HomeMy WebLinkAbout961295.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1996, WELD COUNTY, COLORADO
PETITION OF:
DALE MAJORS CORPORATION
2911 GRANDVIEW DRIVE
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: PIN: R0289795 PARCEL: 095914401010- GATEWAY SELF
STORAGE, 2600 36TH AVENUE, GREELEY, COLORADO - GR 3GWP1-5 L5 THRU 8 BLK1
GATEWAY PARK FILING #3 - 1ST REPLAT
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 1996, 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 1996, 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 supported,
in part, the value placed upon the property by the petitioner. The assessment and valuation of the
Weld County Assessor shall be, and hereby is, adjusted as follows:
961295
AS0034
PC : AS, nQ`�
BOE - DALE MAJORS CORP.
Page 2
ORIGINAL ADJUSTED
Land $ 289,674 $ 289,674
Improvements OR
Personal Property 1.180.748 1.003.635
TOTAL ACTUAL VALUE $ 1.470.422 $ 1,293.309
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)
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)
961295
AS0034
BOE - DALE MAJORS CORP.
Page 3
Selecting the Arbitrator: In order to pursue arbitration, you must notify the
CBOE of your intent. You and the CBOE select an arbitrator from the official list
of qualified people. If you cannot agree on an arbitrator, the District Court of the
county in which the property is located will make the selection.
Arbitration Hearing Procedure: Arbitration hearings are held within sixty days
from the date the arbitrator is selected. Both you and the CBOE are entitled to
participate. The hearings are informal. The arbitrator has the authority to issue
subpoenas for witnesses, books, records, documents and other evidence. He
also has the power to administer oaths, and all questions of law and fact shall
be determined by him.
The arbitration hearing may be confidential and closed to the public, upon
mutual agreement. The 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.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 24th day of July, A.D., 1996.
BOARD OF COUNTY COMMISSIONERS
�"'�'�►, WELD COUNTY, COLORAD
Ily f✓E . Lakid . „,,,
Barbar J. Kirkmer, hair
1861tOis •
� Clerk to the Board /� dj
eerA
® u/ 11 ;• y George E. Baxter, pr Te
Deputy Cle to the Board
Thin. Hall
APPROVED AS TO FORM: FXCl1SFr) IlATF OF sinNiNn (AVE)
(�� Constance L. Harbert
-Coup At tor y / bs
/11,r2 �-✓rr ,
W. er lI
961295
AS0034
j - `16- 'SIC. (4 7_
BOE DECISION SHEET 3/ e7
PIN #: R0289795 PARCEL #: 095914401010
Dale Majors Corp.
2911 Grandview Drive
Greeley, CO 80631
HEARING DATE: 24th day of July, 1996 n J /
HEARING ATTENDED. (Y/ ) NAME: -�+- 1aX-e _ N rc9-ti_1
AGENT NAME:
APPRAISER NAME: _Ctia--kt- -TCM-zt- i
DECISION: /
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL SET BY BOARD
Land 4 2R4,R74 $ S7 l,-. 7t/
Improvements OR
Personal Property 1 1 Rg74R �� 0 c'3 43-5
Total Actual Value $ 1,0,422 $ 4 99151-307
COMMENTS: /
MOTION BY ! �/VVl TOC
SECONDED BY ,-ALL Kirkmeyer 13)
Baxter- )
Failed to prove appropriate value Hall - N)
No comparables given Harbert -- )
Other: Webster-- (Ye
RESOLUTION NO
961295
OFFICE OF COUNTY ASSESSOR
NOTICE OF DENIAL , 1400 NORTH 17th AVE.
C0: T j GREELEY,CO 80631
GR 3GWP1-5 L5 THRU 8 BLK1 GATEWAY - PHONE(970)353-3845,EXT.3650
PARK FILING 43 - 1ST REPLAT
. ,
Fp!:,
COLORADO
OWNER: MAJORS DALE CORP
MAJORS DALE CORP LOG 197
2911 GRANDVIEW DR - PARCEL 095914401010
ACCOUNT R0289795
GREELEY, CO 80631 YEAR 1996
•
06/14/1996
The appraisal value of property is based on the appropriate consideration of the approaches tovalue 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 MARKET APPROACH.
