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Bell Bank Building 15 Broadway N
<br />Parcel Number: 01-2150-00375-000 Owner: Buck Properties II, 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
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<br /> Name of Applicant: Patrick Vesey
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<br />Assessed Value(s) 2023 9,015,000 +69%
<br /> 2022 5,136,200
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<br />Applicants Requested Value(s) N/A N/A
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<br />General Property Information
<br />Property Type Bank / Office
<br />Year Built 1926
<br />Building Area (Total Above Grade) 54,107 sf 166.61 / sf
<br />Gross Building Area (w/ Basement) 70,533 sf 127.81 / sf
<br />Land Area 16,863 sf 16.49 / sf
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<br />Fargo Assessor Recommendation 8,257,000 -8%
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<br />Summary
<br />Subject is a seven story central bank and office facility. Built in 1926, the building has been remodeled several times through its history. It is
<br />currently occupied, mostly by Bell Bank. The subject was viewed by City of Fargo and Cass County staff, along with the appellant. The main,
<br />2nd, 5th, and 7th floors have modern finishes. While the 3rd, 4th, and 6th have dated finishes. The property was reappraised as part of the 2023
<br />City of Fargo Assessor’s bank reappraisal. The building had not been fully reappraised in many years, with value changes coming from building
<br />permit activity. City of Fargo staff examines the 2023 value with the cost approach ($12,681,000) and sales comparison approach
<br />($8,257,000). We find the sales comparison approach has the strongest support and recommend reducing the value to $8,257,000.
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<br />Comparable Sales Summary
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<br />Name Address Size Size
<br />(Gross)
<br />Year
<br />Built
<br />Sale
<br />Date
<br />Sale Price
<br />(with SPUN)
<br />Sale Price
<br />(Adjusted) Price $/SF Price $/SF
<br />Gross
<br />Fmr. Bank of the West 520 Main Ave 131,328 131,328 1973 07/2021 14,349,400 15,969,124 124.88 124.88
<br />Ford Building 505 Broadway N 46,184 58,824 1910 10/2020 8,530,400 8,058,922 152.33 119.60
<br />6 Broadway 6 Broadway N 17,760 26,640 1899 11/2022 2,807,400 2,976,162 172.32 114.88
<br />CoSchedule Bldg 502 1 Ave N 13,296 19,188 1902 05/2022 1,607,100 1,673,520 125.87 87.22
<br />Halberstadts Building 102 Broadway N 26,639 40,012 1964 08/2021 5,012,600 4,622,456 173.52 115.53
<br />Subject 15 Broadway N 54,107 70,533 1926 8,257,000 152.61 117.07
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<br />Competing Properties (Assessed Values) Summary
<br />We studied assessed values of low-rise office buildings with banking occupancy on the street level, located in downtown Fargo. We identify
<br />six properties. The subject has ancillary parcels (parking lots) that are appraised separately. We included them in this analysis. We find
<br />the proposed value of the subject to be assessed fairly within the competing set based on amenities, quality and condition.
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<br />Name Address Size Size
<br />(Gross)
<br />Year
<br />Built Land Value Building
<br />Value Full Value Price $/SF Price $/SF
<br />Gross
<br />Gate City Building 500 2 Ave N 61,847 71,507 1956 693,000 12,854,000 13,547,000 219.04 189.45
<br />U.S. Bank Building 505 2 Ave N 31,190 44,716 1963 476,000 4,630,300 5,106,300 163.72 114.19
<br />Wells Fargo Building 406 Main Ave 84,663 107,419 1980 1,193,000 11,753,000 12,946,000 152.91 120.52
<br />Dakota Center 51 Broadway 106,250 127,206 1981 927,000 13,956,100 14,883,100 140.08 117.00
<br />American Federal
<br />Building
<br />215 5 St N 40,223 40,975 1964 245,000 5,109,000 5,354,000 133.11 130.67
<br />Bell Bank & Lots 15 Broadway 54,107 70,533 1926 1,273,000 8,094,500 9,367,500 174.15 133.43
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