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Oxford Apartments 3301 32 St S
<br />Parcel Number: 01-2870-01355-000 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) 11,174,900
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<br />Applicants Requested Value(s) 9,936,864 -11.1%
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<br />General Property Information Recent Sale (07/2021) 9,937,000
<br />Property Type Apartment (6 Bldgs)
<br />Year Built 1994 66.14 / sf
<br />Building Area (sf) 163,680 68.27 / sf
<br />Apartment Units 144 77,603 / unit
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<br />Fargo Assessor Recommendation 10,658,000
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<br />Summary
<br /> Subject is an 144 unit apartment complex spread over six buildings. Appellant is requesting that the true and full value be reduced to the
<br />2021 purchase price. This is a reduction of $1,238,036 or 11.1%. The appellant provided financial statements, the most recent sale price,
<br />and an appraisal for financing purposes dated 05/13/2021 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 $10,658,000.
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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 12 units, and built between 1985 and 1995. There are 208 such properties. The true and full value sits between near the 90th
<br />percentile in value per unit, and near the 75th percentile 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 />1810 39 ST S Apartment 48 55,332 1998 Apr-22 4,004,000 3,564,595 74,262 64.42
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 8,075,746 67,298 64.93
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,161,347 75,270 70.81
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,606,494 79,234 72.00
<br /> True & Full Value 11,174,900 77,603 68.27
<br />Subject Apartment 144 163,680 1994 Applicant’s Requested Value 9,936,864 69,006 60.71
<br /> Assessor’s Recommended Value 10,658,000 74,016 65.11
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<br />Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 8,755,200 116,132 87
<br />75th Percentile 2,176,075 72,806 69
<br />Median 1,745,200 64,645 66
<br />25th Percentile 1,407,200 59,096 63
<br />Minimum 704,000 43,741 42
<br />True & Full Value 11,174,900 77,603 68.27
<br />Requested Value 9,936,864 69,006 60.71
<br />Recommended Value 10,658,000 74,016 65.11
<br />Recommended Action: Reduce the 2024 True & Full Value to $10,658,000
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