Excellent Redevelopment Opportunity in Minneapolis

Direct transport OFFERING MEMORANDUM to airport, MOA & Excellent Redevelopment downtown Opportunity in Minneapolis On the Metro 5333 & 5337 Minneahaha Ave., Minneapolis, MN 55417 Blue Light Abundant Rail Line nearby amenities

5333 & 5337 Minnehaha

Light Rail Blue Line

1 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Table of Contents

Confidentiality & Disclaimer...... 3 Location...... 4 Site Overview...... 5 Area Overview...... 6-7 Demographics...... 8-9 Contact...... 10

2 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Confidentiality By accepting this Offering Memorandum you, and/or interested buyers you represent, acknowledge that (i) it is a confidential Offering Memorandum solely for your limited use and benefit in determining whether you or those you represent have interest in the acquisition of the Property and you and those you represent will hold it in the strictest confidence, and (ii) you and those you represent will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or KimbleCo, and (iii) you and those you represent will not use any part of this Offering Memorandum in any manner detrimental to the Owner or KimbleCo. Disclaimer All information provided within is deemed reliable but not guaranteed and should be independently verified. No guarantees or warranties are made as to the accuracy or timeliness of the information provided. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

3 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Big Lake Elk River Ramsey

Anoka

Coon Rapids/Riverdale

MISSISSIPPI RIVER

Oak Grove Pkwy Existing and Planned 93rd Ave BROOKLYN PARK

85th Ave Transitways

Brooklyn Blvd Fridley

63rd Ave TWIN LAKE Brooklyn Center Transit Center

Bass Lake Rd CRYSTAL LAKE

Robbinsdale C D Van Golden Valley Rd Penn White Ave Blvd Rosedale Transit Center Location Plymouth Avenue/Theodore Wirth Park Target Field

Warehouse District/Hennepin Ave Royalston Ave/Farmers Market Nicollet Mall A 3rd St Bassett Creek Valley 5th St Downtown Government Plaza 5333 & 5337 Minneahaha Ave. Bryn Mawr Minneapolis 7th St U.S. Bank Stadium 11th St West 21st St West BankEast BankStadium Village Prospect Park

West Lake St Westgate Minneapolis, MN 55417 Cedar-Riverside Raymond Ave Beltline Blvd LAKE CALHOUN Franklin Ave Fairview Ave Snelling AveHamline AveLexingtonVictoria Pkwy StDale St Western Capitol/RiceAve St Wooddale Ave Lake St Lake St/Midtown Downtown Robert St St. Paul Louisiana Ave LAKE HARRIET 38th St Mounds BlvdEarl St Etna St White BearSun Ave Ray MaplewoodGreenwayHelmo Ave Ave Location 10th St Blake Rd ST. PAUL 46th St MISSISSIPPI RIVER Tamarack 46th St Central Downtown Hopkins MINNEAPOLIS Union 50th St/Minnehaha Park Depot Woodbury Theatre Shady Oak D VA Medical Center WOODBURY

Opus Fort Snelling 66th St

City West Terminal 1–Lindbergh Minneapolis-St. Paul International Airport SouthWest Golden Triangle 76th St Terminal 2–Humphrey Station Mall of American Blvd American Blvd America Eden Prairie Town Center Existing Transitways and Stations 28th Bloomington Ave Central METRO Blue Line (LRT) EDEN PRARIE 98th St METRO Green Line (LRT) METRO Red Line (BRT) MINNESOTA RIVER Shared Station Cedar Grove Rapid Bus Line Northstar Line Burnsville Heart of the City BURNSVILLE Burnsville Pkwy Planned Transitways and Stations 140th St METRO Orange Line (BRT): 2020 147th St METRO Green Line extension (LRT): 2023 APPLE VALLEY METRO Blue Line extension (LRT): 2024 Apple Valley Transit Station METRO Gold Line (BRT): 2024 Rapid Bus Lines

5333 & 5337 Minnehaha updated 9/11/18

Light Rail 5333 & 5337 Minnehaha Blue Line

4 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Site Overview An exciting location, 5333 & 5337 Minnehaha Ave are located in southeast Minneapolis between Minnehaha Regional Park to the east and Lake Nokomis to the west. This site is within easy commuting distance to either downtown Minneapolis or St. Paul, to MSP International Airport and to the Mall of America.