AGRICULTURAL LAND VALUE IS DETERMINED SOLEY BY THE EARNING OR
PRODUCTIVE CAPACITY OF THE LAND, CAPITALIZED AT A RATE SET BY LAW.
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 determined the
valuation(s)assigned to your property. The reasons for this defemination of value are:
NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY. COLORADO LAW
REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST
THE VALUE.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 289674 289674
IMPS 1180748 1180748
•
TOTALS $ $ 1470422 $ 1470422
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-g-
l06(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal,
By: WARREN L.I.ASELL 06/28/1996
WELD COUNTY ASSESSOR DATE
I5-DPT-AR
Form PR-207-87/94 ADDITIONAL INFORMATION ON REVERSE SIDE
U_C : L) , (Ssmpsc n)
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real
property(land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8-
107(2), C.R.S.
APPEAL PROCEDURES:
If you choose to appeal the Assessor's decision you must appeal to the County Board of Equalization. To preserve
your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR
REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY.
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970)356-4000 Ext. 4225
NOTIFICATION OF HEARING:
You will be notified of the time and place set for the hearing of your appeal.
COUNTY BOARD OF EOUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days. The County Board must conclude their hearings by August 5.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
If you are not satisfied with the County Board of Equalization's decision you must file within thirty days of the
County Board of Equalization's written decision with ONE of the following:oard of Contact the BAA at 1313BSherman, Room 315,Denver,eals (BAA):
o o ado 80203, (303)866-5880.
District Court:
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone(970) 356-4000, Ext. 4225
If you do not receive a determination from the County Board of Equalization, you must file an appeal with the
Board of Assessment Appeals by September 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. IN ACCORDANCE WITH 39-
8-106(1.5), C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents necessary.
J toe 750Jv a tt w 1995,
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Lk f ��cg ) 712 k `tap ..<7ihie -ear, s
SNiNA1 Mb OF PEI r101:77 2 < � ty)/ � ..rY 7- e
UAIL
Kett flity CLERK TO THE BOARD
PHONE (970) 356-4000 EXT.4225
FAX: (303) 352-0242
915 10TH STREET
' P.O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
July 16, 1996
Parcel No.: 095914401010 PIN No.: R0289795
Dale Majors Corporation
2911 Grandview Drive
Greeley, CO 80631
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of Wednesday, July 24, 1996, at or about
the hour of 10:00 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 its 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 5, 1996, and
mailed to you on or before August 10, 1996.
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.
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.
Dale Majors Corp. - R0289795
Page 2
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
Donald D. Warden,
Clerk to the Board
BY:
Carol A. Harding, Deputy
cc: Warren Lasell, Assessor
C.B.O.E. HEARING
DATE: July 24, 1996
TIME:
SUBJECT: GATEWAY SELF STORAGE
ADDRESS : 2600 36TH AVENUE, GREELEY
PIN: R0289795
PARCEL# : 0959-12-1-04-055
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1
GATEWAY SELF-STORAGE
SUMMARY OF FACTS
NAME: GATEWAY SELF-STORAGE
ADDRESS : 2600 36TH AVE. GREELEY, CO
LAND SIZE : 289, 663 SQUARE FEET
LAND PURCHASED: 06/16/95 FOR $75, 000
TAX LIENS OF SALE DATE : $311, 904 . 87 (PAID BY BUYER)
LAND/BUILDING RATIO: 5 . 06 (TYPICAL 2 . 5)
EXCESS LAND: 146 , 763 SQUARE FEET
GROSS BUILDING SQUARE FEET: 55 , 575 STORAGE UNITS
1, 585 RESIDENCE/OFFICE
57, 160 TOTAL
NUMBER OF STORAGE UNITS : 431
BUILT : 1995
1996 ASSESSOR' S VALUE : $1, 470, 422
PRICE PER SQUARE FOOT: $25 . 72
2
COMPARABLE LAND SALES
GRANTOR/ DATE OF SALES AREA IN PRICE/
# ADDRESS GRANTEE SALE PRICE SQ FEET SQ FEET
ii
SUBJECT:
2600 36th Ave.
