HomeMy WebLinkAbout9A Assessor's Commercial and Industrial ReportFollow up report for the 2009 Prior Fake
Board of Equalization
Commercial and Industrial Report
Appeal l: Wreck-A-Mended Auto Body LLC .....................................................2
Appeal 2: Central Development Corp of America (multiple parcels) ...............4
Appeal 3: Mesenbrink Construction (multiple parcels) .....................................8
Appeal 4: KTDG Development LLC ..................................................................10
Appeal 5: HapPY Hollow ......................................................................................12
Appeal 6: H & M Commercial Properties .........................................................15
Appeal 7: Village Commerce Building LLC ......................................................17
Appeal 1: Wreck-A-Mended Auto Body LLC 25-443-001-0
17178 Adelmann Street SE
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Property Information: This is an industrial condo that was constructed in 2005 and is located in
Deerfield Business Park. The exterior measurements (86' x 72') indicate a gross building area
(GBA) of 6,192 square feet; however, there is a X100 square foot mechanical room that should
excluded, resulting in a GBA of 6,092 square feet. The adjustment in GBA does not affect the
market value of this property.
2
Background information:
2008 EMV: $500,000
2009 EMV: $500,000
Jim McMahon stated that the market value of his property is too high and that he is paying
more in taxes on a $ per square foot basis than other industrial developments in Prior
Lake.
The current owner purchased this property on 09/29/2005 for $505,000 ($83 per sf). An
industrial condo within this development (25-443-003-0) sold on 12/03/2007 for $630,000 ($102
per sf). It should be noted that 25-443-003-0 had previously sold on 09/28/2005 for $553,000
($89 per sf). Both of these industrial condos are relatively similar, with the exception of 25-443-
003-0 having additional site area for outside storage, which warranted a higher sale price.
Based on the sale of 25-443-003-0, it may have been justified to raise the 2009 market value of
25-443-001-0 to $580,000 ($95 per sf). However, considering current market conditions, the
2009 EMV remained at $500,000.
Taxes paid on a $ per square foot basis is directly related to the market value of a property on a
square foot basis. The market value per square foot of Mr. McMahon's property is greater than
other larger single- and multi-tenant industrial uses in Prior Lake; therefore, the taxes paid per
square foot are higher.
Recommendation: Based on the above discussion, the 2009 EMV of $500,000 should be
affirmed.
Appeal 2: Central Development Corp of America (multiple parcels)
25-427-006-0
5818 Granite Court SE
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Property Information: This is a 2.61 acre (113,692 s~ platted site located in Deerfield Business
Park. The site area, exclusive of the retaining pond, is 2.11 acres (91,912 s~.
25-427-011-0
xxxxx Adelmann Street SE
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Property Information: This is a 3.59 acre (156,380 sfl out-lot located in Deerfield Business
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Property Information: This is a 2.70 acre (117,612 s~ out-lot located in Deerfield Business
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Property Information: This is a 2.00 acre (87,120 s~ out-lot located in Deerfield Business
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25-427-012-0
xxxxx Adelmann Street SE
25-428-002-0
xxxx Graystone Court SE
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Property Information: This is a 7.07 acre (308,084 sf) out-lot located in Deerfield Business
Park. The site area, exclusive of wetland area, is 6.25 acres (272,250 sf).
25-460-002-0
xxxxx Graystone Court SE/Industrial Lane SE
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Property Information: This is a 5.73 acre (249,599 sf) out-lot located in Deerfield Business
Park.
25-444-003-0
xxxxx Adelmann Street SE
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Background information:
Brad Rothnem, a general partner of Central Development Corp of America, is contesting
the 2009 market values of 6 vacant sites in the Deerfield Business Park.
Based on a meeting with Brad Rothnem and John Mesenbrink, considering sales activity and
current market conditions, the following revised 2009 market values have been agreed upon. The
differences in market value depend on site size and whether the parcel has been platted.
