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Home My WebLink About951559.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1995, WELD COUNTY, COLORADO PETITION OF: CACHE NATIONAL BANK OF GREELEY P O BOX 1257 GREELEY, CO 80632 DESCRIPTION OF PROPERTY: PIN: R 3551486 PARCEL: 096117318007 - GR 6052E PT OF SUBURBAN BEG AT PT N89D57'E 50' FROM NW COR SUBURBAN ADD N89D57'E 214.70' S0D33'E 222' S89D57'W 214.70' N0D33'W 222' TO BEG -1A M/L- %2600 11TH AVE% 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 being represented by Jeffrey Monroe, Tax Profile Services, Inc., 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: 951559 AS0032 Pc caime M RE: BOE - CACHE NATIONAL BANK OF GREELEY Page 2 ORIGINAL Land $ 190,652 Improvements OR Personal Property 811.700 TOTAL ACTUAL VALUE $ 1,002.352 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) 951559 AS0032 RE: BOE - CACHE NATIONAL BANK OF GREELEY 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 3rd day of August, A.D., 1995. BOARD OF COUNTY COMMISSIONERS L€LQCOUNTY, CO GRAD ATTEST: j /1 i / / 4j�� '�{7� Dale K. Hall, Chairman Weld Co 1"<' n' ' t t e'B'o tird" ' r ...: FXCI iSFD Barbar J. Kirkmey7Pro-Tem BY: Jep e - EL � Deputy Cle ` he ‘FGard Geor e Baxter APPROVEDf ORM: onstance L. Harbert C6.ntyAt ney ARSTAINF)) W. H. Webster 951559 AS0032 BOE DECISION SHEET PIN *: R 3551486 PARCEL*: 096117318007 CACHE NATIONAL BANK OF GREELEY P O BOX 1257 GREELEY, CO 80632 HEARING DATE: July 27, 1995 TIME: 11:30 A.M. HEARING ATTENDED? Y'N) NAME: .T--vX�-s_r z AGENT NAME: TAX PROFILE SERVICES INC APPRAISER NAME: DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL SET BY BOARD Land `S 190,652 $ ! al©1 46 9 Improvements OR Personal Property R11 ynn // " 00 Total Actual Value $ 1,002,352 $ I) ©© 1 y COMMENTS: MOTION BY�� TO TD SECONDED BY (I' 3 Baxter-- ) Hall - ) Failed to prove appropriate value Harbert -fl N) No comparables given Kirkmeyer---Yf1N) sect? Other: Webster-- ( 1Nr ke RESOLUTION NO._ S5Iet9 Kite6 CLERK TO THE BOARD PHONE (303) 356 4000 EXT.4218 FAX: (303) T STREET STREET P.O. BOX 758 GREELEY, COLORADO 80632 wiiC. COLORADO July 10, 1995 Parcel No.: 096117318007 PIN No.: R 3551486 CACHE NATIONAL BANK OF GREELEY PO BOX 1257 GREELEY, CO 80632 Dear Petitioner(s): The Weld County Board of Equalization has set a date of Thursday, July 27, 1995, at or aboutthe hour of 11:30 A.M., to hold a hearing on your valuation for assessment. 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. CACHE NATIONAL BANK OF GREELEY- R 3551486 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 Donald D. Warden, Clerk to the Board BY: ` iw 141.69 l Kim erlee A. Schuett, Deputy cc: Warren Lasell, Assessor TAX PROFILE SERVICES INC GREELEY,COLORADO u,J✓\ 1400 NORTH I7th AVE. NOTICE OF DENIAL PHONE(970)353-3845,EXT.3656 GR 60528 PT OF SUBURBAN BEG AT PT N89057'E 50 ' FROM NW CUR SUBURBAN ADD N89057'E 214.70' S0033'J COLORADO 222' S89057. W 214.70' N0033' W 222' TO BEG —1A M/L— %2600 11TH AVE: 2600 11 AV GREELEY OWNER CACHE NATIONAL RANK OF GREELEY TAX PROFILE SERVICES INC PARCEL 096117318007 PIN R 3551486 STEVEN 0 SCHLUCHTER 1401 BLAKE ST tt201 YEAR 1995 DE.NVER CO 80202 LOG 02789 05/24/1995 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): RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCTIVE CAPAC IT OF THE LAND, CAPITALIZED AT A RATE SET BY LAW. ALL [)THER PROPERTY, INCLUDING VACANT LAND . IS VALUED BY C+ONSIDERING 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 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 REQUIRES THAT 1 '493/1994 COST. MARKET AND INCOME INFORMATION BE USED TO E STABLISH CURRENT VALUES. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 190,652 190,652 IMPS 811 . 700 811 .700 TOTALS $ $ 1 .002.352$ 1r0021352 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)1a),C.R.S. Please see the back of this form for detailed information on filing your appeal. WARREN L. LASELL 05/26/45 BY DATE 39 WELD COUNTY ASSESSOR Form PR 207-87/94 ADDITIONAL INFORMATION ON REVERSE SIDE 10 Li HAVE Ds; ; . tte. LV1 'AD- S(.374S DECDas- , Ds, Denrc: cn ta .(alDanaa No ;. yes el% ' 1,-` ?Lk :lust uut'y tianci Uuduyht..s., ,y.H)t3 jit3 ' E ' d i tE,2 CEA Ei .1EtVE E. EN PROCEDURES: ; DneanD e NI' ',L. FOR t NE LL) LottE1 ,; . u ,1 icu=9 , ) • Lyyun, 1,14; Niotirch-, icit4 or HFARIN-G c : ;At', BOARD or I- QUAL iZi , I 533.. . , ..." (isA Les NiGhtl1St ;ANA Firral NAY mbar Atttrt, nntv 1- bard rtt b Ntoluaton s 41- a at w a t • sob t)islnct ( rod: Astr : t CLIJ litttNaet V . tnix EE tEPIEN to{ tio(Et, 7E) N.Er ELIE!' iv It!Ualtst) vVtHI1 ;r" tH5 .33 ) ZUr,ON it you do not receive a determination from the ra. „Dr how.: ' LsaI;incn. you must file an 3333311 orH the . cos: ct Assessment Appeals by September 18 10 PRESERVE YOUR APPErsi Eturrs ta ttt tratt 11Avr fart t to, 1 • THEREFORE WE RECOMMEND ALL CD t sratta Oast attUaot PETIFiON tr. tat . . atat: AD to dr . ' b) CRL Y0i 33/33 34 Attacb 3.