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Flagstone Apartments 2551 36 Ave S
<br />Parcel Number: 01-2922-00800-000 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) 8,804,700
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<br />Applicants Requested Value(s) 7,644,000 -13.2%
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<br />General Property Information Recent Sale Price (06/2021) 7,673,300
<br />Property Type Apartment (5 Bldgs)
<br />Year Built 1992 66.14 / sf
<br />Building Area (sf) 124,367 70.80 / sf
<br />Apartment Units 120 73,373 / unit
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<br />Fargo Assessor Recommendation 8,804,700
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<br />Summary
<br /> Subject is an 120 unit apartment complex spread over five buildings. Appellant is requesting that the true and full value be reduced to the
<br />2021 purchase price. This is a reduction of $1,160,700 or 13.2%. The appellant provided financial statements, the most recent sale price,
<br />and an appraisal for financing purposes dated 05/13/2021 as support for the requested reduction.
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<br />City staff examined the value with the sales comparison approach. The analysis estimated the market value to be $8,867,000.
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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 12 units, and built between 1985 and 1995. There are 208 such properties. The true and full value sits between the 75th and 90th
<br />percentiles on both units of comparison.
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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 />1810 39 ST S Apartment 48 55,332 1998 Apr-22 4,004,000 3,455,969 71,999 62.46
<br />1770 39 ST S Apartment 210 239,231 1997 Jul-21 14,595,000 14,293,140 68,063 59.75
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,106,459 73,963 69.58
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,413,448 77,223 70.17
<br /> True & Full Value 8,804,700 73,373 70.80
<br />Subject Apartment 120 124,367 1992 Applicant’s Requested Value 7,644,000 63,700 61.46
<br /> Assessor’s Recommended Value 8,804,000 73,373 70.80
<br /> Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 8,755,200 116,132 87
<br />75th Percentile 2,176,075 72,806 69
<br />Median 1,745,200 64,645 66
<br />25th Percentile 1,407,200 59,096 63
<br />Minimum 704,000 43,741 42
<br />True & Full Value 8,804,700 73,373 70.80
<br />Requested Value 7,644,000 63,700 61.46
<br />Recommended Value 8,804,000 73,373 70.80
<br />Recommended Action: Retain the 2024 True & Full Value of $8,804,000
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