HomeMy WebLinkAbout910910.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO
PETITION OF:
WHEELER JOHN R P DBA CACHE INVESTMENT CO &
WHEELER PARTNERSHIP
812 8 ST
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: PIN: R 3675086 PARCEL: 096118417016 - GR 6360 ALL
BLK 20 4TH FARRS ALSO BLK A FARRS (HILLSIDE SHOPPING CENTER)%2533 11 AV%
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
organized 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 1991, 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 1991, claiming that the property described in
such petition was assessed too high, as more specifically stated in said
petition, and
WHEREAS, said petitioner being present, and
WHEREAS, the Board has made its findings on the evidence, testimony and
remonstrances and is now fully informed.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, acting as the Board of Equalization, that the evidence presented at the
hearing clearly supported the value placed upon the property by the petitioner.
As such, this Board finds that the petitioner partially met the burden of proving
that the Assessor's valuation was incorrect. The assessment and valuation of the
Weld County Assessor shall be, and hereby is, adjusted as follows:
910910
Page 2
RE: BOE - WHEELER JOHN R P DBA CACHE INVESTMENT CO &
ORIGINAL ADJUSTED
Land $ 962,012 $ 721,509
Improvements OR
Personal Property 1,263,336 1,228,491
TOTAL ACTUAL VALUE $ 2,225,348 $ 1,950, 000
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:
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)
910910
Page 3
RE: BOE - WHEELER JOHN R P DBA CACHE INVESTMENT CO &
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)
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 arbitrator's 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 arbitrator's 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.
910910
Page 4
RE: BOE - WHEELER JOHN R P DBA CACHE INVESTMENT CO &
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 9th day of August, A.D. , 1991.
`/�' BOARD OF COUNTY COMMISSIONERS
ATTEST: gays WELD COUNT , C LORADO
Weld County Clerk to the Board (NAY)
Gordo a y rman
By: / EXCUSED
Deputy lerk to the a d Geor/ga Kennedy, Pro-Tem
APPROVED AS TO FORM: / 4Q1L-12,2(1,c-L2-.aciV,,e(AYE)
Constance L. Harbert
(AYE)
A sis1 County Attorney C. W. Kir y
4,W42.7)71aq� (AYE)
W. Hbster
910910
BOE DECISION SHEET
PIN #: R 3675086 PARCEL //: 096118417016
WHEELER JOHN R P DBA CACHE INVESTMENT CO &
WHEELER PARTNERSHIP
812 8 ST
GREELEY, CO 80631
HEARING DATE: August 9, 1991 TIME: 10:30 A.M.
HEARING ATTENDED? ON) NAME: ��� ppp0�
AGENT NAME: � SC �� wed J
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL ADJUSTED
Land $ 962012 $ 7 a1� S09
Improvements OR
Personal Property 1263336 �� 4,3gi V9/
Total Actual Value $ 2225348 $ I ) ct f�J fjnr)
COMMENTS: 1
MOTION BY C' A-\ TO A d \�,��•� �/� 9so� C)OO
SECONDED BY "R.J/ ��VJJ Lacy (Ye
Kennedy (Y/N)
Failed to meet burden of proof Harbert dim/N)
Comparables inadequate Kirby se N)
Assessor's data unchallenged Webster 0./N)
Other:
RESOLUTION N0. 910910
A a if rl i f;. ‘., ..�[ '..
\1 915 1011181'111 I
GREET 11',COLORADO 80621
NOTICE OF DENIAL 1 IONI 13031356-4(100 1 X1 4256 GR ALL 8LIC 2C 4TH RRS ALSO 'ILK A
wine FARRS6(HILLSIDE SHOPPING ACENTER I}2533 1I AW%
COLORADO
2533 11 AV GREELE 0 .
OWNER WHEELER JUHN k P DOA CACHE INVESTPIA'T
I n VV_
WHEELER JOHN R P BRA CACHE INVESTMENT CO 6 PARCEL C96118`t4I-TU16t
PIN R 367fi0:86' .�
WHEELER PARTNERSHIP = s _
812 8 ST YEAR 1991 s"�
GREELEY CO 80631 LOG C3261 �n
05/29/1991
The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assessor has determined
that your property should be included in the following category(ies):
Residential property is valued by considering the cost and market approaches.
