HomeMy WebLinkAbout931633.tiff 15-OPT ^" PRESCRIBED BY THE PROPERTY TAX ADMINISTRATOR
FORM 920 1/66-6(90 ` M-ION FOR ABATEMENT OR REFUND OF TAXES-1 IOECKEL CO., DENVER 36312
Petitioners: Use this side only.
Colorado, December 28 , 19 92
.-Gr-eel-i-ey City or Town ij
To The Honorable Board of County Commissioners of Weld County
Gentlemen:
iff.rentaiiiedfley National Bank c/o Banc One of Colorado Corp.
whose mailing address is- 1125 17th Street, Suite 1 500
Denver CO 80202
City or Town State Zip Code
SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL
0959-12-1 -04-003 SITUS
2600 West 10th Street
Greeley, CO 80631
respectfully iequests that the taxes assessed against the above property for the years A. D.
19 90 , , are erroneous, illegal, or due to error in valuation for the following reasons:
( ompletely describe the circumstances surrounding the incorrect value or tax.)
Inconsistent use of the income approach to value.
Questionable recognition of both economic and functional
obsolesence in application of the cost approach to value.
1990 19
Value Tax Value Tax
Orig. 111 , 940 9, 954
Abate. 48,.1.34 4.,2a0
Bal. 63, 806 5, 674
The taxes (have) (have not) been paid. Wherefore your petitioner prays that the taxes may
be abated or refunded in the sum of $-44280 plus interest
I declare, under penalty of perjury in the second degree that this petition, together with any
accompanying exhibits or statements, has been examined by me and to the best of my knowledge,
information and belief is true, correct and complete.
Banc One of Colorado Corp.
FMB ner
10S-4k>
1 `1 " By William A. McLain, P.C.
1;_
i 1 I Ill I Agent
x 7 U c/o TaX Profile Services
/"
DECL 2 > :- .<;c- (jl 1123 Auraria Pkwy. , Suite G100
GREELEY,COLO. Address-Denve �r C13 80-2O4
931 633
4il',r),Q (n
RESOLUTION OF COUNTY COMMISSIONERS
WHEREAS, The County Commissioners of....Feld
County,
State of Colorado, at a duly and lawfully called regular meeting held on the 29.th day
of March , A.D. 1993 , at which meeting there were present the following
members:.Cb ai.xman..Cons tance..Lt....Harb e rt...and..C.ommission ers..George...Baxter,.-bale-.Hall,
and Barbara. Kirkmay.e.r....with..C.amtu1 s-aioner..B.ill..h'.e.hster...abstaining.;
notice of such meeting and an opportunity to Wae rren Lasellnt g been being presentven to he and payer and
taxpayer
the Assessor of said County and said Assessor.... (name)
represented by Jeffrey Monroe of urr1 �51Feg'eh`f, vid
(name) Tax Profile Services being present, and
WHEREAS, The said County Commissioners have carefully considered the within applica-
tion, and are fully advised in relation thereto,
concurs with the recommendation of
NOW BE IT RESOLVED, That the Board (concurs or does not concur)
the assessor and the petition be denied... and an abatement/refund-.not--be•--allowed
(approved or denied) (be allowed or not be allowed)
on an assessed valuation of$._48,.)_3.4 for $ 4 !J_A-0. ' total taxfor th��gG
6/ .. ... .. . . 2
Chairman of Board of County Commissioners.
STATE OF COLORADO,
(ss.
County of Weld
aunlStcCieaarcE €iniR Clerk
I, .Ronald..]) Warden
of the Board of County Commissioners in and for the County of Weld
State of Colorado, do hereby certify that the above and foregoing order is truly copied from the
records of the proceedings of the Board of County Commissioners for said...Weld
County, now in my office.
IN WITNESS WHEREOF, I have hereunto set m hand and affixe the seal of said County,
at Greeley., Colorado , this 29th of. .. ax. .. .. G ...••�J A. D. 1993......
ti CCU/!% j
County Clerk./By/f6 4..:�.�. ..... &
DAputy.
ACTION OF THE PROPERTY TAX ADMINISTRATOR Arty.
Denver, Colorado, , 19
The action of the Board of County Commissioners, relative denied for the following tot within
reason(s)
petition,
ihereby
❑ approved; O approved in part $
ATTEST:
Secretary. Property Tax Administrator.
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STATEMENT OF AGENCY
Property Owner, BANC ONE OF COLORADO CORP. (holding company
for the properties on the attached exhibit) , hereby
appoints Tax Profile Services, Inc. (hereinafter TPS ) as
Property Owner's representative in connection with the
valuations for assessment of Property Owner's real and/or
personal property which is identified as
(see attached exhibit)
and which is contained on property tax schedule numbers
(see attached exhibit)
for (various) County, Colorado for the year
19 ,1991,1992,1993,1994 for taxes payable in 1991, 1992,
1993, 1994 , 1995.
TPS shall have full authority to review all applicable
records relating to the valuation for assessment of such
property; to negotiate the valuation for assessment of such
property with the county assessor, with any representative
of the assessor's office, or with the county, at amount
which TPS deems appropriate in the circumstances; and to
pursue any statutory remedies which client may possess
before the county assessor, County Board of Equalization,
Board of Assessment Appeals, District Court, Appellate
Courts, or in binding arbitration in the Property Owner's
name and in Property Owner's behalf
THIS STATEMENT OF AGENCY SHALL REMAIN IN EFFECT UNTIL
REVOKED IN WRITING BY PROPERTY OWNER.
SIGNATURE(S) OF PROPERTY OWNER
7/2 Q
William A. McLain (# 6941)