• nct, na , . V 04.,titt 0 P %%re por-wJ l S 6131 trir° b‘viltd "re I g4- irs. • ley! ps • e/lig;r 7'i COUNTY BOARD OF EQUALIZATION PETITION FOR REVIEW _s f + c?: 31 CLE', TO THE HONORABLE WELD COUNTY BOARD OF EQUALIZATTIty1 Petitioner, Bank One Corporation c/o Tax Profile Services Inc. (TPS Inc.) 1401 Blake Street Suite 201, Denver, CO 80202, requests review of the County Assessor's Notices of Determination for the Subject Property (described below)for tax year 1995. Copies of the Notices of Determination for the Subject Property are attached and incorporated herein by reference. DESCRIPTION OF SUBJECT PROPERTY Schedule Number : 096117318007 Location of Subject Property: 2600 11th Avenue, Greeley The subject property is referenced in the Statement of Agency, a copy of which is attached hereto and incorporated herein by reference. REPRESENTATION Petitioner requests a hearing before the Board at which petitioner will be represented by the following registered agent, Tax Profile Services Inc., or legal counsel. (303) 628-0405. (Please contact petitioner if legal counsel is necessary at the Board of Equalization hearing). CERTIFICATE OF SERVICE I certify that I served a copy of this petition,with attachments on the County Assessor by United States mail on this 2nd day of June, 1995 TAX PROFILE SERVICES INC. B • Steven D. Schluchter 1401 Blake Street, Suite 201 Denver CO 80202 Telephone(303)628-0405 STATEMENT OF AGENCY L Property Owner, Banc One Colorado Corporation, hereby appoints Tax Profile Services, Inc. (hereinafter "TPS"), as Property Owner's representative in connection with the valuations for assessment of Property Owner's real and/or personal property which is contained in Addendum A attached hereto, for each year 1995 through 1996, for taxes payable the following year (hereinafter "Subject Property"). TPS shall have full authority to review all applicable records relating to the valuation for assessment of the Subject Property; to negotiate the valuation for assessment of the Subject Property with the County Assessor, with any representative of the Assessor's office, or with the County, at an amount which TPS deems appropriate in the circumstances; and to pursue any statutory remedies which Property Owner may possess before the County Assessor, County Board of Equalization, County Board of Commissioners, Board of Assessment Appeals, District Court, Appellate Courts, or in binding arbitration in the Property Owner's name and in Property Owner's behalf. This agreement shall remain in effect until revoked in writing by property owner. Banc One C orad Corporation ---* . State of Colorado , City and County of Denver ) ss. • , The foregoing agreement was acknowledged before me this 5th day of December 1994 by Ted R. Sikora (if a natural person or persons, insert name(s); if by a person acting in a representative or official capacity or as attorney-in-fact, insert the name and identify the capacity in which it is executed; if by an officer of a corporation, insert the name of such officer and identify the office.) Witness my hand and official seal. % IGt7ct' SCV.It atcu- /i-LC Notary Public My commission expires: February 28, 1997 C . B . O . E . HEARING DATE : July 27, 1995 SUBJECT: CACHE NATIONAL BANK OF GREELEY ADDRESS : 2600 11TH AVE, GREELEY PARCEL: 096117318007 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 : 2600 11 Avenue, Greeley, Colorado Improvement : Bank/Office complex Land size : 47, 663 square feet Zoning: C-3 General Business Assessor' s Value : 1995 Land Value : 190, 652 Imps Value : 811, 700 Total Value : 1, 002, 352 Highest and Best Use : Present use as Bank/Office Complex Size of Improvements : Bank facility first floor 8, 843 sq ft Office second floor 9, 585 sq ft Total above grade 18 . 428 sq ft Basement 1, 960 sq ft Motor Bank 572 sq ft Year of Construction: Bank 1965 Second floor add'n: 1976 Effective Age : 19 years Remaining Economic Life : 31 years Estimated Land Value : $190, 652 Estimate of Value : Cost Approach Land Value : 190, 652 Improvement Value : 1, 329, 348 Total Value Rounded: 1, 520, 000 Sales Comparison Approach: 1, 200, 000 Income Approach: 1. 400 . 000 Final Estimate of Value : $1, 002, 352 Date of Value : June 30, 1994 2 SUBJECT PHOTOGRAPHS .:.aV View of Southwest elevation of Cache Bank and 1�yMotor Bank w ti ` r 1 tam- - ..f� 'y (Y 't `4 f tiV G` y /. 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Lh i` / �.� '.-' s1 ' • . Y_Se1 M Tt�S k. : qi•� +'p ,ti .i_. zm. a .b >Er5"14.i` < +*p' ?5.; '-i.� � " _ 1 ..�a.0 sYet �� "' ft a. #- Y. c - 7'V041.N.1 .4 T • jnM '�rts��, ♦ x' -:fj ?� ,i.r c.'. 'i 5 ♦1✓ �• '' w'F.: w 8.. wa' .:v r dy` ,a�'t' ?" i .'dd >ass. " T :3.