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Home My WebLink About911553.tiff rl , i? CLEM TQ TEE C. ` WELD CO N'lY. COLORADO Docket No. ARB 1991-01 ARBITRATION AWARD Taxpayer, v. WELD COUNTY BOARD OF EQUALIZATION This matter having been heard on October 29, 1991 . Petitioner John C. Todd appeared in person without counsel . Respondent Weld County Board of Equalization appeared by Warren La.sell , Mike Sampson and David Schi.ldmei.er. That I find in favor of John C. Todd and against Weld County Board of Equalization. That the property in question more fully described as six (6) separate properties listed below by PIN # and address: PIN Number / Address Present, Assessor Arbitrator's Change. in Value Value Valuation 2817486 717 & 719 loth Street $266,035.00 $161 ,000.00 -$105,035.00 2817586 721 10th Street $ 90,800.00 $ 69,400.00 -$ 21 ,400.00 2817886 701 10th Street $ 87,594.00 $ 52,1.00.00 -$ 35,494.00 2817386 725 10th Street $ 31 ,974.00 $ 22,000.00 -$ 9,974.00 2866886 810 10th Street $523,096.00 $523,096.00 $ - 0.00 2817786 721 10th Street $ 21 ,375.00 $ 10,450.00 -$ 10,925.00 That the arbitrator's fees for conduction this matter are $600.00. That said fees are to be paid as follows: Weld County Board of Equalization. That each party shall pay their own witness fees, attorney's fees and miscellaneous costs. ^`O6a1, DATED THIS 4th day of November. 1991 . � f'� s 41:‘TA /16 Arbitrator \\\\ \Cri 911553 T E B C ORP 810 10 STREET PIN # 2826886 OCTOBER 29, 1991 911.553 r io..)l ss��qq • • ' I � i� r/• 'r y,' ', 1~n f/ �t P' t��, "'l ifb ry S YP"i}', k1 r< w g4;.�.� nt°'°tAk^"`'if" �sy*.''%nyKdt'T �,; dr",'''''' t '.,Esy, r - e 1 Ft�'k , ta'1 a �7+^�3. � Ytd#w+ 1 �Jlt �M,1,.r lew:. • ^ir" t�♦ +r �t ,a y� � >: 1;6441.5O.:4,21t- .P,a~.i I u 'hi ftE-�rh�n °"it� *@al',11-.O1 �7 - i r¢ r > a�. �� r• ift. �i2 ryh�l �t ` h '` tips. ycF YP �"-+-. +nt{ "ll !1 ,� C I »4t"'F` $j'if . 1.. ...„0, .,.. ,,,,4„.„,aNr '� �4 r*1. : i s 'tiy ly', ,, t s i! 51 fs i .a - �]y*, a x/ i' ��1 '}1 . �nrj..._q® t 43/474,....Net,..: �'� ' rb'.'}+�' + t bLi C'- <r� '^ :It,' k rr � t �Ai �.r -, r•�! a � ��1 f1 Y"4' �"�Sh i 1 I'+ y < t 3 t • • t J fib'" y t e .:{lt !F:. v.1 r .!n*+ ri . `[ 5} �r�r v� 4 f s I g t�.yr • b�Ty��s{ g Y� !)r�n+.�f •ii.E,yy, ^2+' L�# s f �1 .?... �/o f'. 0 O4� 1 y >� i,4ii _ I`Y /p ' d•,: P i r °i i.Y-+!iy5" (-,1 ,.. '.1,--,` ml * "1 '? 11` t ; y < • 1, Y L6 /r+ , q.y. 1 " ,{f. ry � .C � ._l 1 a ../k .�.�"1'. :W.,tiwir� .-a. f c . 4517 rit l t 'Fdry V f'Y. -J..", 0 '•r[J ". '•�v^ , it a M, � :::, fi i n yam, 3+T ° M i `� z ; %t `� 4 `} t$ ' 1.7%."±:::, �4. 31`.k • Xa0 i fV f- 1 . "'jW 1 4ta j1 y 'O. VY5 d s -1.01:.',41..,--..t!1 (�y .,,'. L / 4• 1Y Plk ' 1 1 i' r E '. r+' fS U A gy t t Fa,�! 111 • n.,,_. 1 g tkk P` Fd Y v14 ry ffi ,. 14:• 'wt .r 'Y"{}tt s._I. ' • . '4.11 �a 'N eF ` Y I r7.� :tom f T T '�+ , C'- d a i$v :.a' n _ t ,:,,cot-'&144 , t � I _. _ — "Gr°:1',- 7.k. 0,J,”4:,. }te y- „L 9 is . t • .err r„ r 3:4)7)4 �. +yl t 10 1 vS `4i'h� st $IQl �a a `1["� f�'. c 3 Y b ♦ {� f•. 7 44 Y rota '. 5 � •> �7 h _..1 ..,' J`� W ‘P r 1�� r ' IN� ��1!• i1'! "-!--(44-* e dJ- ! Ya. ' i 6 +5t L kro iy^!✓ id z"s""r"�' v ' . " rMe'�u" li a :t1-e i t yis -' �e x K`?in.'s r 1 '&. '.� 9th Avenue 1 k 1d a*; nrti 4 w+tr �1i�4 ��`�^' z�� '7 '�1 lr a d t r s» � �±y� vw. 4 to MME u{ v3t:w ywv 71 9'JC e fr C ki.a,5 ♦ ,l k 'G b K Y � . y.N �y�yp�1 t �Var.�elt; Sri, 1._AT.Y.1?: " �"n'1R h f 1`{ a �. ' Fa �. `d }.. aii. ', "J�>w ..4..4>,e.x o� K u \ e fep t 'w`? §* p fa n� y;- o >•r g-ty'�'e W x `'V Ai6✓. 1"l x 0 3 33. trfi 4.j 1 if 'T E ,§I!E i., jam.3£}s,,,,,_ 1}E r�r < �jt r� `'" t wa 4 Vri � t ^ �'i ��a r � ,a � j �r � �•��t <��[��r �� t e�K,�a M1�y ��q�' >R1"'�}_/y[ �.. i ,� 5 ,dtg� ' � AL...._k Ps J JI1 ri n r µ �� `1 ,s � .t�t\ a Eg a \7 r f,;.'ti -! lt‘ P yw�3 �t?J -x ✓ ;i a�'E.1 'cuter'kd $4Wc • t,Q <, >r; y� 'rw ' t +�.ia� 1 �E IQ m 5• . yg}.� ' • rt 'Ziit.,,,,--,,,. +a qtr A � O�, �� t . t rf#'4.).. $ ' rrt lV �# aFl s 1 "a _A En ' P ,..� v, sir -rl�..e.� 1 4:`' �M 4` ...It,*..w�-....+.s5.,¢m +. r. et a ' '(IF. `� r` a _ .",} " E i v A , " R W"�• f. ,►•4'y,• r ed. 11 . rt //;) IWit, 1 3'r L r . a m . ? i€a y .l k r a �a•`• ' t rr t5 a•¢7 ro rt ! ".s•`� r. tfadrxx F,c<s 'S"y t ' h7?p '*tll �-'k 4`fil x� s � .. .1'S 1rw.a1:4.1411:e11;44 r u �Y 1 ap e K T < r d y g _ Cf f i t^ !M t .r *f 'r4° 'T+� X n rC �. a .4 1,K ' t ^e-4 ;14-"t:' 1� KM5fr. t F {r y�y 4 r\ a r r Nr 2 +hl'.'t' . ry'[ w tA, '1 t{ X.• ; 1 ♦ E � '�} oA u _ rt 1 1 �'- N t f �'� r" i��t rt.� a k)144 'F'yyt, l�`.7%-trt r+ E k �5s'�1 rtxr <w i5° * �e�s F f�❑ - ' 1 �$ }ice A 1 M. ♦ H•:}t y 1 ;.1! 0 i t &I v i r ' 1 FY.F4" t ri ;V.; o ! �' 0. y¢4n , u}��y~Q�' ,e.,P - tx� If t � • a� ,..9641' .* 1�15L'�gy �P r • '• ';',,.• y l' ,,F- .. s / 1 < � , q: {ta "4 1^i"^:•;47t" �4 e1 1 ✓^";� ' Ia .Ir.Y,OYt°, 4 1!` t'• 1 r kJ-, lV {k,., ��r • ! .. i �`, ,. .t' •;rr'0 d t 4.- r y. �A,. ..�1 7111^r� y "4 r.r � 't v ) y` ,:'iN:1 ,7 (Al z t ' r4 � e ,p.„,,,,„4„,,,,..,,,:,„:„. ;� T" yt* 1VxtiY c, Ft .V 1 w I1 .,`3 a r m+'r+?'i'f, lL s�:.a.T kLYp YF r �y�pr`, ;..v.� A ..<� .!i �� .mot iK ri ` k�� 4.1900 ar.+Sa ' 'Ji i tt, 4414.31,.11' • T'r" d t '' i,-1:1-7-11 �`1 P y J"� v' a xy y t+ 3^7 R3`fv +wm �� 8th Avenue ,≥�Y'ri v i < ' i G. S t r..:� T' da *s" P'�.+'#A. w a. •'',..7'H., 1 t 11 'a$. 7' �., y y, L�,.'nm.'l�c�'A ,,,, 'x � u�...`^« � a x 1 i, w 'f q ° 4v1..,, 7. .z s s t Y tvteS,"'sT. keie �<,� t x� �at�®�tr S s l �yy//'7v�.� �t mu'"�R � ✓> � =NAM',,. ys�,, _Rip, S'1 Nipc.> .# :.'t<i NN i�.__ _^..T]3`.. 5'„iN:Ai C:1 .h'iltAiSsv�tiw144:,! dE+'`u•�ttd°n.A.m1�� ,,,,;449, er�. Fi& _ 911553 LAND SALES Sale Grantor/ Date of Sale Site Size Sales Price Zoning No. Grantee Sale Price (Sa. Ft . ) Per Sa. Ft . 1 . Davis & Davis 5/2/88 250 ,000 71, 250 3 . 50 C-4 North Central Foods 2 . Wheeler Realty 7/21/89 27 ,500 6,885 3 . 99 C-4 Brattons ' s Office Equip 3. Macarallo 6/15/89 17 ,500 5 , 471 3 . 20 C-4 Billings, Don 4. Cappello & Sears 3/16/88 60 ,000 14, 500 4. 14 R-3 Macintosh Developer 5 . Nor Colo Fdn 12/30/87 105 ,000 28 , 500 3. 68 I-1 City of Greeley 911553 - . --- - . LAND SALE _ - z' I • 1 • I 7nnnw _ IlqI 6 VIP I�F1 _ -� lice II I l I I COMP #5 i . • , ill Itlli !� a ! TENTH j STREET nn z I,'c . ' � SUBJECT I • j_., Ii.'1 �\ E a ! �III�. �_I� 71 • `/ I '((��1 f1(`�\'L 1T''t��1�''Yyep{' LINCOLN' 1 ♦ a S • a s a 9 1 191 \ u 9 ' K. I �� h � � � � � � � I /Z111 I II aacaL \ el 515. ELEV£NT" STR££T I 2 I I • 1 • I7- I.} 1 . 1 a 134��`1�\\\ • ,_, I Jitj ,. I \i 2 2 111 ' 10 a ♦ ,a s1 . Ills L5j JR L 8I s s s a a131;J^\ Q s a TWELFTH 1 STREET 1 � 2- * 2 1 Cot J 2 1 ; 2 1 J 2 1 J 2 1 • 1 J • 1 1 I \•Ir1 1 1 a I 1 2 2 • Y� 2 2 2 • 2 `I l 1 q• •-• ° ° . s v Q s ♦ s e it s a \ .I „•i „tap Ge 9 1 IrC a I ' , I 1 '�,y� TH/RTEEKTH STRE£ " - ! I I 1 1 I - 1 jolt I -- ' . 