Attorney for Property Owner
•
931633
AFFILIATED BANKSHARES OF COLORADO
PROPERTY ADDRESS COUNTY SCHEDULE NUMBER
1 5500 W. ALAMEDA AVE JEFF. CO. 060669
LAKEWOOD, CO 80226
2 333 W. HAMPDEN AVE. ARAPAHOE 1971-34-3-0-73
ENGLEWOOD, CO 80110
3 5734 S. PRINCE ST. ARAPAHOE 2077-16-3-16-018
LITTLETON, CO 80120
4 2696 S. COLORADO BLVD. DENVER 2A-06303-01-013
DENVER, CO 80222
5 2500 ARAPAHOE AVE. BOULDER 235
BOULDER, CO 80302
6 1800 BROADWAY BOULDER 9262
BOULDER, CO 80302
7 200 N. PUBLIC ROAD BOULDER 20952
LAFAYETTE, CO 80026
8 833 MAIN STREET BOULDER 19393
LOUISVILLE, CO 80027
9 603 S. BROADWAY BOULDER 12918
BOULDER, CO 80307
10 2000 S. COLLEGE AVE. LARIMER 666351
FT. COLLINS, CO 80525
11 200 EAST 7TH STREET LARIMER 444766
LOVELAND, CO 80537
12 1905 WEST EISENHOWER BLVD LARIMER 369004
LOVELAND, CO 80537
13 119 FIRST STREET 0707-12-3-09-013
AULT, CO 80610
14 1 AFFL. NAT'L BANK PLAZA WELD 961-05-3-15-022
822 SEVENTH ST.
GREELEY, CO 80631
15 HILLSIDE MALL WELD 961-17-3-18-007
2600 11TH AVE. 961-17-3-18-009
GREELEY, CO 80631
931633
16 2600 W. 10TH ST. WELD 0959-12-1-04-003
GREELEY. CO 80631
17 4190 AUSTIN BLUFFS PKWY EL PASO 6326-21-6-029
COLORADO SPRINGS, CO 80918
18 30 E. PIKES PEAK AVE. EL PASO 64073-19-011
COLO. SPRINGS, CO 80903
19 UPTOWN FACILITY EL PASO 64181-17-019
BOULDER & TEJON
COLO. SPRINGS, CO 80903
20 814 MANITOU AVE. EL PASO 74053-43-002
MANITOU SPRINGS, CO 80829
21 294 S. WORTH STREET 4857-33305006
CENTER, CO 81125
22 SAGUACHE SATELLITE OFFICE SAGUACHE 4487-72-29002
400 FOURTH STREET
SAGUACHE, CO 81149
23 139 E. VICTORY WAY MOFFAT 08-065736431007
CRAIG, CO 81625
24 402 MAIN ST. DELTA 345713441009
DELTA, CO 81416
25 141 N. PARK SQUARE MESA 2697-172-13-018
FRUITA, CO 81521
26 900 S. TOWNSEND MONTROSE 3767-342-24-004
MONTROSE, CO 81401
27 146 G STREET CHAFFEE 3681324-20367
SALIDA, CO 81201
28 445 E. 124TH AVE. ADAMS 1573-34-0-09-026
THORNTON, CO 80241
29 8461 DELAWARE ST. ADAMS 1719-27-2-00-015
THORNTON, CO 80221-4821
531633
I
TAX PROFILE SERVICES, INC.
NARRATIVE REPORT
x31633 .
Trir'a
CLERK TO THE BOARD
P.O.BOX 758
WliDc
GREELEY,COLORADO 8063
COLORADO
February 12, 1993
National Bank of Greeley
Greeley National Bank
West Greeley National Bank
Affiliated National Bank
c/o Banc One of Colorado Corporation
1125 17th Street, Suite 1500
Denver, Colorado 80202
RE: SCHEDULE NUMBERS 961-17-3-18-007 and 009, 961-05-3-15-022,
0959-12-1-04-003, and 0707-12-3-09-013
Dear Property Owner:
This is to advise you that the Board of Weld County Commissioners will hear your
petitions for tax abatement or refund on the property described as: SITUS
Hillside Mall 2600 11th Avenue, Greeley, CO 80631; SITUS 7th St. and 9th Ave. ,
Downtown, Greeley; SITUS 2600 West 10th Street, Greeley, CO 80631; and Situs 119
Fist Street, Ault, CO 80610. The meeting is scheduled for Monday, February 22,
1993 at 9:00 a.m. at which time you may be heard. The Assessor is recommending
that the Board DENY your petitions.
The meeting will be held in the Chambers of the Board, Weld County Centennial
Center, First Floor, 915 10th Street, Greeley, Colorado, at the above specified
time.
If you have any questions concerning this matter, please do not hesitate to
contact this office.
Sincerely,
Donald D. Warden,
Weld County Clerk
yt�o the
n Board
BY:5ilaD kj 1 YJj
Deputy C rk to the Board
XC: Assessor - W. Lasell
County Attorney
Tax Profile Services
931633
Banc One - West Greeley
Schedule $ 0959-12-1-04-003
2600 West 10th Street
Several factors have contributed to the decline in value
regarding the bank properties located in Weld County. The first and
most influential factor is the economic obsolescence attributable
to the entire State of Colorado during the economic downswing of
the late 1980's. Economic Obsolescence is defined as:
External obsolescence, the diminished utility of a structure
due to negative influences from outside the site, is incurable on
(sic) part of the owner, landlord, or tenant. The total value loss
due to external obsolescence must be allocated between the land and
the improvements. External obsolescence can be caused by a variety
of factors - e.g. , neighborhood decline; the property's location in
a community, state, or region, or market conditions. An estimate of
external obsolescence should be based on thorough neighborhood or
district analysis.'
Our analysis of the banking industry throughout State of
Colorado reflects a tendency to overvalue bank facilities,
primarily caused by the incorrect utilization of the cost approach
to value. Almost all county assessors place their prime reliance on
this approach. Without correcting this approach in recognizing
functional obsolescence (both curable and incurable) , and external
obsolescence, bank properties experience an overvaluation of 40% on
average.
The Weld County Assessor has recognized that the cost approach
to value would need considerable adjustments in the form of
depreciation that would render this approach unreliable.
The Assessors office as well as the petitioners
representatives have placed the income approach to value as the
best indicator of true market value. The market approach was used
as a measure to support the value conclusion.
Cost Approach: $501,840
Income Approach: $201,857
Market Approach: $159,655
Value Conclusion: $201,857
'The Appraisal of Real Estate, American Institute of Real'
Estate Appraisers, Ninth Edition, p.395
911633
SUMMARY OF FACTS AND CONCLUSIONS
LOCATION: 2600 West 10th Street, Greeley,
CO 80631
SITE DESCRIPTION: Commercial land SE of West 10th
Street and 26th Avenue 81,783
m/1 suppoerts 4315 s.f.
commercial/bank building
ZONING: Commercial
IMPROVEMENT DESCRIPTION: Commercial Building Occupancy
Bank 4315 s.f. of first floor
ASSESSOR'S PARCEL NUMBERS 0959-12-1-04-003
1990 REAL ESTATE TAXES: $9,954
HIGHEST AND BEST USE: As Appraised, Commercial Bank
PROPERTY RIGHTS APPRAISED: Fee Simple
EFFECTIVE DATE APPRAISED: 30 June, 1988
POTENTIAL GROSS INCOME: $43 , 150.00
STABILIZED VACANCY RATE: Appraised and Economic Vacancy
ESTIMATED OPERATING EXPENSES: 35% Expense to Income
OVERALL CAPITALIZATION RATE: 13 . 2%
MARKETING TIME: 2 to 3 years
MARKET VALUE "As Is": $201,857
9^1633
TAX PROFILE SERVICES, INC.
GENERAL INFORMATION
Introduction
As described in this report, an appraisal was made of certain
real estate identified to us as the property of Banc One Colorado
Corp. , located in various cities in Colorado.
This appraisal was made to express opinions as of June 30,
1988 , of the market values of the various interests held in the
real estate as if offered for sale in the open market and the value
in use of each property. We understand these opinions of value are
to be used for the purpose of assessing Ad Valorem Taxation. It is
entirely inappropriate to use this appraisal for financing or any
other noninternal purpose.
Market Value is defined as the most probable price in cash,
terms equivalent to cash, or in other precisely revealed terms, for
which the appraised property will sell in a competitive market
under all conditions requisite to fair sale, with the buyer and
seller each acting prudently, knowledgeably, and for self-interest,
and assuming that neither is under undue duress . For properties
held in fee simple interest, the land, land improvements and
buildings were valued as if offered in the open market for a
reasonable time in which to find a buyer. We have assumed the
properties to be available for development to their highest and
best use, free and clear of all liens and encumbrances.