Location This site is on the Blue Line Light Rail. It abuts Minnehaha Avenue, and is within .26 miles to the 22 B Bus Route and .33 miles to the Blue Line VA Medical Center station. Convenient access to transit options and State Highways 55 (north/south) and 62 (east/west) allow for quick access across the Greater Twin Cities Metropolitan Area.

These two properties are currently zoned R5 - Multiple-Family 5333 & 5337 Minnehaha Ave, Minneapolis, MN 55417 (Minneapolis CPED Interactive Zoning Map) District, a zoning classification providing an environment for, among other uses, high density apartments. Importantly, the approved AT A GLANCE Minneapolis 2040 Comp Plan has called for these two sites to be rezoned as Urban Neighborhood and to align with the new Corridor 5333 Minnehaha 5337 Minnehaha 6 Built Form District allowing for building heights to be 2 - 6 stories PID 17-028-23-33-0014 17-028-23-33-013 to best take advantage of the access to transit, jobs, and goods PARCEL ACREAGE .14 acres .14 acres and services provided by the Corridor 6 district. We encourage all 6,244SF 6,290 SF prospective developers buyers to review all applicable zoning PARCEL SQUARE FEET requirements. PARCEL ZONING R5 - Mulitple-Family District NEIGHBORHOOD Minnehaha Under the R5 and Urban Neighborhood/Corridor 6 zoning categories, PAYABLE TOTAL TAX $4,578.20 (2021) $3,180.80 (2021) there lies a great opportunity for multi-family redevelopment at this site. The owners and KimbleCo engaged a respected local PRICE Please call broker for pricing information architectural firm to perform a density study for multifamily product at this location. For more information, please contact us.

5 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Area Overview

MINNEHAHA NEIGHBORHOOD & NOKOMIS EAST THINGS TO LOVE ABOUT THE MINNEHAHA NEIGHBORHOOD ASSOCIATION NEIGHBORHOOD: Minneapolis is made up of many individual • Close to so many nature trails neighborhoods and 5333 and 5337 Minnehaha • Best dog park in the metro is just blocks away Ave are located in the neighborhood known as Minnehaha. The Minnehaha neighborhood is joined • Lake Nokomis (running trails, swimming and by three other neighborhoods, Keewaydin, Morris much more!) Park and Wenonah to make up the Nokomis East • Walking distance to the Blue Line, with easy Neighborhood Association (NENA). The associations access to downtown Minneapolis, the airport mission is “To better the quality of life and build a and Mall of America sense of community pride by sponsoring actions • Minnehaha Falls Park (53’ waterfall, more trails which help our environment, businesses, and + a great restaurant) homes.” • Central location with easy access to both Walk to VA Medical Center Station on the Minneapolis and St. Paul Blue Line – less than a half mile away NEW DEVELOPMENTS & NEIGHBORHOOD AMENITIES This Minnehaha neighborhood is thriving! Traditionally an area where home ownership has prevailed, several new apartment buildings have been successfully developed here. The block these properties sit on is book ended by apartments and two new apartment buildings were completed across the street and at the corner, respectively, in 2020.

This site is just blocks from restaurants, fitness studios, entertainment venues and parks which make it a great place to live and work. Minnehaha Falls Mall of America

6 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Minnehaha Map

1 Minnehaha Regional Park 2 Sea Salt MINNEAPOLIS ST. PAUL 3 Minnehaha Falls Location 4 Minnehaha Dog Park WHAT’S HERE WHAT’S 20 5 The Tipsy Steer 6 Nokomis-Hiawatha Regional Park

7 18 Lake Nokomis 19 8 Nokomis Beach Coffee 9 Lake Nokomis Trail, 2.7 miles

10 Lake Nokomis Beach

15 11 Minnehaha Parkway Regional Trail 12 16 12 Mall of America (see inset) 17 1 13 Vantage Flats 2 14 Oaks Minnehaha - Longfellow 6 3

8 5 10 15 4601 Minnehaha Ave Apartments 16 Portico at the Falls Condominiums 5333 & 5337 Minnehaha WHAT’S 17 Hiawatha Ave Apartments

9 HAPPENING 7 13 14 18 Blue Line 4 19 MSP International - Terminals 1 and 2 20 20 20 Route 22B N Lyndale/Via Logan-57/Brklyn 21 18 21 VA Medical Center Station