1 I � � ♦ I • I 1 \ •, s° 1 JEFFERSON I \ DS _ _ COMP #3 i2I m- JEFFERSON 14 5 �— I zl1 1 r I , I� s • fr 1 J s a s a \\1 a SCHOOL q r fOUR ENTH c .tcre. '� STREET 1 • - B =I��- �� I' 0 — 153 1: j 16Q ` 1.19 Uy _ _mow - ` y — — cc �p *rry 1 . = z 1 I: ' o Fi n STREET I . ,�._ �— 3— Ito—_ I: *� ii d3 _• I!1 . — - —" 1I6 lu _\\\ . \\ 168 m a:11 4. ° • (I 1 u 111. I r"1 _ \_ o SIXTEENT ;�— = = — . _ I' 11 ___ 11 - -_ x '111 F \ =A t-1 _= _ \ \ \2 7EVENTE£NTH II - STREET >< - II`I _i C .+- ' \ \'. \ \ . .ix'� o If Fnnslka /77h Sr \ =A r--- 44 5 a = =, _.� I l \ \O,. _ .._ _ UNIVERSITY �\ " %GHTEENTH• I STREET 1 e 1 y \>-- s _• t el ' c1B I ' ! a2PN2N ' _ uµG ,\ \\ 1Q GNiER �- _: -_ -- 22 \ g r- •;' 4¢ i ¢ J 3t` — DORMS I � ` , \ OF cceaM e'®� aEJp •` o -'° NORTHERN _/Blh ST. —_ ` •+,\. :RANFORO PLACE " ' ygar'- •i yGaee —' —_—— _ =_—_-__- TICD 4_3- _ a - - - • . . _. _a z COLORADO - "- ;Li " _ _ — __ _ -e A--,� c— __ U N.C. Al o,- — -. 1 a R 3 - JACKSON FIELD NINETEENTH I STREET II w __in I 'o u DORM$c�1OIL — 1! _. . •st , 4, 1 = = 1 3 - s_-- ._ I� [5011 --7,1-- 11 _s_ �, MARKET DATA SALES SALES LAND LAND YEAR IMPS VALUE/SF. VALUE/SF. ADDRESS DATE PRICE SIZE VALUE BUILT SF. IMPS W/LAND SUBJECT: PIN 2826886 810 10TH STREET GREELEY, COLORADO 93,653 SF. $280,959 1918 52,143 4.64 5.59 COMP 11: GREELEY AGE 3501 W. 10 STREET GREELEY 12 - 86 $925,000 62,742 SF. $250,968 1966 17,136 39.33 53.98 CDR 12: FORMBY FORD 13015 HWY 85 FT. LUPTON 5 - 89 $275,000 130,680 SF. $30,000 1966 15,098 18.42 20.68 COMP 13: CO'S MOTOR CARS 2563 W 28 STREET GREELEY 7 - 82 $900,000 217,800 SF. $272,220 1974 16,268 38.59 55.32 COMP 14: COLA KENWORTH 2551 2 AVENUE GREELEY 1 - 86 $350,000 55,539 SF. $41,630 1964 10,362 29.76 33.78 911553 Mk COMP #1drck — _.._ _ emaget..604s, La m' ^ 7�L7 "ua reir A 91"1 �`t„ •, italearrirri i j t ( PIN: 1882086 PARCEL #: 95902400001 OCCUPANCY: AUTO CENTER ADDRESS: 10 ST W 3501 GREELEY SALE DATE: 12/05/86 SALE PRICE: $925,000 GRANTOR: FENNELL, JAMES GRANTEE: THOMAS, JAMES BLDG SIZE: 17,136 CONSTRUCTION-QUAL: LOW YEAR BLT: 1966 PR/SF(IMPS) : $39.33 CLASS: C PR/SQ FT: $53.98 WALL HEIGHT: 12 FT LAND SIZE: 62,742 LAND VALUE: $250,968 LAND/BLDG RATIO: 3.66 REMARKS: i 911553 COMP #2 4014. Mr', � ' , PIN: 5267186 PARCEL #: 130929000034 OCCUPANCY: AUTO CENTER ADDRESS: 16 CR 13015 RANGES SALE DATE: 05/16/89 SALE PRICE: $275,000 GRANTOR: CUMMINGS IMPLEMENT OF FT LUPTON GRANTEE: FORMBY FORD INC BLDG SIZE: 15,098 CONSTRUCTION-QUAL: AVG YEAR BLT: 1966 PR/SF(IMPS) : $16.22 CLASS: S PR/SQ FT: $18.21 WALL HEIGHT: 12 FT LAND SIZE: 130,680 LAND VALUE: $30,000 LAND/BLDG RATIO: 8.66 REMARKS: REMODEL INTO MODERN AUTO CENTER AFTER SALE. BLDG. 001 13 ,298 sf. and BLDG. 002 1,800 sf. 911553 IM M COMP #3 3 - 28- S"- Y- IISEU CPPS PIN: 2440386 PARCEL #: 95913400008 OCCUPANCY: AUTOMOTIVE CENT ADDRESS: 2563 28 ST GREELEY SALE DATE: 07/26/82 SALE PRICE: $900,000 GRANTOR: DE BROWN CHRYSLER-PLYMOUTH GRANTEE: VAN HERWAARDEN, JACOBUS CONSTRUCTION-QUAL: 0 PR/SF(IMPS) : $38 .59 BLDG SIZE: 16,268 PR/SQ FT: $55. 32 YEAR BLT: 1974 LAND SIZE: 217,800 CLASS: C LAND VALUE: $272 ,220 WALL HEIGHT: 16 LAND/BLDG RATIO: 13.39 REMARKS: 911553 AM Mk COMP #4 — 0.r W e .•.n _ L 2 PIN: 3564086 PARCEL #: 96117402007 OCCUPANCY: SERVICE GARAGE ADDRESS: 2 AV 2551 GREELEY SALE DATE: 01/28/86 SALE PRICE: $350,000 GRANTOR: COLO KENWORTH GRANTEE: MURPHY-HOFFMAN JOINT BLDG SIZE: 10,362 CONSTRUCTION-QUAL: LOW YEAR BLT: 1964 PR/SF(IMPS) : $29.76 CLASS: S PR/SQ FT: $33.78 WALL HEIGHT: 18 FT LAND SIZE: 55,539 LAND VALUE: $41,654 LAND/BLDG RATIO: 5.36 REMARKS: OFFICE 2059 (19%) SERVICE 8303 (81%) 911553 RENTAL DATA DROSS GROSS YEAR MONTHLY ANNUAL BLDG SIZE NET AERIAL LOT SIZE OWNER N0. NAME 6 ADDRESS LEASED RENT RENT SQ. FT. RENT SQ. FT. SQ. FT. PAYS FORM GHENT CHEV 1. 1320 8 AV GREELEY 1987 $3,125 $37,500 13,895 2.70 25,850 NONE BEST CAR BUYS 2. 125 8 AV GREELEY 1991 $1,250 $15,000 6,944 1.64 32,641 T,I,M J.D. DERIDER 3. 1412 8 AV GREELEY 1991 $3,250 $39,000 11,240 2.64 35,150 T,I,M VACAAT 4. 1517 2 AV GREELEY 1986 $1,750 $21,000 6,740 3.12 32,150 NONE CARS A COLORS 5 710 10 ST GREELEY 1990 $1,000 $12,000 7,376 1.44 19,000 T,I I=INSURANCE, T=TAEES, &EXTERNAL MAINTENANCE, U UTILITIES 911553 Summary of Important Conclusions The subject is an improved irregular land parcel of 93,653 square feet located on the corner of 810 10 Street. This lot extends west from Eighth Avenue and South across the alley to an interior portion facing Eleventh Street containing 21,675 square feet. the Assessor's land value of $280,959 or $3.00 per square foot is less than the downtown sales show. The best sale for location and size is number one, located directly east of the subject. The results in a value of $3.00 per square foot for vacant land. THE ASSESSOR'S CURRENT VALUE ARE: Land 93,653 sf x $3.00 = $280,959 Imps 52,143 sf x $4.64 e 242.137 Total Value $523,096 Based on these values we believe the facts support a higher value. The replacement cost new less depreciation of $242,137 is less than 20% of the replacement cost new of $1,436,178. This would tend to indicate a salvage value for the improvements, which is not correct since they are currently used as an automotive center. The improvements are four buildings. The main building is a 35,343 square foot masonry automotive center built in 1918; and a two story store front sharing a common wall with 2,000 square feet. Since the second story is not used, we have valued only the main floor. Southwest of this structure is a 2,524 square feet masonry building built in 1908 used as a warehouse. Across the alley is a 12,276 square foot, masonry service garage built in 1921. Although these buildings were built approximately seventy years ago they are in good condition. After the roof collapsed on the auto center the lessee spent about $100,000 to repair the damage. 911553 The total area containing 52,143 square feet is service except for 5,760 square feet in the main building and 2,000 square feet in the adjoining structure. The owner has a net lease through April, 1997 for $6,000 per month. Using a depreciated cost, a market comparison, and an income approach we find the following: COST APPROACH Land 93,653 sf x $ 3.00 = $280,959 Imps 52,143 sf x $11.02 = 574.473 Total Value $855,432 MARKET APPROACH Land 93,653 sf x $ 3.00 = $280,959 Imps 52,143 sf x $10.00 a 521.430 Total Value $802,389 INCOME APPROACH $2.15 net x 52,143 sf/.14 cap rate = $800,800 The number one sale has a building of similar construction in a superior location. Adjusting downward for age and size the total value per square foot is still five dollars less than sale two which was purchased as a service garage and extensively remodeled after the sale. This complex is metal construction which cannot be demonstrated to have a different value than the subject. The income at 1320 8 Avenue is considered to be the most similar to the subject. It is slightly smaller and newer than the subject. Making adjustments for these items should result in no less than $2.00 net. Rental three is also a smaller and newer building which shows the same net income after adjustments. As a result of these considerations, it is my opinion that the market value of the subject property as of June 30,1990 was EIGHT HUNDRED THOUSAND DOLLARS 911553 co 115 vil grl Z. A _ - _ - -J -__ - ;i. �. - - - _ - - - _ _ U - _ - - O - _ P _ - co A 7. - H. 