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Home My WebLink About971556.tiffRESOLUTION RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: C & D INVESTMENT CO C/O DEL GORSLINE 1630 25 AVE GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R3566286 PARCEL: 096117405014 - GR 1287-C L8-9-16-17 BLK6 & VAC ALLEY VOLKS ADD %2430 6 AVE% WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened 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 1997, 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 1997, 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 Weld County Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property, after review by the Weld County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR Land Improvements OR Personal Property TOTAL ACTUAL VALUE $ 28,500 176,000 $ 204.500 971556 AS0038 RE: BOE - C & D INVESTMENT CO Page 2 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; however, said appeal must be filed within 30 days of the denial: 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 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) 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. 971556 AS0038 RE: BOE - C & D INVESTMENT CO Page 3 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 29th day of July, A.D., 1997. APPROVED AS TO FORM: BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO �l George E. Baxter, Chair arbara J. Kirkmeyer EXCUSED W. H. Webster 971556 AS0038 .t 97 - ds - af7/- 01_9/70 BOE SUMMARY SHEET PIN #: R3566286 PARCEL #: 096117405014 C & D INVESTMENT CO CIO DEL GORSLINE 1630 25 AVE GREELEY, CO 80631 HEARING DATE: July 29, 1997 HEARING ATTENDED? ) AGENT NAME: APPRAISER NAME \1 a ..c.2 DECISION: Land Improvements OR Personal Property Total Actual Value COMMENTS: TIME: 10:30 a.m. NAME b -0---C2- J ACTUAL VALUATION ORIGINAL SET BY BOARD $28,500 176,000 $204,500 MOTION BY _ . ! TO r) % ) n SECONDED BY 7/<" Failed to prove appropriate value No comparables given Increase/Decrease in Valuation Assessment Ratio Other: ocr) Hall -41 Kirkmeyer ge" ) Webster--.Fl4f`dj,L Harbert ---(**0 Baxter mod) RESOLUTION NO. 971556 i&tt; WUDc COLORADO July 22, 1997 C & D INVESTMENT CO CIO DEL GORSLINE 1630 25 AVE GREELEY, CO 80631 CLERK TO THE BOARD PHONE (970) 356-4000 EXT.4225 FAX: (970) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 096117405014 PIN No.: R3566286 Dear Petitioner(s): The Weld County Board of Equalization has set a date of Tuesday, July 29, 1997, 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. A number of hearings have been scheduled at this time; peitioners will be asked to sign in with the Clerk upon arrival, and cases will be heard on a first come / first heard basis. You have a right to attend this hearing and present evidence to the Board in support of your petition. The Weld County Assessor or his representative will be present. The Board will make its decision on the basis of the record made at said 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, 1997, and mailed to you on or before August 10, 1997. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes, of which you will be allowed 10 minutes for your presentation. 