11 PUBLIC REALM DISTRICT SYSTEMS/

Keep up on the latest developments in the Minnehaha neighborhood: minneapolismn.gov/government/city-council/ward-12/ward-12-projects and thedevelopmenttracker.com/development-map

7 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Market Profile

5333 Minnehaha Ave, Minneapolis, Minnesota, 55417 Prepared by Esri Ring Bands: 0-1, 1-3, 3-5 mile radii Latitude: 44.90650 Traffic and Demographics Longitude: -93.20378 0 - 1 mile 1 - 3 mile 3 - 5 mile Population Summary 2000 Total Population 10,883 93,699 233,396 2010 Total Population 10,357 94,046 234,724 2020 Total Population 10,937 98,975 253,850 2020 Group Quarters 231 5,397 12,351 2025 Total Population 11,569 102,680 265,599

5333 & 5337 Minnehaha Ave, Minneapolis N 2020-2025 Annual Rate 1.13% 0.74% 0.91%

E d

d R

t 2020 Total Daytime Population 9,318 90,167 279,637

Traffic Counts - 1, 3 andh 5 mile radius

r g

t F M i

r Workers 4,343 44,666 149,825

a n

r K

s S c

o t Residents 4,975 45,501 129,812 M

A n S Household Summary

n v t

e Maplewood

S N

v E 5,093 39,691 93,583

t e 2000 Households

e l 34th St N

e i v 2000 Average Household Size 2.01 2.24 2.36 n

r u lvd N

A B a er 2010 Households 5,174 39,091 93,993

O n t

l v a s N e w

o B l

e l n 280 t ti Me orial Hw C S 2010 Average Household Size 1.96 2.26 2.37

m y S N

i d Ave e l oo h Glenw Minneapolis a Maryland Ave E 2020 Households 5,422 40,930 100,750

W D Oakdale 2020 Average Household Size 1.97 2.29 2.40 2025 Households 5,710 42,356 105,217 E Franklin Ave Minnehaha Ave E 2025 Average Household Size 1.99 2.30 2.41

W e 2020-2025 Annual Rate 1.04% 0.69% 0.87% s 12 t St Louis Park E Lake St R i 2010 Families 2,345 21,312 47,111 a Blv v M tonk d e i

inne r St Paul ss M i 2010 Average Family Size 2.79 2.95 3.17 P s Minnetonka s

S e k i

S p

P v w e p T

o A 2020 Families 2,423 22,035 49,643

v d e y i h v M

l r R

v e

S B e

r c l

l o i

i r

A G a v

e ls a 2020 Average Family Size 2.81 2.98 3.20

e a n e

c v r t d E x n

d e d r n e

i A a

g d l y

v l

l A t

h d 2025 Families 2,560 22,797 51,697 B C

v r L

o o celsi v R Ex t n

R A Woodbury c

a S

i R

i S l v o

S d 2025 Average Family Size 2.82 2.99 3.21

e h t b e N

8 a e

r S

d y

d Edina l R

w t 2020-2025 Annual Rate 1.11% 0.68% 0.81% y

R C

S H l S d

r O a i t

e r a o Housing Unit Summary

k k a m R e B d M 5,211 40,508 96,707 y e e d West St Paul 2000 Housing Units l v ib R S A d Owner Occupied Housing Units 70.5% 71.7% 50.6% S South St Paul e iley Rd d a

r B

e o 62 Minneapolis-St a v Mendota D

w Renter Occupied Housing Units 27.2% 26.3% 46.2% A

a M Paul Int'l Airport l i e Heights l Richfield e ita c ry R Vacant Housing Units 2.3% 2.0% 3.2%

D n C d a

e r S 494

d F 5,521 41,285 100,938

e 2010 Housing Units

S S S G a

v l

r en e e Rd

v v v Owner Occupied Housing Units 64.4% 67.1% 46.8%

A A

t 55

e Fort Snelling l e Renter Occupied Housing Units 29.4% 27.6% 46.3%

n l

a l Eden Prairie a l State Park

d o

n c

i Vacant Housing Units 6.3% 5.3% 6.9%

o N

P 70th St E 2020 Housing Units 5,734 42,918 107,357

W 90th St Owner Occupied Housing Units 63.7% 66.0% 45.1% Renter Occupied Housing Units 30.8% 29.3% 48.7% P Minn Vly Nat'l Inver Grove ion Cottage Grove eer Wildlife Refuge Trl Heights Vacant Housing Units 5.4% 4.6% 6.2% W 98th St 6,012 44,303 111,747