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Ul = - - _ _ - - { - _ Y,...., _ — — - - TO D D JOHN C E TAL 721 10 STREET PIN # 2817786 OCTOBER 29, 1991 D 91.1553 i I 1 R6"iiiirn aeeccc.L t --. _� _ -. 1(7,1 . ,s., .wa .G r " -K?I y,.. �-a i n1.�'7 ' '°.sc ,a."" 'yt'y� "wr' „ yTr �+ 4, �� ,° $-ti 8th Avenue 'may +''' i ...�..•,., +w...}'-+g#�e*'-+ei+'M,. � y� "C n.'xF.Ts='�;. joy .'ii r zr ..y, I C ii11 1 t �S..V ` yy c� ' 1Ai } y ; i I�'#\ + �3s vY �� 8 ��.1• �tt dFA�M b �� "Tre “- K Y �,��. i -1_.: .1,, •iota- 14 II fitStalME l -vriiiiip2,14:74,142..:7:41.4"):::.,,, `t i_ rte = 6� 1..._— -' .�,i,„ � �D ` �� ! - t se • s r s -7 i N .-••IllinirillENT 1 --rt4- Y .x .w" rat •� �a� 4 Pt +i - tc a �. - aan, h1 j x' `a , . �.. qaXg T' '4. Q +,�y. I yy ." 1T.' , [r x 3 +' rr„ ago+-cFz+o e�.�r, i9,4s. Eff+zf � a��. , � pl RSA t S' >_ _ ._ _... • t r� r `• � Y.:44t-4.-40—.4,--4:7‘.54::..Hyh -,4,-A. - . "♦ • {rG� In K •1 e`4. v „u v � +w= d} 8� tt;' _a 7th Avenue sf'_y t-"`t Op.r " ___]]]__- 9 1 �` %o. '.zC-• '3,:. "G,,s si ' .t � _: "_'-�� .. ®®• ." .w h�`L.`.(�i" 3��K�.•�� n. � y .. i M V s'.: 3 .{e _ �yT y' y A - ,',?. .1 .f f 4• T ` —:st id4.1. +F $ �. +,� '.UhY�"i�4vsf� 1f `..i i1 k r V.. f iThNf.we +l L cv.E v'Fy.M' � ,s i:S• „...4.A .I.r. �-y. 4;7 }} Iy; `i� r t•r M 1 •*, 'qy,,� , •.o-.qvg ;.' a'.`< _ _`-r: .Ada: . eA a_i f .c �F ' 44 .� '. r al, �k te74,M Fa. anima f lr 4 _ r kt '� x. • ,„. .. ..____ t. ¢ s t ,r ... r ?;•elf o'65 •. 3t � y,"� .. s .r S.Rw._`.�'«�+�7; � � Lt- .�r"^ 4 • .. � 'v.�'b' 0.-� � S x rr �` G r ,G. ai siorm 1g r ,.. ie ., . we < Y i c��v ' a (yy1 .1�..t r, w,, ,f ' 4 a,. .L� F ' .i LAND SALES Sale Grantor/ Date of Sale Site Size Sales Price Zoning No. Grantee Sale Price (S4. Ft . ) Per 54. Ft . 1 . Davis & Davis 5/2/88 250 ,000 71 , 250 3. 50 C-4 North Central Foods 2 . Wheeler Realty 7/21/89 27 ,500 6,885 3 . 99 C-4 Brattons ' s Office Equip 3. Macarallo 6/15/89 17 , 500 5 , 471 3 . 20 C-4 Billings, Don 4 . Cappello & Sears 3/16/88 60 ,000 14,500 4. 14 R-3 Macintosh Developer 5 . Nor Colo Fdn 12/30/87 105,000 28, 500 3 , 68 I-1 City of Greeley 911553 "� LAND SALES ii-'-T _.. _._. -- .=2 , - 4 _ 6' I ! I "°" 1 kill 'I I f I 1, IJ r 1 , S e 1 a I I I rn ► I HI I IT I -� l�� H . � F11 �- ' •_ SU�ECT ; STREET i 'ii a I ' ° �rf 1(: 2, a I 1 „•.t," , 1 I• , s T e s L 1 a ,1 — u , 1 S� �� 9f r 9 i f tt cS� I , � I_o.Coi.�.� + I 1 ! ! 1 L sa+oo� 1 , r ti5 ELt _.0 r t1 _ STREET ± I 718 i ,z I t eI IiI 4 ' I , ei s i11 J I j I! _ 1 _ _ 14., II 1 , S ' a S I I a S J'I a S ' j e s e s ! e 9 l.t s a e � I f f f t ' J . U.L. T S�ELFTH 1 I STREET 1 -!. z I t z I zIL z I j z I j z j i I ��_ r �* _ � , II `�� I 4.1 � � 1� h ° �mw AP ar ' .>r,1 ! , Q 1 Q 1 114 Q� 1 I Q 1 r7 Q 1 ► ` Q s a Q S °'1 +� l I -- _ I • � �6 9Jrj. a ' I I t' I .7 -1 r srRs E -•s 2 I •Z ' z 1 , 1 f 11 ' - t —� r f 1 '1 JEFFERSON _ � � -� t _ Kr I i '+t y 145 ' 1 f I 1 I , I 1 a 1 1 ` e S a 1 ru SCHOOL SF t 1 _ • , FOUR ENTH / STREET +w f. : s t . e + q h, z _ `` �� , I ---- — 11( 53 1:::il ! 1 ,(:): , ., =19 I _ _. 11 ♦ �A� = L�$� f z 1 I o FIFTc _ STREET �„ + e L. Y: ( ,♦ e I Cr _ „-«� T N A TER •-1 1 r o \ , _ 1 1 la• t ._._1&6 • I°3 11 tl !68 i 7'77. �r f• ry -{'` f ,I pifI �1 _ sY .0 , tl \ 1e,y'/ �• _ .. + ,� I♦ I , l .«�I�I f ° III .� I �`T,.L I` ` `�—�m;rrTEENT — l � .�_- =: A p 1 1 1 7EVEN TEEN TH II • STREEr t I: ¢Q a 1 1 + s 1 �.,.�` —___\,i- • u z ;—oT FRASID2 /717 S7: \ � ,� •u T 'KgIQ 1 - --? O �!a r� 11 1 o `— — • ,. UNIVERSITY 1 1` %GHTEENTH' STREET t 1 1 _ J _ f f r sl + Gs ; LILAC. 1 l 1 rQ '_KEPNER i faRiER - m� 1 m� 1 F— LC I { 1�. 1f OF GLf,( M — �i ��" ., i " • NORTHERN /81/1 ST. � RRA'NFORD - ^ _ __ r —�/•,'(.� • `I 'ORGY • rr _ ` ♦ s O a 7 _ ,o GUHTEA t C 8 _ r VA Q_ ..-- -_Z ^LL - COLORADO - . — `, z a c_..— - - -�- -" .r�._ „ o, - _a R �J ` --_ — U N.C. 1� - JACKSON FIELD NINETEENTH STREET ' �. -l- yV3 .--- --.--1_- _ 0� ' i �r .'. N R _ .i' _ _ .S066�' ICT to lo OORKt$ i,al� �� _ — _ Q I _ o a--. ...... �KLSWI + �.:Jm I - r _ _ • ;-� Summary of Important Conclusions The subject is an interior land parcel measuring 50' x 190' or 9,500 square feet covered entirely by asphalt, located North of Hardee's restaurant. The Assessor's total value of $21,375 or $2.45 per square foot is less than the downtown sales show. The best sale for location is number one, located directly South of the subject. The best sale for size would be number two. Sale three is a rear lot which is twenty percent less than sale two. Adjusting downward for a location off Eighth Avenue and adjusting upward for a smaller lot, results in an adjusted value of $2.90 per square foot for vacant land. ($2.90 x 9,500 a 27, 550) THE ASSESSOR'S CURRENT VALUES: Land 9,500 sf x $1.75 $16,625 Misc. Imps 9,500 sf x $ .50 = 4.750 Total Value $21,375 As a result of these considerations, it is my opinion that the market value of the subject property as of June 30, 1990 was TWENTY ONE THOUSAND THREE HUNDRED SEVENTY FIVE DOLLARS 911.553 c, a 01 • • • • _ - o • - w = - -_ _z. - - - U - - t _ _ • rl . Cr) ii • ii • _ _ • • i. • - - _- = 7: '-",,H - - _ - - - _ -• <_ • _ _ L.Hi � L. = - = - _ _ _ r - _ - _ - - - - _ -•_4. _ - = t it'iF- -- _ .. _ = v. - _ - _ - - ti: - - - - - _.. 64.: a • rl 0! <_ - _ _ r - _ _ — _iiiin E^, - — _ - [' - - _ t = _ - •- ,7- - -- _ - _ _ - _ - --- - - _ - - v - -77 7:77 -- - - - _ ,, -,- - - - —- iL _ -,..-±., - - - - - - - - -_ - `m = - _ - - - - - •_- - _ i -i.j - - — _ - - c - _ - -. ,_. - — — a: TODD 3OHN C E TAL 721 10 STREET PIN # 2817586 OCTOBER 29, 1991 911553 i i t 1 "9/T11.- 1••••--^ ..mss,1. L'W. u wi{� 1"am n re, •7 �i+'hCrrN,t'e.i. tart .1 \ A-Sr.sulae r -c-- .1=a = '-. a r �? rk bra t—"'-� 8th Avenue •::)...,..--77.7,....,441,4- i�i? ,�; ",v}_"Z?"'� +. .a0.,+ ',s� - _:' r ""'{,`�" '+t '^b�q' 4 4. �, _. 4 .yh .�1 ,.70 ^M .qt •y °"'•� � "" ' a: ?" • I gfr vA ,. . `tom f t +I ' 1a. qi, Li. n 5 .“,.g 7 � S�+r f'ti;sr _i '? six r. �I ., li .1 k sy T li ,e r [p�rAg� _ on!, ��pp } PL i y "" �ie-ii M9�� 4 .5,. a � J t,-,c. c:.-i.y ' -... -f."'� t 1r4� i W�a 2' ti -LI � . 1 a L arm r+ a ✓�; N - �I: L.. s is°" ;s k 4 L pry r1' ��. ems;' n '.i �...v'a2 r a' roHp""-"_a4F w i _ y; �a YN`'r"� rA�Y,�t t I. -,543,44,1.....,F 1„ Zvi �.f :L. �_ ♦a ' e' tr + •F: iot „� � „.. • fir.}2 s}w� ky� .ate,. .`, L, . � �:.� .'4 ---' � ., : �: � . i..-1-a si rye t.,4:„,,...:-.: 'pro v Vii` hba:. • $4.1:. Wes• V ® t , /,..-14 A e 1= -4 p .i 4'L f: .i_. z #? ra4• sins421/4 !---r"'� .0",a 7, „t, ,�^'t""'A.....•°'*Y• -t y t ` . , s t6 ;,:... ae.+.kx.