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Hawn Apartments 520 31 Ave N & 504 31 Ave N
<br />Parcel Number: 01-0730-00260-000 & 01-0730-00270-000 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) 3,132,200
<br /> Applicants Requested Value(s) 2,683,344 -14.3%
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<br />General Property Information Recent Sale (03/2020) 2,405,400
<br />Property Type Apartment (2 Bldgs)
<br />Year Built 1968/1969
<br />Building Area (sf) 50,220 62.37 / sf
<br />Apartment Units 48 65,254 / unit
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<br />Fargo Assessor Recommendation 2,818,000
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<br />Summary
<br /> Subject is a 48 unit apartment complex spread over two buildings. Appellant is requesting that the true and full value be reduced to $2,683,344 or $55,903/unit. This is a reduction of $448,856 or 14.3%. The appellant provided financial statements as support for the
<br />requested reduction.
<br /> City staff examined the value with the cost and sales comparison approach. The analysis estimated the market value to be $2,818,000 or -
<br />10%. The recommended value change helps equalize the subject with adjacent properties. City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties with more than 8 units, and built between 1959 and 1976. There are 166 such properties. The true and full value sits around the median in value per unit, and also below the 25th percentile in value per square foot.
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<br />Comparable Sales Summary
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<br />Address Property
<br />Type Units Size (SF) Year
<br />Built Sale Date Sale Price
<br />(Contract)
<br />Sale Price
<br />(Adjusted) $/Unit $/SF
<br />1810 39 ST S Apartment 48 55,332 1998 Apr-22 4,004,000 3,507,372 73,070 63.39
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 8,164,494 68,037 65.65
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,151,436 75,034 70.59
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,516,254 78,294 71.14
<br /> True & Full Value 3,132,200 65,254 62.37
<br />Subject Apartment 48 50,220 1968
<br />1969 Applicant’s Requested Value 2,683,344 55,903 53,43
<br /> Assessor’s Recommended Value 2,818,000 58,708 56.11
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<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 3,132,200 65,254 62.37
<br />Requested Value 2,683,344 55,903 53,43
<br />Recommended Value 2,818,000 58,708 56.11
<br />Recommended Action(s):
<br />Reduce the 2024 True & Full Value to $1,406,000 for parcel number 01-0730-00260-000
<br />Reduce the 2024 True & Full Value to $1,412,000 for parcel number 01-0730-00270-000
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