HomeMy WebLinkAbout2025-04-23 Amazon HandoutAssessment Documentation
Anoka County
Centerville
Subject Property
Amazon. com Services LLC (2D)
DMS6
6985 21STAVE S
Centerville, Minnesota
Account Number
24-31-22-32-0004
Amazon
PO Box 80416
Seattle, WA 98108-0416
Presented by:
Brandon Wright
Property Tax Manager, Amazon.com
708466-6053
branwrk"' amazon.com
Amazon.= Services LLC Confidenfiai Page 1 of 31
Summary of Salient Facts
County Anoka County
Tax Payer
Amazon.com Services LLC (21))
Property Name
DMS6
Address
6985 21STAVE S
City
Centerville
State
Minnesota
Property Type Delivery Station
Rentable Building Area 141,360
Year Built (SF) 2023
Site Area (AC) 33.41 1,455,340 SF
Parcel Number(s) 24-31-22-32-0004
Assessor's Current Year Market Value:
Parcel(s) Land Size Building Size Land $ISF Building $ISF............. Total $ISF
. ................................41.......................
2431.22.32.0004 33.41 141,360 $5,828,000 $4.00 $28,057,800 $198.48 $33,885,800 $239.71
Market Value Indication:
Land
$ISF
Building
$1SF
Total
$1SF
Fee Simple Income Approach
$1,999,700
$1.37
$16,193,000
$114.55
$18,192,700
$128.70
Uniformity and Equity Analysis
$1,999,700
$1.37
$16,256,300
$115.00
$18,256,000
$129.15
Sales Comparison Approach
$1,999,700
$1.37
$16,338,200
$115.58
$18,337,900
$129.72
`Indication of Fair Market Value:
$1,999,706
$1.31
$16$00,300
$115.31
$18,300 000
$129.46
Key Issues of Concern:
INCOME ANALYSIS: Proforma income supports a value correction that is lower than the assessor's current value.
UNIFORMITY: Comparable properties' valuations support our income analysis and suggest that the subject property is not being assessed within uniformity of
similar properties within the jurisdiction.
SALES COMPARISON: The subject property's cuurent assessment is well above market sales of similar surrounding properties.
Amazon.com Services LLC Confidential Page 2 of 31
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INCOMEARAYSIS
Amazon.ccm Services LLC Confidential Page 6 of 31
S6
6985 21 STAVE S
Centerville. Minnesota
Assessor's Current Market Value 3971 ID ,
Value Assumptions
Can Rate Survev:
f Costar Lease Camps
CoStar Q4 2024 • North Central Logistic
8.90%
3 Nominal Figures
Realty Rates 04 2024 - MinneapoAs
9.00%
4 Nominal Figures
Realty Rates Q4 2024 - Midwest Region
8.90%
5 Cap Rate Surrey
National Association of Realtors Q3 2024
120%
Amazon.com Services LLC Confidential Page 7 of 31
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Operating Data
Income
Asking Rent
$1.050
$1.088
$1,117
$826
Effective Rent
$997
$1,069
$1,050
$889
Otherincome
$3
$3
$3
$3
Totallncome
$1.000
$1.072
$1.053
$891
Vacancy Rate
7.9/.
4.6%
5.6x
6.1%
EGI
$921
$1.023
$994
$837
Espenses
Total Expenses
$394
$603
$482
$378
Expense Ratio
42.73%
59.00%
48.48%
45.16%
NOI
$528
$419
$513
$459
Investment Data
Avg Sale Price
$71.611
$56.229
$68.034
$80,712
DAR ;
8.8%
9.0%
9.0%
9.1%
GRM ^
5.98
4.38
5.40
5.69
EGIM +
6.48
4.58
5.70
6.05
'3rd Quartor 2024 Data
Copyright 2024 RealtyRate..camT~
Operating Data
Income
Asking Rent
$6.54.
$12.23
$7.39
$11.47 !
$8.08.
$12,72'
$7.63„
$12.37
Effective Rent
$6.29
$11.76
$6.69
$10.67 j
$7.98
$12.26"
$7.32
$11.85
Reimbursable Exp.
$3.63
$6.03
$3.13
$5,221
$2.54�
$ 4,24i
$2.48
$4.42
Total Income
$9.93,
$17.79
$9.81
$15.89,
$10.50
$16.50'
$9.80
$16.2e
..