REVISED 2009 MARKET VALUES -CENTRAL DEVELOPMENT CORD OF AMERICA
Land Areax 2009 EMV REVISED 2009 EMV Chan a in EMV
PID Status Acres S .Ft. $ Total $ Per SF $ Total S Per SF $ Total Percent
25-427-006-0 Platted 2.11 91,912 $415,000 $4.52 S340,000 $3.70 ($75,000) -18.1%
25-427-011-0 O-L 3.59 156,380 $650,000 $4.16 5505.000 53?3 .($145,000) -22.3%
25-427-012-0 O-L 2.70 117,612 $525,000 $4.46 $380.000 $3.23 ($145,000) -27.6%
25-428-002-0 O-L 2.00 87,120 $400,000 $4.59 $280.000 $3.21 ($120,000) -30.0%
25-444-003-0 O-L 6.25 272,250 $1,025,000 $3.76 $815,000 $299. ($210,000) -20.5%
25-460-002-0 O-L 5.73 249,599 $900,000 $3.61 5750,000 $3,00 ($150,000) -16.7%
*Excludeswetland areas; parcels 25-427-006-0 & 25-444-003-Ohave total site areas of 2.61 and 7.07 acres, respectively.
Recommendation: The revised 2009 market values shown above should be affirmed.
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Property Information: This is a 1.00 acre (43,560 s~ platted site located in Deerfield Business
Park.
25-427-009-0
17210 Adelmann Street aS~E
Property Information: This is a 1.21 acre (52,708 s~ platted site located in Deerfield Business
Park.
8
Appeal 3: Mesenbrink Construction (multiple parcels)
25-427-004-0
17205 Adelmann Street SE
Background information:
Brad Rothnem appeared on behalf of John Mesenbrink who is contesting the 2009 market
values of 2 vacant sites in the Deerfield Business Park.
Based on a meeting with John Mesenbrink, considering sales activity and current market
conditions, the following revised 2009 market values have been agreed upon.
REVISED 2009 MARKET VALUES - MESENBRINK CONSTRUCTION
Land Area. 2009 EMV REVISED 2009 E~IV Change in EMV
PID Status Acres Sq.Ft. $ Total $ Per SF $ Total ~ Per SF $ Total Percent
25-427-004-0 Platted
25-427-009-0 Platted 1.00 43,560
1.21 52,708 $225,000
$265,000 $5.17
$5.03 $160.000
$19,000 S3.67
$3.70 ($65,000)
($70,000) -28.9%
-26.4%
Recommendation: The revised 2009 market values shown above should be affirmed.
9
Appeal 4: KTDG Development LLC 25-427-003-0
5821 Industrial Lane SE
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Property Information: Paws & Pals is a canine day care facility that was constructed in 2005
and is located in the Deerfield Business Park. The gross building area is 7,840 square feet. The
built-out area is X1,196 square feet, which includes a retail area, reception area, office, 2
restrooms, grooming room, and vestibule.
10
Background information:
2008 EMV: $750,000
2009 EMV: $750,000
Konrad Gastony is contesting the 2009 market value based on sales data of similar types of
properties in the metro area and market values of properties in the Deerfield Business
Park.
The subject is a smaller owner-occupied building with good quality construction. Based on
review of limited metro sales activity, similar properties are selling for $80 to $90 per square
foot. Based on a discussion with Mr. Gastony and considering the market values of other
improved properties in the Deerfield Business Park, the revised market value of $650,000 ($83
per sf) was agreed upon.
Recommendation: Based on the above discussion, the 2009 EMV should be reduced to
$650,000.
11
Appeal 5: Happy Hollow 25-936-012-0
15870 Franklin Trail SE
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Property information: This property consists of a single story office building that was
constructed in 1974. The gross building area (GBA) is 6,732 square feet. The net rentable area
(NRA) is 5,726 square feet.
12
Background information:
2008 EMV: $600,000
2009 EMV: $600,000
John Trulson, a general partner of Happy Hollow, is contesting the 2009 market value.
Actual lease data and financial statements were provided by the owners. The revised 2009 EMV
valuation analysis is shown on the following .page. Based on a comparison of actual lease data
and asking rents for office properties in the subject market area, the estimated market rent is $10
per square foot triple net. Vacancy/credit loss is estimated to be 7%. The real estate taxes and
common area maintenance (CAM) fees were projected to be a total of $5.45 per square foot. The
structural replacement reserve is $0.20 per square foot. Considering the age/condition of the
building and risk associated with the projected income stream, an appropriate cap rate for this
type of property is 9.00%. As a result, the revised 2008 EMV was concluded at $550,000.
