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Country Club Apartments 2429-2449 West Country Club Dr S
<br />Parcel Numbers: 01-0501-00190-000 & 01-0501-00220-000 Owner: Sterling Properties, LLLP
<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: 2024
<br /> Name of Applicant: Sterling Property Management
<br />Assessed Value (2024 Tax Year) 2,393,400
<br /> Applicants Requested Value(s) 2,120,000 -11.5%
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<br />General Property Information Sale (05/2011) Undisclosed
<br />Property Type Apartment (5 Bldgs)
<br />Year Built 1968/1966 66.14 / sf
<br />Building Area (sf) 41,400 57.81 / sf
<br />Apartment Units 40 59,835 / unit
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<br />Fargo Assessor Recommendation 2,393,400
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<br />Summary
<br />Subject is a 40 unit apartment complex spread over five buildings. Appellant is requesting that the true and full value be reduced to 2,120,000.
<br />This is a reduction of $273,400 or 11.5%. The appellant provided financial statements as support for the requested reduction.
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<br />City staff examined the value with the cost and sales comparison approach. The analysis estimated the market value to be higher. 2443 West
<br />Country Club Dr S was appealed for the 2023 assessment to the City Board of Equalization. The City BOE upheld the value for the 2023
<br />assessment.
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<br />City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties with
<br />more than 8 units, and built between 1959 and 1976. There are 166 such properties. The true and full value sits above the median in value
<br />per unit, and near the 25th percentile in value per square foot.
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<br />Comparable Sales Summary
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<br />Address Property
<br />Type Units Size (SF) Year
<br />Built Sale Date Sale Price
<br />(Contract)
<br />Sale Price
<br />(Adjusted) $/Unit $/SF
<br />2913 8 St N Apartment 14 12,988 1959 9/2022 785,000 824,500 58,893 63.48 2660 15 St S Apartment 18 18,656 1977 6/2022 1,050,000 1,050,000 58,333 56.28
<br />3025 10 St N Apartment 18 17,280 1976 4/2023 1,000,000 1,012,500 56,250 58.59
<br />1401 27 Ave S Apartment 24 24,872 1977 3/2022 1,475,000 1,475,000 61,458 59.30
<br /> True & Full Value 2,393,400 59,835 57.81
<br />Subject Apartment 40 41,400 1966
<br />1968 Applicant’s Requested Value 2,120,000 53,000 51.21
<br /> Assessor’s Recommended Value 2,393,400 59,835 57.81
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<br />Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 2,842,900 89,053 106
<br />75th Percentile 1,387,475 63,948 68
<br />Median 939,450 58,314 62
<br />25th Percentile 677,125 50,753 58
<br />Minimum 344,500 34,278 50
<br />True & Full Value 2,393,400 59,835 57.81
<br />Requested Value 2,120,000 53,000 51.21
<br />Recommended Value 2,393,400 59,835 57.81
<br />Recommended Action(s):
<br />Retain the 2024 True & Full Value of 957,100 for parcel number 01-0501-00190-000
<br />Retain the 2024 True & Full Value of 1,436,300 for parcel number 01-0501-00220-000
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