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Love’s Travel Stop 3220 39 St S <br />Parcel Number: 01-8411-00011-000 Owner: Love’s Travel Stops & Country Stores Inc. <br />Information provided above is a summary of the analysis conducted. Further analysis is provided from the City of Fargo Assessment Dept. <br /> <br /> <br />Appeal of Assessment for Year: 2023 Name of Applicant: Alex Summers Representative: Grant Thornton LLP <br />2023 Value 2023 $ 7,523,000 +30% <br />2022 Value 2022 $ 5,773,000 + 6% <br />2021 Value 2021 $ 5,431,700 <br /> <br />Applicants Requested Value(s) 2023 $ 4,000,000 - 47% <br /> <br />General Property Information <br />Property Type Convenience Store/Auto <br />Repair <br />Year Built 2010 <br />Land SF 503,960 <br />Size (SF) Truck Stop <br />Size (SF) Tire Service <br />10,540 <br />6,450 <br />$ 248.31 / Sf <br />$ 58.29 / Sf <br />Construction Costs-2010 $ 7,052,030 <br /> <br /> <br />Summary The applicant is requesting a reduction in value of 47%. The applicant submitted land sales and $/sf rate from Marshall & Swift in support of their value change. After reviewing the sales submitted, trends indicated the sales were for non-comparable properties, uses and locations. The $/sf rate submitted is for convenience stores. <br /> After reviewing the property we confirm the occupancy of the building is Truck stop not convenience store, which offers extra <br />amenities than does a convenience store. This confirmed use is indicative of a higher $/sf rate. We confirm our value by the sales & cost approach. Part of the increase in value is due to a large addition onto the tire center, travel center reappraisal and land value reappraisal. Prior to these updates, there has been very few market updates to the value. <br /> <br />Comparable Sales Summary <br /> <br />Property Name Address Sales Date Contract Sale Price Adjusted Sale Price Total $ / SF <br />Stamart Travel Center 3500 12 Ave N 6/10/19 8,900,000 8,900,000 262.37 <br />Radco Truck Center 4101 4 Ave S 5/20/21 811,200 818,600 72.67 <br />I-29 Automotive Service 3523 Main Ave 6/17/20 1,000,000 1,012,000 113.95 <br /> <br /> <br />Competing Properties (Assessed Values) Summary <br /> <br />Property Name Address Year Built Building(SF) Land SF 2023 T&F Value Total $ / SF <br />Flying J Travel Center 3150 39 St S 2012 34,022 520,860 9,259,200 247.05 <br />Stamart Travel Center 3500 12 Ave N 2002 33,922 669,274 6,863,800 202.34 <br />Petro Travel Center 4510 19 Ave S 1994 44,287 925,904 12,873,100 290.67 <br /> <br /> <br /> <br />Recommended Action: Retain the current value of $7,523,000 for the 2023 Tax Year. <br />