HomeMy WebLinkAbout991873.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
MAJORS DALE L & EVELYN E
2911 GRANDVIEW DR
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: ACCOUNT#: R3462386 PARCEL#: 096117102005 - GR
IP1-5 L5 BLK1 GREELEY INDUSTRIAL PARK %2123 2 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 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 •:he 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 $ 56,000
Improvements OR
Personal Property 504,130
TOTAL.ACTUAL VALUE $ 560,130
/� p 991873
Q C �$, 1 �T AS0043
RE: BOE - MAJORS DALE L & EVELYN E
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 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.
991873
AS0043
RE: BOE - MAJORS DALE L & EVELYN E
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 30th day of July, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
7 ! � ,/ COUNTY, COLO ADO
ATT • •ur�{�//✓//l
Dale K. Hall, Chair
Wel 1 o n } tCrt and
® a EXCUSED
ley \ Barbara J. Kirkmeyer, Pro-Tem
BY: /
Deputy Clerk to the Board
George4. Ba r
APPROVED AS TO FORM
I2e
Assist) t C y ttorney
Glenn Vaad
991873
AS0043
�r NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
14 00 GREELEY,
C 17th AVE:.
GR IP1-5 L5 BLK1 GREELEY 00 NORTH C080631
INDUSTRIAL PARK %2123 2 AVE% PHONE(970)353-3845,EXT.3650
Wilve.
COLORADO OWNER: MAJORS DALE L & EVELYN E '
MAJORS DALE L & EVELYN E LOG 2203
2911 GRANDVIEW DR PARCEL 096117102005
ACCOUNT R3462386 _
GREELEY, CO 80631 YEAR. 1999
06/16/1999
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 ::s 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:
WE HAVE REVIEWED YOUR PROPERTY VALUE AND FEEL IT IS CORRECT. LAW REQUIRES THAT
1997/1998 COST, MARKET AND INCOME INFORMATION BE USED TO ESTABLISH CURRENT
VALUES. WE HAVE CONSIDERED ALI (3) THREE OF THESE APPROACHES TO VALUE IN ARRIVING
AT YOUR CURRENT APPRAISED VALUE.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 56000 56000
IMPS 504130 504130
TOTALS $ $ 560130 $ 560130
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.
By: Stanley F. Sessions 06/16/1999
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 EOUALIZATION'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 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, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents as necessary.
J _ 26 v
J
SICINA 11.4t1.11 Phil IIUNtC /f DAIE
Stanley F. Sessions
WELD COUNTY ASSESSOR
CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR
APPRAISAL REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
MAJORS DALE L & EVELYN E
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-17-1-02-005
Schedule Number: R3462386
Log Number: 2203
Date: JULY 30', 1999
Time: 9:00 am
Board: CBOE
PREPARED BY
CHUCK JACK
O7/51V
nature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOE_COMM_010998
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/99 based on an
appraisal date of 6/30/98.
Property Rights Appraised Unencumbered fee simple interest.
Location 2123 2 AV
GREELEY
Land Area 56000 Square Feet
Zoning GRE IM
Property Type Commercial
1- Storage Warehouse
2- OFFICE (13%)
Year Built 1968 (9,760 SQ. FT.)
Year Remodeled 1979 (19,025 SQ. FT.)
