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Home My WebLink About951499.tiffRESOLUTION RE: THE BOARD OF EQUALIZATION, 1995, WELD COUNTY, COLORADO PETITION OF: J C PENNEYS %J C PENNEYS CO INC #22665 P O BOX 10001 PROPERTY TAX OFFICE DALLAS, TX 75301 - 1217 DESCRIPTION OF PROPERTY: PIN: R 0101588 PARCEL: 096119200045 - GR 12780-M IMPS ONLY PT N2NW4 19 5 65 YORK 1ST ANNEX (GREELEY MALL) (LAND CARD #12780 MACERICH GREELEY ASSOC) 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 1995, 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 1995, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner not being present or represented, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property 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: 951499 AS0032 Pc RE: BOE - J C PENNEYS Page 2 ORIGINAL Land $ Improvements OR Personal Property 1.752,898 TOTAL ACTUAL VALUE $ 1,752.898 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) 951499 AS0032 RE: BOE - J C PENNEYS 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 31st day of July, A.D., 1995. BOARD OF COUNTY COMMISSIONERS COUNTY, COLO2AD Anil& /0 /47 Weld County Clerk to the Board (1 eputyle BY. APPROVED AS TOI Dale K. Hall, Chairma Barb J. KirkmeyEr ro-T�i il George t. Baxter Constance L. Harp rt /', W. H: Webster 951499 AS0032 =#t' '3 /3/q 1<!qO BOE DECISION SHEET PIN #: R 0101588 PARCEL #: 096119200045 J C PENNEYS %J C PENNEYS CO INC #22665 P 0 BOX 10001 PROPERTY TAX OFFICE DALLAS, TX 75301-1217 HEARING DATE: July 31, 1995 TIME: 3:30 P.M. HEARING ATTENDED? NAME: AGENT NAME: J C PENNEYS GEORGE RAWLINGS APPRAISER NAME: 0-4-1—c-- el _A - DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO Land Improvements OR Personal Property Total Actual Value COMMENTS: ACTUAL VALUATION ORIGINAL SET BY BOARD 1,757,8Q8 11 l7��/97C $ 1,752,898 $ �� /75< � MOTION BY R iki TO ..--fr2 Baxter - ) SECONDED BY (' Hall -- N) Harbert - ) Failed to prove appropriate value Kirkmeyer -- N) No comparables given Webster N) Other: RESOLUTION NO._ 451499 CLERK TO THE BOARD PHONE (303) 356-4000 EXT.4218 FAX: (303) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 VIOc COLORADO July 18, 1995 Parcel No.: 096119200045 PIN No.: R 0101588 J C PENNEYS %J C PENNEYS CO INC #22665 P O BOX 10001 PROPERTY TAX OFFICE DALLAS, TX 75301 - 1217 Dear Petitioner(s): The Weld County Board of Equalization has set a date of Monday, July 31, 1995, at or about the hour of 3:30 P.M., to hold a hearing on your valuation forassessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor will be present before the Board. The Board will make their decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you, plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 10, 1995, and mailed to you on or before August 16, 1995. 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. J C PENNEYS - R 0101588 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 onald D. Warden, Clerk to the Board BY: Carol A. Harding, Deputy cc: Warren Lasell, Assessor J C PENNEYS GEORGE RAWLINGS WIiDc COLORADO NOTICE OF DENIAL 14(X) NORTH 17th AVE, GRF.F.I EY. COLORADO 80631 PHONE (970) 353-3845, EXT. 3656 GR 12730�M IMPS ONLY PT N2NW4 19 5 65 YORK 1ST ANNEX (GREELEY MALL) (LAND CARD *12780 MACERICH GREELEY ASSOC) 2080 5 GREELEY MALL ST GREELEY