor indicated to Mr. Haas that the property is not considered solely occupied by the buyer. I 6301 Shingle Creek Parkway Recreation and Community Center Phone&TDD Number Brooklyn Center, MN 55430-219._9 (763)569-3400 City Hall& TDD Number(763)569-3300 Fax(763)569-3434 Fax(763)569-3494 www.e ityo f brooklyncenter.org I A review of the contract for deed indicated that the sale would not be considered open market by the MN Department of Revenue. The sale is considered not open market based on not meeting the minimum 5% down, and a 0% interest rate. Had the buyer put a substantial amount down, and was paying a market interest rate between 4% -6%,the sale would be considered. There was no appraisal completed or market analysis to determine a sale price. The buyer approached the seller with an interest in the property. Due to the seller leasing the property from the buyer, it is the Assessor's opinion that there are missing pieces of the full terms of the exchange of this property. For this reason the sale price carries minimal weight. The following report is a market sales analysis of the subject property and four comparable industrial sales located in Hennepin County. There were no sales within Brooklyn Center of this size industrial building within the state study period. For comparable properties the Assessor had to go to Hennepin County for sales data. The properties are of similar age and size to the subject property. Comparable numbers one and two are most similar to the property and have the lowest percentage of adjustments. The sales comparable analysis indicates a value range of$57 to $65 per square foot. Also included is a market derived income approach on the subject property, uses a market rent for both office and warehouse space. The market income approach indicates a total value of$230,000, or$62.50 per sq. ft. The capitalization rate was taken from the analysis of the confidential income information from each sale. Mr. Haase did not provide a copy of the current lease so only a market derived income approach was analyzed. The Assessor's reconciliation of the sales comparable and income approach indicates a value of$230,000. It is staff s recommendation to reduce the 2012 estimated market value of$260,000 to $230,000 in 2013. Respectfully, I Nancy W cik, SAMA City Assessor City of M3BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Michael Haase - American Wildlife Art Galleries, LLC 3607 50th Ave N 10-118-21-13-0059 i F 2012 Assessed Value: $260,000 Recommendation: Reduction to $230,000 This report is not an appraisal as defined in AI.S. §82B.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlau f d. The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report ofpublic records using a mass appraisal technique. i City of Brooklyn Center Assessing Department 2012 Local Board of Appeal and Equalization Staff Report Michael Haase Property Owner(s): American Wildlife Art Galleries, LLC Property Address: 3607 50th Ave N PID#: 10-118-21-13-0059 Market Value Assessment Year 2012 $260,000 Assessment Year 2011 $260,000 Assessment Year 2010 $290,000 Sale: April 1, 1993 - 120,000 (11 - Other) CD non-market terms, not filed Comments: The property is a 3,680 sq. ft. industrial single story building. The property is masonry construction, with stucco and painted block exterior, has a pitch& gravel roof, and varying wall heights. The front 30' of the building, which encompasses 1,200 sq. ft of the building, has a 9' wall height, with 8' clear height, and would be used as the office area. This section currently houses an embroidery business. The rear 92' of the building has a 12' wall height and 8' ceiling finish, and is considered the warehouse area. The warehouse area has no delivery door access. The warehouse interior is finished with carpet, painted walls, large ceiling tiles and florescent lighting, which is non-typical for warehouse properties. The building includes an office area, warehouse, kitchenette, manager office and two 1/2 baths. The entire building is heated with two gas forced air furnaces and cooled by a CAC rooftop unit. All windows in the building are inoperable glass block. The building does not have sprinklers. The roof was recently repaired and replaced in 2011, and concrete tuck pointing was completed on portions of the buildings masonry. The building exterior is stucco and painted block. The building has had no recent updates to finishing. The property has a large parking area that supports approximately 20 cars and is visible from Hwy 100. The building is considered in Fair condition. Upon inspection it was noted that Mr. Haase occupies the warehouse area of the building, and the past owner occupies the office area. Assessor Recommendation:! Reduction to $230,000 Appraiser: Last Inspection Date: Nancy Wojcik May 2, 2012 2012 Board of Appeal and Equalization Michael Haase Subject Data Summary PID#: 10-118-21-13-0059 Buildings on File: 1 Property Name: Break Tradition Uniform Property Address: 3607 50th Ave N Brooklyn Center,MN 55430 Multiple Address: No Lot/Block: 001 1005 Addition: Brooklyn Manor Legal(120): Owner(s): American Wildlife Art Galleries,LLC Property Classification: Industrial 2012 EMV: 260,000 2011 EMV: 260,000 2010 EMV: 290,000 EMV/GBA: 70.65 Lot Size: 21,619 Sq.Ft./.49 Acres Zoning: I2 Gross Office Area Percent: 32.6% Building Use: 494-Industrial Light Mfg/100% #Stories: 1 Avg Story Height: 11 Avg Clear Height: 8.5 Actual Year Built: 1951 Effective Year Built: 1951 Renovated Year: First Floor Area: 3,680 Gross Building Area: 3,680 Basement: No Parking: Parking-Surface 2012 Board of Appeal and Equalization Michael Haase IL.ny ui nrooiuyn k-emer 1'10: 10-118-21-13-0059 Property Type: I-Industrial Commercial Field Card Property Address: 3607 50th Ave N Zoning: I2 Lot/Block: 0011005 Addition: Brooklyn Manor Owner(s): American Wildlife Art Galleries,LLC Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0016 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0281 _ cement Land Buildm Detail Ba �tr _ _ J Income Information Zoning: 12 Name: Break Tradition Uniforms/American Wildlife Art Basemen t*sics Gross Income: Area Rating: Average Quality, Area(SgFt): Vacancy Percent: Site Rating: Fair ° Basement Area Percent: Effective Gross Income: Land Quality: C01-Land Partial Construction(/o): Q b Overall Quality:uali Bsmt.Use Code: Operating Expense: Contamination: Flood Plain Ma Ref: Architectural Appeal: Fair Bsmt.Use Code Suffix: Net Income: P PUD Ref: Construction Quality: Low Elevator(s): Capitalization Rate:_ Gross Rent Multiplier: Allowable Units: Construction Type: Masonry Mechanicals Rent/Square Feet: Excess Land S Ft: Building Condition: Fair ( q ) Electrical Service. Average Security System: N Zoning Variance: N WallsandRoof Plumbing: Average Last Sale Frontage: 237 Primary Exterior Walls: Concrete Sprinkler Type/Percent: / Left Side: Secondary Exterior Walls: Date 03/16/2012 Rear Side Heating ` (Type/Percent) Roof Construction: Wood Price: $125,000 Right Side: Roof Type: Gambrel Heating 1: Forced Air/100 Code: 26 Effective Width: Roof Cover: Pitch&Gravel Heating 2: / Desc: Not Open MKT Effective Water: 0 Property Area(SgFt): 21,619 Us de 1: 494-Industrial strial Light Mfg C affix 100 �rCtCond.' (Type/Percent) Last Inspection Effective Depth: 152 �� g Co Central/100 Appraiser ID: 11 Acreage: 0.49 iCode 2:. - 0 A/C 2: / Appraisal Date: 05/02/2012 Park: Code 3Y' 0 A/C 3: / Reason: Board of Review Park uali Q t3' •' 0 Totals Result: Interior On Lake: Code 4 La e Quality:ity: Functional p cl �n and Age. Building Areas ° Actual Age: 1951 First Floor Area: 3,680 Current Inspection __ io .._ River Quality: Economic%: Effective Age: 1951 Gross Building Area: 3,680 Appraiser ID: Landscape Quality: Physical% Renovated Age: Net Rentable Area: 3,680 Appraisal Date: Mezzanine Area: g_._ __eous Buildm Miscellan Attributes Garages and Parking Gas °g Total Floor Area: 3,680 Reason: Irregular Shape Type Spaces Area Rental,$ Paved Street Type 1: Parking-Surface 20 BuildingRa6os and Perimeter Result: Sewer Available Type 2: Land Building Percent: 587.5 Water Available Floor Area Percent: 17.0 Left Tag: Yes/No Type 3: Perimeter Length: 264 Office Area: 1,200 FIaYValue Type 4: Type 5: Gross Office Area Percent: 32.6 Value:Net Office Area Percent: 32.6 Desc: Pools Number; Type Comments Influences Interior finish includes celing tiles,sheetrock,paneling,carpeted floors,and original wood interior&exterior doors. Office and production area all finished. Layout is non-standard with small vestibule area. Kitchenette area Building Heights for employees at center of bldg and(2)1/2 baths for M&F. All windows non-operable glass block. Roof was repaired&replaced in 2011. Concrete block deterioratinon was repaired in 2011 with tuck-pointing and block Average Story Height: 11.0 replacement. Building is in fair condition. Wall height changes from 9'in fromt area to 12'at the WH area, Number of Stories: 1.0 although interior was finished off with 711 to 8'5 ceiling throughout.Building does not contain sprinklers.Rooftop Average Clearance Height: 8.5 AC unit. Finished Ceiling Height: 8.0 Miscellaneous Income/Lease: Tenant: Multi-Tenant L--e--,y lye I-HIL....... Commercial Field Card Property Address: 3607 50th Ave N Zoning: 12 Lot/Block: 0011005 Addition: Brooklyn Manor Owner(s): American Wildlife Art Galleries,LLC Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0016 Project(s): Version: I Watershed: 14 Building: I School District: 0281 40' 12'Wall Ht(2,480 sq.ft.) 8'Ceiling Finsh First Floor 3680 sf By 92' 92' 9'wall ht(1200 sq ft) 30' 8'Ceiling Finsh 40' Sketch by Ppex kkdina- Report Name: Permit List City of Brooklyn Center Printed: 5/3/2012 Permit List for: 3607 50th Ave N Permit List Page: 1 Permit# Unit Value Permit Tvpe Sub T e BC045783 � Work Tvpe Description Cancelled Issued Date Final Date Dead Date Expiration Date Refund Date $9,500 Building Commercial Reroof Replace — REMOVE EXISTING 10/10/2011 GRAVEL,LAY 1/2" BC037654 $500 Electrical Residential 1&2 Famil Replace WOODFIBER WIRE FURNACE 03/20/2009 03/24/2009 BC037653 $5,000 Mechanical Furnace Replace REPLACE FURNACE 03/20/2009 03/11/2010 Permit Count: 3 . Additional Subject Photos r , Front 05-02-2012 Bldg Side 05-02-2012 I I 2012 Board of Appeal and Equalization Michael Haase Additional Subject Photos ' Street View 05-02-2012 -_.T•�-a I is j rq r, K B!dg Office Area 5-3-2012 2012 Board of Appeal and Equalization Michael Haase Additional Subject Photos i�. Y rrti M1 Bldg Warehouse 05-02-2012 I Breakroom/Kitchenette 5-2-12 2012 Board of Appeal and Equalization Michael Haase • 1 1 � 1 1 w - i r 1 .• t '1'r r.r r%r� �'r, ,"'r.���•. 1�``,n. _ -- �*.. r f l f i f 11 l"W=,�}714Yn6•�. '4.L�- ;, INE r 1 l l;r;i t ri• un ti Nj J lf�l ,'�•`- 4-�`��a�.LS'�3'. � eay'C�li �r '.�"�4 ? f f f �- f I� �2F 1 I lfi'. Ilr {`-•t r - _ •f f� r(�r,�1'rl f�' ! 11111��`"` ,� � ?'�c, 'r. I ,tH f � b Subject Sketch 40' 12'Wall Ht(2,480 sq.ft.) 8'Ceiling Finsh First Floor 3680 sf 92' 92' 9'wall ht(1200 sq ft) 0' 8'Ceiling Finsh 40' Sketch by Apex takdina E1 Conversion 2012 Board of Appeal and Equalization Michael Haase Comparable Sales Analysis u '- - SuteComoarlilelGomtile2 M� mparable Gom a b1e;0 -,€ a PII)# 118 21 13 0059 t1 029 24 43 00 1fi-027 2413.0016. �3d29 2413 0 2 22=029.9, 4-0 2 Attdress� '' � ���607,b0 Ave � i737Atlarns StNE�� 635HumbofdtAve x415 0116e 414;6 Ave. Ci , Hroaklyp Centers 1Nmneapohs �� 8loommgton �� ��M�nneapobs Mm eapohs Sale Pnae �� $168,000 $355,000 $389,900 $525,000 SalaD'4a£e " 3110/2011 514/2011 8/1212011 5/18/2011 Gash'Equtvalen ftct'e-�� hr $168,000 $340,000 $389,900 $525,000 PrejgGB $59 $85 $75 $88 P.rope Use, _ Office/Warehouse Office/Warehouse Office/Warehouse Office/Shop Office/Shop Lfl abor5 Average Average Average Average Average TotaLa�dgrea 21,619 6,969 32,344 6,925 7,900 "�--ak Io� 5.87 2.47 8.09 1.33 1.33 ,�ear,r61 i7 ff ear 1951/1951 1951/1965 1962/1972 1955/1955 1955/1970 4ua rjCondr4on � A Fair Average Average Average Average Construction Claw Masonry Block Masonry Block Masonry Block Masonry Block Masonry Block 3Stones' 1 1 1 1 1 First= oo- e 3,680 2,824 4,000 5,225 5,942 Total FloorArea 3,680 2,824 4,000 5,225 5,942 inuM�r Meuan None None None None None 8asemeni None None None None 2000 GBA 3,680 2,824 4,000 5,225 5,942 Office Area 1,200 400 900 700 100 icePercen g 33% 14% 23% 13% 2% 114ta11Htf Clear 11/816 14111 16/13 13/10' 13/9 SIM Primary/8eatmgz_ _'' GFA/CAC Space Heaters 90% Space Heaters 77% Space Heaters 87% Space Heaters 100% ce_a ngs aces 20 4 12 6 7 Muth to nano as one one one on Gommen c Tearoff/Reroof in 2011, Surface parking,mixed use Cash Equivalent sale price Buyer was adjacent property Average condition warehouse Warehouse interior is nbad.Variations in Wall his reflects reduction of$15,000 owner. workshop building with finished,Gas Forced Air& from 9-12.12'finished ceiling in personal property that was minimal office area. Vacant at Central Air Conditioning ht office,8'clear ht in included in sale price. time of sale.Close proximity to warehouse.11 ft fin.Ceiling ht Building has new roof, Target Field. in office. windows and heating system. Building requires painting. MM IN % 0% o% 0% Location 0% -10% -5% -15% andf�ittlingh afi 5% -3% 5% 5 qge _1% -3% 0% _1% Quati `Con di o -10% -10% -10% -10% S ZB 10% _1% -20% -25% ice 1 5% 2% 5% 15% ng W,00 2% 2% 2% 2% �u ctio�af -10% 0% 0% 0% Ne ,k str�r�ienf°* _ 1% -23% -23% -29% `Atl us edySaie-Pnce $169,680 $261,800 $300,223 $372,750 9tl uste_,P_nce GBA " ', $60 $65 $57 $63 ludic t V e Indicated Sales Price Range$57 to$65 per Sq.Ft. PROPERTY USE: Ind. Light Mfg. MUNICIPALITY: MINNEAPOLIS Code: 494 RC:03 COMPLEX NAME: COUNTY: HENNEPIN GBA 2824 CD ADDRESS: 1737 Adams St NE PIN#: 11-029-24-43-0071 Seq#: 2 Ratio N Comp: Y AUDITOR ID: 31509 MULTI PID: N COMMUNITY: NE NBRHOOD: LgPk PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1951 1965 Buyer: Living Hope Ministries Const Quality/Condition: AVERAGE AVERAGE Seller: Treant LLC Const Class/No.of Bldgs: Masonry Bearing wall Sale Data: Date of Sale: 3/10/11 Exterior Type/Roof Type: Concrete Block Flat Total Purchase Price: $168,000 2nd Exterior Type/Roof Cvr: Brick Built-Up Membrane SIZE&USES Down Payment Amount: $60,000 First Floor Area/GBA: 2,824 SF 2,824 SF Other Terms: Total Floor Area/NRA: 2,824 SF TERMS Bldg Perim./Shape/Units: FT Set 1 Mezzanine Area/Use: SF Assume Ind: Bsmt Area/%Fin/%: SF 0% 0% GBA $108,000 Bsmt Use: PMT- $696. INT- 5.00% PMTS_ Bsmt Fin/%: SF 0% GBA BALLOON DATE- 3/31/2014 First Floor Use: Office/Storage First Floor SF/%: 2,824 SF 100% GBA Cash Equivalent Price: 4.85% $168,000 2nd+Floor Use: Cash Equivalent Adj: 2nd+ Floor SF/%: SF 0% GBA LESS: Personal Property: $0 Tot Off Area: 400 SF 14% GBA PLUS:Special Assessments: Ind:N $0 Primary Heating/Pct: space Heaters 90% Cash Equivalent of Real Estate: $168,000 Secondary Heating/Pct: Warmed&Cooled Air 10% Air Conditioning Pct: 10% Sale Analysis: Sale Price Per Sq.Ft.TFA: $59.49 Sprinklers/Elevators: Sale Price Per Sq. Ft.GBA: $59.49 Garage/Ramp Spaces: Sale Price Per Sq. Ft.NRA: Surface Parking Space: 4 Sale Price Per Sq. Ft. Land Area: $23.53 Parking Surface Type: Sale Price Per Room: Multiple Tenancy: N Income Data: Bldg Ht/Avg Clear Ht: 14.0 FT 11.0 FT #Stories: 1.0 PRIVATE DATA Avg. Finished Ceiling Ht: 12.0 FT Total Land Area/Topography: 7,140 SF Rent Schedule: Useable Land Area: SF PRIVATE DATA Zoning/Land Def Cd: Ii F Trackage/Utilities: N Land Big Ratio/Excess Land: 2.53 to One N Environmental Concern Ind: Other Amenities: Summary Comments: This property was on the market in July'10 for$400k.The asking price as of 12/10 was$285k.The buyer intends on using the building as-is with just a little bit of painting.The workshop area will be a training/class room. i PUBLIC********ACE********PUBLIC _ r �t F' � •11�h cif y v y Q yy } f L a� sue•-_ �y�s'c�_,� �..