- _ i
VacancyRate
4.1!!
6.1x
7.3'/.
5.5•I. j
5.7%.
6.5%'
5....
5.6%
.
6.0%
EGI
$9.52
$16.70
$9.10
$15.01.
-
$9.90 '
-
$15.44
$9.25
$15.3C
Espenses
TotalEspenses
$3.91
$6.48
$3.36
$5.61;
$2.74;
$4.56"
$2.62
$4.69
Expense Ratio
41.02%
38.80%
36.97%
42.38Y
27.62%
29.55%
28.37%
30.64/
NOI
$5.82
$10.22
$5.73
$9.40 i
$7.17
$10,88'
$6.63
$10.61
Investment Data
Avg Sale Price
$69
$110
$64
$99
$80
$119
$75
$112
OAR
8.1%
9.3%
S.W.
9.5%
9.0%
9.1%
8.9%
9.4'/.
GRM
10.96
9.35
9.57
9.28
10.06
9.71'
10.19
9.5E
EGIM
7.25
6.59
7.03
6.59
8.08
7.71
8.06
7AC
'3rd Qua rto 2024 Data
Copyright 2024 RealtyRat,COMT„
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Commerelal Real Estate by Sector
1.Office
Demand for office space is stronger than nationwide as this area hasa faster absorption ofoffiCt, space. As
a result, rent pricesrosefas[er than nationwide and
vacancyrate is lower inthisarea.
Net AbeorptlmW Net Ahawptlm Sits
hrtk t G—th rMrlr•t RwNS:
Va —
Ne
12W
ms Q5-377,59B-606.496
1.5% $27
i1.6%
lafb Q3 {91,049-7,CC6,978
3D% $26
110%
tne..ory Si NMaerw W
NnnNh SPo To fiabaLvY HarlotCWN-
14.0M
?Tea40 204372,112 338,115
696,085 $13584M
10.0%
2A23O1 203,686.024 -480,685
-783.947 $316MM
91%
2. Muldfarril
Remand for multifamily space is stronger than nationwide asthfs area has a faster absorption of
multifamily space. As a result, rent prloes rose faster than nationwide and Vacancy rate is lower in this area.
AhmrpBan Ynb Ahwpdm Ynb K lac Asking Marbr=V Mader dredm Vaurrry Raea
G 12 Marrne —thm R.erMANt N—Aeit
Mantra
i
252a03 3,239 10,931 ll $1,515 $1,499 75%
2o:o Qa 2,025 7;;57 ILI% $1,49B $1,479 7S%
Ir ,,r Ynb Ne<Ddhered Ynb Net 13.11 1Ynb T2 M. bbdut Cap Rob
2 W 262,912 2,945 12,003 6.6%
WtUQ3 270,009 3,700 9,435 6396
I
& Retail
Demand for recall space is etrongar than nationwide as this area has a faster absorption of retail space. As a
result, rent prices rose faster than nationwide and vacancy rate is lower in this area.
Nat AbeorptlallW Net AbeOrpYWWU MerbtRentamwtA MMlat Ra KW Vaunry Rob
MOMha aMoreaa
2 W-125.491 915549 2,5% $20 2.696
]4393 694,660 831,178 4,l% $19 3,0%
Irrwrwysa MMwtorp orb rddsdrvaMm. Tneroedm Mr prkAfSF
2.o2aQ3 209,115290 7A% $251335M $17B
2 43 20B,983,836 7.4% $215.64M $97
,$, Industrial
lDamand for industrial space is stronger than nationwide as this area has a faster absorption cf industrial
;& —m. As a result, rent prices rose faster than nationwide abd vacancy rate is 1— in this area.
