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City of Elk River
<br />Land Analysis
<br />April 18, 2416
<br />Page 13
<br />High Density Residential Land Sales Summary Grid
<br />Comp.
<br />Location
<br />Buyer
<br />Date
<br />Sale
<br />Spcl Asmnt,
<br />Total
<br />Price Per
<br />No. Units
<br />Price Per
<br />No.
<br />intended Use
<br />Seller
<br />of Sale
<br />Acreage
<br />Zoning Utilities Price
<br />Demo Cost, etc.
<br />Sale Price
<br />Acre
<br />Units/Ac.
<br />Unit
<br />Remarks
<br />Coon Rapids Leased Housing
<br />1
<br />11000 Northwest Crooked Lake Blvd.
<br />Associates IV, LLLP
<br />10 / 2015
<br />4.73 AC
<br />PORT Available $600,000
<br />$0
<br />$600,000
<br />$126,850
<br />167
<br />$3,593
<br />This site was repiatted to be developed with a 167 -unit, senior,
<br />Coon Rapids, MN
<br />EDA in and for the City of Coon Rapids
<br />35.3
<br />affordable housing complex.
<br />2
<br />302 West River Parkway
<br />Cooperative of Champlin
<br />4 / 2015
<br />3.22 AC
<br />R-5 Available $700,000
<br />$0
<br />$700,000
<br />$217,391
<br />$12,077
<br />This property was previously platted with SFR lots; however, it
<br />Champlin, MN
<br />United Properties Residential, LLC
<br />18.0
<br />is zoned High Density Residential, which allows a maximum of
<br />18 units per gross acre. The site was purchased for
<br />redevelopment as a senior living community.
<br />3
<br />1112 Washington Memorial Drive
<br />James E. Stang & Pamela J. S. Houlihan
<br />12 / 2014
<br />2.39 AC
<br />R5 Available $269,000
<br />$0
<br />$269,000
<br />$112,552
<br />49
<br />$5,490
<br />This property is Lot 2, Block 1 of the plat of 1212 Washington.
<br />St. Cloud, MN
<br />Nemeth 1112, LLC
<br />20.5
<br />The site was previously improved with a landscape nursery and
<br />planned to be redeveloped with a 49 -unit apartment building.
<br />4
<br />xxx Sentinel Court
<br />The St. Cloud Hospital
<br />11 / 2014
<br />22.25 AC
<br />R-5 PUD Available $2,000,000
<br />$0
<br />$2,000,000
<br />$89,888
<br />This property is Lot 1, Block 1, Ferche South St. Benedicts. A
<br />Sartell, MN
<br />Four Points Development, Inc.
<br />portion of the site is now improved with a new hospital.
<br />5
<br />xxx Meadow Oak Avenue
<br />IRET Properties
<br />10 / 2014
<br />12.69 AC
<br />R-4 Available $1,659,636
<br />$0
<br />$1,659,636
<br />$130,783
<br />202
<br />$8,216
<br />This property was Outlot A of the Monticello Commerce Center
<br />Monticello, MN
<br />Monticello Industrial Park, Inc.
<br />15.9
<br />Seventh Addition. it has been repiatted as Lot 1, Block 1, of
<br />Monticello Commerce Center Eighth Addition, to be developed
<br />with 202 market rate apartments.
<br />6
<br />xxx County Road 81
<br />Vincent Holdings, LLC
<br />12 / 2013
<br />19.24 AC
<br />R-4 Available $371,000
<br />$0
<br />$371,000
<br />$19,283
<br />168
<br />$2,208
<br />This property sold as Lots 1 & 2, Block 1 of the High Point
<br />Rogers, MN
<br />Financial Security Bank
<br />8.7
<br />Church Addition. The Church had planned to construct a new
<br />church on one parcel and develop a recreational use on the
<br />other lot. Currently, the site remains vacant. However, the new
<br />owner has preliminary approval for a 168 -unit apartment
<br />complex and assemblage of the two previously platted lots.
<br />7
<br />xxx Frankfort Parkway
<br />Northwest Bible Church
<br />10 / 2013
<br />10.40 AC
<br />PUD Available $275,000
<br />$0
<br />$275,000
<br />$26,442
<br />120
<br />$2,292
<br />The property was guided for approximately 120 residential
<br />St. Michael, MN
<br />United Children's Fund
<br />11.5
<br />units; however, the site remained vacant and sold for church
<br />use.
<br />10.40 AC
<br />Median
<br />$112,552
<br />$4,542
<br />10.70 AC
<br />Mean (Average)
<br />$103,313
<br />$5,646
<br />
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