HomeMy WebLinkAbout991948.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
MAJORS DALE CORP
2911 GRANDVIEW DR
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: ACCOUNT #: R0289795 PARCEL #: 095914401010 -
GR 3GWP1-5 L5 THRU 8 BLK1 GATEWAY PARK FILING #3 - 1ST REPLAT
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 $ 433,915
Improvements OR
Personal Property 1,466,085
TOTAL ACTUAL VALUE $ 1,900,000
991948
rl n A E. AS0043
RE: BOE - MAJORS DALE CORP
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.
991948
AS0043
RE: BOE - MAJORS DALE CORP
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 4th day of August, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
di ,( / I° / 5���uett COUNTY, CO ORADO
a rat/
Dale K. Hall, Chair
e : • -'—%o the Board
leg) j _a) EXCUSED
Barbara J. Kirkmeyer, Pro-Tem
'�'. ' the Board
III !kite eorge axter
A"Luim,,;y.* TO FORM:
C nt G my Attorney�U � t
Gelled
Glenn Vaad
991948
AS0043
� � NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR
a zs
\\\11 NORTH CO 80631
GR 3FILING LS - B BLK1 GATEWAY 1400G NORTHEELEY,17thAVE.
PARK FILING #3 - 1ST REPLAT PHONE(970)353-3845,EXT.3650
COLORADO OWNER: MAJORS DALE CORP
Fil
- �
MAJORS DALE CORP LOG 2043 -
2911 GRANDVIEW DR PARCEL 095914401010
ACCOUNT R0289795
GREELEY, CO 80631 YEAR 1999
06/24/199971
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:
NO CHANGE HAS BEEN MADE TO THE VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES
US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST THE
VALUE.
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND
433915 433915
IMPS 1466085 1466085
TOTALS $ $ 1900000 $ 1900000
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(I)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
By: Stanley F. Sessions 06/24/1999
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; tHEREN ORE, 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.
et, {—//77(Q-- ' 7/2 -'72
bIUNAIU Cf YE I I IIUNEI( i/ UAIE
Stanley F. Sessions
WELD COUNTY ASSESSOR
CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR
APPRAISAL REPORT
OF
COMMERCIAL PROPERTY
FOR
County Board of Equalization
MAJORS DALE CORP
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0959-14-4-01-010
Schedule Number: R0289795
Log Number: 2043
Date: 7-30-99
Time: 9:00
Board: CBOE
PREPARED BY
STAN JANTZ
r7' 7 te 99
Signatur Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOE_COMM_010998
SUBJECT PHOTOGRAPHS
40001.04
Residence/Office
IPow
g �nxlMli:umxlNl�l1^^'.!:w' _.
Storage Units
1
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 2600 36 AV
GREELEY
Land Area 289,663 Square Feet
Zoning PUD
Property Type COMMERCIAL
Mini Warehouse
Year Built 1995 & 1998
Year Remodeled
Quality Average
Class METAL FRAME
Number of Stories 1
Improvement Sq. Ft. 78,915
Basement Unfinished Sq. Ft.
Basement Finished Sq. Ft.
Mezzanine:
Value Indications:
Land 433,915
Cost Approach 1,900,000
Market Approach 1,920,000
Income Approach 1,935,000
Reconciled 1,920,000
Final Value 1 ,900,000
CBOE_COMM 010998
Page 2
2
COMPARABLE LAND SALES
GRANTOR/ DATE OF SALES AREA IN PRICE/
## ADDRESS GRANTEE SALE PRICE SQ FEET SQ FEET
SUBJECT: 289, 663
2600 36th
Ave.
Greeley, CO
3775 W. 25th Greeley City/Creek 4-18-97 $708, 500 432, 986 $1 . 64
St . Stone LLC
Greeley, CO
1
3750 W. 24th Greeley City/Daka 7-3-96 $354, 370 87, 991 $4 . 03
St . Porperties
Greeley, CO
2
3505 W. 25 Agland Inc / 3-29-96 $250 , 000 36, 531 $6 . 84
St . Rimfire Inc
Greeley, CO
3
2470 35th Rimfire Inc / 8-27-96 $130, 000 18,269 $7 . 12
AvCt . Phillip Clark
Greeley
4
NOTE: SUBJECT LAND IS PRESENTLY VALUED AT $1. 50 PER SQUARE FOOT
3
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Oh N��3a� ;_....,.°31et d,, E.—.
