|
Office Building 4334 18 Ave S
<br />Parcel Number: 01-6550-00100-000 Owner: West Acres Holdings, LLP
<br />Information provided above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department’s work file.
<br />Appeal of Assessment for Year: 2023
<br /> Name of Applicant: Patrick Vesey
<br />Assessed Value(s) 2023 7,501,400 +13%
<br />2022 6,625,500
<br />Applicants Requested Value(s) N/A N/A
<br />General Property Information
<br />Property Type Office
<br />Year Built 2002
<br />Building Area (Total Above Grade) 26,864 sf 279.24 / sf
<br />Gross Building Area (w/ Basement) 26,864 sf 279.24 / sf
<br />Land Area 87,380 sf 9.00 / sf
<br />Fargo Assessor Recommendation 5,370,000 -28%
<br />Summary
<br />Appellant has not specified an indicated market value.
<br />Subject is a two story office building, built in 2002. It is located in near West Acres Shopping center and Interstate 94. The location is near
<br />an office park with commensurate structures. It has adjacent amenities that make it an attractive office site. The 2023 value increased due
<br />to low sale ratios among office properties.
<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
<br />(5,370,000) and sales comparison approach (5,300,000). We find the current assessed value is not supportable based on our market adjusted
<br />cost model and the sales comparison approach. In addition, the property is over-assessed relative to its neighbors, and others in its competing
<br />property set. We recommend reducing the value for 2023. The sales comparison approach is summarized below.
<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 />3050 Sienna Dr S 13,458 13,458 2011 09/2022 3,294,300 2,725,216 202.50 202.50
<br />4150 19 Ave S 31,543 31,543 2016 06/2022 8,579,700 6,727,433 213.28 213.28
<br />4340 18 Ave S 45,529 45,529 1995 08/2020 6,651,200 7,981,083 175.30 175.30
<br />2731 12 Ave S 18,320 18,320 1997 07/2018 2,757,700 3,627,680 198.02 198.02
<br />Subject 26,864 26,864 2002 5,300,000 197.29 197.29
<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 1992 and 2012,
<br />located near the subject property, measuring 5,000 to 50,000 sf, with land
<br />values between $6 and $12 per square foot. There are 51 such parcels in
<br />Fargo.
<br />The 2023 true and full value sits at or near the maximum of the competing
<br />property set. We feel that the quality of the structure relative to its
<br />competitors does not justify its position in the data set.
<br />Value /SF Value /SF
<br />GBA
<br />Value /SF
<br />Impr Only
<br />Maximum 332 332 250
<br />90th Percentile 242 236 206
<br />75th Percentile 211 207 165
<br />Median 185 185 137
<br />25th Percentile 155 152 110
<br />10th Percentile 145 143 101
<br />Minimum 124 115 90
<br /> Subject 279.24 279.24 249.98
|