Value in Use is defined as value concept which is based upon
the productivity of an economic good to its owner-user. Value in
use may be a valid substitute for market value when the current use
is so specialized that it has no demonstrated market and when the
use is economic and likely to continue. Value in use is
interpreted to be synonymous with Tax Profile Services, Inc. 's
definition of Fair Market Value - Continued Use. Fair Market Value
is defined as the estimated amount at which the property might be
expected to exchange between a willing buyer and a willing seller,
neither being under compulsion, each having reasonable knowledge of
all relevant facts, with equity to both. The continued use premise
assumes that buyer and seller contemplate retention of the
facilities at their present location for continuation of the
current operations. This opinion of fair market value is not
intended to represent the amount that might be realized from
piecemeal disposition of the property in the marketplace or from
some other use of the property. We did investigate all financial
information relative to the subject properties. In our opinion of
fair market value under conditions of continued use, we assumed
that prospective earnings would provide fair returns on the fair
market values of the properties included in the appraisal. We did
not test the adequacy of the earnings to justify an investment in
the assets at the appraised amount.
911633
TAX PROFILE SERVICES, INC.
Fee Simple Interest is defined as an absolute fee, free of
limitations to any particular class of heirs or restrictions, but
subject to the limitations of eminent domain, escheat, police
power, and taxation.
Leased Fee Estate (Interest) is defined as an ownership
interest held by a landlord with the right of use and occupancy
conveyed by lease to others. It usually consists of the right to
receive the contract rent provided by the lease, the reversion of
the real estate at the end of the lease, plus any other benefits,
but minus any penalties according to the provisions of the lease.
Leasehold Estate (Interest) is defined as the right to use
and occupy real estate for a stated term and under certain
conditions as conveyed by lease (the value of which arises from the
margin of the economic productivity of the property as measured by
the difference between economic and contractual rents) .
We appraised only the real estate, including land, land
improvements, buildings and fixed building service equipment. For
value in use, we have included teller counters, drive-thru windows,
pneumatic tube systems, safe-deposit boxes, and vaults and vault
doors.
The appraisal investigation included a personal inspection of
each property.
Banc One Colorado Corp. , will be referred to hereafter in this
report as "Bank One" or "the company" .
321633
TAX PROFILE SERVICES, INC.
At the request of the client, the content of this appraisal
report has been limited to that data presented herein. As such, it
represents something less than a full and complete appraisal
report. However, the substance of the appraisal investigation
meets all of the requirements of a full and complete appraisal
assignment and a complete record of all analyses and conclusions
leading to the opinions of value stated herein has been retained in
the appraisers; files.
Testimony or attendance in court or at any other hearing is
not required by reason of this appraisal unless arrangements are
previously made within a reasonable time in advance therefor.
Possession of this report or any copy thereof does not carry
with it the right of publication. No portion of this report
(especially any conclusion to use, the identity of the appraiser or
the firm with which he/she is connected, or any reference to the
American Institute of Real Estate Appraisers, the Society of Real
Estate Appraisers, or the designations awarded by these
organizations) shall be disseminated to the public through
prospectus, advertising, public relations, news , or any other means
of communication without the written consent and approval of Tax
Profile Services, Inc. .
For some locations, the valuation herein reported relates only
to a fractional interest in the real estate involved, and the value
of this fractional interest plus the value of all other fractional
interests may or may not equal the value of the entire fee simple
estate considered as a whole. The fractional interests herein
appraised relates to the leased fee estate and the leasehold
interest.
931633
BANKS
VALUATION METHOD
INCOME APPROACH
The rental rates for banks were developed by utilizing bank rental
data with or without office space (office space of 10,000 square
feet and greater) .
MARKET RENT
To estimate market rent for bank/office buildings in the Metro
Denver area, a rent survey was undertaken. These comparables have
a rental range from $4 . 38 to $11 . 54 per square foot, depending on
visibility, access, condition, and functional utility. Please see
"Rent Survey" chart.
The comparison of rentals in the appraisal process requires great
care in the analysis. The data can provide strong insight into
rental value disparities relative to access and visibility. The
data can also be used to analyze the similarity and differences in
building sizes, age, quality, and overall condition. The median
lease of $8.50 was indicated by the "Rental Chart" . The mode of
$9 . 00 was selected to represent both small and large bank
buildings. The mean or average of all rental rates was $8. 36, which
we believe to be an accurate representation of the rental rates in
the Metro Denver market. Furthermore , agents and property managers
indicate that location, high visibility and the ease of access were
primary factors which dictate higher lease rates and occupancy
levels of bank building space, when compared to use as general
office space.
VACANCY
Single tenant rental information suggest stabilized occupancy in
the 75% to 100% range. With the specialized "bank use" , a higher
occupancy rate appears justified. We conclude that an occupancy �1 rate of 90% to 95% is a reasonable estimate of bank buildings or 43 6
"single tenant" occupancy levels. Therefore, over the typi59.1_1
investor holding period of the property, a vacancy rate of 4 is
anticipated for the subject property's rentable space. This
estimate is based on market buyer's anticipations and due to the
longer term lease structure of bank tenants.
Valuation Method - Banks
1
931633
EXPENSES
Expenses were estimated similarly with general office buildings.
Bank property expenses are generally higher due to increased
repair/maintenance, utility costs, reserves/replacement, and 24
hour security. Office buildings in Metro Denver are commonly
expensed at 35% of income. Due to the increased cost considerations
a reasonable estimate of 40% of income appears justified.
Management fees will range from 3% to 5% at local management
companies, depending on the size and marketing structure of each
individual property.
Reserves and replacements is an expense for the normal replacement
of short lived items, such as; floor covering, fixtures, painting,
roofing, equipment, and preparing units for new tenant occupancy.
The quality of a replacement program often influences the
property's value and market appeal. These items are exposed to
heavy use and must be replaced at regular intervals. It is
necessary to project this charge in an operating expense to
accurately reflect the property's operating cost.
Valuation Method - Banks
2
931633
,NK RENT
SURVEY
NAME/LOCATION SURVEY DATES BUILDING $ RENT
AREA SQ. FT.
•
FIRST NATIONAL BANK MARCH 1990 7 .852 $10. 39
JEFFERSON COUNTY
CENTRAL BANK JUNE 1990 21,592 $9 .45
JEFFERSON COUNTY
CITYWIDE BANK JUNE 1990 4 , 699 $7. 00
JEFFERSON COUNTY $8. 00
$8 .50
CAPITOL FEDERAL BANK MARCH 1991 4 ,800 $6. 07
JEFFERSON COUNTY
CAPITOL FEDERAL BANK MARCH 1991 5,100 $9 . 48
JEFFERSON COUNTY
CREDIT UNION JUNE 1991 44 , 368 $4. 38
JEFFERSON COUNTY
CAPITOL FEDERAL BANK MARCH 1991 1, 980 $8.51
JEFFERSON COUNTY
COLO. NATIONAL BANK JUNE 1991 10,262 $11.54
JEFFERSON COUNTY
COLO. NATIONAL BANK JUNE 1991 8,792 $10.65
JEFFERSON COUNTY
INDUSTRIAL BANK JUNE 1991 6,232 $5. 61
JEFFERSON COUNTY
COLUMBIA SAVINGS JULY 1991 4 , 800 $7. 94
JEFFERSON COUNTY
BANK WESTERN JUNE 1990 11, 592 $6.97
ARAPAHOE COUNTY
CONFIDENTIAL MARCH 1991 2 ,200 $9.00
SOUTH DENVER, CO
CONFIDENTIAL MARCH 1991 3 ,172 $8.42
EAST DENVER, CO 931633
BANK WESTERN JUNE 1990 3 , 276 $7. 25
BEAR VALLEY
BANK WESTERN JUNE 1990 7,420 $9.78
BOULDER GUNBARREL/ / �
9E .4te .Scw r ma.Ct'.e. R.ew�j er le Mint5 U 5. 4Zt.c c ,—.o 144 °gale'eK
ate e yet. ' 7-Mg jean .., '*t." c+tuKy eLl frald,"
BANK WESTERN JNE 1990 20, 060 $9.