-i r •x " �tv PSAG" .. t_C,;1-\.� -.I . . . . . . . . . . . . . . . . . . . . .. .. .y F SS 0 to RI u. NN -C W "^ r tri O O c 0 . . . . . A .N • Z I . . . . III' N 0 iro .6 I N N_ N o r wvP S (}1. _ N . 4s `- I0. 1. e. ram . .S - / I C N / . . . . . -n . . . . . . Z, r 0 Z . . . . . r . . . . . . C C F L 7. --. tl - 0 Co . . . . . . O l= . . N ✓ n 0 IMPROVEMENT ANALYSIS Property description: The Cache National Bank has two floors, one floor constructed in 1965 and the second floor was added in 1976 . Subject property is located on the southwest corner of llth Avenue and 26 Street on a site containing 47, 663 square feet . The bank occupies the entire first floor and a partial basement used for storage . The second floor is office space, part used by the bank and part leased tenant space . The current tenants are Cho' s Tau Kwon Do, Waddell and Reed, and Kent Stauffer. This building is a masonry building covered with moss rock and the second floor structure is laminated beams enclosing the curtain wall with glazing and an anodized metal . A package air system provides the heating and cooling. the wall height of the building is 28 feet . Building access to the different levels is by enclosed stairways on the North andfSouth side . There is also a passenger elevator on the North side . On the south side of the building is a motor bank consisting of a masonry structure with 572 s . f . covered with moss rock and six lane drive up covered with a canopy of 4 , 028 square feet . The building has a total floor space of Bank/Office Motor Bank Bsmt 1, 960 1 floor 8, 843 572 2 floor 9 , 585 21, 827 sf 572 sf Condition: The quality of construction is above average and because of a good maintenance program remains in excellent condition. All of the components are functioning and no functional obsolescence was observed. 6 COST APPROACH In the Cost Approach an indication of value is obtained by adding the estimated land value to an estimate of the depreciated replacement cost of the buildings and other improvements . Replacement cost, as opposed to reproduction cost, will be utilized to estimate the cost of the subject building. Replacement cost is the cost of creating a new structure with similar utility as the subject but using current designs and building techniques . Reproduction cost is the cost of creating an exact replica, using the same or nearly the same materials . Replacement Cost New There are three generally accepted methods of estimating replacement costs : quantity survey, unit in place, and comparative . The quantity survey method is the most comprehensive and most accurate . It is the method contractors use in determing the quantity and quality of each type of material used, estimating labor hours required, and applying unit costs to the materialand labor in addition to all other direct and indirect costs . Unit in place method, is based upon the unit prices of various -building components, such as roofing, floors, plumbing and heating, excavating, plastering, et cetera. Unit costs are then assembled to estimate the entire cost of the improvement . The comparative method is utilized by comparing costs of recently constructed, similar buildings to the building being appraised after reducing them to a common unit of comparison such as square foot or cubic foot . The unit cost must be properly adjusted to reflect variables, such as size, shape, finish, equipment, and all other attributes of the building. Cost level changes from date of construction to date of value must be reflected. In this report, the comparative method will be employed. The Marshall and Swift computer cost service was utilized to estimate the construction cost of the improvements . This source is commonly employed by appraisers and cost estimators in the market and is considered to be reliable . This data is updated continually and utilize local multipliers in order to adjust costs to reflect conditions in the specific area in which the property being appraised is located. The costs contain normal construction 7 interest, sales taxes on materials, contractors ' overhead and profit including job supervision, builders ' s insurance, etc . They are intended to be the final costs to the owner. Replacement cost new utilizing the marshal and swift computer cost service results in an estimate of $1, 520, 000 can be seen on the following pages . • LAND SALES SUMMARY SHEET Sales Sale Date of Contrib. Sales Area Price/ No. Grantor/ Grantee Sale Price In SF SF Land Zoning Subject Cache National Bank Assessors Value 2600 11 AV -- $190, 652 47, 663 $4 . 00 C-3 Greeley, CO 1 Chevron/GMC Amigos 2508 11 AV 06/06/90 $200, 000 20,232 $9 . 89 C-3 Greeley, CO 2 Chevron/western Auto 2707 23 AV 06/18/90 $600, 000 76, 126 $7. 