HomeMy WebLinkAbout20182250.tiffAugust 2, 2018
Agent (if applicable): Petitioner
STERLING PROPERTY TAX SPECIALISTS INC
950 S CHERRY ST SUITE 320
DENVER, CO 80246
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
BANK MIDWEST NA
1111 MAIN ST STE 2800
KANSAS CITY, MO 64105-2154
RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2018-2250 Appeal #: 2008217941 Hearing Date: 8/2/2018 8:30 AM
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. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2018.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R7455298 Deny - Denied in Full
$1,085,000 $1,085,000
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. Section 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, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, 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 section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 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. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 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. Section 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,
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
August 2, 2018
Petitioner:
BANK MIDWEST NA
1111 MAIN ST STE 2800
KANSAS CITY, MO 64105-2154
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
STERLING PROPERTY TAX SPECIALISTS INC
950 S CHERRY ST SUITE 320
DENVER, CO 80246
RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2018-2250 Appeal #: 2008217941 Hearing Date: 8/2/2018 8:30 AM
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. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2018.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R7455298 Deny - Denied in Full
$1,085,000 $1,085,000
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. Section 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, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, 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 section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 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. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 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. Section 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,
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
Valuation Report
of
Commercial Property
For
County Board of Equalization
BANK MIDWEST NA
F etitioner
vs.
Weld County Assessor's Office
Respondent
Docket Number:
Parcel Number:
Schedule Number:
Appeal Number:
Date:
Time:
Board:
2018-2250
095924401015
R7455298
2008217490
8/2/2018
8:30 am
1
Prepared By
Susan Gundry
Assessor's Office Staff Appraiser
Assessor's Indicated Value
TOTAL: $1,085,000
Page 1 of 16
Salient Facts andConclusions
Purpose of Appraisal To determine Market Value as of 1/1/18 based on
an appraisal date of 6/30/16.
Property Rights Appraised Unencumbered fee simple interest.
Location 3635 23rd Ave
Evans
Land Area 55,225 sf
Property Type Commercial
Occupancy Description Bank
Number of stories 1
Year Built 1999
Class Wood Frame
Quality Average
Improvement sq+Ft. 5,425
Garden Level Sq Ft 5,425
Value Indications:
Land
Cost Approach
Market Approach
Income Approach
N/A
N/A
$1,057,875
$1,229,684
Final Value $1,085,000
Page 2 of 16
Subject Photo
Sketch
52'
Canopy
1560.0 :sf
Bane.
Bit 1999.
Class D
HVAC
10- 18' WH
Office Ffn sh in Bsmt
First Floor
5425,0 Sf
Finished
542.5,0 sr
Page 3 of 16
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Page 4 of 16
The Subject
The subject is located in Evans on the northwest corner of 23rd Ave and 37th St. The subject is a
5,425 square foot bank which was built in 1999. It is of average condition and built of wood
frame construction. It also contains a 5,425 square foot garden level basement finished in the same
quality as the main floor. The subject improvement has a 1,560 square foot wood canopy and sits
on a 55,225 square foot parcel. The land has approximately 25,70O square feet of asphalt and
approximately 1,560 square feet of concrete.
Cost Approach Summary
The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial
properties in Weld, which has been approved by the Division of Property Taxation to be utilized by
Colorado Assessors.
The structure has been classified properly utilizing the Marshall and Swift Valuation service and an
appropriate value assigned. A land value has likewise been established through the utilization of vacant
land sales of comparable properties.
The Cost Approach was considered but not used. For commercial buildings more than 10 years old it is
difficult to accurately estimate the amount of physical depreciation to apply. For this reason, a cost
analysis was not developed.
Total Value by Cost Approach
FinalValue N/A
Page 5 of 16
Market Approach Summary
Real Property for the tax year 2018 must be valued utilizing data for the period one and one-half years
immediately prior to June 30, 2016. If comparable valuation data is not available from such one and one-
half year period to adequately determine the level of value for a class of property, the period of five years
immediately prior to June 30, 2016 shall be utilized to determine the level of value.
The Assessor has appropriately considered the Market Approach to value for the property on appeal.
The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used
to establish a market value for the tax year 2018 are from January 1, 2015 through June 30, 2016.
Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to June 30, 2016 to
establish the proper value. All sales have been confirmed and verified through transfer declarations as
well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length
transactions, and considered to be the most comparable properties sold in relationship to the Subject
property.
Based upon investigation and analysis, it is the opinion of the appraisers that a market value of $1,057,875
or $195.00 per square foot accurately reflects the market value of the subject property on June 30,
2016.
Market Comparables
Comp 1: 2700 47th Ave, Greeley. Sold March 6, 2015 for $290.00 per sq. ft. This bank is 9,124 sf and
sits on a 92,217 sf site. Seller contacted tenant about purchasing building, tenant accepted asking
price. This comparable is located in a superior location which warranted a location adjustment.
Comp 2: 3690 W 10th St, Greeley. Sold September 4, 2014 for $216.00 per sq. ft. This bank is 11,094
sf with a 5,547 sf finished basement and sits on a 85,740 sf site. This sale was an investor purchase. US
Bank was tenant in building at sale.
Comp 3 55 S Elm Ave, Eaton. Sold on May 1, 2013 for $198.00 per sq. sf. This bank is 10,179 sf with
a 1,593 sf basement and sits on a 43,560 sf site. This sale was the purchase of New West Bank by Bank
of Colorado. This sale price is for real estate only. Bank of Colorado was a tenant in the building at the
time of purchase.
Comp 4 2425 35th Ave, Greeley. Sold on August 1, 2012 for $179.00 per sq. ft. This bank is 14,134 sf
with a 7,126 finished basement and sits on a 91,476 sf site. This is a bank to bank sale between Liberty
Savings Bank, the seller and FMS Bank, the buyer.
After making adjustments for differences including size, quality, location and basements, the median
sale price of the bank comparable sales is $210.00 per sf, the mean is $211.00 per sf. The appraiser has
the determined Comp 2 and 3 are most similar to the subject due to having the least amount of
adjustment and has determined the indicated value by the Market Approach is $1,057,875 or $195.00
per sq. ft.
Page 6 of 16
Comparative Sales Grid
PROPERTY
Subject
Comp I
Comp 2
Comp 3
Comp 4
Bank
Comments,
Parcel #
Address.
City
Grantor
Grantee
Sale Price
Sale Price PSF
VALUE ADJUSTMENTS
Sale Date
Location
Land Size
Bldg SF
e,sement SF
Age
Quality
Bank
r
G95924401015
Bank
Bank
Bank
r
1395914000071
r
095911116023
r
080 306213002
r
09591 02001
3635 23rd Ave
Evans
2700 47th Ave
3690 W 10th St
ES IN Elm Ave
2425 35th Ave
Greeley
Greeley
Eaton
Greeley
Stagecoach Stop LLC
Gregory S Kissinger Cc -
Trustee; James H Turner Cc
Trustee
11 e% Ai; Vtiest Bank
Liberty Savings Bank FSB
Guaranty Bank and:rust Co
Marcentrr LLC.
Bank of Colorado
FMS Bank
S^ ,5E0.000
S2460,000
S1,957,00'0
$2,525ING
5290.4.2.
