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Home My WebLink About20001815.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2000, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: NORTH WELD PRODUCE CO P O BOX 399 GREELEY, CO 80632 DESCRIPTION OF PROPERTY: ACCOUNT #: R0111291 PARCEL #: 096105220011 - GR 4332 L1 TO 5 BLK 3 CLAYTON 1ST ALSO W100' L1 & ALL L2 BLK 2 CLAYTON 1ST ALSO L7 BLK 177 & VACATED 2ND ST %128 & 134 11 AV% WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within Weld County, fixed and made by the: County Assessor for the year 2000, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 2000, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being represented by Dennis Hoshiko, and WHEREAS, the Board has made its findings on the evidence, testimony and rernonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Weld County Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property, after review by the. Weld County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: 2000-1815 AS0046 C'C' .DI r 5 ,6 SSdC RE: BOE - NORTH WELD PRODUCE CO Page 2 ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 60,670 Improvements OR Personal Property 282,610 TOTAL ACTUAL VALUE $ 343,280 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), CRS) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) 2000-1815 AS0046 RE: BOE - NORTH WELD PRODUCE CO Page 3 Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrators written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrators fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 1st day of August, A.D., 2000. BOARD OF COUNTY COMMISSIONERS - WELD COUNTY, COLORADO �0'1 K/4 / "duet EXCUSED ___ Barbara J. r meyer, Chair C Y . rk to the Board � j�� !jam M. J eie, Pro- em —__ • .,� Clerk to t e Board ! i — - .Q.eorge E. Baxter APPROVED AS TO FORM: \`� L /��L`Ja Hall n --- A istant unty Attorney/ ' �(� /Li3�� Glenn Vaad 2000-1815 AS0046 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR b 1400'VORT}l AVE. �� CR 4332 Ll TO 5 BLK 3 CLAYTON 1ST GRVORTI1,17th CO AV1 ALSO W100' L1 & ALL L2 BLK 2 PHONE(970)3`3-38+� EXT.3650 CLAYTON 1ST ALSO L7 BLR 177 & WL�V C VACATED 2ND ST %128 & 134 1.1 AV% COLORADO OWNER: NORTH WELD PRODUCE CO • NORTH WELD PRODUCE CO LOG 14 P O BOX 399 PARCEL 096105220011 ACCOUNT R0111291 GREELEY, CO 80632 YEAR 2000 06/19/2000 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. the Assessor has devil-rained that your property should be included in the following category(ies): COMMERCIAL PROPERTY IS VALUED BY CONSIDERING THE COST, MARKET, AND INCOME APPROACHES. If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest. and has del Mninec he valuation(s)assigred to your property. The reasons for this determination of value are: NO CHANGE HAS BEEN MADE TO THE VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES S TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST THE VA LUE. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW LAND 60670 ;0670 IMPS 282610 2 1261'; TOTALS $ $ l9}9110 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(l)(a),C.R.F. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/19/2000 ------- DATE WELD COUNTY ASSESSOR 15-OPT-AR Form PR-207-87,99ADDITIONAL INFORMATION ON REVERSE SIDE C'C' ' h`.5 (11 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. APPEAL PROCEDURES: If you choose to appeal the Assessor's decision, you must appeal to the County Board of Equalization. Ti preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EOUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within file business days of that decision. The County Board must conclude their hearings by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization's decision you must file within thirty days o;'the County Board of Equalization's written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, you must file an appeal with the Board of Assessment Appeals by September 10. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39- 8-106, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. crAktfliid&L & 6 PSI 7 /��cV II IUNLK / DA II: Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER RESTRICTED APPRAISAL REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization NORTH WELD PRODUCE CO PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0961-05-2-20-011 Schedule Number: R0111291 Log Number: 14 Date: 08/01/00 Time: 2:30 P M Board: CBOE PREPARED BY DAVID SCHILDMEIER ICAALIO Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM 010998 Page 1 ft SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of the Appraisal : Estimate market value June 30 , 199'H Property Rights Appraised: Unencumbered fee simple interests . Property Address : 128 11 Av, Greeley, Colorado Improvement : Warehouse/Open Sheds Land size : 80 , 892 square feet Zoning: C-H Commercial High Density Assessor' s Value: 2000 Land Value: 60, 669 Imps Value : 282 , 606 Total Value: 343,275 Highest and Best Use : Present use as a warehouse Size of Improvements : Bldg 1 YOC 1968/74 11 , 300 square feet Bldg 2 YOC 1984 5 , 232 square feet Bldg 3 YOC 1984 11 , 808 Square feet Bldg 4 YOC 1960 3 , 200 square feet Total 31 , 540 square feet Effective Age: 23 years Remaining Economic Life : 17 years Estimated Land Value : $60, 669 Estimate of Value: Cost Approach Land Value : 60 , 669 Improvement Value : 441, 921 Total Value : 502 , 590 Sales Comparison Approach: $346 , 620 Income Approach: $343 , 300 Final Estimate of Value: $343, 275 Date of Value : June 30 , 1998 2 SUBJECT PHOTO BLDG 1 SUBJECT PHOTO BLDG 2 ,BOE_COMM_C 10998 Page 3 Jccc - i5' i.� SUBJECT PHOTO BLDG 3 SUBJECT PHOTO BLDG 4 IF' i i I.a nnn -u-. O _. • ,. CI• 4. __.... .. . may. f&�._� _._.r�� ail .q�y a4 0 Lt.es : :,.4 +3 'yy'y yam. R3'' s't�0 v'Sr°` k` tw,1+m'" iC >., } 'A' N' ."' ht {t" [. T ' w'+".vri t rta rs44,viti .t•-* c '.P' t� d " 1. r 1a 'de �x:°, ° *7""'r "'`w' '' , •'L �" r F + v"ni i ..�_.�d xi rN"{�"'F*�yA3�4€ ,.^a'�,$�°,�`Y�!w££� d+t` ...au.e k4 yw�,.�,y" r - a µx ,� (.BOE_GO MM_0'0999 Page 4 rl SUBJECT PHOTO BLDG 4 A - tJ BOE_CCMM_010998 Page 5 I is I_ f I G j r I ":11-a--15 s! STREET -Etta--51.: -11.19.1""H- -a rnl 1 tj ($o) G� o• mq Y y ` II� y �� 1 �� I��. 'I IL!'lnts� W A0 �rL !41 I I 11 1 422E j :I ta,..-., Q, ail avaluillit 4,) , A ' (o10 4 it,E6� (ore F'Z ,;•! „ 17: / itt / C:04 " lisrOpp mar./ � d 1 1 1 f E - / ir N., if °Ca 4 ')/ 41( , 1 1 P 10;1 ' 0 t/ 1 era , r i st, pr �l �L� I , i �r } 1 b W 6, -1 O14t ; t �f08 � d- .^, .„ I (©b3� ei4 ' (/7 1009, I . _ _ _ _ 1j" 7 IMt 1,05 ,; t : � 7 REF r YS ' # ,�1A1 nA '1?of 1 j1i� �1 " • j ',t .mf+3(4ra' -'! � .ry gym+" , O.rRopp3 „ S IT t3 II - `i 11-1911 iii.�� i91� ' •' lV °, nA "3 ;411 1' imp!! crirkyi, 'VIII n11114 I, re c ,� A ( fFe . I 1Iiikl I 1.1 11 L+ 4.) ' C dr. �� !'1"'^' S 9 ' � 1'A _v * <a 3- ,�L� p -- 4e � ' p S i ,! 