Agricultural land value is determined solely by the earning or productive capacity of the land, capitalized at a rate set by law.
Producing mines are assessed at 25%of the gross proceeds or 100% of the net proceeds,whichever is greater.
Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas sold or transported from the premises on
primary production;secondary production is valued at 75%.
All other property, including vacant land, 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 deter-
mined the valuation(s) assigned to your property. The reasons for this determination of value are:
THE ASSESSORS STAFF HAVE REQUESTED INFORMATION WHICH IS PERTINENT
AND CRITICAL TO PROPER EVALUATION OF YOUR PROPERTIES VALUE. DELAUSE
WE HAVE NOT RECEIVED THIS INFORMATION WE HAVE NO CHOICE bUT TO DENY
ANY ADJUSTMENTS ON THIS PROPERTY UNTIL THE NECESSARY INFORMATION IS
FzECE.WED•
TIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATIC TIMATE ACTUAL VALUE ACTUAL VALUE
VALUE PRIOR TO REVIEW AFTER REVIEW
LAND 962, 312 962 C;1 2.
IMPS 1264 336 132.632336
--_---- -- TOTALS $ $ 2,225,346$ 2a225s348J
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,
391-106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
By. WARREN L. LASELt 4'/,;?191 _
-
-
WELDCOUNTYASSESSOR DATE 91.031LL0 61
Form PR--207-e/iei ADDITIONAL INFORMATION ON REVERSE SIDE
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Beard of Equalization will sit to hear.appeals begirining July 1 and continuing through August 10 for.
real property (land and buildings) artd,ipersonai 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, mail or deliver one copy of this completed form to the County
Board of EquA'zatibn. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON
OR BEFORE.)IULY 15.
WELD COUNTY BOARD OF EQUALIZATION
. i :i t -• , :915 10th Street, P.t?: Box 758 ,, ., ;
. } Greeley, Colorado 80632
Telephone (303) 350...4000, Ext. 4225 _ ,
NOTIFICATION OF FEARING � " "
You will be notified of the time and place set for the hearing of your appeal.
COUNTY BOARD OF EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days. The County Board must conclude their hearings by August 10.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
If you are not satisfied with the County Board of Equalization's decision, you must file within thirty days of the
County Board of Equalization's decision to 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
r ; s Telephone.(303.).356.40.00, Ext. 4520
•
C. . . . • _ /arbitration ; • t ,
WEI.D COUNTY BOARC70F EQU'ALIZA'TCON ' • , '
. 3 i4 . , i J15 10th Street, P.O.'Box 758 ' . ._ . >
Greeley, Colorado 80632_
Telephone (303) 356-40010, 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 18,
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.Attach additional documents as
nesepsary, _ 1 ,
Disagree with the reason for denial until the necessary information is received. Your Office
•hassbeer* furnish'ed as rtruch information as is proper and meet the law. You cannot take statements
that we used for income tax purposes and other valuations because you don 't take into account
improvements that were made during the year, additions, etc. and it is impossible to do it any
different than that way.
One huge discrepancy is the value of the land in relation to the improvements. Using your
asvessed vaIuatioit,'•al4 of these properties are under improved. The ratio of land to
improvements should not exceed 20%. In this case, you are at least 40% to 43% over the •
land to va ue ratio. 91Qi10
7.14yi
s„-;NA,iiFIE OF PEliTtONER DATE
COMPARABLE SALES - UNIMPROVED REAL ESTATE
Date Sales Bldg. Price Parcel
Property Sold Price ize Per So.Ft. Size
35th Ave. & 1989 $283,140 $ 1.00 6.5 Acres
Hwy 34 Bypass
(Ghent Chevrolet)
Stampede Toyota Current $224,000* $ 1.00 4+ Acres
35th Ave & 34
Bypass
Westlake Shpg. 1990 $1 Million $ 1.37 17 Acres
Center - 20th
St. & 35th Ave.