Recommendation: Based on the analysis provided herein, the 2009 EMV should be reduced to
$550,000.
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Appeal 6: H & M Commercial Properties 25-443-003-0
17182 Adelmann Street SE
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Property Information: This is an industrial condo that was constructed in 2005 and is located in
Deerfield Business Park. The exterior measurements (86' x 72') indicate a gross building area
(GBA) of 6,192 square feet.
15
Background Information:
2008 EMV: $550,000
2009 EMV: $550,000
Duane Hoffman stated that the market value of his property is too high and that he is
paying more in taxes on a $ per square foot basis than other industrial developments in
Prior Lake.
The current owner purchased this property on 12/03/2007 for $630,000 ($102 per sf), which
seems to be high considering stagnant market conditions. This industrial condo had previously
sold on 09/28/2005 for $553,000 ($89 per sf). The sale of this property could have justified an
increase in market value to $630,000 for the 2009 assessment. However, considering current
market conditions, the 2009 EMV remained at $550,000.
Taxes paid on a $ per square foot basis is directly related to the market value of a property on a
square foot basis. The market value per square foot of Mr. Hoffman's property is greater than
other larger single- and multi-tenant industrial uses in Prior Lake; therefore, the taxes paid per
square foot are higher.
Recommendation: Based on the above discussion, the 2009 EMV of $550,000 should be
affirmed.
16
Appeal 7: Village Commerce Building LLC 25-456-001-0
4719 Park Nicollet Avenue SE
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Property Information: Village Commerce consists of a 2-story office building that was
constructed in 2006. The gross building area (GBA) is 22,364 square feet. The net rentable area
(NRA) is 17,922 square feet.
17
Background information:
2008 EMV: $2,700,000
2009 EMV: $3,150,000
The following letter was submitted to the Prior Lake Local Board of Appeal and
Equalization meeting to contest the 2009 market value.
1lillage Commerce LLC
4719 Park Ncollet Avenue SE
Prior lake, NON X5372
Prior bake Board
of Appeal & Equalization
R E: 25-156-001 ~(}
Attn: drank Boyles
We have reviewed the valuation of the Village Commerce Building, assessed at
January 1, 203. !JVe have concerns regarding the valuation capitalization rate
based on the following:
The financial upheaval in the fourth Quarter 2408 negatively
changed the method +af computing value.
• The negative financial condition caused the commercial rental
market to decline and leases signed in the fourth quarter were at
rates substantially less than at the beginning of 2[108.
• The model' for computing valuation based on a historical rate of 7-
S°lo may n+~t be valid for a commercial building with high vacancy
rates.
VU'e appeal the valuatiar~ of the Village Commerce Building due to the high
vacancy rate and capitalization rate of ~% as we believe a rate of t D~/a mare
closely reflects the market conditions at January 1, 2003.
Very truly yours,
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By; Philip J. Cameron
Treasurer
18
Actual lease data and financial statements were provided to further review the subject for the
2009 assessment, It should be noted that this information was requested for the 2008
assessment, but not provided for review. The tenant mix and corresponding triple net lease rates
are shown in the following table. The subject has 3 vacant suites with a total net rentable area
(NRA) of 5,815 square feet, which equals a vacancy rate of 32.4% (5,815 sf - 17,922 sf). Based
on a comparison of actual lease data of the subject and quoted rents for similar Class A office
properties, the estimated market rent for the subject's vacant suites is $16 per square foot triple
net.