4 7 1 r ;� y I, � y yqp. fn 4 1 • V F� 020 ," t, '�_ m 1 ,i0,^g E j SITE ANALYSIS Location: The site is an improved parcel of land locat3d northeast of the corner of Eleventh Avenue and Third Stree: ui Greeley. This parcel was previously known as the Wickes Lumber Yard. Eleventh Avenue is one of the primary north/south boulevard; . Both streets have asphalt paving and curbs . Eleventh Avenue has sidewalks and overhead street lighting. Five land sales of similar size with both industrial and commerciaL zoning were found in Greeley. I have made adjustments for different: attributes to the land sale comparables found on page 9 . Size : The subject site is irregular in shape with an area )'. 80 , 892 square feet or 1 . 86 acres . Zoning: The zoning is C-H Commercial High Density. Existing Improvements : The site has sanitary/storm sewer and water supplied by the City of Greeley. Telephone is provided by Qwest , natural gas is supplied by Greeley Gas, and electrical service L:3 provided by Public Service. Topography: The site is at sidewalk level and shows no protlerns with drainage. 7 /0 IMPROVEMENT ANALYSIS The subject improvements consist of four buildings . The first building constructed in 1968 with an addition of 5 , 300 square feet. added in 1974 . The steel frame structure is enclosed with meti.: panels for its exterior. The building measures 100 by 113 with et wall height of 14 feet containing 11, 300 square feet . The north feet is warehouse storage with space heat . The south 60 fee : heated and cooled with a package air system. The south =_a:.l measuring 25 by 60 contains an office interior finish. There area two overhead doors . Building two, constructed in 1984, is a wood frame structure Nit ]' metal panels . This building containing 5, 232 square feet measure:, 24 by 218 with a wall height of 16 feet . The building is open un the south side and was originally constructed as a horizontL lumber storage building. The third building measuring 82 by 144 containg 11, 808 square feet was constructed in 1984 . This building is also a wood frame warehouse with metal exterior panels . Building four built in 1960 was also used to store lumber . The building contains 3200 square feet, is a wood frame covered metal panels and is open sided on both the east and west sides Just west of building four is a metal shed containing 1, 500 squa ?.e feet . Since the area is so small for a warehouse there is no value on this structure. The building square footage is not included _ 1 the subject parcel . The lot has about 75, 000 square feet of asphalt paving covering approximately ninety percent of the land area. The lot is enclosed with a six foot chain fence . This property was originally built as a lumber yard. This business was stopped because it was not profitable. Since the buildings use has changed, the assessor' s office has changed the highest and best use to warehouse storage and the sales and cost already reflect this lesser value. Condition: The quality of construction is average to above average and because of a good maintenance program remains in average/good condition. All of the components are functioninc and nc, functional obsolescence was observed. 