Quality Average
Class Metal Frame
Number of Stories 1
Improvement Sq. Ft. 28,785
Basement Unfinished Sq. Ft. 0
Basement Finished Sq. Ft. 0
Mezzanine: 0
Value Indications:
Land 56000
Cost Approach $652,500
Market Approach $618,900
Income Approach $632,500
Reconciled $625,000
Final Value $560,130 (ASSESSOR'S OFFICE VALUE)
CBOE_COMM_C 10998
Z Page 2
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LAND SALES SUMMARY SHEET
Sales
Sale Date of Contrib. Sales Area Price/
No. Grantor/ Grantee Sale Price In SF SF Land Zoning
Subject DALE L. MAJORS Assessors
2123 2ND AVE -- Value 56, 000 $1 . 00 I -2
Greeley, CO $56, 000
1 TIEDGEN/HM PARTNERS
13TH ST & HWY 85 11/94 $142, 000 154, 350 $0 .92 I-2
Greeley, CO
2 HOWARD FRANKLIN/
CECIL FARMS 06/98 $50, 000 43, 560 $1 .15 1-2
2015 2ND AVE,
GREELEY, CC
3 RUFF'/ TRUJILLO
1ST AVE & 30TH ST 07/95 $52,407 43, 639 $1.20 I-2
Greeley, CO
4 FRANKLIN VAWTER /
THOMAS TROUDT 12/97 $32, 500 18, 270 I $1.78 I-2
2132 4TH AVE,
GREELEY, CO
5 LLOYD BRANCH/
BURGENER BROTHERS 08/97 $159, 500 103 , 534 $1 .54 I-2
130 22ND STREET
GREELEY, CO
SUBJECT SITE
THE SUBJECT SITE IS A 56 , 000 SQUARE FOOT RECTANGULAR, LEVEL,
INDUSTRIAL ZONED, INTERIOR LOT WITH GOOD ACCESSIBILITY AND VISIBILITY FROM
HWY 85 .
THE COMPARABLE LAND SALES RANGE FROM . 92 PSF TO $1 . 78 PSF. THE MEAN
OF THE SALES IS $1 . 32 . THE MEDIAN IS $1 .20 .
AS A RESULT OF THE LAND SALES STUDY, A VALUE OF $1 . 00 PER SQUARE FOOT
HAS BEEN ADOPTED AS BEING APPLICABLE TO THE SUBJECT LAND AREA OR $56 , 000 .
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Parcel Number : 096117102005
Property Owner : DALE L & EVELYN E MAJORS
Address : 2123 2ND AVE
City, State, ZIP : GREELEY, CO, 80634
Surveyed by : CCJ
Date of Survey : 06/30/98
Occupancy: 87% Warehouse, Storage, 13% Office
Floor Area: 28 , 785 square feet Number of stories : 1 . 0
Class : Steel Average story height : 16 . 0 feet
Cost rank: Average Effective age : 13 years
Cost as of : 4/96
Heating and Cooling :
Space Heater 100%
Other features :
Units Cost Total
Basic structure cost 28 , 785 23 . 74 683 , 356
Extras :
ASPHALT PAVING . 97 X 8030 7 , 789
CONCRETE 1 . 95 X 1662 3 , 240
CONC LOADING DOCK 960 X 7 . 60 "x , 296
Subtotal 18 , 325
Replacement Cost New 701, 681
Less Depreciation:
Physical and Functional <15 . 0%> <105, 252>
Depreciated Cost 596, 428
Miscellaneous :
Land 56, 000
Total 652 , 428
Cost data by MARSHALL and SWIFT ROUNDED $652,500
8
ACCRUED DEPRECIATION
The improved light industrial , storage warehouse, and distribution
building sales utilized in the Market Data Approach were analyzed and
the allocated building sales prices were deducted from current
estimated reproduction cost new. This yielded an indication of
accrued depreciation (physical deterioration and obsolescence) as
follows :
From Sale
Comparable Improvements Allocated Imp Depreciation
RCN Value Depreciation
1
1 838 , 244 831, 622 6 , 622 1%
2 845 , 718 714 , 527 13 , 191 2%
3 976, 460 791, 200 185 , 260 23%
4 492 , 349 421, 500 70 , 849 16%
5 355, 484 344 , 894 10, 590 3%
6 388 , 756 362, 599 26 , 157 7%
The range of accrued depreciation from the market ranged from 1% to
23% with a MEAN of 8 . 67% Comparable number 1 is the subject sale thus
the best indicator of depreciation at 1% .
From this study accrued depreciation of 15 . 0% has been selected for
the subject :property in the cost approach to value.
9
SAtFS COMPARISION APPROACH
The six market transactions of storage warehouse/light
industrial buildings tabulated on the following pages show an
indicated value per sq. ft . (After adjustments and adding in the
subjects land value) ranging from $19 . 31 psf to $25 . 66 psf . The
mean is $21 . 86 and the median is $21 . 95 psf .
Major consideration must be given to sale comparable #1 which is
the sale of the subect property itself . This sale did included the
purchase of the parcel (land and improvements) directly to the
south of the subjects parcel . This adjacent parcel consists of a
9, 317 sq. ft . steel warehouse structure and 61 , 837 sq. ft . of land.