Wescott e 2025 Housing Units

Bloomington v

Eagan A Owner Occupied Housing Units 62.4% 65.5% 44.6% s

d n Renter Occupied Housing Units 32.6% 30.1% 49.5% e R r W Old Shakope a Source: ©2020 Esri. B Cedar Grove Diffley Rd Vacant Housing Units 5.0% 4.4% 5.8% Median Household Income June 18, 2021 2020 $69,794 $84,284 $59,551 ©2021 Esri Page 1 of 1 2025 $75,581 $92,201 $63,877 Median Home Value 2020 $232,931 $287,849 $264,356 2025 $258,666 $325,297 $298,607 Per Capita Income 2020 $43,501 $47,709 $35,762 2025 $47,630 $52,757 $39,269 Median Age 2010 38.9 36.1 31.7 2020 41.9 38.5 33.6 2025 43.3 39.2 34.1 Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by the total population. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. June 18, 2021

8 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 Market Profile Market Profile

5333 Minnehaha Ave, Minneapolis, Minnesota, 55417 Prepared by Esri 5333 Minnehaha Ave, Minneapolis, Minnesota, 55417 Prepared by Esri Ring Bands: 0-1, 1-3, 3-5 mile radii Latitude: 44.90650 Ring Bands: 0-1, 1-3, 3-5 mile radii Latitude: 44.90650 Demographics Longitude: -93.20378 Longitude: -93.20378 0 - 1 mile 1 - 3 mile 3 - 5 mile 0 - 1 mile 1 - 3 mile 3 - 5 mile 2020 Households by Income Top 3 Tapestry Segments Household Income Base 5,422 40,930 100,750 1. Emerald City (8B) Emerald City (8B) Emerald City (8B) <$15,000 8.6% 6.1% 13.0% 2. In Style (5B) In Style (5B) Metro Fusion (11C) $15,000 - $24,999 6.3% 5.0% 8.1% 3. Young and Restless (11B) Urban Chic (2A) Parks and Rec (5C) $25,000 - $34,999 8.5% 6.8% 9.0% 2020 Consumer Spending $35,000 - $49,999 10.8% 10.0% 12.2% Apparel & Services: Total $ $11,729,933 $110,301,843 $224,578,956 $50,000 - $74,999 18.8% 16.4% 16.3% Average Spent $2,163.40 $2,694.89 $2,229.07 $75,000 - $99,999 15.3% 12.9% 11.4% Spending Potential Index 101 126 104 $100,000 - $149,999 17.9% 20.6% 14.5% Education: Total $ $9,579,206 $93,561,823 $185,809,373 $150,000 - $199,999 8.3% 10.6% 7.2% Average Spent $1,766.73 $2,285.90 $1,844.26 $200,000+ 5.6% 11.5% 8.3% Spending Potential Index 99 128 103 Average Household Income $88,782 $112,439 $89,445 Entertainment/Recreation: Total $ $17,188,756 $164,033,586 $318,616,927 2025 Households by Income Average Spent $3,170.19 $4,007.66 $3,162.45 Household Income Base 5,710 42,356 105,217 Spending Potential Index 98 123 97 <$15,000 7.6% 5.4% 11.9% $15,000 - $24,999 5.6% 4.2% 7.3% Food at Home: Total $ $28,631,016 $267,451,374 $544,156,409 $25,000 - $34,999 8.0% 6.2% 8.6% Average Spent $5,280.53 $6,534.36 $5,401.06 $35,000 - $49,999 10.4% 9.5% 12.0% Spending Potential Index 99 122 101 $50,000 - $74,999 18.0% 15.5% 15.9% Food Away from Home: Total $ $20,409,070 $192,095,621 $390,815,205 $75,000 - $99,999 15.4% 12.5% 11.4% Average Spent $3,764.12 $4,693.27 $3,879.06 $100,000 - $149,999 19.0% 21.4% 15.4% Spending Potential Index 100 124 103 $150,000 - $199,999 9.8% 12.2% 8.2% Health Care: Total $ $30,220,318 $285,134,940 $548,402,966 $200,000+ 6.4% 13.2% 9.3% Average Spent $5,573.65 $6,966.40 $5,443.21 Average Household Income $97,600 $125,044 $98,482 Spending Potential Index 97 121 95 2020 Owner Occupied Housing Units by Value HH