Pepe O'Toole's Comparable. Even though our property (Pepe O'Toole's) is improved,
Restaurant the vacant land (30,000 sq. ft.) directly to the east of our property
(11th St. Rd. & owned by Dr. Sprague has been on the market for over ten years and
28th Avenue) they haven't been able to get an offer of $50,000 for the land.
Assessed Valuation: $162,000 for .90 acres = $4.13 per Sq. Ft.
* Toyota bought 2 acres from Ghent Chevrolet for ($224,000 or $1.00 per Sq. Ft.) as well as
2 acres from Wheeler Management Group for $224,000 or $1.00 per Sq. Ft.)
e
910310
IMPROVED SALES DATA SUMMARY
Date Sales Bldg. Price Parcel
Property Sold Price Size Per S/F Size
6400 Wadsworth 1985 $3.2M 128,681 $ 24.97 10.1 Acres
Castle Rock 1991 $3.6M 120,000 $ 30.00 15 Acres
East Hampden 1990 $l.lM 142,235 $ 15.47 II Acres
Pepe O'Tooles Current $160,000 6,500 .90 Acres
Income Approach @
12% Cap Rate
IMPROVED CENTERS - USING YOUR ASSESSED VALUATIONS:
Hillside Center Current $2,225,348 60,000 $ 37.00 5 Acres
Hillside Mall Current $7,173,823 200,000 $ 36.00 22+ Acres
Bittersweet Plaza Current $4,712,978 110,000 $ 42.00 l0+ Acres
IMPROVED CENTERS - ASSESSED VALUATION - SITE ONLY:
Hillside Center 1991 $ 962,000 $ 4.58 5 Acres/
217,000 Sq.Ft.
Hillside Mall 1991 $3,200,000 $ 4.03 22 Acres/
871,200 Sq.Ft.
Bittersweet Plaza 1991 $1,940,000 $ 4.50 10 Acres/
435,650 Sq.Ft.
91.0910
PROPERTY INCOME APPROACH
County: Weld Owner: John R. P. Wheeler
Parcel#:3675086
Property Address: Hillside Center
2533 11th Ave.
Greeley, Colorado
Potential Gross Income: $365,070
Other Income:
Total Gross: $365,070
Vacancy/Collection Loss: 73,014
(20% Typical)
Adjusted Gross: 292,056
ALLOWABLE EXPENSES:
Direct: 102,220
(35% Typical)
Other:
Total Expenses: 102.220
Net Income: 189,836
INCOME / RATE - VALUE
$ 189,836 / 12.00/0 _ $ 1,582,000
910910
HILLSIDE CENTER
TENANT NAME SOUARE FEET BASE RENT
Starr Pharmacy 4,752 1,250.00
The Dugout 1,950 1,331.25
Amber Tans 960 600.00
Leather Bench 1,200 500.00
Hillside Auto 5,500 3,094.00
Gordon's Liquor 10,000 2,946.67
Video USA 3,000 825.00
Ocean Wearhouse 3,000 1,375.00
Stockfleth 4,000 1,666.67
Hillside Barber 612 262.75
The B's Store 930 582.50
Clark's Photo 1,400 641.00
Bennett Cleaner 450 293.75
The Firm 9,523 2,524.00
Midwest School 4,200 1,750.00
Flower Shack 0 1,000.00
Hardees 4,200 6,468.67
Smiling Moose 4470 3.311.25
Totals 60,147 51Q,Mill,
(itif is& \ lag CLERK TO THE BOARD
P.O.80X 758
GREELEY,COLORADO 80892
(3091388.4000 EXT.4223
O
COLORADO
July 18. 1991
Parcel No. : 096118417016 PIN No. : R 3675086
WHEELER JOHN R P DBA CACHE INVESTMENT CO &
WHEELER PARTNERSHIP
812 8 ST
GREELEY, CO 80631
Dear Petitioner(s) :
The Weld County Board of Equalization has set a date of Friday, August 9,
1991, at or about the hour of 10:30 A.M. , to hold a hearing on your
valuation for assessment. This hearing will be held at the Weld County
Centennial Center. 915 10th Street, Greeley, Colorado, in the First Floor
Hearing Room.