The only adjustment that need be made to sale comp #1 is to
allocate and deduct a value for the adjacent parcel structure . To
determine a value for the adjacent parcel we considered the actual
income on the adjacent property (the former income during the base
year) or the indicated value as determined by the income approach
and the sales comparision approach as determined from the Weld
County Assessor' s office sale data files and studies . The value
allocated for the adjacent parcel structure was $177, 023 or $19 . 00
per sq. ft .
Considering the subject sale and the five other comparable sales
a value per square foot of $21 . 50 has been adopted as being
applicable to the subject or $618 , 900 . This indicated value per
the comparative sales approach would indicate that the assessor' s
office assigned value of $560 , 130 is fair and equalible .
10
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SALES COMPARISON APPROACH
Property Rights Conveyed:
This adjustment takes into account differences in legal estate, between
the subject property and the comparable properties . The subject,
comparables 3 and 4 are primarily owner occupied. Sales 1 , 2 , 5 , and 6
are primarily are tenant occupied. It is estimated that a slight
premium is paid for buildings sold for owner occupancy vs . rental . The
lack of sales information makes this difficult to quantify. As a
result, an adjustment is not being made per se .
Condition of Sale :
Adjustments for conditions usually reflect the motivations of the buyer
and seller. Based on interviews with the parties involved, these
transactions fit the definition of Market Value stated at the beginning
of this report .
Market Conditions (Time) :
An adjustment for time was not made due to lack of pared sales .
However, it appears that values are rising based on repeat sales of
similar properties .
Location:
Locational adjustments are required when the subject land value is
different from the comparable sales . To account for any
difference, the land was deducted from the comparables, resulting in an
improvements only value to which the subject land is added.
Age/Condition:
The age and condition of the comparable properties are being considered
together . It is estimated that a plus or minus adjustment of 1% per
year in effective age difference be made to the comparable sales .
Quality of Construction
The quality adjustments reflect estimated differences in cost and
contrubutory value of construction. Comparable number 2 was considered
to be superior to the subject in the quality of construction and
required downward adjustment due to this . This adjustment is very
difficult to determine from the market due to lack of sales of similar
structures with different qualities of construction. This adjustment is
an appraiser' s opinion based on Marshall and Swift cost differences in
quality.
13
Building Size:
A size adjustment of $19 . 00 per square foot was made to the comparables .
This adjustment is based on the improvement only value of the
comparables, used in the comparative sales approach study. The
improvement values of the seven comparable sales ranged from $16 . 17 to
$28 . 79 psf . The mean is $21 . 00 and the median is $20 . 57 .
COMPARABLE SALE
�2
or
� FI��S'�d�� id •w�
7-1•C ute
I
Aria b
f t�
T'—
PIN: 3462386 PARCEL # : 96117102005
OCCUPANCY: WHSE/STOR
ADDRESS : 2123 2 AV GREELEY
PROJECT: 0
SALE DATE : 02/28/95 BOOK # : 1482
SALE PRICE : $920 , 000 RECEPTION # : 2428458
ADJ SALE PRICE :
GRANTOR: COUSINS LEASING CO
GGRANTEE : DALE & EVELYN MAJORS
YEAR BLT: 1965/1972 LAND/BLDG RATIO: 3 . 09
BLDG SIZE : 38 ,102 IMPS PRICE/PSF : $21 . 84
CLASS : S SALE PRICE/PSF : $24 . 16
CONSTRUCTION-QUA:.,: AVG CASH DOWN: $675
WALL HEIGHT: 16 ' & 18 ' LOAN: ASSUMED
STORIES : 1 INTEREST RATE : 10 . 0%
BSMT SIZE : 0 LOAN TERM (YRS) : 30
LADED SIZE : 117 , 837 POINTS PAID: 0
LAND VALUE :
REMARKS : SALE WOL PIN #3462286 . SALE INCLUDED A TRADE
OF 6 .45 ACRES OF VACANT LAND ON WEST 10TH &
59 AVE (1031 TAX EXCHANGE) . 2 BLDGS : BLDG 1
28 , 785 SF WHSE
CLASS S, 16 ' WH. BLDG 2 9, 317 SF WHSE, 18 ' WH,
CLASS S.
