The URL can be used to link to this page

Browse Search

Home My WebLink About20193151.tiffAugust 6, 2019 Agent (if applicable): REALTEC CIO GAGE OSTHOFF 1711 61ST AVENUE, STE 104 GREELEY, CO 80634-3046 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Petitioner: ALTURA GROUP, LLC RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3151 Appeal 2008224804 Hearing 8/5/2019 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2019. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R4057786 Stipulated - Approved Stipulated Value $611,840 $587,460 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will 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 (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION C;o4GltGLCe. „d„,,4 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R4057786 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF NAME ADDRESS Altura Group LLC PO Box 3859 United Arab Emirates Sharjah Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2019 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation Petitioner (s) and Assessor agree and stipulate as follows 1 The property subject to this Stipulation is described as LAS 11564 L17 THRU L22 BLK5 MC CUTCHEONS ADD 2 The subject property is classified as commercial property 3 The County Assessor originally assigned the following actual value to the subject property for the tax year 2019 Total $611,840 4 After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2019 actual value for the subject property Total $587,460 5 The valuation, as established above, shall be binding only with respect to tax year2019 6 Brief narrative as to why the reduction was made Further review of all approaches to value indicated an adjustment 7 Both parties agree that ®The hearing scheduled before the Board of Equalization on 08/05/2019 at 10 30AM be vacated nA hearing has not yet been scheduled before the Board of Equalization 1 o�Olq -3(51 A.Solo3 DATED this 31st day o f J uIy , 2019 uflatfrve_ Petitioner(s) or Agent or Attorney Address: 1711 61st Avenue Suite 104 Greeley Telephone: 9703965166 Docket Number R4057786 Stip-1 .Frm (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 rRnencittThim County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 R4057786 / Altura Group LLC Final Audit Report 2019-07-31 Created: 2019-07-31 By: Wade Melies (wmelies@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAAmh0xO-Met-_4hYgGa1Y96OhJTIRzGtKb "R4057786 / Altura Group LLC" History t Document created by Wade Melies (wmelies@co.weld.co.us) 2019-07-31 - 5:28:45 PM GMT- IP address: 204.133.39.9 L-- Document emailed to Wade Melies (wmelies@co.weld.co.us) for approval 2019-07-31 - 5:28:46 PM GMT o Document approved by Wade Melies (wmelies@co.weld.co.us) Approval Date: 2019-07-31 - 5:28:57 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Tim Reddick (treddick@co.weld.co.us) for approval 2019-07-31 - 5:28:59 PM GMT ti Email viewed by Tim Reddick (treddick@co.weld.co.us) 2019-07-31 - 5:45:11 PM GMT- IP address: 204.133.39.9 d© Document approved by Tim Reddick (treddick@co.weld.co.us) Approval Date: 2019-07-31 - 5:49:12 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature 2019-07-31 - 5:49:13 PM GMT ¶ Email viewed by Brenda Dones (bdones@co.weld.co.us) 2019-07-31 - 7:33:42 PM GMT- IP address: 204.133.39.9 be Document e -signed by Brenda Dones (bdones@co.weld.co.us) Signature Date: 2019-07-31 - 7:33:52 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Gage Osthoff (gosthoff@realtecgreeley.com) for signature 