HomeMy WebLinkAbout991907.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
?.GLAND INC
P O BOX 338
EATON, CO 806150338
DESCRIPTION OF PROPERTY: ACCOUNT#: R3312086 PARCEL #: 096108402011 - GR
743B S310' OF E314' L3 & 5 NE4SE4 8 5 65 EXC HWY %1641 2 AV%
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 1999, 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 1999, 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 $ 73,005
Improvements OR
Personal Property 636,995
TOTAL ACTUAL VALUE $ 710,000
991907
<' Cr , / : 1 _I�.,s--1 AS0043
RE: BOE - AGLAND INC
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
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)
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 quali`ied 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.
991907
AS0043
RE: BOE - AGLAND INC
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 inc uding 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 vo the 2nd day of August, A.D., 1999.
r`� Z BOARD OF COUNTY COMMISSIONERS
I I 1D COUNTY, CO ORA O
ATTE ! J i�� - _
Dale K. Hall, Chair
Weld C ty2I re it rd
Le •,: EXCUSED
Barbara J. Kirkmeyer, Pro-Tem
Deputy Clerk to the Board---, / c
Ge r "E. ter
APPROVED AS TC) FORM: , .
M. J. eile
£ te4si Attr e a ��Y �icu� !deft;�
Glenn Vaad--
991907
AS0043
NOTICE OF ADJUSTMENT OFFICE OF COUNTY ASSESSOR
rita 1400 NORTH C17th
ER 743B 5315' E314' L3 & 5 GREELEY,CO806310631
S \1 NE4bE4 8 5 65 EXC HWY %1641 2 AV% PHONE(970)353-3845,EXT.3650
WIIPe.
COLORADO Oly\/ iR: AGLAND INC
MEKELBURG ROBERT LOG 2586
PARCEL 096108402011
ACCOUNT R3312086
YEAR 1999
Owner: AGLAND INC
06/11/1999
The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that
your property should be included in the-Following category(ies):
COMMERCIAL PROPERTY 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 determination of value are:
AFTER REVIEW OF YOUR PROPERTY AND THE VALUES WE HAD PLACED ON IT, WE HAVE MADE AN
ADJUSTMENT. THIS WAS DONE BECAUSE OF ADDITIONAL INFORMATION OBTAINED BY US.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 73005 73005
IMPS 661995 636995
TOTALS $ $ 735000 $ 710000
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-8-
106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
06/11/1999
By: Stanley F. Sessions —
WELD COUNTY ASSESSOR DATE
15-DPT-AR
Form PR-207-87/99 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 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 EQUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days of that decision. 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 10.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL, THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILEDWITII PROOF
OF MAILING.
PET][TION 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, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional. documents as necessary.
We petition the board to reconsider the Assessor's valuation of this property Account/fR3312086.
The basis of this valuation increase is due to a sale of a similar retail operation in the
Del Camino area, with access off of I-25. We feel that the location of the sale contradicts
that of our location being on a frontage road rather than a major interstate. The valuation
we feel should be at $500,000.00 due to a lack of improvements in area and no upgrading on
our part to the business.
NKINAI UK UE I'LII IIUNEK
Stanley F. Sessions
WELD COUNTY ASSESSOR
CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR
APPRAISAL REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
AGLAND INC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-08-4-02-011
Schedule Number: R3312086
Log Number: 2586
Date: August 2, 1999
Time: 1:30 P M
Board: CBOE
PREPARED BY
DAVID SCHILDMEIER
Signature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOE_COMM_010998
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Purpose of the Appraisal : Estimate market value June 30 , 1998
Property Rights Appraised: Unencumbered fee simple interests .