88 C-3 Greeley, CO 3 Haefeli Etal/Cox 2201 8 AV 05/17/91 $80, 000 16, 050 $4 . 98 C-4 Greeley, CO 4 Knutson/Bonell 715 22 ST 03/31/92 $29, 500 6, 540 $4 . 51 R-3 Greeley, CO 5 Barnhart/Bonnel 2139 7 AV 03/07/94 $28, 639 7, 638 $3 .75 R-3 Greeley, CO 9 LAND VALUATION ANALYSIS Subject Site Subject is a 47, 663 square foot rectangular, level, commercial zoned, corner lot with good accessibility from llth Avenue . Comp 1 Corner lot one block north of subject . Comp has good visibility and accessibility from 25th Street and 11th Avenue . Comp 2 Corner lot with good accessibility and visibility from 23rd Avenue . Comp 3 Corner lot with good accessibility and visibility from 8th Avenue . Comp 4 Interior lot . No direct accessibility or visibility from 8th Avenue . Comp 5 Interior lot . No direct accessibility or visibility from 8th Avenue . As a result of the study a value of $4 . 00 per square foot is adopted as being applicable to the subject land area or $190, 652 . 10 mU 6 w69.bran 1991 I MAPS Al 4 `a`ht eo t Comparable Sales i `nay Rd 64 8 --illlir_ 9 z Poudre - L y ♦ te Schools m R St I Pheasant Rt t r,.n, 2 ample Pary a a 3 FranM:n Parts A la Park -I 85 4 Bmxnv66.vr,r. St . o 5lmhe Ps z z p c a s U p f 6newmn Pars m a 3 9 Aims Con.r�wmv o N j :( ' r': t < B 0 51� SI SI c II Highland Nins Mo:. h < p Golf Course z U 2 z m //��I�� 12 Gateway Park 1st - ;S - w e to y_y� 13 weld Co Library V (�� EE 14.Brentwood Park <<' i nd St 3r0 " 2nd Ste 2n• _ SI �� w 19 island Grove Park z , • U m r `t 16 City ComPle• m h ` m 17 Lincoln Park IaU UU 4Ihc< _ .Last t > - St < >�� St 19 Sun.se Park •m Qq [<< 11,2 -1 't m.•V ii . ii t < '9 Snd SI 50I4!sIkjj Ih ew�l m�r S <1e 9 a ,h ma 6 9th ii !Pt5iij_iii.-6 hs' m 48E^ p� �+ ll • SI <St < 6 -. , it tat S; .E , th ..rcI— `�_ _ c ` I SI I7m9 + '-'¢ _ t of < - 61n < <� 1 1 L a .. SI m' 161h m —se ' g lir -®h<St ,• r St le it s1 Btn 2 m < - t:ih St Z< 191h c pc Fronlie 114.4 : •�9 �� glen �F�ww or nfod Pt 23 < _4 'J °20 1� 4 Janet irDi m _ 24 19 h 191; -m E S a r �� , St �� 'm _ 20ih S1RCasli ml< < o 51 m !�` CI 9 22nd m Si Rd cm a Era al < 2 •` '� \`m 27 �r !_i st lm T ..P 22nd 1� 13 • ._�� m isii%ovi i a51 m V : I, ® �® Or le - m 24tn mQb � y96th SI al ! t1!4js ! �eC.lr. t h°` < Sale 2 """ 26th S, m 28th St N51 Rd ,74 \q 29th St 29th S N< �_< m m91 Rd V 30,h 51 51 n m Sty. M190h n >s1 s m51 30 s1 Rd < o- _ 30t st <t Rd 301n S, Rd S Street m1h Stdrm Ta ' .ra> DeSigna _ st W you eeleyev 85 1I Parcel Number : 0961-17-3-18-007 Property Owner : Cache National Bank Address : 2600 11 Ave City, State, ZIP: Greeley, Co 80631 Surveyed by : C JACK Date of Survey : 6/27/95 Occupancy: 48% Bank, 52% Office Floor Area: 18 , 428 square feet Number of stories : 2 . 0 Class : Masonry Average story height : 14 . 0 feet Cost rank : Average Effective age : 20 years Cost as of : 6/94 Heating and Cooling: Package Unit 100% Other features : Elevators serving 18 , 428 square feet Units Cost Total Basic structure cost 18 , 428 74 . 95 1, 381, 178 Basement : Unfinished Basement 1 , 960 16 . 01 31, 379 Building Cost New 18, 428 76 . 65 1, 412 , 557 Extras : 6 Drive-up @ $15, 000 90, 000 Canopy 4 , 028 sf $15 60, 420 Bldg drive-up 572 sf @$60 34 , 320 Subtotal 184 , 740 Replacement Cost New 1, 597, 297 Less Depreciation: Physical and Functional <17 . 0%> <271, 540> Depreciated Cost 1, 325, 756 Miscellaneous : Land 190 , 652 Total 1, 516 , 408 Rounded to nearest $10, 000 1, 520 , 000 Cost data by MARSHALL and SWIFT L_ VI 0 w CO CO M \ m O O O O Si H r w O C M Ifl co m r Si co 0 W qr N (6 CO 0 H 0 dr H 111 O1 CO M O N N CO N H r1 0 m N to W 0 a' HH a m CO N N C) N In ri M O E N r m co > 0 ri 01 CO H N O N W o N 0 N H -.-I M CO N V) O1 C 0 CO H a N I H + r N C In l71 M >+ N N01 (n I H N W N L- 4))- N Pi i H NO W o YWi U r O O O 0 d' 0 01 N 0 0 0 0 Si H H N O o ns co at N m (6 M N C M (6 al H r O O r H O co al N 0 V. 0 0 H M N m 0 m o ui 0 'i m M E o r In w E m m CD 0 O CO 0 H 01 I11 .N M CO N N .ri M M to V} 0OD to w w H I Ul M i + + CO N ri H CID CO. m + + >+ \ H 0 H $ W O v) H Lr ri ari 0 Wal H O to sM U M O 0 O 0 N 0 Si Si 0 0 O 0 1+ O O 0 0 0 0 0 V 0 r6 It N w Cr CO I6 in m a1 O o O O O O ri r-i M in r N ri H m r _ _ _ _ -,4 .,.{ _ _ _ _ -H _ wr O co In w c r H E E N w m o E CO N w w JJ U r r 0 H r -.i •H w w N VW -.1 M M L- N (/) r In M N V TO a) + ri + + 0) r N V} Cn 0 ›.4, .. H H O1 H H N N t? L) H U) Di o W H 1-1 O O W U a 0 P9 M0 Q UI r o Si Si In 0 0 O Si In N rm 0 a, o z -Ira r o rt N m w w CO (tl N N Ho 4) m W m In ti ri N N N I r-i N N 04 V) 0 M Ti I -.i .1 . . . . .ri . - N N O 0 a 6 N N r1 N C r E E o o In i E m o In m w \ N (6 6) N N •.i .1 r ri N M -1 M w CO- L) U H 01 V r1 ri C N LU LU C + + + CO N Cr) Ifs( 11 N $ N v 0 in-+ + + Ul Pi ri 0 W o W H4 Q C CI U N O til rd 0) N 01 (11 $4 0 0 0 Si $4 H 0 H 0 0 Z ro 0) o N (6 N N C r6 (6 to w 0 0 H w 6) M w CO ri w 1.0 N H H 0 w • O LO . In m H in w E w CO LU E E an ar e to 4 N 6) H N N -.i H N N -ri _H en H t? in. U en 01 r1 01 H CO en + + co 01 N N M (/) 01 CO- CO- 01 I + + (6 C \ 1 CO T W -H H .1 01 L} Ul ri mH 0) ro a O C ai 0 (6 H o Ln u U N w U) N en N m 0 0 La In a U1 w N N 0 0 0 0 W 0 ri M w w c r r 4> C) I > N r o CO H H C C F o W al H H to H CO- CO- 0 ri >. N o H CO (' co 01 [4 H Q) - LT L) to Hj ri Si H P4 0 0) N to 0 W] LU H Q U] N O 6) W N W 0 >. (n C Hi C6 L 1-1 (6 >v (U > 0 W a W W . 