HomeMy WebLinkAboutappraisal ,
RAY_ �0 �ELL� E�LTY
� - Brokerage and Appraisals
L, i�_' .
(612) 890-2130
F E.B j. � �.�94
July 27 , 1988
Mr. Thomas J. Hunziker
Dunkley, Bennett & Christensen, P.A.
Suite 1400
701 Fourth Avenue Souttl
Niinneapolis, Minnesota 55415
Re : Germ-Tom Partnership Property
3412-3420 Shoreline Drive
Orono, Minnesota
Dear Mr. Hunziker:
Pursuant to your request, I have made an appraisal
of the above property for the purpcse of estimating
the Fair Market Value as of the date of the take.
The property is described in the Ideiltification
Section of this report.
Fair Market Value is defined as the price the
property will bring in a competitive market under
all conditions requisite to a fair sale, which
would result from negotiations between a buyer and
seller, each acting prudently, with knowledge and
without undue stimulus .
The rights of the property appraised are those of
fee simple estate only.
12904 Nicollet Avenue • Burnsville , MN 55337
�
Mr. Thomas J. Hunziker
July 26, 1988
Page 2 ,
Based upon the information available to me, it is
my opinion that the total damages to the subject
property are:
TWENTY SEVEN THOUSAND TWO HUNDRED SEVENTY ONE
DOLLARS
($27, 271.00)
Respectfully submitted,
, �-�
,
, �J � ,��.,,,;�,
`�f�ay Conne�ly
i
IDENTIFICATION:
The subject property is located at 3412-3420
Shoreline Drive, in the City of Orono, County of
Hennepin, State of Minnesota.
The legal description is as follows :
A permanent easement for highway purposes over all
that part of Lot 23, except the West 15 feet
thereof and Lots 24, 25 and 26, Block 6, Navarre
Heights, according to the duly recorded plat
thereof which lies southerly of the following
described line:
Beginning at a point on the East line of said
Lot 26 distant 9 . 30 feet northerly of the Southeast
corner thereof; thence run westerly parallel with
the South line of said Block 6 for a distance of
134 . 96 feet; thence run southwesterly to a point on
the South line of said Lot 23 distant 33. 89 feet
west of the Southeast corner thereof and there
terminating.
INSPECTION:
I inspected the subject property in the spring of
1988 .
PURPOSE OF THE APPRAISAL:
3
I
The purpose of this appraisal is to determine the
Fair Market Value of the subject property, as of
the date of the take.
Fair Market Value is defined as the price which the
property will bring in a competitive market under
all conditions requisite to a fair sale, which
would result from negotiations between a buyer and
a seller, each acting pruaently, with knowledge and
without undue stimulus.
Regardless of the exact wording of the definition,
Fair Market Value contemplates the consummation of
a sale and the passing of full title from seller to
buyer by deed, under conditions whereby:
1. Buyer and seller are free of undue
stimulus and are motivated by no more than the
reactions of typical owners ;
2. Both parties are well informed or well
advised and act prudently for what he considers his
own best interest;
3. A reasonable time is allowed to test the
market; and
4. Payment is made in cash or in accordance
with financing terms available in the community for
4
the property type in its locale.
AREA AND NEIGHBORHOOD ANALYSIS:
The subject property is located in the City of
Orono, which is located approximately fifteen miles
west of the Minneapolis/Saint Paul downtown area.
The 1987 estimated population of the area is
2,153, 533 and the population is increasing. The
Twin Cities are located on the Mississippi River,
and the metropolitan area encompasses the Minnesota
River. Both Minneapolis and Saint Paul have major
urban renewal projects in progress .
The community is served by an excellent trans-
portation system which includes 9 railroads,
12 buslines, and major interstate freeway systems.
This area is also served by river barge traffic on
the Minnesota River. The Army Corp of Engineers
maintains a 9 foot channel for this purpose. This
excellent system has aided in establishing the area
as the largest distribution and wholesale center in
the Upper Midwest.
The area is also served by an excellent airport
which is one of the largest in the nation. There
are 6 national airlines, 10 regional and commuter
5
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air carriers, 10 air cargo airlines and 20 charter
airlines serving this area. The airport is easily
accessible due to the extensive freeway system.
There are many fine colleges and universities in
the area, including the University of Minnesota
which has an enrollment of over 50 , 000 students.
This area is also served by many vocational
institutes and community colleges. �
The communications system serving the area consists
of 2 daily newspapers, with many weekly papers
serving the various suburbs and surrounding areas.
There are approximately 35 radio stations serving
the area with 5 television stations and an
extensive cable network.