Property Address : 1641 2 Av, Greeley, Colorado
Improvement : Service Garage
Land size : 97, 340 square feet
Zoning: I-M Industrial Medium Density
Assessor' s Value : 1999
Land Value : 73 , 005
Imps Value : 6_36 , 995
Total Value : 710, 000
Highest and Best Use : Present use as a Service Garage
Size of Improvements : 21 , 000 square feet
Year of Construction: 1981
Effective Age : 17 years
Remaining Economic Life : 18 years
Estimated Land Value : $73 , 005
Estimate of Value :
Cost Approach
Land Value : 73 , 005
Improvement Value : 636 , 994
Total Value : 710 , 000
Sales Comparison Approach: $710 , 000
Income Approach: $710 , 000
Final Estimate of Value : $710, 000
Date of Value : June 30 , 1998
1
LAND SALES SUMMARY SHEET
Sales
Sale Date of Contrib. Area Price/
No. Grantor/ Grantee Sale Sales In SF SF Land Zoning
Price
Adjusted
Subject Agland
1641 2 Av -- 97, 340 Ind
Greeley, Co I-M
1 Branch, Lloyd/ Burgener
Brothers 08/97 $159, 500 103, 534 $1.54 Ind
130 22 St I-M
Greeley, Co
2 Tiedgen Harold/ H M
Partners 11/94 $142, 000 154, 000 $0. 92 Ind
112 13 St I-M
Greeley, Co
3 H W H
Enterprises/Applegate, 09/95 $65,500 42, 835 $1.52 Ind
Mike I M
297 18 St
Greeley, Co
4 Dellenbach w/Automotive
Properties 06/98 $65, 000 30, 000 $2 . 17 Ind
707 6 St I M
Greeley, Co
5 Phelps-Tointon/
Wernsman David 05/94 $74,400 103, 672 $0.72 Ind
3812 Carson St,
Evans, Co - _
SUBJECT SITE
The subject site is a 97 , 340 square foot rectangular, level interior
lot located on the West side of 2 Avenue one-half block South of 16 Street .
The comparable land sales range from $0 . 72 PSF to $2 . 17 PSF . The mean
of the sales is $1 . 37 PSF . The Median is $1 . 52
As a result of the land sales study, a value of $0 . 75 per square foot
has been applied to the subject land area or $73 , 005 .
2
WELD COUNTY ASSESSOR
Account#: R3312086 PROPERTY PROFILE Parcel#: 096108402011
MH Seq#: MH Space:
Appr Year: 1999 Levy: 91.113 #of Bldgs: 1 Active On:
Tax Dist: 0600 Map#: LEA: GRLY03 Inactiveon:
Assign To: DWS Initials: TST Met Type: Commercial Last Updated: 7/19/99
Owner's Name and Address: Property Address:
7
AGLAND INC Street: 1641 2 AV
P O BOX 338 City: GREELEY
EATON CO 806150338
Business/Complex:
Sales Summary
Sale Date Sale Price Deed Type Reception # Book Page Grantor
1/5/83 $720,300 X0008601
Legal Description
GR 7438 S310'OF E314'L3&5NE4SE4 8 5 65 EXC HWY%1641 2 AV%
Land Valuation Summary _
Abst Unit of Number Of Value Per Assmt *Assessed
Land Type Ag Code Code Measure Units Unit Actual Value Percent Value
Commercial 2130 Square Feet 97340 $0.75 $73,005 29.00% $21,171
Land Subtotal: 97340 $73,005.00 $21,170.00
Buildings Valuation Summary
Abst Actual Assmt *Assessed
Bldg# Property Type Code Occupancy Value Percent Value
