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MARKET CONDITIONS OVERVIEW <br />Market Conditions Overview is based on conversations with market participants, articles, publications and <br />data. Listed below are pertinent conditions of the subject market. <br />Current Market <br />Location GBA (SF) Age List Current $/SF <br />Date List Price <br />6750 Highway 10 NW <br />Ramsey <br />2,400 <br />n/a <br />Nov-17 <br />$595,000 <br />$247.92 <br />Comments: Former boat dealership for <br />available sale. <br />31310 125th Street 3,888 n/a May-17 $529,000 $136.06 <br />Princeton <br />Comments: Auto dealership available; there is also an asking rent rate of $16.67 per SF modified gross. <br />Commercial Land sales: <br />$4.00 to $10.00+ per SF, depending on location, frontage, and visibility <br />Commercial Building <br />Sales: <br />$50 to $125 + per SF depending on condition and age <br />Typical Unit Rents: <br />Ranges from $7 to $12+ per net, depending on space quality and buildouts <br />Outdoor storage rents range from $0.10 to $1.00+ per SF of lot area <br />Typical concessions: <br />0 to 6 months for the buildout period is typical <br />Expenses: <br />Tax $2.00 to $4.00+ per SF <br />Op. Ex. $3.00 to $8.00+ per SF <br />Total <br />$5.00 to $12.00+ per SF <br />Vacancy: <br />Historic: 8% - 20%, currently around 10% <br />Lease up period: <br />Typically 6 to 12 months +/- to find a new tenant <br />Capitalization Rates: <br />Tier 1 <br />6.5% - 8.0%, good credit tenants, recent construction, good location <br />Tier 2 <br />8.0% - 9.5%, average credit tenants, older building, average location <br />Tier 3 <br />9.5% - 10.5%+, below average credit tenants, older building, fair <br />location <br />