2019-07-31 - 7:33:54 PM GMT t Email viewed by Gage Osthoff (gosthoff@realtecgreeley.com) 2019-07-31 - 7:37:47 PM GMT- IP address: 75.71.238.70 41108 Adobe Sign Lea Document e -signed by Gage Osthoff (gosthoff@realtecgreeley.com) Signature Date: 2019-07-31 - 7:38:58 PM GMT - Time Source: server- IP address: 75.71.238.70 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-31 - 7:38:59 PM GMT ti Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-31 - 7:39:37 PM GMT- IP address: 204.133.39.9 Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-31 - 8:04:48 PM GMT - Time Source: server- IP address: 204.133.39.9 Q Signed document emailed to Gage Osthoff (gosthoff@realtecgreeley.com), Brenda Dones (bdones@co.weld.co.us), Wade Melies (wmelies@co.weld.co.us), Karin McDougal (weld-cboe@weldgov.com), and 2 more 2019-07-31 - 8:04:48 PM GMT 'OWERED BY Adobe Sign Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the information submitted and you will receive a date to appear before the board. Contact Information: Contact Name: Gage Osthoff Contact Email: gosthoff@realtecgreeley.com Contact Phone: 970-396-5166 Appeal Submitted: 03:33 PM July 15, 2019 Appeal submitted for: R4057786 - ALTURA GROUP LLC 218 N 2ND ST, LA SALLE Legal: LAS 11564 L17 THRU L22 BLKS MC CUTCHEONS ADD Reason: Value Too High - APPEAL: Based on the appraiser's methodology for the adjusted Notice of Determination we feel the property may still be valued too high. We agree with the methodology in calculating the current value including the cap rate that was utilized. However property insurance was not accounted for in the property expenses used to calculated the Net Operating Income. Based on the property insurance amount of $3,922 per year the Net Operating Income should be $54,627. Utilizing the effective cap rate of 9.57% the value would be calculated at $570,815 or $74/sf which is in alignment with the comparable sales provided. ORIGINAL: Based on comps and flat income the property is valued too high. The comps included are similar aged retail properties located on busier roads although not at prime retail locations. Overall the property is the best of the comps and would sell at a price of $73/sf, above all three of the comps. Looking at the income approach this would result in a cap rate of 7.75% which is likely lower than the market cap rate for this property. Income and rental rates have been relatively flat for this property over the past 3-4 years. Previous to that vacancy was high but it has become fairly stable. The tenants are also on shorter term (1-2 years) leases and are local tenants with lower credit as compared to a regional or national credit tenant. The attached financial statement and spreadsheet calculating the Net Operating Income and sales price based on different cap rates for the year 2018. Even Subway rolls over on short term renewals of 1-3 years. Based on all of this we feel the new valuation is too aggressive and that the property has only slightly gained value since the previous valuation. Estimate of Value: $570,000.00 Document(s) Submitted: Account: R4057786 - Agent Authorization Letter Altura.docx.pdf Account: All Accounts - Sold Comps_Jan 1 2017 -June 30 2018.pdf Account: All Accounts - 218 N 2nd Street Value 5-23-2019.x1sx Account: All Accounts - Profit -Loss -LaSalle 2018.pdf Account: R4057786 - R4057786_INITIAL PROTEST.pdf You have selected the following Date Preferences: 4.4C Monday, August 5, 2019, from 10:30 a.m. to 12:00 p.m. Thursday, August 1, 2019, from 