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Home My WebLink About910909.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO PETITION OF: WHEELER JOHN R P 812 8 ST GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R 3551686 PARCEL: 096117318010 - GR 6052-G SUBURBAN ADD PT SW4 17 5 65 COMM SW COR OF SEC THENCE NOD33'W 297.04' N89D27'E 50' TO TRUE POB THENCE NOD33'W 70' N89D27'E 175' SOD33'E 70' THENCE S89D27'W 175' TO TRUE POB (IMPS ONLY (6052-E BURGER KING) 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: 910909 Page 2 RE: BOE - WHEELER JOHN R P ORIGINAL ADJUSTED Land $ 36, 750 $ 30,625 Improvements OR Personal Property TOTAL ACTUAL VALUE $ 36, 750 $ 30.625 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) 910909 Page 3 RE: BOE - WHEELER JOHN R P 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. 910909 Page 4 RE: BOK - WHEELER JOHN R P 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: Alair, WELD COUNT LO DO Weld County Clerk to the Board (AYE) Gordon ac , trrman By: �� EXCUSED Deputy Clerk to the B and Geor a Kennedy, Pro-Tem APPROVED AS TO FORM:;- ) Constance L. Harbert (AYE) Assts ant County Attorney C. Itirbirtici. L/� /I Lktg ' (NAY) W. H. Webster 910909 BOE DECISION SHEET PIN it: R 3551686 PARCEL 7t: 096117318010 WHEELER JOHN R P 812 8 ST GREELEY, CO 80631 HEARING DATE: August 9, 1991 TIME: 10:30 A.M. HEARING ATTENDED? Y ) NAME: ��-&-k-t----) AGENT NAME: DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL ADJUSTED Land $ 36750 $ se)) 4 tD,5- Improvements OR Personal Property Total Actual Value $ 36750 $ 3� ‘,026-- COMMENTS: MOTION BY -32R TO 46 ,, 54- SECONDED BY Ct1 Lacy JQ1N) Kennedy ff/ta (Y/N) Failed to meet burden of proof Harbert �N) ,�Comparables inetic�ti3Te Kirby N) Assessor's data unchallenged Webster (Y/® Other: RESOLUTION NO. 910909 915 101h Sl'121.1•:I GRI;LI.1:Y,COLORADO$0631 I re. NOTICE Of DENIALPIiONF,(303)356-4000. 1..)“.4?56 GR 6052—G SUBURBAN ADD PT S1A14 17 5 65 C� COMM Sid C OR OF SEC THENCE N0 U33•id 297•C 41 COLORADO N89D27 I E 501 TO TRUE POE THENCE N1;D33•id 7111 N89D27ef 1751 scis:331E 701 THENCE 589D27eb 1751 TO TRICE POH {IMP'S ONLY (6052—L• BURGER KING) IC 7C OWNER WHEELER JOHN R P WHEELER JOHN R P PARCEL 096117318010 PIN R 3551686 612 6 ST YEAR 1991 GREE LEY Ctrl 8C 631 LOG 03264 V5/29/1991 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 YHIGH IS PERTINENT AND CRITICAL TO PRCPER EVALUATION urr YOUR PROPERTIES VALUE. BECAusE wE HAVE NOT RECEIVED THIS INFORMATION ME HAVE NO CHOICE. BUT TO DENY ANY ADJUSTMENTS ON THIS PROPERTY UNTIL THE NECESSARY INFORMATION IS RECEIVEL. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 362750 36)75C IMP TOTALS $ $ 36 750 $ 36 y 75G If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-8-106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: WARREN L. LASELL C4:427/91 WELD COUNTY ASSESSOR DATE 91090j19 57 Form PR-207-87/91 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit,tp hear,appeals beginning July 1 and continuing through August 1O for real property (land and buildings) and personal property (furnis4ings, machinery, and equipment). 39-8-104 and 39-8-107(2), C.R.S. ) : . APPEAL PROCEDURES If you choose to_appeal'the A'ssessor's decision; rfiAll or ieliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15. , WELD COUNTY BOARD OF EQUALIZATION t •;,915 10th Street, P.Q Box 758 _ Greeley, Colorado 80632 Telephone (303) :356-4000, Ext. 4225 • NOTIFICATION OF NEARING: ` 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 F=URTHER APPEALS: It 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 k<< ; Telephone (30,3) 356-4000, Ext. 4520 .t . _ -: .. . . . .. _ . "Alrbitr+ation: . . , f L. - '" WEIR COUNTY BOAIID-OF EQUALIZATION - : ` ' • . . -915 1bth:.Street, Pt. Box 758. Greeley, Colorado 80632 - - • . Telephone (303) 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 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 necessary, Disagree with the reason for denial until the necessary information is received. Your Office has been furnished as much 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 landin relation to the improvements. Using your assessed valygtion, all of itpese properties are underimproved. The ratio of land to improvements should not exceed 20%. In this case, you are at least 40% to 43% over the land to value ratio. y • 910999 I ilRi OF P..T17{ !