+�m.0 �'m '�f=''?�,_.s� '3' 3 WS r �— PROPERTY USE: Warehouse Storage MUNICIPALITY: BLOOMINGTON Code: 406 RC:00 COMPLEX NAME: Nor-Star/Ext Innovation COUNTY: HENNEPIN GBA 4000 WD ADDRESS: 9635 Humboldt Avenue South PIN#: 16-027-24-13-0016 Seq#: 1 Ratio Y Comp: Y AUDITOR ID: 34686 MULTI PID: N COMMUNITY: NBRHOOD: OEM PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1962 1972 Buyer: Gardener,Gerald W.,ETAL Const Quality/Condition: AVERAGE AVERAGE Seller: Humboldt Properties of Bloomington LLC Const Class/No.of Bldgs: Masonry Bearing wall 1 Sale Data: Date of Sale: 5/4/11 Exterior Type/Roof Type: Concrete Block Flat 2nd Exterior Type/Roof Cvr: Tar and Gravel Total Purchase Price: $355,000 SIZE&USES Down Payment Amount: $134,112 First Floor Area/GBA: 4,000 SF 4,000 SF Other Terms: Total Floor Area/NRA: 4,000 SF TERMS Bldg Perim./Shape/Units: 260 FT Rectangle No Data Available Mezzanine Area/Use: 0 SF Cash Equivalent Price: 4.770/c $355,000 Bsmt Area/%Fin/%: 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: 0 LESS: Personal Property: $15,000 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: Off/whse Cash Equivalent of Real Estate: $340,000 First Floor SF/%: 4,000 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: $85.00 2nd+Floor SF/%: 0 SF 0% GBA Sale Price Per Sq. Ft.GBA: $85.00 Tot Off Area: 909 SF 23% GBA Sale Price Per Sq. Ft.NRA: Primary Heating/Pct: Space Heaters 77% Sale Price Per Sq.Ft. Land Area: $10.51 Secondary Heating/Pct: Forced Air 23% Sale Price Per Room: Air Conditioning Pct: 9% Sprinklers/Elevators: 0 Income Data: Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 12 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 16.0 FT 13.0 FT #Stories: 1.0 Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 32,344 SF Useable Land Area: 32,344 SF Zoning/Land Def Cd: I-3 F Trackage/Utilities: N Land Big Ratio/Excess Land: 8.09 to One Y Environmental Concern Ind: Other Amenities: Summary Comments: Verified with both buyer and sellers broker(Russ Crawford). Property was marketed for 2 months at$395,000.Buyer owns construction company with a location on the same street. He signed a PA but had trouble with financing.The bank had a'limited evaluation"at$272,000 and would only loan 80/20. Buyer wanted to back out but would of lost$20k in earnest money.He felt he overpaid due to this.Selling broker thought property was in demand and a hard to find size. PP of forklift,racking,phone system estimated to be worth$15,000. Building has newer roof but needs repainting,new windows and new heat.see addn comments. PUBLIC********ACE********PUBLIC S . a . y. s ——77A .1 r% PROPERTY USE. Ind. Light Mfg. MUNICIPALITY: MINNEAPOLIS Code: 494 RC:03 COMPLEX NAME: COUNTY: HENNEPIN GBA 5225 TD ADDRESS: 2415 Nicollet Ave S PIN#: 34-029-24-13-0020 Seq #: 1 Ratio N Comp: Y AUDITOR ID: 40357 MULTI PID: N COMMUNITY: 51 NBRHOOD: 51 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1955 1955 Buyer: Tasks Unlimited Lodges Const Quality/Condition: AVERAGE AVERAGE Seller: Merz,Raymond J Jr Trustee Const Class/No.of Bldgs: Masonry Bearing Wall Sale Data: Date of Sale: 8/12/11 Exterior Type/Roof Type: Concrete Block Flat 2nd Exterior Type/Roof Cvr: Brick Tar and Gravel Total Purchase Price: $389,900 SIZE&USES Down Payment Amount: $389,900 First Floor Area/GBA: 5,225 SF 5,225 SF Other Terms: Total Floor Area/NRA: 5,225 SF TERMS Bldg Perim./Shape/Units: 300 FT Rectangle No Data Available - Mezzanine Area/Use: SF Cash Equivalent Price: 4.44% $389,900 Bsmt Area/%Fin/W SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: Offc/shop Cash Equivalent of Real Estate: $389,900 First Floor SF/W 5,225 SF 100% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq. Ft.TFA: $74.62 2nd+ Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $74.62 Tot Off Area: 700 SF 13% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/Pct: Space Heaters 87% Sale Price Per Sq. Ft. Land Area: $56.30 Secondary Heating/Pct: Forced Air 13% Sale Price Per Room: Air Conditioning Pct: 100% Sprinklers/Elevators: Income Data: Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 6 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 13.0 FT 10.7 FT #Stories: 1.0 Avg.Finished Ceiling Ht: FT Total Land Area/Topography: 6,925 SF Useable Land Area: SF Zoning/Land Def Cd: C1 F Trackage/Utilities: N Land Big Ratio/Excess Land: 1.33 to One N Environmental Concern Ind: Other Amenities: Summary Comments: The buyer owns the properties on either side of the sale property.The buyer is a non profit and will seek exempt status.The buyer has been talking about the purchase of this property with the seller for years. _------ cli af� i fiw E r O � r O ,� CN .M� t � ✓ i. ia.apt Si hl�# 1 � Ik c F) a i PROPERTY USE: Warehouse Dist. MUNICIPALITY: MINNEAPOLIS Code: 407 RC:00 COMPLEX NAME: COUNTY: HENNEPIN GBA 5942 WD ADDRESS: 414 6th Ave N PIN#: 22-029-24-24-0027 Seq#: 1 Ratio Y Comp: Y AUDITOR ID: 34729 MULTI PID: N COMMUNITY: 86 NBRHOOD: 86 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1955 1970 Buyer: 414 Sixth Ave N LLC Const Quality/Condition: AVERAGE AVERAGE Seller: Sunny Hill Investment Cc LLC Const Class/No.of Bldgs: RF Concrete Frame Sale Data: Date of Sale: 5/18/11 Exterior Type/Roof Type: Concrete Block Flat 2nd Exterior Type/Roof Cvr: Tar and Gravel Total Purchase Price: $525,000 SIZE&USES Down Payment Amount: $157,500 First Floor Area/GBA: SF 5,942 SF Other Terms: Total Floor Area/NRA: TERMS 5,942 SF Bldg Perim./Shape/Units: FT Rectangle No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 4.77% $525,000 Bsmt Area/%Fin/%: 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: Cash Equivalent of Real Estate: $525,000 First Floor SF/%: SF 0% GBA 2nd+ Floor Use: Sale Analysis: Sale Price Per Sq. Ft.TFA: $88.35 2nd+ Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $88.35 Tot Off Area: SF 0% GBA Sale Price Per Sq. Ft. NRA: Primary Heating/Pct: Space Heaters 100% Sale Price Per Sq. Ft. Land Area: $66.46 Secondary Heating/Pct: Sale Price Per Room: Air Conditioning Pct: 0% Income Data: Sprinklers/Elevators: 0 0 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 7 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: FT FT #Stories: 1.0 Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 7,900 SF Useable Land Area: SF Zoning/Land Def Cd: I2 F Trackage/Utilities: N Land Big Ratio/Excess Land: 1.33 to One N Environmental Concern Ind: Other Amenities: Summary Comments: Small,average cnd whs/workshop bldg.Was leased 8/2010 by buyer 2 yrs w/options; listed at time for sale @$520k or lease. Buyer's went back to seller 5/11 to negotiate purchase,needed to own in order to get SBA loan(504b),also worried about Target Field impact on future prices and lease rates.$525k final negotiated price.Vacant at sale,needs some build out(incl new HVAC), use will be micro-brewery production.Appraisal of$695k was"as improved"per SBA loan plan; no as is appraisal done. x ' t � i•a e t i IgZ Z { � Y f z u n i r ti rni7^� x cCV �'��"�• tt �#�7t tShp"s4S:i r t$6 2 00 w C `a �n MARKET DERIVED INCOME APPROACH 2012 Pay 2013 I?.OJ.ECT.N ME >:I f.Amerc.a..WilrkUfe.krt................................................................................ ADM �....NEB..:.:.:.:...:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:.:Michael;Haas�:.:.:.:.:.:.:.:::.:.:.:.:.;.;.:::.:.:.:.:.:.;.:::.;.:-:.:.:.:::.>:.:...:.:.::::.::.::.:.:.:.:.:.:.:::::' '�. PROPERTY TYPE-CC : INDUSTRIAL NET LEASES YEAR BUILT 1951 INCOME ANALYSIS GROSS BUILDING AREA 3,680 OFFICE INCOME $9,900 WAREHOUSE INCOME $9,920 ..................................... MEZZANINE INCOME $Q Blended Rent ............... OFFICE AREA 1,200 PGI $19,820 s.s9 ................................... WAREHOUSE AREA 2,480 Sq Ft GBA E .........; MEZZANINE AREA 0 0% LESS:VACANCY $1,982 MARKET OFFICE RATE $8.25 EGI (before concessions) $17,838 MARKET WAREHOUSE RATE $4.00 MEZZ. RATE LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 10.00% FREE RENT $0 SQUARE FEET VACANT 368 SQUARE FEET OCC. 3,312 EGI $17,838 % OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $1,104 6.19% FREE RENT 0.00% LEASING $331 1.86% TURNOVER RATE 20.00% TENANT IMPROVEMENTS $356 2.00% TENANTS REMAINING 80.00% RESERVES $0 0.00% AV. LEASING PERIOD 5 MANAGEMENT $0 0.00% TOTAL EXPENSES- $1,792 10.04% EXPENSES �y f� /S .FT. Q 3.00 !aV':.) > ><>> <»<><z'-< ':<� <_<> > <><» >':>»?;': MANAGEMENT 0.00% TENANT IMP. COST- NEW $15.00 2D12 CAPITAIkZEDaIA UE 2,02J- RENEWAL $10.00 PER SQ.FT. GBA $62.50 EXPENDABLE VAL. OF TI 15.00% RES. FOR REPLACEMENT $0.00 SQ FT EXPENSE RATIO- 10.04% LEASE COMMISIONS-NEW $2.50 SQ FT USEABLE LAND AREA- 271,740 RENEWAL $0.00 SQ FT EFFECTIVE TAX RATE 3.78% ARKETGAR MATE ': ' €€ 1AX�A .. 2012 ASSESSED VALUE $230,000 btlERiQ 1r 3A7j= f 8'.8% PER SQ.FT. GBA 62.50 $� Annual Industrial-Market Uo-ort- VACANCY RATES BY SUBMARKET AND PRODUCT TYPE j i 30.0- - I i 25.0 ----..----_ ------------------------------- MID _ --------.----.. .. N C a U a15.0 --------------•------------------------ o ----- - > 10.0 -- - ---- 5.0 -- -ti -- - - 0.0 East Northeast Northwest Southeast Southwest ❑ Bulk Warehouse NW Office Showroom ® Office Warehouse AVERAGE QUOTED NET RENTAL RATES BY PRODUCT TYPE to 8 -— -- ---- ---- - --- - ---- - -- - F a O N4 ------- --- ------ ----------- ------- o Bulk Warehouse Office Showroom Office Warehouse MNCAR_AM R-2011_FINAL.indd 8 3112/12 11:55 AM ° • Market ■ � aqct 2011 MARKET OVERVIEW Total I Avg Quoted Avg Op MARKET I Universe SF Vacant SF %Vacant Net Absorption SF I Rate($) Exp/SF Avg Taxes/SF WH Off i East Bulk Warehouse 3,121,526 260,727 8.4 143,620 3.61 7.95 0.73 1.10 Office Showroom 1,965,257 212,065 I 10.8 (61,130) 4.18 11.08 2.38 2.01 Office Warehouse 2,683,575 224,430 8.4 97,326 .4.65 10.95 2.34 1.83 Totals 7,770,358 697,222 9.0 179,816 4.28 10.90 2.20 1.84 Northeast Bulk Warehouse 8,702,574 565,142 6.5 130,279 4.46 9.57 1.12 1.62 Office Showroom 4,127,723 478,309 11.6 44,332 4.34 9.18 1.50 2.29 Office Warehouse 20,184,836 2,192,921 ( 10.9 362,694 4.12 8.69 I 1.26 1.65 Totals 33,015,133 3,236,372 9.8 537,305 4.20 8.89 1.30 1.80 Northwest Bulk Warehouse 10,656,984 1,056,836 9.9 30,893 4.41 8.95 0.98 1.64 Office Showroom 4,848,050 651,440 13.4 26,438 4.62 9.42 2.05 2.35 Office Warehouse 13,802,464 1,396,773 10.1 307,450 4.12 9.15 2.70 1.77 Totals 29,307,498 3,105,049 10.6 364,781 4.30 9.19 2.17 1.92 Southeast Bulk Warehouse 7,660,828 1,617,920 21.1 146,001 4.14 8.58 4.04 1.30 i Office Showroom 4,090,865 863,071 21.1 (92,023) 4.46 9.04 1.76 1.94 IIII Office Warehouse 6,882,744 595,453 8.7 33,301 4.28 8.61 1.25 1,77 Totals 18,634,437 3,076,444 16.5 I 87,279 4.34 8.81 2.06 1.76 Southwest Bulk Warehouse 4,588,592 761,644 6.6 49 6331 4.15 8.62 1.55 1.40 Office Showroom 5,958,953 1 900,070 15.1 ((102,637 4.67 9.53 2.15 2.10 Office Warehouse I 12,890,603 1,431,236 11.1 I 421,783 4.29 8.77 1.68 1.74 Totals 23,438,148 3,092,950 I 13.2 I 169,513 4.42 9.08 1.84 1.84 ` TOTAL MARKET 1 Bulk Warehouse I 34,730,504 4,262,269 I 12.3 301,160 4.26 8.88 1.97 1,50 I Office Showroom 20,990,848 3,104,955 1 4.8 (185,020) 4.52 9.43 1.92 2.14 Office Warehouse 56,444,222 5,840,813 10.3 1,222,554 4.20 8.91 1.77 1.73 TOTALS 112,165,574 13,208,037 11.8 1,338,694 4.31 9.09 1.85 1.83 NOTABLE INDUSTRIAL SALES TRANSACTIONS PROPERTY SIZE(SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED Diamond Lake 2&3 519,000 $34,200,000 Rogers 20015/20195 South Diamond TR Diamond Lake Corp Steven Buss,Tom Holtz,and Ryan Watts of CBRE 20015-20195 Diamond Lake Rd S Lake Road Investors represented the seller. Evergreen Industrial Portfolio 574,000 $17,000,000 Roseville& Travelers Waterton Commercial& Dan Russ and Duane Poppe of Tronswestern Shoreview Lehman Brothers Holdings Inc represented the seller. Xenium Distribution Center 335,063 $16,050,000 Plymouth Really Associates Fund IX LP Carlson Real Estate Co LLP Steve Buss of CBRE represented the seller. 1105 Xenium Ln N 9000 109th Ave N 221,750 $12,776,273 Champlin Liberty Property Trust KBS Industrial Portfolio LLC David Jellison of Liberty Property Trust represented the seller. 