9:00 a.m. to 12:00 p.m. Thursday, August 1, 2019, from 1:30 p.m. to 3:30 p.m. Friday, August 2, 2019, from 9:00 a.m. to 12:00 p.m. Friday, August 2, 2019, from 1:30 p.m. to 4:30 p.m. 2019-3151 A50 t03 The Appeal process can take several weeks for us to complete. You will receive a written decision on your appeal within five (5) working days of your hearing. We thank you for your submittal. Weld County Board of Equalization Thank you for submitting an appeal to the Weld County Assessor's Office. We will review the information submitted and if we have questions we will contact you at one of the following: Contact Information: Contact Name: Gage Osthoff Contact Email: gosthoff@realtecgreeley.com Contact Phone: 970-396-5166 Appeal Submitted: 02:39 PM June 03, 2019 Appeal submitted for: R4057786 - ALTURA GROUP LLC 218 N 2ND ST, LA SALLE Legal: LAS 11564 L17 THRU L22 BLKS MC CUTCHEONS ADD Reason: Value Too High - Based on comps and flat income the property is valued too high. The comps included are similar aged retail properties located on busier roads although not at prime retail locations. Overall the property is the best of the comps and would sell at a price of $73/sf, above all three of the comps. Looking at the income approach this would result in a cap rate of 7.75% which is likely lower than the market cap rate for this property. Income and rental rates have been relatively flat for this property over the past 3-4 years. Previous to that vacancy was high but it has become fairly stable. The tenants are also on shorter term (1-2 years) leases and are local tenants with lower credit as compared to a regional or national credit tenant. The attached financial statement and spreadsheet calculating the Net Operating Income and sales price based on different cap rates for the year 2018. Even Subway rolls over on short term renewals of 1-3 years. Based on all of this we feel the new valuation is too aggressive and that the property has only slightly gained value since the previous valuation. Estimate of Value: $560,000.00 Document(s) Submitted: Account: R4057786 - Agent Authorization Letter_Altura.docx.pdf Account: All Accounts - Sold Comps_Jan 1 2017 -June 30 2018.pdf Account: All Accounts - 218 N 2nd Street Value 5-23-2019.x1sx Account: All Accounts - Profit-Loss-LaSalle_2018.pdf The Appeal process can take several weeks for us to complete. We will mail a decision on your appeal by June 30th for real property and by July 10th for business personal property and/or oil and gas. We thank you for your submittal. Weld County Assessor's Office (970) 400-3650 DocuSign Envelope ID: E748E133-BA60-4D77-ACC5-4014A8B7FA30 REALTEC COMMERCIAL REAL ESTATE SERVICES May 30, 2019 Mr. Auda Hazeem Altura Group, LLC colodxb@gmail.com Re: 1711 61st Ave, Suite 104 Greeley, CO 80634 970.346.9900 Office 970.304.0707 Fax www. rea ltecgree ley. c orn Agent Authorization — 2019 Property Tax Appeal/Protest for 218 N. 2nd Street, LaSalle, Colorado Mr. Hazeem: This letter provides evidence of authorization by Westview Center, LLC, for Gage Osthoff and Nick Berryman (Agents) to conduct a Property Tax Appeal/Protest of the 2019 property valuations set by the Weld County Assessor's Office on the real estate identified as 218 N. 2nd Street, LaSalle, Colorado. The real estate is a multi -tenant retail building identified as by the Weld County Assessor's Office as Parcel No. 096131412011. By signing below, you are acknowledging that Altura Group, LLC, has authorized Gage Osthoff and Nick Berryman (Agents) to conduct a Property Tax Appeal/Protest for the above indicated property on behalf of Altura Group, LLC. Thank you for the opportunity to represent Altura Group, LLC, in providing real property tax consulting services. Sincerely, Gage Osthoff and Nick Berryman Acknowledgment/Authorization: DocuSigned by: tkqedai Altura Group, LLC 5/30/2019 Jli4L I ... Auda Hazeem Date Suite A Suite B Suite C Suite D Suite E Suite F Suite G Suite H TENANT Subway Tortilleria la Pasadita 2 Tortilleria la Pasadita 2 Shear Up SAVA ENERGY AccessAbility Yankee Clipper Barber Sho Vacant SF Rent - Monthly Rent - Annual 1,616 $ 2,359.24 $ 28,310.88 1,000.00 12,000.00 700.00 8,400.00 550.00 6,600.00 700.00 8,400.00 400.00 4,800.00 434.00 5,208.00 1,616 $ 1,024 $ 800 $ 800 $ 512 $ 512 $ 768 $ $/SF Start 17.52 3/1/2014 7.43 2/14/2017 8.20 3/20/2017 8.25 10.50 8/15/2015 9.38 7/1/2013 10.17 11/15/2015 EXP 2/28/2024 4/30/2022 4/30/2022 8/31/2016 6/30/2017 Option Notes 10 year Lease - Long term tenant 3% annual increases, beginning May 1, 2018 3% annual increases, beginning May 1, 2018 Month to Month Renews year to yea Always pays the year in advance Original building tenant (1985) 8/30/2016 Month to Month 7,648 $ 6,143.24 $ 73,718.88 $ 9.64 Suite A Suite B Suite C Suite D Suite E Suite F Suite G Suite H TENANT Subway Tortilleria la Pasadita 2 Tortilleria la Pasadita 2 Shear Up SAVA ENERGY AccessAbility Yankee Clipper Barber Sho TBD Tenant SF Rent - Monthly Rent - Annual $/SF 2,359.24 $ 28,310.88 $ 17.52 1,000.00 $ 12,000.00 $ 7.43 700.00 $ 8,400.00 $ 8.20 750.00 $ 9,000.00 $ 11.25 700.00 $ 8,400.00 $ 10.50 400.00 $ 4,800.00 $ 9.38 434.00 $ 5,208.00 $ 10.17 700.00 $ 8,400.00 $ 10.94 1,616 $ 1,616 $ 1,024 $ 800 $ 800 $ 512 $ 512 $ 768 $ Start 3/1/2014 2/14/2017 3/20/2017 8/15/2015 7/1/2013 11/15/2015 EXP 2/28/2024 4/30/2022 4/30/2022 Option Notes 10 year Lease - Long term tenant 3% annual increases, beginning May 1, 2018 3% annual increases, beginning May 1, 2018 8/31/2016 Month to Month 6/30/2017 Renews year to yea Always pays the year in advance Original building tenant (1985) 8/30/2016 Month to Month 7,648 $ 7,043.24 $ 84,518.88 $ 11.05 Current Proforma Potential Gross Income $ 88,134 00 $ 84,518 88 -Vacancy and Collection Los 5% $ (8,400 00) $ (4,225 94) +Other Income $ - $ - +NNN Reimbursement $ $ Effective Gross Income $ 79,734 00 $ 80,292 94 Water/Sewer $ (4,926 00) Electricity $ (1,075 00) Management $ (3,600 00) Real Estate Commissions $ (729 00) Snow Rmoval $ (450 00) Repairs $ (2,880 00) Trash $ (2,038 00) Accounting $ (300 00) Insurance $ (3,922 00) Property Taxes $ (11,361 00) Travel $ (1,200 00) -Total Expenses $ (32,481 00) -Capital Reserves $0 50 $ (3,824 00) $ (3,824 00) Net Operating Income $ 43,429 00 $ 76,468 94 9 00% $ 482,544 44 $ 849,654 84 8 75% $ 496,331 43 $ 873,930 70 8 50% $ 510,929 41 $ 899,634 54 8 25% $ 526,412 12 $ 926,896 19 8 00% $ 542,862 50 $ 955,861 70 7 75% $ 560,374 19 $ 986,695 95 7 50% $ 579,053 33 $ 1,019,585 81 7 25% 599,020 69 $ 1,054,743 94 La Salle Center Profit / Loss Statement 2018 Income Rent Expenses 79,734 00 Water 4,926 00 Electricity 1,075 00 Management fees 3,600 00 Real Estate Comm 729 00 Snow Removal 450 00 Repairs 2,880 00 Trash 2,038 00 Accounting 300 00 Travel 1,200 00 Insurance 3,922 00 Property Taxes 11,361 00 Mortgage 37,803 00 Depreciation 9,667 00 Total Expenses 79,951 00 Net income / loss - 217 00 1 128 S 2nd St La Salle, CO 80645 Sale on 3/17/2017 for $267,500 ($66.58/SF) - Public Record 4,018 SF Retail Storefront Building Built