_R D TE 3 PROPERTY INCOME APPROACH County: Weld Owner: John R. P. Wheeler Parcel*: 3551786 3551386 3551686 Property Address: Hillside Mall 2626 11th Ave. Greeley, Colorado Potential Gross Income: 866,014 Other Income: Total Gross: 866,014 Vacancy/Collection Loss: 43,301 (50/0 Typical) Adjusted Gross: 822,713 ALLOWABLE EXPENSES: Direct: (250/0 Typical) 205,678 Other: Total Expenses: 205.678 Net Income: 617.035 INCOME / RATE = V A L U E $ 617,035 / 12.00/0 = $5,142,000 r� 6 lot ry D dJ 1.5 /4 if 9109 !9 HILLSIDE MALL TENANT NAME SOUARE FEET BASE RENT Furr's 10,010 2,085.41 Famous Footwear 5,760 2,906.67 So-Fro 12,000 5,500.00 Radio Shack 1,920 1,120.00 Scrub Tub 2,948 1,843.00 Vacant 200 0.00 Sun Solarioum 900 422.00 Weight Watchers 1,080 536.00 Down Under 2,800 1,794.94 Adventures 1,280 1,031.42 Komac Paint 3,920 1,864.00 John S. Suhr 1,600 1,325.33 Go-Jo Sports 2,850 2,053.67 King Soopers 46,966 12,343.33 Cond. Spa 22,839 9,353.06 Coleman, Gail 1,932 685.00 Cache Parking 0 200.00 Cache Trans 0 750.00 Mail Depot 840 770.00 Cost Cutters 1,060 840.00 Brickley 2,400 1,720.00 United Bank 500 571.00 One Hour Photo 1,200 1,000.00 Winchell's 1,280 690.58 Target 79,845 13,307.50 One Hour Mart. 1,680 700.00 Pet Emporium 1,740 1,233.00 Carol-Lynn's 2,023 1,452.67 Minute Man 1,200 840.00 Quality Auto 3,540 1,948.00 Burger King 2,693 1,000.00 Go-Jo Print _215_9_ 281.25 Totals 219,756 $72.167.83 91.G9/29 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 $2.2M 142,235 $ 15.47 11 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 10+ Acres IMPROVED CENTERS - ASSESSED VALUATION - SITE ONLY: Hillside Center 1991 $ 962,000 $ 4.58 5 Acres/ 217,000 Sq.D. 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. 91.09n3 COMPARABLE SALES - UNIMPROVED REAL ESTATE Date Sales Bldg. Price Parcel Property loa PriC Size Per Sa.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. Evert 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 tent 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.) 9109`)9 • fts CLERK TO THE BOARD \ P.O. BOX 758 1 GREELEY,COLORADO 80832 (303)356-4000 EXT.4225 C. COLORADO July 18, 1991 Parcel No. : 096117318010 PIN No. : R 3551686 WHEELER JOHN R P 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. 91_09C9 WHEELER JOHN R P - R 3551686 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 hindiArkadfrt Donald D. Warden, Clerk to the Board BY: /(1 . 1,-141/51-3. Carol A. Harding, Depu cc: Warren Lasell, Assessor 91.0.9 : QIA U% LL R' r' ,-- r,7, a. !f CO O 'r C0 0 p Uy liJ Z r3 ct, i r Cr �( '• �� p ii...I -J i } '-r •il Millob041011 U. r I-- crr hr c i U) " ri Ua U) W rci b_ r t`7 Cr) v I._J kr .2 _ > Cr) 1J_ Ch AT 0'i cn rr 2 CO CfG, 71 W o ,,--- co co P t 1 f]r ?- *- Cr f-- al •r r`- in 0 C15 i. < 71 kD on r- o Co w � LI J c, a, al T T' al Crl ?' m , n � m a, (9 LJJ . rj Cri' n cJ c r r J Q .cr Q -> to t9• i fi- Er3 Q F ii O u) [ten u.. u. UJ q- co �"' L r� CI C' m o o r-- m liJ � u7 � T I CO c.1 o r o �. Cr '' 4 m a `t T., . .0 0 0 0 . `� `' 0c o in 1/40 w w oa o w U ko co I--- CN cl CC U7 c1/4 (NA ,r- U) Q- el f{t r I-. to in In w CIN kg' in U) Ci cr CW cV r T.. CN 6 a �. r 111 �._ I- Ix f" T try W lZ o a J lt7 to m Cr) ci) r o o � U.1 Q U N 6 as co U.! ul u u: < " (Sr (L a EL W a .. a O -1 J p ;, Q to `, U CSI C7 0: � Q ;4 0 0 1 � p � �� c- LI a f 0 LI 0z 8 Jz 0 r a 2 W .