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Park Terrace Apartment 315 7 St S
<br />Parcel Number: 01-2240-03510-000 Owner: Park Terrace 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) 1,212,700
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<br />Applicants Requested Value(s) 937,008 -22.73%
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<br />General Property Information Sale (05/2006) 800,300
<br />Property Type Apartment
<br />Year Built 1967
<br />Building Area (sf) 22,932 52.88 / sf
<br />Apartment Units 18 67,372
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<br />Fargo Assessor Recommendation 1,212,700
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<br />Summary
<br /> Subject is an 18 unit apartment building. Appellant is requesting that the true and full value be reduced to 937,008. This is a reduction of
<br />$275,692 or 18%. 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. The analysis indicates a higher value.
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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 above the 75th percentile in
<br />value per unit, and below the 25th 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 />1402 32 St S Apartment 18 17,748 1976 02/2023 1,098,000 1,103,200 61,289 62.16
<br />2615 15 St S Apartment 24 17,082 1975 06/2023 1,375,000 1,376,300 57,346 80.57
<br />510 8 St S Apartment 10 7,560 1960 08/2022 525,000 545,500 54,550 72.16
<br />2660 15 St S Apartment 18 18,656 1977 06/2022 1,050,000 1,050,000 58,333 56.28
<br /> True & Full Value 1,212,700 67,372 52.88
<br />Subject Apartment 18 22,932 1967 Applicant’s Requested Value 937,008 52,056 40.86
<br /> Assessor’s Recommended Value 1,212,700 67,372 52.88
<br /> Competing Properties (Assessed Values) Summary
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<br />Recommended Action: Retain the 2024 True & Full Value of $1,212,700
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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 939,450 58,314 62
<br />25th Percentile 677,125 50,753 58
<br />Minimum 344,500 34,278 50
<br />True & Full Value 1,212,700 67,372 52.88
<br />Requested Value 937,008 52,056 40.86
<br />Recommended Value 1,212,700 67,372 52.88
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