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Home My WebLink About982070.tiff WELD COUNTY +:rpc Dale Majors Corporation F C,.T 16 PI 2: 0I 2911 Grand View Dr. Greeley, CO 80631-9427 CLERK (970) 352-7099 TO THE E cD Fax (970) 352-5331 October 13, 1998 Weld County Board of Equalization 915 Tenth Street Greeley, CO 80631 Re: Docket Number(S) 31989 State Board Of Assessment Appeals +31190 To The Board: This envelope contains the documentation due on Rule 11. Sincerely, Dale L. Majors ^ �V 982070 o ,I CC • CA KOSMICKI DDLLRRHICIE ID : 9711 30-F.6 0 IULT 09 a'; 111 : 36 NI . 002 F' . 1.12 05005 DALE MAJORS CORPORATION 10/9/98 10:30 am 84-0604641 Book Asset Detail-Short Form Page 1 FYE: 12/31/1997 Date In Book Book Book Book Prior Book Conant Book End Book Net Asset " Service Property Description Method Lite Cost Deprec Deprec Deprec Book Valve Group: AOIIIMODILI:S 7 3/16/95 1994 UNIT:511111IR RAN 2001)11 5,0000 70.18164 8,96065 2954.54 11,915.24 8,266.40 3 12/11146 1996 BUICK UVIFRA 2101)11 5,0000 2002525 1042 SR 1,268.12 5,110,70 1.1,714.55 AUTOMODILES �40,206,89 11.003.23 6,222.71 17,225.94 22,980,95 - Group; GATEWAY EQU7''MF:NI' 4 4/27/96 LAWN MOWER 2001)11 7.0000 1 212.94 173.28 297.05 .170.11 742.61 9 12/01/93 SICINS 31/1. 300000 13,5211.26 161.II 346.67 7117.78 12.812,48 12 8/28/95 77 CIIL1'Y 111,AtER W/RI.ADLI 7110011 5.0000 4,478 29 2,328,71 859,83 3,188.54 1.289,75 13 11/07/95 OOI3)CART 20011)1 70000 1,287.50 499,74 225.22 724,46 563.04 14 2/01/96 SECURITY SYSTEM 2001)11 7 0000 24.139.29 7 477.04 5,960.64 9,417.68 14,001,61 GKI'EWAV LQUIPMEN 1 44,838.28 6,839 38 7,689.41 �14,528.79 _30,10949 Group: GATEWAY LAND IR 6/16/95 LAND Mono 0,0000 391,675,34 000 (1.110 000 391,675'14 GATEWAY LAND 391,675.14 0.00 0.00 0.00 191,675 34 Group: GATEWAY IAND IMVROVIMI:N'I'S 15 12/01/95 LANDSCAPING 1501)11 15.0000 2491.00 258.65 223.44 482.09 2,0i0.01 16 12/01/95 DRIVEWAY/PA RR INC; 1501)14 15.0000 117,15346 9,042.16 7,811.13 16,853.29 70,300-17 17 2/01/96 ADDY..LANDSCAPING& IMPR 1501711 15.0000 45,60398 ' 2,280.20 4,33238 6,612.58 38991,40 24 12/01/95 PRIVFWAY/PARKING 1501111 15.0000 45,532.83 4,724.04 4,080.88 8,80492 36.727.91 GATEWAY LAND IM19tOVEMEN)S 18(1,783 27 16,105.05 16,447.83 .12,752,88 148,030.39 Group: OFFICE:FURNITURE Sr EQ11P • 1 12/02/R9 TERMINAL, I'ItINII!It,COMM 2011171/ 5.0000 4,472.45 ,.. 4472A5 11.00 4,472,45 0.00 (1FFIt'L 1'U1(NI I URF.dr F.QUr c .1,47241 4,472.15 _ 0-.00 4,47.2..,45 1).11o Grusin RESIDENCE: 10 12/01/95 OFFICE/MANAGER'S UNIT S/L 39.0000 70,345.21 1,917.66 2034.49 3,95215 75,393.06 RESIDENCE 79,345,21 1917.(16 _ 2,034,49 1952.IS 15,393.06 Gump) SI:Lr STORAGE'UNITS 5 12/01/95 ENGINE12RINO/SLIRVFYINC S4. 390000 17,675.00 472.119 453 21 925 30 16,749.70 6 12/01/95 CONSULTINU S/l. 30(1001) 22,206.79 59313 569.40 1,162.51 21044.26 7 12/01/95 DOORS S/I. 10.0000 53,163,46 141097 1,363,17 2,783.14 50,380.32 8 12/01/95 HEM INN Srl. 39.0000 1,791.97 4702 46.00 0192 1,700,05 17 2rmV96 S7TIRM3,//NITCOSTS .921. 39.(1DD0 571,W.7Mr f.563.39 0,51198 3.975.)7 55,49)49 19 12/01/95 S l EEt.BUILDINGS S4. 39.0000 308,237(i5 7903,53 7,91)1 51 15.807.06 292410,59 20 12/01/95 CONCREI'l?PADS S/I. 39.0000 100,552.00 2.665,69 2,578.26 5263.95 95,28805 21 12/01/95 El fel RICA1. s/I. 39.0000 9,266.00 247.49 237.59 485.08 8,780.92 22 12/01/95 PERMITS/FEES Sn. '39.0000 34,118.15 91127 874 82 1,786.09 32,332.06 23 1/01/97 STORAUI:UNI F DOORS S/I, '19.0000 17,176.52 0.00 422,07 422.07 16,754,45 stir S'I'OItA(,:F:UNi i S 623,156 60 15,844 48 I5,960.01 31,804.51 59135209 (:rand Tnlol 1361478.04 56.382.25 471,354.47 104,736.72 1259741.12 �. r_ m..