14
COMPARABLE SALE Z.
i-VP ?ran, Ma
Wi
5y �N p
5 �!v
PIN#, 6921198 PARCEL #: 096104401001
PRIMARY OCCUPANCY: LGT IND MANU
OFFICE: 20.00%
2ND OCCUPANCY:
ADDRESS: 701 CHERRY AVE GREELEY
PROJECT: 1626
SALE DATE: 09/09/97 BOOK #:
SALE PRICE: $855,000 RECEPTION #: 2568437
ADJ SALE PRICE:
GRANTOR: ARC DEVELOPMENT
GRANTEE: SUMMIT GROUP OF SOUTHERN WISCONSIN LLC
YEAR BLT: 1995
EFFECTIVE AGE: LAND/BLDG RATIO, 19.84
BLDG SIZE: 28,020 IMPS PRICE/PSF: $28.24
CLASS: S SALE PRICE/PSF: $30.51
CONSTRUCTION-QUAL.: AVG CASH DOWN: $855,000
WALL HEIGHT: 24 LOAN:
STORIES: 2 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 555,826 POINTS PAID:
LAND VALUE: 63,800
REMARKS: THE SUBJECT BUILDING HAS 28,020 TOTAL SQ FT WHICH
INCLUDES A 5,520 SQ FT TWO STORY OFFICE. THE GRANTEE
WAS THE FORMER TENANT. OAR 10.39
15
COMPARABLE SALE 3
40h11; ,
�u,pr� 1 ti, ,
t ��� 0 1 ;I t yi d I
` u � �� 1 u w l_v
1 �IIIIi
1 .., _.
PIN#, 2802986 PARCEL #: 096105301013
PRIMARY OCCUPANCY: INDUSTRIAL LIGHT MANUFAC
OFFICE: 5.00%
2ND OCCUPANCY:
ADDRESS: 527 6 AVE GREELEY
PROJECT:
SALE DATE: 07/25/97 BOOK #: 1617
SALE PRICE: $450,000 RECEPTION #: 2559944
ADJ SALE PRICE:
GRANTOR: BREWER STEEL CO
GRANTEE: NORFOLK IRON METAL CO
YEAR BLT: 1948
EFFECTIVE AGE: 1974 LAND/BLDG RATIO: 1.32
BLDG SIZE: 21,550 IMPS PRICE/PSF: $19.56
CLASS: S SALE PRICE/PSF: $20.88
CONSTRUCTION-QUAL AVG CASH DOWN: $450,000
WALL HEIGHT: 28 LOAN:
STORIES: 1 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 28,500 POINTS PAID:
LAND VALUE: 28,500
REMARKS:
THE SUBJECT PROPERTY IS LAND POOR WITH A 1.32 LBR, BUT THE SALE DID
INCLUDED THE RIGHT TO A LEASE OF APPROX. 10,000 SQ FT OF A VACANT LAND
ADJACENT TO THE SUBJECT (THE LEASE RUNS UNTIL 04/2072). THE DOCK FEE ON
THE SUBJECT DEED WAS RECORDED AS $27.50 BUT THE SALES PRICE WAS
VERIFIED TO BE $450,000 WITH MANFRED A. DIECK THE PRESIDENT OF BREWER
STEEL (THE SUBJECT HAD BEEN LISTED FOR $540,000 PREVIOUS TO THE SALE).
16
COMPARABLE SALE 4
qii
ii!t!flflr
PIN: 3464486 PARCEL # : 96117102028
OCCUPANCY: SER GAR
ADDRESS : 2111 2 AV GREELEY
PROJECT: 0
SALE DATE: 12/19/94 BOOK # : 1473
SALE PRICE : $250 , 000 RECEPTION # : 2420432
ADJ SALE PRICE : $400 , 000
GRANTOR: GLEN R SHUPE
GRANTEE : JOHN L SHUPE
YEAR BLT : 1967 LAND/BLDG RATIO: 3 . 67
BLDG SIZE : 20 , 000 IMPS PRICE/PSF: $17 . 24
CLASS : C SALE PRICE/PSF : $20 . 00
CONSTRUCTION-QUAL: AVG CASH DOWN: .