in 1979 SOLD Buyer & Seller Contact Info Recorded Buyer: Joann Ries 128 S 2nd St La Salle, CO 80645 (303) 317-3003 Buyer Type: Individual b ,� Lori: J con Todd Ave E 500 /d 'IN ' a y f-.: t I'! a p data I-901019 Recorded Seller: Mares Eucilia R Transaction Details ID: 3874486 Sale Date: Escrow Length: Sale Price: Asking Price: Price/SF: Price/AC Land Gross: Percent Leased: Tenancy: No. of Tenants: Tenants at time of sale: Financing: Parcel No: Document No: 03/17/2017 $267,500 $66.58 $1,494,413.41 100.0% Multi 2 Altitude Fence And Deck; Andrea Smith $196,500.00 from Firstbank 096131417006 4286446 Sale Type: Bldg Type: Year Built/Age: GLA: Land Area: Percent Improved: Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/AC: Retail - Storefront Built in 1979 Age: 38 4,018 SF 0.18 AC (7,797 SF) 83.8% $48,930 in 2016 $41,020 $7,910 $44,189 REALTEC COMMERCIAL REAL ESTATE SERVICES Copyrighted report licensed to Realtec Commercial Real Estate Services - 605021. 5/30/2019 Page 1 128 4,018 S 2nd SF Retail St Storefront Building SOLD Built in 1979 (con't) Income Expense Data Expenses - Taxes $4,205 - Operating Expenses Total Expenses $4,205 Current Retail Information la 7552826 Property Type: Retail - Storefront GLA: 4,018 SF Center: - Total Avail: 0 SF Bldg Status: Built in 1979 % Leased: 100.0% Owner Type: Individual Bldg Vacant: 0 SF Zoning: - Land Area: 0.18 AC Owner Occupied: No Lot Dimensions: - Building FAR: 0.52 Rent/SF/Yr: - No. of Stores: - CAM: - Street Frontage: 57 feet on Us -85 Hwy (with 1 curb cut) Expenses: 2018 Tax @ $1.04/sf, 2009 Est Tax @ $0.75/sf; 2009 Est Ops @ $0.45/sf Parking: 4 free Surface Spaces are available Features: Signage Location Information Metro Market: Denver Submarket: Greeley Ret/Greeley Ret County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE REALTEC =4EAL ESTATE SERVICES Copyrighted report licensed to Realtec Commercial Real Estate Services - 605021. 5/30/2019 Page 2 2 2929 Evans, Sale 2,862 11th CO on 1/17/2017 SF Retail Ave 80620 for $200,100 Freestanding ($69.92/SF) - Building Built in 1986 Public Record SOLD .. .1 ' .t , !th St s •' '- a,.4 .w °:-...-. 28th Streei Rd 304 iIr • t Gm_fr a:t T, 290 S 7i 1th St r Pi, , . .' II >- ` �l 'or Rd - - 9th St r I i i) N ti SOO Id; .- \ av Map data ©,019 0 0 = Buyer & Seller Contact Info Recorded Buyer: H & M Inc Recorded Seller: Lane Clyde & Sally A 2929 11th Ave Evans, CO 80620 Transaction Details ID: 3816873 Sale Date: 01/17/2017 Sale Type: - Escrow Length: - Bldg Type: Retail - Freestanding Sale Price: $200,100 Year Built/Age: Built in 1986 Age: 31 Asking Price: - GLA: 2,862 SF Price/SF: $69.92 Land Area: 0.41 AC (18,056 SF) Price/AC Land Gross: $482,750.30 Percent Leased: 100.0% Tenancy: Single Percent Improved: 64.1% Total Value Assessed: $51,040 in 2015 Improved Value Assessed $32,710 Land Value Assessed: $18,330 Land Assessed/AC: $44,221 No. of Tenants: 1 Tenants at time of sale: Henry's Vacuum & Sewing Parcel No: 096119101012 Document No: 4270228 Sale History: Sold for $200,000 ($69.88/SF) on 1/17/2017 Sold for $200,100 ($69.92/SF) on 1/17/2017 REALTEC COMMERCIAL REAL ESTATE SERVICES Copyrighted report licensed to Realtec Commercial Real Estate Services - 605021. 