OWNER J C PENNEYS J C P1=NNEYS C,- ORGE RAWLI NGS J C PENNEYS CO INC 422665 P;) HOX 10001 PROPERTY TAX OFFICE DALLAS TX 75301-1217 05/30/1995 PARCEL PIN YEAR LOG 0961 192 ;0045 R 0101588 1995 03679 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): rl£.51DENT IAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. A4J !CULTURAL LAND VALUE IS DETERMINED SOLELY 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, '4AAEiK,.:T, AND INCOME APPROACHES. If your concern is the amount of your property tax, local taxing authorities (county, city, fire protection, and other special districts) hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts, and plan to attend these budget hearings. The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest and has deter- mined the valuation(s) assigned to your property. The reasons for this determination of value are: WE HAVE REVIEWED YOUR PROPERTY VALUE AND IT IS CORRECT. STATE LAW r'E9UIRE5 THAT 199 3/ 19 94 COST, MARKET AND INCOME INFORMAT LON BE USED TO STA3LISt1 CURRENT VALUES. PROPERTY CLASSIFICATION PETITIONER'S ESTIMATE OF VALUE ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW LAND i MPS t,752,a398 1,752,+x99 TOTALS $ $ 1,752,J98$ 1,752,895 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. .06/01/95 By: 15-DPT-AR Form PR -207.87/94 WARREN L. LASELL WELD COUNTY ASSESSOR ADDITIONAL INFORMATION ON REVERSE SIDE DATE YOU HAVE The County ty Hoard of Equalization w real property (land and buildings) arid peroonci 39.8'107(2), CRS. APPEAL PROCEDURES: SALI2'AT ON Box 758 60032 4225 NOTIFICATION OF HEARING: , too Loin k COUNTY BOARD OF EQUALIZATIOf fs Ete PLEL n, `3 ;: The County Board of Equalization rnithit n,asiness days The County Board mn ,nt co . TAXPAYER RIGHTS FOR FURTHER APP€ AL : with the County IThrieni rtt hineini t, „ e and of Equalization's wrrtte.rk <,fc-tr;�t r. whit ruff n tofov District Court: 901 Avenue anti 91h Str,ei. P.O, Box C Greeley, Colorado 80632 telephone (970) 356-4(100. EM, 4520' Ar Ui tr e liana WELD COi.iN I 0 It you do not receive a determination from the County i0: -u; Assessment Appeals by September 18. TO PRESERVE YOUR APPEAL RIGHTS YOU M')3 THEREFORE, WE RECOMMEND ALL CLEYEEEPArtypeuttE PETITION MOTtry /,300,008 �w9L Emma of 1) tro0 rnt! :t' ZATION :xt. 4225 hzation, you must file an append YOU HAVE FILED A TIMELY APPEAL; i'J1 r'ecf fr a El riztatiti 'iii_:,, gsfePsnr≤. it rn ehetc um -E eyfrez oiv ACm a. I-i'a� sir Td frlcs".bitf ate cs rte rf AJj£5i 6Rms JCPenney CUT July 13, 1995 Weld County Board of Equalization 915 10th Street, P. O. Box 758 Greeley, CO 80632 Re: J. C. Penney Company, Inc. #2266-5 Parcel 096119200045 Dear Sirs: Please accept this certified letter as our official notice of protest on the above referenced property. Should you need further information, please contact our office at (214) 431- 2608. Sincerely, Georg Rawlings Senior Appraiser GAR/gw CERTIFIED P 028 416 581 J. C. Penney Company, Inc., P.O. Box 10001, Dallas, TX 75301-0001 C.B.O.E. HEARING DATE: July 31, 1995 SUBJECT: J. C. Pennys Co, Inc ADDRESS: 2080 Greeley Mall Greeley, CO PARCEL: 096119200045 Appraisal Date as of: June 30, 1994 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of the Appraisal: Estimate market value June 30, 1994 Property Rights Appraised: Unencumbered fee simple interests. Property Address: 2080 Greeley Mall, Greeley, Colorado Improvement: Department Store Bldg size: 50,232 square feet Zoning: C-3 General Business Assessor's Value: Land Value: Imps Value: Total Value: 1995 N/A $1,752,898 $1,752,898 Highest and Best Use: Present use Year of Construction: 1987 Effective Age: 7 years Remaining Economic Life: 43 years Estimated Land Value: N/A (land is leased) Estimate of Value: Cost Approach Land Value: N/A Improvement Value: Total Value: $2,721,016 $2,721,016 Sales Comparison Approach: $1,758,000 Income Approach: $2,000,000 Final Estimate of Value: $1,752,898 Date of Value: June 30, 1994 7 SUBJECT PHOTOGRAPHS Southwest elevation Southeast elevation g 3 3 S 15, A F I 0 > COST APPROACH Parcel Number Property Owner . Address City, State, ZIP: Surveyed by Date of Survey . 096119200045 J. C. PENNYS CO, INC 2080 GREELEY MALL GREELEY, COLORADO CCJ 07/19/1995 Occupancy: Department Store Floor Area: 50,232 square feet Class: Masonry Cost rank: Average Cost as of: 6/94 Number of stories: 1.0 Average story height: 22.0 feet Effective age: 7 years Heating and Cooling: Warmed & Cooled Air 100% Other features: Sprinklers serving 50,232 square feet Units Cost Total Basic structure cost 50,232 57.02 2,864,228 Less Depreciation: Physical and Functional Depreciated Cost <5.0%> <143,211> 2,721,016 Cost data by MARSHALL and SWIFT SALES COMPARABLES COMP 5 Fred Schmid 2030 35 Ave Greeley, CO N m H. o N O o o - m co W N fi o o Ifl a N P • N to OD 43 to V' to m N - N 0 Ot N O1 m N (-54,431) r- -I H1..0 E . W O N m tD O, N T m C N H 0 - N $1,922,675 I $38.27 $38.00 Retail COMP 4 Wal-Mart 60 Bromley Ln Adams County M O \ H p O o O O C +r • !1 40 W a V. If) O\ C sr to $554,954 O 0 to O oo to C O Ifs CO m • f? 0 O\ 01 H similar O O o • I- h + 0 C O 0 N N `-' 0 O V 0 ViOD O to --- 0 O fi N N A/1 $45.41 $45.00 Discount Store COMP 3 Pace 4700 Boardwalk Ft. Collins, CO O O\ \ N O $5,000,000 520,542 sf m kr - N co O N Aso t0 a, tp CA co N NI W l- ,-1 CO • N Vt O co Ot ~ similar to to t(1 • a O Ifs + o N •H N CO W • H --- in If • OD CA W - as N Ot H 0 • N (R $40.20 O 0 0 V' (.0- Warehouse Discount Store COMP 2 Wal-Mart 4625 S Mason St Ft. Collins, CO N m \ N Ip O - C N Ifs a, Ot t"1 330,464 sf 0 N 0s N Ifl to ri 41 [- CO 1 rl ao - N a N CO N N M. to OD 01 O\ similar1 M m I(1 • to in C + .� 0 N t0 OD N o -- to to 0 N I- m. -- Ifs Ifs m 0 N CO ri tn. $36.05 $36.00 Discount Store COMP 1 Country General 2699 49 Ave Greeley, CO N O\ N N N p 0 $2,990,000 W a OD N l0 N M n $331,628 N N to to $2,658,372 ao H similar similar O COCOa - o o C --Z K. \ O - 0 Cr -- I- to N N N ,� NO Ot V. V' I? $45.00 O N O a I O 0 JJ u] SUBJECT J. C. Pennys 2080 Greeley Mall Greeley, CO (Assr's value) $1,752,898 Leased z 50,232 $1,752,898 E -- on a, N $34.89 $34.89 Department Store DATA ADDRESS SALE DATE SALES PRICE LAND SIZE LAND VALUE BLDG SIZE IMPS VALUE YR BLT ADJ AGE n a h ADJ BLDG SIZE ADJ BSMT NET ADJ ADD IMP VALUE ADJ IMP VALUE (PS F) ROUNDED TO MARKET APPROACH The five market transactions of Discount Stores tabulated on the prior page show adjusted improvement values (without land) ranging from $36.00 to $45.00 psf. A conservative market value of $35.00 psf was selected to be applicable for the subject property or as