8 %1 LAND SALES SUMMARY SHEET Sale Date of Contrib. Area Price / No. Grantor/ Grantee Sale Sales In SF SF Land Zoning Price Subject North Weld Produce 128 11 Av - - 60,669 Com Greeley, Co C-H 1 Winoco/ Davis Larry 520 8 St 10/95 $46,000 20,125 $2 29 ]nd Greeley, Co ] -M 2 Dellenbach WP/ Automotive Properties 06/98 $65 ,000 30,000 $2 17 it-id 707 6 St -L Greeley, Co 3 Baney m Wayne/Greeley Urban Renewal 12/94 $95 ,000 38,000 $2 50 Com 327 11 Av C -H Greeley, Co 4 Winograd/Emmett James 500 9 St 12/98 $105 ,000 76,000 $1 38 [nd Greeley, Co 1 -M 5 Hayden Thomas/Sterling 01/96 $120,000 23 ,981 $5 .00 Com William C -H 1227 9 Av Greeley, Co _ 9 / . LAND VALUATION ANALYSIS Subject Site Subject is 80 , 892 square foot irregular shaped parcel, with commercial high-density zoning (C-H) . This is a corner location oz Eleventa Avenue . Parcel is level and has good accessibility. Como 1 A. smaller lot with a similar location on 8 Street 5 blocks south of the subject . This Comparable requires 2 adjustments, an upward adjustment for zoning and a downward adjustment for its smaller size The adjusted value would be $1 . 99 per square foot . Como 2 A smaller interior lot located east of 8 Avenue. This comparable would require 2 adjustments, an upward adjustment for zoning and a downward adjustment for size. This adjusted value would be $1 . 98 per square foot . Como 3 A smaller lot located on Eleventh Avenue very similar location and zoning to the subject property. The access and visibility from Eleventh Avenue is similar to the subject property. This sale requires a downward adjustment for size. The adjusted value is $2 . 15 per square foot . Como 4 A slightly larger corner lot located on 9 Street 6 blocks east of the subject which requires an upward adjustment. The zoning is industriaL medium which would also require an upward adjustment. The value after adjustments is $1 . 68 per square foot . Como 5 A smaller site ten blocks south of the subject property on thirteenth Street with superior downtown location. This sale would need a downward adjustments due to smaller size and location. The value after adjustments is $2 . 41 per square foot . The subject site is a 80, 892 square foot irregular, level, corner lo: zoned C-H, with good accessibility. The comparable land sales after adjustments range from $1 . 68 psf to $2 . 41 . The mean of the sales is $2 . 04 . The median is $1 . 99 . The best comparable is number 3 which needed the smallest adjustment and is very similiar to the subject ih location and zoning. Therefore the value per square foot should he $2 . 10 per square foot . As a result of this study, the value of $0 . 75 per square foot or $60, 669 based on the subject is low. This results in a favorable land value for the taxpayer. 10 i Z PIN: 0111291 COMPARATIVE SALES APPROACH NAME: NORTH WELD PRODUCE CO 12811 AV GREELEY 96105407018 96108118005 96117401014 96104202003 COMP SALE NUMBER SUBJECT 1 2 3 4 ADDRESS 128 11 AV 610 5 AV 514 14 ST 2419 1 AV 124E 4 ST RD GREELEY GREELEY GREELEY GREELEY GREELEY USE WHSE WHSE WHSE WHSE WHSE SALE DATE 01/29/97 06/26/98 09/01/95 ;11/15/98 SALE PRICE _ 220,000 190,000 538,846 _ 200,000 ADJ. SALE PRICE 220,000 190,000 538,846 200,000 LAND VALUE 60,669 20,625 49,350 115,740 33,106 BLDG. VALUE 199,375 140,650 423,106 _ 136,894 SIZE SF 23,108 18,518 12,251 32,536 12,000 BLDG PRICE/SQ. FT. 10.77 11.48 13.00 13.91 YEAR BUILT 1970/84 1953 1950 1972 1978 EFFECTIVE YEAR 1975 1975 1980 1980 ADJUSTMENTS: BLDG.SIZE:4±111.00 50490 119427 -103708 122188 BUILDING AGE _ -25400 -10400 BLDG SHEDS @$2.00 PSF 8432 20000 20000 20000 20000 NET ADJ TO ADJ SALE PRICE 70490 139427 -109108 131788 ADD BLDG VALUE 199375 140650 423106 166894 NET ADJ TO SALE PRICE 269865 280077 313998 298682 ADD SUBJECT LAND 60669 60669 60669 60669 