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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