«kx:a«*w� ..r..yo+ ,,a -t.,..7th_ Avenue ,'~•. 4.-�s� ,.=..> ,,,?, rei. 7- * *4 k� �„�'` ��s�"�•t� �k,.r .-a s� 'T..�` �-'>� �S_� _ FieR�•• • v c r �_ , "'"'' sae ..e ^Y ''.� ,„ , -; `.iy. � x�r. -U y' �. art. �y ..... •^Jsvvn. '$7_sn / ; , , Sri« ....;,,-,..„.....4.,...-4,-,'r `` --a- i44-" "� +e, .... r:..'-.- y. "i ; a A `..-.1 to rw f r , i ` •.. �`�e. ,e 's' t 17 �•1 " ,? {cm-. X t,� "+_' Y = sus _Y' e._�h"' 7 w .�i' y C yy .7,rr �tll ;,s. .*"..P mixes .n uYa 3 n .A ♦,h, N.yy f #' n "�P <...8a> -a. «'AI 1. �. - g � 3a _r_ +`4'� .x'a li ,{r- Ems" w. �^ #?iK 1 ^'' �, � ts: Lam. N , '� g��yp W v if mow• la�• .J ; Y(4 t 'Y,{,'' .'-x+" "a.' r v Mme. �,>ew'r' ..� �` Y a K�..:�r« a r :- � ! L K 4 5` ._..rl�n,Ml 'Ptn'^-' � � 4 �'(i!- � ♦7h K.t,. .. � S-4.r .,.n-+^°'a..°.. :ate „gi � e.^t kie7`.. 4 i"'G i'�I�L az.l i D, t;.- *4 j _ -0. ' —- , — . _ ., t '5a — • .�_ RR ` LAND SALES Sale Grantor/ Date of Sale Site Size Sales Price Zoning No. Grantee Sale Price (Sq. Ft . ) Per 54. Ft . 1 . Davis & Davis 5/2/88 250 ,000 71 , 250 3 . 50 C-4 North Central Foods 2 . Wheeler Realty 7/21/89 27 ,500 6 , 885 3 . 99 C-4 Brattons 's Office Equip 3 . Macarallo 6/15/89 17 ,500 5 , 471 3. 20 C-4 Billings , Don 4. Cappello & Sears 3/16/88 60 ,000 14, 500 4. 14 R-3 Macintosh Developer 5 . Nor Colo Fdn 12/30/87 105,000 28 , 500 3. 68 I-1 City of Greeley 911553 _ - l i l l i( � .�ri1w : I . - . L, I I f` ►{{ { i: r, - :� � � i I�h III }IL_' !� • a I , ,�- - 411 - 3 I ` Will� ° s e I "1 I I I , l I . H �I II UI , STREET 2 1 • t . Sia ti' H''LLH51355:: *I. . iiill I� I (� �� I_IT' e' I I !11 `IIU� LINCOLN ` 3 I • s e !�e s ,I I I H I \LIsilliilil 1 scram I I: � _ ;;g. ELL _ ,iH STREET _j3- 2 I I ,. _7��I • I . ' • ' I ' ' `66 _� 1 s I�s • • ,� •' •3 + s e s e s a s e s s s s, 1!_ I1 I Ili! , I I-s I , 1 , TW LFTH STREETz. IZ zI 2zI = zI zI • 1 . ,�i I ! I I a ii ._ I 3 I • ; • Q I 3 4 Q 3 ♦ Q 3 I � J I • Q 3� a Q ' e 1 ,I I I �6 9 e , l I ' I : - .TH/RTEEVH STRE£ j , I , • I ' , , I .2, II I 2 + I + I' 11\ , +3 I I JEFFERSON 9 �, _ SALE #3 �7. __ *2 '-', 14s _ sr IG I SCHOOL , zI, 3 .1 ..� 3 I • I 3 ESE 3 e S • ', t FOUR ENTH STREET 5.31 I Zi; ,4+,!-4, -=is. -� ., -1-. !! - r r .. I . • + : 1 It 8 — W=1,14-7— � I p — Q/ .53 riE- ii loo, s....- - 9 I • - , 1 o o o FIFTc Gj STREET "` - _a La, 1 1 I,r -a Gti 7 ° — T N YE -1 1 —9-- , - -TDI TER — ! \ \ { •III,' o �� 4, 1 l _ - _ l:.g f5. ;, ,\ 168 i i '', rill ' I 43 • >t�ar r` 1' I. III _ t � � - \ `Z__3___ t�is �' v a== — N e \ \ a e 5 'E VENTEENTH {l - STREET ; I'I . _ \ • rr _ 14 _____ � rn•sER 171h Sr \ Y Kp 1 4 2 ' �`� ,�_ .bra- —i'3Ye71 ..ate , \ IC ow 'UNlVERSETY I` % 1 i %Gt1TEENTH• STREET _ I _ _ LLt1C. \ \ I f _. a - e f _ 00 I I KEPNiR ' _ . \ \ ( __ IQ CARTER ., ___ — DORM$ \ \ I \I 3— _ '' CC 3 G i x OF cc�N rk - . •a= t 11 ' \i _ REIY j r -,— —, . ' O NORTHERN 181h ST_ `\ :RANFORO ' PLACE ._..�i -ti;E.f7 .1 r- " _ �� \ q Ca o e clrrtER Ir cA°ee `_ —_ \ o —__.. —wJCOLORADO _ _ Ja— a � 1 2• Z— a — .. _ - �. _2 _ `� FE--H'-9' a- --- - - R3 _ _ - UN.C. a - — —— JACKSON FIELD o,- . i L ' NINETEENTH STREET 7�L �. I.! __AM 1 a ��" — I � �I� �� : 11. it 53 ,. _ - , , 1 1 -� _�_ O . ti Z - - --- --- -- MARKET DATA SALES SALES LAND LAND YEAR IMPS VALUE/SF. VAIXE/SF. ADDRESS DATE PRICE SIZE VALUE BUILT SF. IMPS W/IAWD SUBJECT: PIK 2817586 721 10TH STREET GREELEY, COLORADO 9,500 SF. $16,625 1920 9,080 8.17 10.00 COMP 11: 3725 W. SER ROAD GREELEY 11 - 88 $112,000 20,460 SF. $20,460 1960 7,324 12.50 15.29 COMP 12: 1300 8 AVE GREELEY 4 - 89 $85,000 7,125 SF. $21,315 1957 2,250 28.28 37.78 COMP 13: 129 12 STREET GREELEY 12 - 88 $130,000 14,500 SF. $9,425 1980 6,240 19.32 20.83 CC* 14: 1985 2 AVM GREELEY 6 - 90 $400,000 55,539 SF. $103,652 1979 12,982 22.83 30.81 911553 COMP #i a `° cir t 74S41/ I Y Y 4 b v"as k- it a t Y • t L IN t .p `Q yf v rb. .�� ijj PIN: 0013989 PARCEL #: 96129207004 OCCUPANCY: SERVICE GARAGE ADDRESS: 3725 W SER RD EVANS SALE DATE: 11/30/88 SALE PRICE: $112,000 GRANTOR: FIRST NORTHERN S & L GRANTEE: SCHONECK, TIMOTHY L CONSTRUCTION-QUAL: 0 PR/SF(IMPS) : $12.50 BLDG SIZE: 7,324 PR/SQ FT: $15.29 YEAR BLT: 1960 LAND SIZE: 20,460 CLASS: C LAND VALUE: $25,575 WALL HEIGHT: 14 LAND/BLDG RATIO: 2.79 REMARKS: BUYER RECEIVED A SBA 20 YEAR LOAN W/ NO DOWN ESTIMATED CASH VALUE $120,000 OF SALE 911553 COMP #z "T T a‘, 1 £ r 4.n r 71,L. e r a.,.t "Y"..:M�a,.�.,.'YMu�v y r _L- r-7.771PIN: 3249786 PARCEL #: 96108214001 OCCUPANCY: SERVICE GARAGE ADDRESS: 8 AV 1300 GREELEY SALE DATE: 04/07/89 SALE PRICE: $85,000 GRANTOR: 1ST INTERSTATE BANK OF FT COLLINS GRANTEE: COLLEEN, PREMER BLDG SIZE: 2,250 CONSTRUCTION-QUAL: GOOD YEAR BLT: 1957 PR/SF(IMPS) : $28.28 CLASS: D PR/SQ FT: $37 .78 WALL HEIGHT: 14 FT LAND SIZE: 7,125 LAND VALUE: $21,375 LAND/BLDG RATIO: 3.17 REMARKS: 1/1/90 PUMPS AND TANKS REMOVED BY BUYER 0 0 911553 COMP #3 itt --' U�lll111lrul44" d :w �I -Mat ra I u PIN: 3205086 PARCEL #: 96108101014 OCCUPANCY: SERVICE GARAGE ADDRESS: 12 ST 129 GREELEY SALE DATE: 02/18/88 SALE PRICE: $130,000 GRANTOR: CACHE NATL BANK OF GREELEY GRANTEE: SIGN-ON INC BLDG SIZE: 6,240 CONSTRUCTION-QUAL: AVG YEAR HLT: 1980 PR/SF(IMPS) : $19.32 CLASS: D PR/SQ FT: $20.83 WALL HEIGHT: 12 FT LAND SIZE: 14,500 LAND VALUE: $9,425 LAND/BLDG RATIO: 2 .32 REMARKS: 911553 COMP #4 ,. ` t • 4? ' k".1. . t ;R • •? vl PIN: 0165390 PARCEL # : 96108408026 OCCUPANCY: SERVICE GARAGE ADDRESS: 2 AV 1985 GREELEY SALE DATE: 06/21/90 SALE PRICE: $400,000 GRANTOR: KEJO INVESTMENTS GRANTEE: J W BREWER TIRE COMP BLDG SIZE: 12,982 CONSTRUCTION-QUAL: AVG YEAR BLT: 1979 PR/SF(IMPS) : $22.83 CLASS: S PR/SQ FT: $30.81 WALL HEIGHT: 16 FT LAND SIZE: 138, 203 LAND VALUE: $103 ,652 LAND/BLDG RATIO: 10.65 REMARKS: 1 FLR 12982 2 FLR 2905 TOTAL 15887. SERVICE AREA 10077 SF OFFICE AREA 5810 SF OFFICE IS 37%. BUYER SPENT $60000 AFTER SALE TO RESURFACE ASPHALT (24000) & INTERIOR REMODEL (36000) . 911553 RENTAL DATA GROSS GROSS YEAR MONTHLY ANNUAL BLDG SIZE NET ANNUAL LOT SIZE OWNER N0. NAME i ADDRESS LEASED RENT RENT SQ. FT. RENT SQ. FT. SQ. FT. PAYS FORKER GHENT CHEV 1. 1320 8 AV GREELEY 1987 $3,125 $37,500 13,895 2.70 25,850 NONE BEST CAR BUYS 2. 125 8 AV GREELEY 1991 $1,250 $15,000 6,944 1.64 32,641 T,I,M J.D. BYRIDER 3. 1412 8 AV GREELEY 1991 $3,250 $39,000 11,240 2.64 35,150 T,I,M YACHT 4. 