3880 4th Ave E 157,644 $8,250,000 Shakopee Duke Realty Corp DCT MN Valley LLC No agents.Portfolio purchase. 1-35 Business Center 121,699 $8,150,000 Roseville Duke Realty Corp DCT MN Valley LLC No agents.Portfolio purchase. 1 2215-2219 Hwy 36 W Rogers Distribution Center 147,160 $6,900,000 Rogers Liberty Property Trust Adis Real Estate Investment Steven Buss,Tom Holtz,and Ryan Watts of CBRE 13098 George Weber Dr Trust represented the seller. Continental Nitrogen Site 210,000 $6,500,000 Rosemount Yocum Oil Company Continental Nitrogen Lonnie Provencher of Cushman&Wakefield/ 12955 Courthouse Blvd 50 acres Resources NorthMarq represented the seller. Gateway Business Park 101,072 $6,100,000 Roseville Duke Realty Corp DCT MN Valley LLC No agents.Portfolio purchase. 2420 Long Lake Rd Plymouth Corporate Campus 83,617 $5,800,000 Plymouth Adis Real Estate Investment Plymouth Corp Campus LLC Steve Nilsson,Peter Mork and Jason Simek of 1725-1797 Xenium Ln N Trust Colliers International(Welsh)represented the seller. MNCAR_AM R-2011_FINAL.indd 9 3/12/12 11:55 AM i LOCAL BOARD OF APPEAL AND EQUALIZATION 2012 Assessment APPLICATION FOR APPEAL i March 23, 2012 through April 18, 2012 You must return this application by April 18, 2012, to be placed on the Agenda for the Local Board of Appeal and Equalization held April 30, 2012 at 7:00 P.M. Name(s) LP.A � C k v\eM4S a:-oc-- � C/o de+ Tctv�teH t GuAor iaaj C I. j-' I Daytime Contact Number: Property Address 2 0 y►, ev) f N P— N Property Identification Number, Assessor's 2012 Estimated Market Value Is your property residential, commercial or multi-family?_ uroyr arc) If you arc appealing a commercial, multi-family or residential rental property you must include income and expense data for calendar year,2011 with your application. What is the reason you are appealing your 2012 assessment? econ&^;L 06 s,I-esce Are , 2 le tie C SS, F1 W d e c E eQY� 1 4 S i nCe. 7-604 7_07V Pwu erg.+,c e cre use,d 6� N y'� Liu� e 4,a4d na.k�.J m,4 i'ee a4� When did you purchase your home? "� ��a'�+v� C.as� Date of Purchase Purchase Price Did you purchase your property from a bank, as a foreclosure or short sale? Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. I No -- j 1 Have you had a recent appraisal for refinancing, a purchase agreement or a market analysis by a real estate agent completed within the last year? Yes or No If so, what was the determination of value? What do you think the market value of your property should be Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. , .� REGAL ENTERTAINMENT G R U U P l i I To: City, County and State Ad Valorem Taxing Authorities and/or Landlords I Re: Letter of Authority to Act in Matters of Ad Valorem Taxation This Authorizes: The Aegis Group, LLC 1102 18'h Avenue South Nashville, TN 37212 To act on behalf of Regal Entertainment Group as our agent In assessment matters for all realty whether owned, possessed or controlled by Regal Entertainment Group. This Agent is delegated full authority to handle all matters relative to assessments with your office, including negotiations ; with assessing officials and appearance before appeal boards on our behalf. Please provide access to all information and records of your offices which would have been available to us as the taxpayers and as It pertains to these tax matters. This authorization is effective until otherwise revoked by certified letter from this Company. Sincerely, jeterltmann Vice President--Property Management State of Tennessee County of Knox Subscribed and sworn to before me'this, day of (zA�.,- , 2009. i SS A •' STATE "6%t�"-• (STAI P) OF 't 73? Diary Public ; TENNESSEI~ My commission expires Feb.2,2077 NOTARY ; My commission expires; '•��� '•..,PUBt.€Q•,.� co REGAL CINEMAS - UNITED ARTISTS EDWARDS THCATRES Corporate Office 865.922.1123 • Fax;865.922.3188—1132 Regal Lane,Knoxville,TN 37918 Los Angeles Film Office--818.593.4000 • F=.8 18.593.4035—21700 Oxnard Street,#1000,Woodland Hills,CA 91367 'Ity of Brooklyn Center,Alnnesota 1301 Shingle Creek Parkikla •Brooklyn Center,MN 55430-2199■(763)589.3310■FAX:(763)569-3337 TDD:MN,Relay 711 2012 Notice of Valuation and Classification For taxes payable In 2013— This Is NOT a tail! aroperty Identif3catlon Number: .98-199-21-42-0021 >roperty,Locai;an: :8420•Camdon A•ve.l! Re�a1 Cinemas Inc ,Z al c, 7132 Royal Knoxville TN 3781$.5803 'his form is to notify you of the matket value and classification of your property for assessment year 2012.The property taxes you pay In 2013 'text year)will be based on this valuation and oiausificatlon.The prlot year data has been Included for comparison purposes, i Assessment Year 2011 Assessment Year 2012 i (For Texas pa)alale in 20121 (For Taxes Payable In•,20131 'roperrty Classification: COMMERCML PRE1=ERRED COMMERCIAL PnEFERRED sUmated Market Value.- $10,336,000 $90,336,000 'clue of Now Improvements; lreen Acres Value Deferred: )pen Spaces Value Deferred: 'tat Deferment: j Wal Preserve Value Deferred:. 1 rigs 01d 14ow&a Exclualon: Isabled Veterans Market Valud EE clusfnn: Worendum Market Value: $90,336,000 $10,336,000 fomestead•Market Value Excluslorht ; axable Market Value: $10,338;000 $90,336;O0Q IMPORTANT INFORMATION -APP6 lima the Value or Classifleatlon of Your Properly peal Option 1: Informal A}psal Contact Your Assessor i you have questions or dlsagree,with the classification or estimated markM value for your property for 2012,please contact yQ!Ar assessor`s office first to scuss your concerns.Often your Issues can be resolved of this level.You may contact the Brooklyn Center Assessor's Office at(703)569.3310.Property formation can be vlewed at the asses}sot's office between 8:00 AM and 4:30 PM Monday through Friday. ppeal Option 2: Formal Appeal bptlona tap 41 —City of Brooklyn Center Local Board of Appeal and E uaI zation ^• , TM e eve yodr"Value ar cf�ssr i n is-incorre ,' o ma rhb- bu day o" he `o-'o'TB°arc o Appaal'an Equallzafion. You may'appeer in arson,by letter,or be represented by an authorized agent, Please call your Assessor's Office first,an application is necerDsary, It Is required that au first attend the Local Board prior to attending the County Board of A,opaai• The Local Board of Appeal and Equalization convenes at 7:00 PM i i Monday,April 30,2012 In the Council Chambers,City Hell,6801 Shingle Creek Parkway,Brooklyn Center,MN 55430. you wish to make an appealbefore the Log l 13parp an application is requested no later than Wednesday April 10,2012. i t lep#2--Hennepin County SQaraof Appeal and Equalization le County Board of Appeal ,and'Equalization begins on .June 18, 2012, at the Henriepin County Government Center, 300 S Sixth St., f inneapolfs, MN 65487. Applicaticrp is required no later than,May 23, 2012. To appear before the County Boao,-Vou must have apneaYed ;fore the City of Brooklyn Cenf�k Board ofApEeal and EatraNzatlon.,You,must,call In advance to get.on the agenda: Phone:(612)348, )50 or[TTY(612)348-3451 Tolefype]. ppeal Option 3—Minnesota Tax.Court apending on the type•of appoa),you may take your case to either the Small Claims Division or th©Regular i Ivision of Tax Court. You have until xll 30,2013 to file an appeal with the Small Claims Division or the Regular Divislon of Tax Goilrt for your 2012 valuation and Olassfffcatfon. rr information on the Tax Court,contact the Minnesota Tax Court: lone:651-296-2806 [TTY Relay(800)627-3529 Teletype] Web site:http:! .taxcourt.state,mn.gg r additional information concerning a property's valuation or classificatlon,you can access the Hennepin County website,oat:htip•//www.hornapin us/ operty dossificetlon Information can also be accessed through the Doparlment of Revenue website at:httv:j&ww.t>axea.stst%fttn.us/ 6 -d t7ECE 13rN!1SU l dH WuzS :6 Z�T OZ 62 JeW .. I'L--�,•, "_11.1: J .� .... I. .� _ .Z',: .. i�:.M.. f._ 1. �y Ity of Brooklyn Center, Minnesota r 301 Shingle Creek Parkway■Brooklyn Center, MN 55430.2189■(763)569.3310 FAX:(763) 569-8937■TDD:MN Relay 711 i , 2012 Notice of Valuation and Classification For taxes payable in 2093—This fs&01 a bill roperty Identification Number': .96-119-29-93-0120 " roporty1ccatlom. ,. ., a Address:Unassigned Regal Cinemas Inc �1 Resl�3t&te Department' 7192 Pegal Ln Knoxville TN 37998.5803 his form is to notify you of the market value and classification of your property for assessment year 2012.The property taxes you pay in 2013 text year)will be based on this valuation and classification.The prior year data has been Included for comparison purposes, Assessment Year 2011 Assessment Year 2012 (For Taxes Payable In 2012) (For Taxes Payable In 2013) roperty Classification: LAND COMMERCIAL NON-PREF8RRED LAND COMMERCIAL NON-PREFERRED stimate'd Market Value: $9,889,400 $1,489,400 slue of New Improvements: Teen Acres Value Deferred: pen Spaces Value Deferred. fat Defenwont: ural Preserve Value Deferred: bls'Old House Exclusion: 1$ablod Veterans MarAwt Valu9 E)Olusion: eferendum Market Value: $9,489,400 $9,469,404 omestead.Market Value F'xclusloQ`, . . ' ' . . ' axable Ma'rkot Value: $1,489,400 $9,489,400 IMPORTANT INFORMATION -Appealilnti the value or of Your PrdDO r ppeal Option 1: Informal Appeal:-Contact Your Assessor " you have questions or disagree with.the classification or estimated market value for your property for 2012, please contact your assessur's vffica first to scuss Often your issues can be resolved a1 this level.You may contact the Pmokiyn Center Assessor's Office at(763)569.3310.Property brmallon can be viewed at the essepsor's office between 8:00 AM and 4:$Q PM Monday through Friday. ppeal Option 2: Formal Appeal Options :ep 91--.City of Brooklyn Center Local Board arAp aal and B uMiaation �$elleve'your value,cf.dO si3t)t^cA b�tf r r income ,y ay..t t�. oT "a se o"tf1e "�f�aerT'�o`f ppea ari Tqu "-Tiion,. 66 may appear In arson,by letter,or be represent©d`by an authorized agent. Please call your Assessor's Office first,an application Is necessary. It Is required that 1 to first attend the Local Board prior to attending the County Board of Appeal, The Local Board of Appeal and Equalizatlon convenes at 7:00 PM t Monday,April 30,2012 in the Council Chambers,City Wall,6301 Shingle Crook Parkway,Brooklyn Center,MN 55430. YOU wish to make an appeal.faefore the Local Board,an application is requested no later than Wednesday,April 18.2012. :ep#2-•Hennepin County Board,ofAppeal and Equalization le County Board of Appeal and'Equalization begins on June 18, 2012, at the Hennepin County Govemment Canter, 300 S Sixth St., Inneapolis, MN 55487. Application Is required no later than May 23, 2012. To appear before the County Boargr, you must have appeared )fore the City of Brooklyn Genterg2jrd ofAdpeal and You must call in advance tQ,get on the agenda: Phone:.(612)348- i 150 or(TTY(612)348-3461 Telety ie]. )peal Option 3-Minnesota Tax Court ,pending an the type,of appeal,you may take your case to either the.Small Claims Division or the Regular Division of Tax Court. You have until trii 30,2013 tofile an appeal with the Small Claims Division orthe Regular Division of Tax Court for your 2012 valuation and classification. tr information on the Tax Court,contact the Minnesota Tax Court: tone:651-296-2806 [TTY Relay(600)627.3529 Teletype] Web site:htto:l/www,taxcourt.state.mn.us ,r addklonal Information concerning a property's valuation or classifcatlon,you Can access the Hennepin County Vrebalto at;Mtr).,fiWWW.h9nr1qVjn.us/ operty clessificetlon information can also be ac:aassed through the Department of Revenue webslte at:httpJlwww,traxon.5two tttn,un/ Z •d OEEE 13I N35d-I clH Wd T S :6 6z -AeW ASSESSORS REPORT City of BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Regal Cinemas Inc. C/O Chet Yancey 6420 Camden Ave N 36-119-21-42-0021 wl- 2012 Assessed Value: $10,336,000 Recommendation: Sustain - Recommend Co. Board or MN Tax Court This report is not an appraisal as defined in M.S. §82B.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful. The author does not represent this to bean appraisal and is not responsible for any inappropriate use. It is a report of public records using a mass appraisal technique. i City of BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Regal Cinema Inc. C/O Chet Yancey 36-119-21-13-0120 2012 Assessed Value: $1,489,400 Recommendation: Sustain - Recommend to Co Board or MN Tax Ct This report is not an appraisal as defined in M.S. §82B.