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. C & D INVESTMENT CO - R3566286 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 Donald D. Warden, Clerk to the Board BY: Carol A. Harding Deputy Clerk to the Board cc: Warren Lasell, Assessor star. IncCOLORADO C & D INVESTMENT CO C/O DEL GORSLINE 1630 25 AVE GREELEY, CO 80631 NOTICE OF DENIAL GR 1287-C L8-9-16-17 BLK6 & VAC ALLEY': YOLKS ADD %2430 6 AVE% OWNER: C & D INVESTMENT CO CLER i TO THE r 06/27/1997 n: n6 LOG 3393 PARCEL 096117405014 ACCOUNT R3566286 YEAR 1997 OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GREELEY, CO 80631 PHONE (970) 353-3845, EXT. 3650 The appraisal 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): 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: A 1982 COLORADO CONSTITUTIONAL CHANGE REQUIRES COMMERCIAL PROPERTY TO BE VALUED BASED ON THE 1996 LEVEL OF ACTUAL VALUE AND ASSESSED AT 29% FOR 1997. REPLACEMENT COST, MARKET, AND INCOME ARE APPROACHES USED TO DETERMINE THE ACTUAL VALUE OF YOUR PROPERTY. YOUR VALUATION IS SUPPORTED BY THE APPRAISAL PROCEDURES REQUIRED BY LAW. PROPERTY CLASSIFICATION PETITIONER'S ESTIMATE OF VALUE ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW LAND IMPS 28500 176000 28500 176000 TOTALS $ $ 204500 $ 204500 f 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: I5-DPT-AR Form PR -207-87/94 WARREN L. LASELL WELD COUNTY ASSESSOR 06/27/1997 DATE ADDITIONAL INFORMATION ON REVERSE SIDE 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 tight to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR REAL PROPERTY, AND JULY 21 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: 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 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 11. 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 AMO�T. Attach additional documents as necessary. n�J OA n 1�cs E g i il/w�s � t. a.o fits "dv a4,1A .ap z 7-(4 / 996 - SIONAIURE tr PEIIIIONER C&D INVESTMENTS Profit and Loss Statement For the period January 1, 1996 to December 31, 1996 Current Period Year To Date Amount Ratio Amount Ratio INCOME Income - Rent TOTAL INCOME GROSS PROFIT . OPERATING EXPENSES Advertising Depreciation Vehicle Expense Insurance Interest And Bank Charges Legal And Accounting Repairs Taxes And Licenses Travel Utilities $39,328.27 100.00 539,328.27 • 100.00 TOTAL OPERATING EXPENSE OPERATING PROFIT (LOSS) OTHER INCOME TOTAL OTHER INCOME OTHER EXPENSES TOTAL OTHER EXPENSES NET INCOME $39,328.27 100.00 539,328.27 100.00 $39,328.27 100.00 $467.47 7,880.00 1,090.57 1,090.00 8,426.77 80.00 6,154.24 5,055.58 129.41 2,079.77 1.19 20.04 2.77 2.77 21.43 .20 15.65 12.85 .33 5.29 $39,328.27 100.00 $467.47 7,880.00 1,090.57 1,090.00 8,426.77 80.00 6,154.24 5,055.58 129.41 2,079.77 1.19 20.04 2.77 2.77 21.43 .20 15.65 12.85 .33 5.29 $32,453.81 82.52 532,453.81 82.52 $6,874.46 17.48 $6,874.46 17.48 $ .00 .00 $.00 .00 $ .00 .00 5.00 .00 $6,874.46 17.48 56,874.46 17.48 CERTIFIED GORSLINE ACCOUNTING J 2 o sksi W Cu C.B.O.E. HEARING DATE: JULY 29, 1997 TIME: 10:30 AM OWNER OF RECORED: C & D INVESTMENTS ADDRESS: 2430 6TH AVE GREELEY, CO,80620 PARCEL#: 0961-17-4-05-014 APPRAISAL DATE AS OF: JUNE 30, 1996 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of the Appraisal: Estimate market value on June 30,1996 Property Rights Appraised: Unencumbered fee simple interest Property Address: 2430 6TH AVE, GREELEY, CO, 80631 