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Pedigree Building (Unit 100) 4776 28 Ave S, Unit 100
<br />Parcel Number: 01-8150-00200-010 Owner: Urban Holdings, 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 />
<br /> Name of Applicant: Patrick Vesey
<br />Assessed Value(s) 2023 3,581,600 +12%
<br /> 2022 3,191,800
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<br />Applicants Requested Value(s) N/A N/A
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<br />General Property Information
<br />Property Type Office (Condominium)
<br />Year Built 2006
<br />Net Area (Deeded) 14,485 sf 247.26 / sf
<br />Gross Area (w/ Allocated Common) 20,097 sf 178.24 / sf
<br />Land Area (Allocated) 59,340 sf 9.99 / sf
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<br />City of Fargo Recommended Value 3,327,000 -7%
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<br />Summary
<br />Appellant has not specified an indicated market value.
<br />
<br />Subject is part of a two story office building that has condominium declarations. Subject is Unit #1, the largest of the three declared units.
<br />All units in the building are under the same ownership. The subject has functional obsolescence due to an oversized common area. The
<br />common area is technically allocated to all three units. The building was originally constructed for medical office use. Wide hallways, and a
<br />large atrium reception area are included in the floor plan. The common area represents 28% of the gross building area. We studied
<br />comparable sales and found the typical common area to be between 1% and 16%. The current configuration restricts leasing space and
<br />increases expenses for the tenants (or owner).
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<br />We handled the obsolescence by using the sales comparison approach to value. We treated all three units as one economic unit and found
<br />comparable sales commensurate in size and age. We then used net leasable area as the primary unit of comparison. We applied the
<br />reconciled price per square foot of net leasable space to the combined economic unit. Finally, we allocated the value to each unit based on
<br />their deeded ownership interest. The final value indication was $3,327,000.
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<br />Comparable Sales Summary
<br />
<br />Property Type Size Size
<br />(Net)
<br />Size
<br />(Gross)
<br />Year
<br />Built
<br />Sale
<br />Date
<br />Sale Price
<br />(with SPUN)
<br />Sale Price
<br />(Adjusted)
<br />Price $/SF
<br />(Net)
<br />Price $/SF
<br />(Gross)
<br />Office 4150 19 Ave S 26,610 31,543 2016 06/2022 8,579,700 7,193,939 270.35 228.07
<br />Office 1655 43 St S 26,020 31,144 2014 03/2020 5,384,900 5,600,983 215.26 179.84
<br />Office 3633 Lincoln St S 20,168 20,372 2015 04/2022 4,841,000 4,511,778 223.71 221.47
<br />Office 4166 31 Ave S 14,334 15,489 2006 11/2021 2,261,100 3,002,289 209.45 193.83
<br />Subject 4776 28 Ave S 14,485 20,097 2006 3,327,000 229.69 165.75
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<br />Competing Properties (Assessed Values) Summary
<br />
<br />We studied current assessments of similar properties for equalization. The
<br />search parameters are all office parcels in the “Interstate Southwest” map zone,
<br />built between 1996 and 2016, measuring between 10,000 and 50,000 sf.
<br />
<br />The 2023 true and full value sits above the 50th and near the 75th percentiles in
<br />value per square foot (net deeded) and improvement value only respectively.
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<br />
<br />
<br /> Value /SF Value /SF
<br />Impr Only
<br />Maximum 391 312
<br />90th Percentile 278 217
<br />75th Percentile 245 183
<br />Median 206 161
<br />25th Percentile 185 137
<br />10th Percentile 160 113
<br />Minimum 145 98
<br /> Subject 229.69 188.75
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