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful The author does not represent this to bean appraisal and is not responsible for any inappropriate use. It is a report of public records using a mass appraisal technique. - --of Bxoo _Center Assessing Department 2012 Local Board of Appeal and Equalization Staff Report Regal Cinemas Inc. C/O Chet Yancey Property Owner(s)i ` Property Address 6420 Camden Ave N 36-119-21-42-0021 Market;Value Assessment Year 2012 $10,336,000 Assessment Year 2011 $10,336,000 Assessment Year 2010 $10,336,000 Sale:' February 1, 2000 - 5,973,845 (11 - Other) Comments: Chet Yancey, AEGIS Group, LLC contacted the Assessor's office on April 18, 2012 regarding an appeal of the Regal theater valuation The theater subject property contains two separate parcels, PID # 36-119-21-42-0021 and 36-119-21-13-0120. A property review was completed on Friday, April 20, 2012 with the local manager Christa Flood. The structure was remeasured and new photographs were taken inside and out. The property has a gross building area of 84,430 sq. ft. and includes a second floor projector area of 5,500 sq. ft. running the length of the screen areas. There are 20 stadium seating screens with varying seating capacities. A list is on record in the file. The property is constructed that each side mirrors the other. Ther are 9 exterior doors and an automated ticketing agent. The front entry vestibule is curved and holds the ticketing counter. The building includes a mangers office, ticketing area, large vending area, lobby,maintenance for food storage and ice machines, and general storage closets through the building. The entry has a 26' clear height with ceiling tiles sprayed black, and ceramic tile entry. The building includes sprinkling, fire alarms and security systems. The bldg exterior is ASBS exterior wall with deco block trim. The exterior wall height is 30'. There is one emergency stairwell from the second floor to the outside but is exit only. There is one interior stairwell to the projector area. The property is in good condition. The parking area included 1,120 stalls, and the north end is used weekdays by the MTC park& ride. Mr. Yancey provided I & E and an appraisal for review.Due to the complexity of reviewing profit and loss statements, market comparables in the seven county metro area and the amount of Assessor Recommendation: Sustain - Recommend Co. Board or MN Tax Court Appraiser:, Last Inspection Date: Nancy Wojcik October 14, 2010 2012 Board of Appeal and Equalization Regal Cinemas Inc.C/O Chet Yancey Subject Data Summary PID#: 36-119-21-42-0021 Buildings on File: 1 Property Name: Regal Cinema Property Address: 6420 Camden Ave N Brooklyn Center,MN 55430 Multiple Address: No Lot/Block: 003/001 Addition: Regal Road Development 2nd Addition Legal(120): LOT 3 BLOCK 1 EXCEPT THAT PART EMBRACED WITHIN GOVT LOT 2 SEC 36 T 119 R 21 Owner(s): Property Classification: Commercial 2012 EMV: 10,336,000 2011 EMV: 10,336,000 2010 EMV: 10,336,000 EMV/GBA: 115.60 Lot Size: 390,781 Sq.Ft./8.97 Acres Zoning: PUD/C2 Gross Office Area Percent: Building Use: 380-Theatre,Cinema/100% #Stories: 1 Avg Story Height: 30 Avg Clear Height: Actual Year Built: 1999 Effective Year Built: 1999 Renovated Year: First Floor Area: 84,430 Gross Building Area: 89,410 Basement: No Parking: Parking-Surface i 2012 Board of Appeal and Equalization Regal Cinemas Inc.C/0 Chet Yancey Additional Subject Photos MOM { s a+ ® ly Conversion it 2012 Board of Appeal and Equalization Regal Cinemas Inc.C/O Chet Yancey Report Name: Taxpayer Inquiry City of Brooklyn Center Printed: 5/4/2012 Taxpayer Inquiry Page. '1 Display PID House Nbr Street Name Unit Zip Code 36-119-21-42-0021 6420 Camden Ave N 55430 Last Name First Name MI Owner Taxpaay_er Resident Regal Cinemas Inc Y Y N Frontage Left Side Rear Side Right Side Eff.Width Eff.Depth Property Area Acreage ZoninE P/S Exempt Code School Dist Watershed Yr Built 0 0 0 0 0 0 390,781 8.97 PUD/C: 0286 15 1999 Year Ver #Subs Land Value Bldg Value Mach Value Tot Mkt Value Tax Cao Hmstd Midvr Rel H P/T %Own P/C 2012 1 1 3,285,600 7,050,400 0 10,336,000 205,970 N N N C 0 N 2011 1 1 3,285,600 7,050,400 0 10,336,000 205,970 N N N C 0 N 2010 1 1 3,285,600 7,050,400 0 10,336,000 205,970 N N N C 0 N Lot: 003 Block: 001 Addition: Regal Road Development 2nd Addition LOT 3 BLOCK 1 EXCEPT THAT PART EMBRACED WITHIN GOVT LOT 2 SEC 36 T 119 R 21 s Report Name: Taxpayer Inquiry Printed: 5/4/2012 City of Brooklyn Center Page: 1 Taxpayer Inquiry 'I Display PID House Nbr Street Name Unit Zip Code 36-119-21-13-0120 55430 Last Name First Name MI Owner Taxpayer Resident Regal Cinemas Inc Y Y N FrontaLe Left Side Rear Side Right Side Eff.Width Eff.Depth Property Area Acreage Zoning P/S Exempt Code School Dist Watershed Yr Build! 0 0 0 0 0 0 203,670 4.67 PUD%C, 0011 15 Year Ver #Subs Land Value Bldg Value Mach Value Tot Mkt Value Tax Can Hmstd Midyr Rel H P/T %Own P/C 2012 1 1 1,489,400 0 0 1,489,400 29,788 N N N LC 0 N 2011 1 1 1,489,400 0 0 1,489,400 29,788 N N N LC 0 N 2010 1 1 1,489,400 0 0 1,489,400 29,788 N N N LC 0 N Lot: 003 Block: 001 Addition: Regal Road Development 2nd Addition THAT PART OF LOT 3 BLOCK 1 EMBRACED WITHIN GOVT LOT 2 S 36 T 119 R 21. No Photo Available ---------- i AOGUIUJ Ul 3UIC Yage 1 Ot r- Summary of the Commercial Sales Found Search for: Summary of Records Found: Property Use: Commercial Number of Sales Found 2 E380-Theaters Avg.GBA 14,413 County/Munic.: Avg.CE Sale Price $1,003,237 Sale Date: after 10/1/2009 Avg.SP GBA $40.27 Effective Age: Standard Deviation SP GBA $25.3 GBA: Avg.CAP Show: Valid Sales Sort By: County,Munic,PID Records 1 -2 of 2 I � Page 1 of 1 HENNEPIN-MINNEAPOLIS,PID:33-029-24-34-0130 ,Multiple PID:N,Sale#1 , Address:2900 Hennepin Ave S Top Sale Date 12/10/2009 Land Area 9,929 GBA 18,398 CE Sale Price $1,399,999 Property Use E380-Theaters SP GBA $22.38 Rejection Code Effective Age 1990 CAP Project Name 1 Screen-900 Seats-Uptown Theater Towle Sector Minneapolis NonCBD Buyer Lagoon Partners LLC Comparable Y Neighborhood Elsl Seller Cann LLC Ratio Study Y Environment Concern Sale Price $1,399,999 Community Call -?!:J RAMSEY-ST.PAUL,PID:10-28-23-22-0184 ,Multiple PID:N,Sale#2, Address: 1560 St.Clair Top: Sale Date 03/14/2011 Land Area 7,921 GBA 10,428 CE Sale Price $606,475 Property Use E380-Theaters SP GBA $58.16 Rejection Code Effective Age 1952 CAP Project Name Towle Sector St.Paul NonCBD Buyer Cinema Ballroom LLC Comparable Y Neighborhood 160 Seller SBK Ballroom LLC Ratio Study N Environment Concern Sale Price $606,475 Community 14 Records 1 -2 of 2 Page 1 of 11: I e s a :�' �{ � i Copyright©2007 Hennepin County https://wwwl 6.co.hennepin.mn.us/ace/main 5/3/2012; CITY OF BROOKLYN CENTER +I LOCAL BOARD OF APPEAL AND EQUALIZATION 2012 Assessment APPLICATION FOR APPEAL March 23, 2012 through April 18, 2012 You must return this application by April 18, 2012, to be placed on.the Agenda for the Local Board of Appeal and Equalization held April 30, 2012 at 7:00 P.M. Name(s) S), L-C-C, 1,0� S 0-r ' +-1 Daytime Contact Number: 12- ( ' - t 7 L Property Address A_V4_ NO , Property Identification Number t) 3 Cj © � Assessor's 2012 Estimated Market Value �� � 0 0 Is your property residential, commercial or multi-family? Can 13nXje,.rC_-1+ CL j If you are appealing a commercial, multi-family or residential rental property you must include income and expense data for calendar year 2011 with your application. What is the reason you are appealing your 2012 assessment? IkAkj lx. j G 1rl re '+fi=t ► . ' 1 Y��F' ���t' ci i 4�y- J o r i�y n cd f o oev' + k .r c r-s k iL S du_w_A_ 1 9 i1 1 C-a-t'N When id you purchase your ho e. Date of Purchaseg , 2- 0n °_.�- Purchase Pricer C� , on 0 rvn 0_^C JrL 1� Did you purchase your property from a bank, as a foreclosure or short sale? /\J.0 b Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structural damage) Please list a brief description below with an estimated cost. 0-C4 --ice I t�h ,�.t, �,' �, S -� I U e 5c� 'f f f' `T !� iu P&'LZ45 G ti19 r 7L :et ` CL rv,�', p C(+i✓ lu of �'� ,���v l� i �' v �`` `-,5 k 000" w Have you had a recent appraisal for refinancing, a purchase agrd'ement or a�markei�Jalysis,1,.j,��i by a real estate agent completed within the last year? -Yes or No If so, what was the determination of value? co Kw n n tt, S.5,s-5o vt -/D I o0 F- q ! '� �i I�[�l�L�l" /I � P/I acf IJ(.5 j[ /eew j.je cF e/Po �� k )1v I lo, What do you think the market value of your property shquld be? ..:� /i-�-�`-e 14_5_5 C 01r 7-z� A fly Please provide any documentation supporting your claim of overva uation or erroneous classification with this application. i i Dear Council Members: I am writing this to you to look closer at the valuation for the property address as 5810 Xerxes Ave No., with a PID of 02-118-21-23-0022. I believe this building is overvalued in comparison to some of the other multi-tenant retail facilities within the city.Attached are some of the properties I have identified as comparables.These buildings have more land and are mostly bigger in size or relatively around the same square footage as my parents. On the Valuation Notice Page, I highlighted the price range of the 5 comps compared the subject property. At the lowest end of the price range is Comp#2 at$9.67 psf.The higher end is Comp #5 at$18.12 psf.The SUBJECT PROPERTY is at$22.25. If you use these range in numbers,that would value the Subject Property within the range of$806,700.00-$1,058,500.00,with an average of $$819,100.00 Since my parents bought this building,their rental income has decrease significantly mainly due to the tough economy. Due to the high maintenance cost to upkeep the building they have done a lot of the work themselves if they can to keep the cost down. The estimated net operating income is roughly around$90,000 annually. If you were to list this building at a cap rate of 8%during good times the value would show for$1,125,000.00 In today's market,where investors are looking at more of at least 10%on their return,that values the building at$900,000.00. A friend of mine,who is an assessor at Hennepin County stopped by over a month ago to do a quick walk through gave me his opinion of the value after looking at some of the other properties within the city that he considered as good comparables. His opinion was$900,000-$1,100,000.00 Overall, I don't believe the value of the subject property is in the in the range of$800k-$900K. In my opinion the value of this property is in the$1M-1$1.1M Valuation Notice source: Hennepin County Subiect Comparable#1 Comparable#2 Comparable#3 Comparable#4 Comparable#5 PID#: 02-118-21-23-0022 02-118-21-42-0033 34-119-21-14-3006 03-118-21-44-0035 02-118-21-12-0014 02-118-21-21-00 Location:_ 5810 Xerxes Ave No. 2105 57th Ave No 6215 Brooklyn Blvd 5425 Xerxes Ave No 6000 Shingle Creek 5927 John Martir Classification: Com' Prefered Com' Prefered Com' Prefered Com' Prefered Com' Prefered Com' Prefered Owner: Som, LLC George Zeller M & E Realty Co. Brooklyn 55 LLC Inland'Shingle Creek Lin Shuang LLC 1199 Summer St c/o Welsh Co. 4210 Old Shakopee c/o Welsh Co. P.O. Box 9275 5927 John Martir Roseville, MN 55113 4350 Baker Rd Ste 400 . Bloomington, Mn 55437 4350 Baker Rd Ste 400 Oak Brook, IL 60521 Tonka, MN 55343 Tonka, MN 55343 Land(acres): 1.34 1.68 2.19 3.24 1.6 1.36 (sq.ft.): 58,423 73,150 95,392 141,198 69,861 59,060 Building(sq,ft.): 14,500 2011 Market Value: $ 1,300,000.00 $ 1,010,000.00 $ 922,100.00 $ 1,600,000.00 $ 1,200,000.00 $ 1,070,000.00 Land: $ 500,000.00 $ 655,000.00 $ 765,000.00 $ 1,200,000.00 $ 650,000.00 $ 535,000.00 Building: $ 800,000.00 $ 355,000.00 $ 157,100.00 $ 400,000.00 $ 550,000.00 $5,350,000.00 Tax: $ 57,752.22 $ 44,180.92 $ 37,636.12 $ 72,112.60 $ 52,821.02 $ 45,243.96 Assessment: $ 2,493.83 $ 1,586.33 $ - $ 3,751.95 $ 294.87 $ - MV Overall (psf): $ 22.25 $ 13.8.1 $ 9.67 $ 11.33 $ 17.18 $ 18.12 Land(psf): $ 8.56 $ 8.95 $ 8.02 $ 8.50 $ 9.30 $ 9.06 Building(psf): $ 55.17 2012 Market Value $ 1,370,000.00 $ 1,090,000.00 $ 922,100.00 $ 1,600,000.00 $ 1,220,000.00 $ 1,050,000.00 Increase$70,000.00 Increase$80,0000.00 Same Same Increase$20,000.00,ease$20,000.00 - OPINION OF VALUE Value(lowest) $ 806,660.70 Value(highest) $ 1,058,459.36 Value (avg) $ 819,083.62 $ 14.02 -- -- - - __ ASSESSORS REPORT Citv o Brooklyn Center A Millennium Community TO: 2012 Brooklyn Center Local Board of Appeal and Equalization RE: Lee Sarin Som, LLC 5810 Xerxes Ave N. Brooklyn Center, MN 55430 Mr. Sarin came to our office on April 27, 2012 regarding an appeal to the Local Board of Appeal and Equalization. Mr. Sarin submitted a written appeal to be submitted on Monday, April 30, 2012. He was requesting a reduction of the estimated market value on his property located at 5810 Xerxes Ave N., Brooklyn Center. Mr. Sarin indicated that he had reviewed other retail properties in the city and felt the assessment was too high. Mr. Sarin indicated that he would like the estimated market value of the property reduced to $1.1 million. An interior inspection was scheduled for May 1, 2012. The property is a 15,042 sq. ft. single story building with five tenant spaces. The property includes a restaurant, auto service, small grocery, auto parts store and a beauty supply store. The property has a wall height of 16', and a ceiling height of 11'. Interior finish includes ceiling tiles, florescent lighting, and sheetrock walls, with vinyl, concrete and carpet floor finishing. The building was constructed in 1970, but has an effective age of 1980. Renovations in 2008 separated the NAPA retail area into a fifth tenant space for auto repair. Pizza but includes a built in cooler and full kitchen. The roof is a single ply insulated membrane and is 15-20 years old. There are two large delivery door areas, and an overhead door in the service garage. The Napa retail area includes two restrooms, but other tenants have only one restroom. The structure is heated by rooftop units and is 100% air conditioned. The building is considered to be in average condition. The asphalt parking lot has numerous patches and areas of wear, and is in need of repair. The property suffers from economic obsolesence due to adjacent property influence. The following report includes market sales analysis of the subject property and three comparable retail sales located in Hennepin County. There were no comparable sales within the City of Brooklyn Center. Comparable properties from Hennepin County were used that are within the sales study period, and are of the same size, age and quality as the subject property. Comparable number one is the most comparable to the subject with the lowest percentage of adjustments. Comparable number one suffers from functional issues with the basement portion of the building not used for retail use, but storage only. Comparable one also includes solar panels on the roof that create additional maintenance issues for the owner. The comparable sales indicate a value range of$92 to $116 per square foot. 6301 Shingle Creek Parkway Recreation and Community Center Phone&TDD Number Brooklyn Center, MN 55430-2199 (763)569-3400 City Hall& TDD Number(763)569-3300 Fax(763)569-3434 Fax(763)569-3494 www.cityofbrooklyncenter.org Also included is a market derived income approach on the subject property. The income approach uses a market derived rent for both retail and auto repair space. This approach indicates a total value of$1,340,000, or $89 per sq. ft. Mr. Sarin submitted actual income and expense documents from 2011 that were reviewed by the Assessor. Due to the confidential nature of this information it was not included in this report. The actual income approach indicated a value of$1,320,000 for the subject property, or $87.75 per sq. ft. The capitalization rate was taken from the analysis of the confidential income information from market sales in Hennepin County. Mr. Sarin indicated many issues that have impacted his property due to adjacent property influence. While these issues have been addressed with the city, it is having an impact on the tenants of this property. This impact is hard to measure as an adjustment to comparable sales. I have incorporated a-5% economic influence to the income approach for this property. It is the Assessor's recommendation to reduce the property at 5810 Xerxes Ave N. from $1,370,000 to $1,254,000 for the 2012 assessment for taxes payable in 2013. Respectfully submitted, Nancy W cik, SAM City Assessor City of BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Lee Sarin Som LLC 5810 Xerxes Ave N 02-118-21-23-0022 2012 Assessed Value: $1,370,000 Recommendation: Reduction to $1,254,000 This report is not an appraisal as defined in M.S. §82B.