INDICATED VALUE 330534 340746 374667 359351 INDICATED VALUE PSF 14.30 14.75 16.21 15.55 INDICATED MARKET VALUE 23108 X$15.00= 346,620 Adjustment for Bldg Sheds Cost new of a material shelter shed having roof on good steel posts and light slab floor has a range of$4.45-$6.17 average is $5.31 psf. Cost new of a lumber storage building low cost steel siding, four walls unfinished asphalt floor is $9.12 psf. The difference of$3.81 psf is attributed to the cost of walls. The percentage difference is 42%. therefore if the subject sheds were open sided on one wall the adjustment would be approximately 25%of 3.81 or$0.95. Deducting $0.95 from $9.12= $8.17 replacement cost new. The abstracted value used on these open sheds is 24% of$8.17 or$2.00 psf. 11 �� — _ 1\\_ • COMPARABLE SALES MAP is. ea ch z oat Draw H = Cache[a Pori re a River w J \Islam SUBJECT PROPERTY, F I- x ° SALE #4 �ti. -F N j lOz c\ l„:7„2 11 �I Z r r A 85. I ~ E C __.. �N Z I— C D I 1sT.TiJ :-ThLjr:-mc:.__i__-latm'-+ThL-T- � � SALE � ' < _ . n _ �n 2ND 3RD alb 3RD o _1 c c rt m > �Nt. m i 4TH o E T T EET RD ; _ n G. N N ~ NORTH �4,X 5TH " ra'' 6TH Z _ T = _ < 0 J z. l� 7TH ¢ S m CO TH I y 8TH ::: P.I' cl 61TH Lut etP•C �. a SUP.FI ieP L H o V m TH STREET R m m rni -r ,• T 12TH N 113TH Z = 3T ^ -- 0 14TH M-:ek•.rM=: on Mu$eui 14TH STRE 1 -Dill xi Gree •r adch vn 3: .Cham e. Of Commer.�- m NiGoloraco Medical-ten er o 65 • cc 0 + D „16T m E 16TH --_. E 16' Man vi °.r H v, m 5 TRF I M♦ 7Th U ersity •f N ern Co orado = N r 2 1 k N W > n —Ti TH 1 ? Er Rt CR•NF.RD 34 °- g N GLEtAIR •• S' rn ¢ p -i 6rNN. •Glenrnere Par i i _ 19T } \ Y < N LAKES Jack on Fie la M EL:• LNx x = OT x O F^OTPAi_ __ m 20TH Sr F D d 9 SALE #3 c, co N I �'G. -I -I L om Z x .1S x m 0 iIl 2 C", m 2NC 34 FF. 85 (7 _ E 22ND m r'/'nC l Q 23RD STRE T RD___ :' J -\ �' �, p 24TH = lit >- E 24TH AEC'R t. .,\AS's v — w SI� i t w� _ wH N A D 25T = S' ,� c I�, N Rqp\ x = to \ V. ch or--II < -I <� < < ?6Toa >4TH w x z x m -r \ /> 8 c o m ¢F 26TH m m r$ -'a .en ity 34 / Lo _� to , 7Td -•I r P k 34 28 � 27TH — i�¢gl/ N Y I kl"eLortnc. Stn,et Atlas USA a /� l -- COMPARABLE SALE 508 . • 1 . PIN#, 0348894 PARCEL #: 096105407018 PRIMARY OCCUPANCY: IND LT MFG OFFICE: 0.075 2ND OCCUPANCY: ADDRESS: 610 5TH AVE GREELEY PROJECT: BOOK #: 1589 SALE DATE: 01/29/97 RECEPTION #: 2531382 SALE PRICE: $220,000 ADJ SALE PRICE: GRANTOR: SHOLDERS, MICHAEL V. GRANTEE: CONSERVATORY BLDG LLC YEAR BLT: 1953 EFFECTIVE AGE: 1980 LAND/BLDG RATI 1.49 BLDG SIZE: 18,518 IMPS PRICE/PSF: $10.77 CLASS: S SALE PRICE/PSF: $11.88 CONSTRUCTION-QUAL: AVG CASH DOWN: $25,000 WALL HEIGHT: 14 LOAN: NEW STORIES: 1 INTEREST RATE: 9.8% BSMT SIZE: LOAN TERM (YRS) 10 LAND SIZE: 27,500 POINTS PAID: LAND VALUE: 20,625 REMARKS: THE SUBJECT SALE INVOLVES A BUSINESS AFFILIATION TRANSACTION BETWEEN GRANTOR AND GRANTEE. GRANTOR IS NOW A PARTNER IN THE CONSERVATORY BLDG LLC. THE SALES PRICE IS WHAT THE LLC BE- LIEVES THE TRUE MARKET VALUE OF THE SUBJECT TO BE. (THE CURRENT LEASE IS BASED ON THIS VALUE). / (O COMPARABLE SALE 760 a i F Y t�I PIN#, 0132689 PARCEL #: 096108118005 PRIMARY OCCUPANCY: STOR/WHSE OFFICE: 3.00% 2ND OCCUPANCY: ADDRESS: 514 14 ST GREELEY PROJECT: SALE DATE: 06/26/98 BOOK #: SALE PRICE: $190,000 RECEPTION #: 2622759 ADJ SALE PRICE: GRANTOR: WILLSON STEVEN M GRANTEE: S S DC LLC YEAR BLT: 1950 EFFECTIVE AGE: 1980 LAND/BLDG RATIO: 5.37 BLDG SIZE: 12,251 IMPS PRICE/PSF: $11.48 CLASS: C SALE PRICE/PSF: $15.51 CONSTRUCTION-QUAL: AVG CASH DOWN: $28,500 WALL HEIGHT: 14 LOAN: NEW STORIES: 1 INTEREST RATE: 8.25% BSMT SIZE: LOAN TERM (YRS): 15 YRS LAND SIZE: 65,800 POINTS PAID: LAND VALUE: 49,350 REMARKS: THE SUBJECT WAS VACANT AND LISTED FOR $225,000 FOR APPROXIMATELY 2 YEARS PRIOR TO THIS SALE. THE PRIOR SALE ON 5/2/96 WAS FOR SPECULATION AND NO IMPROVEMENTS WERE MADE TO THE SUBJECT BEFORE SELLING AGAIN ON 6/26/98 r1 COMPARABLE SALE 296 r �4h •• l 1 }41'. �M I .