1517 2 AV GREELEY 1986 $1,750 $21,000 6,740 3.12 32,150 NONE CARS i COLORS 5 710 10 ST GREELEY 1990 $1,000 $12,000 7,376 1.44 19,000 T,I I=INSURANCE, T=TAXES, M=EXTERNAL MAINTENANCE, 0=UTILITIES 911553 Summary of Important Conclusions The subject is an improved interior land parcel measuring 50' x 190' or 9500 square feet located at 721 10 Street. The Assessor's land value of $16,625 or $1.75 per square foot is less than the downtown sales show. The best sale for location is number one, located directly South of the subject. The best sale for size would be number two. Sale three is a rear lot which is twenty percent less than sale two. Adjusting downward for a location off Eighth Avenue and adjusting upward for a smaller lot, results in an adjusted value of $2.90 per square foot for vacant land. THE ASSESSOR'S CURRENT VALUES ARE: Land 21,248 sf x $ 1.75 = $16,625 Imps 9,080 sf x $ 9.62 m 74.175 Total Value $90,800 The improvement is a service garage consisting of two parts. The Eastern part, built in 1920, has 16 foot block stucco sidewalls and a tar and gravel built-up roof containing a office with 364 square feet and a service area of 4,580 square feet, Using a depreciated cost, a market comparison, and an income approach we find the following: COST APPROACH Land 9,500 sf x $ 1.75 m $ 16,625 Imps 9,080 sf x $14.47 = 131.371 Total Value $147,996 MARKET APPROACH Land 9,500 sf x $ 1.75 = $ 16,625 Imps 9,080 sf x $13.00 m 118.040 Total Value $134,665 911553 INCOME APPROACH $2.15 net x 9,080 sf/.14 cap rate m $139,400 The market sales show a range of $12 to $28 per square foot. The best sale located in Evans shows a building of similar construction in an inferior location. Sale three also shows this same value for a slightly smaller metal building. The income at 125 8 Avenue is market rent for the subject. It is slightly smaller and has an inferior location to the subject. As a result of these considerations, it is my opinion that the market value of the subject property as of June 30, 1990 was ONE HUNDRED THIRTY FIVE THOUSAND DOLLARS 911553 • • • • • • • • • • • • • • • • • • • • • • CO -_ .0 c, _ . _ _ 7. _ _ ....T- _ = 7. -t= - _ - - - a = - _ -- _ - _ - - - - - - 1'7..E'.'..'lE"::""''"": - _ = Y _ =- - _ _ _ _ _ - '',:'::-!":':'4 - ,:1-. _ _-• - - :. - - - T' . - - - - i.,� j, - - _ - - - _ i.,, _ - - • L. • • • • • • • • • • • • • • • • • • 0 • • • • co 2 • IA ., r - - _ - - - _ - - •_ = : - _ - - _- w O• _ - C. _ _ - r.�.: -iru _ " - C. ` •- \ 'a-- - - - - - - - - r - _ _ EF.- == - - _-- _ - _ - _ - * - - _ - _ - - C_ - - _ .. _ - - - - r _ - - _ _ -- _- -_ - Q - _ _ ;i z_ T. L. - E.- - ' - ;7-"' -- - - -- - - _ - - ' �7: - _ - - - U - _ <- - - ''- _ t.- _ _ _. -_ -- - _ - - -- - -Si. L -- - { - r` - - - - - - _ _ _ - - - - _ - ,,. _ _ _ __ __ -- - _ u_ r=,_ - - - - - _ t _ - - _ - = --- - _ _ - __ � _ - - - _ - - - e L. c2 r4 rl l7) • `,„: _ - _ - BUTTERF2ELD PERRY M Sc TODD TATS M ETAL 721 10 STREET PIN # 2817486 OCTOBER 29, 1991 911553 gXNIh a 8 i t zyr„� rs� �t .ec ti .Ca Gn jy� '1'5rC'r�s.K'+F ?ac. . ..s :.4 f. V +".... - TeM 1, 1. 1,1 .t it r 11 ."* .n ` ;=' 'z...:�� .�„- 4- 8th Avenue �. .; � ��:. ,.:. 1at7`- 1.-, Y .ad0.' et q� 4K xa � d a t..C°i � f „.c w!�') T,r'4 "'� .WS:,{'Y 1Lc 4`W ,' a� /as,, ''' r�.:fi y i I-, .�Fl 1 Vii• ` - " 1. _c 4‘4„..,1.2f , F l , 8 i` 34,,41 Iv+84 ♦ .. t�7J � � l c 1 , '• $ ' „S `• "i4.,1 ge ---/;,..t,,,,..'°43 r,.1 :' gam; 5'� . 1��, �`dFA �-� `'�" � - '�'irPh : re.•r.�r U �`" � �� ® si,�� pl � li_ x 1.-...�e l . w , r. itiLP -ite 4 roc--.' 1 .v..:.. . s mart C'+�-r t t ��i . `� a a;i 'tt. a ». ya Rh 'qy.�r� , 4f r4 7- IBS Of , immiraiimeir,rTfi?f , U] > - �. ! ' w et , ,, I _ ti 3, t 1,., 4, ,��. t .44t5'.!''' '`'l u.�l -am.`. .. ,),2-- ''.'i{ vaJ.' �� I \ �g� �. �.. w'�Y" "v71 i t +- p i„ 1r + : y. w � ti.� a.. - y .+—. \\\VVVI!! It'' IIyTTTs.�b tail P $� -t�1 E a.... t -� , r u R= y s E i a yc''. 4..14'a : .�+i"' * t 1 o-.' J` t t• .4.''''44at C i jttYil -n4*'- t, {i.----"-1O7 ='� 'F� . .- `_ —, h -_ , +.: -..4.... T^"*""'' 1C'F';<T{ c�.rx^. �r 7th Avenue f«.. ":,t ,�„-3v-40.,yE it e a�, t *. :�t •Y .. yl,{p... R -Await:. i. s.:. 1 .. yt„ .a,,,, v.-- - a 3 k.-, w a�lpp^ i aJG 's�}�F. 1 " Eta 'S q Ant;h, w n ra "s«.f x1* y 4 L 1 4 Cv' _ �n Y t 1 'S"f''s.rt..S t- - 3' �v1 - x .5 j iv 'Y tlt • , .ref j 4 * ''�., ,+- zAJw.,,t...,,a t r" y ..,- �^, ash aw. X' y... a . . . � 'i 4' .v + SS 14 ic l X� n t 1 yr a � ''r4'-‘x e....." y :yam C" v ' Q.75^4 � " �....F. kN'� 4t4";,..,.? (�µ �r{ 3 Y +,k � � � w _ QrM' q � r... t r.' W � M i'�'c�y'^ '..r � -r:x: ..-'175.15-', '". • �L S dd �° ov.. S - ".'."EMI .t1 ... ti^'.r�c • a„ �. 7 le- .. t. •-It r. i:eaS ,......�..e ,". d . ',�_`="t;fil y um`Sr...v'l. 1^':.! . _ t S ix r .a x .�--� at F 'Hx^.Ar • � - r � ;� III \\I, i r ar. t t ;,,I LAND SALES Sale Grantor/ Date of Sale Site Size Sales Price Zoning No. Grantee Sale Price (Sq. Ft . ) Per Sq. Ft . 1 . Davis & Davis 5/2/88 250 ,000 71 , 250 3. 50 C-4 North Central Foods 2 . Wheeler Realty 7/21/89 27 ,500 6,885 3 . 99 C-4 Brattons 's Office Equip 3 . Macarallo 6/15/89 17 ,500 5 , 471 3 . 20 C-4 Billings , Don 4. Cappello & Sears 3/16/88 60,000 14, 500 4. 14 R-3 Macintosh Developer 5 . Nor Colo Fdn 12/30/87 105,000 28, 500 3 . 68 I-1 City of Greeley 91.1.5,51 =2: : . , ; LAND Sys �1 r, � I -I,1 l I 111 #1 ii! I I '�,�; y I- ,�, II� IIh :I 3 II IHIIIH e5 _ ' � I ......•••• I' I , ' n 1 � � t V3SEGr STREET , f 1712 . I s i a l I e I �1I I� III `�l I I �. ZI I 3 4Irrnl • S 6 9I 9 Ili V" I LOaC.OL a1 i �� #1 n If ' I ; 1 1 'I I l so+ooL R 3 • �5 ELt _.,,H ii STREET 2 t . I� • I 7 IS, • + • i + • i • ileI'�1 • ' J-� D J �. ! I5 itS,Ifp 1 '3 �SIe� � S IbSbl 5 bISe� �SIe9IIr,}J L'j� SIe � I' I IfU } D lU.1 J, TWELFTH STREETx' I 1 j x I J x I j z J x I x I Lu j , I , IIII l7, 1 ( � � e I I f7 �� `�� il lu L "I• ti T ; _ ;� I I 1`i1 •I ' I ! 1 I h �+bvYa�. ` 3 • ,Q 3 • Q 3 .7 , I , Q 3f ' Q 3 . C s • Q ,} }I �' , . I I S • I i r6 I. I . e \ . I I - THIRTEEIyTH STREE I II x ,U9 �L.= '7 SALE #3 1 I" 1 •_ ' 1 `}ti •3 1 ' JEFFERSON F� ;Ca �— 145 0 s I 3 I • 3 s sr S I a S I a 1'} 16 SCHOOL ..t_5 J FOUR ENTH STREET ' .'5' ? L � _- � ¢r'd r •`a�/� . s.:.aaa�.aaaaaas_ b ~' �O `, '8 m= 1 Esc cats c 1 a• •, p~� �1. .53 !t 150y L-_:_1149 U — w aaaaaaaa•r. ' _ U I o • F/FTc �j STREET v.""4 J �_� 6�.•.ada ._ l____:, ,,, ,v - a o a -a...� _ _ 1 la — _� — _ i66 Iv t} y '168 .,� ' - S IryI! 5 1 !• as•}" ;1 " � •I ., 1� � r• '„ ,1 I• 4 r�1 1...I�— I I I i I I } } ` — S/XTEEPdT —- —:�: N -- ;� — .I a 1 - 1 A �1.a•■ a:� : e z- \ \ \2 o -- ia- \S a 1---�- 7E/JTEENTH II . STREET 1 .� - e l 1 , ' '' 1 1_-- , ,, 1_--_\ FRASIER ti k - - 6 �— I7Jh Sr \ XRq ,c__.\\ Z • __. • - �� pia a� —'sve}r ' i • -- � �, -11 } `11Q '' - v'_ o„ I - �� LfNiVtR5lTY �L �• 1 1 7HTEENTH• { STREET ` }�� —a t e' _f Qs i - -_ - aaaaaas_ U N.C. } '. I •iQ -KEAMER__ __ aaaaaaaas. } } ' • t1II7ER � -- } r _ DORMS }, 1 OF c r�s.r i .t 1 NI aEiu Al ^ -'° 6 NORTHERN /8Jh ST. , I'ANFORD I ' PLACE - _ - •`___ } �. 'yAaT r- } '7—`-'i , Oa 7 , ,v GUMEA I CA.►AB — -_—____-- '1 � }�- f r -7------'—aa_i _a..__a__ - r., 7. -- -- -- - } i z _z___ -- a -- --I _ COLORADO = J __ R 3 _ - _ _ { Q UNC. o — _ 'IF JACKSON FIELD 'YNE TEENTH I STREET - (---- 1 q A s!^0et 1.