HomeMy WebLinkAbout20132071August 8, 2013
CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
ART INVESTMENTS LLC
381 LODGEWOOD LN
LAFAYETTE, CO 80026
RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO
APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR
ACCOUNT NO.: R8405400
Dear Petitioner:
On August 01, 2013, the Board of County Commissioners of Weld County Colorado
convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq.,
considered your request to approve and adopt a valuation of your property arrived at by a
Stipulation between you and the Weld County Assessor, for the year 2013.
The Board of Equalization found that the evidence presented at the hearing supported the
stipulated value placed upon the above -described property as set forth below. Such evidence
indicated the value was reasonable, equitable, and derived according to the methodologies,
percentages, figures and formulas dictated by law.
ACTUAL VALUE AS. STIPULATED VALUE
DETERMINED BY ASSESSOR APPROVED BY BOARD
$2,485,000.00 $2,236,500.00
The above 'Stipulated Value' is the value which will be used in the calculation of your property
taxes for 2013. This value is not appealable.
If you have questions concerning the above information, please call me at (970) 336-7215,
Ext. 4226.
Very truly yours, ``I AtilleAs SM
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
R H JACOBSON & CO
5336 BRISTOL STREET
ARVADA, CO 80002
cc! Al
1- 9- a/2
2013-2071
AS0085
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R8405400
STIPULATION (As To Tax Year_2013_ Actual Value)
RE PETITION OF
NAME: ART INVESTMENTS LLC
ADDRESS: 11409 Business Cir
Firestone, CO
JUL 3 1 2013
WELD COUNTY ASSES v1
GR.`ELEY, COLORADO
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2013 valuation of the subject property, and jointly move the Board
of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
L2 BLK2 DEL CAMINO JUNCTION BUSINESS PARK PUD
2. The subject property is classified as Commercial property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2013:
Total $2,485,000.00
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2013 actual value for the subject property:
Total $2,236,500.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2013.
6. Brief narrative as to why the reduction was made:
Further review of the Income Approach indicated an adjustment.
7. Both parties agree that:
ZThe hearing scheduled before the Board of Equalization on 8/2/2013 at
9:45 AM be vacated.
R8405400
❑A hearing has not yet been scheduled before the Board of Equalization.
1
2013-2071
DATTD.�thisth day of July, 2013.
Petitidhei'(s) or Agent or Attorney
Address:
533& 5e,sro-
Pcv°gara, ea
Cfr
eercz
Telephone: 3- k4Z- 52
Docket Number n/a
Stip-1.Frm
R8405400
ssis nt) Cou A orney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephon-(970) 336-7235
County Ass
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
NOTICE OF DETERMINATION
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
ACCOUNT NO.
TAX YEAR
TAX AREA -
LEGAL DESCRIPTION/ PHYSICAL LOCATION
R8405400
2013
2556
FIR DCBP L2 BLK2 DEL CAMINO JUNCTION
BUSINESS PARK PUD 11409 BUSINESS PARK
CIR FIRESTONE, CO
PROPERTY OWNER
ART INVESTMENTS LLC
381 LODGEWOOD LN
LAFAYETTE, CO 80026
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL
2,485,000
2,485,000
TOTAL
$2,485,000
$2,485,000
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that all of 2011 and the first 6 months of 2012 data be used to establish
current values. We have considered all (3) three approaches to value in arriving at your current
valuation. We have denied your appeal based upon this data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Date of Notice: 6/27/2013
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
Please refer to the reverse side of this notice for additional information.
R H JACOBSON & CO
5336 BRISTOL STREET
ARVADA, CO 80002
RECEIVED
JUL `I 9 2013
WELD COUNTY
COMMISSIONERS
15-DPT-AR
PR 207-08/13
R8405400 17825
(
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 1 through August 5 at 1400 N 17 AVE.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 12, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.qov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2012? (Your opinion of value in terms of a
specific Ardiar a nt is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
ce &
What is We basis lor your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
ATTESTATION
the undersigned owner or agent2U1 of the property identified above, affirm that the statements contained
n anhments hereto are true and complete.
_74,3 - 62 ei 2 -3-21) 9 //
Si. ture % Telephone Number Date
6 ≥ 02_ Q. H."R C
Email
201 Attach letter of authorization signed by property owner.
Address
15-DPT-AR
PR 207-08/13
R8405400 17825
R.H. JACOBSON
COMPANY,
PROPERTY TAX SPECIALISTS
LETTER OF AUTHORIZATION
Schedule #: - 4 Q7 5 4
Address:
•
i 6� C t iac.L.
t
Owner:
—. LC.