Improvement: STORAGE WAREHOUSE Land Size: 38,000 SQ. FT. Zoning: I-1 LIGHT INDUSTRAIL Assessor's Value: 1997 Land Value: $ 28,500 Imps Value: $176,000 Total Value: $204,500 Highest and Best Use: Present use as a STORAGE WAREHOUSE Size of Improvements: STORAGE WAREHOUSE BLDG #1 6,000 square feet BLDG #2 6,000 square feet TOTAL 12,000 square feet Year of Construction: 1978 Effective Age: 16 years Remaining Economic Life: 24 years Estimated Land Value: $28,500 Estimate of Values: Cost Approach: Land Value: Improvement Value: Total Value Rounded: $ 28,500 $216,411 $245,000 Sales Comparison Approach: $228,000 Income Approach: $205,560 Final Estimate of Value: $204,500 Date of Value: June 30, 1996 ti I 4.4 • COMPARABLE LAND SALES Comparables Sale Date Sales Price Size Price/ SF Grantor/ Grantee Location Subject. Assessor's $28,500 38,000 sf .75 2430 6 AV Greeley Comp #1 7/95 $52,407 43,639 sf 1.20 RUFF/ TRUJILLO 13 St and Hwy 85 Comp #2 04/93 $95,000 103,534 sf .92 Warren/ Branch 22 ST and Hwy 85 Comp #3 12/95 $12,500 9,562 SF $0.99 BROWN/ DAILY 2601 7 AV GARDEN CITY Comp #4 08/93 $69,000 57,000 sf 1.21 NIELSEN/ Pfankuch 2601 9 AV GREELEY Comp #5 09/94 $75,000 28,725 sf $2.61 Copy World/ Peif 220 22 St Greeley Subject Site The subject site is a 38,000 square font rectangular, level, industrial zoned, interior lot. Access to busi.ness'85 is good but visibility is only fair. As a result of the land comparable study a value of 75 per square foot Or $28,500 is adopted as being applicalbe to the subject property. O Parcel Number Property Owner Address City, State, ZIP: Surveyed by Date of Survey . 096117405014 C & D INVESTMENTS 2430 6TH AVE GREELEY, CO, 80631 CCJ 7/31/97 Occupancy: Warehouse, Storage Floor Area: 12,000 square feet Class: Steel Cost rank: Average Cost as of: 4/96 Number of stories: 1.0 Average story height: 14.0 feet Effective age: 16 years Heating and Cooling: Space Heater 100% Other features: Units Cost Total Basic structure cost 12,000 20.10 241,200 Extras: ASPHALT 33000 X .97 CONCRETE 200 X 1.95 FENCING 550 X 7.00 Subtotal Replacement Cost New 32,010 390 3,850 36,250 277,450 Less Depreciation: Physical and Functional Depreciated Cost <22.0%> <61,039> 216,411 Miscellaneous: Land Total 28,500 244,911 Rounded to nearest $1,000 245,000 Cost data by MARSHALL and SWIFT 96117405014 COMPARATIVE SALES APPROACH C & D INVESTMENTS COMP SALE NUMBER SUBJECT 1 2 3 4 5 ADDRESS 2430 6 AVE 3714 CARSON 115E 4 STRD _ 1855 2 AV 1701 1 AV 2111 2 AV GREELEY EVANS GREELEY GREELEY GREELEY GREELEY USE WHSE WHSE WHSE WHSE WHSE WHSE SALE DATE 05/03/95 09/12/95 06/09/94 06/24/94 12/19/94 SALE PRICE 199,500 186,400 225,000 250,000 400,000 ADJ. SALE PRICE 204,500 199,500 186,400 _ 225,000 240,000 400,000 LAND VALUE 28,500 28,438 19,079 55,130 46,307 55,106 BLDG. VALUE 176,000 171,062 167,321 169,870 193,693 344,894 SIZE SF 12,000 11,738 9,000 8,329 7,312 20,000 BLDG PRICE/SQ. FT. 14.67 14.57 18.59 20.40 26.49 17.24 YEAR BUILT 1978 1981 1979 _ 1979 1987 1967 EFFECTIVE YEAR 1980 1981 1979 1979 1987 1975 ADJUSTMENTS: BLDG SIZE BUILDING AGE QUALITY / INTERIOR 4454 51000 62407 79696 -136000 0 0 -16950 21556 0 0 -38738 -34489 NET ADJ TO ADJ SALE PRICE ADD BLDG VALUE NET ADJ TO SALE PRICE ADD SUBJECT LAND INDICATED VALUE INDICATED VALUE PSF INDICATED MARKET