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Ashwood Apartments 2411 30 ½ Ave S
<br />Parcel Number: 01-2350-01820-000 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 1,014,600 +13%
<br /> 2022 897,900
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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 1985
<br />Building Area (Total Above Grade) 17,472 sf 58.07 / sf
<br />Gross Building Area (w/ Basement) 17,472 sf 58.07 / sf
<br />Apartment Units 18 $56,367
<br />Land Area 32,368 sf 3.49 / sf
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<br />Fargo Assessor Recommendation 1,014,600 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 18 unit apartment building, built in 1985. There is also a 16 stall detached garage structure. Subject is located
<br />near the intersection of 25th St S and 32nd Ave S. The value of apartments increased in 2023 due to low sale ratios. Apartments built between
<br />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 $1,044,000 (sales comparison approach) to 1,187,000
<br />(estimated gross rent multiplier). We summarize the sales comparison approach 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 />2615 15 St S 17,082 17,082 24 1975 01/2023 1,251,600 1,251,300 73.25 73.25 52,138
<br />2660 15 St S 18,656 18,656 18 1977 06/2022 1,050,000 1,049,600 56.26 56.26 58,311
<br />1401 27 Ave S 24,872 24,872 24 1977 03/2022 1,475,000 1,474,500 59.28 59.28 61,438
<br />1633 30 Ave S 9,120 9,120 8 1987 07/2021 480,700 480,100 52.64 52.64 60,013
<br />Subject 17,472 17,472 18 1985 1,044,000 59.75 59.75 58,000
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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 apartments in the subject map zone, built
<br />between 1975 and 1995, with between 10 and 30 units.
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<br />The 2023 true and full value sits below the median assessment value in all
<br />units of comparison.
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<br /> Value /SF Value /SF
<br />GBA
<br />Value /
<br />Unit
<br />Maximum 73 73 81,553
<br />90th Percentile 69 69 75,605
<br />75th Percentile 68 68 71,228
<br />Median 62 62 60,363
<br />25th Percentile 56 56 57,460
<br />10th Percentile 54 54 52,351
<br />Minimum 49 49 39,975
<br /> Subject 58.07 58.07 56,367
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