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Ashwood Apartments 1614 11 Ave N
<br />Parcel Number: 01-0100-01280-000 Owner: Ashwood Apartments, 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 /> Name of Applicant: Patrick Vesey
<br />Assessed Value(s) 2023 503,200 +13%
<br /> 2022 445,300
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<br />Applicants Requested Value(s) N/A N/A
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<br />General Property Information
<br />Property Type Apartment
<br />Year Built 1977
<br />Building Area (Total Above Grade) 5,880 sf 85.58 / sf
<br />Gross Building Area (w/ Basement) 5,880 sf 85.58 / sf
<br />Apartment Units 7 $71,886
<br />Land Area 11,200 sf 5.00 / sf
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<br />Fargo Assessor Recommendation 383,000 -24%
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<br />Summary
<br />Appellant has not specified an indicated market value.
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<br />The subject property is a seven unit apartment building, built in 1977. The subject includes a seven stall garage structure. It is located near
<br />the NDSU campus. The building has a unusually large ratio of square footage to unit count. This indicates either large units or non-leasable
<br />space in the subject.
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<br />City staff reviewed the value with a desktop appraisal. We examined the value with the cost approach, sales comparison approach, and pro-
<br />forma income analysis (estimated gross rent multiplier). The indicated value range was $383,000 (sales comparison approach) to 426,000
<br />(cost approach). We find the subject to be over-assessed and recommend reducing the value. We summarize the sales comparison approach
<br />below. Price per unit yielded the smallest range among the units of comparison.
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<br />Comparable Sales Summary
<br />Address Size Size
<br />(Gross) Units Year
<br />Built
<br />Sale
<br />Date
<br />Sale Price
<br />(with SPUN)
<br />Sale Price
<br />(Adjusted) Price $/SF Price $/SF
<br />Gross Price / Unit
<br />409 9 Ave N 5,616 5,616 9 1970 12/2022 454,700 463,500 82.53 82.53 51,500
<br />1105 11 St N 3,432 3,432 6 1965 10/2022 311,200 310,700 90.53 90.53 51,783
<br />902 Oak St N 9,960 9,960 17 1964 07/2021 1,003,000 953,790 95.76 95.76 56,105
<br />517 28 Ave N 10,908 10,908 12 1960 03/2023 683,700 714,900 65.54 65.54 59,575
<br />Subject 5,880 5,880 7 1977 383,000 65.14 65.14 54,714
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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 apartments in the subject map zone, built
<br />between 1970 and 1985, with between 5 and 20 units.
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<br />We find the subject to be near the 75th percentile in value per square foot,
<br />and near the 90th percentile in value per unit.
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<br /> Value /SF Value /SF
<br />GBA
<br />Value /
<br />Unit
<br />Maximum 192 96 81,733
<br />90th Percentile 114 94 72,040
<br />75th Percentile 86 86 67,676
<br />Median 76 76 60,275
<br />25th Percentile 70 70 49,419
<br />10th Percentile 69 69 47,147
<br />Minimum 66 66 40,200
<br /> Subject 85.58 85.58 71,886
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