= GATEWAY SELF STORAGE 2600 36 H AVE. GREEELEY, CO 80634 (970) 330-0600 PROFIT/LOSS STATEMENT Account 1996 Year-To-Date 401 Computer Generated Income $ 394.80 942.0 Gateway Rental Income 102,950.57 942.1 Rental Income (Credit Amount) 913.03 959.0 Late Fee & NSF Income 2,293.00 959.1 Lock Charge 1,631.30 959.3 Administration Fee 3,361.40 Operating Income $109,718.04 TOTAL INCOME $109,718.04 1025.1 Advertising - Gateway $ 6,758.07 1031.1 Bank Charge - Gateway 97.33 1031.2 Visa Charges 164.05 1032.2 Cas Over/Short -23.96 1065.0 Dues & Subscriptions 1,125.17 1070.0 Depreciation/Amortization 47,805.04 1086.0 Education 300.00 1090.1 Employee Relations 286.86 1100.1 Insurance - Gateway 7,495.00 1101.0 Insurance - Medical 2,520.75 1115.0 Interest Expense 91,498.63 1120.0 Legal /Professional 937.08 1120.2 Accounting Fees 4,650.00 1122.0 Medical Expense 3,061.95 1125.0 Miscellaneous Expense 792.08 1125.1 Loan Closing Costs 1,324.00 1128.0 Salaries 76,800.00 1130. 1 Office Supplies - Gateway 949.96 1132.1 Postage 536.23 1140.1 Repair& Maintenance - Gateway 1,353.00 1140.4 Weed Mowing - Gateway 260.00 1195.1 Telephone - Gateway 3,124.26 1198.1 Supplies - Gateway 1,445.79 1200.0 Taxes & License 25.00 1201.1 Taxes-Property-Gateway 37,525.42 1202.1 Taxes-S.U.T.A 897.00 1203.1 Taxes-Payroll 6,395.40 1204.1 Taxes-F.U.T.A. 224.80 1210.0 Vehicle Expense 2,853.05 1215.0 Vehicle Taxes & License 476.67 1218.1 Trash Removal 433.00 1225.1 Gas - Gateway 966.58 1226.1 Electricity - Gateway 1,663.81 1227.1 Water& Sewer - Gateway 894.74 TOTAL EXPENSES $305,616.76 NET INCOME OR LOSS - $195,898.72 qf; t.)7 / INCOME CAPITALIZATION AND SUMMARY ACTUAL 1996 SUMMARY potential Gross 341, 004 $109,718 Less 20% Vac . & Coll . Loss (5% Typical) -68 , 201 Effective Gross 272 , 803 $109,718 Less Estimated Expenses 25% (W/O Taxes) -68 , 201 $128,787 * Net Operating Income 204 , 602 ($ 19,069) Capitalization Rate 11% Plus Tax Rate 2 , 8% 13 . 8% 13.8% Income Value 1, 482, 623 ($138,181) Plus Excess Land (146 , 763 S . F. ) 146 , 763 $146,763 Income Approach Value 1, 629, 386 $ 8,582 Rounded To 1, 629 , 000 SUBJECT VALUE ESTIMATED BY THE INCOME APPROACH: $1, 629, 000 * Note: Actual 1996 Summary does not include depreciation, interest or property tax in the expense column. 14 92 70 Functional Adequacy While the site is considered to be functionally adequate to support a variety of light industrial or commercial uses, lack of on-site parking could be detrimental to certain uses. External Influences Some of the older grain elevators, which are situated east of the subject along the railroad tracks, show some signs of deferred maintenance. They are not partic- ularly compatible with the commercial-type improvements in the area. These factors may detract from the value of the subject site if it were vacant. However, there is insufficient market data to measure the influence. `�/C 71L- ,//. DESCRIPTION OF THE IMPROVEMENTS Construction of the original subject improvements were reportedly completed in 1906. They were utilized as a lumber facility until 1984. The structure is a wood post and wood beam building with concrete block and brick walls. Main floor area enclosed by exterior walls is 151.33 feet by 191.50 feet, for a total of 28,960 square feet. This is slightly larger than the site size as per the recorded plat. The two-level mini-storage is within this enclosure and has 20,883 square feet on each level, for a total of 41,766 square feet. The upper level consists totally of storage units, but the main level area also includes retail and office space and enclosed RV space. A majority of the structure is basically a covered shell that encloses three rows of mini- storage units, two stories high. The former lumber bins have been converted into individual storage units on both the lower and upper level. As shown in the following table, there are presently a total of 296 mini-storage units, plus on retail space, for a total of 39,220 square feet of rentable area. : �U,,, . /'. // 0? :. .'