NM:Abaept SF Nat Abewptrd5F4 MArlwt Rard CmNAb Harlot R.*W rirncy Rde
Morrrlra C
leae� 1,141,846 6,097,044 7.6% $9 43%
2A23Q3 550,450 3,869,543 B,4% $8 3.9%
lawa[a•YSF NK pllirVMaF NKDeIi—iSF12 Maisel Cap Rate robr5ara Vornw
lwsn a
m 03 431,418,9S0 870,092 8,117,153 9.7% $52876V1
ems Qa 423,301,737 2,045,182 9,053,915 5.8% $411,541A
NAa erab'da on oar. Nb,e wuserrw eurryuseuerr dt [.bee SeadWy W caw a Irmrv.ikA+Yi>, C�
The Nadonal AssedeBon d RE4LTOR50 hAmarlcaY rrgMt trabe aaodatlon, rapresananamore Nan ]5 mllllon mambery Indutlln2
rat Inpltu[es.socyma antloavndham"m,inallaspectsh erealsloe industry. NAAmembership in lm,brakerA
ulespa RQIp..KI manager;appraiser:.hlp ors ad others engaged I n bathresldeMlal and s.—blrealest Nt ..teen
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Amazon.com Services LLC Confidential Page 11 of 31
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Amazon.com Services LLC Confidential Page 12 of 31
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Property List
Property Name/ City Type Size SF Available Asking Rent
Address
Napless II Industrial Center
10400 Naples St NE Blaine Industrial 195,250 SF 26,100 - 116,950 Withheld
6855 21 st Ave Centerville Truck Terminal 140,000 SF - Withheld
Clearwater Creek Distribution Ce...
Lino Lakes Distribution 402,522 SF - Withheld
6870 21 st Ave S
Blaine Preserve Business Park II
3761 95th Ave NE Circle Pines Warehouse 99,056 SF - Withheld
10580 Naples St NE Blaine Warehouse 195,000 SF - Withheld
10201 Xylite St NE Blaine Warehouse 135,746 SF - Withheld
amazon® 2025 CoStar Group - Licensed to Amazon.com Services, Inc. - 1032279
.-zon.com Services LLC Confidential Page 14 of 31
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PARID; 22-31-23-41-0002
ERG-CP NAPLES SOUTH OWNER LLC
10400 NAPLES ST NE
Property Values
Asmt Pay Class LP
Rec
EMV Land EMV Bldg
EMV New EMV Total TMV Land TMV Bldg TMV Total
Year Year
#
HGA Construction
2025 2026 3A INDUSTIAL
1
1,937,900 25,683,300
0 0 27,621,200 1,937,900 25,683,300 27,621,200
PREFERENTIAL
2024 2025 3A INDUSTIAL
1
1,938,200 27,546,400
0 27,546,400 29,484,600 1,938,200 27,546,400 29,484,600
PREFERENTIAL
2023 2024 3A INDUSfIAL
1
499,700 0
0 0 499,700 269,200 0 269,200
PREFERENTIAL
2022 2023 3A INDUSTIAL
1
154,000 0
0 0 154,000 154,000 0 154,000
PREFERENTIAL
-JM=A
Asmt EMV Deferrals/Excluslons TMV
Year Total Green Acre Rural Open Space Ag Preserve Disabled Veterans Homestead Mkt Value Platted Vacant Total
2025 27,621,200 0 0 0 0 0 0 0 27,621,200
2024 29,484,600 0 0 0 0 0 0 0 29,484,600
Amazon.com Services LLC Confidential Page 16 of 31
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PARID. 24-31-22-33-0018
TERMINAL PROPER S LLC
Property Values
Asmt Pay
Class
Year Year
2025 2026 3A INDUSTIAL
PREFERENTIAL
2024 2025 3A INDUSTIAL
PREFERENTIAL
2023 2024 3A INDUSTIAL
PREFERENTIAL
2022 2023 3A INDUSTIAL
PREFERENTIAL
l
LP # HGA Construction
EMV Land EMV Bldg EMV New EMVTotal TMV Land TMV Bldg TMVTotal
1 2,363,600 6,856,500 0 0 9,220,100 2,363,600 6,856,500 9,220,100
1 2,363,800 6,767,200 0 0 9,131,000 2,363,800 6,767,200 9,131,000