ENGLEWOOD
BANK WESTERM JUNE 1990 3 ,867 $7.50
PUEBLO MALL
BANK WESTERN JUNE 1990 6, 000 $7.50
PUEBLO SUNSET
BANK WESTERN JUNE 1990 16, 391 $10.89
U. HILLS, DENVER
MEAN $8. 36
MEDIAN $8.50
MODE $9-i'00 7SO
931633 4
TAX PROFILE SERVICES, INC.
Highest and Best Use
In the Appraisal of Real Estate, Ninth Edition (page 42) ,
Highest and Best Use is defined as "the reasonably probable and
legal use of vacant land or an improved property, which is
physically possible, appropriately supported, financially feasible,
and results in the highest value. " It may also be defined as that
legal use which will produce the highest present value to the
property as a whole, or the highest and most profitable continuous
use for which the property is adapted and needed, or likely to be
in demand in the reasonably near future.
Four stages are included in the analysis of highest and best
use:
Possible Use
Determine the physically possible uses for the site
Permissible Use
Determine which uses are legally permitted for the site
Feasible Use
Determine which possible and permissible uses will produce
a net return to the site
Most Profitable Use
Determine which feasible use is the most profitable
The highest and best use of the land as if vacant and
available for development may be different from the highest and
best use of the property as improved; this is true when the
improvements do not constitute an appropriate use. The existing
use will continue unless and until the land value in its highest
and best use exceeds the sum of the value of the entire property in
its existing use and the cost to remove the improvements.
Therefore, our analysis of highest and best use includes
consideration of the property under two assumptions: (1) as if
vacant and available for development and (2) as presently improved.
These two analyses are then correlated into a final estimate of
highest and best use.
931633 '
INCOME ANALYSIS
In the income capitalization approach to valuation, estimates
are made of the potential gross annual income that might be
expected from rental of the real estate and of expenses that might
be incurred by the owner-lessor.
Resulting net income is then capitalized at an appropriate
rate to indicate the value of the property as an investment. The
capitalization rate, which is market-derived, represents the
relationship between net annual income and value.
In order to estimate economic rentals for the appraised
properties and to project income streams, lease data concerning
other properties were investigated.
Vacancy and collection allowances and management fees were
estimated for each property. Other expenses have been estimated
based on past property history, expenses incurred at similar
properties, and interviews with real estate brokers, appraisers,
and other knowledgeable people in the area.
In selecting an overall capitalization rate, consideration was
given to first mortgage and equity return requirements, age and
condition of the properties, market conditions, and the overall
rate as shown in the general real estate market.
931633
SURVEY FOR: WELD COUNTY BOARD OF ASSESSORS
PROPERTY OWNER: BANC ONE OF COLORADO CORP
ADDRESS: 2600 WEST 10TH
TYPE: BANK
QUALITY OF CONSTRUCTION: AVERAGE
CONDITION: AVERAGE
YEAR OF CONSTRUCTION: 1971
BANK
NET LEASABLE
RENT PER SQUARE FOOT 4, 315
$10. 00
POTENTIAL GROSS INCOME -- ,----
LESS VACANCY $43 ,150
5%
EFFECTIVE GROSS INCOME
$40,993
LESS EXPENSES*
35%
NET OPERATING INCOME
$26, 645
OVERALL CAP RATE
13 . 2%
ESTIMATE OF VALUE
$201 , 857
TOTAL ESTIMATE OF VALUE
$201, 857
931633
Band of Investment Technique
Market information indicates that available funding for
properties of like utility to the subject are typically written
on a cash sale or merger basis, therefore market interest rates
for the base period must be used to determine the capitalization
rate. As of June 30 , 1988 the prime interest rate was 9.5%,
including 1. 5% for a conservative increase to market rates,
yields an 11% cost of funding. Typical loans written during this
period on typical propertes were at a 70% loan to value ratio.
This scenario yields a mortgage constant of .1166 assuming a 25
year amortization period at 11%. The equity dividend rate has
been estimated at 10%. The Band of Investment Technique is
developed as presented below:
.70 (Mortgage Ratio) x .1166 (Mortgage Constant) _ .08162
. 30 (Equity Ratio) x . 10 (Equity Dividend Rate) = .03000
Ad Valorem Taxes = .02000
Indicated Capitalization Rate = . 13162
Rounded To: 13 . 2%
Due to the mill levy being 104 mills, the ad valorem must be
added onto the capitalization rate calculation as it is not being
deducted as an expense on the attached income approach.
•
331630
COST ANALYSIS
In the cost approach to valuation, an estimate is made of the
current cost of replacement or reproduction new of the
improvements. This amount is then adjusted to reflect depreciation
resulting from physical deterioration, wear and tear, and utility,
on the basis of personal inspection and comparison with component
parts of similar new units. This analysis also recognizes factors
of functional and external obsolescence.
Cost of Replacement is defined as the estimated cost to
construct, at current prices, improvements with utility and/or
production capacity equivalent to the improvements being appraised,
using modern materials and current standards, design, and layout.
This estimated cost assumes construction takes place at one time
with current market prices for materials, labor and manufactured
equipment, contractors' overhead and profit, and fees, but without
provision for overtime, bonuses for labor, and premiums for
material or equipment. Fixed items such as pneumatic tube systems
and teller counters have been added to this number.
Cost of Reproduction New is defined as the estimated cost to
construct, at current prices, an exact duplicate, or replica, of
all of the improvements being appraised, using the same materials,
construction standards, design, layout, and quality of workmanship,
and embodying all the subject's deficiencies, superadequacies , and
obsolescence. This estimated cost assumes construction takes place
at one time with current market prices for materials, labor and
manufactured equipment, contractors' overhead and profit, and fees ,
but without provision for overtime, bonuses for labor, or premiums
for material or equipment.
Physical deterioration is a form of depreciation and is the
loss in value resulting from wear and tear in operation and
exposure to the elements.
Functional obsolescence is a loss in value caused by factors
inherent within a building or building equipment unit, such as
charges in construction materials and techniques, which result in
excess capital costs in existing facilities, lack of full use of
space, and inability to expend or update the property.
External obsolescence is an incurable loss in value caused by
negative influences outside the property itself, such as general
economic conditions, availability of financing, or inharmonious
property uses.
The adjusted cost indication is then added to the estimated
market value of the land.
The estimated cost of replacement or reproduction new of the
land improvements and buildings was based on data in the Marshall
& Swift's Cost Estimator Service, adjusted for costs prevailing in
the respective areas. Depreciation is based on the observed '
condition of each facility, with consideration given to the age and
economic life of the improvements and market conditions.
