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Kingswood Apartments 1011 18 St N
<br />Parcel Number: 01-0100-01045-000 Owner: Kingswood Apartments LLP
<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) 1,308,400
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<br />Applicants Requested Value(s) 1,202,664 -8.1%
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<br />General Property Information Property Type Apartment
<br />Year Built 1972
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<br />Building Area 19,689 sf 66.45 / sf
<br />Apartment Units 24 54,517 / unit
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<br />Fargo Assessor Recommendation 1,308,400
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<br />Summary
<br /> Appellant is requesting a reduction of $105,736 or 8.1%. The appellant provided financial statements and comparable sales as support for
<br />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 $1,413,000.
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<br />City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties located
<br />in the “University Mixed Use” map zone, with more than 8 units, and built before 1980. There are 21 such properties. The true and full value
<br />sits near the 75th percentile on price per unit, and near the minimum on price per square foot. We see no equalization issues with the subject
<br />property.
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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 />2615 15 ST S Apartment 24 17,082 1975 Sep-23 1,375,000 1,370,327 57,097 80.22
<br />3025 10 ST N Apartment 18 17,280 1976 Apr-23 1,000,000 1,065,729 59,207 61.67
<br />1402 32 ST S Apartment 18 17,748 1976 Feb-23 1,098,000 1,128,440 62,691 63.58
<br />1842 14 ST S Apartment 18 16,965 1962 Aug-22 910,000 1,018,062 56,559 60.01
<br /> True & Full Value 1,308,400 54,517 66.45
<br />Subject Apartment 24 19,689 1972 Applicant’s Requested Value 1,202,664 50,111 61.08
<br /> Assessor’s Recommended Value 1,308,400 54,517 66.45
<br /> Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 2,050,700 71,900 80
<br />75th Percentile 1,284,200 53,508 76
<br />Median 824,200 48,750 70
<br />25th Percentile 815,600 48,110 66
<br />Minimum 369,200 42,279 65
<br />True & Full Value 1,308,400 54,517 66.45
<br />Requested Value 1,202,664 50,111 61.08
<br />Recommended Action: Retain the 2024 True & Full Value of $1,308,400
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