To Whom It May Concern:
I hereby appoint R. H. Jacobson & Company and its associates to represent (me) (us) on the
above mentioned or attached properties set forth in "Exhibit A" for the purposes of real estate
tax services for the years 2013-2014 and any prior years.
Since!,
(Signature)
+'o9 Ck v u h
try
(Print name)
I0/,‘
As '4 c -e 4- ri ra.,,q ) c
(Title)
For ..- ie.,
Email Phone number
The forgoing instrument was acknowledged before me
this
day of ,20
My commission expires , 20
Notary Public
2861 Kendrick Street = Golden, Colorado 80401 - 303-834-1110 Fax 303-278-6271
2
PROPERTY ANALYSIS
FOR
11409 BUSINESS PARK CIRCLE
FIRESTONE, CO
SCHEDULE R8405400
DATE OF VALUE: JUNE 30, 2012
For
TAX YEAR: 2013 and 2014
PREPARED BY
DAVID G. BERGER
5336 BRISTOL ST
ARVADA, CO 80002
303-642-5251
3
PROPERTY SUMMARY
OWNER: Art Investments LLC
ADDRESS: 11409 Business Park Circle
SCHEDULE: R8405400
BUILDING SQUARE FEET: 24,850 Office
LAND SQUARE FEET: 49,135
YEAR BUILT: 2001
CURRENT VALUE: $ 2,485,000 $ 100 psf
REQUESTED VALUE: $ 1,988,000 $ 80 psf
NOTES: Property is experiencing a high vacancy rate of 31%. The most recent
leases are lower $10 - $12. A search of sold comparables in Weld, Larimer, Eastern
Boulder and northern Adams County with similar size is attached to support requested
value. A stabilized pro -forma income as well as 2012 actual income and expenses and a
2012 rent roll is also attached
4
r
Gtr .331
e earth miles
km
10
20
Renewal @ CMR
5,48 3% Annua
3,279.93 11/1/11
1,895 Office NNN
10/15/08 10/31/12
\
))
ee
142
HIre
14.91 7/31/12
14.91 3% Incr.
3,045 Office NNN
03/19/07 07/31/12
Starbucks Corporation
tO
15.78 3% Incr.
16.23 3% Incr.
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16.72 3% Incr.
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6,432 Office NNN 10,184.00
09/06/07 09/30/12
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11/01/06 01/31/17
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No option to renew
000
5.50/61 Increase
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12.50 9.251st Inatease
\}\
0
2,796 Office NNN
09/01/06 02/28/14
No option to renew
14.00 3% annual increase
ID
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03/15/04 03/31/13
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INCOME ANALYSIS
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TOTAL INCOME
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TOTAL EXPENSES
NET OPERATING INCOME
VALUE INDICATION
Taxes shown as reimbursed in the Income so included in cap rate
/7
INCOME ANALYSIS
PROPERTY OWNER: Art Investments LLC
PROPERTY ADDRESS: 11409 Business Park Circle Firestone, CO
SCHEDULE: R8405400
POTENTIAL GROSS INCOME
Reimbursed CAM
TOTAL INCOME
EFFECTIVE GROSS INCOME
LESS EXPENSES
NET OPERATING INCOME
24,850 sq.ft.
24,851 sq.ft.
$11.00 per sq.ft.
$6.00 per sq.ft.
less vacancy 20%
30%
CAPITALIZATION RATE 11.90%
9% + 2.90% ETR
$273,350.00
$149,106.00
$422,456.00
($84,491.20)
$337,964.80
($101,389.44)
$236,575.36
$1,988,028.24
$80.00 per sq.ft.
