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Kennedy Apartments 4219 10 Ave S
<br />Parcel Number: 01-3610-00690-000 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) 938,000
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<br />Applicants Requested Value(s) 804,000 -14.3%
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<br />General Property Information Sold Last on (02/2013) 715,800
<br />Property Type Apartment
<br />Year Built 1984
<br />Building Area (sf) 16,014 58.57 / sf
<br />Apartment Units 12 78,167 / unit
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<br />Fargo Assessor Recommendation 828,000
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<br />Summary
<br /> Subject is an 12 unit apartment building built-in 1994. Appellant is requesting that the true and full value be reduced to that of similar owned
<br />properties Sunchase, Village West and Gander Court apartments. This is a reduction of $134,000 or 14.3%. The appellant provided financial
<br />statements 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 $828,000.
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<br />City staff studied the four comparison properties provided by the applicant, and the current assessments of similar properties for
<br />equalization. The search parameters for uniformity included apartment properties with 12 to 20 units, and built between 1984 and 1988.
<br />This included 17 such properties.
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<br />The current true and full value sits just below the 25th percentile, above the max in value per unit, and near the median in value per sf.
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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 17,808 1987 Jun-22 $1,050,000 $1,150,048 63,892 61.64
<br />1402 32 ST S Apartment 20 19,240 1988 Feb-23 $1,103,200 $1,169,238 64,958 65.88
<br />1401 27 AVE S Apartment 20 19,240 1988 Mar-22 $1,475,000 $1,644,814 68,534 66.13
<br />3114 3 ST N Apartment 20 18,774 1985 Jun-21 $1,264,000 $1,460,102 81,117 84.03
<br /> True & Full Value 938,000 78,167 58.57
<br />Subject Apartment 12 16,014 1984 Applicant’s Requested Value 804,000 67,000 50.21
<br /> Assessor’s Recommended Value 828,000 69,000 51.70
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<br />Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 1,248,800 69,378 71.47
<br />75th Percentile 1,092,800 60,711 62.58
<br />Median 1,019,000 56,611 58.32
<br />25th Percentile 973,800 54,100 57.14
<br />Minimum 704,000 50,510 41.98
<br />True & Full Value 938,000 78,167 58.57
<br />Requested Value 804,000 67,000 50.21
<br />Recommended Value 828,000 69,000 51.70
<br />Recommended Action: Reduce the 2024 True & Full Value to $828,000
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