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Office Building 1701 38 St S
<br />Parcel Number: 01-3800-00016-000 Owner: 1701 Office, LLC
<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
<br />Assessed Value(s) 2023 4,157,500 +10%
<br /> 2022 3,763,500
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<br />Applicants Requested Value(s) N/A N/A
<br />2022 Sale Price (With SPUN) 3,626,800 118 / sf
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<br />General Property Information
<br />Property Type Office
<br />Year Built 1974
<br />Building Area (Total Above Grade) 30,828 sf 134.86 / sf
<br />Gross Building Area (w/ Basement) 46,332 sf 89.73 / sf
<br />Land Area 162,415 sf 7.00 / sf
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<br />Fargo Assessor Recommendation 4,157,500 0%
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<br />Summary
<br />Appellant has not specified an indicated market value.
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<br />Subject is a two story office building, built in 1974. It is located near West Acres shopping center, adjacent to Interstate 29 and 17th Avenue
<br />S. The building has a full basement, with roughly half of the square footage taken by a parking garage. The finish of the building is dated.
<br />The parcel has a large, heavily paved parking lot. The subject sold in the summer of 2022 after a lengthy listing period. The seller was a non-
<br />profit organization. The buyer and seller may not have been equally motivated. Regardless, the sale appears to be arms-length in the sense
<br />that both parties were acting independently and in their own self-interest.
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<br />City of Fargo and Cass County staff viewed the building with the owner. City of Fargo staff examined the value with the cost approach, sales
<br />comparison approach, and income approach. The indicated value range was between $3,976,000 (sales comparison approach) and
<br />$4,465,000 (cost approach). We summarize the sales comparison approach below.
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<br />Comparable Sales Summary
<br />Address Size Size (Gross) Year Built Sale Date Sale Price
<br />(with SPUN)
<br />Sale Price
<br />(Adjusted) Price $/SF Price $/SF
<br />Gross
<br />3001 University Dr S 33,170 50,137 1984 01/2020 4,762,100 4,494,123 135.49 89.64
<br />1801 38 St S 13,284 13,284 1972 10/2022 2,501,600 2,000,452 168.76 168.76
<br />3241 University Dr S 11,256 11,256 1977 05/2021 1,466,200 1,224,843 108.82 108.82
<br />1411 32 St S 24,569 24,569 1991 12/2021 2,896,000 2,370,277 102.87 102.87
<br />Subject 1974 3,976,000 128.98 128.98
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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 office parcels built between 1954 and 1994,
<br />measuring greater than 5,000 sf, with basement areas, and with land values
<br />between $4 and $10 per square foot. There are 17 such parcels in Fargo.
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<br />The 2023 true and full value sits near the median in all units of comparison.
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<br /> Value /SF Value /SF
<br />GBA
<br />Value /SF
<br />Impr Only
<br />Maximum 166 139 132
<br />90th Percentile 154 130 117
<br />75th Percentile 146 115 111
<br />Median 134 89 99
<br />25th Percentile 96 81 81
<br />10th Percentile 89 74 65
<br />Minimum 78 53 31
<br /> Subject 134.86 89.73 97.98
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