/3
5:34 PM
02/12/13
Cash Basis
Art investments, ts, LLC
Profit & Loss
January through December 2012
Jan - Dec 12
Ordinary Income/Expense
Income
OPERATING INCOME
Base Rent Income 245,856.19
Signage Income 5,400.00
Total OPERATING INCOME 251,256.19
OPERATING INCOME EXPS Reimburse
Common Area Maint 57,725.25
Insurance Income 1,831.64
Property Tax Income 78,121.35
Utilities Income 44,207.08
OPERATING INCOME EXPS Reimburse - Other -9,360.75
Total OPERATING INCOME EXPS Reimburse 172,524.57
Termination Fee 16,402.06
Total Income - 440,182.82
Gross Profit 440,182.82
Expense
CAM EXPENSES (reimbursable)
Association Dues 2,400.00
Fire Protection 1,575.21
Janitorial 11,523.90
Landscape Maintenance 4,366.17
Management Fees 19,538.35
Recycling Services 815.64
Repairs & Maintenance
Elevator 2,369.92
Floor Mats 1,656.22
General Building R&M 3,904.29
HVAC PM & Repairs 7,109.39
Parking Lot Sweeping 150.00
Pest Control 559.00
Total Repairs & Maintenance 15,748.82
Snow Removal
Telephone Services
Trash Removal
Total CAM EXPENSES (reimbursable)
OPERATING EXPES (reimbursable)
Insurance - Property
Property Taxes - Real Estate
Utilities
Gas / Electric
Water / Sewer
Total Utilities 54,435.73
Total OPERATING EXPES (reimbursable) 142,768.50
PROPERTY / OPERATING EXPENSES
Commission -Broker Bonuses 500.00
Commission -Leasing 19,028.91
Memberships 6,616.00
Office Supplies / Postage 178.73
Professional Fees 8,130.00
Repairs & Maint - Landlord 3,844.09
Tenant Finish Allowance 38,359.20
Tenant Holiday Gifts 441.00
Total PROPERTY! OPERATING EXPENSES 77,097.93
2,615.93
1,992.27
1,189.50
61,765.79
1,883.60
86,449.17
51,287.54
3,148.19
Page 1
5:34 PM Art Investments, LLC
02/12/13
Cash Basis
Profit & Loss
January through December 2012
Reconciliation Discrepancies
Sponsorship
Uncatagorized
void
Total Expense
Net Ordinary Income
Other income/Expense
Other Income
Interest income
Total Other Income
Net Other Income
Jan - Dec 12
0.10
360.00
0.00
0.00
281,992.32
158,190.50
116.56
116.56
116.56
Net Income 158,307.06
Page 2
Art Investments, LLC (artinv) Page 1
Cash Flow Statement
Period = Dec 2011
Book = Accrual
4000 INCOME
4001 OPERATING INCOME
4110 Base Rent
4117 Lease Termination Fees
4118 Signage
4202 Operating Expense Reimbursements
4203 Common Area Maintenance
4204 Property Tax
4205 Insurance
4207 Utilities
4214 Total Operating Expense
Reimbursements
4600 TOTAL OPERATING INCOME
5001 PROPERTY OPERATING EXPENSE
5003 Common Area Maintenance
5005 Association Dues -Office
5010 Fire Protection
5020 Janitorial
5021 Janitorial Contract
5023 Janitorial Supplies
5029 Total Janitorial
5060 Landscape Maintenance
5061 Landscaping Services
5063 Irrigation Maintenance
5065 Annual Planting
5069 Total Landscape Maintenance
6080 Management Fee
5090 Office/Postage
5130 Repairs & Maintenance
5134 Common Area Maintenance
5137 Elevator
5139 Floor Mats
5144 HVAC PM Contract
5145 HVAC Repairs
5150 Lighting -Exterior
5155 Lighting -Interior
5168 Pest Control
5170 Plumbing
5175 Roof
5184 Snow Removal
5189 Window Cleaning
5190 Windows/Doors
5191 Total Repairs & Maintenance
5193 Recycling Service
5195 Security
5196 Telephone Services
5197 Trash Removal
5200 Total Common Area Maintenance
5215 Insurance
5230 Property Taxes -Real
5350 Utilities
5355 Electric
5357 Gas
5360 Water & Sewer
5369 Total Utilities
5400 TOTAL PROPERTY OPERATING
EXPENSE
Period to Date
24,096.79
0.00
600.00
5,588.55
8,281.70
165.05
4,292.83
56.01
0.00
1.39
12.99
19.25
0.38
9.98
Year to Date
284,635.02
11,829.00
7,200.00
67,062.60
99,380.40
1,980.60
51,513.96
%
54.36
2.26
1.38
12.81
18.98
0.38
9.84
18,328.13 42.60 219,937.56 42.00
43,024.92 100.00 523,601.58 100.00
0.00 0.00
-227.93 -0.53
650.00 1.51
0.00 0.00
650.00 1.51
331.00
20.00
0.00
351.00 0.82
0.77
0.05
0.00
2,280.00 0A4
2,642.88 0.50
7,800.00 1.49.