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawfid The author does not represent this to be an appraisal and is not responsible for any inappropriate use. It is a report of public records using a mass appraisal technique. City of Brooklyn Center Assessing Department I A�C 2012 Local Board of Appeal and Equalization Staff Report Lee Sarin Property Owner(s); Som LLC Property Address `; 5810 Xerxes Ave N 02-118-21-23-0022 Market Value Assessment Year 2012 $1,370,000 Assessment Year 2011 $1,300,000 Assessment Year 2010 $1,300,000 Sale: ' July 30, 2007 - 1,350,000 (01 -Warranty Deed) Comments: The property is a 15,042 sq. ft. single story building with five tenant spaces. The property includes a restaurant, auto service, small grocery, auto parts store and a beauty supply store. The property has a wall height of 16', and a ceiling height of 11'. Interior finish includes ceiling tiles, florescent lighting, sheetrock.with vinyl, concrete and carpet floor finishings.The building was constructed in 1970, but has an effective age of 1980. Renovations in 2008 separated the NAPA retail area into a fifth tenant space for auto repair. Pizza but includes a built in cooler and full kitchen. The roof is a single ply insulated membrane and is 15-20 years old. There are two large delivery door areas, and an overhead door in the service garage. Napa retail area includes two restrooms, but all others have only one restroom. The structure is heated by rooftop units and is 100% air conditioned. The building is considered to be in average condition. The asphalt parking lot has numerous patches and areas of wear, and is in need of repair. The property suffers from economic obsolescene due to influence from the adjacent property issues. Assessor Recommendation. Reduction to $1,254,000 Appraiser: : - Last=Inspection Datei Nancy Wojcik May 1, 2012 i 2012 Board of Appeal and Equalization Lee Sarin i Subject Data Summary PID#: 02-118-21-23-0022 Buildings on File: 1 Property Name: NAPA Auto Property Address: 5810 Xerxes Ave N Brooklyn Center,MN 55429 Multiple Address: Yes LotBlock: 000/000 Addition: Reg.Land Survey#1601 Legal(120): TRACT B Owner(s): Som LLC Property Classification: Commercial 2012 EMV: 1,370,000 2011 EMV: 1,300,000 2010 EMV: 1,300,000 EMV/GBA: 91.08 Lot Size: 58,325 Sq.Ft./ 1.34 Acres Zoning: C2 Gross Office Area Percent: Building Use: 353 -Retail Store/80% 528-Service Repair Garage/20% #Stories: 1 Avg Story Height: 16 Avg Clear Height: 13 Actual Year Built: 1970 Effective Year Built: 1980 Renovated Year: First Floor Area: 15,042 Gross Building Area: 15,042 Basement: No Parking: Parking-Surface i 2012 Board of Appeal and Equalization Lee Sarin .....J ...�...v...J..... Commercial Field Card Property Address: 5810 Xerxes Ave N Zoning: C2 Lot/Block: 000/000 Addition: Reg.Land Survey#1601 Owner(s): Som LLC Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0281 Land Building Detail _ Basement - Income Informaiion Zoning: C2 Name: NAPA/Sarin Auto/Queen Beauty/Grocery/Pizza Hut Basement Basics Gross Income: Area Rating: Quality Area(SgFt): Vacancy Percent: Site Rating o Basement Area Percent: Effective Gross Income: Land Q uali ty' A01-Land Partial Construction Overall Quality: (/o): Bsmt.Use Code: Operating Expense: Contamination: Q ty" Net Income: Architectural Appeal: Average Bsmt.Use Code Suffix: Flood Plain Map Ref: Capitalization Rate: PUD Ref: Construction Quality: Good Elevator(s): Construction Type: Mason Gross Rent Multiplier: Allowable Units: yp Masonry Mechanicals Rent/Square Feet: Excess Land Ft S : Building Condition: Average Security System: N ( 9 ) Electrical Service: Average Zoning Variance: N Walls and Roof Plumbing: Average " Last Sale Frontage: 328 Secondary Exterior Walls: Heating (Type/Percent)' 4_. __:_ _007 Primary Exterior Walls: Brick Sprinkler Type/Percent: Yes/100 Left Side: Date: 07/30/2007 Rear Side Roof Construction: Steel Price: $1,350,000 Right Side: Roof Type: Flat Heating 1: HVAC/100 Code: 00 Effective Width: Roof Cover: Single Ply Heating 2: / Desc: Good Sale Effective Depth: 242 se o es Type Suffix "/o Air ing 3: / Effective Water: 0 A/C 1: (Type/Percent) Lasf Inspection de h.:' Property Area(SgFt): 58,325 Cq , 353-Retail Store 80 Ai _., is Pacl.age/100 Appraiser ID: 1] Acreage: 134 Code 2: 528-Service Repair Garage 20 A/C 2: / Appraisal Date: 05/01/2012 Park: Code 3: - 0 A/C 3: / Reason: Board of Review Park Quality: , - 0 Tows Result: Interior On Lake: Code 4: Lake Quality: Depreciatibn and Age Building Areas Current Inspection On River: Functional/o. Actual Age: 1970 First Floor Area: 15,042 -- River Q ty�uali Economic%: Effective Age: 1980 Gross Building Area: 15,042 Appraiser ID: Landscape Quality: Physical%: Renovated Age: _ . _. .. ___ ._ Net Rentable Area: 14,800 Appraisal Date: Buildmg Miscellaneous Attributes -_-- -.- .,. _. �_ Mezzanine Area: Burred Electric Garages and Parking Total Floor Area: 15,042 Reason: Curbs Type Spaces Area Rental Building Ratios and Perimeter Result: Gas Type 1: Parking-Surface 78 Gutter Land Building Percent: 387.7 Irregular Shape T e 3 „ Perimeter Length: 524 Tag: Yes/No Paved Street T" Fla yp Floor Area Pe cent: 25.8 Left t Value' XP Sewer Available Type 4? Office Area: Value: Gross Office Area Percent: Sidewalk Type 5-: Net Office Area Percent: Water Available Pools Number Type Comments'' Nu„ Four tenant roe converted to five during 2008.3/2008 broke out serve Influences property rty g service gar,office&bath from the NAPA Retail&storeroom area. Majority of parking lot located on east side of building near MTC Hub. Retail 11'ceiling ht. Parking lot in need of repairs. 7/09 installed fire sprinkler monitoring system.. Napa unit contains two Building Heights s bathrooms,all other tenant spaces have single baths. Pizza Hut has built in collers. Finishing is suspended ceiling Average Story Height: 16"0 tile,sheetrock walls,and florescent lighting. Roof is rubber single ply and is 15-20 years old. Overhead delivery Number of Stories: 1,0 doors in auto service area and NAPA store. Property has issues with adjacent property. Average Clearance Height: 13.0 Finished Ceiling Height: 11.0 Miscellaneous Income/Lease: Tenant: Multi-Tenant C6uuuc,cial F—u a and P�vpci q Ada cab: 5Siv �crxes mvc iN �,011111g: C2 Lot/Block: 000/000 Addition: Reg.Land Survey#1601 Owner(s): Som LLC Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0281 g 85' 0 N 68' Queen Beauty Supply t` First Floor 15042' 00 Napa Auto Supply M Pizza Hut Carry Out Y �mo 161' Report Name: Permit List City Of Brooklyn Center Printed:5/3/2012 Permit List Page: 1 Permit List for: 5810 Xerxes Ave N Permit# Unit Valpe Permit Tyne uS b Tyne Work Tyne Description Cancelled Issued Date Final Date Dead Date Expiration Date Refund Date BC040046 $32 Sign Wall New SARIN BROS AUTO 12/17/2009 04/08/2010 REPAIR BC038613 $937 Building Fire Monitoring System New Installation of fire 07/16/2009 12/07/2009 sprinkler monitoring system BC037343 $11,000 Mechanical Ventilation Addition INSTALL GILES 01/28/2009 10/08/2009 VENTLESS HOOD BC037356 $49 Sign Wall New PIZZA HUT SIGN 01/26/2009 10/08/2009 BC037353 $600 Fire Kitchen Fry Hoods Remodel/Alteration INSTALL ANSUL 01/26/2009 10/08/2009 FIRE SYSTEM IN KITCHEN HOOD BC037228 $6,000 Mechanical Air Conditioning Remodel/Alteration INSTALL NEW 01/23/2009 10/08/2009 DUCTLESS MINI SPLIT BC036509 $32 Sign Wall New SARIN BROTHERS 09/08/2008 10/07/2009 AUTOMOTIVE SERVICE BC036164 $0 Electrical Commercial Replace INSTALL SEPARATE 07/10/2008 07/09/2008 METER BC035910 $62 Sign Wall Remodel/Alteration NAPA AUTO PARTS 06/03/2008 07/15/2008 WALL SIGN BC035755 $2,000 Mechanical Ventilation Replace Rooftop Ventilation 05/06/2008 10/08/2009 and Ductwork BC035597 $4,400 Plumbing Commercial Tenant Finish FLAMABLE WASTE 04/14/2008 06/3012008 TRAP&TRENCH DRAINS.BATH RI BC035576 $16 Sign Wall Remodel/Alteration MANO RIVER FOODS 04/11/2008 06/23/2008 BC035481 $22,000 Building Commercial Tenant Finish BUILD OFFICES- 03/26/2008 04/08/2010 BATHROOM WALL BC035409 $0 Electrical Commercial Replace INSTALL NEW 03/10/2008 03/13/2008 DIALER FOR SPRINKLER SYSTEM MONITORING BC035346 $0 Temporary Use Ten Day Admin Land U Administrative Land 10 Day Sign-Mano 02/15/2008 Use River Foods BC034512 $0 Electrical Commercial Tenant Finish 200 AMP PANEL& 09/24/2007 09/27/2007 MISC. BC034273 $3,500 Plumbing Commercial Tenant Finish PIPING OF WATER 09/05/2007 09/27/2007 MAIN TO EACH UNIT BC034172 $12,000 Building Commercial Tenant Finish 08/24/2007 i Additional Subject Photos Sim M- 1 i r 05/01/2012 Front i I Y 05/1/12 Side Tenants i 2012 Board of Appeal and Equalization Lee Sar n Additional Subject Photos - F 5/1/2012 Bldg Ext. ra r U 1 1. s I �g I 5/1/2012 Int.NAPA 2012 Board of Appeal and Equalization Lee Sarin • 1 1 • 1 1 , ARMED dIft �� V..4 - 'w NLI Aw 1 • t x r �. - �'��•} - t� I� >,d `,,, tom, 4` •'•� -:'fix � �,�. Additional Subject Photos - x � r lingtreet r I - 4.` rx 5/1/2012 Pizza Hut d Y & 7 i TM� I� 5/1/2012 Kitchen Pizza Hut 2012 Board of Appeal and Equalization Lee Sarin Additional Subject Photos fF. 5/1/2012 Sarin Auto r,T. twul Napa Front 7/07 2012 Board of Appeal and Equalization Lee Sarin I Comparable Sales Analysis � r w� �[r �� M6o---a!6-6'— Mara ePla' 8- 23-6022 Rd ress'. 5810 Xenres{AVe N ka BlvC' It Ma a Grove S�aTP c $1,500,000 $1,600,000 $1,650,000 Sale= a e 6122/2011 12/31/2010 11/1/2010 Cas _-yale�t'Pi+ce $1,500,000 $1,600,000 $1,650,000 Pnc =GBA $91 $167 $156 $125 PrapeUse Retail Retail Retail Retail laca or! Average Average Average Average o alsland rea 58,325 32,061 94,470 59,246 do 3.88 3.56 9.18 4.49 eae ilYfEff:a 1970/1980 1938/1975 1977/1990 1993/1993 uatityl4ontliLon Average Average Average Average Nons :'coon-las Masonry Masonry Steel Masonry Brick Stucco Concrete Block Brick # to 1 1 1 1 FirsF(porlirea 15,042 9,000 10,288 13,208 GiossxBuiltlmg plea 15,042 12,200 10,288 13,208 Mezzanine None None None None Basemen None 3,200 None None allR earft 16/11 14/ 12 16/13 14112 He gy'Cooling? RTU/100% GFA/100% RTU/100% RTU/100% Su arlangspaces. 78 48 55 60 lfqulbple eena Yes No Yes No CoJnrrlents Solar Panels on roof of Purchase price determined by Buyer purchased business building. Partial basement. hvo appraisals.Sale price separate from Real estate. GBA includes basement area. broken out into two sales; Will continue as retail. Basement use is for storage retail lire store,two separate and can not be used for retail, vacant retail spaces and a impacting the functionality of vacant lot.This sale only the property. includes lire store. 0% 0% 0% ocado -10% -15% -15% a Bu dt a to 0% -5% -1% 10% 0% -15% °ual t;o I 0% 0% 0% Stz 3% 5% 3 eattna_8 t3oolini ,y - 0% 0% 0% ult� enarla 2% 0% 2 nc o a -20% -10% 0% e'' 1 gin, . -15% -25% -26% ptluste_Sale Price $1,275,000 $1,200,000 $1,221,000 Ad'ustedP> e B}► $104.51 $116.64 $92.44 Intlicake alne°:,,: v Indicated Sales Price Range$92 to$116 PROPERTY USE: Retail Store MUNICIPALITY: MINNEAPOLIS Code: 353 RC:00 COMPLEX NAME: Settergren Hardware of Linden Hills COUNTY: HENNEPIN GBA 12200 CD ADDRESS: 2813 43rd St W PIN#: 08-028-24-42-0101 Seq#: 1 Ratio Y Comp: Y AUDITOR ID: 37276 MULTI PID: N COMMUNITY: 69 NBRHOOD: 69 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1938 1975 Buyer: Mes&Mrs LLC Const Quality/Condition: AVERAGE AVERAGE Seller: Yiannias Luger LLP Const Class/No.of Bldgs: Masonry Bearing Wall 1 Sale Data: Date of Sale: 6/22/11 Exterior Type/Roof Type: Stucco Flat 2nd Exterior Type/Roof Cvr: Brick Built-Up Membrane Total Purchase Price: $1,500,000 SIZE&USES Down Payment Amount: $200,000 First Floor Area/GBA: 9,000 SF 12,200 SF Other Terms: Total Floor Area/NRA: 9,000 SF TERMS Bldg Perim./Shape/Units: FT Rectangle 1 Set 1 Mezzanine Area/Use: SF Assume Ind: Bsmt Area/%Fin/W 3,200 SF 0% 26% GBA $1,300,000 Bsmt Use: storage PMT- INT-6.50% PMTS-48 Bsmt Fin/W SF 0% GBA BALLOON DATE- First Floor Use: retail First Floor SF/%: 9,000 SF 74% GBA Cash Equivalent Price: 5.35% $1,500,000 2nd+Floor Use: Cash Equivalent Adj: 2nd+Floor SF/%: SF 0% GBA LESS: Personal Property: $0 Tot Off Area: SF 0% GBA PLUS:Special Assessments: Ind:N $0 Primary Heating/Pct: Forced Air 100% Cash Equivalent of Real Estate: $1,500,000 Secondary Heating/Pct: Air Conditioning Pct: 100% Sale Analysis: Sale Price Per Sq.Ft.TFA: $166.67 Sprinklers/Elevators: 0 0 Sale Price Per Sq.Ft.GBA: $122.95 Garage/Ramp Spaces: Sale Price Per Sq. Ft.NRA: Surface Parking Space: 48 Sale Price Per Sq. Ft.Land Area: $46.79 Parking Surface Type: Asphalt Sale Price Per Room: $1,500,000 Multiple Tenancy: N Income Data: Bldg Ht/Avg Clear Ht: 14.0 FT FT #Stories: 110 PRIVATE DATA Avg.Finished Ceiling Ht: FT Total Land Area/Topography: 32,061 SF Rent Schedule: Useable Land Area: SF PRIVATE DATA Zoning/Land Def Cd: C2 F Trackage/Utilities: N Land Big Ratio/Excess Land: 2.63 to one N Environmental Concern Ind: Other Amenities: Summary Comments: Property listed on the open market for a little over a year. Original list price was$3 Million. Listed for$1.5 Mill.at time buyer purchased-seller willing to sell on contract,interest only. No set balloon on C/D(option to negotiation in 5 or 6 yrs.) Building in overall average condition(basically shell bldg.