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

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Income Approach -- continued RENTAL CONCLUSIONS: Listed below is the rental adjustment grid: Description Subject 1 2 3 4 5 6 Address 8175 Riverdale Dr NW Ramsey 6845 Highway 10 Ramsey 2801 St. Germain St W St. Cloud 17354 Zane Street Elk River 10135 Central Ave NE Blaine 720 Galpin Lake Road Excelsior 210 7th Street NE Buffalo Proximity -- 1.83 mi SE 41 mi NW 5.32 mi NW 13.1 mi SE 23.8 mi S 19.7 mi W Date of Lease Current Current Asking Asking Current Current Current Location Average Average Less Visibility AN,erage AN,erage Excellent Less Visibility Zoning/use Comm / RV Dealer Commercial/Auto Showroom Dealership Commercial / Cealer Comm / Boat Dealer Office/Shop Site SF 30,452 155,074 58,516 396,396 139,392 31,298 12,592 L to B ratio ( X: 1 ) 4.0 9.1 3.7 11.8 5.9 3.6 3.1 Age 1997 / E11 1994 / E12 1977 / E20 1984 / E17 1978 / E20 2012 / E3 1936 / E30 Quality/Appeal Average Average Average Fair Metal Excellent AN,erage Condition Dated Dated Average Dated AN,erage Good AN,erage Basement n/a n/a n/a n/a n/a n/a n/a Parking: Adequate Adequate Adequate Adequate Adequate Adequate Adequate Building Size (SF) 7,596 17,010 16,000 33,602 23,464 8,676 4,000 Tenant Size (SF) 7,596 17,010 16,000 33,602 16,460 8,676 4,000 Expenses per SF $6.73 -- $6.89 39% $4.00 44% $3.00 33% $5.50 35% $8.75 28% $3.60 41% % of gross rent Rate per SF, net $10.93 $5.00 $6.00 $10.00 $22.26 $5.15 Adjustments +/- Date of Lease Current -10% -10% Location Average 10% -20% 10% Zoning/use Comm / RV Dealer L to B ratio (X : 1) 4.0 -5% -8% -2% 1% Age 1997 / E11 1% 5% 3% 5% -4% 10% Quality/Appeal Average 10% 10% -20% Condition Dated -10% -10% -20% -10% Basement n/a Parking: Adequate Tenant/Bldg Size 7,596 5% 5% 10% 5% Expenses per SF $6.73 Net Adjust 1% 0% 5% 8% -64% 11% Adj. Rate per SF $11.04 $5.00 $6.30 $10.80 $8.01 $5.72