01 0 X >W4-1 ti 11 1) lr .1 N ri N E .1 W (6 ro E Si C C in • a L N 34 .1 N -H W a U) a rl 61 ♦) (6 (6 W .M a E rU N 0 a a) > (n > M 4 0 (0 (0 X O Mk ro E )i W Q W o W a 4 F-i ro F li W W ro ro U) li a }i • L • C ro a c ro a m x .0 ro w a FC 'Ti m (6 It m H E m W b ro 'Ti ro ro ro v .1 W ro rU LU 0 n 4 CO (n a a ro H > >i a a FC 4 4 a 4 w z a KC a a ON 0 0 0 'Of }l 0 0 tp b 0 0 1.13 CO r• N 0 ul ill r 01 r N -I N If a rL U 1 im - en rlm m r S m o H E r r all Tr 0 ch b b N H N H rl -.1 CD r 1 r 01 4.0- V> H ) CO 1 W en al N N — V!• u} r 01 + + N H QI W 'j i al W o N a Ill M0 0 0 0 O 0 N 0 0 0 0 O 0 ,h }� O 0 O O O N a7 to CO 0 O co O Q1 Q O O O O 0 r ,-1 N ')' N N H V m X a) In nT H 0 V' O H m d• W• N N N CO H d' N N ko ID H 0 U 01 N ++ CO en I N en. . N + N -co C U \ + a FAA -- .Hi U a) a r, z H v o a 44 o N 0 H W o to d' 0 40 H 44 O 0 0 to 0 0 • O o) N OD N Al td 10 N OD N 0 0 .i 0 N H CO H H H Ul 4.0 01 • i rl N al a en en O 0 H N N .t' .N > U 0\ tD en N r1 W .� + N N at a \ m rn Ul to en + en"di D1 ut V} t` ul >, 0ff of +n yr r + + r 04 N a) \ HI (14 H al z o a) o r- o H O O to OD t0 N 111 SI 0 0 N N H 0 JJ 0 N N r N H 07 TO ,M H 0 N 0 m O O O O pD 01 N Hi CO N tD en rl 0 H CO 01 0 H M N to tD to o nr c„ H \ H 01 r H enN N H N la CO 111 0> VD b $ W fen N +N 01 i)• 01 I CO + H H p1 H - ri •+ z N al en AO- O co a) o w o a) N al -r1 x y• CA ra u (a ?. m Ol u a) 7 v w HI ,I m• y m 0. x > to o 4.1 JJ •rl N H N E •H al a7 'a E 11 G.' Ci N QI 01 W id lr .N id r7 a7 g a1 i H N al N a7 al -r-, D, n a m > m > m a a m m x U m 74 alE H ° a) H ° H roH al al al al al H H m m E a v b b brarob � omo4 m H b . w v 'n a m m a a m H > >t a aa a as aw z a a > a MARKET APPROACH The five market transactions of bank sales tabulated on the prior page show adjusted Improvement values (without land) ranging from $52 psf to $86 psf . With major emphasis on sales #1 & 3 an improvement value of $65 psf was selected for the bank portion of the subject . The four market transactions of office sales show adjusted improvement values ranging from $41 . 00 psf to $45 . 00 psf . With major emphasis on sales 6 & 7 an improvement value of $43 psf was selected for the office portion of the subject . As a result, the market value of the subject property has been estimated as follows : Bank portion 8 , 843 sf x $65 psf = $ 574 , 795 Office portion 9, 585 sf x $43 psf = $ 412, 155 Add subject land S 1_90 , 652 Total value $1, 177, 602 Rounded to $1 , 200 , 000 15 Larimer County Assessor's Office Sales Book „ ..0 it i t' CompARADLL -1` t ' 5A1e_ y . a- 4.6 -rt I - : . _ r Parcel Number: 97233-10-002 Property Address: 2545 RESEARCH BLVD FORT COLLINS CO Business Name: Norlarco Credit Union Sales Data: Sale Date: 9/1/93 Reception Num: 93067275 Sales Price: $975,609 Adi Sales Price: $975,609 Sale $/SF: $85.64 Grantor: CSURF Grantee: Norlarco Credit Union Site Data: Land Size SF: 0 Stories: Site Coverage: 0% Basement Fin: . Zoning: B Rooms: Occupancy Code: 304 - Bank Savings& Loan, Cr Units: Class: 2 Year Built: IQ89 Rank: 2.5 Year Rem: Building(s) SF: 11,392 Total Bldgs: 1 Confirmation: By/Date: TEC 5/5/94 With: Julie Birdsall of Norlarco Comments: Imp. Only Sale. LAND IS LEASED FROM CSURF. LAND SF = 60,984 SF. h \J Improvement Saks Book Thursday, September 01, 1994 COMPARABLE SALE i-z I yi 1I / , 1 i11 r I � I � , l I 1 If r 001‘ >:. i -47 PIN: 2290986 PARCEL 4 : 95912400008 OCCUPANCY: BANK ADDRESS: 2300 16TH ST GREELEY PROJECT: 0 SALE DATE: 10/29/93 BOOK is 1409 SALE PRICE: $425,000 RECEPTION # : 2357566 ADJ SALE PRICE: $422 ,500 GRANTOR: BANK WESTERN GRANTEE: NORWEST BANK GREELEY YEAR BLT: 1977 LAND/BLDG RATIO: 7 . 15 BLDG SIZE: 7 , 977 IMPS PRICE/PSF: $52 . 96 CLASS: C SALE PRICE/PSF: $52.96 CONSTRUCTION—QUAL: GOOD CASH DOWN: $425,000 WALL HEIGHT: 10 LOAN: 0 STORIES: 1 INTEREST RATE: 0.0% BSMT SIZE: 638 LOAN TERM (YRS) : 0 LAND SIZE: 57 , 064 POINTS PAID: 0 LAND VALUE: 0 REMARKS: PURCHASE PRICE FOR BLDG ONLY. LAND OWNED BY JOHN TODD. GROUND LEASE 17000 PER YR, 8X52 LOFT, FOUR DRIVE—UP DEPOSIT LANES it COMPARABLE SALE #3 — , t.y r ' ka r tt` U f =wX p.� , "}A 7yry`��, { s, •f , ,Fare Mfg 4'1?'1 ,,P 1 tit'a /i." `•Y t '^ — „,„ sY tit 3 PIN: 0071688 PARCEL I{ : 96105333008 OCCUPANCY: BANK ADDRESS: 1000 10 ST GREELEY PROJECT: 0 BOOK # : 1179 SALE DATE: 12/07/87 RECEPTION I/ : 2123804 SALE PRICE: $1 , 575 , 000 ADJ SALE PRICE: GRANTOR: UNITED BANK OF GREELEY GRANTEE: CITY OF GREELEY YEAR BLT: 1974 LAND/BLDG RATIO: 4 . 