1 2,363,600 6,802,300 0 6,802,300 9,165,900 2,363,600 6,802,300 9,165,900
1 1,772,600 0 0 0 1,772,600 1,772,600 01,772,600
Deferrals/
Asmt EMV
TMV
Green
Open
Exclusions
Disabled
Homestead Mkt
Platted
Year Total
Rural
Total
Acre
Space
Ag Preserve
Veterans
Value
Vacant
2025 9,220,100
0 0
0
0
0
0
0
9,220,100
2024 9,131,000
0 0
0
0
0
0
0
9,131,000
Amazon.com Services LLC Confidential Page 18 of 31
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PARID: 24-31-22-34-0003
TREFCM CCD OWNER LLC
6870 21VE S
Property Values
Asmt Pay Class LP
Rec
EMV Land EMV Bldg
EMV
New EMV Total TMV Land TMV Bldg TMV Total
Year Year
#
HGA Construction
2025 2026 3A INDUSTIAL
1
3,168,400 28,831,600
0
0 32,000,000 3,168,400 28,831,600 32,000,000
PREFERENTIAL
2024 2025 3A INDUSTIAL
1
3,169,900 24,780,100
0
0 27,950,000 3,169,900 24,780,100 27,950,000
PREFERENTIAL
2023 2024 3A
1
3,558,200 24,391,800
0
0 27,950,000 3,558,200 24,391,800 27,950,000
COMMERCIAL
PREFERENTIAL
2022 2023 3A-
1
2,971,200 19,513,400
0
0 22,484,600 2,971,200 19,513,400 22,484,600
COMMERCIAL
PREFERENTIAL
2021 2022 3A-
1
2,159,400 17,382,000
0
0 19,541,400 2,159,400 17,382,000 19,541,400
COMMERCIAL
PREFERENTIAL
2020 2021 3A-
1
2,159,400 17,815,800
0
0 19,975,200 2,159,400 17,815,800 19,975,200
COMMERCIAL
PREFERENTIAL
2019 2020 3A-
1
2,159,400 17,366,400
0
0 19,525,800 2,159,400 17,366,400 19,525,800
COMMERCIAL
PREFERENTIAL
2018 2019 3A
1
2,057,000 16,539,800
0 5,707,500 18,596,800 2,057,000 16,539,800 18,596,800
COMMERCIAL
PREFERENTIAL
2017 2018 3A
1
1,487,700 9,292,400
0 9,292,400 10,780,100 1,487,700 9,292,400 10,780,100
COMMERCIAL
PREFERENTIAL
2017 2018 3A
2
100 0
0
0 100 100 0 100
COMMERCIAL
PREFERENTIAL
E-J
Deferrals
Ascot EMV
TMV
Green
Open
Exclusions
Disabled
Homestead Mkt
Platted
Year Total
Rural
Total
Acre
Space
Ag Preserve
Veterans
Value
Vacant
2025 32,000,000
0
0 0
0
0
0
0
32,000,000
2024 27,950,000
0
0 0
0
0
0
0
27,950,000
Amazon.com Services LLC Confidental Page 20 of 31
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PARID: 26-31-23-31-0004
LANIHAU BLAINE 4 LLC
371 95TH AVE
Property Values
Asmt Pay
Class LP
Year Year
Rec
#
EMV Land
EMV Bldg
EMV New
EMV Total TMV Land
HGA Construction
TMV Bldg TMV Total
2025 2026 3A INDUSTIAL
1
1,538,200
10,461,800
0
0 12,000,000 1,538,200
10,461,800 12,000,000
PREFERENTIAL
2024 2025 3A INDUSTIAL
1
1,538,200
8,861,800
0
0 10,400,000 1,538,200
8,861,800 10,400,000
PREFERENTIAL
2023 2024 3A INDUSTIAL
1
1,397,800
9,502,200
0
0 10,900,000 1,397,800
9,502,200 10,900,000
PREFERENTIAL
2022 2023 3A INDUSTIAL
1
1,074,200
8,162,900
0
0 9,237,100 1,074,200
8,162,900 9,237,100
PREFERENTIAL
2021 2022 3A INDUSTIAL
1
1,074,200
7,518,700
0
0 8,592,900 1,074,200
7,518,700 8,592,900
PREFERENTIAL
2020 2021 3A INDUSTIAL
1
1,181,600
7,594,300
0
0 8,775,900 1,181,600
7,594,300 8,775,900
PREFERENTIAL
2019 2020 3A INDUSTIAL
1
1,073,200
5,869,400
0
0 6,942,600 1,073,200
5,869,400 6,942,600
PREFERENTIAL
2018 2019 3A INDUSTIAL
1
973,000
5,128,400
0
0 6,101,400 973,000
5,128,400 6,101,400
PREFERENTIAL
2017 2018 3A INDUSTIAL
1
973,000
5,426,700
0 1,007,900
6,399,700 973,000
5,426,700 6,399,700
PREFERENTIAL
Deferrals/
Asmt EMV
TMV
Green
Open
