FOR SALE 605 Industry Ave DISTRIBUTION WAREHOUSE FACILITY Asking $395,000

Transcription

1 FOR SALE 605 Industry Ave DISTRIBUTION WAREHOUSE FACILITY Asking $395,000 For Additional Information and To View the Property Please Contact Sandy Hoff - Office Phone shoff@fisalter.com

2 AREA MAP

3 LEGAL DESCRIPTION The property valued in this appraisal is depicted on the maps included with this report. The assessor parcel codes are and A survey should be obtained to confirm the site boundaries and legal description with easements and exceptions for roadways if any. TAX AND ASSESSMENT DATA Following are the estimated market values for the subject as determined by the Carlton County Assessor s office for taxes payable in Pay 2018 data is not available Parcel Code EMV Land EMV Building Total EMV Pay $26,000 $33,000 $59,000 $2, $54,100 $150,600 $204,700 $8,079 ZONING The subject property is located in the H-I Heavy Industrial zoning district. Allowable uses in this zoning district are quite varied and include manufacturing, commercial and industrial uses. My review of specific zoning regulations for this district reveals that the subject conforms to the necessary standards or has obtained the appropriate variances. The present use of the site as a distribution warehouse facility is a legally permissible use. FLOOD ZONE According to the FEMA Flood Zone Map # C, dated September 27, 1991, the subject is located within a minimal flood hazard area.

4 GIS MAP SUBJECT

5 ZONING MAP SUBJECT

6 SUBJECT FLOOD MAP

7 MARKET AREA DATA AND ANALYSIS City of Cloquet: The City of Cloquet is the largest city in Carlton County with a 2006 population estimate of 11,714, representing an increase over the 1990 census count of 10,885. Cloquet is situated 19 miles south of Duluth along Highway 33 near the intersection with Interstate 35 and is 142 miles from Minneapolis. Access to Cloquet is excellent from Duluth and the Twin Cities area via Interstate 35 and Highway 33. Highway 33 continues north to Highway 53 and the Iron Range. Highway 33 is heavily developed with commercial properties through the community of Cloquet. The commercial district has been expanding and properties constructed over the past ten years include several strip malls, Wendy s and Applebee s Restaurant as well as Super Walmart and Walgreens store. Major employers in Cloquet include the Fond Du Lac Indian reservation, Sappi Paper, USG Interiors, Cloquet Public Schools, Diamond Brands, Cloquet Community Hospital, Boldt Construction and Upper Lakes Foods. Cloquet s economic base is diversified over several market segments. Employment is conveniently available in Duluth as well. All municipal utilities are available in Cloquet including water, sewer, gas and electricity. Recreational opportunities include parks, Pine Valley ski area and sports fields. Cloquet has two elementary schools, one middle school, one high school and the Fond Du Lac community college. It was incorporated as a city in The City of Cloquet is a growing community with new and old housing stock, employment opportunities, and educational and recreational choices. Growth has been occurring in Cloquet in commercial development along Highway 33 and residential development has been occurring in new home developments.

8 NEIGHBORHOOD DATA Neighborhoods may be devoted to such likes as residential, commercial, industrial, agricultural, cultural and civic activities, or a mixture of these uses. An analysis of a neighborhood in which a particular property is located is important, due to the fact that the various physical, social, political and economic forces which affect that neighborhood also directly influence the individual properties within it. Neighborhood Overview: The subject property is located in the Cloquet industrial district two blocks north of the central business district and just south of the St. Louis River. The general character of the neighborhood reflects a diversity of uses. Examples include a large distribution warehouse, professional offices, industrial manufacturing and storage and retail sales. Neighborhood Boundaries: The neighborhood boundaries include Avenue B on the south, Highway 33 on the west, St. Louis River on the north and N 14 th Street on the east. Accessibility: Accessibility to the area and neighborhood is good. Highway 33, located a ¼ mile west, is a primary traffic artery connecting to Interstate 35 located 2.5 miles south and U.S. Highways 2 and 53 located 9 miles and 15 miles respectively north. Closer to the subject, Avenue B is the main east west thoroughfare is this area. The primary traffic artery extending through the subject s neighborhood is Industry Avenue. Two primary railroad spurs extend through the neighborhood with various spurs. The Duluth and Northeastern railroad track extends north of the subject and the Burlington Northern spur extends south. The subject s neighborhood has a very centralized location within the city of Cloquet and more importantly in the region which is ideal for a warehouse facility need access to primary roadways. Utilities: The neighborhood is serviced by city water, city storm and sanitary sewer, natural gas, electricity, phone and high-speed Internet access. Develop Stage: Neighborhoods are characterized as being in one of the four developmental stages. These stages are growth, stabilization, decline and rejuvenation. The subject s neighborhood is best described as being in the stabilization state. While some expansion and new development is occurring in the area it is not consistent enough to suggest a strong growth phase.