follows: $35.00 psf x 50,232 $1,758,120 Rounded . . . . $1,758,000 Improvement value Square feet Indicated improvement value as per the market approach 8 COMPARABLE SALE #1 PIN: 0013288 PARCEL #: 95915400004 OCCUPANCY: DISCOUNT STORE ADDRESS: 2699 49 AV PROJECT: 0 SALE DATE: 07/13/93 BOOK #: 1.391 SALE PRICE: $2,990,000 RECEPTION #: 2340878 ADJ SALE PRICE: GRANTOR: ACADEMY INCOME PROPERTIES II GRANTEE: THE FRANK BENTON LAND & LIVESTOCK CO YEAR BLT: 1987 LAND/BLDG RATIO: 5.37 BLDG SIZE: 61,712 IMPS PRICE/PSF: $43.08 CLASS: C SALE PRICE/PSF: $48.45 CONSTRUCTION-QUAL: AVG CASH DOWN: $2,990,000 WALL HEIGHT: 24 LOAN: 0 STORIES: 1 INTEREST RATE: 0.0% BSMT SIZE: 0 LOAN TERM (YRS): 0 LAND SIZE: 331,628 POINTS PAID: 0 LAND VALUE: 331,628 GREELEY REMARKS: 83% RETAIL, 17% WHSE/STOR. ADDITIONAL SF NOT INCLUDED IN BLDG TOTAL ARE: 1200SF MEZZANINE OFFICE, 365 SF ATTACHED GREENHOUSE Larimer County Assessor's Office Sales Book Parcel Number: Property Address: Business Maine: Sales Data: Sale Date: Sales Price: Sale S/SF: Grantor. Grantee: 96021-07-002 4625 S MASON ST WAL-MART 8/1/93 $3,935,241 $48.47 Metropolitan Life Insurance Wal-Mart Stores Inc. Site Data: Land Size SF: 330,464 Site Coverage: 25% Zoning: FIB Occupancy Code: 319 - Discount Store Class: C Rank: 2 Building(s) SF: 81,187 Confirmation: By / Date: With: Comments: CAM 9/1/94 WILLA LOVETT, WAL-MART t'hursday, September 22. 1994 10 FORT COLLINS CO Reception Num: 93056417 Adj Sales Price: $3,935,241 Stories: 1 Basement Fin Rooms: Units: Year Built: 1986 Year Rem: Total Bldgs: 0 Improvement Sales Book Comparable Sale #3 4700 BOARDWALK MARKET $50.18 PER SQUARE FOOT SALE $5,000,000 FEB 1990 PARCEL IDENTIFICATION NUMBER 96010-05-001 PACE MEMBERSHIP WAREHOUSE OCCUPANCY CODE 406.00 YEAR BUILT 19S9 YEAR REMODELED 0 RANK �0 CLASS C IMPROVEMENTS SF 99630 STORY HEIGHT 32' # OF STORIES 1 BASEMENT UNFIN SF.... 0 BASEMENT FIN SF 0 LAND SF/ACRES C20,512 SI/ PERS PROP IN SALE 0 ADJ SALES PRICE II Comparable Sale #4 IMPROVED COMMERCIAL SALES ADAMS COUNTY JANUARY 1,1993 THROUGH JUNE 30,1994 Schedule No: 1569-18-0-04-009 Property Type: Discount Store Address: 60 Bromley Ln Sales Date: 01/q Grantor: Grantee: Deed Type: Book & Page: Personal Property: Number of Bldgs: i Total Bldg. Area: 89,600 GB It Total Land Area: 12.74 acres or 554,954 so. £t. Condition: Average Financing: Verified By: Sales Price $3,440,000 Yr. Bit: 1990 L/B Ratio: 6.20 COMPARAbuE SALE #5 PIN: 0057793 PARCEL 1/: 95913221006 OCCUPANCY: RETAIL ADDRESS: 2030 35 AVE GREELEY PROJECT: 0 SALE DATE: 02/04/93 SALE PRICE: $959,900 ADJ SALE PRICE: GRANTOR: WEST LAKE I DEVELOPMENT COPE. GRANTEE: FRET"I'ER REAL, EST'AT'E COMPANY, INC YEAR BLT: 1.992 LAND/BLDG RATIO: BLDG SIZE: 14,566 IMPS PRICE/PSF: CLASS: c SALE PRICE/PSE: CONSTRUCTION-QUAL: avq CASH DOWN: WALL HEIGHT: 13 LOAN: STORIES: I INTEREST RATE: BSMT SIZE: 0 LOAN TERM (YRS): LAND SIZE: I'p,u(,I POIN'T'S PAID: LAND VALUE: 57,714 BOOK #: RECEPTION II: 13 1370 2321230 1.03 $62_.27 $65.89 $0 0 (1.0% 0 (1 mu S WEST dr (14N' y 4 Cachf 42 V . �a A2 3 La m > > Poudre Ja j.`,. _Q__ 6 N N S !0n in snaol TAP < < A A La Pa k •1 85 F sl U OS m a < c m St _ rhw U ^ C St _ A a c^ i B St U m 1 t --° ]� f c a 1st S m .� Cl- ^ .