$216.33
193.00
5179.00
1._'L !1
DESCRIPTION
23rd Ave `
th 5t
.55, .5
5,425
5,425
1999
Average
DESCRIPTION
Adjustment
DE.SCRIPTIO N
Adjustment
DESCRIPTION
Adjustment
DESCRIPTION
Adjustment
.31612015
:914/20:14
EI 1 `2 01 3.
811/2012
H wwy:34 a
47th Ave
-10
10th St lat
37th Ave
Collins St i
: E Imo '=;.,4.a.
35th Ave it
24th St
92,217
0%
SF.7LC
0%
C. E _ s_
0 9
91,476
0%
9,124
5%11.0
9
_
1 0.179
E°
14.12L
5%
0
5%
Ew541.7
i
1!5:9.2,
�. ;
7.
/`-
-E94
1996
0%
1981
0%
2005
0%
19 5 9
0%
Good
-10%
Average
0%
Good
-10%
Good
-10%
5%
-10%
0%
-10%
NET
Adjusted
Adjusted
ADJUSTMENTS
Sale Price
Price PSF
$2,385,000
$2,520,300
$1,967,000
$2,272,500
$261.40
$227.15
$193.00
$161.10
Corn p arabl'es Price t SF Range
Corn parables Price 1 SF Median
Comparables Price ! SF Average
5152.0'0-5232.0►'0
5210.00
$211.00
$19.5,00 $1,0571875,00
Total Value by Market Approach
$1,057,875 or $195.0o per square foot.
Page 7 of 16
Income Approach toValue
The basic steps in the Income Approach to value for commercial properties in mass appraisal are based
on a landlord -tenant situation and not on the income of the actual business. In using this approach, it
eliminates the possibility of valuing management as opposed to the potential income of the structure.
This is the proper method Assessor's must utilize through the Directives of the Division of Property
Taxation.
Research has been done by the Assessor to determine the market rent bylocation, type of structure and
the property use.
The Assessor has gathered income information from local commercial properties for the time frame of
Januaryi, 2015 through June 30, 2016 or when necessary going back 5 years or until June 3O, 2O11.
This information, combined with statewide and industry -wide data, is used to determine typical
income and expenses for various property types.
In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more
emphasis on the local factors and data than the state and national data. This information was then
applied to the subject property to arrive at an appropriate Income Approach Value.
Page 8 of 16
Income Approach Continued:
To accurately value this subject, the Income Approach will value the main level of the subject separately
from the garden level. The main level will be valued at its highest and best use which is its current use
as a bank. The garden level will be valued as an office since its primary use during the base period was
as a support area to the upper level bank.
Main Level:
For the 2O17 tax year, the market rent comparables found reflect the lease rates of banks ranging
between $16.67 per sf and $21.00 per sf. The average of all leases was $19.05 per sf and the median
was $19.50 per sf.
Three comparable bank leases were found to develop an income analysis for the bank:
New West Bank 3459 W 20th Greeley 6,140 sf $19.50 NNN per sf Dated 9/2011
Compass Bank 35O1 W 12th St. Greeley 6,120 sf $16.67 NNN per sf Dated 7/2O15
Great Western Bank 2O15 Clubhouse Dr. Greeley 3,112 sf $21.00 NNN per sf Dated 10/2O14
Additional retail rent comparables within a 1/2 mile radius of the subject show 7 units with rents
between $17.38 and $21.20 per square foot during the base period. These are office/retail sites that do
not have the corner lot visibility.
CoStar estimated vacancy for banks and offices in the base period to be 10 to 15 percent. Burbach and
Associates show cap rates for retail ranging between 5.25% and 8% with the average being 7%. The cap
rate range for office was between 6.5% and 9% with the average being 7.5%. It was determined that a
cap rate of 7.5% appropriate for the subject.
The appraiser determined the rent comparable located at 3501 W 12th St was most similar to the subject
due to it being a free standing bank on a corner with similar traffic flow along with the lease being the
most recent, so by using a market rent of $17.00 (rounded) multiplied by the main floor square feet,
using a 10% allowance for vacancy, and deducting 8% for management and reserve expenses, the
resulting NOT is $76,362.00. Applying a capitalization rate of 7.50% produces a value of the main level
of the subject property at $1,018,164.
Main Level
Rate Size Annual Rent
$17.00 5,425 $92,225
Potential Gross Income $92,225
Vacancy 10%
$9,223
Effective Gross Income $83,003
Expenses 8%
Net Operating Income
Capp Rate 7.50
Indicated Value
Page 9 of 16
$6,640
76,352
1,O1S., 1
Garden Level
For the 2O17 tax year, the market rent comparables for the garden level reflect the lease rates of offices
ranging between $10.15 per sf and $14.51 per sf. The average of all leases was $12.05 per sf and the
median was $11.5 0 per sf.
Three comparable lower level office leases were found to develop an income analysis for the bank:
Garden Level 2525 W 16th St Greeley 1,250sf $11.50 NNN per sf Dated 7/2O14
Lower Level 115 E Harmony Rd. Fort Collins 3,722 sf $14.51 NNN per sf Dated 7/2O15
Basement 131 E Lincoln Ave. Loveland 1,181 sf $10.15 NNN per sf Dated 1/2O14
Costar estimated vacancy for banks and offices in the base period to be 10 to 15 percent. Burbach and
Associates show cap rates for retail ranging between 5.25% and 8% with the average being 7%. The cap
rate range for office was between 6.5% and 9 ✓ with the average being 7.5%. It was determined that a
cap rate of 9.0% appropriate for the garden level due to the higher risk of leasing lower level spaces.
The appraiser determined rent of $9.00 per square foot appropriate after size and location
adjustments. By using the lower level office market rent of $9.0O multiplied by the 3,600 square foot
of net rentable area in the garden level, using a 15% allowance for vacancy, and deducting 8% for
management and reserve expenses, the resulting NOI is $25,337.00. Applying a capitalization rate of
9.0% produces a value on the garden level of $281,520.
Garden Level
Rate
$4.0U
Size Annual Rent
31600 $32,400
Potential Gross Income
Vacancy1.
Effective Gross Income
Expenses 8%
Net Operating Income
Cap Rate 9.00%
Indicated Value
$32,400
$4,860
$27,540
$2,203
$251337
$281,520
By adding the potential income value of the main level valued as a bank along with the potential
income value of the garden level valued as an office, this creates a total income value of $1,229,684 or
$239.57 per square foot for the subject.
Page 10 of 16
Conclusion
Real property for tax year 2018 must be valued utilizing the level of value for the period of one and one-
half years immediately prior to July 1, 2016. Except that, if comparable valuation data is not available
from such one -and one -half -year period to adequately determine the level of value of a class of property.
The period of five years immediately prior to June 30, 2016 shall be utilized to determine the level of
value.
Changes occurring between base years are not to be accounted for until the following level of value is
implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or
creation of a condominium, or any new regulations restricting or increasing the use of the land, or a
combination thereof. {39-1-104(11)(b)(1) C. R.S.}
The subject property has been classified as Commercial Property for assessment purposes. Commercial
property value shall be determined by appropriate consideration of the Cost Approach, Market
Approach, and Income Approach to value. {39-1-103(5)(a) C. R. S.} TheAssessor has considered all three
approaches to value for the subject parcel on appeal.