-exposed wood ceiling joists). Owner to use as shell finish with concrete floors. Bathrooms will stay the same and are up to code. Adding some drop ceilings and lighting after sale. All the solar panels on the roof came with the building. The buyer will use as an owner occupied hardware store. Several other hardware stores looked at purchasing building. PUBLIC********ACE********PUBLIC '3 g I PROPERTY USE: Retail Store MUNICIPALITY: MINNETONKA Code: 353 RC:10 16 COMPLEX NAME: COUNTY: HENNEPIN GBA 10288 WD ADDRESS: 10001 Minnetonka Boulevard PIN#: 13-117-22-13-0114 Seq#: 1 Ratio N Comp: Y AUDITOR ID: 28384 MULTI PID:Y COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1977 1990 Buyer: LLM Properties,LLC Const Quality/Condition: AVERAGE AVERAGE Seller: Dick-Halvorson,LLC Const Class/No.of Bldgs: FP steel Frame Sale Data: Date of Sale: 12/31/10 Exterior Type/Roof Type: Concrete Block Flat 2nd Exterior Type/Roof Cvr: Tar and Gravel Total Purchase Price: $1,600,000 Down Payment Amount: $0 SIZE&USES First Floor Area/GBA: 10,288 SF 10,288 SF Other Terms: Total Floor Area/NRA: SF TERMS Bldg Perim./Shape/Units: FT Rectangle No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 5.13% $1,600,000 Bsmt Area/%Fin/W SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: Retail Cash Equivalent of Real Estate: $1,600,000 First Floor SF/%: 10,288 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $155.52 Tot Off Area SF 0% GBA Sale Price Per Sq.Ft.NRA: Primary Heating/Pct: Package Unit 100% Sale Price Per Sq.Ft.Land Area: $16.94 Secondary Heating/Pct: Sale Price Per Room: Air Conditioning Pct: 100% Income Data: Sprinklers/Elevators: 100 0 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 55 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: Y PRIVATE DATA Bldg Ht/Avg Clear Ht: FT FT #Stories: 1.0 Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 94,470 SF Useable Land Area: SF Zoning/Land Def Cd: B-2 F Trackage/Utilities: N Land Big Ratio/Excess Land: 9.18 to One N Environmental Concern Ind: N Other Amenities: Summary Comments: 2 CRV's were recorded on this transaction($1.6 million and$600,000).3 retail buildings connected and in process of a division.This CRV is for tire business and the other CRV is for the two vacant retail spaces that front Minnetonka Blvd. New owner bought Samaritan Tire buiness 7 years ago and was leasing tire business space prior to purchase.Purchase price was determined by two appraisals,one on the space occupied by Samaritan Tire which came out to$1.6 million and another appraisal done on the remaining two vacant retail spaces and small vacant lot which came out to$600,000.Total price paid$2.2 million.Samaritan Tire occupies 10,288 sf,the other retail portion is 13,224 sf.**Division now complete-New PID for Samaritan Tire is 13-117-22-13-0167.Address and land breakdown still pending. Data submitted on this entry is for the Tire business portion only. PUBLIC********ACE********PUBLIC .T � w d PROPERTY USE: Retail Store MUNICIPALITY: MAPLE GROVE Code: 353 C RC:00 COMPLEX NAME: Rite Hardware COUNTY: HENNEPIN GBA 13208 WD ADDRESS: 13151 Weaver Lake Road PIN#: 22-119-22-13-0019 Seq#: 1 Ratio Y Comp: Y AUDITOR ID: 26247 MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1993 1993 Buyer: Maple Grove 2010 LLC Const Quality/Condition: AVERAGE AVERAGE Seller: Malger Inc. Const Class/No.of Bldgs: Masonry searing wall 1 Sale Data: Date of Sale: 11/1/10 Exterior Type/Roof Type: Brick Flat Total Purchase Price: $1'650 000 2nd Exterior Type/Roof Cvr: Tar and Gravel SIZE&USES Down Payment Amount: $0 First Floor Area/GBA: 13,208 SF 13,208 SF Other Terms: Total Floor Area/NRA: 13,208 SF TERMS Bldg Perim./Shape/Units: 462 FT Rectangle 1 No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 5.08% $1,650,000 Bsmt Area/%Fin/%: SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:Y $0 First Floor Use: retail Cash Equivalent of Real Estate: $1,650,000 First Floor SF/%: 13,208 SF 100% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: $124.92 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq.Ft.GBA: $124.92 Tot Off Area: SF 0% GBA Sale Price Per Sq.Ft.NRA: Primary Heating/Pct: Package Unit 100% Sale Price Per Sq.Ft.Land Area: $24.13 Secondary Heating/Pct: Sale Price Per Room: $1,650,000 Air Conditioning Pct: 100% Income Data: Sprinklers/Elevators: 100 Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: 60 Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: N PRIVATE DATA Bldg Ht/Avg Clear Ht: 14.0 FT 12.0 FT #Stories: 1.0 Avg.Finished Ceiling Ht: 12.0 FT Total Land Area/Topography: 68,374 SF Rolling Useable Land Area: 59,246 SF Zoning/Land Def Cd: Business F Trackage/Utilities: N All Public Land Big Ratio/Excess Land: 518 to one N Environmental Concern Ind: Other Amenities: Summary Comments: .,, Buyer purchased the real estate and the business as two separate transactions.The real estate was appraised at 1.7 million prior to purchase. The building will continue its operation as a hardware store. III I� 1:1111:11 ZIMMUZZZYMMEM= Pin#•2211922130019 Seq#:1 Subject I Property I L I — � EM d Subject Property IYI ii i i MARKET DERIVED INCOME APPROACH 2012 pay 2013 ` '...`.'..I...... '.. ..? '>7flRESS v N.... a € € 0................................... PROPERTY TYPE-C : Retail Store NET LEASES YEAR BUILT 1970 INCOME ANALYSIS GROSS BUILDING AREA 15,042 Auto Repair $32,000 RETAIL INCOME $154,588 PGI $186,588 RETAIL STORE 11,042 Auto Shop 4,000 LESS: VACANCY $18,659 EGI (before concessions) $167,929 RETAIL RATE $14.00 Auto Repair Rate $8.00 LESS: RENT CONCESSIONS $0 VACANCY ALLOWANCE 10.00% FREE RENT $0 SQUARE FEET VACANT 1,829 SQUARE FEET OCC. 12,458 EGI $167,929 %OF EGI RENT CONCESSIONS 0.00% LESS: EXPENSES $11,375 6.77% FREE RENT 0.00% LEASING $7,201 4.29% TURNOVER RATE 30.00% TENANT IMPROVEMENTS $6,857 4.08% TENANTS REMAINING 70.00% RESERVES $2,857 1.70% AV. LEASING PERIOD 5 MANAGEMENT $8,396 5.00% TOTAL EXPENSES - $36,686 21.85% .. . ..:::;:.....:... EXPENSES/SQ.FT. $6.22 NOI ........... ...... .. .....: MANAGEMENT 5.00% TENANT IMP. COST-NEW $15.00 j 4Pf A-LIZE d V-ALP, $1 g(# (}0 ......................... RENEWAL $10.00 EXPENDABLE VAL. OF TI 30.00% PER SQ.FT. GBA $89.08 RES. FOR REPLACEMENT $0.20 SQ. FT EXPENSE RATIO- 21.85% LEASE COMMISSIONS-NEW $3.50 SQ. FT LAND AREA- 56,646 RENEWAL $2.50 SQ. FT EFFECTIVE TAX RATE 4.0000% 2012 Land Value 600,000 000 8.83 QVLRT € € € 94 °J, 2012 Building Value $ 840,000 58.79 G:\SP REDS HTWssessor\2012 CIA\[Retail Stores.xlsx]Napa Market 5/4/2012 Retail StoresNapa Market ® — ® — AVERAGE TOTAL EXPENSES BY CENTER TYPE 15.0- v io.o ------ 10.05 ----------------------------- w N C Q W 5.0 R.-.-__ --------,____._____.._-_-_.------------- 6.22 ------- 3.34 3.40 0.0 CBDs Community Neighborhood Regional QUOTED NET RENTAL RATES BY CENTER TYPE 30 22.43 20 -- 20.43 a� 19.93' Of 0 15.22 c m 10 0 CBDs Community Neighborhood Regional MNCAR—AMR-2011—FINAL.indd 12 3/12/12 11:55 AM Am 2011 MARKET OVERVIEW Avg Quoted MARKET Total Universe SF Vacant SF I %Vacant i Rate($) Avg Op Exp/SF Avg Taxes/SF CBDs 1,674,692 359,786 21.5 20.43 I) 10.05 3.51 Community 18,972,629 809,756 4.3 19.93 3.34 4.73 Neighborhood 22,935,143 2,139,865 9.3 15.22 3.40 3.93 Regional 21,034,726 427,563 2.0 22.43 6.22 6.14 TOTAL MARKET 64,617,190 3,736,970 5.78 16,47 3.83 4.16 These figures do not take sublease and"shadow"space into account. NOTABLE RETAIL SALES TRANSACTIONS PROPERTY SIZE(SF) PRICE/TYPE CITY BUYER SELLER AGENTS INVOLVED Ryan Retail Portfolio 508,862 $28,300,000 Minneapolis/Adis Real Estate Investment Ryan Cos.US Inc Tom Holtz,Steven Buss and Ryan Watts of CB (S Shopping Centers) Saint Paul Trust REIT Richard Ellis represented the seller. Metro Area Fountain Place 109,513 $23,100,000 Eden Prairie Sun Life Assurance Co EP-Minn LLC No local agents involved. 8565 Fountain PI Calhoun Commons 66,150 $21,020,000 Minneapolis Regency Center Calhoun Commons LLC Joe Gerardi of Mid-America Real Estate 3040 Excelsior Blvd Corporation represented the buyer;Kelly Doran of Doran Companies represented the seller. Rockridgge Center 128,000 $20,500,000 Plymouth Columbia II Rockridge HP 3 LLC Joe Gerard!of Mid-America Real Estate 4445 Noihan Ln N Center LLC represented the buyer. The Shoppes at Arbor Lakes 85,359 $9,906,905 Maple Grove Arbor 15,LLC Opus Estates,LLC No agents involved. 7900 Main St N Brookdale Center 625,000 $7,500,000 Brooklyn Gatlin Development Co Copmark Financial Group Jim Leary,Steve Lysen and Andy McConville 1100-1347 Brookdale Mall Center of CB Richard Ellis represented the seller. Cahill Plaza 69,000 $6,600,000 Inver Grove Paster Enterprises Cahill Plaza LLC Howard Paster of Paster Enterprises 7810-7850 Cahill Ave Heights represented the buyer;Eric B'elland and Leah Truax of NodhMarq represented the seller. Jerry's Food Building 20,000 $6,160,000 Edina Vernon Properties LLC Jerry's Enterprises Inc Richard Hauser of Spectrum Development 5017 Vernon Ave S (Semper Development) Group represented the buyer;Darcy Winter of D E Winter&Associates represented the seller. Four Parcel Portfolio 25,712 $5,900,000 Bloomington Luther Automotive Group Knox Avenue Properties LLC Dick Friedrichs with Colliers International 8033 Knox Ave James Lupient I Minneapolis-St.Paul represented the 1701 American Blvd W 81 st Street Properties buyer;Joe Mahoney of N.J.Development 1600 81st St represented the seller. 1601 American Blvd W 1180 Arcade St 14,490 $5,900,000 St Paul Private family trust Unknown developer Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer MNCAR_AMR-2011_FINALindd 13 3/12/12 11:55 AM I CITY OF BROOKLYN CENTER LOCAL BOARD OF APPEAL AND EQUALIZATION 2012 Assessment APPLICATION FOR APPEAL March 23, 2012 through April 18, 2012 You must return this application by April 18, 2012, to be placed on the Agenda for the Local Board of Appeal and Equalization held April 30, 2012 at 7:00 P.M. (t pp Name(s) Ckrk - �re X41 �" p�� �uq� 41lw rl Daytime Contact Number: Property Address 20-so � ��� �S f�� �� ��� °�, /w n) Property Identification Numbers Assessor's 2012 2012 Estimated Market Value ,, 00-,oat Is your property residential, commercial or multi-family? (1hivd OG i t If you are appealing a commercial, multi-family or residential rental property you must include income and expense data for calendar year 2019 with your application. W}, ghat is the reason you are appealing your 2012 assessment? p D=C-11-}"1" i V, Q. . ?rcJcr lvvj 0k w-- C1qA' uPlr:t° 1 cane AC-,s Ao-rP When did you purcha e your home? Date of Purchase irlr L Purchase Price 1 )c,4 — e -A Did you purchase your property from a bank, as a foreclosure or short sale? &--g Has your property physically changed since the purchase? (maintenance, upgrades, remodeling or structurall.damage) Please liist' f 1 a brief description below with an estimated cost. ^'�'' pI"C)�C✓�1f'..'I,..S \ � `' M"`4 e l 4`��*/`�" �� i 1r�r ri )1 t6%C; C)a 0 _ kr,-.- rr%, gtr' 1�� ('�pe��y° �Z�t c)Ae Have you had a recent appraisal for refinancing, a purchase agreement or a market analysis by a real estate agent completed within the last year? Yes or 6 o If so, what was the determination of value? _ What do you think the market value of your property should be? f �� Please provide any documentation supporting your claim of overvaluation or erroneous classification with this application. I EXCELSIOR a The Excelsior Group City of Brooklyn Center Local Board of Appeal and Equalization Attn: Nancy Wojcik 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 RE: Valuation Appeal—Americlnn Brooklyn Center,2050 Freeway Boulevard, Brooklyn Center, MN Local Board of Appeal and Equalization, Below and attached you will find some analysis and documentation for our appeal of property valuation for the Americlnn at 2050 Freeway Blvd., Brooklyn Center, MN. We acquired the ro ert through a p p y g Deed-in-Lieu of Foreclosure earlier this year. The property has not been able to service its debt for several years and is in need of improvement to remain a functioning Americlnn. Attached is the financial information that we have for 2011 from previous owner. We only have income statement through October of 2011. • The property was no longer servicing its debt at that point. Net income for the year at end of October was$99,000. • Adding back interest(loan and mortgage expense for the year of$59,000 gets an NOI of $158,000. Capping the NOI at 12%cap rate,which is a market cap for an Americlnn in similar markets,gets a valuation of$1,316,666. Other hotels in the immediate area are valued at less per room than the Americlnn and many of them have larger sites and land area than the Americlnn. • The Super 8 is valued at$19,300 per room and has a land area of 2.43 acres • The Days Inn is valued$20,29.9 per room and has a land area of 2.1 acres • The Crowne Plaza is valued at$18,954 per room and has a land area of 6.37 acres • Our Americlnn is valued at$21,746 per room and has a land area of 1.81 acres Due to the financial condition of the prior owner,the property is in need of significant repairs and improvements to remain a functioning Americlnn. So far we have replaced 3 industrial sized hot water heaters, one elevator,and replaced 10 non function PTAC units. The roof also is in need of replacement. ® The new ownership group has spent approximately$50,000 to date of these items and estimate another$200,000 worth of improvements that are needed including the roof to stabilize the property. Due to the above income information,the comparable hotels in the area, and the condition of the property we believe a realistic value for the property is$1,500,000 or$18,000 per room. This would be in line with the other hotels in the area and reflect the substantial investment needed to continue to operate the hotel and make it profitable. We hope you will consider the above in your analysis of the property. I am available to discuss at(612)353-3316. ]'I4SONC•.G1 1-1-5 Soo +.