You have a right to attend this hearing and present evidence in support of
your petition. The Weld County Assessor will be present before the Board.
The Board will make their 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 10, 1991, and mailed to you on or before
August 16, 1991.
Because of the volume of cases before the Board of Equalization, all cases
shall be limited to 15 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.
9jC910
WHEELER JOHN R P DBA CACHE INVESTMENT CO & - R 3675086
Page 2
At least two (2) working days prior to your hearing the Assessor will have
available, at your request, the data supporting his valuation of your
property.
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
k�iettek
Donald D. Warden,
Clerk to the Qoard
BY:
arol A. Harding, D
cc: Warren Lasell, Assessor
PROPERTY: HILLSIDE SHOPPING CENTER - 25th Street & 11th Avenue, Greeley, CO
Square Footage: 238,700 Square Feet
Assessed Value:
Sq.Ft. Sq.Ft. Sq.Ft.
1990 Land: $481 ,006 $ 2.01 Improvements: $1 ,039,005 $18.66 Total: $1 ,520,000 $ 27.30
1991 Land: $962,012 $ 4.03 Improvements: $1 ,263,336 $22.69 Total: $2,225.336 $39.97
% Of Increase - Site: 100%
% of Increase - Improvements: 22%
Comparables: - Site & Improvements
Sale Price Sale
Per Sq.Ft. Date
(1) 6400 Wadsworth $ 24.97 7/90
(2) Castle Rock $ 30.00 6/91
(3) East Hampden $ 15.47 3/91
SUBJECT PROPERTY:
Income (Gross) $ 328,642
Expenses
Taxes 31 ,280
Insurance 10,969
Management Fee 18,735
Vacancy - 5% 16,500
Maintenance - 5% 16,500
C.A.M. 18,613
Miscellaneous 28,592 $ 14.1 , 189
Net $ 187.,453
N0I @ 12% Cap Rate $1 ,562, 108
Sale Per N0I $ 29.60
EXHIBIT
8Iq rt- P� .
91:0910
11
ISALE NO. 7
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Photograph Taken in May 1991 Sfe-.2zX ,2_,!
PNAME: The Market at Platte Canyon
LOCATION: 5950 South Platte Canyon Road, Littleton, CO
IDATE OF CONSTRUCTION: 1980-1981
TYPE OF CONSTRUCTION: Precast panel and frame
IQUALITY/CONDITION:
LAND AREA: 5.06 acres, or 220,414 square feet
GROSS BUILDING AREA: 43,406 square feet
ILAND TO BUILDING RATIO: 5.08:1
iGRANTOR: Metropolitan Life Insurance Company
GRANTEE: Colorado & Santa Fe Partners VI
IRECORDING INFORMATION: Book 5868, Page 477, Arapahoe County, CO
DATE OF SALE: February 12, 1990
ISALES PRICE: $500,000
CASH EQUIVALENT PRICE: 5500,000
I
I
Sale Number 7
Page 2
FINANCING: Omnibank Southeast financed S450,000, at United Bank of Denver
prime plus 1 percent, due February 8, 1991.
SALES PRICE/SQ. FT.: 511.52
CASH EQUIVALENT PRICE/SF: 511.52
GROSS INCOME: n/a
GROSS INCOME MULTIPLE: n/a
NET OPERATING INCOME: n/a
OVERALL CAPITALIZATION RATE: n/a
EQUITY DIVIDEND RATE: n/a
REMARKS: This sale involves a multi-tenant retail center, consisting of four
structures, located on the corner of Bowles Avenue and Platte Canyon
Road. There are twelve tenant spaces in the main building,four spaces
in the building to the south of the gas station,and one space in each of
the other two buildings. Current tenants include Molly Brown Food
and Spirits,a dentist's office, the leasing office for the center,a barber,
a child care center, Senor Frog's restaurant, and the Colorado Frame
Company. When inspected, 11 of the 18 spaces were vacant. The
buyer has purchased other distressed centers in the Denver area during
the past several months. He indicated that his methodology is to
analyze existing leases and the strength of the tenants,discount leases
that are above market rates to market, and capitalize the net operating
income to present value.