931633
COST ESTIMATE FOR: WELD COUNTY COMMISSIONERS
PROPERTY OWNER: BANC ONE
ADDRESS: 0959-12-1-04-003
SURVEYED BY: JMM/TPS
DATE OF SURVEY:
DESCRIPTION:
OCCUPANCY: BANK
FLOOR AREA: 4, 315 Square Feet AVERAGE STORY HEIGHT: 12.0 Feet
CLASS: C Masonry EFFECTIVE AGE: 17 Years
COST RANK: 2.0 Average CONDITION: 3 .0 Average
NUMBER OF STORIES: 1 . 0 COST AS OF: 06/88
EXTERIOR WALL:
Brick,Block Back-Up 100%
HEATING AND COOLING:
Package Heating & Cooling 100%
OTHER FEATURES:
Bank Equipment
UNITS COST TOTAL
BASIC STRUCTURE COST: 4 ,315 74 . 37 320, 916
BASEMENT:
Storage 4, 315 14.65 63 ,215
BUILDING COST NEW 4, 315 89. 02 384 ,131
EXTRAS:
Paving, Asphalt 22 ,282 1.37 30 ,526
REPLACEMENT COST NEW 414, 657
LESS DEPRECIATION:
Physical Depreciation <13 .0%> <53,905>
Functional Depreciation <10.0%> <41,466>
Locational Depreciation <25.0%> <103 , 664>
Total Depreciation <48 .0%> <199,035>
DEPRECIATED COST 215,622
ROUNDED TO NEAREST $100 215,600
Cost Data by MARSHALL & SWIFT
931633
Breadkdown Method of Esitmating Accrued Depreciation
Type Curable Incurable
Physical Items of deferred Classified
Detererioration maintenance according to short-
and long-lived
Cost to cure items
Functional Physical age-life
Obsolescence method
A. Deficiency 1 . Cost to cure 1 . Capitalization
Requiring over cost if of net income loss
1 . Addition installed new due to deficiency
during construction
2. Substitiution or 2. Cost to cure 2 . Capitalization
Modernization minus remaing value of net income loss
o f existing due to deficiency
components
B. Superadequacy Not included when Capitalizaiton of
base is replacement added costs of
cost ownership (taxes,
insurance ,
maintanance ,
utilities)
External Rarely curable on Capitalization of
Obsolescence part of owner property' s net
income loss due to
external
obsolescence ;
proportionate
allocation to
improvement
931633
DETERMINING ACCRUED DEPRECIATION
Accrued depreciation is the loss from the upper limit of value when
new, of property having a limited economic life, according to
Property Assessment Valuation, IAAO, 1977, page 157. Its measure
is the difference between the current replacement cost new and the
present value of the equipment as of the date of the appraisal.
The causes of accrued depreciation are divided into three
categories.
1. Physical Depreciation (deterioration)
a. Wear and tear from use or from the elements.
b. Negligent care or inadequate maintenance.
c. Damage from moisture, breakage, or fire.
2. Functional Obsolescence
a. Poor plan, design, or style.
b. Mechanical inadequacy or superadequacy.
c. Functional inadequacy or superadequacy due to
size, style, or age.
d. Technological innovation.
e. Changes in manufacturing techniques.
f. Changes in consumer tastes .
3 . Economic Obsolescence
a. Adverse economic conditions .
b. Passage of restrictive legislation.
c. Loss of material or labor sources.
Physical depreciation and functional obsolescence relate to
deficiencies within the property itself. Deficiencies may be
classified as either curable or incurable. They are curable if the
cost to repair, replace, or correct them is economically feasible.
They are incurable if the deficiencies are physically or
economically impractical to repair, replace, or correct.
Economic obsolescence is due to negative forces outside the
property. This type of depreciation is seldom curable and is
generally classified as incurable.
Losses in value due to functional or economic causes are not
related to the actual age of the property but rather to changing
market forces that economic life, i.e. its full life after
maintenance, rather than the actual physical age of the equipment.
Therefore accrued depreciation is based upon economic life rather
than physical life.
Depreciation, as used in appraisal, differs from depreciation as
used in accounting. Accountants are interested in income tax
deduction justification or allocation of the investment made in
assets to various profit centers. In contrast, the appraiser
attempts to estimate the actual value of the asset as of the date
of the appraisal. The appraiser's value seldom reflects the
depreciation schedules used by accountants for income tax purposes.
931633
The appraiser considers and documents all elements of physical,
functional and economic obsolescence as of January 1 each year
before placing a value on personal property.
MEASURE INCURABLE PHYSICAL DEPRECIATION
In order to measure incurable physical depreciation, the assessor
determines the total economic life, the effective age, the
remaining economic life and the appropriate depreciation amount to
apply to the subject property.
To make a supportable estimate of incurable physical depreciation,
the appraiser first determines the correct total economic life of
the equipment being appraised.
Total economic life is the total period of time over which it is
anticipated that equipment can be profitably used. It is described
as the sum of the effective age and the remaining economic life.
Total economic life is usually less than the physical life of the
property. The Economic Life Guidelines (see Addendum A) are
provided to assist in the Estimation of total economic life.
Analysis of field data has indicate that the original estimate of
economic life should be revised. The data used for this appraisal
is defensible, reasonable, and supported by documented evidence.
931633
MARKET DATA ANALYSIS
Sales Comparison Approach
In the sales comparison approach to valuation, similar
properties recently sold or currently offered for sale in the local
market are analyzed and compared with the property being appraised.
Adjustments are made for differences in such factors as time of
sale; location; size, type, age, and condition of the improvements;
and prospective use. The approach has its greatest value in
appraisal situations involving land or improved properties with
common elements and similar amenities.
In the absence of sales with sufficient similarity to allow
direct comparison, other reasonably comparable improved properties
are considered because they provide a range of unit prices within
which the current real estate market is operating and within which
the appraised property would be expected to sell for whatever use
the free market might develop.
931633
USE VALUE
The realities of current real estate and mortgage practices
not only place emphasis on market value, but also require more
frequent consideration of other kinds of value. One of these, use
value, is a concept based on the productivity of an economic good.
Use value is the value a specific property has for a specific use.
Use value focuses on the contributory value of the real estate to
the enterprise of which it is a part, without regard to its highest
and best use or the monetary amount that might be realized upon its
sale. Use value may vary, depending on the managemeny of the
property and external conditions effecting that business or
industry. For example, a manufactoring plant designed around a
particular assembly process may have a "use value" before a major
change in assembly technology and another use value afterward.
When appraising a type of property that is not commonly
exchaged or rented, it may be difficult to determine whether an
estimate of market value or use value is appropriate. Such
properties, called limited market properties, can cause special
problems for appraisers. A limited market property is a property
that has relatively few buyers at a particular time. A special use
property such as as, auto dealership, theater, bowling alley, and
banks are limited market properties that typically appeal to
relatively few potnetial purchasers.
Many limited-market properties include structures with unique
physical design, special construction materials, or layouts that
restrict their utility to use for which they were originally built.
These properties usually have limited conversion potential and,
consequently, are often called special propse or special design
properties.
Limited market properties may be appraised for market value
based on their current use or the most likely alternitive use. Due
to the relatively small market and the length market exposure
needed to sell such properties, there may be little evidence to
support a market value estimate based on their current use.
Nonetheless, if a market exsists, the appraiser must search
deligently for whatever market value is available.
If a property's current use is so specialized that there is no
demonstrable market for it, but the use is viable and likely to
continue, the appraiser may render an estimate of use value. Such
an estimate should not be confused with a market value estimate.
However, it is sometimes necessary to estimate market value in
these situations for legal purposes, i.e. ad valorum taxes. In
these cases, appraisers must comply with the legal requirements,
relying on their judgement rather than direct market evidence.