+ Fvx 612-353-33'—y '... 1 14 55 VIKIN(;Diiwc,Sums,so EDEN Pwsniie,AdN 553,14 i l Sincerely, Chris Kennelly Vice President Brooklyn Center Hospitality, LLC 11455 Viking Drive,Suite 350 Eden Prairie, MN 55344 i i ASSESSORS REPORT A Millennium Community TO: 2012 Brooklyn Center Local Board of Appeal and Equalization RE: Chris Kennelly Broolyn Center Hospitality, LLC AmericInn 2050 Freeway Blvd Brooklyn Center, MN 55430 Mr. Kennelly submitted a written appeal at the Local Board of Appeal and Equalization on April 30, 2012. Mr. Kennelly was requesting a reduction in the 2012 estimated market value of the Americlnn from $1,805,000 to $1,500,000. Along with the appeal application, Mr. Kennelly submitted a detail accounting of the income and expense data for the property through October 2011. Mr. Kennelly set up a property review for May 2, 2012. An interior review was completed on May 2°2012 and Mr. Kennelly provided a document of ownership at the time of review. The property was acquired in February 2012, by limited warranty deed in lieu of foreclosure for approximately $950,000. An inspection was completed on the property May 2, 2012. The building structure has a first floor area of 15,102 sq. ft. and a total gross building area of 42,612 sq. ft. The property is has masonry construction interior concrete dividers between rooms for noise. The property was constructed in 1997 and is considered average construction quality. The property is primarily wood construction with a gable roof and asphalt shingles. The property owner indicates that they will need a roof replacement. The structure layout includes 83 total rooms, of which 49 are double queens and 34 are king size. Public areas include a lobby, seating area with fireplace, breakfast area with seating and meeting room. The swimming area includes a pool, hot tub, sauna and changing bathroom. The property has a laundry area, maintenance rooms, two elevators and 3 stairwells. The main stairwell is balconied open to the first floor area. Both pool and lobby areas are vaulted. 24 units include balconies. There are 96 parking stalls on site. The property appears in average condition. All Furniture and fixtures appear to be original. Included with this report is a market analysis of two Americlnn hotel sales. There were no local open market hotel sales in the local area. The sales indicate a price per square foot but are relatively high compared to the competitive market in the local cities. The Americlnn property is considered a mid-scale class hotel. Currently the Americlnn is competing with the competitive rates of the local budget class hotels. A revised income approach was calculated using the information provided by Mr. Kennelly and the reported lodging tax. The income approach indicated a value of $1,640,000, or $19,759 per unit. Mr. Kennelly indicated the repairs that were done 6301 Shingle Creek Parkway Recreation and Community Center Phone&TDD Number Brooklyn Center, MN 55430-2199 (763)569-3400 City Hall& TDD Number(763)569-3300 Fax(763)569-3434 Fax(763)569-3494 w iviv.cityo fbrooklyncenter.org i since taking possession and that the roof will need replacement. It was noted that the furnishings are in need of replacement, and appear to be average at best. It is the Assessor's recommendation to reduce the adjusted income approach by the cost of required improvements needed to the property. It is my recommendation to reduce the 2012 estimated market value of$1,805,000 to $1,500,000 for taxes payable in 2013. Respectfully, l lWelk,Nancy SAM City Assessor II i City of i BROOKLYN CENTER 2012 Local Board of Appeal and Equalization Brooklyn Center Hospitality LLC 2050 Freeway Blvd 35-119-21-13-0021 ii2i j! I I M1 v f �Y r„r =`w 2012 Assessed Value: $1580500 Recommendation: Reduction to $1,500,000 This report is not an appraisal as defined in M.S §828.02(subd.3)nor does it comply with the Uniform Standards of Professional Appraisal Practice. It is intended to be used as a reference only and any use other than its intended use is prohibited and unlawful The author does not represent this to bean appraisal and is not responsible for any inappropriate use. It is a report of public records using a mass appraisal technique. City of Broom Center a7Assessing Department 2012 Local Board of Appeal and Equalization Staff Report Brooklyn Center Hospitality LLC Property Owner(s)� "Y'Address 2050 Freeway Blvd PID 35-119-21-13-0021 Market Yalne Assessment Year 2012 $1,805,000 Assessment Year 2011 $1,984,000 Assessment Year 2010 $2,000,000 July 5, 2006 - 4,000,000 (01 - Warranty Deed) Deed in lieu of foreclosure Comments An inspection was ocmpleted on the property May 2, 2012. The building structure has a first floor area of 15,102 sq. ft. and a total gross building area of 42,612 sq. ft. The property is has masonry construction interior concrete dividers between rooms for noise. The property was constructed in 1997 and is considered average construction quality. The property is primarily wood construction with a gable roof and asphalt shingles. The property owner indicates that they will need a roof replacement. The structure layout includes 83 total rooms, of which 49 are double queens and 34 are king size. Public areas include a lobby, seating area with fireplace, breakfast area with seating and meeting room. The swimming area includes a pool, hot tub, sauna and changing bathroom. The property has a laundry area, maintenace rooms, two elevators and 3 stairwells. The main stairwell is balconied open to the first floor area. Both pool and lobby areas are vaulted. 24 units include balconies. There are 96 parking stalls on site. The property appears in average condition. All Furniture and fixtures appear to be original. Assessor Recommendation Reduction to $1,500,000 Appraiser Last Inspection Date:' Nancy Wojcik May 2, 2012 2012 Board of Appeal and Equalization Brooklyn Center Hospitality LLC Subject Data Summary PID#: 35-119-21-13-0021 Buildings on File: Property Name: Americlnn Property Address: 2050 Freeway Blvd Brooklyn Center,MN 55430 Multiple Address: No Lot/Block: 000/000 Addition: Registered Land Survey No 1690 Legal(120): TRACT A Owner(s): Property Classification: Commercial 2012 EMV: 1,805,000 2011 EMV: 1,984,000 2010 EMV: 2,000,000 EMV/GBA: 42.36 Lot Size: 71,260 Sq.Ft. 1.65 Acres Zoning: PUD/I I Gross Office Area Percent: Building Use: 343 -Motel/100% #Stories: 4 Avg Story Height: 9 Avg Clear Height: 8 Actual Year Built: 1997 Effective Year Built: 1998 Renovated Year: First Floor Area: 15,102 Gross Building Area: 42,612 Basement: No Parking: Parking-Surface 2012 Board of Appeal and Equalization Brooklyn Center Hospitality LLC Commercial Field Card Property Address:- 2050 Freeway Blvd Zoning: PUD/I1 Lot/Block: 000/000 Addition: Registered Land Survey No 1690 Owner(s): Brooklyn Center Hospitality LLC Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0286 - Land $uildtn";Detail ; , _BBSCnlent' Yi s i „sr x Tneome InfOrmfltiOl[ a; vu. �,uu�:_�,..� ..:i - Zoning: PUD/Il Name: AmericInn Ba§ement,Basies Gross Income: Area Rating: Very Good Quality: Area(SgFt):� Vacancy Percent: Site Rating: Good peal Construction(%): Basement Area Percent: Effective Gross Income: Land Quality: A01-Land Bsmt.Use Code: - Operating Expense: Overall Quality: Contamination: Net Income: i Architectural Appeal: Average Bsmt.Use Code Suffix: Flood Plain Map Ref: ffi Capitalization Rate: PUD Ref: Construction Quality: Good Elevator(s): 2 Gross Rent Multiplier: Construction Type: Masonry Allowable Units: Mechanicals Rent/Square Feet: Building Condition: Average Excess Land(SgFt): " - Security System: Y Zoning ariance: N Walls and Roof Electrical Service: Average tY Y g Plumbing: Average t'Sale cfi i Frontage: 141 Primary Exterior Walls. Wood Sprinkler Type/Percent: Yes/100 Leg' Left Side: Secondary Exterior Walls: Date: 07/0_`/2006 Heating (TypelPercent) Rear Side Roof Construction: Wood Price: $4,O66,000 Right Side: Roof Type: Gable Heating 1: HVAC/90 Code: 00 Effective Width: Roof Cover: Asphalt Shingles Heating 2: Forced Air/10 Desc: Good Sale Effective Depth: 410 yP a. Heating 3: / Use Codes T e, Suffla Effective Water: 0 Air Cond: (Type/Percent) Last;Insp-echon 4 A v y " Property Area(SgFt): 71,260 Code 1: 343-Motel 100 " A/C 1: Wall/90 Appraiser ID: 11 Acreage: 1.65 C6de2i - 0 A/C 2: Central/10 Appraisal Date: 05/0<'/2012 Park: Code 3 - 0 A/C 3 / Reason: ,,, I Park Quality: 64e4 - 0 Totals' , ' Result:Iptenor On Lake: Lake Quality: Deprecation and Age Buildtng Areas Current rnspeet�on On River: Functional%: Actual Age: 1997 First Floor Area. 15,1024 River Quality: Economic%: Effective Age: 1998 Gross Building Area: 42,612 Appraiser ID: Landscape Quality: Physical% Renovated Age i r , Net Rentable Area: 25,089 Appraisal Date: Bttld►ngMieeflaneonsi IWu,1h ela,r ,} Attributes Mezzanine Area: Buried Electric Garages and PaAd Reason: Total Floor Area: 42,612 Curbs Type Spaces Area Rental$ Gas Type 1: Parking-Surface 96 32,000 Building Ratios and Perimeter � I Result: Irregular Shape r ` 2 Land Building Percent: 167.2 YL?e Floor Area Percent: 59.8 Left Tag: Yes/No Paved Street Type 3:` Perimeter Length: 686 Sewer Available Office Area: Flat Value r'�° '`i Sidewalk Type 4: " Water Available Type S: Gross Office Area Percent: Value: Net Office Area Percent: Desc: Pools Number Type Comments ' Influences 1 Indoor Building started 1998,1,872 SF Balconies serve 24 Rooms,6 Suites,5-handicap rooms,9 Rooms W/Whirlpol. Pool area includes aggregate concrete floor with Hot Tub,Swimming Pool,Sauna and 1 unisex changing restoom. Building Heights Beakfast area,&hospitality area,meeting room available.2 Elevators,Exercise Rm,Operable Windows,Concrete partywalls and floors for minimal noise. 1,600 amp electric.Vaulted ceiling in pool and lobby.Lobby include Average Story Height: 9.0 ample seating and Fieldstone gas fplc.Two line phones w/data ports.Rooms in average condition,original decor Number of Stories: 4.0 and FFE.Open stairwell in lobby with 2nd flr balcony over receiptionist area. Vending for beverages contracEed, Average Clearance Height: 8.0 food vending handled by hotel. 3 total stairwells,at lobby,bldg center,and bldg end.Qty 2 -1/2 baths off la by Finished Ceiling Height: 8.0 M&F.49 Dble Qns and 34 Kings.83 total rooms. Miscellaneous ate..,. ._ , - �_ • n.,_ Income/Lease: Tenant: L rrupeny type: k.-%,uumicrWai Commercial Field Card Property Address: 2050 Freeway Blvd Zoning: PUD/I1 Lot/Block: 000/000 Addition: Registered Land Survey No 1690 Owner(s): Brooklyn Center Hospitality LLC Printed: 5/4/2012 District: Assessment Year: 2012 Neighborhood: 0011 Project(s): Version: 1 Watershed: 14 Building: 1 School District: 0286 �I i Sketch Availamble ipli it 14 yr TG Srlra� L-1 16d9 6A/# 0 Scn. $ '0 Te-,tom �J 660 �MlP (�ai� Dr(aP // pa C7E J-6 S/acC/rq Srr;rS �r/-al��r �,Gur/ 1 Gam vf� Gpa7 6 /L4 QrL�of LI/lX j ) Cain j W w 7 l 7� 006 M13H 9 9 EE/Z x/60 volf (/0� X5'0 17A MBH 3.0oo CFIi /UD( I\Uoe�rS l.?�000 /3/ I4 roaliu5 /y yvd 87 //�o� , lu5 ��® 12 b�cal-r,(r —,r/s v VO/� 51�^ Or /0 Cvo�,� l5 � c,,,4.� �ar v�ogsp/i�4 l3, / 6 S��NYr 47 00) Em �/Vc c,v� /eC�YiC LOf{I�S' /Y) ),Ur5� V l/C F 111 0 / oYr�. 0f 011w� y 0' _TL1 c,ro"") / / S�<uvi�y Cpw Ptras w�, .rl Ica/ I //f Ll; -/ �sllp� 5�0'v, /Gu/� -( Lam/ / / vc(t' /td CP////I�/�j$ (g% , / r6 Fie / �Gr¢StTONP C tj co(f'- °� �tlavllCd AU 4f' 6`1 57ve-V cv"rr'lr /0,4 �YaNSfn �6f"/ Up U / VL//! -F r/O-, 0&,r a9 - lr7/Cllgr C,dav lWa1IS a661vc- l a $ PaTiu- G,�'P)s/ SrCUY;T/ CaL"pfc, (I) TVf sue./". pat -' /C. �p �1 - 7.0,5. of tjrPOLc/SVS aliaidov/ LVo i' / Ur Pu wy Vl 'Y/ / //P �'/vor ear YOefJ crrek P1.1P''roea, ov 1vvasGr�'S cc J s-C la �vd ds. dry Prs ------------ TS-r-91 L) jA �7 C IT Ko az o ol eoo- Vl� lip" 3H 070 VV V1 eel;n7 1'('v ,J03 17 WO 3 (ctc- m u T F q50 s VJ p,,4 Ob�y 4 B m �vf TOY /sf Flo,, L— -4 694 41;' 7 6 to a 7, 13 AIR4 ?7 S blo,b wo t/,,, L,/)wee� 11 1 r43, TF,4 iljj �/;, I 45 36 is FIVo 1 pvc, (2 W P 5- )ZOO P "Icyir5 3 7/pc Al WoOd 6/v� left" 6,41-e Y-00 -�– c')"t, wood Truss t, 3 Ll rook45 w T DO 11 3 2' ulabon AAA T"Fr KA T111 ve4 *r re )54 Flood 77p L 2 Type 12 v 0 1) Tyr ev� JJQ7/73 x 50 g, 0 3 A )�40 50 P tv , > Y 'K 0 to.d f- / R / 6 Z 50-Ir qoj 100 R S 7,7 0 32; C4SC14lItS, M-01 20 5, sq6 --------------- I ¢� I i� A77 - - -� i LLt i ro HYIW 'S• 'bl �G.� iT,' �I I_—H•—�N�H*`":Hi-"�H * �N'T"H�H" NCH * N�N� H�N �Mt.N *�H•*._"HI •"H N � H N N NON � to !��,N�/,N� H � " •I 1 I I I I I I I I -�-:a-�- I I N Nei" 71; _ I III Ikl I 1 �r a II e i e I e el. el e ( el el `=' o e "� � �- le I• le le Is ie le le le le le el I •:,,,'�� ,� 1t *491 �R YR1T .'H' H �:H-�.N N'�-ii-*+l H_ -H i/_._i.1-�:M' H.j,H N-�N. -N N, H i.N�'=,N :�Nr N�'N _►I_�N.�N�' TT T I � J v 1 m m h L� III m ImI ' 1� a ` 2 �f G < m o _ o Report Name: Images (City of Brooklyn Center Printed: 5/4/2012 Pin. zs..ii4_�i_i�_nmi -- -- Property Images i� rr fi P - 2 Report Name: Images Printed: 5/4/2012 City of Brooklyn Center Property Images a - ��4 - a._ - •--flf7- 7 _.= 1cfiY-I-s rr..