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Town Square Village Office 4650 38 Ave S <br />Parcel Number: 01-7540-00110-010 Owner: Town Square Village, LLP <br />Information provided above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department’s work file. <br /> <br /> <br />Appeal of Assessment for Year: 2023 <br /> <br /> Name of Applicant: Patrick Vesey <br /> <br />Assessed Value(s) 2023 2,970,600 +11% <br /> 2022 2,664,400 <br /> <br />Applicants Requested Value(s) N/A N/A <br /> <br /> <br />General Property Information <br />Property Type Office <br />Year Built 2006 <br />Building Area (Total Above Grade) 15,728 sf 188.87 / sf <br />Gross Building Area (w/ Basement) 15,728 sf 188.87 / sf <br />Land Area (Allocated) 62,291 sf 10.00 / sf <br /> <br /> <br />Fargo Assessor Recommendation 2,970,600 0% <br /> <br />Summary <br />Appellant has not specified an indicated market value. <br /> <br />The subject property is a one story office building, built in 2006. It is part of an association with other commensurate office buildings sharing <br />the same tract of land. The land values are allocated based on the square footage of each structure in the development. City of Fargo staff <br />performed a desktop review of the property. We found the four buildings in the development to be valued between $185 and $200 per <br />square foot (8% range). We support the value via the sales comparison approach. It is summarized below. <br /> <br /> <br />Comparable Sales Summary <br /> <br />Address Size Size <br />(Gross) Year Built Sale <br />Date <br />Sale Price (with <br />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 2,965,169 220.33 220.33 <br />4770 Amber Valley Pkwy S 5,239 5,239 2016 03/2022 1,315,400 1,021,710 195.02 195.02 <br />3415 39 St S 13,000 13,000 2005 12/2021 2,472,500 2,974,783 228.83 228.83 <br />1531 32 Ave S 14,267 14,267 1998 08/2021 2,101,200 2,679,943 187.84 187.84 <br />Subject 15,728 15,728 2006 3,271,000 207.97 207.97 <br /> <br />Competing Properties (Assessed Values) Summary <br /> <br />We studied current assessments of similar properties for equalization. The <br />search parameters are parcels in the “Interstate-Southwest” map zone, <br />with an office property type, built between 2001 and 2011, with a land <br />value. <br /> <br />The 2023 true and full value sits near the median of this data set in all units <br />of comparison. <br /> <br /> <br /> <br /> Value /SF Value /SF <br />GBA <br />Value /SF <br />Impr Only <br />Maximum 335 332 257 <br />90th Percentile 247 247 206 <br />75th Percentile 216 214 172 <br />Median 200 199 150 <br />25th Percentile 177 177 130 <br />10th Percentile 147 143 107 <br />Minimum 74 74 66 <br /> Subject 188.87 188.87 149.26 <br />