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Industrial Flex Market Overview
<br />
<br />The purpose of this market overview is to provide the Board a better understanding of why Industrial Flex
<br />values were increased for the 2016 Assessment and to provide additional background information to aid in the
<br />decision making process.
<br />
<br />There were several Industrial Flex sales in the most recent Sales Ratio study period which the Assessor’s Office
<br />used to adjust rates on a mass basis. Located below is a detailed breakdown of 6 Industrial Flex Sales that
<br />took place from 10/01/2014 – 09/30/2015.
<br />
<br />PIN Address Type of Bldg. SQFT Sale Price SP/SQFT
<br />18-31-22-41-0006 375 Apollo Drive, Lino Lakes Industrial Flex 19,832 $995,000 $50.17
<br />32-31-23-12-0022 1469 92nd Avenue NE, Blaine Industrial Flex 7,200 $336,000 $46.67
<br />33-31-23-22-0008 9120 Isanti St. NW, Blaine Industrial Flex 10,000 $640,000 $64.00
<br />29-31-23-11-0005 9985 Davenport St. NE, Blaine Industrial Flex 18,900 $925,000 $48.94
<br />01-31-24-11-0062 8301 Sunset Rd. NE, Spring Lake Park Industrial Flex 17,500 $975,000 $55.71
<br />27-32-25-33-0018 7060 143rd Avenue NW, Ramsey Industrial Flex 16,000 $1,270,000 $79.38
<br />27-31-23-21-0024 2951 100th Ct. #140 NE, Blaine Industrial Flex - Condo 5,480 $340,000 $62.04
<br /> Average $58.13
<br />
<br />As you can see the sale properties varied in size from 5,480 square feet to 19,832 and the sale price
<br />per/square foot (SP/SQFT) ranges from $46.67 to $79.38. The table below shows the original sales ratio
<br />(without 2016 adjustments) as compared to the new sales ratio including the 2016 market adjustments.
<br />
<br />PIN SQFT 2015 EMV Sale Price Orig. Sales Ratio 2016 EMV Adj. Sales Ratio
<br />18-31-22-41-0006 19,832 $884,600 $995,000 88.90% $958,700 96.35%
<br />32-31-23-12-0022 7,200 $287,300 $336,000 85.51% $330,500 98.36%
<br />33-31-23-22-0008 10,000 $621,700 $640,000 97.14% $734,200 114.72%
<br />29-31-23-11-0005 18,900 $690,000 $925,000 74.59% $924,100 99.90%
<br />01-31-24-11-0062 17,500 $998,400 $975,000 102.40% $1,018,700 104.48%
<br />27-32-25-33-0018 16,000 $982,100 $1,270,000 77.33% $1,140,600 89.81%
<br />27-31-23-21-0024 5,480 $249,900 $340,000 73.50% $297,500 87.50%
<br /> Unadjusted Median 85.51% Adjusted Median 98.36%
<br />
<br />As you can see by the different sales ratios above adjustments were necessary to meet the state requirement
<br />of 90%-105%. It is interesting to point out that MN DOR actually lumps all Industrial properties together and
<br />as a result the overall Industrial Ratio for Anoka County was 97.61 with a coefficient of dispersion (COD) of
<br />15.24. Typically this office aims at 95% from year to year when making mass adjustments to values however
<br />this year was unique in that we saw large market movement in various sections of the Industrial market which
<br />needed to be addressed individually. Aiming higher than 95% for this assessment was a decision made in
<br />hopes of reducing any future time trend adjustments which could play a large role in the 2017 assessment.
<br />
<br />It is important to remember the adjustments and data above were used for mass appraisal proposes and
<br />provided as additional info for the Board. Individual property appeal data and analysis was completed by
<br />Molly Johnson and will detail property specific comparables as well as income analysis to derive Anoka
<br />County’s Estimate of market value.
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