} aaaaaaaara - _ .c...._! a)tJ l a MAREET DATA SALES SALES LAND LARD YEAR IMPS VALUE/SF. VALDE/SF. ADDRESS DATE PRICE SIZE VALUE BUILT SF. NS W/LAWD SUBJECT: PIN 2817486 721 10TB STREET GREELEY, COLORADO 21,248 SF. $37,184 1930 17,480 13.09 15.22 COMP 3725 W. SEA ROAD GREELEY 11 - 88 $112,000 20,460 SF. $20,460 1960 7,324 12.50 15.29 COMP i2: 1300 8 AVE GREELEY 4 - 89 $85,000 7,125 SF. $21,375 1957 2,250 28.28 37.78 COMP #3: 129 12 STREET GREELEY 12 - 88 $130,000 14,500 SF. $9,425 1980 6,240 19.32 20.83 COMP 14: 1985 2 AVENUE GREELEY 6 - 90 $400,000 55,539 SF. $103,652 1979 12,982 22.83 30.81 91155n COMP #1 � 1� �k ti�G yy F�.b4k - y !i 'n `c. e Rr y k4yy Ax$t 'M {.a ry 1 til i PIN: 0013989 PARCEL #: 96129207004 OCCUPANCY: SERVICE GARAGE ADDRESS: 3725 W SER RD EVANS SALE DATE: 11/30/88 SALE PRICE: $112,000 GRANTOR: FIRST NORTHERN S & L GRANTEE: SCHONECK, TIMOTHY L CONSTRUCTION-QUAL: 0 PR/SF(IMPS) : $12.50 BLDG SIZE: 7,324 PR/SQ FT: $15.29 YEAR BLT: 1960 LAND SIZE: 20,460 CLASS: C LAND VALUE: $25,575 WALL HEIGHT: 14 LAND/BLDG RATIO: 2.79 REMARKS: BUYER RECEIVED A SBA 20 YEAR LOAN W/ NO DOWN ESTIMATED CASH VALUE $120,000 OF SALE 91.x,55^ COMP #2 z. met - r _y..a •_ A e'er- .� 1� .w, q 1.kYl '� "" , 77:717 - --- PIN: 3249786 PARCEL #: 96108214001 OCCUPANCY: SERVICE GARAGE ADDRESS: 8 AV 1300 GREELEY SALE DATE: 04/07/89 SALE PRICE: $85,000 GRANTOR: 1ST INTERSTATE BANK OF FT COLLINS GRANTEE: COLLEEN, PREMER BLDG SIZE: 2,250 CONSTRUCTION-QUAL: GOOD YEAR BLT: 1957 PR/SF(IMPS) : $28.28 CLASS: D PR/SQ FT: $37.78 WALL HEIGHT: 14 FT LAND SIZE: 7,125 LAND VALUE: $21,375 LAND/BLDG RATIO: 3 .17 REMARKS: 1/1/90 PUMPS AND TANKS REMOVED BY BUYER 0 0 i 91155^ COMP #/3 _ � I 1111141111111411111111 ,,,, o L._ :' - m I1'1 I PIN: 3205086 PARCEL #: 96108101014 OCCUPANCY: SERVICE GARAGE ADDRESS: 12 ST 129 GREELEY SALE DATE: 02/18/88 SALE PRICE: $130,000 GRANTOR: CACHE NATL BANK OF GREELEY GRANTEE: SIGN-ON INC BLDG SIZE: 6,240 CONSTRUCTION-QUAL: AVG YEAR HLT: 1980 PR/SF(IMPS) : $19. 32 CLASS: D PR/SQ FT: $20.83 WALL HEIGHT: 12 FT LAND SIZE: 14,500 LAND VALUE: $9,425 LAND/BLDG RATIO: 2.32 REMARKS: 911553 COMP #4 rB u it iY y'c4 r 5 an , ; - gym. , "vi r;-:. PIN: 0165390 PARCEL #: 96108408026 OCCUPANCY: SERVICE GARAGE ADDRESS: 2 AV 1985 GREELEY SALE DATE: 06/21/90 SALE PRICE: $400,000 GRANTOR: KEJO INVESTMENTS GRANTEE: J W BREWER TIRE COMP BLDG SIZE: 12,982 CONSTRUCTION-QUAL: AVG YEAR BLT: 1979 PR/SF(IMPS) : $22.83 CLASS: S PR/SQ FT: $30.81 WALL HEIGHT: 16 FT LAND SIZE: 138,203 LAND VALUE: $103 ,652 LAND/BLDG RATIO: 10.65 REMARKS: 1 FLR 12982 2 FLR 2905 TOTAL 15887. SERVICE AREA 10077 SF OFFICE AREA 5810 SF OFFICE IS 37$. BUYER SPENT $60000 AFTER SALE TO RESURFACE ASPHALT (24000) & INTERIOR REMODEL (36000) . t 911553 RENTAL DATA GROSS GROSS YEAR MONTHLY ANNUAL BLDG SIZE NET ANNUAL LOT SIZE OWNER N0. EAR 6 ADDRESS LEASED RENT RENT SQ. FT. RENT SQ. FT. SQ. FT. PAYS FORMER GREET CHEV 1. 1320 8 AV GREER 1987 $3,125 $37,500 13,895 2.70 25,850 NONE BEST CARERS 2. 125 8 AV GREELEY 1991 $1,250 $15,000 6,944 1.64 32,641 T,I,M J.D. BYRIDER 3. 1412 8 AV GREELEY 1991 $3,250 $39,000 11,240 2.64 35,150 T,I,M VACANT 4. 1517 2 AV GREELEY 1986 $1,750 $21,000 6,740 3.12 32,150 NONE CARS 6 COLORS 5 710 10 ST GREELEY 1990 $1,000 $12,000 7,376 1.44 19,000 T,I I=INSURANCE, T-TAXES, M=EXTBRNAL MAINTENANCE, D=OTILITIES 911557 Summary of Important Conclusions The subject is an improved interior land parcel measuring 21,248 square feet located at 721 10 Street. The Assessor's land value of $37,184 or $1.75 per square foot is less than the downtown sales show. The best sale for location is number one, located directly South of the subject. The best sale for size would be number two. Sale three is a rear lot which is twenty percent less than sale two. Adjusting downward for a location off Eighth Avenue and adjusting upward for a smaller lot, results in an adjusted value of $2.90 per square foot for vacant land. THE ASSESSOR'S CURRENT VALUES ARE: Land 21,248 sf x $ 1.75 = $37,184 Imps 17,480 sf x $13.09= 228 851 Total Value $266,035 The improvement is a service garage consisting of two parts. The Western part, built in 1930, has 16 foot common brick sidewalls and a tar and gravel built-up roof. Containing a showroom with 4,220 square feet, a service area of 13,260 square feet. The Eastern portion, at 9,080 square feet will be dealt within a separate appraisal. Using a depreciated cost, a market comparison, and an income approach we find the following: COST APPROACH Land 21,248 sf x $ 1.75 m $ 37,184 Imps 17,480 sf x $16.95 — 296.304 Total Value $333,488 911553 MARKET APPROACH Land 21,248 sf x $ 1. 75 = $ 37,184 Imps 17,480 sf x $13.00 m 227,240 Total Value $264,424 INCOME APPROACH $2.15 net x 17,480 sf/.14 cap rate — $268,400 The market sales show a range of $12 to $28 per square foot. The best sale located in Evans shows a building of similar construction in an inferior location. Sale three also shows this same value for a slightly smaller metal building. The income at 125 8 Avenue is market rent for the subject. It is slightly smaller and has an inferior location to the subject. As a result of these considerations, it is my opinion that the market value of the subject property as of June 30, 1990 was TWO HUNDRED SIXTY SIR THOUSAND DOLLARS 911553 cr in In 01 • `r - _ v • Hi c r7..\ _ v� .� P., - - C C v . - - {-_ ,.J,.: —� J C. T _ �7.-5 - - v _ _ _ - - - _ _- -- - 1,_ _ - L v - .1_- -t.,... L \ _ _ • u - G C Y - - - ,. j:._ - _ 7:-.,„ _ L - � _ _ . - -r _ _ _ r _ - - - - U _ — 'r •�; v _ _ _ d - _ - o {>- -- _ - - -_ - - _ - O _� — — _ _ _ — 'c= _ _ _ _ _ U — — — �' F - _ _ — — — — - - _ f , — _ — — {_ _ — _ C _ — v. aY _ - __ - — ... .1.-..--: � '>- - `, ,..:-..-.:,-..-1 _ - _ x _ L � _ - _ _ _ • C L ¢^ — — - _ - • — L — - — - v. - v , _ -. _ - - �- -▪ - <L. - L - cit e4 05 c al ✓ — - - — e - - — _ t = - — — — _ • Y -- � - - _ _ - C C -▪ - -v _ D. • — _— _ _ N.. — .: G - _ _ C. _ - - - - _ C.: • T • _ _ • _ a. _ - F_tr _ _ �0 .. c 1 7)-,..,,I. .�_ - — �E ,•'-'s- - - ca.— 1} — — -- -- _ _- _• - _ _ _ �F- --- - _ ---- -_ _ _ _ 4_ - - • • — .�— — — _ — —— - — G— — _ • - - _ -— —— — —Elt— U _ _ _ __ — — • — — — - _ ——7.E— __ S_ _— — — _ _ — _ � _ - - _ - - U. - _ -_ - - .-h... - c_Er--. 7?+� _ • _ } _ `_ - _ _ - r _ -- _ - — _ - - 3.: _ - - _ - __ _ - - -- - - - - - I.L. = _ V — —�_ - _ - — - —-- _ _ — —= C7 _ —_ c g 112 VA irl 01 = - r. <= - r t ,l .v Y 7 "<'-7- - = C . - - C 7 - o - - _ - - - yt^. _3 _ - - - i - -- - - _ ... - - _ - _ _ -C - _ - TODD SOT-1N C ETAL 701 10 STREET PIN # 2817886 OCTOBER 29, 1991 . XHiair 91155" I 1 I .., , V. .r .. .:.II-' • X'Y"' ',:s Ill' w ,y K..TiC505."-1A'„yyae %MME\Y s-t.. a .°y`— '�'�"'•--` y `; 'm.,:Er w "a w_. 8th Avenue M r isPivi� TT �f7 t„K ,Y it- t'Y� •' ., it � F.f Y ti .s 1'®�WF/ i. '4i -9 r- tv ,Y .. d w.. - : : % r'S 1 sr�_____ ._. lir r_tf >tilr 11. . uc � y_T r3 4 5.' ya'ii.. I 1 re-3r�it <'�!r` ° ��E��,F�.£.?_ `x n �_ _ AL l tirr. O �g `!Z : k�f h. K !'+ �D� tom, Ili alas ;• . 1immoilimit Vi i+ �� . . 1l; _ _-, 9' t ft •i �1 'ai; tv. w ,' � I h .. ® -t �.- � 1 �, _j A . , r �f y�pp 1n�' �,1 .® v TS e+i -' Kty - i ! 3# 1' I 1, N `\ 'r.. .� -�- z zr is*.,,,,- ..al. ,--`- � q c � x�(=C � -» ,. , .