1,332.58 025
9,132.58 1.74
3,310.00
521.81
600.00
4,431.81 0.85
0.63
0.10
0.11
1,711.16 3.98
25.00 0.06
153.24
0.00
220.25
0.00
190.00
0.00
327.82
0.00
0.00
0.00
520.13
0.00
0.00
0.36
0.00
0.51
0.00
0.44
0.00
0.76
0.00
0.00
0.00
1.21
0.00
0.00
20,934.23 4.00
300.00 0.06
593.93
2,223.59
2,299.77
3,268.00
5,566.35
683.73
1,245.43
384.00
740.00
338.00
3,830.62
2,925.00
160.00
0.11
0.42
0.44
0.62
1.06
0.13
0.24
0.07
0.14
0.06
0.73
0.56
0.03
1,411.44 3.28
0.00
0.00
161.67
90.00
4,172.34
0.00
0.00
3,246.27
860.02
52.67
4,158.96 9.67
0.00
0.00
0.38
0.21
9.70
0.00
0.00
7.55
2.00
0.12
24,258,42 4.63
790.32
850.17
1,934.37
1,661.47
69,216.25
2,308.30
109,701.20
43,208.48
5,829.67
2,331.80
51,369.95 9.81
0.15
0.16
0.37
0.32
13.22
0.44
20.95
8.25
1.11
0.45
8,331.30 19.36 232,595.70 44.42
Tuesday, January 10, 2012
08;38 AM
/',
Art Investments. LLC (artinv) Page 2
Cash Flow Statement
Period = Dec 2011
Book = Accrual
5410 NET OPERATING INCOME
5500 ADMINISTRATIVE EXPENSE
5712 Advertising & PR -Brokerage
5732 Commission -Leasing
5738 Consulting Services
5760 Entertainment/Gifts
5796 Legal Fees
5854 Professional Fees
5879 Tenant Move In
5890 TOTAL ADMINISTRATIVE EXPENSE
6000 NET ADJUSTED NET INCOME
7000 OTHER INCOME/EXPENSE
7700 OTHER INCOME
7705 Interest Income
7800 TOTAL OTHER INCOME
8700 OTHER EXPENSE
8705 Interest -1st Mortgage
8745 TOTAL OTHER EXPENSE
8750 NET OTHER INCOME/EXPENSE
9000 NET TAXABLE INCOME
ADJUSTMENTS
1080 Tax & Insurance Reserves
1106 Accounts Receivable
2045 Pre -paid Rent
2080 1st Mortgage Payable
TOTAL ADJUSTMENTS
CASH FLOW
Period to Date
Year to Date
34,693.62
0.00
0.00
4,000.00
61.53
0.00
0.00
171.00
4,232.53 9.84
80.64 291,005.88
0.00
0.00
9.30
0.14
0.00
0.00
0.40
598.97
9,058.03
4,000.00
61.53
95.50
850.00
171.00
55.58
0.11
1.73
0.76
0.01
0.02
0.16
0.03
14,835.03 2.83
30,461.09 70.80 276,170.85 52.74
12.71 0.03
12.71 0.03
81.18 0.02
81.18 0.02
13,058.55 30.35 159,938.68 30.55
13,058.55 30.35 159,938.68 30.55
-13,045.84 -30.32 -159,857.50 -30.53
17,415.25 40.48 116,313.35 22.21
-12.71
-245.99
6,070.58
-3,531.36
-0.03
-0.57
14.11
-8.21
-66,044.57
-207.99
492.53
-39,140.24
-12.61
-0.04
0.09
-7.48
2,280.52 5.30 -104,900.27 -20.03
19,695.77 45.78
11,413.08 2.18
Tuesday, January 10, 2012
08:38'AM
"7
859 S 4th Ave
4th Avenue Gateway Center
Brighton, CO 80601
Class B Office Building of 24,000 SF Sold on 12/29/2010 for
$1,100,000 - Research Complete
buyer
Kaiser Fndtn Health Plan of CO
10350 E Dakota Ave
Denver, CO 80247
(303) 367-2900
seller
Jeff Meythaler
1437 High St
Denver, CO 80218
(720) 940-5283
vital data
Escrow/Contract: -
Sale Date: 12/29/2010
Days on Market:
Exchange: No
Conditions: -
Land Area SF: 3,663
Acres: 0.08
$1SF Land Gross: $300.27
Year Built, Age: 2008 Age: 2
Parking Spaces: -
Parking Ratio: -
FAR 6.55
Lot Dimensions: -
Frontage: -
Tenancy:
Comp ID: 2033812
income expense data
financing
Sale Price: $1,100,000
Status: Full Value
Building SF: 24,000 SF
Price/SF: $45.83
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: -
Pct Down:
Doc No: 0091181
Trans Tax:
Corner: No
Zoning: Percent Improved: -
Submarket: Northeast Denver
Map Page: -
Parcel No: -
Property Type: Office
Date/Doc No:
Sale Price:
ComplD:
Listing Broker
Buyer Broker
prior sale
12/27/2010
2041563
This copyrighted report contains research licensed to R.H. Jacobson & Company - 511073.
