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Emerald Court Apartments 501 30 Ave N
<br />Parcel Number: 01-0730-00240-000 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) 1,514,900
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<br />Applicants Requested Value(s) 1,341,672 -11.4%
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<br />General Property Information Sale (07/2008) 923,600
<br />Property Type Apartment
<br />Year Built 1967
<br />Building Area (sf) 25,110 60.33/sf
<br />Apartment Units 24 63,121
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<br />Fargo Assessor Recommendation 1,417,000
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<br />Summary
<br /> Subject is a 24 unit apartment building. Appellant is requesting a total valuation of $1,341,672 or $55,903/unit. This is a reduction of
<br />$173,228 or 13%. 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 $1,417,000, a
<br />reduction 97,900 or -6.5%.
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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 between the median and
<br />75th percentile in value per unit, and below the 25th percentile in value per square foot. The recommended value change helps equalize the
<br />subject with adjacent properties.
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<br /> Comparable Sales Summary
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<br />Address Property Type Units Size (SF) Year Built Sale Date Sale Price (Contract) Sale Price (Adjusted) $/Unit $/SF
<br />2802 8 St N Apartment 23 20,064 1962 08/2020 1,050,000 1,072,100 46,613 53.43
<br />1211 11 ½ St N Apartment 19 15,320 1958 12/2023 959,700 963,200 50,694 62.87
<br />3025 10 St N Apartment 18 17,280 1976 04/2023 1,000,000 1,012,500 56,250 58.59
<br />1842 14 St S Apartment 18 16,965 1962 08/2022 910,000 919,900 51,106 54.22
<br /> True & Full Value 1,514,900 63,120 60.33
<br />Subject Apartment 24 25,110 1967 Applicant’s Requested Value 1,341,672 55,903 52.36
<br /> Assessor’s Recommended Value 1,417,000 59,042 56.43
<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 1,514,900 63,120 60.33
<br />Requested Value 1,341,672 55,903 52.36
<br />Recommended Value 1,417,000 59,042 56.43
<br />Recommended Action: Reduce the 2024 True & Full Value of $1,417,000.
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