46 BLDG SIZE: 17 ,042 IMPS PRICE/PSF: $76.81 CLASS: C SALE PRICE/PSF: $92.42 CONSTRUCTION—QUAL: GOOD CASH DOWN: $1 , 575 ,000 WALL HEIGHT: 20 LOAN: 0 STORIES: 2 INTEREST RATE: 0.0% BSMT SIZE: 9503 LOAN TERM ( YRS) : 0 LAND SIZE: 76000 POINTS PAID: 0 LAND VALUE: 266000 BY WHOM: 0 REMARKS: BLDG WAS BANK NOW CITY COMPLEX. SALE DID NOT INCLUDE DRIVE—UP BANK FACILITIES 18 COMPARABLE SALE k;. P c.nvm e... • _ • - -, '1= " i �,. .�..;.�..Z..... ... ._ ._... . PIN: 0085388 PARCEL #: 95911116023 OCCUPANCY: BANK ADDRESS: 3690 W 10 ST GREELEY PROJECT: 0 BOOK #: 1089 SALE DATE: 10/28/85 RECEPTION #: 2030143 SALE PRICE: $1 ,500 , 000 ADJ SALE PRICE: GRANTOR: CENTRAL BANCORP GRANTEE: HEIMICK RICHARD YEAR BLT: 1981 LAND/BLDG RATIO: 12.87 BLDG SIZE: 11 , 094 IMPS PRICE/PSF: $83 .74 CLASS: C - SALE PRICE/PSF: $135. 21 CONSTRUCTION-QUAL: AVG CASH DOWN: $0 WALL HEIGHT: 28 LOAN: 0 STORIES: 2 INTEREST RATE: 0.0% BSMT SIZE: 5547 LOAN TERM (YRS) : 0 LAND SIZE: 25740 POINTS PAID: 0 LAND VALUE: 61)0720 BY WHOM: 0 REMARKS: 1 FLR BANK 5547 SF; 2ND FLR OFFICE 5547 SF BSMT BANK 5547 SF. CANOPY 1625 SF. BANK LEASE 14 .71 NET, OAR 10 . 88% 19 COMPARABLE SALE *5 1 r iti 41. i!19.1 w .J, ;.. ti rs. — a '''��(( iF ' ".tea.. _ t -01-"' • . _ Ci i PIN: 2291686 PARCEL # : 95912400020 OCCUPANCY: BANK/OFFICE/RESTAURANT ADDRESS : 1701 23 AVE GREELEY PROJECT: 0 SALE DATE : 12/29/94 BOOK # : 1473 SALE PRICE : $2 , 800, 000 RECEPTION # : 2420931 ADJ SALE PRICE : GRANTOR: 1701 ASSOCIATES, LTD GRANTEE : UNION COLONY BANK YEAR BLT: 1980 LAND/BLDG RATIO: 5 . 12 BLDG SIZE : 18 , 988 IMPS PRICE/PSF : $127 . 00 CLASS : C SALE PRICE/PSF : $147 .46 CONSTRUCTION-QUAL: GOOD CASH DOWN: $2 , 800 , 000 WALL HEIGHT: 30 LOAN: 0 STORIES : 2 INTEREST RATE : 0 . 0% BSMT SIZE: 6268 LOAN TERM (YRS) : 0 LAND SIZE : 97, 139 POINTS PAID: 0 LAND VALUE : 388 , 556 REMARKS : THIS IS A CLEAN ARMS-LENGTH SALE. THE PURCHASE PRICE WAS BASED ON AN APPRAISAL. 20 , e .' ' . M'' ' ' Elfrmeles. , itAVETT ! Comparable Buidin" g Sales ..H..11.' : -t 4 .4 ' 2 ., Lear - ZIPv8052 I .zaalliaS11112atingrallMi . ltaa.,1 9 ' ZIP.8052 I r" • . . •• .'. , sp.L., ZIP 80526 it ril • Ptigginill, a ..a ' f Pnnime .c i I . mobs„5.,VZ•Ma-j I ' ' A w: • IF: .rtf ,.... aPir..fts . f 44iguss: ,. . . 4....:,,,„,, i . • • •.17 Stuart.. 4Clir. . , ... u To-. ,. ...a,..,:.da,,,,,igr.„„.. ‘ ,„ k , • A a,Huts . ..„ ,. ..., re . . .. .....: v - 9 et ZIP 80526 Jo • ,. , STADIUM .':- 47, ' m Sil II rj ' *a 1,,:c 27." • difure , -. Ad . 4-'s-±.- o. .. . . ps„Ja12...'J ch„,444sct , • : 8,06o.o.. 1 s ija,,,, ;og F.' -,..,.......,.: , -,,, -et:1,y, ,,,,. -,./. r" t0 > sl'- :' 'Ite (Iasi, gi ,,,,:.; „i,, t, ,-...,- ;F.,,, ,,.,, ,, ,, , ,,,, ,„ „ IE la - . . . . ;. 4,”40ist.A, c•4188. lotf IIIIINI ., e lifilitx 42 't..-71 '4 itilt-01/2,0. lilf •Van', ,. „,,,• ' 'If Aff 01, iv,. 1,‘ .c...4,,, .) -I4.,r-gbits ' .• 0 . , ., . `vale • •.;314S; "' ili? S.1..r.,:‘k. I III 4' IL .. 41'0 Luands:Iloorttll'eS ours; • ' . 10 •e-o., 30 -:•cffirgr -.-1 ' • OM `1-"' 11 , • ilt ,. , v . . 7.„, . I _21.IrcS trirlr.' ' rnewmcr 11E1 5 . !. I. falcon DroO 6 • . et 4Dr . . *bp .44AtHge4N , W , ;%, 2 - _ • '7 --1 '11 . a ,S, r -• .. ._t. . i Mortel Dr 1 - 12 i Print°.eti•i-:IpM °ItS fp94 ii, .. . ," . 1-I ,ett1/24•• ' - •;1;:- ; , ,•• ta• a 15 •'-'" • Its.; ' ogrActo.. • • ... • k),V \ , ' : e a.,,, Lind t tAarldreet 1.•ir• 74110 O . ' 0 \ • 13 • • . .. ,. . 1 Illailt. taltiffIrOn 1' 1. &•011 ..C1F1; ''- o.,' MAP3 .. minni- sa. , . - 1:14141,:a '. • ' . t I 28 Altor PRI iterill Ur ' WM, 4 .. , 21441.24 • . :-, GE , ., lai / ‘, 11 74 a I,d t i. " • v 4216,4) , ! .- s 4 1 1 & Westfield Or - ' 0 i kens PI ..,....- ._„ 7 14 sil Spring e • „em, Harmer, d k",,,,- Iv D.- i , Mob C' .1.. • reinitigl• e'• tg, • 1 j• i - t ?Air4 04,01,1-• •i --, Perlin .•'.:.•-. : : 74.1:' S. A • ' :VI • .. it • •...„. • ,•• fi -.,, r. 4 ., 10,0i, _ , - iiiline 1 dilb.•,• tiph d Dont IN CI ° . 04°'.a ' 'CI . Ittallnirt. ... ili•li Bed lord Ct .4400, 0 cy W Harmony Rd •. .41 Plains 4, . .1 Il Pairo, i . • 4 r # . ° ss . 'sect*" •• ighlik g . ..., . - . t"2 iirtil ; . ,... To MasonvIlle zo C9 Prairies 00 F e .44:3/4•L a S MF • - .. N co Retail Shopping Centers Hob . • . Gitg I 1-4 ••• Mrs t A It 9/ZEir L /1-4 • - , 4.Choice Center F.4 9 5.Cimarron Square (43 - --MS • AIN 1 it . X.Crystal Gardens : • CI t:: Shopping Center G . -4 . . . 10.Ondre Crossing G.2 wa_ th,00lhilh EaM Office& Fossil Creek Or Shopping Center G-5 e • , , 12.Foothills Fashion Mall G.5 S 8 13.Foothills Placa G-4 Not every street or road la &Sole Dr , .a a oreorwim Sn„ 14.Fountainhead Retail Center 114 shown On maps or Ils/m1 pn AN' ,s ir 5 16.K-Mart Plata F-I ::::::stir°for=gd l' SUIR 7.. . ••I G-4 Jr% 20.Park Central Progress In certain areas °48 a%tkuii9 114 Mktvray Dr 22.Kahane Village G-3 Sr r, J 25.!Knish Pines G-5 ". StrYwer . 