931633
UTILITY
Utility is tha ability of a product, service or property to
satify a human want, need, or desire. All properties must have
utility to tenants, owner-investors, or owner-occupants. Usually,
the value of amenities is related to their desirability and utility
to the owner-occupant, but their value can also be converted into
income in the form of rent. The benefits from income-producing
properties can usually be measured in cash flow. The influence of
utility on value depends on the characteristics of the property.
Size utility, design utility, location utility and other specific
forms of utility can significantly influence property value.
931633
PHYSICAL CHARACTERISTICS OF LAND
In site description and analysis, an appraiser describes and
interprets the value influences of all physical characteristics of
the site, including the physical relationship of the improvements
to the land and to the neighboring properties. Important physical
characteristics include site size and shape, corner influences,
plottage, excess land, topography, utility, site improvements,
location, and environment.
SIZE AND SHAPE
A size and shape description includes a site's dimensions,
street frontage, width, and depth, and sets forth any advantage or
disadvantage caused by these physical characteristics. The effects
of the size and shape of a property may effect its "highest and
best" use, for development.
Often, a site that is larger or smaller than normal will not
have the same square foot value as neighboring sites. Size
differences can affect value from an ideal or optimum size and
frontage-to-depth ratio, an appraiser should recognize value
tendencies when appraising sites of unusual size or frontage-to-
depth ratios.
EXCESS LAND
The portion of a property's land area that represents a
typical land-to-building ratio with the existing improvements may
be considered an economic unit. Excess land, in regard to an
improved site, is the surplus land not needed to serve or support
the existing improvement. In regard to a vacant site or a site
considered as though, excess land is the land not needed to
accommodate the site's highest and best use. Such excess land may
have its own highest and best use or may allow for future
expansion.
EXISTING USE
The existing use is not the highest and best use of a site
provided by the improvement is inconsistent with the changes in
neighborhood use patterns, or industry changes. In such cases, the
appraiser should apply consistent use criteria when valuing the
land and improvements. Highest and best use may indicate multiple
uses for a parcel of land or a building. In multiple use
situations, the appraiser estimates the contributory value of each
use, making sure that the sum of the individual values does not
exceed the value of the total property.
931633
TAX PROFILE SERVICES, INC.
ASSUMPTIONS AND LIMITING CONDITIONS
No responsibility is assumed for matters legal in nature. No
investigation has been made of the title to or any liabilities
against the properties appraised. The appraisal presumes, unless
otherwise noted, that the owner's claim is valid, the property
rights are good and marketable, and there are no encumbrances which
cannot be cleared through normal processes.
To the best of our knowledge, all data set forth in this
report are true and accurate. Although gathered from reliable
sources, no opinions , or estimates identified as being furnished by
others which have been used in formulating this analysis.
Land areas and descriptions used in this appraisal were
obtained from surveys or public records and have not been verified
by legal counsel or a licensed surveyor.
No soil analysis or geological studies were ordered or made in
conjunction with this report, nor were any water, oil , gas, coal ,
or other subsurface mineral and use rights or conditions
investigated.
Substances such as asbestos , urea-formaldehyde foam
insulation, other chemicals , toxic wastes, or other potentially
hazardous materials could, if present, adversely affect the value
of the properties. Unless otherwise stated in this report, the
existence of hazardous substances, which may or may not be present
on or in the properties, was not considered by the appraiser in the
development of the conclusions of value. The stated value estimate
is predicated on the assumption that there is no material on or in
the properties that would cause such a loss in value. No
responsibility is assumed for any such conditions, and the client
has been advised that the appraisers are not qualified to detect
such substances, quantify the impact on values, or develop the
remedial cost.
We have made a physical inspection of the properties and noted
visible physical defects, if any, in our report. This inspection
was made by individuals generally familiar with real estate and
building construction. However, these individuals are not
architectural or structural engineers who would have detailed
knowledge of building design and structural integrity.
Accordingly, we do not opine on, nor are we responsible for, the
structural integrity of the properties including their conformity
to specific governmental code requirements, such as fire, building
and safety, earthquake, and occupancy, or any physical defects
which were not readily apparent to the appraisers during their
inspection.
The value or values presented in this report are based upon
the premises outlined herein and are valid only for the purpose or
purposes stated.
931633
TAX PROFILE SERVICES, INC.
CERTIFICATE OF APPRAISER
I certify that, to the best of my knowledge and belief:
The statements of fact contained in this report are true and
correct.
The reported analyses, opinions, and conclusions are limited
only by the reported assumptions and limiting conditions, and
represent the unbiased professional analyses, opinions, and
conclusions of Tax Profile Services, Inc.
Tax Profile Services, Inc. , has no present or prospective
interest in the property that is the subject of this report,
and has no personal interest or bias with respect to the
parties involved.
The analyses, opinions, and conclusions were developed, and
this report has been prepared, in conformity with the