. {:f' Q00/ (,✓ 1 7,2^ /.� I`I `p •4f ).� ///q(4, "K r") i - 30 cps,Tc,2c,' v I 11Nl« TORAGR UNIT 11+JiI ilRing Mrni Storage 1.291f111„„.:9„?4!„,,illiP,:::;:•„::,,,:,,,,:',F114111011046'Slisell I Unit Stxe ' Number Size 'J, tal Area in Feel of Units in Sp Ft in 5q. Ft. S x 4 5 20 100 5x7 25 35 875 5 x 8 23 40 920 4 x 12 6 48 288 I 5 x 10 34 50 1,700 5 x 12 47 60 2,820 a 8 x 10 2 80 160 10 x 10 20 100 2,000 II 5 x 20 L's 7 100 700 10 x 15 2 150 300 8x22 2 176 352 10 x 19 slant 18 190 3,420 10 x 20 74 200 14,800 I10 x 24 car 19 240 4,560 10 x 35 3 350 1,050 1 10 x 50 7 500 3,500 10 x 50 RV 2 500 1,000 IIRetail Space 1 675 675 Total 297 39,220 I II The office and retail space is located on the lower level in the southwest portion of the building. Construction drawings depicting the subject floor plans can be seen on the following pages. It should be noted that the floor plans shown are not as- 1 built drawings; however, they are a fairly good representation of the improvements. They only show 222 storage units. Some additional storage units are located on the upper floor over the motor home stall. i 11 - 31 - 6)80 Jcy I ' PROPERTY HISTORY Conversations with various parties and information from available records provided the following information regarding the subject property. Weld County assessor's information indicates the original improvements were constructed in 1906, reportedly as a lumber facility. On December 15, 1916, The King Lumber Company opened business at this location. In 1950, an addition was completed. It apparently includes the east and northeast portions of the structure where the lumber bins were located. In November 1984, The King Lumber Company was permanently closed for business. The building remained vacant until June 3, 1992, when Donald A. Fox purchased the property from The King Lumber Company at the price of $60,000. The property was conveyed via warranty deed and recorded in the Weld County clerk and recorder's office at Reception No. 02290637. Mr. Fox subsequently converted the building into a mini-storage facility, which opened for business in the fall of 1992. The property is presently under contract to 'Travis and Amy Erion for a tol price of $670,000, allocated as follows: real property, $490,000; goodwill, $160,000; equipment, $10,000; and non-compete, $10,000. The purchasers have been leasing the property and managing it. They appear to be good operators, and the property is being -�'�well maintained. z,1. (.11,> C CU nc/i O� f4).°Pi Cg '1 117/SriOI" {11 9 6 ,' 4 5 c? ) 7C // 2— SALE OF THE EXISTING SUBJECT • • Taken in October 1992 NAME: American Self-Sere Storage LOCATION: 2858 31st Avenue, Greeley, Colorado LEGAL DESCRIPTION: A parcel of land located in Tract H, Gallery Green III DATE OF CONSTRUCTION: 1985 TYPE OF CONSTRUCTION: Steel frame and metal panels QUALITY/CONDITION: Average/Above average LAND AREA: 98,579 square feet GROSS BUILDING AREA: Mini-storage buildings 39,099 square feet Office apartment 1.450 square feet Total 40,549 square feet • LAND TO BUILDING RATIO: 2.43:1 GRANTOR: Kevin J. Starks as Public Trustee of Weld County GRANTEE: Justco Mini