|
<br />Abatements #4230 & #4231- Kmart Properties Located on 13th Avenue S & University Dr S 10
<br />Citv or Area Date Size Lease/SF Landlord Exnense
<br />Minneapolis Suburb 1999 108,152 $ 7.98 None. Net,Net,Net
<br />Minneapolis Suburb 1999 103,455 $ 6.92 None. Net,Net,Net
<br />St Paul Suburb 1999 27,044 $ 8.00 None. Net,Net,Net
<br />Minneapolis Suburb 1998 35,904 $ 10.97 Some. Rent is after expenses
<br />Minneapolis Suburb 1995 49,104 $ 7.69 Some. Rent is after expenses
<br />Local 1998 59,897 $ 6.84 None. Net, Net, Net
<br />Central Minnesota 1995 130,000 $ 5.94 None, Net, Net, Net
<br />Central Minnesota 1992 94,481 $ 6.00 None, Net, Net, Net
<br />Local 1991 23,998 $ 8.00 Major Maintenance
<br />Local 1994 30,000 $ 13.23 Major Maintenance
<br />Local 1994 80,692 $ 6.60 Management
<br />Local 1994 51,600 $ 7.15 Management
<br />Local 1995 45,800 $ 10.50 Major Maintenance
<br />Local 1992 56,200 $ 6.00 Mgmt, Major Maintenance
<br />Regional 1992 69,306 $ 7.42 None. Net, Net, Net
<br />Central Minnesota 1993 94,481 $ 5.12 None. Net, Net, Net
<br />Detroit Lakes 1991 86,479 $ 4.12 None. Net, Net, Net
<br />Central Minnesota 1991 91,266 $ 4.89 None. Net, Net, Net
<br />Minneapolis Suburb 1990 114,000 $ 5.04 None. Net, Net, Net
<br />Local 1987 31,614 $ 6.75 Major Maintenance
<br /> Average 69,174 $ 7.26
<br /> Median 64,602 $ 6.88
<br /> Minimum 23,998 $ 4.12
<br /> Maximum 130,000 $ 13.23
<br />
<br />COST INFORMATION - KMART PROPERTIES
<br />
<br />Actual building construction cost information was limited to 2 stores. The building permit totals
<br />for the Home Depot building in Fargo was added as a reference. The information collected is
<br />listed below:
<br />
<br />City or Area
<br />Minneapolis Suburb
<br />Minneapolis Suburb
<br />
<br />Date
<br />1999/00
<br />1999/00
<br />
<br />Size Bld~ Cost Cost/SF Comment
<br />108,152 $ 5,320,000 $ 49.19 Actual Costs
<br />103,455 $ 5,367,000 $ 51.88 Actual Costs
<br />
<br />The 2000 improvement value for the 13th Avenue S Kmart is $3,457,000 or $36.35 per square
<br />foot.
<br />
<br />The 2000 improvement value for the University Drive S Kmart Plaza is $2,886,000 or $26.36 per
<br />square foot.
<br />
<br />Based on available cost information it appears that the improvement values on both Kmart
<br />properties are reasonable.
<br />
|