VALUE 4454 51000 62407 24008 -148933 171062 167321 169870 193693 344894 175516 218321 232277 217701 195961 28500 28500 28500 28500 28500 204016 246821 260777 246201 224461 17.04 17.00 20.57 21.73 20.52 18.71 12,000 X $19.00 = $228,000 ADDRESS: PROJECT: SALE DATE: SALE PRICE: ADJ SALE PRICE: GRANTOR: GRANTEE: YEAR BLT: BLDG SIZE: CLASS: CONSTRUCTION-QUAL: WALL HEIGHT: STORIES: .BSMT SIZE: LAND SIZE: LAND VALUE: REMARKS: COMPARABLE SALE \ \ \ `N 'V \ , PIN: 3989686 PARCEL #: 96130107011 SERV GAR EVANS OCCUPANCY: 3714 CARSON ST 0 05/03/95 $199,500 REID GERALD FRASCO JOHN 1981 11,738 D AVG 12 1 0 39,640 28,438 & LUCILLE R BOOK #: 1490 RECEPTION #: 2436730 LAND/BLDG RATIO: IMPS PRICE/PSF: SALE PRICE/PSF: CASH DOWN: LOAN: NEW INTEREST RATE: LOAN TERM (YRS): POINTS PAID: 3.38 $14.57 $17.00 $40,000 SALES PRICE WAS DETERMINED AUG/93. ACTUAL CLOSING DID NOT TAKE PLACE UNTIL MAY/95. GRANTEE (FORMER TENANT) FELT HE GOT A GOOD DEAL. SERVICE GARAGE HAS (2,458 SF) OF OFFICE AREA. OAR 10.8% 10.0% 15 0 COMPARABLE SALE PIN: 2765386 PARCEL #: 96104202006 PRIMARY OCCUPANCY: SER GARAGE OFFICE SPACE °/0 : 15% 2nd OCCUPANCY: ADDRESS: PROJECT: SALE DATE: SALE PRICE: ADJ SALE PRICE: GRANTOR: GRANTEE: YEAR BLT: EFFECTIVE AGE: BLDG SIZE: CLASS: CONSTRUCTION-QUAL: WALL HEIGHT: STORIES: BSMT SIZE: LAND SIZE: LAND VALUE: REMARKS: 115 E. 4TH ST ROAD GREELEY 09/12/95 $186,394 BOOK #: 1512 RECEPTION #: 2456589 CURTIS AND HEIDI SHUPE MICHAEL AND SUSAN SHUPE 1979 LAND/BLDG RATIO 7.07 1979 IMPS PRICE/PS $18.59 9,000 SALE PRICE/PS $20.71 S CASH DOWN: NONE AVG LOAN: ASSUMED 16 INTEREST RATE: 8.0% 1 LOAN TERM (YRS 10 POINTS PAID: 63,598 $19,079 THIS WAS A FAMILY SALE (GRANTOR IS GRANTEE'S DAD). SALE PRICE WAS DETERMINED FROM A 3 YEAR OLD APPRAISAL AND FROM STUDYING OTHER RECENT SALES IN THE IMMEDIATE AREA. NO DOWN WAS (OVER) COMPARABLE SALE PARCEL #: 096108408030 PIN: 0203193 ADDRESS: PROJECT: SALE DATE: SALE PRICE: ADJ SALE PRICE: GRANTOR: GRANTEE: YEAR BLT: BLDG SIZE: CLASS: CONSTRUCTION-QUAL: WALL HEIGHT: STORIES: BSMT SIZE: LAND SIZE: LAND VALUE: OCCUPANCY: 1855 & 1863 2ND AVE 0 06/09/94 $225,000 SERV/GAR GREELEY BOOK #: RECEPTION #: ELMO, CHARLES COMPANY OSBORN, RICK & BETTY 1979 LAND/BLDG RATIO: 8,329 IMPS PRICE/PSF: C SALE PRICE/PSF: AVG CASH DOWN: 20 LOAN: NEW 1 INTEREST RATE: 0 LOAN TERM (YRS): 73,507 POINTS PAID: 55,130 REMARKS: BLDG #001 5,888 SQ FT, CLASS C, 20'WH. BLDG #002 2,441 SQ FT, CLASS S, 14'WH. GRANTEE OWNS ADJACENT PROPERTY. I0 1446 2392597 8.83 $20.40 $27.01 $10,000 8.0% 10 0 COMPARABLE SALE PIN: 0064288 PARCEL #: 96108401026 PRIMARY OCCUPANCY: WHSE/STOR OFFICE SPACE % : 17% 2nd OCCUPANCY: *** ADDRESS: PROJECT: SALE DATE: SALE PRICE: ADJ SALE PRICE: GRANTOR: GRANTEE: YEAR BLT: EFFECTIVE AGE: BLDG SIZE: CLASS: CONSTRUCTION-QUAL: WALL HEIGHT: STORIES: BSMT SIZE: LAND SIZE: LAND VALUE: REMARKS: 1701 1 AVE GREELEY 06/24/94 BOOK #: $250,000 RECEPTION #: $240,000 STUTZMAN, TIMOTHY J IRONWORKS MANUFACTURING 1987 LAND/BLDG RATIO 1987 IMPS PRICE/PS 7,312 SALE PRICE/PS p CASH DOWN: AVG LOAN: 16 INTEREST RATE: 1 LOAN TERM (YRS POINTS PAID: 61,742 $46,307 1447 2394301 S/1' TO GRANTEE (FORMER TENANT) WAS $250,000 LESS 1/2 TOTAL RENT PMTS OR $24,000 CREDITED TO GRANTEE A'1' CLOSINGWI'TII OWNER FINANCING OR $240,000 CASK TO GRANTOR. BLDG #1 5,312 SF; CLASS D; 