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Martha Alice Apartments 302 30 Ave N
<br />Parcel Number: 01-0730-00200-000 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) 1,564,900
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<br />Applicants Requested Value(s) 1,341,672 -14.3%
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<br />General Property Information Sale (08/2009) 865,500
<br />Property Type Apartment
<br />Year Built 1967
<br />Building Area (sf) 25,110 $62.32
<br />Apartment Units 24 $65,204
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<br />Fargo Assessor Recommendation 1,394,000
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<br />Summary
<br /> Subject is a 24 unit apartment building. Appellant is requesting that the true and full value be reduced to 1,341,672 or $55,903 per unit. This
<br />is a reduction of $223,228 or 14.3%. The appellant provided financial statements as support for the requested reduction.
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<br />City staff examined the value with the cost and sales comparison approach. Property was previously appealed for the 2023 assessment and
<br />upheld at the 2023 Board of Equalization hearing. The analysis estimated the market value to be $1,394,000, a reduction of $170,900 or -
<br />10.9%.
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<br />City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties with
<br />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
<br />per unit, and below the 25th percentile in value per square foot. The recommended value change equalizes the subject with adjacent
<br />properties.
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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 06/2022 1,050,000 1,050,000 58,333 56.28
<br />3025 10 St N Apartment 29 17,280 1976 04/2023 1,000,000 1,012,500 56,250 58.59
<br />1402 32 St S Apartment 18 17,748 1976 02/2023 1,098,000 1,103,200 61,289 62.16
<br />517 28 Ave N Apartment 12 10,908 1960 03/2023 675,000 683,700 56,975 62.68
<br />1211 11 ½ St N Apartment 19 15,320 1958 12/2023 959,700 964,900 50,784 62.98
<br /> True & Full Value 1,564,900 65,204 62.32
<br />Subject Apartment 24 25,110 1967 Applicant’s Requested Value 1,341,672 55,903 53.43
<br /> Assessor’s Recommended Value 1,394,000 58,083 55.51
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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 935,450 58,314 62
<br />25th Percentile 677,125 50,753 58
<br />Minimum 344,500 34,278 50
<br />True & Full Value 1,564,900 65,204 62.32
<br />Requested Value 1,341,672 55,903 53.43
<br />Recommended Value 1,394,000 58,083 55.51
<br />Recommended Action: Reduce the 2024 True & Full Value to $1,394,000
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