1 Commercial 2230 325 -Service Garage $636,995 0.29 $184,729
Improvements Subtotal: $636,995.00 $184,730.00
Total Property Value $710,000 $205,900
*Approximate Assessed Value
3
Friday, July 23, 1999
WELD COUNTY ASSESSOR
Account#: R3312086 PROPERTY PROFILE Parcel#: 096108402011
MH Seq#: MH Space:
Building #: 1 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$
Property Type: Commercial Good $0.00
Quality: Good Nbhd: 101 Occupancy: Service Garage
Condition: Average Nbhd Ext:
Perimeter: 580 Nbhd Adj: 1
Individual Built As Detail
Built As: Service Garage Year Built: 1981
Construction Type: S Year Remodeled:
HVAC: Space Heater % Remodeled:
Interior Finish: Adj Year Blt: 1981
Roof Cover: Effective Age: 17
Built As SF: 21000 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 1 Mh Skirting LF:
Story Height: 16 MH Skirting Type:
Sprinkler SF: Diameter:
Capacity: Height:
Building Details
Bldg#: 1
u1 i ti k . '�. <a + L .'r4ddC°ni I ii z , , , z ",
.�x, 7.. �i� .. A,�,`�� r+L�i� .a, ��in t � � ,d � R I r'1 Y L
Hoist Single Post 4 $5,000.00 $20,000.00
Hoist Double Post 1 $7,500.00 $7,500.00
Concrete Slab Average 3466 $2.36 $8,180.00
Compressor 10 hp 1 $4,100.00 $4,100.00
Asphalt Average 27000 $1.51 $40,770.00
Value Details
RCN Cost/SF: $34.14 Design Adj %: 0 Func Obs %: 0
Total RCN: $844,805.00 Exterior Adj To: 0 Econ Obs To: 0
Phys Depr%: 0.31 Interior Adj %: 0 Other Obs To: 0
Phys Depr$: 261890 Amateur Adj %: 0
RCNLD$: $582,915.0D RCNLD Cost/SF $27.76 Market/SF: $0.00
4
Friday, July 23, 1999
07/23/99
PIN: 3312086 COMPARATIVE SALES APPROACH
NAME: AGLAND SER GAR
COMP SALE NUMBER SUBJECT 1 2 3 4
96108402011 96108409019 131311000072 95918000047 96117409003
ADDRESS 1641 2 AV 1925 1 AV 4045 CR 22 12680 CR 58 412 27 ST
GREELEY GREELEY DELCAMINO GREELEY GREELEY
USE SER GAR SER GAR SER GAR SER GAR SER GAR
SALE DATE 11/13/95 05/08/92 06/27/97 11/18/97
SALE PRICE 462,500 2,500,000 1,700,000 300,000
ADJ. SALE PRICE 462,500 2,500,000 1,700,000 300,000
LAND VALUE 73,005 104,173 222,000 41,750 35,834
BLDG.VALUE 358,327 2,278,000 1,658,250 264,166
SIZE SF 21,000 10,670 64,127 61,924 10,180
BLDG PRICE/SQ. FT. 33.58 35.52 26.78 25.95
WALL HEIGHT 16 16 22 20 12
YEAR BUILT 1981 1981 1969 1974 1980/1993
EFFECTIVE YEAR 1981 1981 1985 1974 1983
ADJUSTMENTS:
BLDG.SIZE@30.00 309900 -1293810 -1227720 324600
BUILDING AGE -151800 200000
WALL HEIGHT -113900 -33000 59500
NET ADJ TO ADJ SALE E PRICE 309900 -1559510 -1060720 384100
ADD BLDG VALUE 358327 2278000 1658250 _ 264166
NET ADJ TO SALE PRICE 668227 718490 597530 648266
ADD SUBJECT LAND 73005 73005 73005 73005
INDICATED VALUE 741232 791495 670535 721271
INDICATED VALUE PSF 35.30 37.69 31.93 34.35
INDICATED MARKET VALUE 21000 X $33.81= 710,000
5
AGLD_SG 1.WK4
COMPARABLE SALE
305
71,
4, 1
WY .