� 8�; 7th Avenue .7.,"‘...r 'I � 1� y _ .24.*$'�'K`L-,1,, t t^a. Y.rt �4* j.�. '��4— �� nr." `�-'��-_�_��.,x.—-- �oC-.,(y-2"� ,dy.t'N._.A f-- - ._ r -z } ^ f� .F--E x r_ h fi �' ♦ s `,,, — r k :'�•"F'c+:�l i �d .r .. r c �c m "Y\ I F• ♦', '=,a-y� gl � l r try. k .1� w .." %4 .r--,,,,;?..! .;+.'n'* t ": p l y�q/� ��'�... .epe t4 'Y)+. +:u'.srS4.--4,,,X ,.,orimy*1A ',S.'.n 9V0 P.Cy 'rt♦vN l� f ;b0.:""' . t S ° s v 'J nffir. N s N1/4... w.. 3. .i ` ® st 3-l 'mss t. T tiY .1 .i..-.. R s.(. ; +. a is '. x i 0„4 'Y.i'" '' -+Y' o � ti "r,,siarn y yr'ac"R.,�a ; .� .,{'?XY• ��.c 71'%R 3 "*-w.14,- �'" ..R 3' '"�"i '..++°"�� .,tom w. k3 X t L � , �"aa`-ste .1 t k "b'�' rl- 1 1 A 6 �W f' f ) kl LAND SALES Sale Grantor/ Date of Sale Site Size Sales Price Zoning No. Grantee Sale Price (Sq. Ft . ) Per Sq. Ft . 1 . Davis & Davis 5/2/88 250 , 000 71 , 250 3 . 50 C-4 North Central Foods 2 . Wheeler Realty 7/21/89 27 , 500 6,885 3 . 99 C-4 Brattons ' s Office Equip 3 . Macarailo 6/15/89 17 , 500 5, 471 3 . 20 C-4 Billings , Don 4. Cappello & Sears 3/16/88 60 ,000 14, 500 4.14 R-3 Macintosh Developer 5 . Nor Colo Fdn 12/30/87 105 ,000 28 ,500 3 . 68 I-1 City of Greeley 911553 ._-.—T LAND SALES f1 t; -"--__• --- -_ 7 I Pig r1# ffiz - • -- , • r i ,, ,,, , �; Irf , - s �� 3 • s e II �I r- I s e T � 1 II SUCT I STREET _ el r7 41 o Bl f i lJ_11 (rf I f7l a N _ 3 I` . S 1 1 e 5 6 9 9 il I SP'‘- S " I I yl I y, y1 1 C�Z ; A rLV" . , , , 1 I , .1 v I 1 11 I +i -115 ELt _ ./II STREEr ■a■y ` � 2 I ° '.- I a 1 7io I a _� ( r • _ I ' r . I e y•l`i Z • _ r Z I■ 'e11�ieO� f S 3 • s I I e s I e s e s e s e s e t 9 , , I \V I ■ . u. TWELFTH STREET I I! lu Li J ` i Z' I r 2 1 t i I I 2 z I 2 ! 1 Z I I Z • ' 'f '��: I I I � a NOW I II J.= j ≥ , N J- J..r, - ,L. L. L. n a 1 J }i ` 3 ! • 't 3 I ° Q .CIE 'CT 3 s 3 r e 'Cr 3 1 4 Q s a L5 a 1 �c s { f _ I I ! ' _ f THIRTEENTH STREE - e I 1 r , •- 1 r„2, I 2 >r9 — !i'= Sr" f`5 _ "CZ •• }N JEFFERSON(—` {! zi' a t I 3 14 I 3 s E.16 F E i s I e s e �'1t} V i w SCHOOL �E l 1 11 ' FOUR ENTH � STREET •cC''" ! !. 5 .. ., a • Jr • • _ , / — . 1 Z _ �� S \_— n : l , rn o f R1 .f ..+ays i d (0 1 .4 u `O •— Dq 3:- , .. _ a ---- t� 11q ° f o F/FTc� �' STREET � "•� �}—_"v_____,1 -1.. L-._�.J _ i CrI J _..�� N.. .7--.• -— T w vER -1 }I 1 I L---r—Fir I° - - - - 166 1'3 �_, \ ,f68 ++ .c m -- -- " 'm 1 1 I 1 '•• U rw 1 I • PL. 5 J` . 11 1 !e a ma 4 ,,,y r ' I ' I. 'I. 1 1 �I!It . � ; j 44 •4 }1 1,— _— i a S/XTEENT -- _ i ...... - i 1 _15 -� w .d- zt - �- _ 1 . 1 \, i z 1., ate= R t~t... .� x m = 4 1-- a I 'E VENTEENTH II - STREET I' -_ a ` `\ • •, ' 'L_2____ • r _ _ , .-7,— ' C.::....,'.., :II - ‘ ti ri'°r�A /TIh ST, I� r—� _ * a r^ 'kR1C l _ . . /L v __. a�sa�.as �/� �.\s w �� SC85.1 w r } , O 1 __ �� UNIVERSITY '��' 1 1 7GHTEENTH• I STREET _� — u' 1 �` 1`_: J J el , o f — C ' ":`-` _ _ 1 1 -- 1 CJ,RTER �_ — 1 ` ....,�. DORMS 4_ __ 3 Y ��. { OF —. " - ` Cr_ + _ f HE�v 1. er a NQRTHERN 181/7 ST ;RANFCRO ' PLACE -" - - - +'-- 1 / Ur+TER 1 SLR aT •l (' 1 .gym ' OA r "__ - .G- CAL 4_8B - - '� 1,1,� -- -. �- a I_a-z-_ -- • ? 310 • _- _;� COLORADO = ..- ./. _ ct 4-tt= _ _ U N.C. o,- •— _ r - JACKSON FIELD NINETEENTH 1 STREET ___• N a R i- �• a Pa .sue :z— _ ^ 1 i ry�s.I I. I N C 7- ' 8 I -- - - -o-- , _ _-_t___.•- _----_�____-.- ---.-- _-M1 _ •�T�- ... _ _ MARKET DATA SALES SALES LAND LAND YEAR EMPS VALUE/SF. VALUE/SF. ADDRESS DATE PRICE SIZE VALUE BUILT SF. IMPS W/LA28) SUBJECT: PIN 2817886 101 10TH STREET 1948 6REELBY, COLORADO 9,500 SF. $16,625 1968 7,376 9.62 11.88 3725 W. SER ROAD GREELEY 11 - 88 $112,000 62,742 SF. $20,460 1960 7,324 12.50 15.29 COMP 12: 1300 8 AVENUE EVANS 4 - 89 $85,000 7,125 SF. $21,375 1957 2,250 28.28 37.78 COMP /3: 129 12 STREET GREELEY 2 - 88 $130,000 14,500 SF. $9,425 1980 6240 19.32 20.83 911553 f COMP #1 -' ' . ^•al.y. ,k ,� gam.",.3 § _r�"t v}qsr •_ y� r � i i ' 1 PIN: 0013989 PARCEL #: 96129207004 OCCUPANCY: SERVICE GARAGE ADDRESS: 3725 W SER RD EVANS SALE DATE: 11/30/88 SALE PRICE: $112 ,000 GRANTOR: FIRST NORTHERN S & L GRANTEE: SCHONECK, TIMOTHY L CONSTRUCTION-QUAL: 0 PR/SF(IMPS) : $12.50 BLDG SIZE: 7,324 PR/SQ FT: $15.29 YEAR BLT: 1960 LAND SIZE: 20,460 CLASS: C LAND VALUE: $25,575 WALL HEIGHT: 14 LAND/BLDG RATIO: 2.79 REMARKS: BUYER RECEIVED A SBA 20 YEAR LOAN W/ NO DOWN ESTIMATED CASH VALUE $120,000 OF SALE 911553 i COMP #2 - .1.7 4.t 4 P i t 1 yq„ �� i _00041.10P .' i fO.<Z.4:..her- r F l,,,�__al I PIN: 3249786 PARCEL # : 96108214001 OCCUPANCY: SERVICE GARAGE ADDRESS: 8 AV 1300 GREELEY SALE DATE: 04/07/89 SALE PRICE: $85,000 GRANTOR: 1ST INTERSTATE BANK OF FT COLLINS GRANTEE: COLLEEN, PREMER BLDG SIZE: 2,250 CONSTRUCTION-QUAL: GOOD YEAR BLT: 1957 PR/SF(IMPS) : $28.28 CLASS: D PR/SQ FT: $37.78 WALL HEIGHT: 14 FT LAND SIZE: 7,125 LAND VALUE: $21, 375 LAND/BLDG RATIO: 3.17 REMARKS: 1/1/90 PUMPS AND TANKS REMOVED BY BUYER 0 0 911553 i OOMP #3 Ar I.��,no�IIIIIIIIIQIIIIIIIIIiII�m��,, ➢ L _ i -- - _ I PIN: 3205086 PARCEL #: 96108101014 OCCUPANCY: SERVICE GARAGE ADDRESS: 12 ST 129 GREELEY SALE DATE: 02/18/88 SALE PRICE: $130,000 GRANTOR: CACHE NATL BANK OF GREELEY GRANTEE: SIGN-ON INC BLDG SIZE: 6,240 CONSTRUCTION-QUAL: AVG YEAR BLT: 1980 PR/SF(IMPS) : $19.32 CLASS: D PR/SQ FT: $20.83 WALL HEIGHT: 12 FT LAND SIZE: 14,500 LAND VALUE: $9,425 LAND/BLDG RATIO: 2.32 REMARKS: 911553 RENTAL DATA GROSS GROSS YEAR MONTHLY ANNUAL BLDG SIZE NET ANNUAL LOT SIZE OWNER N0. NAME 6 ADDRESS LEASED RENT RENT SQ. FT. RENT SQ. FT. SQ. FT. PAYS FORMER GHENT CHEV 1. 1320 8 AV CREME 1987 $3,125 $37,500 13,895 2.70 25,850 NONE BEST CAR BUYS 2. 125 8 AV GREELEY 1991 $1,250 $15,000 6,944 1.64 32,641 T,I,M J.D. STRIDER 3. 1412 8 AV GREELEY 1991 $3,250 $39,000 11,240 2.64 35,150 T,I,M VACANT 4. 1517 2 AV GREELEY 1986 $1,750 $21,000 6,740 3.12 32,150 NONE CARS i COLORS 5 710 10 ST GREELEY 1990 $1,000 $12,000 7,376 1.44 19,000 T,I I=INSURANCE, T=TAXES, M=EXTERNAL MAINTENANCE, 0=DTILITIES 911553 Summary of Important Conclusions The subject is an improved corner land parcel measuring 50' x 190' or 9500 square feet located at 701 10 Street. The Assessor's land value of $16,625 or $1.75 per square foot is less than the downtown sales show. The best sale for location is number one, located directly South of the subject. The best sale for size would be number two. Sale three is a rear lot which is twenty percent less than sale two. Adjusting downward for a location off Eighth Avenue and adjusting upward for a smaller lot, results in an adjusted value of $2.90 per square foot for vacant land. THE ASSESSOR'S CURRENT VALUE ARE: Land 9,500 sf x $1.75 — $16,625 Imps 7,376 sf x $9.62 — 70.969 Total Value 87,594 The improvement is a service garage consisting of two parts. The southern part, built in 1948, has 14 foot block stucco sidewalls and a tar and gravel built-up roof containing a triangular office with 364 square feet, a service area of 1,512 square feet and a basement pit area of 1,176 square feet. Both the office and the