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Brownstone Apartments 2201 33 Ave S
<br />Parcel Number: 01-2830-00075-000 Owner: Sterling Properties, LLC
<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 (2023 Tax Year) 4,844,600
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<br />Applicants Requested Value(s) 4,284,000 -11.6%
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<br />General Property Information Recent Sale Price (06/2021) 4,295,600
<br />Property Type Apartment (3 bldgs)
<br />Year Built 1990 66.14 / sf
<br />Building Area (sf) 73,250 66.26 / sf
<br />Apartment Units 72 67,286 / unit
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<br />Fargo Assessor Recommendation 4,844,600
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<br />Summary
<br /> The subject is an apartment complex with 72 units, spread out over three buildings. Appellant is requesting that the true and full value be
<br />reduced to the 2021 purchase price. This is a reduction of $560,600 or 11.6%. The appellant provided financial statements, competing
<br />assessments, the most recent sale price, and an appraisal for financing 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 $4,895,000.
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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 12 units, and built between 1985 and 1995. There are 208 such properties. The true and full value sits near the median value on
<br />both units of comparison. We see no equalization issues with the subject property.
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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 3,278,229 68,296 59.25
<br />2651 36 AVE S Apartment 120 124,367 1992 Jun-21 7,644,000 7,402,824 61,690 59.52
<br />4551 47 AVE S Apartment 42 44,644 2013 Aug-23 4,100,000 2,897,625 68,991 64.91
<br />3301 14 ST S (Moorhead) Apartment 96 105,648 2003 Jan-23 8,300,000 7,005,582 72,975 66.31
<br /> True & Full Value 4,844,600 67,286 66.14
<br />Subject Apartment 72 73,250 1990 Applicant’s Requested Value 4,284,000 59,500 58.48
<br /> Assessor’s Recommended Value 4,844,600 67,286 66.14
<br /> Competing Properties (Assessed Values) Summary
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<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 4,844,600 67,286 66.14
<br />Requested Value 4,284,000 59,500 58.48
<br />Recommended Action: Retain the 2024 True & Full Value of $4,844,600
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