|
390213 Ave S Macy's Inc
<br />01-6570-00180-000 & 01-6570-00200-000
<br />Pro ert D ata Reca
<br />2009Assessment:01-6570-00180-000 $7,805,800
<br />Occu anc Retail Store Site Area: 115,941 S . Ft.
<br />Year Built: 1972 Buildin Area: 114,394 S . Ft.
<br />2009 Assessment: 01-6570-00200-000 $43,000
<br />Occu anc Parkin Lot Site Area: 5,000 S . Ft.
<br />Year Built: 1972
<br />
<br />Combined Value: $7,848,800
<br />Total Value er S . Ft of Buildin Area: $68.61
<br />Mr. Kevin Shevlin, Senior Manager Property Tax, Macy's Inc. is appealing the 2009 assessed
<br />value of the combined parcels based on "comparable sales of mall anchor department stores
<br />supported by a stabilized sales volume analysis." Comparable data Mr. Shevlin considered
<br />results in an opinion of value of $5,400,000 or $47.21 per square foot.
<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 Macy and with similar finish are extremely limited in
<br />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 Macy's property.
<br />
<br />
<br />Bl Name
<br />
<br />Parcel No
<br />Prop
<br />Se Id T Comparable Salea
<br />
<br />Sale Date Contract $
<br />
<br />SPUN
<br />
<br />Ad'ust Sale $ Yr Blt
<br />
<br />Bld sf
<br />
<br />Total $ / sf Bld $ / sf
<br />212143 STS Ot-7340-00100-000 1 72 17-Nov-04 $ 8,506,700 $ 39,400 $ 8,546,100 2004 66,880 $ 127.78 $ 113.94
<br />4379 IS AVE S O1-2332-02492-000 1 72 6-Apr-OS $ 1,600,000 $ 68,900 $ 1,668,900 1995 22,652 $ 73.68 $ 43.39
<br />4901 13 AVE S UNIT A O1-7530-00200-000 2 72 1-Sep-0S $ 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 S 85.01 $ 54.73
<br />South Fargo N/A 1 72 2007 $ 1,950,000 S 7,300 $ 1,957,300 1983 57,800 $ 33.86 $ 23.76
<br />320620 STS 01-2634-00055-000 1 81 23-Mar-07 $ 164,000 $ 700 $ 164,700 1997 1,560 $ 105.58 $ 91.47
<br />321220 STS OI-2834-00057-000 1+BI 02-Apr-07 $ 1,100,000 S 900 $ 1,100,900 1997 9,930 $ 110.87 $ 96.87
<br />South Fargo N/A I+ 81 2007 $ 7,450,000 S 97,600 $ 7,547,600 2001 56,794 $ 132.69 $ 111.77
<br />3001 13 AVE S O1-2050-00067-000 I Bl 14-Jul-07 $ 550,000 $ 11,500 $ 561,500 1985 3,166 $ 177.35 $ 125.24
<br />South Fargo N/A 2 81 2007 $ 975,000 $ 3,300 $ 978,300 2000 10,044 $ 97.40 $ 79.98
<br />South Fargo N/A 172 2007 $ 1,250,000 $ 3,100 $ 1,253,100 1996 14,267 $ 87.83 $ 77.39
<br />2801FIECHTNERDRS OI-0022-00103-000 172 24-Jan-0B $ 442,900 $ - $ 442,900 1997 5,112 $ 86.64 $ 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 181 2008 $ 1,050,000 $ - $ 1,050,000 1985 12,534 $ 63.77 $ 62.74
<br />3206 20 STS O1-2834-00055-000 181 02-May-08 $ 175,000 $ 500 $ 175,500 1997 1,560 $ 112.50 $ 98.40
<br />3206 20 STS O1-2834-00055-000 l 81 02-May-08 $ 175,000 $ 800 $ 175,500 1997 1,560 $ 112.50 $ 98.40
<br />South Fargo N/A 1 81 2006 $ 2,700,000 $ 17,400 $ 2,717,400 1981 35,880 $ 75.74 $ 62,47
<br />North Fargo N/A 1 81 2008 $ 600,000 $ 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 1966 9,800 $ 62.78 $ 70.53
<br />South Fargo N/A 1+ BI 2008 $ 3,300,000 $ 16,700 $ 3,316,700 1978 34,580 $ 95.91 $ 83.22
<br />2516 BROADWAYN 01-3060-00320-000 1 81 13-Nov-0B $ 7,180,000 $ 39,600 $ 7,189,600 1956 65,410 $ 109.92 $ 107.85
<br />South Fargo N/A 181 2008 $ 6,150,000 S 27,500 S 8,177,500 2006 39,688 $ 206.04 $ 179.56
<br />153542 STS O1-3802-00628-000 1 74 23-Jan-09 $ 1,100,000 $ 9,500 $ 1,109,500 1997 10,920 $ 10160 $ 74.04
<br /> S 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 />81 =Strip (Center) Mall Median 1997 12,534 $ 101.60 $ 79.98
<br />Page 1 of 3
<br />
|