PIN: 0207793 PARCEL #: 96108409019
PRIMARY OCCUPANCY: SERV GAR
OFFICE SPACE % : 18%
2nd OCCUPANCY: ***
ADDRESS: 1925 1ST AVE GREELEY
PROJECT:
SALE DATE: 11/09/95 BOOK #: 1518
SALE PRICE: $462,500 RECEPTION #: 2463502
ADJ SALE PRICE: $462,500
GRANTOR: GXY PROPERTIES
GRANTEE:BROWING-FERRIS INDUSTRIES
YEAR BLT: 1981 LAND/BLDG RATIO 11.26
EFFECTIVE AGE: 1981 IMPS PRICE/PS $33.58
BLDG SIZE: 10,670 SALE PRICE/PS $43.35
CLASS: S CASH DOWN: $462,500
CONSTRUCTION-QUAL: AVG LOAN:
WALL HEIGHT: 16 INTEREST RATE:
STORIES: 1 LOAN TERM (YRS
BSMT SIZE: POINTS PAID:
LAND SIZE: 120,107
LAND VALUE: 104,173
REMARKS: SUBJECT HAS 1,920 SF (18%) OF GOOD QUALITY
OFFICE. GRANTEE WAS TENANT. SP WAS THE
OPTION TO BUY ON 3 YR LEASE. (OAR 10.38).
(1) 1,000 GAL UNDERGROUND TANK AND PUMP.
COMPARABLE SALE
262
'f 4,,-..!..",:.''
.,}.j'' :.` `•' aw'� ^t' .-it• si."a *Li`. '..1. �r' a A t
try tidst:,. .,3,w ,��` '€.9:3. " ,r +.. <r da .. - f - J
� . ;17 f. `G -.rS:::3t. '',,.;.-'.., rv-Wi N4 T k $ 5" r rt},ry4�,,-1 m•-
4a_.�"� ,�.. .+,t:kK+� �}Y: .y r d s�'�k�{.�'� as'� r�.$
=:#&�'9 J ,r e `q}• 7 Nrrf..-;..v'}v"? Ni. i rr+ r.:11 is ' `` (�f',.;� ,::' 4t'.,'. '1 Yi-,,,'� ,.- h.torn ♦.' t.•yr 'Si �£d 'r .i,: '1,,\. , rl' �6. ,,, Xa„:.1-,;.'1
s t j r
.*"r ~°,,fr #7 [J ti rti.. r 1 ''' * r 1F 1 w a} 'it
liv;; Da
P:CN: 0034992 PARCEL # : 131311000072
OCCUPANCY: SERVICE GARAGE
ADDRESS: 4045 CR 22 DEL CAMINO
BOOK # : 1335
SALE DACE: 05/08/92 RECEPTION # : 2287421
SALE PRICE: $2, 500,000 ADJ SALE PRICE: $2 , 468, 235
GRANTOR: AZALEA FARMS
GRANTEE: U S CORP OF ENGINEERS
YEAR B]�T: 1969 LAND/BLDG RATIO: 7 . 54
BLDG SIZE: 64 , 127 PR/SF( IMPS) : $35 .03
CLASS: C PR/SQ FT: $38 . 49
CONSTRUCTION-
1
AVG+ CASH DOWN: $0
WALL HEIGHT: 22 NEW LOAN: 0
STORIES: 1 INTEREST RATE: 0 . 0%
BSMT SIZE:
0 LOAN TERM (YRS) : 0
LAND SIZE: 483416 POINTS PAID: 0
LAND VALUE: 222000 BY WHOM: 0
REMARKS: ADJ SP - DEDUCT SF RESIDENCE ( $31 ,765 )
OTHER 3 BLDGS 22 , 212 SF + 36 , 395 SF
+ 5,520 SF = 64 , 127 SQ FT TOTAL
COMPARABLE SALE
584
PIN#, 2591186 PARCEL #: 095918000047
PRIMARY OCCUPANCY: STOR GAR
OFFICE: 34.00%
2ND OCCUPANCY:
ADDRESS: 12680 WCR 58 WELD
PROJECT:
SALE DATE: 06/27/97 BOOK #: 1614
SALE PRICE: $1,700,000 RECEPTION #: 2556755
ADJ SALE PRICE:
GRANTOR: POLLACK SHELDON & GERALD & ROLFES IRIS
GRANTEE: GLEN VALLEY INVESTMENT COMPANY LTD
YEAR BLT: 1974
EFFECTIVE AGE: 1974 LAND/BLDG RATIO: 5.87
BLDG SIZE: 61,924 IMPS PRICE/PSF: $26.78
CLASS: C SALE PRICE/PSF: $27.45
CONSTRUCTION-QUAL_: AVG CASH DOWN: TRADE
WALL HEIGHT: 20&26 LOAN:
STORIES: 2 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 363,726 POINTS PAID:
LAND VALUE: 41,750
REMARKS: THIS TRANSACTION INVOLVED A TRADE UNDER IRS CODE
SECTION 1031. TRIPLE NET LEASE WITH TENANT FOR
$137,100 PER YEAR EXPIRES JUNE 2000.