Final Reconciliation
After consideration of the market and income approaches, it is the Weld CountyAssessor's opinion that
the market approach will receive the most consideration and the value of $1,085,000.00 or $200.00
per square foot, most accurately reflects the actual value of the subject property in Weld County for the
2018 tax year.
CostApproach Market Approach IncomeApproach
N/A $1,057,875 $1,229,684
Or $195.00 piste Or $239.57 p/sf
Assessor's Indicated Value
TOTAL:
$1,085,000 or$Z0000p/sf
Page 11 of 16
Comparable Sales Map
It
Severance
'4
72
Eaton
35
25
45
19
IL
72
70
70
10
70
21
157
33
71
Weld County
Lucerne
Rd ( szi
County Rd e8
Pisi2.
WWeld
31
37
23
41
45
&si
66
66
66
IC
.5
64
Greeley-Welr
62
Island
Grove
County
Regional
Park
Airport
CD
0
l
so r
Esir,
3
It 0E?
It Garden City ;
35
*
54
Subject
54
Auburn
52
52
Address
City
Property
Info
Sale
Info
1
2700 47th
Ave Greeley
9,124
SF General
Retail/Bank
Sold: $2,650,000 ($292.44/SF)
2
3690 W 10th
St Greeley
11,094
SF Class
B Office
Sold:
$2,400,000 ($216.33/SF)
3
55 Elm Ave
Eaton 10,179
SF Class
B Office Sold: $1,967,000 ($193.00/SF)
4
2425
35th Ave Greeley
14,134 SF Class
B Office
Sold: $2.525.000 ($179.00/SF)
Copyrighted report licensed to Weld County Assessor's Office - 773079.
Page 12 of 16
Comp 1
2 700
Centerplace
Greeley,
Bank (Power
$2,650,000
47th Ave
of Greeley
CO 80634
Center) Building
- Research Complete
of 9,075 SF Sold on 3/6/2015 for
•_
_
A'i
`-
buyer
Guaranty Bancorp
12644 W. Indore PI
Littleton CO 80127
303 I 675-
-
G
I.
gl
y
w
-I
— _
-
seller
-
_ __
, �_
William Farr
6463 Engh PI
Timnath, CO 80547
(970) 689-3570
_
vital
data
Escrow/Contract:
Sale
Days on Market:
Exchange:
Conditions:
Land Area
$/SF Land
Year Built,
Parking Spaces:
Parking
Lot Dimensions:
Frontage:
Tenancy:
Comp
Date:
Acres:
Gross:
Ratio:
21
3/6/2015
1
No
Purchase
SF: 92,347
2.12
$28.70
Age: 1996
35
3.86/1000
FAR 0.10
-
532
Single
ID: 3262224
days
day Building
By Tenant Pro Forma
Actual
Down
Age: 19
SF
No
feet on 47th Ave 408 feet ... Percent
Property
Sale
Price/SF:
Cap
Cap
Pct
Doc
Trans
Tenants:
Improved:
Submarket:
Map
Parcel
Price:
Status:
Rate:
Rate:
Pmnt:
Down:
Tax:
Corner:
Zoning:
Page:
Type:
SF:
No:
No:
$2,650,000
Confirmed
9,124 SF
$292.44
-
-
$2,650,000
100.0%
4088658
-
No
-
1
61.9%
Greeley Ret
-
095914000071
Retail
income expense
data
Listing Broker
Expenses
- Operating
-
Expenses
Total Expenses
Taxes $32,007
No Listing Broker on Deal
$32,007
Buyer Broker
No Buyer Broker on Deal
financing
Copyrighted report licensed to Weld County Assessor's Office - 773079.
Wage 13 of 16
Comp 2
3690 W 10th St
Greeley, CO 80634
Class B Office Building of 15,246
$2,400,000 - Research Complete
SF Sold on 9/11/2014 for
k a
a'
_ ;..,..441_.
--
e
A
- -un� ,1 ' , :,:i?- y
buyer
West Bay Captial
11755 Wilshire Blvd
Los Angeles, CA
(310) 231 1270
90025
y
'-
- _
seller
Bank of the West
180 Montgomery St
San Francisco, CA 94104
(415) 765-4800
vital
data
Escrow/Contract:
Sale
Days on
Exchange:
Conditions:
Land Area
$/SF Land
Year Built,
Parking Spaces:
Parking
Lot Dimensions:
Frontage:
Tenancy:
Comp
Date:
Market:
Acres:
Gross:
Ratio:
Age:
FAR
-
9/11/2014
220
No
-
SF: 85,739
1.97
$27.99
1981
70
4.59/1000
0.18
-
-
ID: 3120530
Multi
days Building
Pro Forma
Actual
Down
Age: 33
SF
No
Percent
Property
Sale
Price/SF:
Cap
Cap
Pct
Doc
Trans
Tenants:
Improved:
Submarket:
Map
Parcel
Price:
Status:
Rate:
Rate:
Pmnt:
Down:
Tax:
Corner:
Zoning:
Page:
Type:
$2,400,000
Confirmed
SF: 11,094 SF
$216.33
-
-
$600,000
25.0%
No: 4045172
-
No
-
2
71.7%
Weld County
-
No: 095911116023
Office
income expense
data
Listing Broker
Colliers International
4643 5 Ulster
Denver,
(303) 745-5800
Jason Kinsey,
St
CO 80237
T.J. Smith
Buyer Broker
No Buyer Broker on Deal
financing
prior sale
1st Bellco Credit
Bal/Pmt:
Union
$1,800,000
Date/Doc No:
Sale Price:
ComplD:
7/27/2012
-
2535877
Copyrighted report licensed to Weld County Assessor's Office - 773079.
Page 14 of 16
Comp
55 Elm Ave
New West Bank Bldg
Eaton, CO 80615
Class B Office Building
$1,967,000 - Research
of 8,948
Complete
SF Sold on 51112013 for
- s
buyer
Bank of Colorado
533 Big Thompson
Estes Park,
970 586-8185
CO
Ave
805171
*`
4_ ,
.r,
.
-
.1S1111.1
{
;e
yip
-
.. a..
N{
seller
a • tarsi: rL
� i r d+�'"it
_, r, . _ :..7.-
�_ I
New West Bank
55 E l m Ave
Eaton, CO 80615
(970) 454-1800
_•_._ r
- R.
.=�.�. •
-
- f
- --
vital
data
Escrow/Contract:
Sale
Days on Market:
Exchange:
Conditions:
Land Area
$/SF Land
Year Built,
Parking Spaces:
Parking
Lot Dimensions:
Frontage:
Tenancy:
Comp
Date:
Acres:
Gross:
Ratio:
Age:
FAR
-
5/1/2013
-
No
-
SF: 43,560
1
$45.16
2005
-
-
0.21
-
-
Multi
ID: 2746603
Building
Pro Forma
Actual
Down
Age: 7
No
Percent
Property
Sale
Price/SF:
Cap
Cap
Pct
Doc
Trans
Tenants:
Improved:
Submarket:
Map
Parcel
Price:
Status:
Rate:
Rate:
Pmnt:
Down:
Tax:
Corner:
Zoning:
Page:
Type:
$1,967,000
Confirmed
SF: 8,948
$219.83
-
-
-
-
No: 3929205
-
No
-
2
77.8%
Weld
-
No: 080306213002
Office
SF
County
income expense
data
Listing Broker
Expenses
- Operating
-
Expenses
Taxes $28,242
Total Expenses
$28,242
Buyer Broker
financing
Copyrighted report licensed to Weld County Assessor's Office - 773079.
