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Betty Ann Apartments 320 30 Ave N
<br />Parcel Number: 01-0730-00190-000 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) 1,563,500
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<br />Applicants Requested Value(s) 1,341,700 -14.2%
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<br />General Property Information Sale (08/2009) 879,600
<br />Property Type Apartment
<br />Year Built 1967
<br />Building Area (sf) 25,110 62.27 / sf
<br />Apartment Units 24 65,146 / unit
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<br />Fargo Assessor Recommendation 1,408,000
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<br />Summary
<br /> Subject is a 24 unit apartment building with exterior parking garages. Appellant is requesting that the true and full value be reduced to the
<br />1,341,700. This is a reduction of $221,800 or 14.2%. 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 estimated the market value to be $1,408,000, a
<br />reduction of $154,600 or -9.93%.
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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 between around the median
<br />in value per unit, and below the 25th percentile in value per square foot. The recommended value change equalizes the subject with adjacent
<br />properties.
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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 />1211 11 ½ St N Apartment 19 15,320 1958 12/2020 1,011,000 1,016,600 53,505 66.36
<br />3025 10 St N Apartment 18 17,280 1976 4/2023 1,000,000 1,012,500 56,250 58.59
<br />2615 15 St S Apartment 24 17,082 1975 9/2023 1,375,000 1,376,300 57,346 80.57
<br />1401 27 Ave S Apartment 24 24,872 1977 3/2022 1,475,000 1,475,000 61,458 59.30
<br /> True & Full Value 1,563,500 65,146 62.27
<br />Subject Apartment 24 25,110 1967 Applicant’s Requested Value 1,341,700 55,904 53.43
<br /> Assessor’s Recommended Value 1,408,000 58,667 56.07
<br /> Competing Properties (Assessed Values) Summary
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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 1,563,500 65,146 62,27
<br />Requested Value 1,341,700 55,904 53.43
<br />Recommended Value 1,408,000 58,667 56.07
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<br />Recommended Action: Reduce the 2024 True & Full Value to $1,408,000.
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