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RENTAL MARKET ANALYSIS <br /> TABLE RMA-1 <br /> GENERAL OCCUPANCY RENTAL HOUSING <br /> CITY OF ELK RIVER <br /> October 2015 <br /> Year Total <br /> Project Name/Address Built Units Vacant Unit Mix Unit Size Monthly Rent Price Per Sq.Ft Comments <br /> Market Rate <br /> Granite Shores 2008/ 67 1 13-1BR 737-1,301 $1,129-$1,589 $1.22 -$1.53 Condominum conversion. Began leasing in May <br /> 633 Main Street 2012 2 50-1BR+D 817-1,187 $1,299-$1,539 $1.30-$1.59 2012.Mixture of residents. The majority moved in <br /> Conversion 0 4-2BR 965-1,077 $1,429-$1,429 $1.33 -$1.48 from the area. <br /> Evans Meadows 1990/ 113 0 47-1BR 800-925 $935-$1,258 $1.17 $1.36 Three story apartments. Six total buildings along <br /> 325-385 Evans Avenue 2015 0 64-2BR 1,034-1,200 $1,065 -$1,655 $1.03 -$1.38 with a clubhouse. One building burned down in <br /> 0 2-3BR 1,500 $1,965 $1.31 2013 and was rebuilt. <br /> Lion's Park 1988 62 0 1- EFF 800 $750 $0.94 U-shaped three story apartment building. <br /> 1001 School Street 0 42 -1BR 1,000-1,025 $800-$850 $0.80 -$0.83 Recently renovated. The two vacant units will;be <br /> 1 13 -2BR 960-1,400 $895-$960 $0.69 -$0.93 coming online in Novemeber and are expected to <br /> 1 6-3BR 1,100 2,200 $1,100-$1,250 $0.57 $1.00 fill quickly. <br /> Oak Crest Apartments 1987/ 54 0 3-1BR n/a $725 n/a Three two-story buildings. <br /> 300-380 3rd Street 1988 2 51-2BR n/a $825 -$850 n/a <br /> Ridgewood Manor 1987 80 0 29-1BR 750 $695 $0.93 Three story apartments. Five total buildings. <br /> 11931 191 1/2 Avenue 3 51-2BR 900 $775 -$795 $0.86-$0.88 <br /> Tara Hills Estates 1986 26 0 n/a -1BR n/a $540 n/a Three-story apatment building. <br /> 151 5th Street 0 n/a -2BR n/a $640 n/a <br /> 0 n/a-3BR n/a $795 n/a <br /> Elk Park Estates 1985-87 72 5 n/a -1BR n/a $650 n/a Three,Three-story apartment building. <br /> 1109-1115 School Street 7 n/a -1BR/D n/a $700 n/a Previous caretakers took advantage of owners. <br /> 8 n/a -2BR n/a $725 -$775 n/a New owner took over ownership with new <br /> 8 n/a -2BR/D n/a $800 n/a caretaker. 15 evictions occurred.Turning around <br /> Elk Ridge Estates 1985 18 ---NOT AVAILABLE--- <br /> 11755 191 1/2 Ave <br /> Balmoral Apartments 1979 24 0 1-1BR 625 $675 $1.08 Three story building with balconies for the upper <br /> 379 Baldwin 0 23-2BR 815 $725-$775 $0.89 -$0.95 two floors. <br /> Elk Crossings 1972 21 1 3- 1BR 625 $795 $1.27 Three,three story buidlings. <br /> 814 Proctor Ave 4 18- 2BR 950 $895 $0.94 <br /> School Place Apartments 1965 16 0 2 - 1BR 700 $695 $0.99 Two,two-story buildings. <br /> 1179 School St.NW 0 14- 2BR 1,050 $795 $0.76 <br /> Continued <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 43 <br />