WALL HEIGHT: 16 LOAN: 0
STORIES : 1 INTEREST RATE : 0 . 0%
BSMT SIZE : 0 LOAN TERM (YRS) : 0
LAND SIZE : 73 , 475 POINTS PAID: 0
LAND VALUE : 55 , 106
REMARKS : 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 (APPRCX
37 . 5%) . NO APPRAISAL WAS DONE TO DETERMINE SUBJECTS
VALUE. GRANTEE' S OPINION OF VALUE WAS $400,000.
17 .
COMPARABLE SALE 5
1 a4 °ib tonic
PIN: 0205988 PARCEL # : 80536000053
OCCUPANCY: WHSE/STOR
ADDRESS : 3455 F ST GREELEY
PROJECT: 0
SALE DATE : 12/16/94 BOOK # : 1472
SALE PRICE : $400 , 000 RECEPTION # : 2419695
ADS SALE PRICE:
GRANTOR: COWAN, THOMAS J
GRANTEE : CECIL FARMS
YEAR BLT: 1982 LAND/BLDG RATIO: 3 . 44
BLDG SIZE: 17 , 278 IMPS PRICE/PSF : $21 .43
CLASS : D SALE PRICE/PSF : $23 . 15
CONSTRUCTION-QUAL: CASH DOWN: $50 , 000
WALL HEIGHT : 14 LOAN: NEW
STORIES : 1 INTEREST RATE : 9 . 5%
BSMT SIZE : 0 LOAN TERM (YRS) : 5
LAND SIZE : 59 , 475 POINTS PAID: 1
LANI) VALUE : 29, 737
REMARKS : FIRST LEVEL 16 , 190 SF, SECOND LEVEL 1 , 088 SF .
WHSE/STOR 80%, OFFICE 20s .
l8
COMPARABLE SALE (p
s
: t S�
tyu
t..
fm.
'
er
PIN#, 0155890 PARCEL #: 96120101022
PRIMARY OCCUPANCY: IND LT MANF
OFFICE: 17.00%
2ND OCCUPANCY:
ADDRESS: 152 30 ST GREELEY
PROJECT:
SALE DATE: 08/31/98 BOOK #:
SALE PRICE: $800,000 RECEPTION #: 2638201
ADJ SALE PRICE:
GRANTOR: SCHNELL GARY & JANE
GRANTEE: WHEELER PROPERTIES LLC
YEAR BLT: 1995 ZONING I-M
EFFECTIVE AGE: 1995 LAND/BLDG RATIO: 4.59
BLDG SIZE: 24,821 IMPS PRICE/PSF: $28.79
CLASS: C SALE PRICE/PSF: $32.23
CONSTRUCTION-QUAL AVG CASH DOWN: $325,000
WALL HEIGHT: 24 LOAN: NEW
STORIES: 1 INTEREST RATE: 8.00%
BSMT SIZE: LOAN TERM (YRS): 20 YRS
LAND SIZE: 113,964 POINTS PAID:
LAND VALUE: 85,473
REMARKS: THE SUBJECT SALE INVOLVED A 1031 TAX EXCHANGE
OAR10%
19
COMPARABLE SALE 7
6 , !;
i I Y . _
. .
PIN#, 3549086 PARCEL #: 096117316005
PRIMARY OCCUPANCY: WHSE/STOR
OFFICE:
2ND OCCUPANCY:
ADDRESS: 2626 8 AVE GARDEN CITY 1595
PROJECT: BOOK 2537358
1
SALE DATE: 03/07/97 RECEPTION #:
SALE PRICE: $737,500
ADJ SALE PRICE:
GRANTOR: AFTCO
GRANTEE: CORNFORTH JAMES W
YEAR BLT: 1945 LAND/BLDG RATIO: 1.50
BLDG SIZE:TIVE AGE: ,8 IMPS PRICE/PSF: $16.17
BLDG SIZE: 38,827
CLASS: C SALE PRICE/PSF: $18.99
CONSTRUCTION-QUAL: AVG CASH DOWN: $35,500
LOAN: NEW
WALL HEIGHT: 14&18 INTEREST RATE: 10.0%
STORIES: 1 23
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 58,050 POINTS PAID:
LAND VALUE: 109,715
REMARKS: THE SUBJECT PROPERTY WAS A FORMER POTATO CHIP FACTORY WHICH WAS
PURCHASED ON 11/15/95 WITH THE INTENT TO CONVERT IT INTO MINI STORAGE
UNITS. BEFORE THE CONVERSION COULD BE COMPLETED, BUT AFTER MAJOR
CLEAN UP AND SOME REMODELING, THE SUBJECT SOLD AGAIN ON 3/07/97. THE
SUBJECT BUILDING WILL NOW BE USED FOR THE MANUFACTURING OF PLASTIC
BAGS FOR PRODUCE COMPANIES.