The metropolitan area iiicludes 22 lakes, with many
parks which offer a multitude of recreational
facilities for the entire family. This area is
represented in professional sports by the Minnesota
Vikings, Minnesota Twins, North Stars, Monarchs and
next year, the Timberwolves.
In addition, the area is the cultural center of the
Upper Midwest with the Saint Paul Chamber
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Orchestra, the Minnesota Orchestra, the Walker Art
Institute, Minneapolis Institute of Arts , the
Tyrone Guthrie Theater (an excellent repertory
theater - one of only four resident repertory
theaters in the nation) , the new Ordway Music
Theater, and many other theaters and museums.
Also benefiting this area is Canterbury Downs, the
$67 million dollar horseracing tack which opened in
June, 1985, and Valley Fair, a 7-Flags type
amusement park located in Shakopee. Other
attractions include the Minnesota Renaissance
Festival which is held in August and September each
year and the Chanhassen Dinner Theatre. Also, in
Excelsior, is the Old Log Theatre which has been in
operation for over twenty years.
Orono is located on the north side of Lake
Minnetonka and is in the third tier suburbs .
The 1987 estimated population for Orono is 7, 212
compared the the 1980 population of 6, 845. The
number of households has continually increased.
The 1987 estimated number of households is 2,568
compared with 2,291 in 1980 .
Hennepin County is growing, with an estimated 1987
7
population of 986,505 compared to the 1980 census
of 941, 411. Along with the population growth has
come the expansion of business and industry to
provide the goods, services, and employment
necessary to serve the population.
ZONINGs
Zoning for the subject property is B-1 Retail
Sales.
HIGHEST AND BEST USE
Highest and Best Use is defined as that use which
will tend to produce the highest net return, or
that use which will tend to produce the highest
present value.
It is my opinion that the highest and best use of
the subject property is its present use.
PROPERTY DESCRIPTION:
The subject property consists of 26,900 square feet
and is level back from the street and then drops
suddenly to the back of the property.
DESCRIPTION OF IMPROVEMENTS:
Improvements to the subject property consist of
8
a 6,164 square foot, one story building with a
walkout to the back of the property. The building
is basically a retail strip center with an easement
on the west property line. Some of the buildings
tenants consist of a pizza shop, movie rental, an
interior design studio and yarn and gift shop.
APPROACHES TO VALUE:
There are three recognized approaches to value; the
Sales Comparison, Income, and Cost Approaches. The
Cost Approach utilizes estimating the replacement
cost now of the improvements deducting for
diminished utility of these improvements due to
wear and tear and obsolescence, and adding the
value of the land. The Income Approach utilizes
capitalization of the income stream to obtain an
indicated Market Value. The Sales Comparison
Approach compares the subject property with similar
properties which have recently sold, making
adjustments for dissimilarities between the subject
and comparable property to obtain an indicated
value of the subject property. When reliable sales
data is available, this approach is considered very
reliable in that it reflects the actions of buyer
and seller in the current market place.
9
For purposes of this appraisal, I have used the
Sales Comparison (Market) Approach. �
COMMENTS AND CONCLUSIONS:
I arrived at my opinion of valuation after viewing
the subject property and taking into consideration
the fact that the building was purchased by the
present owners on August 10, 1987. In my opinion,
there are really no comparable sales in the area.
It is my opinion that the best way to arrive at
value is to consider the sale of the subject
property.
I used the county' s ratio of land and building to
arrive at my ratio of the value of land and
building . By using the sale price of $360, 000 and
34.3� value of land to building, a land value of
$123,480, or $4.19 per square foot is determined.
Because only part of the land is being taken,
I consider the property next to the street as
having a higher value, which is indicated in the
� Correlation of Value.
To arrive at my opinion of severance damage,
I took into consideration the fact that the owners
are losing an access point to the property which
10
will change the parking configuration, resulting in
the loss of three parking spaces next to the pizza
shop. The street will be moved closer to the
building which will result in the merchants losing
display area and space for their advertising signs.
11
CORRELATION OF VALUE:
Before Value $ 360, 000
Value of the Take
1, 496 sq ft x $6.25 per sq ft = $ 9,350. 00
Temporary Easement
655 sq ft x $6.25 per sq ft = $4,093
$4, 093 x 10� = 409. 00
$360, 000 Before Value
- 9,759 Take & Easement
350, 241 After Value
Severance Damage
$350,241 x 5$ = 17,512. 00
Total Damages $ 27,271.00
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ISBERG
' RIESENBERG
CHELSETH and '
�_ o � �o s000��. _ �°� ASSOCIATES , �
� ��,nt �mi Rp1'tf1 .�....,m.. INC.