GATEWAY SELF STORAGE
Potential Gross Income
UNIT NUMBER RENT PER POTENTIAL GROSS
SIZE OF UNITS MONTH INCOME
5x5 49 $29 $17 , 052
5x6 6 28 2 , 016
5x10 89 39 41, 652
10x10 135 59 95 , 580
10x10 Heated - 8 69 6, 624
10x15 56 69 46, 368
10x20 135 79 127, 980
10x20 Heated - 8 105 10 , 080
10x25 11 105 13 , 860
10X30 8 115 11, 040
12x25 8 130 12 , 480
12x30 Heated - 7 165 13 , 860
12X30 13 150 23 , 400
15x30 Heated - 12 225 32 , 400
Total Units 545 Gross Income $454, 392
5
INCOME CAPITALIZATION AND SUMMARY
Potential Gross 454 , 392
Less 25% Vac . & Coll . Loss (5% Typical) -113 , 598
Effective Gross 340 , 794
Less Estimated Expenses 22% (W/O Taxes) -99, 966
Net Operating Income 240 , 828
Capitalization Rate 10 . 5% Plus Tax Rate 2 . 66% 13 . 16%
Income Value 1, 830, 000
Plus Excess Land (Lot 5) 70, 568 X 1 . 50 105, 852
Income Approach Value • 1, 935, 852
Rounded To 1, 935 , 000
SUBJECT VALUE ESTIMATED BY THE INCOME APPROACH: $1, 935, 000
6
MINI STORAGE SALES
GROSS
SALE SALE SQUARE PRICE PER
ADDRESS DATE PRICE FEET SQUARE FOOT
SUBJECT 78 , 915 22 . 74
#1 SECURCARE SELF STORAGE 6-1-98 $850 , 000 33 , 584 25 . 31
3209 W. 10 ST.
GREELEY, CO
#2 WINDSOR SELF STORAGE 9-20-96 $467 , 500 19 , 440 24 . 05
101 E . MAIN ST.
WINDSOR, CO.
#3 EVANS SELF STORAGE 3-5-98 $1, 400 , 000 72 , 361 19 . 35
1405 32 ST.
EVANS, CO
#4 KOEHN SELF STORAGE
6200 W. 10 ST . 1-4-95 713 , 265 29, 939 23 . 82
GREELEY, CO.
The average for all four comparable sales is $23 . 13 per square foot.
7
MARKET APPROACH SUMMARY
Subject gross square feet
78, 915 at $23 . 00 per square foot $1, 815, 045
Plus excess land value (70, 568 S .F. X $1 . 50) $105 , 852
Market approach value $1, 920 , 897
Rounded To $1, 920, 000
SUBJECT VALUE BY THE MARKET APPROACH: $1, 920, 000
8
COMPARABLE SALE I
t
PIN#, 1748886 PARCEL #: 095901318040
PRIMARY OCCUPANCY: MINI WHSE
OFFICE:
2ND OCCUPANCY:
ADDRESS: 3209 W 10 ST GREELEY
PROJECT:
SALE DATE: 06/01/98 BOOK#:
SALE PRICE: $850,000 RECEPTION #: 2618241
ADJ SALE PRICE:
GRANTOR: AFTCO L P 15
GRANTEE: SECURCARE OF GREELEY LLC
YEAR BLT: 1981 ZONING C-H
EFFECTIVE AGE: 1990 LAND/BLDG RATIO: 2.69
BLDG SIZE: 33,584 IMPS PRICE/PSF: $18.60
CLASS: C SALE PRICE/PSF: $25.31
CONSTRUCTION-QUAL: AVG CASH DOWN:
WALL HEIGHT: 10 LOAN:
STORIES: 1 INTEREST RATE:
BSMT SIZE: LOAN TERM (YRS):
LAND SIZE: 90,213 POINTS PAID:
LAND VALUE: 225,171
REMARKS: NINE SEPARATE MASONRY STORAGE BLDGS 32,300 SQ. FT.
MODULAR MANAGER RESIDENCE/OFFICE 1284 SQ. FT.
9
COMPARABLE SALE 2
. Alit' . 1
\w W
VY
err
PIN#, 1498186 PARCEL #: 80721102001
PRIMARY OCCUPANCY: MINI WHSE
OFFICE:
2ND OCCUPANCY: 1 1/2 STORY RES.
ADDRESS: 101 E. MAIN ST WINDSOR
PROJECT: BOOK #: 1569.
SALE DATE: 09/20/96 RECEPTION #: 2513590
SALE PRICE: $470,000
ADJ SALE PRICE: $467,500
GRANTOR: W.S.S., INC.,
GRANTEE: RUFF, CHRISTOPHER D. & CYDNEY J.
YEAR BLT: 1992
EFFECTIVE AGE: 1992 LAND/BLDG RATIO: 3.46
BLDG SIZE: 19,440 IMPS PRICE/PSF: $20.58
CLASS: S SALE PRICE/PSF: $24.05
CONSTRUCTION-QUAL: AVG CASH DOWN: $1,000
WALL HEIGHT: 8.5 LOAN: NEW
STORIES: 1 INTEREST RATE: 10.0%
BSMT SIZE: LOAN TERM (YRS): 20
LAND SIZE: 67,300 POINTS PAID: NONE
LAND VALUE: 67,518
REMARKS: ADJUSTED SALE PRICE FOR $2,500 PERSONAL PROP.
MINI WHSE, 4-BLDGS, 124 UNITS, WITH A TOTAL GROSS SQ.