Greeley, CO Crowley/Majors 6-16-95 $386,905 289,663 $1.34
2560 W. 29th St.
1 Greeley, CO Watson/Calvin 1-7-94 265,110 266,809 .99
7251 W. 4th St.
2 Greeley, CO Tech. Center/EFTC 3-11-94 250,000 222,958 1.12
7251 W. 4th St.
3 Greeley,CO Tech. Center/EFTC 5-3-94 250,000 241,665 1.03
2623 35th Ave. Greeley Gateway/
4 Greeley, CO James Thomas 12-8-92 249,800 102,993 2.43
2625 35th Ave. Greeley Gateway&D&R
5 Greeley, CO Land Co./William Moreland 6-17-91 392,000 174,031 2.25
NOTE: SUBJECT LAND IS PRESENTLY VALUED AT $1. 00 PER SQUARE FOOT
3
MINI STORAGE SALES
GROSS
SALE SALE SQUARE PRICE PER
ADDRESS DATE PRICE FEET SQUARE FOOT
Subject 57, 160
#1 1540 Altura Blvd
Aurora, CO 11/93 990, 000 30, 045 32 . 95
#2 7700 Washington St .
Adams County, CO 12/93 1, 400, 000 59, 300 23 . 61
#3 5005 88th Ave.
Westminster, CO 03/93 2 , 400 , 000 73 , 712 32 . 56
#4 15413 E. 18th Ave .
Aurora, CO 11/93 1, 990, 000 63 , 989 31 . 10
#5 6200 W. 10th St .
Greeley, CO 01/95 713 , 265 29, 939 23 . 83
#6 2331 Wedgewood Ave .
Longmont, CO 03/95 2 , 000, 000 53 , 409 37 . 45
#7 5929 S . College Ave .
Ft . Collins, CO 03/95 2 , 075 , 000 59 , 000 35 . 17
Using only base period sales of 1 through 4, the average selling price is
$30 . 06 per square foot . The average for all seven comparable sales is
$30 . 95 per square foot .
4
MARKET APPROACH SUMMARY
Subject gross square feet
57, 160 at $30 . 06 per square foot $1, 718, 230
Less land value 289, 674
Improvement value 1, 428, 556
Less 15% (85% complete on 01/01/96) 214 , 283
Partial improvement value 1, 214 , 273
Plus land value 289, 674
Market approach value 1, 503 , 947
Rounded To $1, 504, 000
SUBJECT VALUE BY THE MARKET APPROACH: $1, 504, 000
5
COMPARABLE SALE 1
PHOTO
PIN: PARCEL #:
PRIMARY OCCUPANCY: MINI STORAGE
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS: 1540 ALTURA BLVD. AURORA
PROJECT:SELF-STORAGE
SALE DATE: 11/23/93 BOOK #:
SALE PRICE: $990,000 RECEPTION #:
ADJ SALE PRICE:
GRANTOR:ALTURA STORAGE EQUITIES, LTD.
GRANTEE:LESLIE N. JOHNSON, ETAL
YEAR BLT: 1978 LAND/BLDG RATIO: 3.01
EFFECTIVE AGE: IMPS PRICE/PSF
BLDG SIZE: 30,045 SALE PRICE/PSF: $32.95
CLASS: C CASH DOWN:
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: INTEREST RATE:
STORIES: 1 LOAN TERM (YRS):
BSMT SIZE: POINTS PAID:
LAND SIZE: 90,429
LAND VALUE:
REMARKS: MINI-STORAGE 29,295 SF; APARTMENT 750 SF.
309 UNITS.
6
COMPARABLE SALE 2
•
PHOTO
PIN: PARCEL #:
PRIMARY OCCUPANCY: MINI STORAGE •
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS:7700 WASHINGTON ST. ADAMS CO.
PROJECT: KANGAROO SELF-STORE-IT
SALE DATE: 12/21/93 BOOK#:
SALE PRICE: $1,400,000 RECEPTION #:
ADJ SALE PRICE:
GRANTOR:ENGLEWOOD EXCHANGE SERVICES, LTD.