Page 15 of 16
Comp
2425 35th Ave
Greeley, CO 80634
Class B Office Building of 21,339
$2,525,000 - Research Complete
SF Sold on 8/2/2012 for
buyerg
kitill
I
ill
FMS Bank
520 Sherman St
Fort Morgan, CO 80701
(970) 867-3319
��11
ti
+tilt
r ;ilia
,;•,.��u �a Ii:;
_
'`"•
�:�
Lp';twe
FLIT�:,-
.aT . 'J
fi r.
seller
-"I
_:il
-
_
Liberty Savings
120 W 2nd St
Dayton, OH 45402
(800) 436-6300
Bank FSB
-
- - ---
:.
vital
data
Escrow/Contract:
Sale
Days on Market:
Exchange:
Conditions:
Land Area
$/SF Land
Year Built,
Parking Spaces:
Parking
Lot Dimensions:
Frontage:
Tenancy:
Comp
Date:
Acres:
Gross:
Ratio:
Age:
FAR
60
812/2012
749
No
-
SF: 91,476
2.1
$27.60
1999
74
3/1000
0.23
-
-
ID: 2540835
Multi
days
days Building
Pro Forma
Actual
Down
Age: 13
SF
No
Percent
Property
Sale
Price/SF:
Cap
Cap
Pct
Doc
Trans
Tenants:
Improved:
Submarket:
Map
Parcel
Price:
Status:
Rate:
Rate:
Pmnt:
Down:
Tax:
Corner:
Zoning:
Page:
Type:
$2,525,000
Confirmed
SF: 21,339
$118.33
-
-
$2,525,000
100.0%
No: 3864872
$252.50
No
C
1
74.1%
Weld
-
No: 095914402001
Office
SF
County
income expense
data
Listing Broker
Expenses
- Operating
-
Expenses
Taxes $55,132
SVN I Denver Commercial
2032 Lowe St
Fort Collins, CO 80525
Total Expenses
$55,132
(970) 207-0700
Dan Leuschen, Steve Kawulok
Buyer Broker
Colorado Land Co LLC
902 Main St
Fort Morgan, CO 80701
(970) 370-2660
Kent Lindell
financing
Copyrighted report licensed to Weld County Assessor's Office - 773079.
Page 16of16
'4
NOTICE OF DETERMINATION
RECEIVED
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
JUL 1 2 2018
WELD COUNTY
COMMISSIONERS
Date of Notice: 6/27/2018
Telephone: (970) 400-3650
Fax: (970) 304-6433
Office Hours: 8:00AM - 5:00PM
ACCOUNT
NO.
TAX
YEAR
TAX
AREA
LEGAL
DESCRIPTION/
PHYSICAL
LOCATION
R7455298
2018
0663
EVS LDGS TR 8 THE
3635 23RD AVE
EVANS , CO
LANDINGS
... ...
BANK
1111
KANSAS
MIDWEST
MAIN
ST STE
CITY,
MO
NA
2800
64105-2154
PROPERTY
CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL
VALUE
REVIEW
PRIOR
TO
ACTUAL
VALUE
REVIEW
AFTER
COMMERCIAL
1,085,000
1,085,000
TOTAL
1,085,000
1,085,000
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that data from Jan 2015 to June 2016 be used to establish current values.
We have considered all three approaches to value and we have denied your appeal based upon this
data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
LS
JUL a 5 201P
15-DPT-AR
PR 207-08/13
R7455298
2018-2250
7
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 30th through August 3th at 1150 O Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: www.co.weld.co.us/appsl/cboe/
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
(303) 866-5880
www.dola.coiorado.gov/baa
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
District Court
Contact the District Court in the County
where the property is located. See your
local telephone book for the address and
telephone number.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2016? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
3 q, oc)C
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
601(c.4M
ATTESTATION
er or agent 1 of the property identified above, affirm that the statements contained herein
are true and complete.
) Ev;-1S-1-Ynar
Signature
Telephone Number Date
otait{te,_ spf-gw t; rhs.
Email Address
'Attach letter of authorization signed by property owner.
15-DPT-AR
PR 207-08/13
R7455298
July 6, 2018
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
PkOPERIY IAX SPECIALIS'IS. INC.
950 S. Cherry Street
Suite 320
Denver, CO 80246
303.757.8865
fax 303.757.7691
www.sterlingpts.com
RECEIVED
JUL 1 2 2018
WELD COUNTY
COMMISSIONERS
Re: 2018 Board of Equalization Appeals
Dear Board,
Enclosed please find our appeals for calendar year 2018 to be filed to the Board of Equalization for
schedule numbers R2569303 and R7455298.
Our requested hearing dates by phone are below:
Tuesday, July 31 - Morning
Wednesday, August 1 —After noon
Friday, August 3 — After noon
If you should have any questions, please contact our office.
Thank you,
yob
Melissa Preston
Administrative Assistant
PROPERTY TAX SPECIALISTS. INC.
May 8, 2018
Weld County Board of County Commissioners
c/o Mr. Christopher Woodruff
Weld County Assessor
1400 N. 17th Avenue
Greeley, CO 80631
Attn: Susan Gundry
RE: 3635 23`d Avenue (Schedule No. R7455298) (the "Property')
Dear Commissioners:
95o S. Cherry Street
Suite 320
Denver, CO 80246
303.757.8865
fax 303.757.7691
www.sterlingpts.com
The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for
the purpose of protesting the 2018 Valuation. A copy of the Letter of Authorization is attached
hereto and made an integral part hereof. Only the schedule number referenced hereinabove is
protested hereunder.
The Property consists of an owner -occupied bank with 5,425 square feet above grade and 5,425
square feet basement area. For tax year 2018, the Assessor has valued the Property at
$1,085,000.
The marketplace has seen a shift in the desirability of branch banks over the last several years,
which has been documented by the escalation of branch closures which exceeds the number of
branch openings. Attached hereto as Exhibit A and made an integral part hereof are articles
relating to the change in desirability and reduced consumer need of the branch bank. Due to
this change in consumer needs, the banking industry has altered their business model, and as a
result, their real estate needs have changed. Bank branches are smaller in size and fewer in
number, while some are transferring from free-standing brick and mortar buildings to kiosk
locations within discount retail stores, grocery stores, and fast food restaurants.
In valuing the Property, Petitioner has conducted an income approach utilizing market rental
information available. Attached hereto as Exhibit B and made an integral part hereof is a
compilation of market lease information relating to banks or properties similar in size and
nature to that of the subject Property. The majority of this information contains starting and
asking lease rents as gathered by CoStar. Also included is an excerpt from an appraisal
conducted during the base period for a free-standing bank building, which concluded to a lease
rate of $15.50 triple net. Additionally, Petitioner was confidentially supplied with an executed
lease at a rental rate of $13.50 per square foot in the base period for a former bank facility
located within the metro area. Upon review and consideration of the market rents as set forth
in Exhibit B. and the location of the Property, Petitioner contends the appropriate market rental
rate for the Property is $12.50 per square foot NNN for the above grade square footage.
