|
Briar Pointe Apartments 3256 18 St S
<br />Parcel Number: 01-2831-00155-000 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.
<br />
<br />Appeal of Assessment for Year: 2024
<br /> Name of Applicant: Sterling Property Management
<br />Assessed Value (2024 Tax Year) 2,138,900
<br />
<br />Applicants Requested Value(s) 1,899,990 -11.2%
<br />
<br />General Property Information Recent Sale Price (06/2021) 1,904,700
<br />Property Type Apartment
<br />Year Built 1991 66.14 / sf
<br />Building Area (sf) 31,883 67.09 / sf
<br />Apartment Units 30 71,297 / unit
<br />
<br />Fargo Assessor Recommendation 2,138,900
<br />
<br />Summary
<br /> Appellant is requesting that the true and full value be reduced to the 2021 purchase price. This is a reduction of $238,910 or 11.2%. The
<br />appellant provided financial statements, the most recent sale price, and an appraisal for financing purposes dated 05/13/2021 as support for
<br />the requested reduction.
<br />
<br />City staff examined the value with the sales comparison approach. The analysis estimated the market value to be $2,155,000.
<br />
<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 1985 and 1995. There are 208 such properties. The true and full value sits between the median value
<br />and the 75th percentile on both units of comparison. We see no equalization issues with the subject property.
<br />
<br /> Comparable Sales Summary
<br />
<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 3,467,475 72,239 62.67
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 7,882,743 65,690 63.38
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 3,048,508 72,584 68.28
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,379,289 76,868 69.85
<br /> True & Full Value 2,138,900 71,297 67.09
<br />Subject Apartment 30 31,883 1991 Applicant’s Requested Value 1,899,900 63,333 59.59
<br /> Assessor’s Recommended Value 2,138,900 71,297 67.09
<br /> Competing Properties (Assessed Values) Summary
<br />
<br /> Full Value $/Unit $/SF
<br />Maximum 8,755,200 116,132 87
<br />75th Percentile 2,176,075 72,806 69
<br />Median 1,745,200 64,645 66
<br />25th Percentile 1,407,200 59,096 63
<br />Minimum 704,000 43,741 42
<br />True & Full Value 2,138,900 71,297 67.09
<br />Requested Value 1,899,900 63,333 59.59
<br />Recommended Action: Retain the 2024 True & Full Value of $2,138,900
<br />
<br />
<br />
<br />
<br />
<br />
<br />
|