26.South College Shops F-4 ZIP 80526 1 17 CfriM CI 4Pe eta 287 s!i co too Cr / M 11-4 See i (r-4 I ph,k,cr vow Inset 8' 31.University Mall F-4 krn7 Galaxy Ct 1. 2 ALPHA MAPS & pp -ci Er , a a In IL.Ha n.----- A.20•17 ,i ; 3 D. Right _ . __ _ m USWEST Dar.a MI a- V I tw w I V 7 82 3 Comparable Building Sales 6 --7 Rd 64 8 GP � z Poudre 0, mH St F St 1 . L8 P .1 riTh a Z z U C p¢p m Sr m S a Nm, pc' 15, a C SI < UU U 1,WOS N Q relriigii M m Mita 9 St •- e 0 m Is -S• U m m S = �= U 2ndit $I m{{2yy��ntl < a SNW n• St t iipi�� 2ntl $10 3rd Z !! _MIN' 30 U �{� min RI 3r Snum :N , U u < > iA ■� m�mmm U 0ih_< SI 1 .. $I cm itfrot 1., End $t •ih 6• ��++ sne st } Ili fAt friassetreire IntSralCOriiiniallinliMENII ii. �mI ` ell nin�■■H� 91h inM�M�Mal !l�WWWII �� {j a �,■■©!�� llh Rd �� . �m i1��11 1 h St R. I31 h S t `1•�LFLrF� {h' Tit ® i iY�IhlSt ^ 1 2JMIqhIflhI 1dI , St LW2I tvm `,?7 � �� mSIfIv<-qf 6 r ��'r^ 510 {l , Ih�i•��Q■�31�■■■ r®L■■ 141h t011;.�'oV� U�4121:114 < 2■ M � IMIIII■■� St " (; tka vC aelt I�■■� 1 SIj$ T: : n U © �' 7 . mon 1:th $t rs Fro/n�t's�.. 'ry10 ..FY < mit. ths 3 0 � � ■t 24 < mla& a, n St r PU c0 N . roes pt St Y �SI Rd_21st SI Rd c 2 N1 a o tl _�� 15111111 ` — f ! u` a-° im z 22nd m o 22nd 1s1 5 'a a 2' .t /, ■B St �_ " 9S% ^ c m �: 13 -��P� ERN. St Rd 22n. ■■■000OO-t t 4 Rd c m _ m N d" �- r IMRE Kilt I h S 2 lF _Z�`�Ytileity, R14 N tiai�JmgYI 'tilt Subject!vt, St — 2. Ih s St a 28th St oa 29Ih 28th St Rm 29th $ _ ylh. ' 51 Lm a� < _tea __29Ih SI > 01291h S; 301h <plh St St 'm I■�µrm. -30t ST� L .0 J a 30 h S Rd 'a' r mS 30Ih < CV 85 ✓ gill 22 COMPARABLE SALE IAILs F PIN : 2094086 PARCEL # : 95911327001 OCCUPANCY : OFFICE ADDRESS : 4687 W 18 STREET GREELEY PROJECT: 0 SALE DATE: 03/31/94 BOOK # : 1435 SALE PRICE: $1 , 340 , 000 RECEPTION # : 2382085 ADJ SALE PRICE: $1 , 210 , 000 GRANTOR: BAKER HUGHES INC GRANTEE: F&P LLC YEAR BLT: 1982 LAND/BLDG RATIO: 5 . 09 BLDG SIZE: 17 ,876 IMPS PRICE/PSF: $52 . 41 CLASS: C SALE PRICE/PSF: $67 .69 CONSTRUCTION-QUAL: GOOD CASH DOWN: $1 , 340 , 000 WALL HEIGHT: 32 LOAN: 0 STORIES: 2 INTEREST RATE: 0. 0% BSMT SIZE: 8938 LOAN TERM ( YRS) : 0 LAND SIZE: 91 , 026 POINTS PAID: 0 LAND VALUE: 273 ,078 COMPARABLE SALE -11-] C ,{ :;, IIIIII : j� y ti I 5 Fk 4". ..141.., x.. - r. PIN: 2291586 PARCEL A : 95912400016 OCCUPANCY: OFFICE ADDRESS: 1770 25 AV GREELEY PROJECT: 0 SALE DATE: 09/10/93 BOOK 11 : 1403 SALE PRICE: $187 ,700 RECEPTION 11 : 2351760 ADS SALE PRICE: $563 ,100 GRANTOR: FLACK NORMAN E GRANTEE: SHIRAZI MASOUD S YEAR BLT: 1979 LAND/BLDG RATIO: 2 .69 BLDG SIZE: 11 ,180 IMPS PRICE/PSF: $39 . 61 CLASS: D SALE PRICE/PSF: $50 . 37 CONSTRUCTION-QUAL: AVG CASH DOWN: $0 WALL HEIGHT: LOAN: 0 STORIES: 3 INTEREST RATE: 0 . 0% BSMT SIZE: 0 LOAN TERM (YRS) : 0 LAND SIZE: 30 , 056 POINTS PAID: 0 LAND VALUE: 120 , 224 2 COMPARABLE SALE fg 5 :3'94 PIN : 2532086 PARCEL # : 95915203001 OCCUPANCY: OFFICE ADDRESS : 2021 CLUBHOUSE DR GREELEY PROJECT: 0 SALE DATE: 04/04/94 BOOK II : 1435 SALE PRICE: $625 , 000 RECEPTION II : 2382079 ADJ SALE PRICE: GRANTOR: NELSON, HALEY , PATTERSON & QUIRK GRANTEE: CLUBHOUSE DRIVE LLC YEAR BLT: 1962 LAND/BLDG RATIO: 5 . 40 BLDG SIZE: 10 , 000 IMPS PRICE/PSF : $54 . 40 CLASS: D SALE PRICE/PSF : $62 . 50 CONSTRUCTION-QUAL: AVG CASH DOWN: $156 , 250 WALL HEIGHT: 10 LOAN: NEW STORIES: 1 INTEREST RATE: 7 . 8% BSMT SIZE: 9600 LOAN TERM (YRS) : 10 LAND SIZE : 54 , 000 POINTS PAID: 0 LAND VALUE: 81 , 000 REMARKS : BASEMENT UNFINISHED STORAGE. 5 Com p m-Able sc. kirt s' uc � '.. 95013-17-001 ', .' °•— - '' ` .„ \\ Time Adjustment Date Sold 5/31/90 Sale Price $638,500 Adj Sale $843,900 Parcel Number: 95013-17-001 Per Sq Ft. 85.24 Property Address: 295 E 29TH ST LOVELAND CO 9900 Business Name: Sales Data: Sale Date: 5/31/90 Reception Num: 90023196 Sales Price: $638,500 Adj Sales Price: $638,500 Sale$/SF: $64.49 Grantor: BANK WESTERN Grantee: THOMAS ALLEN Site Data: Land Size SF: 23,552 Stories: 2 Site Coverage: 42% Basement Fin: 4950 Zoning: Rooms: Occupancy Code: 344 - Office Building Units: Class: C Year Built: 1981 Rank: 2 Year Rem: Building(s) SF: 9,900 Total Bldgs: 1 Confirmation: By/Date: With: Comments: WAS REMODELED FROM BANK WESTERN TO MEDICAL/OFFICES Wednesday, August 24, 1994 6 Improvement Sales Book �� y y IS1 m �- a- PUT' ME ° YIII .. 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Comparable Binding Sales , MAPS EZ 19 i 11 1 13 14;1"�;!' $ 4' r15 vtr'�'.�,•' i6 r ru r 'r d1 4 r $' 1,4v`� ciod.No 2E',4 ' v � y 58: Uortalh ;� rW xa i Y' .,.. ,, enne.He ° Lake kk ,�` 1a�` w sNn SI i1 � �� 4. f ([ L N� ZW6JIM1 51 Ji //� x' Gam`:• syy�i r 1 V rI e . y Y w LL weTm51 �•-- i Not ev be shown on map, akt vorlstedin�strigude 3 4 w Nth St I $ ,' � ! 