3635 23rd Avenue
Page 2
To the market rental rate of $12.50 per square foot for the above grade area, Petitioner has
applied a 10% vacancy allowance, and to the Effective Gross Income, Petitioner has utilized an
8% expense ratio. Our income approach is as follows:
Use
Sf Rate
Main level
PGI
V&C 10%
EGI
Exp. 8%
NOI
5,425 $12.50
$67,813
$6,781
$61,031
$4,883
$56,149
Petitioner, in valuing the basement area of the Property, has relied on market rental rates
applicable to basement area office space. Based upon data collected internally by Petitioner's
agent, Sterling Property Tax Specialists, Inc., most basement area office space in bank buildings
lease for approximately $5 per square foot NNN. Rentable basement area is typically reduced
by 5% to 7% of the gross area for stairway and mechanical areas. Petitioner utilized rentable
square footage of 95% of the gross square feet. To this Potential Gross Income, we have applied
a market vacancy allowance of 20%, and an expense allowance of 8%. Our income approach for
the second floor office space is as follows:
Use
Sf Rate
Basement Area
PGI
V&C 20%
EGI
Exp. 8%
NOI
5,154 $5.00
$25,770
$5,154
$20,616
$1,649
$18,967
In determining the appropriate capitalization rate, Petitioner has taken into consideration the
average capitalization rate as reported in the Summer 2016 Burbach and Associates Real Estate
Survey for low rise office of 7.6% as branch banks are most similar to office properties in regard
to function, finish and design. Petitioner additionally gave consideration to the concluded
capitalization rate of 7.8% as determined in the base period appraisal of a bank property
contained in Exhibit B. Accordingly, given the Property's location outside of the metro area,
Petitioner has applied an 8% capitalization rate in its analysis.
The combined Net Operating Income for the Property is $75,116. Applying an 8% capitalization
rate yields a total actual value of $939,000 (rounded) as shown below.
3635 23`d Avenue
Page 3
Combined NOI
Capitalization Rate
Capitalized Value
$75,116
0.080
$939,000 (rounded)
Based upon the foregoing, Petitioner hereby requests the Board adjust the value of the Property
for calendar year 2018 to $939,000.
All information contained herein should be considered confidential and not available to any
third parties.
Sincerely,
STERLING PROPERTY TAX SPECIALISTS, INC.
By:
iCJfrg44.44
Darla K. Jaramillo, Property Tax Consultant
LETTER OF AUTHORIZATION
November 2, 2016
Sterling Property Tax Specialists, Inc.
950 South Cheny Street, Suite 320
Denver, Colorado 80246
RE: 2017 and 2018 Property Tax Assessment Matters
Gentlemen:
The undersigned, as owner(s) of property located in Weld County, Colorado, at SEE
ATTACHED, and more particularly described on Assessor's Notice of Valuation, Schedule
No(s). SEE ATTACHED hereby authorizes Sterling Property Tax Specialists, Inc. and Goldstein
Law Firm, LLC, to act as agent on my behalf regarding all 2017 and 2018 property tax
assessment matters, and obtain any and all documents relating thereto and file any protests
necessary. This Authorization shall be effective as of the date set forth above. -
BANK MIDWEST, N.A.
By: Community Banks of Colorado,
A Division of NBH Bank
WELD COUNTY BANK
By: Community Banks of Colorado,
A Division of NBH Bank
Joseph C. Schwecke,
Joseph C. Schwecke,
Director of Facilities and Security
Director of Facilities and Security
Telephone: 720-529-3320
NBH Banks
2017 / 2018
County
WELD
Bank Midwest, N.A.
Weld County Bank
Address Parcel Number
3635 23`d Avenue R7455298
2395 37th Street R3388705
365 Justin Avenue R3575405
7251 W. 20th St. Bldg. A R1358002
1270 Automation Dr. R0840701
3766 W. 10th Street R2941304
Bankra fe
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neighborhood bank
branch. As more people
bank online and via
srnartphone, banks are
evaluating the future of
the old-fashioned branch.
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says Brett King, author of "Bank 10" and "Branch Today,
Gone Tomorrow." Customers don't visit branches as often,
cc
because people do so much more of their day-to-day
banking without them."
From 2006 to 2010, the number of most types of common
transactions performed inside bank branches declined, from
opening bank accounts to making deposits and resolving
problems, a study by industry research group Novantas LLC
says.
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Cleveland -based KeyBank. Self-service and technology are
quickly becoming the name of the game.
"There's still a place for the branch, but what happens
inside is changing," she says.
Here are some of the trends driving the future of banking.
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Do-it-yourself banking
The branch of the future
"will look more like an
airport cheek -in than a
traditional bank branch."
Coyne says. Fewer tellers
will manage a handful of
self -serve computer
screens, much like airline
ticket agents at major airports do,
A handful of banks; including JP1'/Dorgan Chase & Co., PNC
Bank, Bank of America and KeyBank, are testing self-service
r
kiosks, self-service drl\'e-thru lanes and 24 -hour video -teller
machines — ATMs with a two-way video feed to a live
person.
Ryan McInerney, Chase CEO of consumer banking; told
investors that bank customers can perform 90 percent of
traditional banking transactions at self-service kiosks, and
Chase plans to test the technology at up to 1,000 hank
branches.
-Ranks are alrPar4�, rim lnyin0 ATMs that- lei customers
�, .. �. p! / •Q ATMs a s 111u let
deposit cash and checks, "then print p . i a picture of iron the ne
receipt," says Richard Hunt, president of the Consumer
Bankers Association.
Self -serve centers give customers convenient, sometimes
24 -hour options for conducting banking business. For
pinched banks, it's a potential pot of gold. Automation
lowers the bank's cost per transaction, making banks
overall more profitable," Hunt says.
Talk to experts by teleconference
Need to meet with a
mortgage loan officer or
personal banker? Pull up
�-, to a computer. You'll soon
be meeting him or har via
e z_--conferenlc` Z. the
branch rather than in
person. "As the
technology becomes more mainstream, eventually you'll be
able to teleconference with bankers from home," King says.
Banks, including KeyBank and Citizen Financial Group, an: -
testing video teleconferencing in several markets.
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The benefit is you can meet with all kinds of experts in far-
flung locations, while in the past you'd have to wait until
they came through your area," KeyBank's Coyne says. "(It's
more) flexible schedule -wise and ensures customers can
meet with an expert who speaks their native language."
Customers generally will Cal out forms via computer in
advance, then head to their local branch for the meeting.
The conference screens are very high -definition, and you
really feel like the person is in the room," Coyne says.
"There's no speech delay. It feels like an in -person
experience.
Goodbye paper and snail mail
iii
Banks are pushing
paperless transactions in a
I(r(� bid to reduce costs. Wells
• ter,.+-� Fargo customers can have
\.•-' receipts sent to personal
email addresses. In a bid
to reduce the nearly I
billion paper slips its
customers generate each year, Chase is testing paperiess
teller touch screens that can initiate routine banking.