• gpNESTR00, ROSENE, ANDERIlK i ASSOC,INC. R EY I S E D:
Ca1SULTMC ENGM�EERS NOV. I� 1980 JUNE 30, 1986
, �'y�' M�� FEB. 15,1981 JULY i3, 1987
SEP?.IS,1983
AuG. 28,1984
GENERAL LIMITING CONDITIONS
1. The appraiser will not be required to give testimony
or appear in court because of having made this
. appraisal, with reference to the property in question,
unless arrangements have been previously made therefor.
2. Possession of this report, or a copy thereof, does
not carry with it the right of publication. It may not
be used for any purpose by any person other than the
party to whom it is addressed without the written
consent of the appraiser, and in any event only with
proper written qualification and only in its entirety.
3. The distribution of the total valuation in this
report between land and improvements applies only under
the reported highest and best use of this property. The
allocations of value for land and improvements must not
be used in conjunction with any other appraisal and are
invalid if so used.
4. No environmental impact studies were either
" requested or made in conjunction with this appraisal,
and the appraiser hereby reserves the right to alter,
amend, revise or rescind any of the value opinions based
upon any subsequent environmental impact studies,
research or investigation.
5. Neither all or any part of the contents of this
report, or copy thereof, shall be conveyed to the public
through advertising, public relations, news, sales or
any other media without written consent and approval of
the appraiser. Nor shall the appraiser, firm or
professional organization of which the appraiser is a
member be identified without written consent of the
appraiser.
6. Acceptance of and/or use of this appraisal report
constitutes acceptance of the foregoing general
assumptions and general limiting conditivns.
7. The comparable sales data utilized in the report is
compiled from what is believed to be reliable sources,
and is believed to be reasonably accurate. The
appraiser has made a reasonable effort in securing
general condition, finishing and construction quality on
each of the comparable sales. This effort may also
utilize the appraiser's past experiences of similar
properties and may or may not include exterior �
, inspection of each comparable sale, as deemed necessary
- � by the appraiser.
UNDERLYING ASSUMPTIONS AND CONTINGENT CONDITIONS
The property has been considered as though it were
- free and clear of any indebtedness, liens, or
encumbrance; and that the title is good and
marketable and competent management is assumed,
unless otherwise stated herein.
No responsibility is assumed by the appraiser for
matters which are legal in nature. No survey has
been made and it is assumed that the improvements
are located within the legally described property
and that the buildings comply with all ordinances.
Any sketches and pictures in this report are
included to assist the reader in visualizing the
property.
I believe to be reliable the information identified
in this report as being furnished to me by others
but I assume no responsiblity for its accuracy.
Possession of this report, a copy thereof, or any
part thereof, does not carry with it the right of
publication, nor may it be used for any purpose by
anyone but the applicant or by previous written
consent of the appraiser and the applicant and in
any event, only with property qualifications.
The appraiser herein shall not be required to
appear in court or before any governmental body by
the reason of the completion of this assignment
without predetermined arrangements and agreements.
The distribution of the total valuation in this
report between land and improvements, if any,
applies only under the existing plan of
utilization.
Neither all nor any part of the contents of this
report shall be conveyed to the public through
advertising, public relations, news, sales or other
media, without the written consent and approval of
the author, particularly as to valuation
conclusions, the identity of the appraiser or firm
with which he is connected.
QUALIFICATIONS OF RAY CONNELLY
General Experience in Real Estate and Appraisal Business
Twenty four years as licensed real estate person.
Nineteen years as owner of Ray Connelly Realty, with offices
in Burnsville. Specializes . in property sales in Dakota and
Scott Counties. .
Memberships
Dakota County Board of Realtors
Minnesota Association of Realtors
National Association of Realtors
Burnsville Chamber of Commerce (President 1972, Businessman
of the Year, 1979 )
Savage Chamber of Commerce (Director, 1986)
Eagan Chamber of Commerce
Appraisal Assessments
Approved as expert witness for court in Dakota, Hennepin,
Scott, and Goodhue Counties .
Appointed Commissioner in eminent domain proceedings by
District Court, First Judicial District.
Independent School District 191
Probate Court of Dakota County
City of Apple Valley
City of Burnsville
City of Eagan
City of Savage
County of Dakota - '
AMCON Construction Company
Ames Construction Company
Meadowood, Inc.
Fab-con, Inc.
Fischer Construction Company
Howard Dahlgren & Associates
Kraus-Anderson .
MEPC American Properties �
M. G. Astleford Company
Metram Properties Company
Minnegasco �, .
Power Cooperative of Minnesota
Richard Rnutson, Inc.
Richards Oil Company
Edward Rraemer & Sons
Larkin, Hoffman, Daly & Lindgren, Ltd.
McMenomy & Severson
� Glacier Company �
Numerous other law firms, companies and property owners in
both eminent domain proceedings and 'other appr�isal needs.