Exclusions
Disabled
Homestead Mkt
Platted
Year Total
Rural
Total
Acre
Space
Ag Preserve
Veterans
Value
Vacant
202512,000,000
0
0 0
0
0
0
0
12,000,000
202410,400,000
0
0 0
0
0
0
0
10,400,000
Amazorixom Services LLC Confidential Page 22 of 31
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PARID: 22-31-23-14-0002
ERG-CP NSC OWNER LLC
Property Values
Asmt Pay Class LP
Rec
EMV EMV Bldg
EMV New EMV Total TMV TMV Bldg TMV Total
Year Year
#
Land
HGA Construction Land
2025 2026 3A INDUSTIAL
1
344,600 14,998,300
0 0 15,342,900 344,600 14,998,300 15,342,900
PREFERENTIAL
2024 2025 3A INDUSTIAL
1
349,200 14,264,000
0 0 14,613,200 349,200 14,264,000 14,613,200
PREFERENTIAL
2023 2024 3A INDUSTIAL
1
331,100 16,745,400
0 5,066,600 17,076,500 331,100 16,745,400 17,076,500
PREFERENTIAL
2022 2023 3A INDUSTIAL
1
292,800 8,122,200
0 8,122,200 8,415,000 292,800 8,122,200 8,415,000
PREFERENTIAL
2021 2022 3A INDUSTIAL
1
305,300 0
0 0 305,300 305,300 0 305,300
PREFERENTIAL
Deferrals/
Asmt EMV
TMV
Green
Open
Exclusions
Disabled
Homestead Mkt
Platted
Year Total
Rural
Total
Acre
Space
Ag Preserve
Veterans
Value
Vacant
202515,342,900
0
G 0
0
0
0
0
15,342,900
202414,613,200
0
0 0
0
0
0
0
14,613,200
Amazon.com Services LLC Confidential Page 24 of 31
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PARID: 22-31-23-33-0017
........_______...._ ....... ................_. ......... __. ._______
CP INCOME AND GROWTH IV LLC
Asmt Pay
Rec
EMV
EMV
New TMV
Class LP
EMV Bldg
EMV Total TMV Bldg TMV Total
Year Year
#
Land
HGA Construction Land
2025 2026 3A INDUSTIAL
1
467,600 17,720,000
0
0 18,187,600 467,600 17,720,000 18,187,600
PREFERENTIAL
2024 2025 3A INDUSTIAL
1
467,600 17,512,000
0
0 17,979,600 467,600 17,512,000 17,979,600
PREFERENTIAL
2023 2024 3A INDUSTIAL
1
414,500 20,282,700
0 14,492,500 20,697,200 414,500 20,282,700 20,697,200
PREFERENTIAL
2022 2023 3A INDUSTIAL
1
336,000 281,600
0
0 617,600 336,000 281,600 617,600
PREFERENTIAL
2021 2022 3A INDUSTIAL
1
342,000 0
0
0 342,000 342,000 0 342,000
PREFERENTIAL
Deferrals/
Asmt EMV
Green
Open
Exclusions
Disabled
Homestead Mkt
Platted
Year Total
Rural
Acre
Spate
Ag Preserve
Veterans
Value
Vacant
202518,187,600
0 0
0
0
0
0
0
202417,979,600
0 0
0
0
0
0
0
TMV
Total
18,187,600
17,979,600
Amazon.com Services LLC Confidential Page 26 of 31
Amazon.com Services LLC Confidential Page 27 of 31
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Sale Camps List
Property Name city
Type
Size Sale Information
Address
North Central Commerce Center
Distribution
Sold: $16,000,000
1 Coon Rapids
9525 East River
****�7
121.000 SF
($132.23/SF)
2 1-94 Logistics Center
Distribution
Sold: $28,500,000
12195 N Brockton Ln Maple Grove
*****
263,775 SF
($108.05/SF)
3 Zachary Distribution Center
Distribution
Sold: $21,625,000
9450 Zachary Ln Maple Grove
* * * * �r
172 224 SF
($125.56/SF)
4 10201 Xylite St NE Blaine
Warehouse
135,745 SF Sold: $15,400,000($113.45/SF)
*****
amazon0 2025 CoStar Group - Licensed to Amazon.com Services, Inc. - 1032279
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9525 East River - North Central Commerce Center
Coon Rapids, MN 55433 (Anoka County) - North Central Submarket Distribution