requirements of the Uniform Standards of Professional
Appraisal Practice and the Code of Professional Ethics and the
Standards of Professional Practice of the American Institute
of Real Estate Appraisers.
The use of this report is subject to the requirements of the
American Institute of Real Estate Appraisers relating to
review by its duly authorized representatives.
I have made a personal inspection of the property that is the
subject of this report.
Anyone providing significant professional assistance is
identified on the signature page of this report.
J_f. r-3 M. Monroe
931633
PIN: 2129386
PARCEL: 0959-12-1-04-003
PROPERTY OWNER: WEST GREELEY NATIONAL BANK
ADDRESS: 1001 27 AVENUE, GREELEY
OCCUPANCY: BANK
QUALITY OF CONSTRUCTION: AVERAGE
CONDITION: GOOD
YEAR OF CONSTRUCTION: 1971
BANK
AREA LEASABLE 4,315
RENT PER S.F. 12.00
POTENTIAL GROSS INCOME 51,780
LESS VACANCY 0%
EFFECTIVE GROSS INCOME 51,780
LESS EXPENSES 35%
NET OPERATING INCOME 33,657
OVERALL CAP RATE .115
ESTIMATE OF VALUE 292,670
TOTAL ESTIMATE OF VALUE 292,670
292,670/4,315 = $67.83 PSF
TYPICAL LAND/BUILDING RATIO 1:4
BLDG SIZE 4315 SF X 4 = 17260 SF LAND NEEDED
TOTAL LAND 81,783 SF
LAND NEEDED - 17,260
64,523 SF
64,523 SF X 5.00 = 322,615
+ CAPITALIZED VALUE 292,670
TOTAL EST. OF VALUE 615,285/LAND 81,783 SF = $7.52 PSF
931633
26-Mar-93
BANK SALES PRICE/
SALE SALE BLDG LAND L/B PRICE/ SF CONSI
COUNTY ADDRESS DATE PRICE YOC AREA AREA RATIO SF W/0 LAND CLASS
1 BOULDER 1610 HOVER RD LONGMONT 12/17/91 $850,000 12,015 38265 3.18* 70.74 54.82 C
2 BOULDER 304 2 AV LYONS 1/8/90 $350,000 1983 2,570 31740 12.35 136.19 99.14 S
3 BOULDER 1930 N MAIN ST LONGMONT 1/15/89 $227,500 1976 2,305 25516 11.07 98.70 62.73 D
4 BOULDER 3033 IRIS AV BOULDER 6/28/88 $1,450,000 1976 11,248 91098 8.10 128.91 62.72 C
5 LARIHER 2525 N LINCOLN FT COLLNS 1/87 $214,900 1973 3,340 25700 7.69* 64.34 45.10 D
6 JEFFERSON 7575 W 44 AVE 8/25/89 $550,000 1973 6,625 23800 3.59* 83.02 68.65 C
7 ARAPAHOE 2305 S COLO BLVD 6/30/69 $640,000 1966 8,873 23400 2.64* 72.13 C
8 ARAPAHOE 5050 S FEDERAL BLVD 1/12/90 $1,124,900 1977 10,986 40442 3.68* 102.39 C
9 JEFFERSON 12340 W ALAMEDA PIWY 7/20/90 $1,321,000 1984 15,812 50835 3.21* 83.54 C
10 ARAPAHOE 5050 S BROADWAY 8/22/89 $870,900 1982 10,081 79275 7.86* 86.39 C
11 WELD 1041 MAIN WINDSOR 11/30/90 $492,000 1982 4,363 58370 13.38 112.77 86.01 D
12 WELD 1000 10 ST GREELEY 12/7/87 $1,575,000 1974 17,042 76000 4.46* 92.42 76.81 B
13 WELD 3690 W 10 ST GREELEY 10/28/85 $1,500,000 1981 11,094 142775 12.87 135.21 83.74 C
14 WELD 822 14 ST GREELEY 1/2/91 $625,000 1973 6,180 70785 11.45 101.13 68.77 D
15 WELD 1800 GREELEY MALL 12/12/88 $450,000 1973 6,530 44110 6.75* 68.91 62.16 C
16 WELD 213 1 ST EATON 7/31/91 $90,000 1926 2,080 2250 1.08* 43.27 41.10 C
17 ADAMS 112 HURON ST BRIGHTON 10/89 $909,300 1977 14,528 115062 7.92 62.59 42.79 C
18 ADAMS 8410 UMATILLA ST BRIGHTON 8/89 $746,800 1982 8,326 48858 5.87 89.69 73.53 C
AVERAGES 4.41 91.11 67.44
*INCLUDED IN RATIO
yh t
931
BANK LEASES
BANK NAME & BLDG RENTAL LEASE
ADDRESS AREA RATE START
1 CENTRAL BANK 11,094 14.71 NET 11/85
3690 W 10 ST
GREELEY
2 UNION COLONY BANK 23,884 10.05 NET 7/86
1701 23 AV
GREELEY
3 BANK OF WINDSOR 4,080 15.44 NET 5/85
1041 MAIN ST
WINDSOR
4 NORLARCO BANK 4,588 17.00 GROSS UNK
2545 RESEARCH BLVD
FT. COLLINS
5 NORWEST BANK 6,500 13.00 NET UNK
6500 JFK PARKWAY
FT. COLLINS
6 FT. COLLINS 1ST IN 3,190 11.76 NET UNK
2701 S COLLEGE AV
FT.COLLINS
7 VALLEY NAT'L BANK 7,744 13.11 NET UNK
1 VALLEY CENTER
LOVELAND
8 NOR COLO S & L 3,200 7.31 NET 1986
3700 W 10 ST (CONVERTED FROM S & L
GREELEY TO OFFICE)
931633
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LAND SALES
LEGAL SALE DATE SALE PRICE SIZE PRICE/SF LOCATION
SUBJECT:
095912104003
WEST GREELEY
BANK,
2600 W 10 ST
COMPARABLES: 81,783
095902400001
1 TACO BELL
3501 W 10 ST 12/8/92 752,500 62,742 11.99 GREELEY
096106324004
2 AUTO ZONE
2220 9 ST 06/20/90 285,000 39,962 7.13 GREELEY
095911124014
3 MINI MART
1001 39 AV 12/21/88 318,600 30,000 10.62 GREELEY
095912209017
4 DARE CO
1002 35 AV 09/3/85 207,000 16,512 12.54 GREELEY
095912104016
5 SOUTHLAND
2540 W 10 ST 04/17/84 225,000 22,500 10.00 GREELEY
095901415004
6 WESTWOOD BLDG
2627 W 10 ST 11/22/85 200,000 26,345 7.59 GREELEY
931633
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CO 80632
TAX AREA 0600 .089854 8007
DATE LAST ASSESS 04/24/1992
LAST ASSESS LAND 116210
LAST ASSESS BLDGS 28790
TOTAL LAST ASSESS 145000 hx
WELD COUNTY ASSESSOR ATIBR250
PROPERTY SUMMARY
PIN: 2129386 APPRAISAL YEAR 1993
BLDG OCCUPANCY RCN RCNLD
X 001 BANK 0 99,264
IMPS TOTAL 0 99,264
COMMERCIAL LAND TOTAL 400,736
LAND AND IMPS TOTAL 500,000
*t* tttttttttttttttatttttttttttttx ttt#tttttn*** ***motto**
PF1: SELECT (CUR) PF4: TEST/UPDATE (CUR) PF7: INQ SUED LAND PF10: PLOC
PF2: INQUIRE (CUR) PF5: PROFILE PFB: CONTINUE PF11: PARC
PF3: UPDATE (CUR) PPS: INQ FARM LAND PF9: RESTART PF12: MENU
MESSAGE:
T- a A o-o001 06/004
PARC TP: R PARCEL INQUIRY ASSMT YR: 1993 ATIIN022
PIN: 2129386 PARC: 095912104003 LAST UPDATE: 07/29/1991
WEST GREELEY NATIONAL BANK ACTIVE ON: 09/16/1986
INACTIVE ON: / /
MAPS:
P 0 BOX 1423
GREELEY 2130 116210
PRIOR YEAR ASSESS 145000 TOT LAND 116210
REC DT DEED TP
NUMBER WOL
DOC FEE 0.00
2230 28790
GR 17534E PT TR A GREELEY PLAZA (PT NE4 12 5 66) TOT BLDGS 28790
BEG N89D54'E 664.44' & S00D06"E 80' FROM NW COR TOTAL VALUE 145000
PF3: PROFILE PF5:LEGALS PF7:NEXT PARCEL PFII:MENU
PF4: OWNERS PF6:DOC MIST PF10:PLOC PFI2:REAL
MESSAGE:
.B a A o-0001 01/016
931633 9
WELD COUNTY ASSESSOR ATIUP24B
APPR YEAR 1993 COMMERCIAL COST SUMMARY
PIN: 2129386 BUILDING NUMBER 001 PROPERTY TYPE C
OCCUPANCY 721 BANK
STYLE 721 BANK SEQ 00 CLASS D QUAL 40 0
USAGE 00 USAGE MOD 00
BASE CPSF 59.53 TOTAL LIMITED IMPS 448,524.60
HEATING/COOLING .00 CURRENT .9900
ELEVATOR .00 LOCAL 1.0000
MISC ADJ .00 1.0000 BASE YEAR 1.0000
ADJ BASE CPSF 59.53 RCN 444,039.
WALL MULT 1.0000 DEPREC .1200 53,284.
STORY MULT 1.0000 CORD .0000 ADJ .0000
AREA MULT 1.0460 ECON .0000
REF BASE CPSF 62.26 FUNCT .0000
FLOOR AREA* 4,315.00 DEPRECIATED COST 444,039.
SQ FT COST 268,651.90 LANDSCAPING .00
ADDITIONAL COST* .00 LUMPSUM PREY DEP .00
LUMPSUM N/DEP 179,872.70 CPSF; RCNLD 90.56 390,755.
CPSF; AV 23.00 99,264.