service area are heated with radiant heat. There are two 2 piece plumbing fixtures in this area. The Northern portion, built in 1968, with 16 foot concrete block sidewalls also has a tar and gravel roof. All of this area is service except for a two story office of 280 square feet on each level . The service area is heated with co-ray-vac radiant heat which was installed "a couple years ago" according to the tenant. The owner currently leases this building for $1,000 per month. He pays the insurance and the real estate taxes. Using a depreciated cost, a market comparison, and an income approach we find the following: 911553 COST APPROACH Land 9,500 sf x $1.75 ® $16,625 Imps 7,376 sf x $9.63 a 71.004 Total Value $87,629 MARKET APPROACH Land 9,500 sf x $1.75 = $16,625 Imps 7,376 sf x $9.63 70.969 Total Value $87,594 INCOME APPROACH $1.64 net x 7,376 sf/.14 cap rate m $86,405 The market sales show a range of $15 to $37 per square foot. The best sale located in Evans shows a building of similar construction in an inferior location. Sale three also shows this same value for a slightly smaller metal building. The income at 125 8 Avenue is market rent for the subject. It is slightly smaller and has an inferior location to the subject. As a result of these considerations, it is my opinion that the market value of the subject property as of June 30, 1990 was EIGHTY SEVEN THOUSAND SIR HUNDRED DOLLARS 91553 6"1 i,fAl YJ giro CA • `' CO ili:i LL;Li- - C- .f - — —_ l Lc r = _ r — — r x - _ • t.- = — - , a = - - - — 0 = — — a - __ - - _ << _ - -_ — - - - _ • H, = _ _ = v •vim � `� _ _ - �- - - - - � — - - - _. - - - - 16 In I.- 4.4 0 %/ , \\\ \\\\\ § \ \ § 2/\ a. \\ \\ k \ \ \ ^ \ \\ � \ � \\ \\ \ \ \ � \\ � \ \ \ b \ s 2 \ \ \\ L • . .-- L. z \° \ L. � \ \ \ \® >` \^ \z \ \ �\�\ \% 3 - c1 vl in . r± ol er r • - �` - -.7: - _ — a _ _ -L... -- _ • - `<= - - -= _- - - _ el- - H. _ _ = _ _• - - —• - G = — — 2. �. - - • - r. -- .. C -7 - - N. --- -- — - - a — _ _ - _ . _Li i2. _ _ ,Zr :.--. — Y _ •:-. `{ _ _ _ re'LL _ __ _ - Z. — —Lij — —Z.— - —— — __ - - _ —- — - — _- — — — <__ _ _ —_ \ — - _ _ _- - _— — _ _ .J - .7-, F _ — — _ _ __!'_ _ 1 — ——_ — _ --__ _ _ ——_ G:7 — - — ,-. t_ — — _ • . .. DATE: 10/16/91 TO: ARBITRATOR TAXPAYER ASSESSOR RE: John C. Todd v. WELD COUNTY BOARD OF EQUALIZATION Docket No. ARB1991-01 The attached petition having been timely filed and fees advanced, and having received no objections from the respondent Board, the above-captioned case is hereby assigned to Ernie Scott , who will serve as arbitrator in this matter. Upon filing o£ the oath or affirmation, the arbitrator will contact the parties to schedule the matter for hearing. • //Carol A. Harding Deputy Clerk to the Board 331313 • ectzt drul CLERK TO THE BOARD ' P.O. BOX 758 GREELEY,COLORADO 80832 C (303)358J000 EXT.1225 O COLORADO September 30, 1991 Ernie Scott 1212 8th Avenue Greeley, CO 80631 RE: Petition for Arbitration - John C. Todd Dear Mr. Scott: Enclosed is a Petition for Arbitration for which you have been selected as arbitrator. As you can see, the Assessor and Mr. Todd feel this will take a total of four hours. Please schedule the hearing prior to November 18, 1991. Mr. Todd can be reached at 352-4980, and Mr. Lasell at 356-4000, Ext. 4265. Please notify our office of the time also, since we need to have a clerk attend to tape the proceedings. Also enclosed is the Oath of Arbitrator and a copy of the Arbitration Award form, which you must complete and return to our office after the proceedings are finalized. If you have any questions, please contact me at 356-4000, Ext. 4217. Very truly yours, Carol A. Harding Deputy Clerk to the Board 911553 WELD COUNTY, COLORADO Docket No. PETITION FOR ARBITRATION JOHN C . TODD , Taxpayer, v. WELD COUNTY BOARD OF EQUALIZATION 1 . The undersigned property owner or authorized agent, pursuant to Section 39-8-108 , C.R.S . , requests arbitration. 2 . The subject property is located in Weld County with address or legal description as follows : ( See attached list ) with tax schedule number 3 . That the property is Goemicdentbadxxxemaxixxapcexty) (other property) . 4 . That the residential arbitration fee in the amount of $ 150 . 00 is hereby advanced , to be held in trust pending a decision of the arbitrator; OR 4 . That the fee estimate of $ 600 . 00 agreed upon between the parties is hereby advanced , to be held in trust pending a decision by the arbitrator; OR 4 . An application for fee waiver based upon indigence of the petitioner is pending before the Board of County Commissioners . ERNIE SCOTT 5 . That William E . Cenden . JI . be named and assigned as arbitrator . 6 . That the following issues are in need of arbitration : Land and imprnvempnt vAi_Hpc • September 6 , 1991 (/ Date Sigpatu e John C . Todd Name Addres,p 1020 9th Avenue Greeley , Colorado 80631 Phone Number (303) 352-4980 891013 BLOCK 63 PROPERTIES 701 - 10th Street R2817886 721 - 10th Street R2817786 721 - 10th Street R2817586 7'25 - 10th Street R2817386 Both Todd and Assessor have agreed that the following property may be included in the appraiser ' s valuations and that both parties will agree to be bound by appraiser ' s deci - sion as to value . This property was inadvertently omitted from appeal documents that were presented to both the Assessor and the Board of Equalization , even though it is part of the same building as Pin #R2817586 . 700 - 10th Street R2817486 BLOCK 77 PROPERTY 810 - 10th Street et . al . R2826886 914551 . /- ARBITRATOR'S FEE AGREEMENT WHEREAS , the Petitioner desires that certain property other than residential real property be subject to the arbitration process as provided for in Section 39-8-108 . 5 , C.R.S . ; and WHEREAS , the Petitioner and the County Board of Equalization desire to outline their agreement as to arbitrator' s fees as required pursuant to Section 39-8-108 . 5 (5) (a) . IT IS AGREED that the parties estimate the following fee for • arbitration of property schedule number . Petitioner ' s Estimate Number of hours •/ x $150 . 00 = 45C9 _ OD Board of Equalization Number of hours .3 x $150 . 00 = 4-o, cc Total Agreed Arbitrator ' s Fee = 6 Op, p o ti �� 7 KV' PETI IONER BOARD OF EQUALIZATION me Assessor ' s Representative Ad ss 89191.3 C 7. a JOHN C. TODD 1910 26TH AVE CT. GREELEY, COLO. 60631 August 29, 1991 Mr. Donald D. Warden Clerk to the Board Board of County Commissioners Weld County Greeley, Colorado 80631 Dear Mr. Warden, This letter is notice of my intent to submit to binding arbitration the decisions of the County Board of Equaliza- tion on the appeal of the County Assessor's Valuations of the following properties rendered on August 9, 1991: Pin # Address Block R 2826886 810 10th Street 77 R 2817386 725 10th Street 63 R 2817586 721 10th Street 63 R 2817786 721 10th Street 63 R 2817886 701 10th Street 63 Yours very truly, } e 6-tui J�hn C.`Todd JCT:co 911.553 A Hello