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Hunters Run I Apartments 1610 34 St S
<br />Parcel Number: 01-5600-00400-000 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) 881,500
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<br />Applicants Requested Value(s) 768,000 -12.9%
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<br />General Property Information Last Sold on (03/2007) 509,200
<br />Property Type Apartment
<br />Year Built 1987 66.14 / sf
<br />Building Area (sf) 14,106 62.49 / sf
<br />Apartment Units 12 73,458 / unit
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<br />Fargo Assessor Recommendation 794,000
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<br />Summary
<br /> Subject is a 12 unit apartment building built-in 1987. Appellant is requesting that the true and full value be reduced to that of similar owned
<br />property Hunters Run II at $64,000 a unit. This is a reduction of $113,500 or 12.8%. The appellant provided financial statements as support
<br />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 $794,000.
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<br />City staff studied the comparison property provided and current assessments of similar properties for equalization. The search parameters
<br />are all apartment properties between 11 and 20 units, and built between 1982 and 1992. This included 84 such properties.
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<br />The true and full value sits between above the 75th percentile in value per unit, and near the median 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 />2660 15 ST S Apartment 18 18,656 1977 Jun-22 1,050,000 1,147,608 63,756 61.51
<br />1802 40 ST SW Apartment 24 26,292 1994 Dec-20 1,450,000 1,770,366 73,765 67.33
<br />1401 27 AVE S Apartment 24 24,872 1977 Mar-22 1,475,000 1,640,672 68,361 65.96
<br />2421 20 AVE S Apartment 18 16,224 1982 Dec-20 1,000,000 1,188,389 66,022 73.25
<br /> True & Full Value 881,500 73,458 62.49
<br />Subject Apartment 12 14,106 1987 Applicant’s Requested Value 768,000 64,000 54.44
<br /> Assessor’s Recommended Value 794,000 66,200 56.29
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<br />Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 1,411,000 85,791 73.34
<br />75th Percentile 1,154,100 65,850 63.90
<br />Median 1,114,500 60,711 62.49
<br />25th Percentile 1,010,200 56,745 59.33
<br />Minimum 766,00 50,510 51.22
<br />True & Full Value 881,500 73,458 62.49
<br />Requested Value 768,000 64,000 54.44
<br />Recommended Value 794,000 66,200 56.29
<br />Recommended Action: Reduce the 2024 True & Full Value to $794,000.
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