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Hobby Lobby Building Parcel Number: 0l-0277-00010-000
<br />4427 13 Ave S
<br />Owner: Y&O Fargo Plaza LLC (65%) Et Al
<br />Appeal of Assessment for Year(s): 2021, 2022
<br />Name of Applicant:
<br />Representative:
<br />Y&O Fargo Plaza LLC
<br />Michael Block, Ryan Inc.
<br />Assessed Value(s) 2022 7,727,000
<br />2021 7,727,000
<br />Applicants Requested Value(s) 2022
<br />2021
<br />7,210,000
<br />7,210,000
<br />-6.7%
<br />-6.7%
<br />General Property Information
<br />Property Type
<br />Year Built
<br />Building Area (Total Above Grade)
<br />Land Area
<br />Last Sale: 12/21/2018
<br />Summary
<br />Retail
<br />1991
<br />95,096 sf
<br />365,989 sf
<br />6,552,200
<br />The property sold in December of 2018. The transaction appears to be arms-length. The property was subject to a long term lease-in-place
<br />that we feel is below market. Regardless, we feel the property is over-valued for 2021 and 2022. Our analysis indicates a market value of
<br />$7,210,000 based on our market adjusted cost approach. Further support for this reduced value is provided primarily by the sales comparison
<br />approach.
<br />Comparable Sales Summary
<br />Property Address Building Name Bldg Size Type
<br />Retail 4601 23 Ave S Hom Furniture 120,419
<br />Retail 2121 43 St S Former Gander Mountain 66,282
<br />Retail 4907 Timber Pkwy S Cash Wise 54,780
<br />Retail 1532 32 Ave S Hornbachers 57,258
<br />Retail 360 36 St S Floor to Ceiling Carpet 51,819
<br />Subject 4427 BAveS Hobby Lobby Bldg 95,096
<br />Competing Properties (Assessed Values) Summary
<br />We studied 11 comparable properties for equalization. The
<br />properties are located along the 13th Avenue S shopping corridor.
<br />They can be described as "big-box" retail buildings, ranging from
<br />30,000 to 218,579 square feet and built between 1977 and 2002.
<br />The 2021, 2022 and proposed valuations seem to be in line with the
<br />competing properties. Based on the subject's size, level of finish and
<br />age, we feel the proposed valuations are appropriately equalized with
<br />the competing set.
<br />Year Built Sale Date/
<br />Assess Year
<br />2004 02/2020
<br />2004 02/2019
<br />2017 09/2020
<br />1993 10/2019
<br />1974 07/2022
<br />1991 2022
<br />2021
<br />Proposed
<br />Maximum
<br />3'd Quartile
<br />Median
<br />I" Quartile
<br />Minimum
<br />Subject 2022
<br />2021
<br />Proposed
<br />Recommended Action(s):
<br />Sale Price/ Sale Price $/SF Sale Price $/SF
<br />Proposed Value Total lmprOnly
<br />8,595,800 71.38 50.43
<br />3,750,000 56,58 21.63
<br />9,857,500 179.95 133.85
<br />10,290,100 179.71 141.01
<br />2,659,700 51.33 40.55
<br />7,727,000 81.25 46.62
<br />7,727,000 81.25 46.62
<br />7,210,000 75.82 41.18
<br />2022 2022 2021 2021
<br />$/SF $/SF lmpr $/SF $/SF lmpr
<br />Total Only Total Only
<br />105.50 74.63 105.50 74.63
<br />97.06 62.42 95.05 61.34
<br />84.31 50.43 83.47 46.93
<br />79.43 38.77 78.51 38.77
<br />57.22 20.17 57.22 20.17
<br />81.25 46.62
<br />81.25 46.62
<br />75.82 41.18 75.82 41.18
<br />Reduce the value of the subject to $7,210,000 (-6.70%) for 2022 and 2021.
<br />Information provided above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department's work file.
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