INCOME APPROACH /ACTUAL INCOME
SIGN GUYS rents 7,240 s.f. at $2,000 per month($3.31 psf) for an annual rent of$24,000
ARMY NATL. GUARD rents 9,536 s.f. at $3,792 per mo ($4.77 psf) for an annual rent of
$45,504
VACANT AREA es.imated rent of 12,009 s.f. at $3,502 per mo ($3.50 psf) for an annual rent of
$42,024 *presently asking for $4.00 psf
Total rentable area 98,785 Sq. Ft.
POTENTIAL GROSS INCOME $111,528
Less Vacancy and Credit Loss 10% (The mkt indicates 5%) (11,153)
EFFECTIVE GROSS INCOME (EGI) $100,375
EXPENSES (typical expenses for warehouses from the market)
Insurance .12 psf (3,454)
maintenance 3% (3,011)
Reserves and Replacement 3% (3,011)
Management 5% (5,019)
legal & accounting 2.8% (2,847)
water& sewer (800)
total expenses ($18,142) (18%)
NET OPERATING INCOME (NOI) $82,233 ($2.82 psf NNN)
Cap Rate 13.0%
VALUE AS INDICATE BY
THE INCOME APPROACH $632,562
ROUNDED $632,500
RENT COMPARABLES
COMP USF ADDRESS SQ. FT. YOC $LPSE
Knight Manufacturing Light Mfg 701 Cherry 28,020 Sq. Ft. 1995 $3.17 NNN
Steinbecker Whse 2600 2 Av 24,767 Sq. Ft. 1968 $3.50 NNN
Distortions Light Mfg 152 30 St 24,821 Sq.Ft. 1995 $3.58 NNN
BFI Whse 1925 1 Av 24,100 Sq. Ft. 1981 $4.27 NNN
Catherwood Whse 124 E 4 St 12,000 Sq. Ft. 1978 $2.50 NNN
Federal Express Whse 1255 H St 24,590 Sq. Ft. 1997 $4.17 NNN
Weis Bldg Whse 14000 Mead 22,080 Sq. Ft 1986 $3.27 NNN
20
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21
STABILIZED INCOME / EXPENSE STATEMENT
(FROM THE MARKET)
Rentable Area 28,785 Sq. Ft.
POTENTIAL GROSS INCOME Stabilized Estimated
28,785 Sq. Ft. X $3.00Sq. Ft. NNN $86,355
Less Vacancy and Credit Loss 5% (4,318)
EFFECTIVE GROSS INCOME(EGI) $82,037
EXPENSES (typical expenses for warehouses from the market)
Reserves and Replacement 2% (1,641)
Management 3% (2,461)
NET OPERATING INCOME(NOI) $77,935
Cap Rate (Started with NNN lease so cap rate has no etr) 10.5%
VALUE AS INDICATE BY
THE INCOME APPROACH $742,238
ROUNDED $742,000 ($25.78 psf)
RENT COMPARABLE,
COMP .USE ADDRESS SQ. FT. YaC $SSE
Knight Manufacturing Light Mfg 701 Cherry 28,020 Sq. Ft. 1995 $3.17 NNN
Steinbecker Whse 2600 2 Av 24,767 Sq. Ft. 1968 $3.50 NNN
Distortions Light Mfg 152 30 St 24,821 Sq.Ft. 1995 $3.58 NNN
BFI Whse 1925 1 Av 24,100 Sq. Ft. 1981 $4.27 NNN
Catherwood Whse 124 E 4 St 12,000 Sq. Ft. 1978 $2.50 NNN
Federal Express Whse 1255 H St 24,590 Sq. Ft. 1997 $4.17 NNN
Weis Bldg Whse 14000 Mead 22,080 Sq. Ft 1986 $3.27 NNN
22
Operating Expenses:
Based on typical storeage warehouse expenses ( fixed expense of
insurance and the variable expenses of management ,
maintenance, and reserves and replacement) , the typical storage
warehouse should be approximately 9 . 5% percent to 22 . 5% percent
(not including property taxes which are included in the cap rate) .