CONFIRMED: With Mr. Marcel Arsenault (buyer), 5/91
I
I SALE N0. 1
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Photograph Taken in May 1991
INAME: Fairlanes
LOCATION: 6400 Wadsworth Boulevard, Arvada, CO
IDATE OF CONSTRUCTION: 1985
TYPE OF CONSTRUCTION: Masonry
IQUALITY/CONDITION: Above average/average
LAND AREA: 10.153 acres, or 442,265 square feet
GROSS BUILDING AREA: 128,681 square feet
ILAND TO BUILDING RATIO: 3.44:1
IGRANTOR: FIMSA, Inc.
GRANTEE: Jack C. Chou and Doris H. Chou
IRECORDING INFORMATION: Book 9005, Pages 7809-7813, Jefferson Counw, CO
DATE OF SALE: July 9, 1990
ISALES PRICE: 53,200,000
CASH EQUIVALENT PRICE: 53,200,000
I
I
58 911,0910
�.
Sale Number 1
Page 2
FINANCING: Seller financed 51,800,000 at 18 percent interest, with the principal
1 balance due June 29, 1995. This merely represented short term
financing to permit buyer to make his own financing arrangements.
Loan was reportedly paid off in a short period of time.
SALES PRICE/SQ. FT.: 524.87
CASH EQUIVALENT PRICE/SF: 524.87
1 GROSS INCOME.: n/a
GROSS INCOME MULTIPLE: n/a
NET OPERATING INCOME: n/a
OVERALL CAPITALIZATION RATE: n/a
EQUITY DIVIDEND RATE: n/a
1 REMARKS: The shopping center is non-anchored. At the time, of sale the center
was 60 percent occupied. Buyer stated that he has never been able to
stabilize NOI. Initially he believed taxes could be reduced, but there
was a degree of uncertainty. He is currently attempting to achieve a
better occupancy level and is incurring expenses for tenant finish and
! for leasing fees. Consequently, NOI has lacked the stability to glean
any useful conclusions. The buyer stated that he purchased the property
purely on "gut instinct". He liked the demographics and the fact that
vinually the entire center is visible from Wadswonh Boulevard.
CONFIRMED: With Morey Furgason (seller) and Jack Chou, 5/91
1
1
1
1 - - 91.09111
Fiume Plum Creek Shopping Center
Location Castle Rock,CO
Sale Price $3,650,000
Sale Terms 25%down and remainder
financed at market terms (seller provided financing)
30 yr. amortization
Sale Date Jun-91
Size 120.324
Effective Cross Income $500,000 scheduled for 1991
CAM Charges $98,000 scheduled for 1991
Expenses $201,000 scheduled for 1991
Net Income $397,000 scheduled for 1991
Effective Gross Income PSF $4.16
Expenses PSF $1.67
Net Income PSF $3.30
Effective GIM 7.30
Overall Rate - 10.88%
Sales Price PSF $30.33
Grantor FIMSA.Inc.
Grantee Roebling Investments
Book/Page Don't know yet
Comments *Property is anchored by a 65,900 sf Walmart
Other tenants include a Bugle Boy Outlet Store
and a Sears Catalog Store
*Buyer expects to lease remaining satellite space @ $4-$6 psf
*Property was 82%occupied at time of sale
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PROPERTY INCOME APPROACH
County: Weld Owner: John R. P. Wheeler
Pin No: 3675086
Property Address: Hillside Center
2533 11th Ave.
Greeley, Colorado
Potential Gross Income: 365,070
Common Area Maintenance: 21.145
Total Gross: 386,215
Vacancy/Collection Loss: 38,621
(10% Typical)
Adjusted Gross: 347,594
ALLOWABLE EXPENSES:
Direct: 69,519
(20% Typical)
Total Expenses: 69.519
Net Income: 278.075
INCOME / RATE — VALUE
$ 278,075 / 12 = 2,317,292 = 36.38 Value Per Square Foot
91.091.x►
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