GRANTEE:LESLIE N. AND ANN S. JOHNSON
YEAR BLT: 1989 LAND/BLDG RATIO: 2.45
EFFECTIVE AGE: IMPS PRICE/PSF
BLDG SIZE: 59,300 SALE PRICE/PSF: $23.61
CLASS: C CASH DOWN: $470,000
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: INTEREST RATE:
STORIES: 1 LOAN TERM (YRS):
BSMT SIZE: POINTS PAID:
LAND SIZE: 145,490
LAND VALUE:
REMARKS: MINI-STORAGE 58,100 SF; OFFICE/APARTMENT 1,200 SF.
324 UNITS.
7
COMPARABLE SALE 3
PHOTO
PIN: PARCEL#:
PRIMARY OCCUPANCY: MINI STORAGE
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS: 5005 88 AVENUE WESTMINSTER
PROJECT:PUBLIC STORAGE
SALE DATE: 03/18/93 BOOK #:
SALE PRICE: $2,400,000 RECEPTION #:
ADJ SALE PRICE:
GRANTOR:ENGLEWOOD EXCHANGE SERVICES, LTD.
GRANTEE: STORAGE EQUITIES, INC.
YEAR BLT: 1979 LAND/BLDG RATIO: 2.41
EFFECTIVE AGE: IMPS PRICE/PSF
BLDG SIZE: 73,712 SALE PRICE/PSF: $32.56
CLASS: C CASH DOWN: $2,400,000
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: INTEREST RATE:
STORIES: 1 LOAN TERM (YRS):
BSMT SIZE: POINTS PAID:
LAND SIZE: 177,783
LAND VALUE:
REMARKS: MINI-STORAGE 72,776 SF; OFFICE/APARTMENT 936 SF.
544 UNITS.
8
COMPARABLE SALE 4
PHOTO
PIN: PARCEL #:
PRIMARY OCCUPANCY: MINI STORAGE
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS: 15413 E. 18 AVE. AURORA
PROJECT: SELF-STORAGE
SALE DATE: 11/23/93 BOOK #:
SALE PRICE: $1,990,000 RECEPTION #:
ADJ SALE PRICE:
GRANTOR:LESLIE N. JOHNSON ETAL
GRANTEE:BULGROUP PROPERTIES, L. P.
YEAR BLT: 1984 LAND/BLDG RATIO: 3.19
EFFECTIVE AGE: IMPS PRICE/PSF
BLDG SIZE: 63,989 SALE PRICE/PSF: $31.10
CLASS: C CASH DOWN:
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: INTEREST RATE:
STORIES: 1 LOAN TERM (YRS):
BSMT SIZE: POINTS PAID:
LAND SIZE: 203,817
LAND VALUE:
REMARKS: MINI-STORAGE 62,389 SF; APARTMENT 1,600 SF.
542 UNITS.
9
COMPARABLE SALE 5
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PIN: 1984786 PARCEL # : 95909100018
OCCUPANCY: WHSE MINI
ADDRESS : 6200 W 10 ST GREELEY
PROJECT : 0
SALE DATE : 01/04/95 BOOK # : 1474
SALE PRICE : $722 , 800 RECEPTION # : 2421751
ADJ SALE PRICE : $713 , 265
GRANTOR : CURTIS W KOEHN
GRANTEE : CECIL FARMS
YEAR BLT : 1980 LAND/BLDG RATIO : 2 . 91
BLDG SIZE : 29 , 939 IMPS PRICE/PSF : $18 . 73
CLASS : D SALE PRICE/PSF : $23 . 82
CONSTRUCTION-QUAL : AVG CASH DOWN: - $472 , 800
WALL HEIGHT : 9 LOAN: NEW
STORIES : 1 INTEREST RATE : 10 . 3k
BSMT SIZE : 0 LOAN TERM (YRS) : 5
LAND SIZE : 87 , 120 POINTS PAID : 1
LAND VALUE : 152 , 460
REMARKS : PROPERTY WAS ACQUIRED IN EXCHANGE FOR LIKE- -
KIND PROPERTY PURSUANT TO SECTION 1031 OF
THE INTERNAL REVENUE CODE . ADJUSTED PURCHASE
PRICE FOR PP . MINI WHSE 28 , 191 SF, OFFICE 824 SF,
APARTMENT 924 SF . 185 UNITS.
