|
Danbury Apartments 1801 36 St S
<br />Parcel Number: 01-3804-00335-000 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.
<br />
<br />Appeal of Assessment for Year: 2024
<br /> Name of Applicant: Sterling Property Management
<br />Assessed Value (2024 Tax Year) 9,719,400
<br />
<br />Applicants Requested Value(s) 9,469,680 -2.6%
<br />
<br />General Property Information Property Type Apartment (5 bldgs)
<br />Year Built 1995
<br />
<br />Building Area 146,688 sf 66.26 / sf
<br />Apartment Units 136 71,466 / unit
<br />
<br />Fargo Assessor Recommendation 9,719,400
<br />
<br />Summary
<br /> The subject is an apartment complex with 136 units, spread out over five buildings. Appellant is requesting a reduction of $249,720 or 2.6%.
<br />The appellant provided financial statements as support for the requested reduction.
<br />
<br />City staff examined the value with the sales comparison approach. The analysis estimated the market value to be $10,109,000.
<br />
<br />City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties with
<br />more than 12 units, and built between 1990 and 2000. There are 188 such properties. The true and full value sits near the median value on
<br />both units of comparison. We see no equalization issues with the subject property.
<br />
<br /> Comparable Sales Summary
<br />
<br />Address Property Type Units Size (SF) Year Built Sale Date Sale Price (Contract) Sale Price (Adjusted) $/Unit $/SF
<br />1810 39 ST S Apartment 48 55,332 1998 Apr-22 4,004,000 3,576,634 74,513 64.64
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 8,085,547 67,380 65.01
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,183,662 75,801 71.31
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,643,080 79,615 72.34
<br /> True & Full Value 9,719,400 71,466 66.26
<br />Subject Apartment 136 146,688 1995 Applicant’s Requested Value 9,469,680 69,630 64.56
<br /> Assessor’s Recommended Value 9,719,400 71,466 66.26
<br /> Competing Properties (Assessed Values) Summary
<br />
<br /> Full Value $/Unit $/SF
<br />Maximum 8,810,600 116,132 91
<br />75th Percentile 2,324,500 78,326 70
<br />Median 1,903,250 72,553 68
<br />25th Percentile 1,645,900 62,867 66
<br />Minimum 891,900 44,595 49
<br />True & Full Value 9,719,400 71,466 66.26
<br />Requested Value 9,469,680 69,630 64.56
<br />Recommended Action: Retain the 2024 True & Full Value of $9,719,400
<br />
<br />
<br />
<br />
|