/I
1028 5th Ave
Greeley, CO 80631
Class C Office/Residential Building of 19,206 SF Sold on
3/7/2012 for $360,000 - Research Complete
East Ward School, LLC
seller
Sunrise Community Health Center Inc
1028 5th Ave
Greeley, CO 80631
vital data
Escrow/Contract:
Sale Date:
Days on Market:
Exchange:
Conditions:
Land Area SF:
Acres:
$1SF Land Gross:
Year Built, Age:
Parking Spaces:
Parking Ratio:
FAR
Lot Dimensions:
Frontage:
Tenancy:
Comp ID:
income expense data
Expenses
3/7/2012
1,008 days
No
23,740
0.55
$15.16
1913 Age: 99
40
0.81
Multi
2274955
- Taxes
- Operating Expenses
Total Expenses
Sale Price: $360,000
Status: Confirmed
Building SF: 19,206 SF
Price/SF: $18.74
Pro Forma Cap Rate: -
Actual Cap Rate: -
Down Pmnt: $360,000
Pct Down: 100.0%
Doc No: 2830230
Trans Tax: $36
Comer. No
Zoning: R -H
No Tenants: 1
Percent Improved: -
Submarket Weld County
Map Page:
Parcel No: 096105424012
Property Type: Office
Listing Broker
$8,905 —1 RE/MAX Alliance
5586 W 19th St
Greeley, CO 80634
(970) 330-5000
Mary Jo Brockshus
$8,905
financing
Buyer Broker
Sperry Van Ness/The Group Commercial
2020 Caribou Dr
Fort Collins, CO 80525
(970) 207-0700
James Neufeld
This copyrighted report contains research licensed to R.H. Jacobson & Company - 511073.
/P
30 S 20th Ave
Brighton, CO 80601
Class B Medical Building of 15,850 SF Sold on 4/28/2011 for
$1,025,000 - Research Complete
buyer
Molar Properties Lic
E30S20thAve Unit CD
Brighton, CO
(303) 659-3062
seller
Khachungla Zimik
9458 E 147th Ave
Brighton, CO 80602
(303) 659-4445
vital data
Escrow/Contract:
Sale Date:
Days on Market:
Exchange:
Conditions:
Land Area SF:
Acres:
$/SF Land Gross:
Year Built, Age:
Parking Spaces:
Parking Ratio:
FAR
Lot Dimensions:
Frontage:
Tenancy:
Comp ID:
come expense date.
4/28/2011
552 days
No
82,764
1.9
$12.38
1998 Age: 13
52
3.3/1000 SF
0.19
Multi
2110076
Sale Price:
Status:
Building SF:
Price/SF:
Pro Forma Cap Rate:
Actual Cap Rate:
Down Pmnt:
Pct Down:
Doc No:
Trans Tax:
Corner:
Zoning:
No Tenants:
Percent Improved:
Submarket:
Map Page:
Parcel No:
Property Type:
$1,025,000
Full Value
15,850 SF
$64.67
0029065
No
C-2
2
Northeast Denver
1569-08-1-20-006
Office
financing
1st Bank America
Bal/Pmt: $871,250
Listing Broker
Khachungla Zimik
9458 E 147th Ave
Brighton, CO 80602
(303) 659-4445
Khachungla Zimik
Buyer Broker
This copyrighted report contains research licensed to R.H. Jacobson & Company - 511073.
