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Lofts 23 Apts / Office 23 Broadway N
<br />Parcel Number: 01-2150-00350-000 Owner: 23 Broadway, 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 3,052,500 +16%
<br /> 2022 2,634,700
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<br />Applicants Requested Value(s) N/A N/A
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<br />General Property Information
<br />Property Type Mixed Use (Office / Apt)
<br />Year Built 1893 (Renovated 2014)
<br />Building Area (Total Above Grade) 25,997 sf 117.42 / sf
<br />Gross Building Area (w/ Basement) 32,845 sf 92.94 / sf
<br />Apartment Units 18 $169,583
<br />Land Area 6,480 sf 15.59 / sf
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<br />Fargo Assessor Recommendation 3,052,500 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 a mixed use building, built in 1893. The top three floors were renovated in 2014. Currently, the main floor is a vacant
<br />office space. The finish appears dated and in need of a refresh. The top three floors are renovated apartments. The finish appears new and
<br />modern. There is no parking available for tenants. The property sits on the corner of NP avenue and Broadway. There are no vacancy issues
<br />with the apartments. The subject was viewed by City of Fargo and Cass County staff. The building was re-measured by City of Fargo staff.
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<br />The value per unit stands out as atypical of apartment buildings. However, the price per unit of mixed use properties varies dramatically,
<br />and we feel it is not a reliable unit of comparison for the subject. Staff examined the market value with the cost approach, sales comparison
<br />approach and a modified income approach (office and apartments were valued with different methodologies). We estimate the value range
<br />to be between $2,756,000 (income pro-forma) and $3,708,000 (sales comparison approach). The sales comparison approach is summarized
<br />below.
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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 />623 NP Ave N 10,000 10,000 4 1910 04/2022 1,128,500 1,270,406 127.04 127.04 317,602
<br />516 Broadway N 19,017 28,846 8 1926 10/2021 2,006,800 2,537,349 133.43 87.96 317,169
<br />303 Broadway N 4,875 7,750 2 1905 05/2021 1,026,800 1,289,136 264.44 166.34 644,568
<br />228 Broadway N 9,312 13,512 8 1900 01/2021 934,800 1,086,610 116.69 80.42 135,826
<br />602 Main Ave 8,393 14,593 2 1895 09/2020 1,263,400 1,498,264 178.51 102.67 749,132
<br />Subject 25,997 32,845 18 1893 3,708,000 3,708,000 142.63 112.89 206,000
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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 parcels with mixed use occupancies in the
<br />downtown map zone. Because of the extensive remodeling in 2014, we did
<br />not exclude new properties. We found 66 such parcels. The average year
<br />built is 1928. Eight of these parcels were built after 2000.
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<br />The 2023 true and full value sits between the median and 75th percentiles
<br />in all units of comparison.
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<br /> Value /SF Value /SF
<br />GBA
<br />Value /SF
<br />Impr Only
<br />Maximum 319 205 301
<br />90th Percentile 166 123 155
<br />75th Percentile 137 99 124
<br />Median 109 76 95
<br />25th Percentile 84 61 74
<br />10th Percentile 67 54 60
<br />Minimum 48 35 40
<br /> Subject 117.42 92.94 113.53
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