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Auburn II Apartments 1847 35 St S
<br />Parcel Number: 01-0530-00340-000 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) 1,670,500
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<br />Applicants Requested Value(s) 1,608,000 -3.74%
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<br />General Property Information Last Sold on (03/2007) 955,300
<br />Property Type Apartment
<br />Year Built 1988 66.14 / sf
<br />Building Area (sf) 26,880 62.15 / sf
<br />Apartment Units 24 69,604 / unit
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<br />Fargo Assessor Recommendation Retain the Current Value
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<br />Summary
<br /> Subject is a 24 unit apartment building built in 1988. Appellant is requesting that the true and full value be reduced to $67,000 per unit. This
<br />is a reduction of $62,500 or 3.74%. The appellant provided financial statements as support for the requested reduction.
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<br />City staff examined the value with the sales comparison approach. The analysis supports the current value.
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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 />18 and 33 units, with a square footage between 21,000 and 33,000 and built between 1982 and 1994. There are 103 such properties. The
<br />true and full value sits below the 75th percentile 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 />1402 32 ST S
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<br />Apartment 18 17,748
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<br />1976 Feb-23 1,098,000 1,167,627 64,868 65.79
<br />1401 27 AVE S Apartment 24 24,872 1977 Mar-22 1,475,000 1,640,672 68,361 65.96
<br />3256 18 ST S Apartment 30 31,883 1991 Jun-21 1,900,000 2,201,833 73,394 69.06
<br />3114 3 ST N Apartment 18 17,376 1973 Jun-21 1,250,000 1,461,184 81,177 84.09
<br /> True & Full Value 1,670,500 69,604 62.15
<br />Subject Apartment 24 26,880 1988 Applicant’s Requested Value 1,608,000 67,000 59.82
<br /> Assessor’s Recommended Value Retain the Current Value
<br /> Competing Properties (Assessed Values) Summary
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<br /> Full Value $/Unit $/SF
<br />Maximum 2,267,000
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<br />83,779 72.90
<br />75th Percentile 1,871,200 71,668 68.55
<br />Median 1,693,150 64,373 66.26
<br />25th Percentile 1,562,275 59,482 63.29
<br />Minimum 1,256,600 52,358 50.37
<br />True & Full Value 1,670,500 69,604 62.15
<br />Requested Value 1,608,000 67,000 59.82
<br />Recommended Value Retain the Current Value
<br />Recommended Action: Retain the 2024 True & Full Value of $1,670,500
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