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CITY ~ NEIGHBORHOOD DESCRIPTION <br />Type of neighborhood: Outlying Suburban <br />Percent built-up: 45% <br />Stage of Development: Growth <br />Neighborhood boundaries: City Limits <br />Major Transportation: Highways 10, 101 & 169 <br /> <br />Predominant type ~& conformity: SF 20%, 2-4 fam. & Multi-fam. 10%, <br />Comm/Ind. 15%, Ag/Vacant/Parks/Greenspace 55%. <br />Average conformity. <br />Supply if< Demand: In balance <br />Reputation of the area: Average <br />Typical properly age: New to 75 + years, predominant under 20 years <br />Subject Market: Commercial Land <br />Commercial land value: $6.00 to $10.00 + per SF <br />Industrial land values: $1.00 to $3.00 + per SF <br />Residential Property Values: $230,000 average (2007) <br />Subject Market: Stable <br />Neighborhood Trend: Gradual increase in values over time. <br />Detrimental influences: No major apparent <br /> <br />Comments: The subject is located in the City of Elk River, just east of <br />Highway 169. As a result of the close proximity of <br />Highway 169, the area is developing with new <br />commercial uses. <br /> <br /> <br />Subject market: In considering recent publications, news articles and <br />comments from market participants, it is concluded that <br />the overall outlying suburban commercial market in the <br />subject area is somewhat soft to stable. New <br />construction is slower than in recent years. <br />Nagell Appraisal & Consulting ~ 952-544-8966 ~ www.callnagell.com <br />