VILLAGE COMMERCE RENT ROLL
Suite Tenant S uare Feet Rent - ~/SF Monthl Annual
100 New Market B ank 3,126 $20.70 $5,392 $64,704
110 Vacant 2,284 $16.00 $3,045 $36,544
120 Tiffany Realty 2,867 $18.00 $4,301 $51,606
200 Vacant 1,469 $16.00 $1,959 $23,504
210 Vacant 2,062 $16.00 $2,749 $32,992
220 KeylandHomes 3,078 $17.21 $4,414 $52,968
230 Fahrenkamp & Cameron 2,274 $19.07 $3,614 $43,368
250 Hofslien Wealth Services 762 $20.69 $1,314 $15,768
Total/Average 17,922 517.94 X26,788 $321,454
Total Net Rentable Area (NRA): 17,922 square feet
Leased NRA: 12,107 square feet
Vacant NRA: 5,815 square feet
Vacancy Allowance @ Stabilized Occupancy of 93%: 1,255 square feet
NRA to Stabilized Occupancy: 4,560 square feet
Considering underwriting standards, investor perspectives, and current market conditions, the
vacancy/credit loss is estimated at 7%, which equals 1,255 square feet of NRA (17,922 sf x 7%).
As a result, 4,560 square feet of NRA needs to be leased for the subject to achieve a stabilized
occupancy of 93%. This will be the basis for the vacancy allowance discount applied to the
estimated market value (EMV) "as stabilized".
The following table shows the 2008 common area maintenance (CAM) expenditures.
2008 COMMON AREA MAINTENANCE (CAM) EXPENSES
Expenseltem $ Total 5 Per$F
Cleaning Service $3,987.36 $0.18
Garbage $855.20 $0.04
Lawn Maintenance $2,252.69 $0.10
Management Fee $12,086.75 $0.54
Monitor Service $319.50 $0.01
Phone, Elevator Fire $3,510.21 $0.16
Insurance $7,387.00 $0.33
Snow Removal $2,255.00 $0.10
Supply $79.88 $0.00
Electricity $19,834.47 $0.89
Water $2,176.87 $0.10
Gas $10,664.00 $0.48
Repairs & Maintenance $2,460.91 $0.11
'l otal 567,869.81 $3.03
19
The first insert illustrates how the "stabilized" EMV is derived. Based on the actual lease rates
of occupied space and the estimated market rent for the vacant suites, the total gross potential
base rent is $321,454 ($17.94 per sf of NRA, $14.37 per sf of GBA). Vacancy/credit loss is
estimated to be 7%. The real estate taxes and common area maintenance (CAM) fees are
projected to be $5.03 and $3.03, respectively, for a total of $8.06 per square foot. The structural
replacement reserve is $0.10 per square foot.
An appropriate cap rate for this type of property is 8.0%, which is reflective of this type of
property, current market conditions, and risk associated with the projected income stream. The
"stabilized" EMV was concluded at $3,550,000.
The second insert shows how the vacancy allowance is calculated, which will be deducted from
the "stabilized" EMV. Lost rent, real estate taxes (based on vacancy allowance projection),
CAM fees, tenant improvements (estimated at $30 per sf), and broker fees ($5 per sf) were
accounted for over a 12-month period. The monthly totals were discounted at a safe rate of 2%.
As a result, the total vacancy allowance is estimated at $270,000. If the property were to sell at
the current occupancy level, a prudent investor would expect this type of discount in the sale
price. Based on the analysis provided herein, the market value of the subject would be as
follows:
"Stabilized" EMV $3,550,000
Less: Vacancy Allowance $270,000
Revised EMV $3,280,000
The above market value is higher than the 2009 EMV of $3,150,000. In response to the
statements mentioned by management, asking rents for similar properties have decreased. A
year ago, the top end office rents were $18 to $19 per square foot; now, asking rents are more
like $16 to $17 per square foot. The vacancy/credit loss rate of 7% is adequate for this analysis
because it is the basis for underwriting standards, reflects investor perspectives, and was used to
derive cap rates from market sales. For properties that have a higher vacancy rate above and
beyond 7%, the discount in market value is accounted for by adding up the lost rent, real estate
taxes, CAM fees, tenant improvements, and broker fees.
A year ago, cap rates for this type of property ranged from 6.75% to 7.25%; now, cap rates range
from 7.75% to 8.25%. The increase in cap rates is related to the difficultly in borrowing funds
and the increased risk in projected income streams.
Recommendation: Based on the above discussion, the 2009 EMV of $3,150,000 should be
affirmed.
20
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