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Pinehurst Apartments 1770 39 St S
<br />Parcel Number: 01-7320-00100-000 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) 2,125,400
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<br />Applicants Requested Value(s) 1,668,000 -21.52%
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<br />General Property Information Recent Sale (07/2021) 9,937,000
<br />Property Type Apartment
<br />Year Built 2005 66.14 / sf
<br />Building Area (sf) 30,767 69.08 / sf
<br />Apartment Units 24 88,558 / unit
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<br />Fargo Assessor Recommendation 2,061,000
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<br />Summary
<br /> Subject is part of an 210 unit apartment complex spread over seven buildings. There are three separate parcels for the complex and this is
<br />one of the three. Appellant is requesting that the true and full value be reduced to $69,500 per unit. This is a reduction of $457,400 or
<br />21.52% for this parcel. Per the applicant this parcel along with two other parcels that included seven apartment buildings was purchased for
<br />$14,595,000 or $69,500 a unit in 2021. The appellant provided financial statements, the most recent sale price, and an appraisal for financing
<br />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 $2,061,000.
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<br />City staff also studied current assessments of similar properties for equalization. The search parameters are all apartment properties between
<br />24 and 36 units, and built between 2000 and 2010. There are 61 such properties. The true and full value sits between near the 75th percentile
<br />in value per unit, and near 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 />1810 39 ST S Apartment 48 55,332 1998 Apr-22 4,004,000 4,196,860 87,435 75.85
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 9,512,175 79,268 76.48
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,779,149 89,980 84.65
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 8,967,358 93,410 84.88
<br /> True & Full Value 2,125,400 88,558 69.08
<br />Subject Apartment 24 30,676 2005 Applicant’s Requested Value 1,668,000 69,500 54.21
<br /> Assessor’s Recommended Value 2,061,000 85,875 66.99
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<br />Competing Properties (Assessed Values) Summary
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<br /> $/Unit $/SF
<br />Maximum 93,458 84.59
<br />75th Percentile 88,674 78.52
<br />Median 83,788 76.21
<br />25th Percentile 80,589 72.99
<br />Minimum 70,293 65.39
<br />True & Full Value 2,125,400 88,558 69.08
<br />Requested Value 1,668,000 69,500 54.21
<br />Recommended Value 2,061,000 85,875 66.99
<br />Recommended Action: Reduce the 2024 True & Full Value to $2,061,000.
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