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Foxtail Creek Townhomes 3720 42 St S
<br />Parcel Number: 01-6420-00260-000 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) 2,681,000
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<br />Applicants Requested Value(s) 1,650,000 -38.46%
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<br />General Property Information Recent Sale (09/2020) 1,451,100
<br />Property Type Apartment (4 Bldgs)
<br />Year Built 2003 66.14 / sf
<br />Building Area (sf) 38,522 69.60 / sf
<br />Apartment Units 30 89,367 / unit
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<br />Fargo Assessor Recommendation 2,538,000
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<br />Summary
<br /> Subject is an 30 unit apartment complex spread over four buildings. Appellant is requesting that the true and full value be reduced to $55,000
<br />per unit or $1,650,000. This is a reduction of $1,031,000 or 38.46%. The appellant provided financial statements, the most recent sale price,
<br />as support for the requested reduction. Building recently came off 15 year PILOT, sale price well below original construction cost in 2003.
<br />Uncertain circumstances surrounding sale.
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<br />City staff examined the value with the sales comparison approach. The analysis estimated the market value to be $2,538,000.
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<br />City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties with 4
<br />to 36 units, and built between 1998 and 2004. There are 86 such properties. The true and full value sits near the 75th percentile in value per
<br />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 Type Units Size (SF) Year Built Sale Date Sale Price (Contract) Sale Price (Adjusted) $/Unit $/SF
<br />3256 18 ST S Apartment 30 31,883 1991 Jun-21 1,904,700 2,300,700 76,690 72.16
<br />2660 15 ST S Apartment 18 42,744 1977 Jun-22 1,050,000 1,564,800 86,933 83.88
<br />1401 27 AVE S Apartment 24 47,621 1977 Mar-22 1,475,000 2,161,400 90,058 86.90
<br />3301 16 AVE SW Apartment 18 33,144 1982 Mar-21 1,007,500 1,423,300
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<br />79,072 77.84
<br /> True & Full Value 2,681,000 89,367 69.60
<br />Subject Apartment 30 38,522 2003 Applicant’s Requested Value 1,650,000 55,000 42.83
<br /> Assessor’s Recommended Value 2,538,000 84,600 65.88
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<br />Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 3,311,000 118,375 94.52
<br />75th Percentile 2,543,275 89,094 77.19
<br />Median 2,226,200 83,757 73.86
<br />25th Percentile 1,988,675 79,520 70.74
<br />Minimum 532,900 69,383 65.39
<br />True & Full Value 2,681,000 89,367 69.60
<br />Requested Value 1,650,000 55,000 42.83
<br />Recommended Value 2,538,000 84,600 65.88
<br />Recommended Action: Reduce the 2024 True & Full Value to $2,538,000
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