10
COMPARABLE SALE 6
PHOTO
PIN: PARCEL #:
PRIMARY OCCUPANCY: MINI STORAGE
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS:2331 WEDGEWOOD AVE. LONGMONT
PROJECT:A STORAGE DEPOT
SALE DATE: 03/16/95 BOOK#:
SALE PRICE: $2,000,000 RECEPTION #:
ADJ SALE PRICE:
GRANTOR:LONGMONT STORAGE, LTD.
GRANTEE: STORAGE TRUST PROPERTIES, L. P.
YEAR BLT: 1984 LAND/BLDG RATIO: 2.10
EFFECTIVE AGE: IMPS PRICE/PSF
BLDG SIZE: 53,409 SALE PRICE/PSF: $37.45
CLASS: C CASH DOWN: $1,000,000
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: INTEREST RATE:
STORIES: 1 LOAN TERM (YRS):
BSMT SIZE: POINTS PAID:
LAND SIZE: 111,949
LAND VALUE:
REMARKS: MINI-STORAGE 50,595 SF; OFFICE/APARTMENT
2,814 SF. 430 UNITS.
11
COMPARABLE SALE 7
PHOTO
PIN: PARCEL #:
PRIMARY OCCUPANCY: MINI STORAGE
OFFICE SPACE % :
2nd OCCUPANCY:
ADDRESS:5929 S. COLLEGE AVENUE FORT COLLINS
PROJECT:KANGAROO SELF-STORE-IT
SALE DATE: 03/20/95 BOOK #:
SALE PRICE: $2,075,000 RECEPTION #:
ADJ SALE PRICE:
GRANTOR:KANGAROO, LTD.
GRANTEE:STORAGE TRUST PROPERTIES, L. P.
YEAR BLT: 1980 LAND/BLDG RATIO: 2.34
EFFECTIVE AGE: IMPS PRICE/PSF
BLDG SIZE: 59,000 SALE PRICE/PSF: $35.17
CLASS: C CASH DOWN: $2,075,000
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: INTEREST RATE:
STORIES: 1 LOAN TERM (YRS):
BSMT SIZE: POINTS PAID:
LAND SIZE: 138,283
LAND VALUE:
REMARKS: MINI-STORAGE, 58,000 SF; OFFICE/APARTMENT, 1,000
S.F. 571 UNITS.
12
GATEWAY SELF STORAGE
Potential Gross Income
UNIT NUMBER RENT PER POTENTIAL GROSS
SIZE OF UNITS MONTH INCOME
5x5 49 $25 $14 , 700
5x6 6 28 2 , 016
5x10 80 39 37, 440
10x10 117 59 82 , 836
10x10 Heated - 8 75 7, 200
10x15 31 69 25, 668
10x20 103 79 97 . 644
10x20 Heated - 8 110 10 . 560
10x25 2 105 2 . 520
12x25 8 130 12 . 480
12x30 Heated - 7 185 15 . 540
15x30 Heated - 12 225 32 .400
Total Units 431 Gross Income $341, 004
13
INCOME CAPITALIZATION AND SUMMARY
Potential Gross $341, 004
Less 20% Vac . & Coll . Loss (5% Typical) -68, 201
Effective Gross 272, 803
Less Estimated Expenses 24% (W/O Taxes) -65, 473
Net Operating Income 207, 330
Capitalization Rate 11% Plus Tax Rate 2 . 5% 13 . 5%
Income Value 1, 535, 778
Less 142, 900 S . F. of Land -142 , 900
Improvement Value 1, 392 , 878
Less 15% (85% Complete on 1-1-96) -208, 932
Partial Complete Improvement Value 1, 183 , 946
Add Land 142 , 900
Add Excess Land ( (146 , 763 S. F. ) 146 , 774
Income Approach Value 1, 473 , 620
Rounded To $1,474 , 000
SUBJECT VALUE ESTIMATED BY THE INCOME APPROACH: $1,474, 000
14
VALUE INDICATIONS
SALE COMPARISON APPROACH: $1, 504 , 000
INCOME APPROACH: 1, 474, 000
ASSESSOR' S VALUE (1996) 1, 470,422
15
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