9 NEIGHBORHOOD MAP 15

10 SITE DESCRIPTION The subject parcel is located on the northwest corner of 8 th Street and Industry Avenue. Carlton County GIS maps depict the subject as an L shaped parcel. However, this is not correct. The parcel is rectangular shaped. Based on my review of the plat maps and aerial photos, it appears the land area comprises approximately 64,064 square feet excluding the roadways. A survey should be obtained to confirm the lot size. Improvements to the site include four warehouse and storage buildings, perimeter fencing and a gravel surface parking lot. Size and Dimensions: The approximate property line dimensions are as follows: North Property Line: 308 ± East Property Line: 208 South Property Line: 308 ± West Property Line: 208 The total site size calculates to 64,064 square feet according to my measurements. Topography - Vegetation: The topography of the site is generally level. Vegetation is limited to grass along the north edge of the site and minor landscaping and trees on the east side of the larger building. Utilities: Municipal water, gas and electric serve the site. Road Access: Access to the site is via N 8 th street or Industry Avenue Soil Conditions and Environmental Issues: I have not been provided with soil borings. However, soil conditions appear conducive to support the existing apartment structure. I have not been provided with a phase I or Phase II environmental assessment. The value conclusions of this report assume no detrimental impact to the presence of hazardous substances.

11 DESCRIPTION OF IMPROVEMENTS General Overview: Improvements to the site consist of four free standing buildings, gravel surface parking lot and perimeter fencing. The primary building comprises 6,480 square feet and is used as a distribution warehouse with a small segment dedicated to office space. The additional buildings include a 795 square foot storage building, 1,590 square foot service garage and 1,115 square foot equipment/vehicle storage building. Following is a more detailed description of the improvements. Distribution Warehouse Building: The building measures x 115 for a total area of 6,480 square feet. Used as a distribution warehouse, the building has a concrete foundation, steel frame with a metal exterior skin. There are six overhead doors two of which provide drive in access on the north side and four of which are elevated to standard loading dock heights on the west side. The interior has a concrete floor with the area servicing the west docks being elevated approximately 6 feet higher than the north end. A ramp connects the two levels. The entire building is heated; the warehouse area has suspended unit heaters. A small area dedicated to bathrooms, break room and offices is located on the south end of the building. The estimated effective age of this structure is 25 years with a remaining economic life of 20 years. The building exhibits were and tear consistent with its age. Building 4 Storage Building: This structure measures 32.8 x 34.4 and comprises approximately 795 square feet. The metal framed structure sits on wood posts and has a metal exterior skin. The building is used for storage and is unheated. Primary access is via sliding doors on the south elevation. The building exhibits deferred maintenance and needs repair work and paint. The effective age is estimated at 30 years with a remaining economic life of 15 years. Storage Building 5 Maintenance Garage The maintenance garage measures 32.2 x thus comprising 1,590 square feet. This structure has a concrete slab on grade, metal frame, and a metal exterior. Heat is provided by a suspended unit heater. Access is via a pedestrian door and an overhead garage door. The building exhibits deferred maintenance and needs some repair work and exterior paint. The estimate effective age is 30 years with a remaining economic life of 15 years. Kirsting Building This structure is utilized for vehicle storage and measures 26.4 x 42.2 thus comprising 1,115 square feet. The building has a concrete floor, steel frame and metal exterior covering. Heat is provided by suspended unit heater. The effective age of this structure is estimated at 10 years with a remaining economic life of 35 years. Miscellaneous site improvements: Additional site improvements include perimeter chain link fencing and gravel surface parking lot.

12 SUBJECT PHOTOGRAPHS KEMPS BUILDING SOUTH AND EAST ELEVATIONS NORTH ELEVATION

13 SUBJECT PHOTOGRAPHS WEST ELEVATION OFFICE INTERIOR

14 SUBJECT PHOTOGRAPHS LOADING DOCK AREA DRIVE IN DOCK AREA RAMP ON LEFT

15 SUBJECT PHOTOGRAPHS PRODUCT STORAGE AND TRANSFER AREA SERVICE GARAGE AND PRODUCT STORAGE BUILDING

16 SUBJECT PHOTOGRAPHS NEWER VEHICLE AND PRODUCT STORAGE BUILDING