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Pinehurst Apartments 1721 39 St S
<br />Parcel Number: 01-3804-00263-000 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) 9,288,600
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<br />Applicants Requested Value(s) 8,340,000 -10.2%
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<br />General Property Information Property Type Apartment (4 bldgs)
<br />Year Built 1995
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<br />Building Area 141,672 sf 65.56 / sf
<br />Apartment Units 120 77,405 / unit
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<br />Fargo Assessor Recommendation 8,911,000
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<br />Summary
<br /> The subject is an apartment complex with 120 units, spread out over four buildings. Appellant is requesting a reduction of $948,600 or 10.2%.
<br />The appellant provided financial statements and an appraisal dated 05/13/2021 as support for the requested reduction. The subject sold in
<br />July 2021 with two other parcels for $14,729,500.
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<br />City staff examined the value with the sales comparison approach. The analysis estimated the market value to be $8,911,000.
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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 1990 and 2000. There are 188 such properties. The true and full value sits near the 75th percentile
<br />based on price per unit, and near the 25th percentile based on price 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 3,573,062 74,439 64.57
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 8,076,907 67,308 64.94
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,181,384 75,747 71.26
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,636,600 79,548 72.28
<br /> True & Full Value 9,288,600 77,405 65.56
<br />Subject Apartment 120 141,672 1995 Applicant’s Requested Value 8,340,000 69,500 58.87
<br /> Assessor’s Recommended Value 8,911,000 74,260 62.90
<br /> Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 8,810,600 116,132 91
<br />75th Percentile 2,324,500 78,326 70
<br />Median 1,903,250 72,553 68
<br />25th Percentile 1,645,900 62,867 66
<br />Minimum 891,900 44,595 49
<br />True & Full Value 9,288,600 77,405 65.56
<br />Requested Value 8,340,000 69,500 58.87
<br />Recommended Value 8,911,000 74,260 62.90
<br />Recommended Action: Reduce the 2024 True & Full Value to $8,911,000
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