COMPARABLE SALE
635
s
s'PA0<AUT0 SERVICE,`
PIN#, 0037788 PARCEL #: 096117409003
PRIMARY OCCUPANCY: SER GARAGE
OFFICE:
2ND OCCUPANCY:
ADDRESS: 412 27 ST GREELEY
PROJECT:
SALE DATE: 11/18/97 BOOK #: 1635
SALE PRICE: $300,000 RECEPTION #: 2580490
ADJ SALE PRICE:
GRANTOR: DEUBACH STEPHEN & BARBARA
GRANTEE: WHITE PHILIP & DENISE
YEAR BLT: 1980/1993
EFFECTIVE AGE: 1990/93 LAND/BLDG RATIO: 4.69
BLDG SIZE: 10,180 IMPS PRICE/PSF: $25.95
CLASS: D SALE PRICE/PSF: $29.47
CONSTRUCTION-QUAL.: AVG CASH DOWN: $30,000
WALL HEIGHT: 12 & 16 LOAN: NEW
STORIES: 1 INTEREST RATE: 10. 5%
BSMT SIZE: LOAN TERM (YRS): 30 YRS
LAND SIZE: 47,779 POINTS PAID:
LAND VALUE: 35,834
REMARKS: THE GRANTOR & GRANTEE ARE BUSINESS AFFILIATES
THE GRANTEE ALSO OWNS THE ADJACENT PROPERTY
PARCEL # 096117409002. THE GRANTOR CARRIED THE
1ST MORTGAGE AT SLIGHTLY BETTER THAN MARKET TERMS
(30 year term) . THE SUBJECT HAS 2 BLDGS. BLDG #1 is a 7 ,540 sf
SERVICE GARAGE BLT IN 1980. BLDG #2 IS A 2,640 SF SERVICE
GARAGE BLT IN 1993.
07/30/99
PROFORMA INCOME WORKSHEET
Parcel : 0961-08-4-02-011
Name: Agland inc
Prop Address: 1641 2 Av Greeley, co
Bldg sq ft Use No of Units
21000 whse 1
Effective
Tax rate mill rate assm't rate tax rate
0.091304 0.29 0.026478
Annual
Fractional rent units rent/month size/bay rent psf
owner occupied
Avg rent psf
Subject Rents Annual Annual gross
Area rent psf Income
1 flr rate psf 21000 4.70 98700
Less vacancy & expenses
vacancy 5% 4,935
expenses* 3% 7 896
Net income 4.09 85,869
Net Income/overall cap rate=Property value
Property Value
value per sq ft
Cap rate + eff tax rate 0.09 0.0265 0.12 737,211 35.11
0.10 0.0265 0.13 678,924 32.33
Total property value $710,000
*owner expenses mgmt 5% , reserves 3%
Gross Net
Comparable Bldg Year income income
rentals Use Address size const'd per sq it per sq ft
fed x whse 1255 h st 24,950 1996 $4.39
browing ferris whse 1925 1 av 10,670 1981 $4.50
midas muffler ser gar 2390 28 st 5,762 1979 $5.82 $4.07
to
AGLD_INC.WK4
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