V
transactions, such as deposits to bank accounts and check
cashing, without the need to fill out a paper slip.
aim :.
a. ar
'ft saves customers the trouble of filling out a form and
saves the bank money," King says.
Even the making of new bank debit cards is going high-tech.
To reduce paper and mailing costs, some banks are testing
"instant" card issuing, where a special machine inside the
branch can make new or replacement cards instantly so
customers don't have to wait for them to be sent by mail. It
eliminates the sometimes two-week wait for a new debit
card. Chase has made about 85,000 of these cards in. 58 test
locations since 2008.
Still, eliminating paper and snail mail completely is a long
way off, as banks will have to make a huge front-end
(tech -,no og—n investment in the next five years to completely
get rid of it," King says.
More new, mobile, types of accounts
Customers will soon be
gadiling more mobile -
banking payment. and
account options. "We're
going to see a lot more
and different products,
and a richer (banking)
experience," says King.
For instance, plastic debit cards might soon be replaced by a
contactless sticker — a thin adhesive that can be placed
anywhere and used for purchases in place of a card — or
smartphone payment app that not only lets you pay but
generates reports on your spending habits, King says.
Banks already are rolling out banking software for iPads and
tablets and thinking of new ways to structure bank accounts
"that are more purpose-built," with more options for
tracking money and ways to make payments, King says.
Hunt says there will be more options, not fewer, and banks
will still "offer bread-and-butter checking and saving
accounts," just with more modern twists. "All the banking
products available in 1900 are still here today — like
checking and savings. As technology evolves, banks aren't
taking instruments away. They're just adding more options,"
he says.
The strate
Coyne says.
/ U.
all about r eeti11 rljentS where they am " •
Future of the branch
Ai! of the self-service
kiosks. vto er
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industryus oft c
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"Weise predicts e 5 ,= EKen . to c1 Cr It!
US frwt: yet' b• • •• ad 3 " King sem
Hunt says newly built locations and those remaining likely
will be smaller. "We're estimating they'll be about 3,000
square feet, but some will be as small as a kiosk or a hotel
room," down from the current average of 10,000 square feet,
he says.
"There won't be a one -size -fits -all branch anymore," Hunt
says.
King says the branches will be less focused on simple
transactions arm more focused on sales, such as opening
V 1
new bank accounts and steering customers to more
profitable services and products such as retirement
planning, brokerage accounts and loans.
Bank branches won't disappear entirely. "As silly as it
sounds, people still like to be able to walk into a branch and
see the people who are watching over their money;" Coyne
says.
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Big banks are roiling out futuristic branches to keep up with the
technology cutting -edge, but according to financial technology
experts, it's a major waste of time and money. Within a decade the
retail bank branch model will be dead.
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"Finance will be the most disrupted t' ►1r1 1 �r in �• next 10
disrupted industry the years," said
Peter Diamandis, executive chairman and co-founder of Singularity
University, at the Exponential Finance conference in New York City on
Tuesday.
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A prototype of a Diebold bank branch of the future
Brett King, founder of mobile banking app Moven, said the banking
industry will experience more disruption in the next 10 years than in the
previous 300 years.
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"Bank I eit ers t.a•iU be the telegraph operators of 21st century when ilc
took bat' in 100 years the most -impacted lob," King said. "This wilt
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By 2020 at least 66 percent of the global population Will be online.
according to a conservative estimate from PHD Ventures. That would
mean an additional 3 billion global consumers. Diamandis thinks that
number will come in even higher —as many as 5 billion new
consumers —backed by Internet -expansion projects'like
's Internet.org and Google's Project Loon.
"That's 3 to 5 billion new customers not accounted for in the global
economy today entering it. I don't know why financial services
companies don't get it," Diamandis said.
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Jay Sidhu, chairman and CEO of Customers Bancorp, which owns the
BankMobile app, said in the U.S alone there are 68 million individuals
who are unbanked or uncierbanked. Forty percent of mil!ennials would
consider banking without a branch, according to Accenture.
Meanwhile, 70 percent of the unbanked in Africa would have to spend
their entire life savings to get to a branch.
t .
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:. • • •
Banks' biggest mistake is still thinking of communities as geographic
markets, Sidhu said. "I was walking today, and there were 20 bank
branches in six blocks on Madison Avenue. That's $30 million in rent,"
Sidhu said. "Putting screens in branches ... Why, when we all have
screens in our pockets? . :• - • . in Union
Square ... It was built in [20 10] and looks like a bank of the '60s to me,"
he said, adding, "Bank branches are mausoleums."
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still be as many as 75,000 bank branches because "the banks don't get
ft. Banks are like Kodak," he said.
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A big reason for the bold predictions about the divergent fortunes of
banking apps and branches: There are 8,000 fintech start-ups in the
U.S. today, more than the number of savings and loans with charters.
There is also more venture capital investment in fintech than traditional
banking industry investment in bank transformation. A total of 36
fintech unicorns now exist globally, by King's count, and another 32
fintech start-ups are on their way to a unicorn valuation soon.
•
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"The biggest banks in the world in 2025 will be technology companies,
and banks that grew through branch acquisitions in the '80s and '90s,
that grew by physical bank presence, will have a real problem." King
said. "They may have to give away the retail business."
Yet he said right now the big -bank thinking is the opposite: Many banks
continue to make the mistake of spending significant sums on bank
branches that look more like Apple stores thinking the consumers will
return. bit's not a design issue. It's not branches not being pretty
enough. it's a behavior problem." King said, adding, "People just don't
need branches, and this decline will speed up." He added: "In 2020
more people will be banking on their mobile phones than have ever
banked before, and that's just five years away."
Editor, CNBC.co,-n
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Services Industries
United States / News
News release
CHICAGO
S.=.at ch
Research L ocations Properties News About
F 1 om B d 1 c. s to C i 'd.� ,
�s
Branch ""ra:r sfor►r ato a
24 April, 2017
= 7n_` ech 1 ' gag Bank
ILL outlines the key real estate trends defining the future of retail banks
Lik'' I Shiro
TVIL2
CHICAGO, April 25, 2017 — Consumers are more mobile than ever, and the banking industry shows just how quickly
innovations alter consumer behaviors. It took decades for simple cash -dispensing ATMs to be accepted, but now
mobile apps and FinTech define the entire future of banking real estate.
While the recession forced banks to tighten operating costs and halt branch growth, mobile banking picked up
momentum. As a result, banks are consolidating and optimizing locations. . _ -
re S ♦ •1 tar; rn g7 h3we tC f ... �� • 7 • ? �as • es" • ♦ n
a r.• ,a t • U S 1:177 ba ..s Size 2.1..4 according
to the FDIC. At the same time, new branches are still being built to fulfill market needs, indicating a robust and evolving
industry.
"The branch strategy of relying on sheer numbers to win market share is a thing of the past, and now banks need to
locus on a customer -centric real estate approach," said Geno Coradini, Executive Vice President and Lead of JLL's
Retail group "Mobile apps and FinTech have transformed how we bank, but branch banks don't need to compete with
these tech advances. Instead, they should leverage them to maximize real estate cost savings and the customer
experience moving forward. Technology brings a sea of change to retail banking, but the industry isn't drowning; it's
evolving."