PF9: LUMPSUM PF11: SPECIFIC
PF6: MENU PF10: BASE PF12: DETAIL
1B' a A o-o001 01/002
931633
PRESCRIPTIVE EASEMENT
A right to use another's property which is not inconsistent
with the owner's rights and which is acquired by a use, open and
notorious, adverse and continuous for the statutory period.
To a certain extent, it resembles title by adverse possession but
differs to the extent that the adverse user acquires only an
easement and not title. To create an easement by "prescription, "
the use must be open, continuous, exclusive,and under claim of
right for statutory period.
931633
COMPARABLE SALE
208 IMMO urs
�;.
PIN: 1448686 PARCEL #: 80720115029
OCCUPANCY: BANK
ADDRESS: 1041 W MAIN ST WINDSOR
PROJECT: 0
BOOK #: 1283
SALE DATE: 11/30/90 RECEPTION #: 2234556
SALE PRICE: $492, 000 ADJ SALE PRICE:
GRANTOR: BANK OF WINDSOR INVESTMENT
GRANTEE: BANK OF WINDSOR
YEAR BLT: 1982 LAND/BLDG RATIO: 13 . 38
BLDG SIZE: 4 , 363 IMPS PRICE/PSF: $86 .01
CLASS: D SALE PRICE/PSF: $112 . 77
CONSTRUCTION-QUAL: GOOD CASH DOWN: $492 , 000
WALL HEIGHT: 14 LOAN: 0
STORIES: 1 INTEREST RATE: 0.0%
BSMT SIZE: 0 LOAN TERM (YRS) : 0
LAND SIZE: 58370 POINTS PAID: 0
LAND VALUE: 116740 BY WHOM: 0
REMARKS: PREVIOUS SALE 5/85 $400, 000
931633
COMPARABLE SALE
209
» .—.o1
A' JY � `'va'T'L.'re-a
/1"' " / (
Y 7Mf ~
PIN: 0071688 PARCEL #: 96105333008
OCCUPANCY: BANK
ADDRESS: 1000 10 ST GREELEY
PROJECT: 0
BOOK #: 1179
SALE DATE: 12/07/87 RECEPTION # : 2123804
SALE PRICE: $1, 575,000 ADJ SALE PRICE:
GRANTOR: UNITED BANK OF GREELEY
GRANTEE: CITY OF GREELEY
YEAR BLT: 1974 LAND/BLDG RATIO: 4. 46
BLDG SIZE: 17,042 IMPS PRICE/PSF: $76 .81
CLASS: C SALE PRICE/PSF: $92. 42
CONSTRUCTION-QUAL: GOOD CASH DOWN: $1 , 575,000
WALL HEIGHT: 20 LOAN: 0
STORIES: 2 INTEREST RATE: 0 . 0%
BSMT SIZE: 9503 LOAN TERM (YRS) : 0
LAND SIZE: 76000 POINTS PAID: 0
LAND VALUE: 266000 BY WHOM: 0
REMARKS: BLDG WAS BANK NOW CITY COMPLEX. SALE DID NOT
INCLUDE DRIVE-UP BANK FACILITIES
931633
COMPARABLE SALE
215
NO
PIN: 0085388 PARCEL #: 95911116023
OCCUPANCY: BANK
ADDRESS: 3690 W 10 ST GREELEY
PROJECT: 0
BOOK #: 1089
SALE DATE: 10/28/85 RECEPTION #: 2030143
SALE PRICE: $1,500,000 ADJ SALE PRICE:
GRANTOR: CENTRAL BANCORP
GRANTEE: HEIMICK RICHARD
YEAR BLT: 1981 LAND/BLDG RATIO: 12. 87
BLDG SIZE: 11,094 IMPS PRICE/PSF: $83 .74
CLASS: C SALE PRICE/PSF: $135. 21
CONSTRUCTION-QUAL: AVG CASH DOWN: $0
WALL HEIGHT: 28 LOAN: 0
STORIES: 2 INTEREST RATE: 0.0%
BSMT SIZE: 5547 LOAN TERM (YRS) : 0
LAND SIZE: 142775 POINTS PAID: 0
LAND VALUE: 571000 BY WHOM: 0
REMARKS: 1 FLR BANK 5547 SF; 2ND FLR OFFICE 5547 SF
BSMT BANK 5547 SF. CANOPY 1625 SF. BANK
LEASE 14.71 NET, OAR 10.88%
931633
COMPARABLE SALE
1011
i , ' j. •
t, .;. t t
li
at
11
tl M; 4 ks
wen IL
"r'�Fi.
•
PIN: 0134291 PARCEL #: 961082210010
OCCUPANCY: BANK
ADDRESS: 822 14 ST
GREELEY
SALE DATE: 01/02/91
SALE PRICE: $625,000
GRANTOR: BANK OF GREELEY
GRANTEE: HOUSEL, JERRY ETAL
CONSTRUCTION-QUAL: 0
PR/SF(IMPS) : $68 .77 BLDG SIZE: 6,180
PR/SQ FT: $101 .13 YEAR BLT: 1973
LAND SIZE: 70,785 CLASS: C
LAND VALUE: $200,000 WALL HEIGHT: 10
LAND/BLDG RATIO: 11.45
REMARKS: INCLUDES 4 BAY DRIVE UP AND STORAGE BLDG
16X16= 256SF APPRAISER VALUE $1,000
NET RENT $12.82 PSF 15 YEAR LEASE
931£33
COMPARABLE SALE
183
Y x„ t -
i
ti
odor
.a_
PIN: 3761286 PARCEL # : 96119200023
OCCUPANCY: BANK
ADDRESS: GREELEY MALL 1800
GREELEY
SALE DATE: 12/12/88
SALE PRICE: $450,000
GRANTOR: COLORADO NATIONAL PROPERTY
GRANTEE: FIRST NATIONAL BANK BLDG SIZE: 6,530
CONSTRUCTION-QUAL: AVG YEAR BLT: 1973
PR/SF(IMPS) : $62.16 CLASS: C
PR/SQ FT: $68. 91 WALL HEIGHT: 14 FT
LAND SIZE: 44,110
LAND VALUE: $44,110
LAND/BLDG RATIO: 6.75
REMARKS:
931633
COMPARABLE SALE
1041
Pr*
•✓ 'Cr.G.rode.Zdadua(y/ant
•
•
reekw4 . .- ..
PIN: 0955786 PARCEL #: 70931319020
OCCUPANCY: OFFICE
ADDRESS: 213 1 ST
EATON
SALE DATE: 07/31/91 -
SALE PRICE: $90,000
GRANTOR: BOWNESS, WM TRUST
GRANTEE: COLO INDUSTRIAL BANK
CONSTRUCTION-QUAL: 0
PR/SF(IMPS) : $23.73 BLDG SIZE: 3 ,660
PR/SQ FT: $24. 60 YEAR BLT: 1926
LAND SIZE: 2 ,250 CLASS: C
LAND VALUE: $3 , 150 WALL HEIGHT: 14
LAND/BLDG RATIO: 0 . 61 BSMT SIZE: 1560
REMARKS: BLDG INTERIOR REMODELED 1981. AT SALE NET
LEASE $1,000/MO($2 .80 PSF) . 1 FLR 2080 SF +
BSMT OFFICE 1580 SF=3660 SF
•
931633
AS0026
931633
FILE CONTAINS PHOTOS - PLEASE
SEE ORIGINAL FILE
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