16' WH. BLDG #2 2,000 SF; CLASS S; 14' WH. 8.44 $26.49 $32.82 $45,205 NEW 8.3% 20 COMPARABLE SALE 96117102028 PIN: 3464486 PARCEL #: ADDRESS: PROJECT: 0 SALE DATE: 12/19/94 SALE PRICE: $250,000 ADJ SALE PRICE: $400,000 GRANTOR: GLEN R SHUPE GRANTEE: JOHN L SHUPE YEAR BLT: 1967 BLDG SIZE: 20,000 CLASS: C CONSTRUCTION-QUAL: AVG WALL HEIGHT: 16 STORIES: 1 BSMT SIZE: 0 LAND SIZE: 73,475 LAND VALUE: 55,106 REMARKS: OCCUPANCY: 2111 2 AV SER GAR GREELEY BOOK #: 1473 RECEPTION #: 2420432 LAND/BLDG RATIO: -IMPS PRICE/PSF: SALE PRICE/PSF: CASH DOWN: LOAN: INTEREST RATE: LOAN TERM (YRS): POINTS PAID: 3.67 $17.24 $20.00 0 0.0% 0 0 FAMILY SALE BETWEEN BROTHERS. JOHN (GRANTEE) PURCHASED GLENN'S (GRANTOR) PARTIAL INTEREST IN SUBJECT PROPERTY (APPROX 62.5%). GRANTEE ALREADY OWNS THE OTHER PARTIAL INTEREST (APPROX 37.5%). APPRAISAL WAS DONE TO DETERMINE SUBJECTS VALUE. GRANTEE'S OPINION OF VALUE WAS $400,000. 07/21/97 PROFORMA INCOME WORKSHEET Parcel : Name: C & D INVESTMENTS Prop Address: 2430 6TH AVE, GREELEY, CO Bldg sq ft 12,000 Tax rate Fractional rent Avg rent psf SUBJECT RENT Use WHSE mill rate 0.095786 units 2 No of Units 2 Effective assm't rate tax rate 0.29 0.027778 Annual rent/month size/bay rent psf $2,196 12,000 $26,350.00 Annual Area rent psf 1 fir rate psf 12,000 $3.28 Less vacancy & expenses vacancy 5% expenses. 28% Net income 2.20 Net Income/overall cap rate=Property value Cap rate + eff tax rate OWNER EXPENSES: Comparable rentals KNIGHT MANF WEICKER CATHERWOOD STEINBECKER AVE Use WHSE WHSE WHSE WHSE 0.10 0.0278 T,I,M,U Bldg Address size 701 CHERRY 28,020 1324 7 AV 11,500 124E 4 STRD 12,000 1985 2 AV 15,150 Annual gross Income 39328 1,966 11.012 26,350 Property value 0.128 205,560 Year const'd 1995 1974 1974 1979 Gross income per sq ft PURE NET $3.52 PURE NET $3.33 Value per sq ft 17.13 Net income per sq ft $3.17 $2.64 $2.50 $2.83 $2.79 Current Period Amount Ratio Year To Date Amount Ratio S39,328.27 100.00 S39,328.27 100.00 __________________________________________________ S39,328.27 100.00 ________________ 539,328.27 100.00 ---------- ---------------------- S39,328.27 100.00 $39;328.27 100.00 S467.47 7,880.00 1,090.57 1,090.00 8,426.77 80.00 6,154.24 5,055.58 129.41 2,079.77 5.29 ------ r. ______7 5.29 ------------------------- 532,453.81 g ------- OPERATING PROFIT (LOSS) $6,874.46 2,453.81 82 52 874.45- 17.48 $6,874.46 - ------ 17.48 ---------- 5.00 ---------- 5.00 .00 EXPENSE ------- 2.52 S3 OTHER INCOME TOTAL OTHER INCOME )THER EXPENSES TOTAL OTHER EXPENSES IET INCOME C&D INVESTMENTS Profit and Loss Statement For the period January 1, 1996 to December 31, 1996 INCOME Income - Rent TOTAL INCOME GROSS PROFIT OPERATING EXPENSES Advertising' Depreciation Vehicle.. Expense ;Insurance/ Interest And Bank Charges hega1' And Accounting ;Repaiir& Taxes And Tc.avei Utilities' Licenses TOTAL OPERATING 1.19 20.04 2.77 2.77 21.43 .20 5.65 -� 12.85 .33 $467y 470 7,880.00 ;4,09.0e01 8,426.77. 6,f54:24"7 5,055.58 129`p41.i 1.19 20.04 2.77 2.77 21.43 .20 15.65 12.85 .33 $.00 .00 $.00 .00 --------- $6,874.46 17.48 ______________________________S6=874_46--- ___ 17.48 CORRELATION AND FINAL ESTIMATE OF VALUE COST APPROACH $245,000 SALES COMPARISON $228,000 INCOME APPROACH $205,560 ESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY $204,500 Hello