1990 59th Ave
Greeley, CO 80634
Class C Office Building of 27,120 SF Sold on 7129/2011 for
$2,000,000 - Research Complete
buyer
Chris King & Jason Rothe
819 20th Ave
Greeley, CO 80631
(970) 396-1156
seller
TNT Investments
5412 Vardon Way
Fort Collins, CO 80528
(970) 204-4837
vital data
Escrow/Contract:
Sale Date:
Days on Market:
Exchange:
Conditions:
Land Area SF:
Acres:
$ISF Land Gross:
Year Built, Age:
Parking Spaces:
Parking Ratio:
FAR
Lot Dimensions:
Frontage:
Tenancy:
Comp ID:
income expense data
45 days
7129/2011
1,330 days
No
Direct Exchange
76,230
1.75
$28.24
1995 Age: 16
0.36
Multi
2160614
Sale Price:
Status:
Building SF:
Price/SF:
Pro Forma Cap Rate:
Actual Cap Rate:
Down Pmnt:
Pct Down:
Doc No:
Trans Tax:
Corner:
Zoning:
No Tenants:
Percent Improved:
Submarket:
Map Page:
Parcel No:
Property Type:
$2,000,000
Confirmed
27,120 SF
$73.75
11.75%
9.08%
$650,000
32.5%
3784114
Yes
CH
8
76.1%
Weld County
095910307005
Office
Listing Broker
Income
Estimated Expenses
Net Income
Gross Scheduled Income
+ Other Income
- Vacancy Allowance
Effective Gross Income
- Taxes
- Operating Expenses
Total Expenses
Net Operating Income
- Debt Service
- Capital Expenditure
Cash Flow
$330,838
$33,222
$61,020
$94,242
$235,000
financing
1st private
Bal/Pmt: $1,350,000
RE/MAX Alliance
5586 W 19th St
Greeley, CO 80634
(970) 330.5000
Blaine Herdman
(Buyer Broker
First Team Real Estate
1019 37th Ave Ct
Greeley, CO 80634
(970) 396-1156
Chris King
This copyrighted report contains research licensed to R.H. Jacobson & Company - 511073.
1400 W 122nd Ave
Pavilion Court- Park Centre Business Park
Denver, CO 80234
Class B Office Building of 32 000 SF Sold on 116/201 1 for
$2,100,000 - Research Complete
buyer
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,
Casey Industrial, Inc.
1400 W 122nd Ave
Denver, CO 80234
(303) 460-1274
seller
Roswell & Company
c/o Mike Roswell
580 Burbank St
Broomfield, CO 80020
(303) 442-6602
—
vital data
.
Escrow/Contract: 30 days Sale Price: $2,100,000
Sale Date: 1/6/2011 Status: Confirmed
Days on Market: 335 days Building SF: 32,000 SF
Exchange: No Price/SF: $65.63
Conditions: - Pro Forma Cap Rate: -
Land Area SF: 80,599 Actual Cap Rate: -
Acres: 1.85 Down Pmnt: $2,100,000
$/SF Land Gross: $26.05 Pct Down: 100.0%
Year Built, Age: 1985 Age: 26 Doc No: 0002135
Parking Spaces: 80 Trans Tax: -
Parking Ratio: 4/1000 SF Corner: No
FAR 0.40 Zoning: PUD, Westminster
Lot Dimensions: - No Tenants: 7
Frontage: - Percent Improved: 88.5%
Tenancy: Multi Submarket: North Denver
Comp ID: 2029991 Map Page: Pierson Graphics Corp 38-K
Parcel No: 1573-33-0-08.007
Property Type: Office
income expense data
Listing Broker
Estimated Expenses - Taxes $61,725
- Operating Expenses $178,240
1
Dean Callan & Company, Inc.
1510 28th 5t
Boulder, CO 80303
(303) 449-1420
Brit Banks
Buyer Broker
Total Expenses $239,965
Craddock Commercial Real Estate
327-339 E Pikes Peak Ave
Colorado Springs, CO 80903
(719) 630-2233
James Craddock
financing priorsale
Date/Doc No: 2/9/1998
Sale Price: 82,325,000
CompiD: 238967
This copyrighted report contains research licensed to R.H. Jacobson & Company - 511073.