FT OF 17800; 1 1/2 STORY HOUSE BUILT IN 1920 WITH 1,640
SQ.FT. PLUS 1,080 SQ.FT. BSMT., TWO OLD FRAME SHEDS
11' X 19' & 14' X 30' HAVE LITTLE OR NO VALUE.
10
COMPARABLE SALE 3
0
S
F
-�i
PIN#, 3812086 PARCEL #: 096119401041
PRIMARY OCCUPANCY: MINI STG
OFFICE:
2ND OCCUPANCY:
ADDRESS: 1405 32 ST EVANS
PROJECT:
SALE DATE: 03/05/98 BOOK #:
SALE PRICE: $1,400,000 RECEPTION #: 2599830
ADJ SALE PRICE:
GRANTOR: NOR-COLO LTD PARTNERSHIP
GRANTEE: DWYER STEPHEN J & SUSAN K
YEAR BLT: 1978/83
EFFECTIVE AGE: 1985 LAND/BLDG RATIO: 2.59
BLDG SIZE: 72,361 IMPS PRICE/PSF: $14.17
CLASS: C SALE PRICE/PSF: $19.35
CONSTRUCTION-QUAL: AVG CASH DOWN: $50,400
WALL HEIGHT: 8 LOAN: NEW
STORIES: 1 INTEREST RATE: 8.50%
BSMT SIZE: LOAN TERM (YRS): 5 YRS
LAND SIZE: 187,434 POINTS PAID:
LAND VALUE: 374,868
REMARKS: THE SUBJECT MINI STORAGE CONSISTS OF 17 BLDGS WHICH CONTAIN (260) 10 X
20 UNITS; (20) 10 X 10 UNITS; (192) 5 X 10 UNITS; (16) 12 X 25 UNITS; AND (24) 5 X 8
UNITS FOR A TOTAL OF 512 UNITS (THE NEW OWNER IS IN THE PROCESS OF
CONVERTING SMALLER UNITS INTO LARGER ONES OR 466 TOTAL UNITS). A
SECURITY FENCE, AUTOMATIC GATES, AND NEW GABLE ROOFS WILL BE
INSTALLED SOON AFTER THE PURCHASE. (W.O.L. 0961-19-4-26-009).
I
COMPARABLE SALE 4
14
„.
_, _
mom J l , r
PIN: 1984786 PARCEL # : 95909100018
OCCUPANCY: WHSE MINI
ADDRESS : 6200 W 10 ST GREELEY
PROJECT : 0
SALE DATE : 01/04/95 BOOK # : 1474
SALE PRICE : $722 , 800 RECEPTION # : 2421751
ADJ SALE PRICE : $713 , 265
GRANTOR: CURTIS W KOEHN
GRANTEE : CECIL FARMS
YEAR BLT: 1980 LAND/BLDG RATIO : 2 . 91
BLDG SIZE : 29, 939 IMPS PRICE/PSF : $18 . 73
CLASS : D SALE PRICE/PSF : $23 . 82
CONSTRUCTION-QUAL : AVG CASH DOWN: $472 , 800
WALL HEIGHT: 9 LOAN: NEW
STORIES : 1 INTEREST RATE: 10 . 3%
BSMT SIZE : 0 LOAN TERM (YRS) : 5
LAND SIZE : 87, 120 POINTS PAID: 1
LAND VALUE: 152 , 460
REMARKS : PROPERTY WAS ACQUIRED IN EXCHANGE FOR LIKE--
KIND PROPERTY PURSUANT TO SECTION 1031 OF
THE INTERNAL REVENUE CODE . ADJUSTED PURCHASE
PRICE FOR PP . MINI WHSE 28 , 191 SF, OFFICE 824 SF,
APARTMENT 924 SF.
12
VALUE INDICATIONS
SALE COMPARISON APPROACH: $1, 920, 000
INCOME APPROACH: $1, 935, 000
COST APPROACH: $1 , 900 , 000
ASSESSOR' S 1999 VALUE : $1, 900 , 000
13
GATEWAY SELF STORAGE
2600 36TH AVE.
GREELEY, CO 80634
1997 (12 Months)
Total Income $221,612
Total Expense (Less property taxes,
Mortgage expense, and depreciation.) 118,713
ROI $102,899
1998 (1st. 6 Months)
Total Income $131,941
Total expense (Less property tax,
Mortgage expense, and depreciation) 69,398
ROI $ 62,543
I •
EXHIBIT
iRC 7,37fi9r
July 30, 1999 RECEIVED
AUG (12 1999
Assessor WELD COUNTY ASSESSOR
Weld County Greeley, Colorado
Attn: Stan Jantz
1400 N. 17th Ave.
Greeley, CO 80631
Dear Mr. Jantz:
Enclosed is the financial information requested by the commissioners. If you have any questions
please contact me or my CPA, John Dollarhide at Kosmicki Dollarhide. He can verify my figures.
Sincerely,
64-C E n
Dale Majors
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