Storage, Inc. RECORDING INFORMATION: Reception No. 02286155; Weld County, CO DATE OF SALE: April 28, 1992 SALES PRICE: $655,001 �G / S s F CASH EQUIVALENT PRICE: $655,001 - 53 - 9 ?t 7a III III Sale of the Existing Subject Page 2 II FINANCING: Cash I SALES PRICE/SF: $16.15 ($655,001 _40,549 square feet) CASH EQUIVALENT PRICE/SF: $16.15 ($655,001 + 40,549 square feet) I EFFECTIVE GROSS INCOME: $154,338 GROSS INCOME MULTIPLE: 4.24 NET OPERATING INCOME: $78,600 (51% of EGI) OVERALL CAPITALIZATION RATE: 12.00% 1111 UNIT MIX: INwstber oi` it Sstie©f Units 76 4x5 I 16 5 x 5 32 4x10 I 4 5 x 8 70 5x10 I10 4 x 15 54 8x10 11 86 8 x 15 32 8x20 II 25 8 x 25 3 10x20 11 5 8x30 1 10 x 25 11 3 11 x 30 4 I2x30 111 421 . I REMARKS: This is the existing subject mini-storage. It was previously plagued by financial difficulties and was sold out of foreclosure. The Resolution Trust Corporation handled this sale through a public bidding process to the highest bidder. The buyer indicated that the bid submitted was based on 1991's net operating income, capitalized I at 12%. Occupancy was over 90% at that time. Location is regarded as average based on the complex's limited visibility from U.S. Highway 34 Bypass. I I - 54 - (1� -),- 7'i 7 6T� COMPARABLE NUMBER S r: ;i .ter 'Y e.*..7. JJ ♦ `. p. - v , t• , `� . As 4P 4:1.7.bla3/4""g 4: : .,:i , :.____ ___ _ r. , \ .,.. ......, 4.. ' • �` . . -. - I ' Taken in October 1990 • NAME: A Storage Inn I LOCATION: 3209 West 10th Street, Greeley, Colorado LEGAL DESCRIPTION: SW ASW'/a Section 1,TSN,R66W; Lots 14 and 15 of Mountain View Acres ' DATE OF CONSTRUCTION: 1980 - 1984 TYPE OF CONSTRUCTION: Concrete block IQUALITY/CONDITION: Average/Average LAND AREA: 90,121 square feet I GROSS BUILDING AREA: Mini-storage buildings 31,700 square feet Office apartment 1,304 square feet Total 33,004 square feet ILAND TO BUILDING RATIO: 2.73:1 I GRANTOR: RTC for Capitol Federal Savings and Loan Association GRANTEE: Storage Equity Concepts Management 15, L.P., an Illinois Limited Partnership RECORDING INFORMATION: Reception No. 02280541; Weld County, CO IDATE OF SALE: March 5, 1992 SALES PRICE: $435,000 I CASH EQUIVALENT PRICE: $435,000 75 /> /0 S le, - 57 - /�so107L, _I( / IComparable Number 0 Page 2 MFINANCING: Cash SALES PRICE/SF: $13.18 ($435,000 _ 33,004 square feet) CASH EQUIVALENT PRICE/SF: $13.18 ($435,000 + 33,004 square feet) EFFECTIVE GROSS INCOME: $122,256 GROSS INCOME MULTIPLE: 3.56 NET OPERATING INCOME: $85,103 (70% of EGI) OVERALL CAPITALIZATION RATE: 19.56% I UNIT MIX: Ntttrfber 4L UUtu{4 Staff;of Units 42 5x5 1 77 5x10 5 8x10 I59 10 x 10 5 10 x 12 I33 10 x 16 35 10 x 20 1 15 10 x 24 3 10 x 30 I5 10x40 1 20x20 .......................................... ...................................... ... 1 ... 2> I REMARKS: This property had been put on the market for a brief period, and one offer was reportedly received at$595,000. However, the decision was made to remove it and place it in a large national mini-storage pool to be sold by RTC under a sealed bid process. Occupancy was approximately 97 percent at the time of sale, and there I were no vacant units when last inspected. Access is considered to be good with the facility's proximity to West 10th Street. However, the site has no street frontage, which gives it very limited visibility. 1 1 - 58 - \ : tit,* : _ q}» d \ \ � \ ' y yy , < y \< \ t \ ° 6 \ : ( / : - } «# }" « . / v „ \ j \ / r it q : / � f / \ \ ~ i < « • 1 • \ \• d • •. \ % i : , \` U / « / d. ( H < • a `\ 2 § . ■ . ) � 2 1 ® - I/} • ° ' \ 9 < ' . 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