-1 r - =j c y w rr L.C. r- --I a © I 1 ▪ w r— r 01 ▪ D { Q © ;Z 0 7 Cw --� S cJ 0 V N LL o 1-- L. r m r CO 4t: 11.1 0. a. p^ a_-.I c; 72 M .1, 1 cn c.) � 0 PROPERTY INCOME APPROACH County: Weld Owner: John R. P. Wheeler Pin No: 3551786 3551386 3551686 Property Address: Hillside Mall 2626 11th Ave. Greeley, Colorado Potential Gross Income: 866,014 Common Area Maintenance: 101.937 Total Gross: 967,951 Vacancy/Collection Loss: 96,795 (10% Typical) Adjusted Gross: 871,156 ALLOWABLE EXPENSES: Direct: 174,231 (20% Typical) Total Expenses: 174.231 Net Income: 696.925 I N C O M E / RATE = V A L U E $ 696,925 / 12 = 5,807,700 = 24.71 Value Per Square Foot r ttigt 6 41)444 "IN ill I ft ,A ea 91.0999 •N '*`W'Y 3 v:. Svc 4 9S'?. 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' v' `�T't *1 L r ^"p,at '�(i41 i ,* r r�ro,4 W ' �1: jai ..yy{{ * 44 a r,««s. a w e1e 'a t wde1,� +,�, ' +_ +'- d} ', n, '+� wry: k R 3 to N'i'l /'J F" �E1 �i' C A, F ,A.+4n,t. �,,1�k ,I }a ,I +4,.. ' F ". Y ,.„ y '4---r-V,..'''''''''''' • u nr�' Mfis rYrrh { $i n�" ,,�y• r M` a r c , �f � , � U t N. a Y �rrt yu� !� .tl{q..of ¢ � +• ' ^d y• ill r'i "ut P Lf1 D. �y'lLX- i `� • ,�'�t� L...RY'� Wit f 3s?13o6 .„,,,...,;',.,L.4,...' q v v¢yr. 4t f PROPERTY: HILLSIDE MALL — 26th Street & 11th Avenue, Greeley, CO Square Footage: Assessed Value: Sq.Ft. Sq.Ft. Sq.Ft. 1990 Land: $1 , 189,055 $1 .70 Improvements: $3,760,380 $17.00 Total: $4,949,435 $22.50 (696,320 s/F) (220,000 S/F) 1991 Land: $3, 118, 116 $4.47 Improvements: $4,055,750 $.18.00 Total: $7, 173,866 $32.60 % of Increase - Land: 162% % of Increase - Improvements: 8% 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) $1 , 145,044 Expenses Taxes 131 ,000 Insurance 33,425 Management Fee 46,000 Vacancy - 5% 41 ,300 Maintenance - 5% 41 ,300 CAM 93,496 Miscellaneous 75,000 $ 461 521 NET $ 683, 523 N0I EXAX S( $5,69.6,025 A �` 91_09n9 t 1 SALE N0. 7 1 •-rirr• r .tl9 .+ . t -_ 1 . 7•tl' -..Y3 ` s r d ►={.x-7_4 o-C CA /_ Photograph Taken in May 1991 f�Lz...2,cLa.,/ 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 1 GRANTOR: 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: 5500,000 CASH EQUIVALENT PRICE: 5500,000 I I 91V9?,9 - 70 - 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 PRICEISQ. FT.: S11.52 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 arc above market rates to market, and capitalize the net operating income to present value. CONFIRMED: With Mr. Marcel Arsenault (buyer), 5/91 pA / �y 9109 n 9 1 71 1 ■ SALE NO. 1 .etsse 7� t s� ^�f a rc:,•_ .a `.'� _ �r �.. \ as- . '� © �' ys4: ` Jam - v ��•`� :. a�. � : ter .. w . ```r >. . C-v-iitepi-1 ..:a: d....:...... ... . 1 :e ' * ti _ Photoaraph Taken in May 1991 INAME: Fairlanes LOCATION: 6400 Wadsworth Boulevard, Arvada, CO IDATE OF CONSTRUCTION: 1985 TYPE OF CONSTRUCTION: Masonry QUALITY/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 County, CO DATE OF SALE: July 9, 1990 ISALES PRICE: 53,200,000 CASH EQUIVALENT PRICE: 53,200,000 I I Q1.Or4:n9 1 - 58 - Sale Number 1 Page 2 FINANCING: Seller financed SI,800,000 at 18 percent interest, with the principal 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 a CASH EQUIVALENT PRICE/SF: 524.87 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: 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 virtually the entire center is visible from Wadsworth Boulevard. CONFIRMED: With Morey Furgason (seller) and Jack Chou, 5/91 1 91,0929 Name Plan 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 run-91 Size 120.324 Effective Cross Income $500,000 scheduled for 1991 CAM Charges $98,000 scheduled far 1991 Expenses $201,000 scheduled for 1991 Net Income $397,0(10 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 Rnebling Invesunents 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 Scars Catalog Store *Buyer expects to lease remaining satellite space @ $4-$6 psf *Property was 82%occupied at throe of sale 9119 "`# Hello