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Insight Realty Advisors, Inc. December 23, 2016 <br /> 275 East 4th Street, Suite 325 <br /> St. Paul, MN 55101 <br /> Phone: 651-983-2408 <br /> Email: tony.lesicka@insightrealtyadvisors.com <br /> Mr. Patrick Brama <br /> City of Ramsey <br /> 7550 Sunwood Drive NW <br /> Ramsey, MN 55303 <br /> RE: Appraisal of the Former Shell Gas Station/Retail Property located at 6401 Highway 10, <br /> Ramsey, Anoka County, MN 55303 <br /> Insight File Number: 2016-491 <br /> Dear Mr. Brama, <br /> In accordance with your request, we are pleased to submit the accompanying appraisal of the <br /> Former Shell Gas Station/Retail Property located at 6401 Highway 10, Ramsey, Anoka County, <br /> MN 55303. The purpose of the appraisal is to estimate the 'as-is', 'as-completed' and 'as- <br /> stabilized' market values of the subject property. The client for the assignment is City of Ramsey <br /> and the intended use is for assistance in determining a purchase price. City of Ramsey, the State <br /> of MN, the MN Department of Transportation, the Metropolitan Council, and the current <br /> property owners(Series Sunfish of Athans Holdings, Inc.) are the intended users of this appraisal; <br /> the report was prepared for their exclusive use and is not intended for use by any other party. <br /> The subject property is a single existing building, originally constructed and most recently used <br /> as a gas station/car wash with a small restaurant space. The building contains a total of 8,998 <br /> square feet of Gross Building Area (GBA) and Net Rentable Area (NRA), which includes the gas <br /> station, car wash and restaurant space. The improvements were originally constructed in 2003. <br /> The subject is currently 100%vacant, and while the fuel pumps have been removed, the canopy <br /> and underground fuel tanks are still present on the site. The site area of the subject parcel is 1.65 <br /> acres (or 71,996 SF), and has above average visibility, but poor access. Access was changed in <br /> conjunction with a road improvement project of US Highway 10 and Sunfish Lake Boulevard, circa <br /> 2007/2008, whereby access to the site is now provided only by right-in, right-out along <br /> northbound US Highway 10 and southbound Sunfish Lake Boulevard. The site is zoned H1 - <br /> 31 <br />