The chart below shows the ranges of expense incurred by typical
storage warehouse/light industrial buildings based on t:he Weld
County Assessor' s Office income and expense data .
AT STABILIZED OCCUPANCY PER
EXPENSE CATEGORIES SQUARE FOOT OF' BUILDING AREA
LOW, RANGE HIGH RANGE
INSURANCE 2 . 5% ($0 . 11 psf) 3 .5% ($0 . 13 psf)
MANAGEMENT 2% 7%
LEGAL & ACCOUNTING 2% 3%
MAINTENANCE 2% 4%
UTILITIES TENANT(less than TENANT (less than
1%) 1%)
RESERVES & REPLACEMENT 2% 4%
TOTALS 9 . 5% 22 .5%
23
Capitalization Rate:
The overall capitalization rate used for the subject is 13 . 0% .
This rate was detemined to be a typical cape rate used by investors
where the net operating income was known. These rates ranged from
8 . 7% to 12 . 85% (these rates include a 2 . 5% ETR) . The mean was
10 . 50% and the median was 9 . 97% .
The Scott , Stahl , Burbach & Decker publication was also
referenced. This publication shows stablized cap rates in the
range from a low of 8% to a high of 11 . 0% .
The sale of the subject property was also taken into
consideration. The net operating income of the subject property
and the adjacent parcel which was included in the subject sale
dated 2/95 for $920 , 000 . The net operating income from both
buildings included in the sale was approximatly $116 , 318 (NOI of
$88 , 599 for the subject and a NOI of $27, 718 for the adjacent
parcel) . The cap rate from the subject sale is calculated as
follows : NOI $116, 318 divided by the sales price of $920 , 000 would
give us a cap rate of 12 . 6%
2L
FQITAT,T7ATION SAT ES COMPAR ART,F
COMP AR ART,F PIN# ASSESSOR'S ASSIGNED VALUE ESE
SUBJECT 3462386 $19.46
COMP #1 • 3462386 $19.46
COMP #2 6921198 $30.51
COMP #3 2802986 $20.85
COMP #4 3464486 $19.50
COMP #5 0205988 $23.15
COMP #6 0155890 $28.50
COMP #7 3549086 $18.42
This page shows the assessor's office assigned values on a per square foot basis of the six
comparables used in the sales comparison approach. The above figures would indicate that the
subject property is equalized with similar properties.
25
CONCLUSION
Real property for tax year 1999 must be valued utilizing the level of value for the period of one and
one-half years immediately prior to July 1,1998. Except that, if comparable valuation data is not
available from such one-and one-half-year period to adequately determine the level of value of a class
of property. The period of five years immediately prior to July 1, 1998 shall be utilized to determine
the level of value. Said level of value shall be adjusted to the final day of the data gathering period.
Changes occurring between base years are not to be accounted for until the following level of value is
implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc.,
or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a
combination thereof. {„9-1-104(11)(b)(1) C. R .s.}
The subject property has been classified as Commercial Property for assessment purposes.
Commercial property value shall be determined by appropriate consideration of the Cost Approach,
Market Approach, and Income Approach to value. {39-1-103(5)(a) C. R. s.} The Assessor has considered
all three approaches to value for the subject parcel on appeal.
FINAL RECONCILIATION
After consideration of the cost, market and income approaches, it is the Weld County Assessor's
opinion that the value of $560,130, most accurately reflects the value of the subject property in Weld
County for the 1999 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE
$652,500 $618,900 $632,500 $625,000
FINAL INDICATED VALUE
$560,130
2 6 CBOE_COMM x10998
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