•I< S c. . — e a < �� Zit at 2nd St St `2 tr "2nd St m 3rd z{�2,']�nd >Snd rd 34 U •SI `tl■g 2n —•.a �. co m U t■ 4 h S mmm V 4th m m ?1h 61ft;: d.. 11t2 FµE .. /9. Sl m m hm a 6 { Si h 1 -- 4th'a? tD Q IYa:Ut r m •. h h NItl.' 6 n a m S m 8-Ca^m16 aI <7� �'� h I�nU■� I SIs..e.a< i h ]Ih St l at,.. St h m sih I .t '\ tT,,t U 118 h - _ -6.SI 00th ERd -,�► 81 0°�8 `.�iam_ •�.th W 9th. StC H 9th �� tE t_S1th > � ■■■_. .: Rd`re 3'_` w ^� 9th ms t2thU :_5; R. SI SI i12th■.�qCr Id39Ca11 I1h St 12111hh`� 'Unlh51 0th 2ih '`.1 a■-• w 11Th ' •. 12tr�1h1S1 'd o4�•c !L.�:•::: 11tH ; 1 S. Warr mo ag 13th St t 21h I •12th .t 13th_ mU tih- 14Th S A — 131 _ m 4tpT 9>m 7' 16I S�mm _< 141 S Rd mJS R t v.M1 'it 3r 8/ Or ''mSit 2814pS m/15 6 6th .Nifrf_ cm ': �IQ < m961 ¢`a 14th 14th _t n p' 0 N 6 /. Q a a m,r1 tln 28 O / t[St SIc.L m l:ht c.. St m 7� Ih /18 c1 •J) 3U I 16th as 3 • '1 IR/-•10 97 -E maelen-F rn(o d PI 23c l_ I , SI > SI . Fr ntle > d 8 -•,Ih u19 9 St" mU Am �9 ≤el:n-F I D 1 n .r -.O \ ke��1dee. 1 8th r 3 4 �� Rd 22 cT19N St 6 1 v 19th m4 It mT �r .,0^. St '• e m tt 204,g8 '201 .. S.IN ,.¢ - 20th 0th SI a?. ..a20\ mm n / N a6n c°' d a ..�2 SLLLiilll'e st ..� '\ 25 26 21s H 2 a t .`� r t 1tr SI Rd st imSt S1 Rd c 22nd 2l5 1 <≤< 2•n• t S I/P1 .. e • 27 mr a 2'ntl 21 1 11 z.nd I Rd St D s'>4a5's •,' y 65 St m -r m a p` 22nd 3 m a m " .. 13 a •�''e "23 \ 23rd 2. ne St Rd 22n.' ca\mac L Rd F 6 ., c.m 2'.r, Ss c M1 24 ° L •a 6, 22. Stt . 14 t Dr ` cSt„ 25tH h,<St ,•U a $t ''c 23 d 24th '• St "' N ac s P' •- 24tH th St 4ihm c4\ 26th SI_ 24 M .. .. 25th mSl ., > y • Rd 1 U< i- <' a- ha °'y 2`,0 SI \ 25 a < C25ih 2!t St a v 12 49 3- .5th 4 S�- Tj13 Ad., -S1 l�' <m _m �[' aac 111 6t �S`R c 26th Ft u IhS/ i 14 i2.1 ^ 6 h St 2 ', 6 h s Rd h!;:- `,- - St c ' ..� ^ _ - a .]t Omw27th -> St f s]' 2 t U 2 r.mk .. n rvNN �i, 2 Ih 2�Ih > St < 28th SIcSti a 29Th Rd 9th 'Stm m Sulject? a a St r-; 0/29th 10 301 "' St °' h <Oth .t SOfh St m51 Rd < per` < 1 st s S\ 30th m 1 _ 555EEEE'"' J - reeley�W.es1j < N N ma 85 V IGOS 4 SZSO8 dIZ 40 c) IJ MIN" 4 IV• 001C • S Mende S:. � V *monotl t01/1 ror F SZS08 v Atlpoly n.VON 001 53 wHl" Poet Cl In In 00 N 0 0 m sir UWOJS 00! 15 OO.IJ "Irn� vl sou U a Ayloa of 0 00 N INCOME APPROACH The rental market data was researched and a tabulation of large Retail Stores (including Discount Stores and Markets) are included on the following pages. The four leases found are triple net leases ranging from $4.22 to $5.00 psf. Rental comparable #1 is the most similar to the subject and is also the #1 sales comparable in the market approach. It is estimated that the subject property would lease for $4.50 psf triple net or as shown on the following pages. 17 RENT COMPARABLES BLDG NAME RENTAL # & LOCATION Country General #1 2699 47 Ave Greeley, CO MCI #2 1731 Greeley Mall Greeley, CO Albertsons #3 2325 23 Ave Greeley, CO Safeway Bittersweet #4 3526 W 10 St Greeley, CO NET RENTAL LEASE RATE LEASE AREA IN SF YR CONST PER SF DATE 61,712 28,605 42,618 50,470 18 $4.62 1987 triple net 4/87 $5.00 1973 triple net 1992 $4.22 1989 triple net 1989 $4.50 1981 triple net 1991 NOI ($4.50 x 50,232) Cap Rate Indicated value per the Income Approach Less land: (1 to 5 land to bldg ratio/ 251,160 sf x $1.00 psf) Indicated value per Income Approach less land $226,044 10% $2,260,440 (-$251,160) $2,009,280 Rounded $2,000,000 19 Hello