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396013 Ave S' J.C. Penney Corp, Inc.
<br />01-6570-00190-000
<br />Pro ert Data Reca
<br />2009Assessment:01-6570-00190-000 $9,473,400
<br />Occu anc Retail Store Site Area: 78,270 S . Ft.
<br />Year Built: 1978 Buildin Area: 138,850 S . Ft.
<br />
<br />Total Value er S . Ft of Buildin Area: $68.23
<br />Mr. Jim Cobb, State Tax Manager, J.C. Penney Corporation, Inc. is appealing the 2009 assessed
<br />value based on an "average sales volume analysis". Comparable data Mr. Cobb considered
<br />results in an opinion of value of between $6,500,000 ($46.81 per square foot of building area)
<br />and $7,000,000 ($50.41 per square foot of building area).
<br />ASSESSMENT DEPARTMENT RECOMMENDATION
<br />Based on the following recaps, maintain the current assessment "as is".
<br />The following table recaps recent sales of comparable properties in Fargo. As North Dakota is
<br />anon-disclosure state, certain identifying information is withheld for the confidential sales.
<br />Sales of improved properties as large as J. C. Penney and with similar finish are extremely
<br />limited in Fargo as well as the other major communities in North Dakota. As such, the resulting
<br />indications of value generally provide an upper indication of value for the J.C. Penney property.
<br />
<br />
<br />BI Name
<br />
<br />Parcel No Se
<br />Prop
<br />Id T Comparable Sales
<br />
<br />Sale Daze Contract $ SPUN
<br />
<br />Ad'ust Sale $
<br />
<br />Yr Blt
<br />
<br />Bld sf
<br />
<br />Total $ / sf
<br />
<br />Bld
<br />
<br />$ / sf
<br />212143 STS 01-7340-00100-000 172 17-Nov-04 $ 6,506,700 $ 39,400 $ 8,546,100 2004 66,880 $ 127.78 $ 113.94
<br />437915 AVES 01-2332-02492-000 1 72 6-Apr-0S $ 1,600,000 $ 68,900 $ 1,668,900 1995 22,652 $ 73.68 $ 43.39
<br />4901 13 AVE S LfNIT A 01-7530-00200-000 2 72 1-Sep-OS $ 7,100,000 $ 45,400 $ 7,145,400 2004 48,453 $ 147.47 $ 134.39
<br />4379 IS AVE S O1-2332-02492-000 172 18-Nov-06 $ 1,867,000 $ 58,700 $ 1,925,700 1995 22,652 $ 85.01 $ 54.73
<br />South Fargo N/A 1 72 2007 $ 1,950,000 $ 7,300 $ 1,957,300 1983 57,800 $ 33.86 $ 23,76
<br />3206 20 STS 01-2634-00055-000 1 81 23-Mar-07 $ 164,000 $ 700 $ 154,700 1997 1,560 $ 105.58 $ 91.47
<br />321220 STS O1-2834-00057-000 I+81 02-Apr-07 $ 1,100,000 $ 900 $ 1,100,900 1997 9,930 $ 110.87 $ 96.87
<br />South Fargo N/A 1+ 81 2007 $ 7,450,000 $ 97,600 $ 7,547,600 2001 56,794 $ 132.89 $ 1 11.77
<br />300113 AVES O1-2050-00067-000 1 81 14-Ju1-07 $ 550,000 $ 11,500 $ 561,500 1965 3,166 $ 177.35 $ 125.24
<br />South Fargo N/A 2 61 2007 $ 975,000 $ 3,300 $ 978,300 2000 10,044 $ 97.40 $ 79.98
<br />South Fargo N/A 1 72 2007 $ 1,250,000 $ 3,100 $ 1,253,100 1998 14,267 $ 87.83 $ 77.39
<br />2801 FIECHTNER DRS OI-4022-00103-000 1 72 24-Jan-0B $ 442,900 $ - $ 442,900 1997 5,112 $ 66.64 $ 42.63
<br />South Fargo N/A 1 72 2008 $ 525,000 $ - $ 525,000 1997 5,112 $ 102.70 $ 58.69
<br />South Fargo N/A 1 81 2008 $ 1,050,000 S - $ 1,050,000 1985 12,534 $ 83.77 $ 62.74
<br />3206205TS 01-2834-00055-000 I Bt 02-May-0B S 175,000 $ 500 $ 175,500 1997 1,560 $ 112.50 $ 98.40
<br />3206 20 STS O1-2834-00055-000 1 81 02-May-0B $ 175,000 $ 500 $ 175,500 1997 1,560 $ 112.50 $ 98.40
<br />South Fargo N/A 1 BI 2008 $ 2,700,000 $ 17,400 $ 2,717,400 1981 35,880 $ 75,74 $ 62.47
<br />North Fargo N/A 1 81 2006 $ 800,000 $ 1,100 $ 801,100 1986 10,345 $ 77.44 $ 68.74
<br />North Fargo N/A 1 81 2008 $ 800,000 $ 11,200 $ 811,200 1986 9,600 $ 82.78 $ 70.53
<br />South Fargo N/A I+ 81 2008 $ 3,300,000 $ 16,700 $ 3,316,700 1978 34,580 $ 95.91 $ 63.22
<br />2518 BROADWAYN 01-3060-00320-000 t 81 13-Nov-0B $ 7,150,000 $ 39,600 $ 7,189,600 1956 65,410 $ 109.92 $ 107.85
<br />South Fargo N/A 181 2006 $ 8,150,000 $ 27,500 $ 8,177,500 2006 39,688 $ 205.04 $ 179.56
<br />1535 42 STS 01-3802-00628-000 1 74 23-Jan-09 $ 1,100,000 $ 9,500 $ 1,109,500 1997 10,920 $ 101.60 $ 74.04
<br /> $ 59,341,400
<br />Property Type Minimum 1956 1,560 $ 33.86 $ 23.76
<br />72 =Retail Maximum 2006 66,880 $ 206.04 $ 179.56
<br />74 =Office & Retail Mean 1992 23,770 $ 105.53 $ 85.22
<br />Bl =Strip (Center) Mall Median 1997 12,534 $ 101.60 $ 79 98
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