Furnishings & Equipment: Total $ $11,760,272 $111,918,100 $216,871,618 Total 3,651 28,341 48,425 Average Spent $2,168.99 $2,734.38 $2,152.57 <$50,000 2.6% 0.9% 1.5% Spending Potential Index 99 125 99 $50,000 - $99,999 2.1% 1.0% 2.1% Personal Care Products & Services: Total $ $5,030,791 $47,272,121 $94,179,128 $100,000 - $149,999 5.9% 3.1% 5.6% Average Spent $927.85 $1,154.95 $934.78 $150,000 - $199,999 20.3% 10.5% 16.2% Spending Potential Index 101 126 102 $200,000 - $249,999 28.9% 21.2% 20.1% Shelter: Total $ $106,218,277 $1,005,657,894 $2,039,350,925 $250,000 - $299,999 17.6% 17.7% 15.5% Average Spent $19,590.24 $24,570.19 $20,241.70 $300,000 - $399,999 10.0% 24.1% 17.7% Spending Potential Index 101 127 104 $400,000 - $499,999 7.1% 11.8% 9.5% Support Payments/Cash Contributions/Gifts in Kind: Total $ $12,522,054 $120,806,127 $222,564,310 $500,000 - $749,999 3.1% 7.2% 8.2% Average Spent $2,309.49 $2,951.53 $2,209.08 $750,000 - $999,999 1.3% 2.0% 2.4% Spending Potential Index 99 126 94 $1,000,000 - $1,499,999 0.2% 0.4% 0.8% $1,500,000 - $1,999,999 0.8% 0.1% 0.2% Travel: Total $ $12,746,246 $124,463,960 $233,753,634 $2,000,000 + 0.0% 0.2% 0.2% Average Spent $2,350.84 $3,040.90 $2,320.14 Average Home Value $272,328 $329,355 $320,713 Spending Potential Index 98 126 96 2025 Owner Occupied Housing Units by Value Vehicle Maintenance & Repairs: Total $ $6,561,431 $61,006,773 $119,784,648 Total 3,746 29,028 49,851 Average Spent $1,210.15 $1,490.51 $1,188.93 <$50,000 1.5% 0.4% 0.9% Spending Potential Index 104 129 103 $50,000 - $99,999 0.9% 0.3% 0.9% $100,000 - $149,999 2.8% 1.1% 2.6% $150,000 - $199,999 13.0% 5.6% 9.9% $200,000 - $249,999 28.1% 16.9% 18.5% $250,000 - $299,999 21.4% 18.3% 17.7% $300,000 - $399,999 13.9% 29.0% 21.8% $400,000 - $499,999 11.0% 15.3% 12.7% $500,000 - $749,999 5.0% 9.4% 10.4% $750,000 - $999,999 1.4% 2.6% 3.2% $1,000,000 - $1,499,999 0.3% 0.6% 0.8% $1,500,000 - $1,999,999 0.8% 0.1% 0.2% $2,000,000 + 0.0% 0.3% 0.3% Average Home Value $307,822 $368,125 $360,712 Data Note: Consumer spending shows the amount spent on a variety of goods and services by households that reside in the area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Total and Average Amount Spent Per Household represent annual Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest dividends, net rents, figures. The Spending Potential Index represents the amount spent in the area relative to a national average of 100. pensions, SSI and welfare payments, child support, and alimony. Source: Consumer Spending data are derived from the 2017 and 2018 Consumer Expenditure Surveys, Bureau of Labor Statistics. Esri. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2020 and 2025 Esri converted Census 2000 data into 2010 geography. June 18, 2021 June 18, 2021

9 5333 & 5337 MINNEAHAHA AVE., MINNEAPOLIS, MN 55417 ERICKAMILLER JULIEKIMBLE 952.452.2919 612.670.8552 [email protected] [email protected]

see our results at kimbleconsult.com

Information deemed reliable but not guaranteed. All information should be independently verified. No guarantees or warranties are made as to the accuracy or timeliness of the information provided.