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2011.06.13 EDA Packet
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2011.06.13 EDA Packet
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9/7/2017 12:23:18 PM
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9/7/2017 12:23:18 PM
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Commissions
Meeting Date
6/13/2011
Document Type
Agenda/Packets
Commission Name
EDA
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SALIENT FACTS AND CONCLUSIONS <br /> GENERAL DESCRIPTION: A one and part two story, masonry and steel, <br /> office/warehouse/shop facility <br /> LOCATION: 13497 Fenway Boulevard Circle N. <br /> Hugo, Minnesota <br /> LEGAL/PID: 30-031-21-41-0057 <br /> PROPERTY OWNER: R A Pearson Associates. LLC <br /> ASSESSOR'S $251,800 Land <br /> MARKET VALUE: $1,793,500 Building. <br /> AS OF JANUARY 2, 2008 $2,045,300 Total <br /> REAL ESTATE TAX LEVY: $60,454 (2009) <br /> ZONING: I-3-Industrial <br /> LAND SIZE: 143,748 Square Feet or 3.3 Acres <br /> TOTAL CROSS 35,000 Square Feet V Floor <br /> BUILDING AREA: 10,000 Square Feet 2nd Floor Office <br /> 45,000 Square Feet TOTAL <br /> DATE BUILT/AGE: 2006 <br /> HIGHEST& BEST USE: Industrial <br /> LAND VALUE: $2.70 per Square Foot or $390,000 <br /> NET RENTABLE AREA: 45,000 square feet <br /> MARKET RENT: $8.50 per square foot blended <br /> TERMS: 3-5 years assumed <br /> NET OPERATING INCOME: $337,850 <br /> OVERALL RATE: 9.0% <br /> VALUE BY COST APPROACH: $3,870,000 <br /> VALUE BY DIRECT SALES COMPARISON: $3,960,000 <br /> VALUE BY INCOME APPROACH: $3,755,000 <br /> APPRAISER'S OPINION OF <br /> MARKET VALUE: $3,900,000 <br /> DATE OF VALUATION: December 18, 2009 <br /> APPRAISER: F. W. Gergen, MAI <br /> Certified General Real Property Appraiser-- <br /> 3 <br /> raiser3 <br />
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