Agenda - Council - 04/09/2019 - Laserfiche WebLink

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CITY & NEIGHBORHOOD DESCRIPTION Type of neighborhood: Outlying Suburban Northwestern Community Percent built-up: 50% developed (within city limits) Stage of Development: Stable with growth Neighborhood boundaries: City Limits Redevelopment Some new development and updating are occurring Major Transportation: Highway 10 & Highway 169 Predominant type & conformity: Single Family Residential 35% Two- & Multi -Family 5% Commercial/Industrial 10% Other/Vacant/Public Land 50% Total: 100% Average conformity. Reputation of the area: Average Typical property age: New to 75+ years, predominant under 40 years Single -Family Home Sales: $175,000 to $400,000+ Apartment Sales: $35,000 to $80,000+ per unit Office Property Sales: $50 to $125+ per SF Retail Property Sales: $75 to $200+ per SF Industrial Property Sales: $40 to $80+ per SF Capitalization Rates: 7-10% Historic Subject Market: Stable, some growth Neighborhood Trend: Stable, some growth Detrimental influences: No major apparent Area / City: The City of Ramsey is located approximately 29 miles northwest of Downtown Minneapolis. The city was named for Alexander Ramsey, the first Territorial Governor of Minnesota. Access to the TCMA and surrounding communities is convenient via Highways 10 and 169. Commercial properties primarily front along Highway 10, but are scattered throughout the rest of the city near busy intersections. Ramsey has a reputation as a stable community, with shopping and major commerce nearby. Access to Downtown Minneapolis/St. Paul and surrounding communities is average. There are no apparent adverse influences. Neighborhood: The subject is located along the Highway 10 corridor in an area of highway commercial, vacant land, and residential uses.