� • I ( I I `!rill lagajaLl PIN: 3560786 PARCEL # : 96117401014 OCCUPANCY : WHSE ADDRESS : 2419 1ST AVE GREELEY PROJECT : 0 SALE DATE : 09/01/95 BOOK # : 1510 SALE PRICE : $538 , 846 RECEPTION # : 24H5CE9 AL'J SALE PRICE : GRANTOR: PATRICIA A EWING TRUSTEE GRANTEE : OFF TRACK; LLC YEAR BLT : 1972/1983 LAND/BLDG RATIO : 6 . 41 BLDG SIZE : 32 , 536 IMPS PRICE/PSF : $ 3 . 00 CLASS : C, S & D SALE PRICE/PSF : $1.6 . 56 CONSTRUCTION-QUAL : AVG CASH DOWN: $50 , CC0 WALL HEIGHT : 20 ' & 17 ' LOAN: NEW STORIES : 1 INTEREST RATE : . 0% BSMT SIZE : 0 LOAN TERM (YRS) : 0 LAND SIZE : 208 , 541 POINTS PAID : 0 LAND VALUE : 115 , 740 REMARKS : SOLD W. O . L . #3560386, #3560486 , #3560586 , ##356CE86 BLDG #1 CONSISTS OF 25 , 336 SF (OF WHICH 2 , 108 EP / 8% IS OFFICE) CLASS C & S ; BLT 1972 & 1984 WIT' A 20 ' WH. BLDG 2 IS 7, 200 SF; BLT 1983 ; CLASS I , 17 ' WH. GRANTEE WAS TENANT. SP WAS THE OPTION AT THE EN[ OF A 2 YR LEASE. (OAR 9. 13%) ! COMPARABLE SALE / S 662 I :U 8 rrx± +Yh ..NW. `:4 'M tid kL`" g a'...."- j PIN#, 2765086 PARCEL #: 096104202003 PRIMARY OCCUPANCY: WHSE OFFICE: 2ND OCCUPANCY: ADDRESS: 124E 4 ST RD GREELEY PROJECT: SALE DATE: 01/15/98 BOOK #: SALE PRICE: $200,000 RECEPTION #: 2589924 ADJ SALE PRICE: GRANTOR: CATHERWOOD H R GRANTEE: SEEKAMP LLOYD D YEAR BLT: 1978 EFFECTIVE AGE: 1980 LAND/BLDG RATIO: 5.52 BLDG SIZE: 12,000 IMPS PRICE/PSF: $13.91 CLASS: S SALE PRICE/PSF: $16.67 CONSTRUCTION-QUAL: AVG CASH DOWN: $25,000 WALL HEIGHT: 16 LOAN: NEW STORIES: 1 INTEREST RATE: 8.50% BSMT SIZE: LOAN TERM (YRS): 5 YRS LAND SIZE: 66,211 POINTS PAID: LAND VALUE: 33,106 REMARKS: THE SUBJECT HAD BEEN LISTED FOR SALE SINCE 1/96 FOR $225,000. THE GRANTOR CARRIED THE 1ST MORTGAGE AT TYPICAL MARKET TERMS. THE SUBJECT IS LOCATED IN GEISERT INDSUTRIAL PARK. 06/28/2000 / 1-7 PROFORMA INCOME WORKSHEET Parcel : 0961-05-2-20-011 Name: North Weld Produce Co Prop Address: 128 11 Av Greeley Bldg sq ft Use No of Units 23108 whse stor 2 8432 *open sheds 2 Effective Tax rate mill rate assm't rate tax rate 0.091113 0.29 0.026423 Annual Annual Fractional rent units rent/month size/bay rent rent psf owners lease 0 23108 0 0.00 Avg rent psf Subject Rents Annual Annual gross Area rent psf Income 1 flr rate psf 23108 2.50 57770 Less vacancy & expenses vacancy 10% 5,777 expenses 20% 11 554 Net income 1.75 40,439 Net Income/overall cap rate=Property value Property Value value per sq ft Cap rate + eff tax rate 0.085 0.0264 0.111 362,933 15.71 0.095 0.0264 0.121 333,043 14.41 Total property value _ 343,300 *Open sheds of 8,432 sf have little income potential other than for a specialized tenant such as lumber yard, or possibly boat storage so they were not considered to have any income value Gross Net Comparable Bldg Year income income rentals Use Address size const'd per sq ft per sq ft Comer ind pk whse 625 3 st 67,440 1977 $3.21 $2.25 H & S Distrib whse 2123 2 av 28,785 1974 $2.92 $7.37 Winnelson whse 1979 2 av 7,500 1979 $2.80 $ i 96 Knight inc ind mfg 701 Cherry av 28,020 1995 $3.17 $2.60 N WELD.WK4 17 Hello