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Gemstone Apartments 1033 16 St N <br />Parcel Number: 01-0100-01320-000 Owner: Gemstone Apartments LLP <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) 320,100 <br /> <br />Applicants Requested Value(s) 261,904 -18.2% <br /> <br />General Property Information Property Type Four-Plex Apartment <br />Year Built 1984 <br /> <br />Building Area 3,840 sf 83.36 / sf <br />Apartment Units 4 80,025 / unit <br /> <br />Fargo Assessor Recommendation 320,100 <br /> <br />Summary <br /> Appellant is requesting a reduction of $58,196 or 18.2%. 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 $324,000. <br /> <br />City staff also studied current assessments of similar properties for equalization. The search parameters are all four plex properties located <br />in the “University Mixed Use” map zone, and built before 1990. There are 24 such properties. The true and full value sits near the median <br />price on both units of comparison. The requested value would be below the minimum value on both units of comparison. We see no <br />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 />909 12 ST N Four-Plex 4 3,920 1973 Nov-23 340,000 362,966 90,741 92.59 <br />2914 7 ST N Four-Plex 4 4,088 1959 Dec-23 289,000 333,268 83,317 81.52 <br />1825 13 1/2 ST S Four-Plex 4 3,990 1959 Oct-23 295,000 306,769 76,692 76.88 <br />2911 7 AVE N Four-Plex 4 3,832 1979 Sep-23 286,000 292,565 73,141 76.35 <br /> True & Full Value 320,100 80,025 83.36 <br />Subject Four-Plex 4 3,840 1984 Applicant’s Requested Value 261,904 65,476 68.20 <br /> Assessor’s Recommended Value 320,100 80,025 83.36 <br /> Competing Properties (Assessed Values) Summary <br /> <br /> Full Value $/Unit $/SF <br />Maximum 371,800 92,950 144 <br />75th Percentile 341,375 85,344 91 <br />Median 318,700 79,675 83 <br />25th Percentile 299,075 74,769 80 <br />Minimum 265,700 66,425 75 <br />True & Full Value 320,100 80,025 83.36 <br />Requested Value 261,904 65,476 68.20 <br />Recommended Action: Retain the 2024 True & Full Value of $320,100 <br /> <br /> <br /> <br />