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University Medical Center 2829 University Dr S <br />Parcel Number: 01-0265-00043-000 Owner: University Medical Center, LLP <br />Information provided above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department’s work file. <br />Appeal of Assessment for Year: 2023 <br /> Name of Applicant: Patrick Vesey <br />Assessed Value(s) 2023 11,804,500 +17% <br />2022 10,089,000 <br />Applicants Requested Value(s) N/A N/A <br />General Property Information <br />Property Type Medical Office <br />Year Built 1984 (2014 Addition) <br />Building Area (Total Above Grade) 46,185 sf 255.59 / sf <br />Gross Building Area (w/ Basement) 46,185 sf 255.59 / sf <br />Land Area 183,197 8.00 / sf <br />Fargo Assessor Recommended Value 10,603,000 -10% <br />Summary <br />Subject is a two story medical office built in 1984. The building was remodeled into a medical office in 2011. A significant addition was built <br />in 2014 that included an outpatient surgical center, typical of hospital occupancy. The surgical tenant has vacated the building. The remainder <br />of the building is occupied by various medical related tenants. The land and building values were adjusted for 2023. The land was <br />reappraised, along with all other commercial properties along the South University Drive corridor. The building value was increased due to <br />a low median sale ratio for office occupancies. <br />With the data we have available, we find the income and sales comparison approaches unreliable. Lease rates for hospital type occupancies <br />are unknown, as are capitalization rates. In addition, while there are sales of medical offices and hospital occupancies, none are comparable <br />in size and age to the subject. We utilize the cost approach to verify the 2023 assessed value. The cost approach indicates an estimated <br />value of $10,603,000, or a decrease of $1,201,500 (10.2%). <br />Competing Properties (Assessed Values) Summary <br />We studied current assessments of similar properties for equalization. <br />The search parameters are all parcels with hospital or medical clinic <br />occupancies. <br />The assessors recommended value roughly sits around the median <br />value in all units of comparison. <br />Value /SF Value /SF <br />GBA <br />Value /SF <br />Impr Only <br />Maximum 506 506 412 <br />90th Percentile 356 327 311 <br />75th Percentile 308 273 260 <br />Median 246 209 199 <br />25th Percentile 183 154 154 <br />10th Percentile 146 122 124 <br />Minimum 41 26 37 <br /> Subject 229.58 229.58 197.83