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Sold 12/19/2024 Sale Price $16,000,000 ($132.23/SF)
° SF ( 00%) Price Status Full Values
RBA (/o Leased) 121 000 1
Built 2023 Land Area 8.30 AC/361,548 SF
t
Sale Comp Status Research Complete Sale Comp ID 7069185(�
Parcel Numbers 26-31-24-41-0007 Sale Conditions 1031 Exchange`%;ji'a'f�j%
Type Name Location Phone
Recorded Buyer Hrc North Central Llc
Recorded Buyer Hro North Central Reverse Uc - -
True Buyer Haleakala Ranch Company Makawao, HI 96768 (808) 572-1500
Recorded Seller Scannell Properties #623 Llc - -
True Seller Scannell Properties Indianapolis, IN 46240 (317) 843-5959
12195 N Brockton Ln - 1-94 Logistics Center
Maple Grove, MN 55369 (Hennepin County) - Northwest Submarket Distribution
1J��JI»yjr»>,,;
Sold 8/12/2024 Sale Price $28,500,000 ($108.051SF) � � FM
RBA 263,775 SF Price Status Confirmed
Built _2022.�. ._ .....,.
Land Area 30.91 AC/1,346,440 SF
Sale Comp Status Research Complete Sale Comp ID 6821541
Parcel Numbers 25-120-23-14-0005
Type Name Location Phone
Recorded Buyer MDH F2 MSP Brockton, LLC Atlanta, GA 30339 (404) 231-5870
True Buyer MDH Partners Atlanta, GA 30339 (404) 231-1123
Recorded Seller Endeavor Investments X, LLC Minneapolis, MN 55435 (952) 210-5870
True Seller Endeavor Development Minneapolis, MN 55435 (952) 210-5870
4 9450 Zachary Ln - Zachary Distribution Center
Maple Grove, MN 55369 (Hennepin County) - Northwest Submarket Distribution
Sold 7/15/2024 Sate Price $21,625,000 $125.56/SF
RBA (% Leased) 172,224 SF (100%) Price Status Confirmed
Built 2022 Land Area 11.45 AC/498,762 SF
Sale CompStatus Research Complete Sale Comp ID 6795170
P P
Parcel Numbers 12-119-22-33-0049 ��
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Type Name Location Phone
Recorded Buyer Altus ZDC LLC Saint Louis, MO 63105 -
True Buyer Altus Properties Clayton, MO 63105 (314) 569-5000
Recorded Seller ZDC Partners, LLC Edina, MN 55435 (952) 201-2111
Recorded Seller Endeavor Investments IV TIC LLC Edina, MN 55435 -
Recorded Seller CC Zachary LLC Mount Pleasant, SC 29464 amazon m 2025 CoStar Group - Licensed to Amamn.com Services, Inc. - 1032279
.Aftzon.com Services LLC Confidential Page 30 of 31
Type Name Location Phone
True Seller Endeavor Development Minneapolis, MN 55435 (952) 210-5870
True Seller Calibogue Capital New York, NY 10003 (203) 487-8980
10201 Xyiite St NE
Blaine, MN 55449 (Anoka County) - North
Central Submarket
Warehouse
Sold 3/21/2024
Sale Price
$15,400,000 ($113.45/SF)
Kf
RBA (% Leased) 136,746 SF (1005/6)
Price Status
Full Value
Built 2022
Land Area
18.50 AC/805,860 SF
s
Actual Cap Rate 4.90%
Sale Comp Status
Research Complete
g1(%� 1i1� ,
Sale Comp ID 6684997
Parcel Numbers
22-31-23-33-0017 +1
Type Name
Recorded Buyer CP Income & Growth IV, LLC
True Buyer Capital Partners Management, LLC
Recorded Seller Opus Dev Co Llc
True Seller The Opus Group
Location Phone
Edina, MN 55436 (612) 431-3000
Minnetonka, MN 55343 -
Minnetonka, MN 55343 (952) 656-4444
amazon02025 CoStar Group - Licensed to Amazon com Services, Inc. - 1032279
".Alozon.com Services LLC Confidential Page 31 of 31