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Urban Plains Apartments 5345 30 Ave S
<br />Parcel Number: 01-8513-00040-000 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) 25,031,800
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<br />Applicants Requested Value(s) 19,353,390 -22.7%
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<br />General Property Information Recent Sale (04/2024) 47,478,987
<br />Property Type 11 Apt Bldgs & Clubhouse
<br />Year Built 2013-2014
<br />Building Area (sf) 267,860 93.45 / sf
<br />Apartment Units 210 119,199 / unit
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<br />Fargo Assessor Recommendation 22,342,000
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<br />Summary
<br /> Subject is an 210 unit apartment complex spread over six buildings and a clubhouse. Appellant is requesting that the true and full value be
<br />reduced to $92,159 per unit. This is a reduction of $5,678,410 or 20.91%. The applicant has indicated that the complex including parcel this
<br />parcel along with 01-8523-00200-000 is currently under contract to be acquired. The appellant has also provided financial statements as
<br />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 $22,342,000.
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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 />36 and 66 units, and built between 2010 and 2020. There are 79 such properties. The price per unit sits above 75th percentile in value per
<br />unit, and near the median 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 />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 4,330,600 103,110 97.00
<br />4700 46 ST S Apartment 42 44,644 2014 Aug-23 4,100,000 4,401,200 104,790 98.58
<br />4707 46 ST S Apartment 66 81,435 2015 Aug-23 6,900,000 7,186,900 108,892 88.25
<br />5200 44 AVE S Apartment 54 72,335 2011 Jan-20 4,968,000 5,113,700 94,698 70.69
<br /> True & Full Value 25,031,800 119,199 93.45
<br />Subject Apartment 210 267,860 2013-14 Applicant’s Requested Value 19,353,390 92,159 72.25
<br /> Assessor’s Recommended Value 22,342,000 106,391 83.41
<br /> Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 6,271,500 131,196 118.73
<br />75th Percentile 4,353,550 112,531 99.75
<br />Median 3,782,100 106,568 93.34
<br />25th Percentile 3,373,650 102,346 85.95
<br />Minimum 2,703,200 86,644 76.21
<br />True & Full Value 24,472,100 116,534 91.36
<br />Requested Value 19,353,390 92,159 72.25
<br />Recommended Value 22,342,000 106,391 83.41
<br />Recommended Action: Reduce the 2024 True & Full Value to $22,342,000.
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