--__. r _ 1 7 - I j 1 P f i i i i Report Name: Images City of Br ooW n (Center Printed: 5/4/2012 PID. ;5-119-?1-1 i-MJ1 Property Images i z - g I wo-J �J i r Report Name: lmaQ es Printed: 5/4/2012 �r p. City o Brookiyn Center Property Images a � .. toy Y _ '•'c� 4 1 -'jI I = i L r i i� Subject Comparable Hotel Sales 112/2012 Assessment Americlnn Motel& Americlnn Motel& Americlnn Motel& Name: Suites Suites Suites 2050 Freeway Blvd 3430 Northdale Blvd 1800 210 Dr. Address: Brooklyn Center Andover Wahpeton,ND Year of Construction: 1997 1998 1995 Condition: Average Average Average Total Number of Units: 83 53 45 Quality: Average Average Average Indoor Pool Breakfast Indoor Pool Breakfast Amenities: Area Area Suites,Pool&Hot Tub Gross Building Area: 42,612 26,614 21,576 Avg.Unit Size (GBA/#of Units) 513 sq.ft. 502 479 Land Area: 80,498 68,500 N/A Sale Date(Date of Deed): 6/11/2010 5/11/2010 Sale Price: $1,997,000 $1,250,000 Cash Equivalent: $1,997,000 $1,250,000 CE Price Per Sq.Ft.: $75.04 $57.93 CE Price Per Unit: $37,679 $27,778 Adjustments: Personal Prop,Per Unit Adj: 0 deducted $2,500 CE Price/Unit for R.E.: $37,679 $25,278 Appraisal Done: Comments: Per Buyer$218,000 Sold in Conjunction was paid for FFE over with a Holiday Inn& and above Sale Price Suites. This is the of$1,997,000. above amount Americlnn requires allocated to the $350,000 invested for Americlnn. deficiencies in the property. I PROPERTY USE: Hotel MUNICIPALITY: ANDOVER Code: 332 RC:00 COMPLEX NAME: AmericInn COUNTY:ANOKA GBA 26614 WD HI7l7FZ5S4I(1"°Norchdaie filed` ` – tIN#:05 31 2 t t""s X3043— Seq'#: 1 ratio`r' - Grii�r., AUDITOR ID: MULTI PID: N COMMUNITY: NBRHOOD: PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1998 1998 Buyer: N/A Const Quality/Condition: AVERAGE AVERAGE Seller: Coon Rapids Lodge LLC Const Class/No.of Bldgs: wo or Steel stud Frm 1 Sale Data: Date of Sale: 6/11/10 Exterior Type/Roof Type: Brick Gable Total Purchase Price: $1,997,000 2nd Exterior Type/Roof Cvr: Down Payment Amount: $430,000 SIZE&USES First Floor Area/GBA: 15,354 SF 26,614 SF Other Terms: Total Floor Area/NRA: SF TERMS Bldg Perim./Shape/Units: FT No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 5.95% $1,997,000 Bsmt Area/%Fin/W 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $0 Bsmt Fin/W SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: Cash Equivalent of Real Estate: $1,997,000 First Floor SF/W 15,354 SF 58% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq. Ft.GBA: $75.04 Tot Off Area: SF 0% GBA Sale Price Per Sq. Ft.NRA: Primary Heating/Pct: Electric 100% Sale Price Per Sq.Ft.Land Area: $29.15 Secondary Heating/Pct: Sale Price Per Room: Air Conditioning Pct: 100% Income Data: Sprinklers/Elevators: Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Rent Schedule: Multiple Tenancy: PRIVATE DATA Bldg Ht/Avg Clear Ht: FT 9.0 FT #Stories: Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 68,500 SF Useable Land Area: 68,500 SF Zoning/Land Def Cd: c/i F Trackage/Utilities: N Land Big Ratio/Excess Land: 2.57 to One N Environmental Concern Ind: Other Amenities: Summary Comments: Property originally listed in September of 2009 for$2,950,000,53 room AmericInn.New 20 year franchise agreement.Buyer place 20%and utlized a SBA loan for financing.$350,000 capital requirement to bring deficiencies up to AmericInn standards. (THE$1,997,000 IS FROM THE CRV)Per buyer$218,000 was paid for the per property"FFE"He paid that above and over the RE sale price of$1,997,000. PROPERTY USE: Hotel MUNICIPALITY: NON METRO MUNIC Code: 332 RC:00 COMPLEX NAME: AmericInn COUNTY: NON METRO GBA 21576 WD AI7Dlie5s =i60 2i0 uw 1rJ'#: G2550i557645 Socj 1 natir, Iv" Cct ifi -Y AUDITOR ID: MULTI PID: N COMMUNITY: NBRHOOD: 1-711 El 4 PROPERTY DESCRIPTION MARKET DATA Year Built/Effective Year Built: 1995 1995 Buyer: S&S Hospitality of North Dakota Const Quality/Condition: AVERAGE AVERAGE Seller: M-R Properties,Inc Const Class/No.of Bldgs: WD or steel stud Frm Sale Data: Date of Sale: 5/11/10 Exterior Type/Roof Type: Steel Gable 2nd Exterior Type/Roof Cvr: Total Purchase Price: $1,250,000 Down Payment Amount: $0 SIZE&USES First Floor Area/GBA: SF 21,576 SF Other Terms: Total Floor Area/NRA: SF TERMS Bldg Perim./Shape/Units: FT No Data Available Mezzanine Area/Use: SF Cash Equivalent Price: 6.20% $1,200,000 Bsmt Area/%Fin/%: 0 SF 0% 0% GBA Cash Equivalent Adj: Bsmt Use: LESS: Personal Property: $50,000 Bsmt Fin/%: SF 0% GBA PLUS:Special Assessments: Ind:N $0 First Floor Use: Cash Equivalent of Real Estate: $1,150,000 First Floor SF/%: SF 0% GBA 2nd+Floor Use: Sale Analysis: Sale Price Per Sq.Ft.TFA: 2nd+Floor SF/%: SF 0% GBA Sale Price Per Sq.Ft.GBA: $53.30 Tot Off Area: SF 0% GBA Sale Price Per Sq.Ft.NRA: Primary Heating/Pct: Electric 100% Sale Price Per Sq.Ft.Land Area: $1,150,000.00 Secondary Heating/Pct: Sale Price Per Room: Air Conditioning Pct: Sprinklers/Elevators: 100 Income Data: Garage/Ramp Spaces: PRIVATE DATA Surface Parking Space: Parking Surface Type: Asphalt Rent Schedule: Multiple Tenancy: PRIVATE DATA Bldg Ht/Avg Clear Ht: FT FT j #Stories: Avg. Finished Ceiling Ht: FT Total Land Area/Topography: 1 SF Useable Land Area: SF Zoning/Land Def Cd: c/i F Trackage/Utilities: N Land Big Ratio/Excess Land: 0.00 to one N Environmental Concern Ind: Other Amenities: Summary Comments: AmericInn located in Wahpeton,ND,Marketed for 2 years,sold in conjunction with a Hosipitality Inn&Suites. 2/3 of FF&E required replacement after purchase. Seller said the AmericInn always filled up first and HIS received all of the overflow patrons. 45 total rooms. Total purchase price for 2 hotels is$2,400,000 with above amount allocated to the AmericInn. $150k toward overall purchase financed by seller,rest was financed by Bremer with a USDA rural development loan. I HOTELS/MOTELS Brooklyn Center, Minnesota L:B 2012 Unit # LOCATION AREAS Ratio 2012 EMV Values 2011 EMV 2011 Unit Values 2010 EMV 1 Americlnn Land' 80,497 1.89 Land $670,000 $8.32 [n Land $670,000 $6.32 In 2050 Freeway Blvd GBA 42,612 Building $1,135,000 $26.64 [n Building $1,314,000 $30.84 35-119-21.13-0021 Rooms 83 Total $1,805,000 42.36 [n Total $1,984,000 992.99 Age 1998 Change -9.0% $21,747 Rm Change -0.8% $23,904 Rm Sold 712006$4,000,000 Sale CE$3,688,750 ��=tea�Sfi�°tLRBttn-',>3 2 Super 8 Land 104,085 2.84 Land $845,000 $6.12 In Land $845,000 $8.12 In Land $885,000 6445 James Circle GBA 36,696 Building $1,101,000 $30.00 In Building $1,101,000 $30.00 In Building $1,061,000 35-119.21-42.0006 Rooms 102 $1,946,000 53.03 In Total $1,946,000 982.83 [/] $1,946,000 Age 1980 Change 0.0% $19,078 Rm'- Change 0.0% $19,078 Rm Change -23.3% Sold 4115/09 CE$2,009,500 CE 3 Days Inn Land 91,935 2.38 Land $745,000 $8.10 [/1 Land $745,000 $8.10 In Land $790,000 6415 James Circle North GBA 38,700 Building $1,095,000 $28.29 [n Building $1,025,000 $26.49 In Building $1,035,000 35-119-21-42-0011 Rooms 92 Total $1,840,000 47.55 [n Total $1,770,000 893.94 [/] Total $1,825,000 Age 1980 Change 4.0% $20,000 Rm i Change -3.0% $19,239 Rm' Change -2.0% Sold 12/2007-$2,225,000+CE$1;853,000 4 Comfort Inn Land 47,681 Land $410,000 8.60 [n Land $410,000 $8.60 [/] Land $420,000 1600 James Circle North GBA 27,504 Building $983,000 $35.74 [/] Building $1,003,000 $36.47 In Building $993,000 35-119-21.41-0015 Rooms 60 Total $1,393,000 50.65 [n Total $1,413,000 708.27 1/1 Total $1,413,000 Age 1995 Change -1.4% $23,217 = Rm Change 0.0% $23,550 Rm l Change -25.2% 5 Crowne Plaza Land 264,528 2.15 Land $2,036,600 $7.70 2200 Freeway Blvd GBA 123,069 Building $1,300,000 $10.56 35-119.21-13.0012 Rooms 176 Total $3,336,600 27.11 In Age 1985 Change 0.0% $18,958 Rmg Sold 1012004$5,050,000 Stipped 08,09,10 asmt Includes Antenna Lease SR 2 $78,400 7 00 2011-38.6%increase in Lodging Tax Total $3,415,000 w i 00- 6 Country Inn Land 231,000 7.77 Land $932,600 $4.04 [/[ Land $932,600 $4.04 [n Land $1,035,000 2550 Freeway Blvd. GBA 29,736 Building $1,350,000 $45.40 [n Building $1,350,000 $45.40 [/] Building $1,023,000 35-119-21-24-0008 Rooms 85 Total $2,282,600 76.76 [/] Total $2,282,600 1,143.01 [n Total $2,058,000 Age 1997 Change 0.0% $26,854 Rm! Change -16.6% $26,854 Rm Change -24.6% Sold 1112005 CE$3,792,500 Useable Land 100,320 SR 2 102400 w/Antenna SR 2 102400 w/Antenna TAX STIP I Tax Pet.08p09,09pl0 Total $2,385,000 $28,059 Rm ?Total $2,385,000 $28,059 Rm 7 Motel Land 100,016 2.42 Land $800,000 $8.00 [n Land $800,000 $8.00 1/1 Land $850,000 2741 Freeway Blvd GBA 41,412 Building $1,654,000 $39.94 [/] Building $1,654,000 $39.94 In Building $1,604,000 35-119-21-23-0087 Rooms 127 Total $2,454,000 59.26 [/] Total $2,454,000 1,227.00 In Total $2,454,000 Age 2000 Change 0.0% $19,323 Rm`; Change 0.0% $19,323 Rm' Change 214% Tax Court Pet 08p09,09p10 TC STIP TC STIP - 8 Extended Stay America Land 116,970 2.57 Land $700,000 $5.98 In Land $700,000 $5.98 In Land $792,600 2701 Freeway Blvd GBA 45,450 Building $1,869,000 $41.12 In Building $1,830,000 $40.26 In Building $2,201,000 35-119.21-23.0088 Rooms 104 Total $2,569,000 56.52 In Total $2,530,000 1,265.63 1/1 Total $2,993,600 Sold 7/1112005 CE$3,630,000 f Age 1999 Change 1.5% $24,702 Rm< Change -15.5% $24,327 Rm! Change -17.9% Useable 87,077 Land 9 Embassy Suites Land 177,781 Land $1,475,000 $8.30 In Land $1,475,000 $8.30 In Land $1,475,000 6300 Earle Brown Dr. GBA 164,335 Building $5,282,500 $32.14 In Building $4,800,000 $29.21 In Building $5,482,500 35.119-2143.0018 Rooms 175 Total $6,757,500 41.12 in Total $6,275,000 3,125.00 In Total $6,957,500 11/2000$1,075,000 Age 2008 Change 7.7% $38,614 Rm Change -9.8%i $35,857 Rm Change -17.1% Govt.Entity Land Sale Delinq,On`Mortg.Pymts Dec&' Improv $800,000 TOTALS Useable 1,214,493 Land $8,795,000 $7.24 [n Land $8,795,000 $7.24 In Land $9,046,600 and GBA 549,614 Building $15,769,500 $28.70 [n Building $15,377,000 $27.98 In Building $16,200,500 AVERAGES #Rms 1,004 Total $24,564,500 44.70 [n Total $24,172,000 43.99 [n Total $25,247,100 Change 1.6% $24,466.63 Rm Change -6.4% $24,075.70 Rm Change -22.0% excluding Improv 0 excluding Improv excluding Imp- II 5/4/2012 HOTELS/MOTELS Brooklyn Center, Minnesota L:B 2012 Unit ' # LOCATION AREAS Ratio 2012 EMV Values 2011 EMV 2011 Unit Values 2010 EMV 1 Americlnn Land 80,497 1.89 Land $670,000 $8.32 [/J Land $670,000 $8.32 [/] 2050 Freeway Blvd GBA 42,612 Building $970,000 $22.76 [Q Building $1,314,000 $30.84 35-119-21-13-0021 Rooms 83 Total $1,640,000 38.49 in Total $1,984,000 992.99 [/J ata�2000000 Age 1998 Change -17.3% $19,759 Rm Change -0.8% $23904 Rm Sold 7 12006$4,000,000 .'Sale CE$3,888,750 ��ax Stip a, enra Go,4 2 Super 8 Land 104,085 2.84 Land $845,000 $8.12 In Land $845,000 $8.12 In Land $885,000 6445 James Circle GBA 36,696 Building $1,101,000 $30.00 In Building $1,101,000 $30.00 In Building $1,061,000 35-119-21-42-0006 Rooms 102 $1,946,000 53.03 In Total $1,946,000 982.83 [/J $1,946,000 Age 1980 Change 0.0% $19,078 Rm: Change 0.0% $19;078 Rm" Change -23.3% Sold 4115109 CE$2,009,500 CE 3 Days Inn Land 91,935 2.38 Land $745,000 $8.10 In Land $745,000 $8.10 In Land $790,000 6415 James Circle North GBA 38,700 Building $1,095,000 $28.29 In Building $1,025,000 $26.49 In Building $1,035,000 35-119-21-42-0011 Rooms 92 Total $1,840,000 47.55 In Total $1,770,000 893.94 [Q Total $1,825,000 Age 1980 Change 4.0% $20,000 Rm Change -3.0% $18;239 Rm+ Change -2.0% Sold 12/2007 $2,225,000 CE$1,853,000 4 Comfort Inn Land 47,681 Land $410,000 8.60 [Q Land $410,000 $8.60 In Land $420,000 1600 James Circle North GBA 27,504 Building $983,000 $35.74 [!J Building $1,003,000 $36.47 In Building $993,000 35-119.21-41-0015 Rooms 60 Total $1,393,000 50.65 [/J Total $1,413,000 708.27 In Total $1,413,000 Age 1995 Change -1.4% $23,217 Rm Change 0.0% $23;550 Rm': Change -25.2% 5 Crowne Plaza Land 264,528 2.15 Land $2,036,600 $7.70 [Q NWPd $2�,036�A�D� �I9 aL'att�r 2y�00 2200 Freeway Blvd GBA 123,069 Building $1,300,000 $10.56 [Q g4 ;'3Nd �jj ojd g ` 485'b�w 35-119-21-13.0012 Rooms 176 Total $3,336,600 27.11 [Q �Tdt333 6 - 0 1 X4500 0 r- Age 1985 Change 0.0% $18,958 Rm aSgQ G 0q , ° Sold 1012004$5,050,000 Stipped 08,09,10 asmt ;Includes Antenna Lease SR 2 $78,400 2011 38.6%increase in Lodging Tax Total $3,415,000 y (oa1 x$3,4;5,OOD ,a 6 Country Inn Land 231,000 7.77 Land $932,600 $4.04 [/j Land $932,600 $4.04 in Land $1,035,000 2550 Freeway Blvd. GBA 29,736 Building $1,350,000 $45.40 [/J Building $1,350,000 $45.40 In Building $1,023,000 35-119-21-24-0008 Rooms 85 Total $2,282,600 76.76 In Total $2,282,600 1,143.01 In Total $2,058,000 Age 1997 Change 0.0% $26,854 Rm Change -16.6% $26,854 Rm Change -24.6% Sold 11/2005 CE$3,792,500 Useable Land 100,320 SR 2 102400 w/Antenna SR 2 102400 w/Antenna TAX STIP Tax Pet.08p09,09pl0 Total $2,385,000 $28,059 Rm Total $2,385,000 $28;059 Rm 7 Motel Land 100,016 2.42 Land $800,000 $8,00 In Land $800,000 $8.00 In Land $850,000 2741 Freeway Blvd GBA 41,412 Building $1,654,000 $39.94 [n Building $1,654,000 $39.94 In Building $1,604,000 35.119-21-23-0087 Rooms 127 Total $2,454,000 59.26 [Q Total $2,454,000 1,227.00 In Total $2,454,000 Age 2000 Change 0.0% $19,323 Rm` Change 0.0% $19,323 Rat Change -21.4% Tax Court Pet 08p09,09p1 0!i TC STIP TC STIP 8 Extended Stay America Land 116,970 2.57 Land $700,000 $5.98 In Land $700,000 $5.98 p] Land $792,600 2701 Freeway Blvd GBA 45,450 Building $1,869,000 $41.12 In Building $1,830,000 $40.26 In Building $2,201,000 35-119-21-23-0088 Rooms 104 Total $2,569,000 56.52 In Total $2,530,000 1,265.63 In Total $2,993,600 Sold 711112005 CE$3,630,000`.Age 1999 Change 1.5% :'.$24,702 Rm°. Change -15.5% $24;327 Rm': Change -17.9% Useable 87,077 Land 9 Embassy Suites Land 177,781 Land $1,475,000 $8.30 [Q Land $1,475,000 $8.30 In Land $1,475,000 6300 Earle Brown Dr. GBA 164,335 Building $5,282,500 $32.14 [Q Building $4,800,000 $29.21 In Building $5,482,500 35-119-21-43.0018 Rooms 175 Total $6,757,500 41.12 [Q Total $6,275,000 3,125.00 In Total $6,957,500 11/2000$1,075,000 Age 2008 Change 7.7% $38,614 Rm Change -9.8% $35,857 Rm + Change -17.1% Govt.Entity Land Sale Delinq.On Mortg.Pymts Dec&' Improv $800,000 TOTALS Useable 1,214,493 Land $8,795,000 $7.24 In Land $8,795,000 $7.24 In Land $9,046,600 and GBA 549,514 Building $15,604,500 $28.40 [/j Building $15,377,000 $27.98 In Building $16,200,500 AVERAGES #Rms 1,004 Total $24,399,500 44.40 In Total $24,172,000 43.99 In Total $25,247,100 Change 0.9% $24,302.29 ! Rm'; Change 6.4% $24,075.70 Rm! Change 22.0% G---12 ,mo o+ excluding Improv 0 excluding Improv excluding Improv 5/4/2012