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<br />06/20/20~07 WED l~O: l~':;Ol 293 8837 <br /> <br /> <br />. WEST <br />k FARGO <br /> <br />Demars and Turman <br /> <br />1lI009/012 <br /> <br />. www.westfargond.gov <br /> <br />Assessor's Department <br /> <br />Wanda J Wilcox, City Assessor <br />Shane Marcuson, Property Appraiser <br />PaulO Fracassl. Property Appraiser <br />Anthony larson, Intern Appraiser <br /> <br />June 13, 2007 <br /> <br />Ron Odegard <br />Oak Street Apartments <br />3033 38 % Av S <br />Fargo NO 58103 <br /> <br />RE: Valuation of Property at 2322 Meadowridge Pkwy <br /> <br />Dear Mr. Odegard: <br /> <br />Thank you for taking the time to visit with Frank Klein and myself yesterday. We measured :the building <br />: prior to leaving the property yesterday. Our'measurements coincide with the square footage obtained <br />during the reappraisal of 10,434 sq ft or 3,478 per floor. I have attached a ske,tch of the property for <br />your records. . . , . , , , <br /> <br />, , <br />. , <br />Every apartment in Wes(Fargo was part of. a reappraisal during the summer of 2005. The first step in <br />the reappraisal was utilizing the Marshall-Swiftcost approach to' obtain the properties initial value of <br />$486.000. This value was reviewed :in relationship with ot~er apartment values and found to be fair and <br />equitable. ' <br /> <br />@ Secondly, ~alesof comparable properties showing price per square foot and price per unit were also <br />: revi~wed in I"$lationshiP. to your property. Four djff~rent. 1:2 t? 18 plex apartme. n. ts in West Fargo ha~ <br />,. multiple sales. These apartments show a 12 - 21% Increase In value dunng the two to three year SPan <br />. between sales. Your.property was' purchased in 2003 for $406,172. A permit for seven additional <br />garage stalls and additional concrete drive Was taken out in April. of 2003 for $34,000.: 'Taking into <br />consideration the purchase price, the permit work and the, multiple apartment sales; the $486,000 is a <br />10% increase over purchase price and permit cost four years ago. The 10%.increase was considered <br />reasonable based on the.12-21%span shown in the multiple sale apartments. <br /> <br />@..,.Lastly,usin. 9 ~e income a. nd expen~e. state me.' nt: s for yo~r ~partm~nts; actual. rent totals ~or the year are <br />, ~ $69.780. USing a Gross Rent Multiplier (GRM) of 7 indicates a value of $488,460. ThiS confirms that <br />the $486,000 is a fair valLlation on the property., " ., ,: <br /> <br />I will be making the recommendation to the Cass. County Board of Equalization when they reconvene <br />on Monday, June 18th, that the vahJe remain as certified pythe City of West Fargo at $486,000. . <br /> <br />I hope that I have been able to proVide you with a better understanding on how the City of West Fargo <br />:valued your property for 2007. If you have any other questions or concerns, please let me know. My <br />telephone number is 433~5340. ' <br /> <br />Sincerely, <br /> <br />.J(~_~1K&~ <br />Wanda J Wilcox, City Assessor <br />Cc: Frank Klein, Cass-COunty Director of Eguallzation <br /> <br />800 4th Avenue Easte West Fargo, ~D 58078. 701-433-5300 e Fax 701-433-5319 <br />