5/30/2019 Page 3 2929 11th 2,862 SF Retail Ave Freestanding Building Built in 1986 (con't) SOLD Income Expense Data Expenses - Taxes $4,731 - Operating Expenses Total Expenses $4,731 Current Retail Information ID: 8764577 Property Type: Retail - Freestanding GLA: 2,862 SF Center: - Total Avail: 0 SF Bldg Status: Built in 1986 % Leased: 100.0% Owner Type: - Bldg Vacant: 0 SF Zoning: - Land Area: 0.41 AC Owner Occupied: No Lot Dimensions: - Building FAR: 0.16 Rent/SF/Yr: - No. of Stores: - CAM: - Street Frontage: 165 feet on 11th Ave (with 1 curb cut) Expenses: 2018 Tax @ $1.64/sf Parking: 14 free Surface Spaces are available Features: Bus Line Location Information Metro Market: Denver Submarket: Greeley Ret/Greeley Ret County: Weld CBSA: Greeley, CO CSA: Denver -Aurora, CO DMA: Denver, CO -WY -NE REALTEC COMMERCIAL REAL EST iFP% MC; Copyrighted report licensed to Realtec Commercial Real Estate Services - 605021. 5/30/2019 Page 4 3 1109 E 18th St Greeley, CO 80631 Sale on 10/23/2017 for $101,250 ($62.31/SF) - Public Record 1,625 SF Retail Freestanding Building Built in 1980 SOLD Recorded Buyer: $ ar4,v tuesiec E. 16th St BUS Buyer & Seller Contact Info 616th St .asI F 18th cif 500 f rJ;; 1 Mau data 2-01 Rutherford Inc 3305 70th Ave Greeley, CO 80634 Recorded Seller: Bricker Jason Transaction Details ID: 4055889 Sale Date: Escrow Length: Sale Price: Asking Price: Price/SF: Price/AC Land Gross: Percent Leased: Tenancy: Financing: Parcel No: Document No: 10/23/2017 $101,250 $62.31 $367,513.61 100.0% Single $75,937.00 from Firstbank 096109400025 4346146 Sale Type: Bldg Type: Year Built/Age: GLA: Land Area: Percent Improved: Total Value Assessed: Improved Value Assessed Land Value Assessed: Land Assessed/AC: Retail - Freestanding Built in 1980 Age: 37 1,625 SF 0.28 AC (12,001 SF) 73.5% $21,210 in 2016 $15,590 $5,620 $20,399 Income Expense Data Expenses - Taxes - Operating Expenses Total Expenses $2,008 $2,008 REALTEC COMMERCIAL REAL ESTATE SERVICES Copyrighted report licensed to Realtec Commercial Real Estate Services - 605021. 5/30/2019 Page 5 1109 E 18th St 1,625 SF Retail Freestanding Building Built in 1980 (con't) SOLD Current Retail Information ID: 8438056 Property Type: Center: Bldg Status: Owner Type: Zoning: Owner Occupied: Retail - Freestanding Built in 1980 Individual B -C No Rent/SF/Yr: - CAM: - Street Frontage: Expenses: Parking: Features: 123 feet on 18th St 111 feet on Cedar Ave 2018 Tax @ $1.23/sf 12 free Surface Spaces are available Pylon Sign, Signage GLA: Total Avail: % Leased: Bldg Vacant: Land Area: Lot Dimensions: Building FAR: No. of Stores: Location Information 1,625 SF 0 SF 100.0% 0 SF 0.28 AC 0.14 Metro Market: Submarket: County: CBSA: CSA: DMA: Denver Greeley Ret/Greeley Ret Weld Greeley, CO Denver -Aurora, CO Denver, CO -WY -NE REALTEC OMMERCIAL REAL ESTATE SERvr., • - Copyrighted report licensed to Realtec Commercial Real Estate Services - 605021. 5/30/2019 Page 6 July 26, 2019 Petitioner: ALTURA GROUP LLC PO BOX 3859 SHARJAH UNITED ARAB EMIRATES CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2019-3151, AS0103 Appeal 2008224804 Hearing 8/5/2019 10:30 AM Account(s) Appealed: R4057786 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 5, 2019, at or about the hour of 10:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its 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 5, 2019, and mailed to you within five (5) business days. Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10 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. If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request to assessor@weldgov.com. Upon receipt ofyourwritten request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. 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 Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Danes, Assessor Hello