1 x r).1'st�C-1 ;>>fi r 9 fr .� x✓ti ' •SY 1 YJ ftk • N ,M• ' i 1,,t }} k V> 4 F 1 A5 e I5t / 's'i, lx, s, 1 94 s x ti 4 4 St YJ`J+.xA � 3 6iM 81 * j , 'TT�{ y�,� 3C Q Ca P6 NaM .w vinxan t.y 1, vNi -e�tt�� ! 4 v kr"x r Boyd Lake P mos rmH 't.. e`.- . . • Norsesoe Lake _ g • wIEM sac' ay{ tilliii a p Q �H. s's ,. w :uf1 e c' 9 a 1 Ill nth r@% ' '' Is s *S,• f r 14441 ] 7 Y.' f� 4 p } 1 r ix z w� I 4 s ,yJ 'x,N 1 p. %n O.rr C•e=LY CY 1 1� `rye. 3i Q�p�f Sai -TM E" _,,,�pP i. 11�a s1 d y I .. r ktil 6ippen,Do PI Up it EFn Ck = 1 ]]M St E a1!dor Dr E y • Y •r•.'E1.+ %/ 4 142521E 1 {� Ca xn.xo.]IE \ ,a... .+ 1. $ Y �x 3 Q S4: 20 E]5U St £ l T p _ E]]n151 G "". F H li ]aa. � a • Sa/- E Bold Lake • 1, ],«. a /�s4 Umber PIE� �ea. • . Or 3 rM % c p$E... -__Cr F E q 45 •291�51 __ •a_ • lfie nricy / C® SC.d $ 27thSt 4 r, T...r%ri i P o Lake u al d�/ 4itgr v —y�4 w!?a ..or<h QUp�er//nl/ma > - 51 ]]N 51 • G G1 g 1Wd ) Lowed, 0;ispf Ian cs ]rq st • ] uM G G .1' / Lake )*k n % J q or a 21n sx d G o1C • g tyy 9 G % i ..t(/� d? ei : h_ : Silver Lake ' PIG 3 SG 1%Hsl a� 1xelovelond _ O—si - d 3` Iw ', �g�/�y. o _ %10E181M1S4 a11- C-: �5'''` 7 # 147' ._ tic-- 48..aftc _ a Q nm 51 3 G t q•� �'�4'°be mr{!�t 1. y., Y i aw�• d�cGi m. • '� — __ lEln si i i• GIG 9 4 bF^ i bN• 1^ M 1515 q 1511.51�,j• q ry E15NSIr 1;.% i.: t • Q >1 444p ' gIa EEis.nlww«9NU dY T 3i EC j [ Cr �^.� pea 3Y " 49 w,NS 51 3 <1,111.. jx ' 6 0 F �E of 't ��,��. S./ Ii15 1 1151 E1 E512 MYKIrte% - `W'c. 1� 4 /1 w11m S1 TII d. 6� �Iq i J / V J •�15 1� EImA ` E11N ><S� 311M a. y} xA'y 1 LL 7.. ._ I` @ si YWl SI % - EI,1151 G 5 S J .. I tll}14n ' - 2 8 ®U S WEST DIrec11995 INCOME APPROACH The rental market was researched and a tabulation of bank, bank/office, and office rentals are included on the following pages . Most of the bank leases found were pure net leases ranging from $10 . 05 psf to $15 .44 psf . There is one gross lease (rental comparable #4) of $17 . 00 psf on the Norlarco Bank in Fort Collins, which is also the #1 sales comparable on the market approach. It is estimated that the bank portion of the subject property could be rented for $12 . 00 psf triple net . The office leases found ranged from $6 . 00 to $15 . 00 psf gross . Major emphasis was given to rental comparables #10 and #15 because these comparables are bank buildings with office space similar to the subject . It is estimated that the office portion of the subject property could be leased for $9 . 00 psf gross . 29 23-Jun-95 DATE BANK LEASES BANK NAME & BLDG RENTAL LEASE ADDRESS AREA RATE START 1 BANK OF WINDSOR 4.080 15.44 -NET 518 1041 MAIN ST WINDSOR 2 COLO NATIONAL BANK 11.094 14.71 NET 11197 690 W 10 ST GREELEY 2 UNION COLONY BANK 23.984 10.05 NET 718E 1701 23 AV GREELEY 4 NORLARCO BANK 4.588 17.00 GROSS 6188 2545 RESEARCH BLVD FT. COLLINS 5 MANES? BANK 6,500 13.00 NET LRTK 65Jn0 JFY. PARKWAY FT. COLLINS 6 FT. COLLINS 1ST IN 3.190 11.76 NET ONE 2701 S COLLEGE AV FT.COLLINS 7 VALLEY NAT'L BANK 7,744 13.11 NET UNE 1 VALLEY CENTER LOVELAND G NOR. COLO _ & L . 3.200 7.31 NET 19,96 3700 W 10 ST (CONVERTED FROM S & L GREELEY TO OFFICE+ 9 KEY BANK 6.180 12:82 NET 12190 822 14 STREET GREELEY 0 .1 a 3 3 ✓+ • -£ 3 £ N U 'd K £ 3 fY H N > : w a E £ Q., 11 I. a H H a a a H a H CO a F. 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N N N N n W'• N DIN H H n 1n H H • II 0) > H m H . h W m O 6 Z-1 U 1 w C o o �J O 0 0 m o NH u Z N I_^ DIz J O U W N N O H C --NO N x N N 0 O N r1 co .i m N 'O 0 -w n a O U N z ° a HF N uNiN a x F N U1 II W a x O 00 ti .0 N C • 0 0 0 0 0 N 0 -01 HI .I 4-3 0 0 O 0 0 n 0 0 DJ II DI C 4/ m N o o CO m CO o. 4 a) N - 0 N' W 0 m C H n N H (''1 A' 4 • IN N f1 CO m L 4 N N N W W 2 H W W N H W O F N W • W N�G W R 0 N CO W X m E. 3 H M H 4 L '0 .4 N b 1 II w m N N o 0) . m > N H C a > (0 0 II-4 H F 3 w E 11/ N Z L N > U Q N ,l V 4 C L 4 W OI N W Q O .O H HI0 x 0 0 0. 0 0 0 N • 'CIn m LO L 1 HI L F L W 1D •V Yl HI torn 4 N N N 0'1 H N m z 3 p H N N m m -.-1 •O 4 N O O L 0 O 0 3 1(1 O ,X N 4 • O C H d. p 'I L N N 4 N L m O N al N O O m 0 C O N N O O N N HI 141 \ OH •-I .-I O H H .4 ZH H C N N E. O E. N L C • W O H Nm n K H H 2 HI H HI •-1 H H .i INCOME APPROACH PIN: 3551486 , 3551586 PARCEL: 0961-17-3-18-007 PROPERTY OWNER: CACHE NATIONAL BANK OF GREELEY ADDRESS : 2600 11 AVENUE OCCUPANCY: BANK QUALITY OF CONSTRUCTION: AVERAGE CONDITION: GOOD YEAR OF CONSTRUCTION: 1965 BANK OFFICE GROSS AREA 8843 9 , 585 RENT PER S . F. 12 . 00 9 . 00 POTENTIAL GROSS INCOME 86 , 265 LESS VACANCY 5 % EFFECTIVE GROSS INCOME 81, 952 LESS EXPENSES 35% NET OPERATING INCOME 106 , 116 53 , 269 OVERALL CAP RATE . 11 . 11 ESTIMATE OF VALUE 964 , 690 484 , 263 TOTAL ESTIMATE OF VALUE 1, 448 , 953 Rounded 1 , 400 , 000 Hello