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Ashwood Apartments 3012 9 ½ St N
<br />Parcel Number: 01-0370-00100-000 Owner: Ashwood Apartments, LLP
<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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<br />Appeal of Assessment for Year: 2023
<br /> Name of Applicant: Patrick Vesey
<br />Assessed Value(s) 2023 777,700 +13%
<br /> 2022 688,200
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<br />Applicants Requested Value(s) N/A N/A
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<br />General Property Information
<br />Property Type Apartment
<br />Year Built 1975
<br />Building Area (Total Above Grade) 12,288 sf 63.29 / sf
<br />Gross Building Area (w/ Basement) 12,288 sf 63.29 / sf
<br />Apartment Units 12 $64,808
<br />Land Area 18,880 sf 3.50 / sf
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<br />Fargo Assessor Recommendation 777,700 0%
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<br />Summary
<br />Appellant has not specified an indicated market value.
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<br />The subject property is an 12 unit apartment building, built in 1975. Subject is located near McKinley Elementary School. The value of
<br />apartments increased in 2023 due to low sale ratios. Apartments built between 1961 and 2000 uniformly increased 13%.
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<br />City staff reviewed the value with a desktop appraisal. We support the value with the cost approach, sales comparison approach, and pro-
<br />forma income analysis (estimated gross rent multiplier). The indicated value range was $759,000 (sales comparison approach) to 854,000
<br />(estimated gross rent multiplier). We summarize the sales comparison approach below. The value of the sales comparison approach was
<br />reconciled with both the price per unit and price per square foot.
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<br />Comparable Sales Summary
<br />Address Size Size
<br />(Gross) Units Year
<br />Built
<br />Sale
<br />Date
<br />Sale Price
<br />(with SPUN)
<br />Sale Price
<br />(Adjusted) Price $/SF Price $/SF
<br />Gross Price / Unit
<br />517 28 Ave N 10,908 10,908 12 1960 03/2023 683,700 683,300 62.64 62.64 56,942
<br />2907 8 St N 12,988 12,988 14 1959 09/2022 824,500 824,800 63.50 63.50 58,914
<br />3024 9 ½ St N 17,280 17,280 18 1975 10/2021 1,014,600 1,014,900 58.73 58.73 56,383
<br />3114 3 St N 17,376 17,376 18 1973 06/2021 1,264,000 1,264,300 72.76 72.76 70,239
<br />Subject 12,288 12,288 12 1975 759,000 61.77 61.77 63,250
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<br />Competing Properties (Assessed Values) Summary
<br />We studied current assessments of similar properties for equalization. The
<br />search parameters are all apartments in the subject map zone, built
<br />between 1965 and 1985, with between 6 and 20 units.
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<br />The 2023 true and full value sits near the median assessment value in value
<br />per square foot, and near the 75th percentile in value per unit.
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<br /> Value /SF Value /SF
<br />GBA
<br />Value /
<br />Unit
<br />Maximum 70 70 90,463
<br />90th Percentile 68 68 81,523
<br />75th Percentile 64 64 64,638
<br />Median 63 63 62,592
<br />25th Percentile 59 59 50,488
<br />10th Percentile 58 58 46,868
<br />Minimum 57 57 46,456
<br /> Subject 63.29 63.29 64,808
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