2290 E Prospect Rd
Seven Lakes Business Park
Fort Collins, CO 80525
Class B Medical Building of 20,277 SF Sold on 9/27/2011 for
$1,115,000 - Research Complete
buyer
Microbial Research Inc
2290 E Prospect Rd
Fort Collins, CO 80525
(970) 221-4695
seller
Guaranty Bank
1341 W Battlefield Rd
Springfield, MO 65807
(417) 520-4333
vital data
Escrow/Contract:
Sale Date:
Days on Market:
Exchange:
Conditions:
Land Area SF:
Acres:
$/SF Land Gross:
Year Built, Age:
Parking Spaces:
Parking Ratio:
FAR
Lot Dimensions:
Frontage:
Tenancy:
Comp ID:
income expense data
Estimated Expenses
financing
30 days
9/27/2011
42 days
No
REO Sale
82,764
1.9
$13.47
1982 Age: 29
2.5/1000 SF
0.24
Multi
2188523
Sale Price:
Status:
Building SF:
Price/SF:
Pro Forms Cap Rate:
Actual Cap Rate:
Down Pmnt
Pct Down:
Doc No:
Trans Tax:
Corner:
Zoning:
No Tenants:
Percent Improved:
Submarket:
Map Page:
Parcel No:
Property Type:
$1,115,000
Confirmed
20,277 SF
$54.99
20110060653
$111.50
No
E, Fort Collins
5
64.0%
Fort Collins/Loveland
Pierson Graphics Corp 62-JY33
87173-06-004
Office
-Taxes $38,844
- Operating Expenses $62,656
Total Expenses $101,500
Listing Broker
Cassidy Turley Colorado
772 Whalers Way
Fort Collins, CO 80525
(970) 776-3900
Cole Herk, Jared Goodman
Buyer Broker
Cassidy Turley Colorado
772 Whalers Way
Fort Collins, CO 80525
(970) 776-3900
Jared Goodman, Cole Herk
prior sale
1st Home State Bank
Bal/Pmt: $1,042,947
Date/Doc No:
Sale Price:
ComplD:
9/9/2005
$2,600,000
1045932
This copyrighted report contains research licensed to R.H. Jacobson & Company- 511073.
S
la aka GIN
amallay
5336 Bristol Street
Arvada, Colorado 80002
303-642-5251
Re: 2013 Board of Equalization of following property
County Schedule(s): R8405400
Address: 11409 Business Park Circle Firestone
Owner: Art Investments LLC
To Whom It May Concern:
Please schedule hearings the week of July 29th
On behalf of the owner we respectfully contest the valuation assigned to the above
mentioned property. Please mail all correspondences to:
David G. Berger at 5336 Bristol St Arvada, CO 80002
The requested value is: $ 1,988,000
and is based upon the following:
Actual Income and Expenses supplied support requested value.
Sales of similar properties support requested value.
Property suffers from high vacancy.
Thanks for your attention in this matter and if you have any questions please do not
hesitate to contact us.
Sincerely,
David G. Berger
R.H. Jacobson and Co.
303-642-5251
dberger@rhjacobson.com
CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
July 22, 2013
ART INVESTMENTS LLC
381 LODGEWOOD LN
LAFAYETTE, CO 80026
Account No.: R8405400
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 02, 2013, at or about the hour of
9:45 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the
Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The
Weld County Assessor or his designee will be present. The Board will make its decision on the
basis of the record made at the aforementioned hearing, as well as your petition, so it would be in
your interest to have a representative present. If you plan to be represented by an agent or an
attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the
Board's Office, an authorization for the agent or attorney to represent you. If you do not choose
to attend this hearing, a decision will still be made by the Board by the close of business on
August 5, 2013, and mailed to you on or before August 12, 2013.
Because of the volume of cases before the Board of Equalization, most cases shall be limited to
10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you
provide evidence to support your position. This may include evidence that similar homes in your
area are valued less than yours or you are being assessed on improvements you do not have.
Please note: The fact that your valuation has increased cannot be your sole basis of
appeal. Without documented evidence as indicated above, the Board will have no choice but to
deny your appeal.
If you wish to obtain the data supporting the Assessor's valuation of your property, please submit
a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions,
call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the
estimated cost of providing such information. Payment must be made prior to the Assessor
providing such information, at which time the Assessor will make the data available within three
(3) working days, subject to any confidentiality requirements.
AS0085
ART INVESTMENTS LLC - R8405400
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
�• �l�aa/C
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
R H JACOBSON & CO
5336 BRISTOL STREET
ARVADA, CO 80002
AS0085
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