With a massive real estate shift underway, „LL's new report lays out the must -know trends for retail banks:
,1 The number of branch locations will continue to shrink, and we won't miss them. With banks adapting to
consumer needs, tt.-_te cou:i be a 2G percent reddct!c)n in branch locations as leases expire over Lite next five
years 1+"vrriie customer access to branches remains important, the necessity of a branch network is being uaia'nceo
with advances in mobile platforms and FinTech, and fewer locations could lead to 53.2 billion in annual cost
savings.
3 Mobile apps and broader FinTech applications will streamline personal and business banking. Mobile
technology allowed early adopters to complete simple banking transactions without ever entering a branch or even
using a computer. Now, customers expect to do more than transfer funds from their smanphones, and innovations
will further expand mobile capabilities.
a Bank branch size will shrink, saving billions in real estate costs annually. Consumer trends na.e led W less
s�... ce in 1•: al.rmr.e:.l.1ss f y cioaisisie;na ratrnia.n.n.; C! 3rctic by NCI cqt: fa la≥ ; eus a r
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•. t. S S��tr t- over ... 4 bitting anntl3tt
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rv=5nn,c
People
1/4.,
?r0. art.
Contacts
Mike Romor
=1 312 228 3958
Cont-tci its
• Net ail branches will be created equal. As banks tailor branches to meet customer needs and regional
demographics, full-scale operations and "convenience" locations for basic transactions will be peppered in their real
estate portfolio.
Automated branches are coming. Consumers today are more accepting of banking innovations than in years
past. Moving forward, expect to see greater use of remote tellers assisting with basic transactions.
'The introduction of automated tellers is pivotal for banks to limit real estate costs, however it will take time for
customers to fully embrace a technology that introduces a whole new customer service experience," said Coradini.
`Optimizing market coverage is neither quick nor easy, but the long-term cost savings from this shift can be significant
as banks also eliminate and shrink existing locations."
• For more insights on the outlook for the retail banking industry in 2017 and beyond, download
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve (heir business ambitions. In
7n e n !I I :._Pa -: _t •C n ,
.,t-.. • \I ::: <.. ... •JC. a. VV.V ul,..�•
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V v.C. _:,•. �.,, CJ•..,,I, V.1 VC..•,4•t C.• �... C•...i, I..t.•141 L.'v T.'7 Ltlq v•,
square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately
$ 136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global
workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real
estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit .:
Irtlortdwide
'few giobat site
!n.,estor Re'•at ens
Information for
Investors
Tenarts and Ccr.^tora!es
Learn more about
Awards aril recognition
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4 ways
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By David, McMllin • Bankrate.com
» 4 Ways Tech Will Change Your Bank Branch
Technology will change your bank branch
E
c branch
crom simplifying payments with person -to -person transfers to eliminating tne
need for passwords with voice recognition software, technology is
revolutionizing how account holders manage theft money. The result Is that
bank Dranches are tacking Tess cro\ ice ec.
iMnile customers can perform many transactions from wherever they are,
technology will not force every branch to snut its doors.
"Bank branches aren't going away,` says Greg ,McBride, CFA, senior
financial analyst at Bankrate.com. "The oranch of the future is just going to
look and feel a lot different than the branch of the past."
As you enter the new age of consumer banking, here are four ways technology will change your bank branch.
,
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to see what your friends like.
Your teller may be many miles away
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Account holders are growing increasingly comfortable with making deposits
and transfers remotely, aria some banks hope they will enjoy talking to
tellers from a distance, too. To reduce staffing, McBride says that banks and
credit unions are beginning to embrace remote video tellers. These
I
-T1
transactions elsewhere," McBride says.
Still, don't expect all face-to-face tellers to be relocated outside the walls of a physical bank branch.
"The majority of customers still want those personal interactions, particularly when it comes to bigger decisions," �cn s, says
Todd Barnhart, executive vice president of branch banking for PNC Bank.
"Consumers still want access to someone if they have an issue or a. need that falls out of that routine cat
egory, goty, such as
wealth management advice or small-business banking services," McBride says.
.,054321
P,Inkau » 4 Ways Tech Will Change Your Bank Branch
You can do your banking later
Communicating with a teller through a screen may seem strange to some
account holders, but banks are using remote tellers to offer a new benefit:
4 longer hours, More account holders expect on -demand access to money
management, and the traditional 9 a.rn. to 5 p.m. business model of the
06 bank branch is going away,
"Some of the busiest times at video -assisted tellers are evenings and
weekends," McBride says, "These are times when branches weren't open in
the past Customers now have more available hours to take care of their
banking needs."
Sorne banks are extending hours for remote tellers to as late as 10 p.m. on weekdays and 5 p.m. on Saturdays and
Sundays. Although call center tatters are not widespread throughout the industry yet, more banks are beginning to test
the offering to see how customers react,
Ia
representatives can offer assistance via video confere,kiltg on ATM
screens_
"Banks can't afford to pay tellers to stand around and be ready to post
deposits and process withdrawals if technology is facilitating those
�1y
��/ 5 44 2 1
B nrt ng , 4 Ways Tech Will Change Your Bank Branch
&3432
You may feel a bit cramped
As fewer account holders make trips to physical branches, some members
of the banking industry are experimenting with new branch models that are a
fraction of the size of traditional locations,
"These express banking centers are a way of still having a physical
presence for consumers but with smaller real estate overhead costs,"
cBride says.
In. addition to opening spialllerbrsnchtes, B rnfhart tayi that customs tan
expect to see more CimitecPsarvitebanNing loo'it1ons pop up in
supermarkets subway 4€ 40§,11s4 fnd ,gther new,jo &
frats la
"The one -size -fits -all branch model is going away," Barnhart says. "For a long time, every bank built the same kind of
branch everywhere. Now, customer preferences are evolving due to the convenience and accessibility of new
technologies, and branches will follow suit.
"Customers don't need a 5,000 -square -foot branch every time they go to the bank,'" Barnhart says,
63432
11; LDS
;(5,,..i ti
4 Ways Tech Will Change Your Bank Branch
You may drive farther to reach a branch
s Technology is creating new opportunities for
41, �, pig more customer convenience,
which is also allowing banks to close some less -trafficked branchs.
tato According to ditto from the Federal Deposit Insurance Corp. the number of
p branches and bank offices in the U S has declined by more than 3
since its peak in 2009 Evlare account holders are embracing technology. end
'vat n.. rn co. ;r will continue tofan
INReducmg. braric;11 ousts is a necessity because branch traffic is aeclin.ing,"
McBride says
Despite the decline, statistics indicate many consumers are still committed to going to branches. A 2013 surve
y from
the American Bankers Association shows that branches are the second most popular way to conduct banking business
behind online banking via laptop or PC.
In the future, there may not be a branch on every corner, but consumers will still be able to conduct their bankin
g
business in person,
"As a whaler the banking industry will most likely see a decline in the number of branches!' Barnhart says. "However, owever, I
don't think it's as dire as some of the headlines might say. The bank branch is not dead.''
6
» 4 Ways Tech Wll Change Your Sank Branch
85432
See what's next
£244L
Posted: Feb, 2412014
Fotbes
aohlt AtronContributor
I write about small business tending and growth.
