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CITY& NEIGHBORHOOD DESCRIPTION <br /> Type of Neighborhood: Outlying Northwestern Suburban Community <br /> Percent Built-Up: 60% Developed <br /> Stage of Development: Stable <br /> Subject Neighborhood: City Limits <br /> Major Transportation: Highway 169/101, US Highway 10 <br /> Single Family Residential 45% <br /> Two- & Multi-Family 5% <br /> Commercial/Industrial 10% <br /> Predominant Type & Conformity: <br /> Other/Vacant Land 40% <br /> Total 100% <br /> Average Conformity <br /> Reputation of the Area: Average <br /> Typical Property Age: New to 65 + Years; Predominant Under 20 Years <br /> Single-Family Home Sales: $100,000 to $400,000+ <br /> Apartment Sales: $30,000 to $75,000+ per Unit <br /> Office Property Sales: $40.00 to $150.00+ per SF <br /> Retail Property Sales: $75.00 to $200.00 + per SF <br /> Industrial Property Sales: $30.00 to $100.00+ per SF <br /> Capitalization Rates: 8% to 12% Historic <br /> Detrimental Influences: No Major Apparent <br /> Comments: The subject is located in Elk River, which is an outer-ring suburban community <br /> about 45 minutes northwest of Downtown Minneapolis. Due to the expanding Metro Area, <br /> the city experienced significant commercial, industrial and residential growth from 2000-2008. <br /> However, due to declining economy, rising gas prices, and an oversupply of residential and <br /> commercial properties, outer-suburban communities, including Elk River, experienced <br /> significant drops in property values. <br /> The Northstar Commuter Rail, a commuter train that connects the Northwest Suburban <br /> Community (beginning in Big Lake) to Downtown Minneapolis, runs through the city. Most <br /> major shopping is within the city. <br /> Nagell Appraisal&Consulting 1 952-544-8966 1 www.callnagell.com 19 <br />