Q*' tt twins by Pvibn Coctibutv1 ye IFi t won
F.'ptlR artt Fc:'.':C 12 zizoi5 it 12:15PM 1,214 Views
Branch Banking System Changes Will
Continue In 2016
A new survey released by ha ritir;t co rti found that nearly 40
percent of Americans have. not visited a bank or credit union
branch in at least six months. Some 45 percent reported visiting a
bank or credit union in the past so days (ATMs were not included
in these figures). The propensity to have visited a branch ranged
from 41% for Millennials to 4& for those ages 50 to 64.
While that tells us that 6-in-io people still are visiting branches,
the need to go into them is declining. Small businesses increasingly
are turning to online bill pay, and traffic to small business lending
platforms is growing by leaps and bounds. Typically, loan
applications are completed during evenings and weekends when
small business owners have more time to focus on aspects other
than operations.
Having the ability to make financial transactions such as paying
bills or transferring funds electronically has saved entrepreneurs
valuable time. Increasingly, these transactions are being conducted
by tablets and smart phones, particularly among younger, tech
savvy individuals,
An important reason for this evolution in finance is that online
banking is more secure and user-friendly than ever before. With
just a few clicks, users can pay their monthly bills or transfer
thousands of dollars in funds between accounts while avoiding a
trip to the bank. f 1 e apps such as liiz2 redit's Difzkitatkaertm
allow borrowers to easily access and manage their credit scores on, -
the -go. Further, the tool offers advice to help improve their
financial portfolios and thus increase the odds of securing a loan.
Big banks continue to work diligently to integrate technologr on
their platforms to streamline the loan approval process. Advanced
algorithms enable financial institutions to grant loan requests with
a higher rate of success while placing even heavier weight on past
credit history. Meanwhile, small banks and credit unions that have
limited online accessibility — or none at al! -- find themselves
falling behind i n an increasingly competitive marketplace.
BE A
MARKETER
�c}n iia:rnsty!cCycIe and
660,000 other3mM ! bLS '.,cs
to trust Coro aCo! .t K"
sm I i‘
Marketplace lending platforms and the emergence of institutional
investors in the industry have drastically changed the small
business finance landscape.
Far nor l hk y - p * y
- �' � � ' ' "..,.-. ~'..�1��' �= �� '+���� �4�.;i1.3 `ail ��:.L � ��_ ti� ! � ( � � tl . �� a: r
Room i H - P-. h° f i+ �3,,"i Va' �* "aid
r I qS• F p�� •. � I� �� F i
Ro -'Ut yt ■, r M i r i w 3 � ErcIJc ti- a sad r'er�i. d(fii' irs Ameig �r bal�ia.l�rr A tt Iws"
4` tisimittt
fewer britneb:r 4.mm:d kiss ptirpple woriinx in, them
dawn No mitt I expect other banks are likely to follow, Ultimately.
this will translate to the closings of more bank branches
nationwide in large part because of the efficiencies oftechnology,
but also because of high real estate costs in cities and an increased
propensity in entrepreneurs utilizing online barring opportunities.
While people still are in the habit of visiting bank branches, there
is no doubt that the banking system is evolving. Just as holiday
shoppers flock, to the Internet instead of crowded malls for the
speed and convenience of consumer transactions, Americans are
embracing use or tecanoiagy for their financial needs. Not
everyone has or will give up the experience of visiting a brick -a ad;
mortar store or bank branch as the bankrate survey found,
however the trend of using technology for financing needs is apt to
continue in 2016 and beyond.
RECOMMENDED BY FORBES
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201T Farbea,Gortt LLGN AI! Rights Ras wed
5127/2017
C °tar Proper tyit
4695 Quebec - Colorado Business Ban
D n,er. CO 80215 - NIortrhea,it Het Submarkel
Full./ Loned Building
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Saki
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Building Notes
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an operator cc iet•es`.f la op -en shirr b•uskim. Sr;t tc9rys_rrents and FF►I,E afr Inck.CsI In price,
Adiarant tc 1N'v'plcn it ft wrch ce°&Vr!C1 Wes 'hila Iw hoist.
Traffic Counts:
Qt,b ec -4,14100 can/day 1 i 9gSi
1-70 - i 17,557 carJfl f (2001)
t -27Q . 712,-: Cnis'r_'ig (20'61)
Public Transportation
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Per SF $9.85 Est.
Suite B: 1.557 SF
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Suite 6:1,567 SF
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INCOME APPROACH SUMMARY
OIR ECT CAPITALIZATION METHOD
"AS STABILIZED" & "AS IS"
POTENTIAL GROSS INCOME
Tenants
MARKET RENT — 1ST LEVEL (NRA)
MARKET RENT .- BASEMENT (USEABLE SF)
GROSS POTENTIAL BASE INCOME
Building
SF
6,757 SF
5,335 SF
12,092 SF
TENANT REiMBURSEMENTS
GROSS POTENTIAL RENT (ONCL REIMBURSEMENTS)
VACANCY ALLOWANCE
EFFECTIVE GROSS INCOME
OPERATING EXPENSES
Fixed -
Real Estate Taxes
Insurance
Other
Variable -
Utilities
Cleaning / Snow Removal Site ( Common ,Areas
Maintenance /Security/ Trash
Management Fee /Administrative
Non -Reimbursable •
Tenant Finish
Replacement Reserves
Leasing Commissions
TOTAL EXPENSES
NET OPERATING INCOME
$135,514 /Year Capitalized @
INDICATED VALUE
RENTABLE AREA (SF)
GROSS BUCLBING AREA(SF:
Rent/SF
$15.50 /SF
$10.85 (SF
$13.45 !SF
S22,586 IMo
10%
$2'0,328 Milo
% cal' EG I S/SF
($57,456) -23.55%
($3.023) •1.24%
SO 0-00%
($,I 7,783)
($5,400)
($15,000)
0$9,757)
• 7.29%
-2,21%
-6.15%
• 4.OO%
(54,04)
(50.21)
$0.00
($1.25)
($0.38)
x,51,05)
($0.69)
so a.aot so.a°
So 100% $0.00
0,0op'o $3.00
(5108,4191 •44.4.5% ('$7.52)
$11.21 /SF
7.50%
"AS STAB ILIZIED" EXLUDING ANY DEFERRED MAINTENANCE
LOST RENT DURING LEASE UP (12 MONTH) LESS VACANCY FACTOR OF 10%
TENANT FINISH RESERVE ($5.00/SF)
LOST EXPENSE RE,?MBURSEMENTS DURING LEASE UP (12 MONTHS) (70% OF OPERATING COSTS)
TOTAL LOST REVENUES
COST OF CAPITAL (10%)
TOTAL COST TO RE -TENANT BUILDING
"AS IS" -. EXLUDING ANY DEFERRED MAINTENANCE
12,092
14,226
Total Rent
$104,734
$57,885
$162,519
$108,419
5271,038
(27,104)
$243,934
$135,514
$1, 7371 X54
$143.68 $1,737,354
S1,737,364
($74,49g)
c$60,480)
03 7,947)
($172,9061
(S1 71291)
(S190,1961
1, 547,158
Rounded To; $1,550,000
PSF $108,96
July 18, 2018
Agent: Petitioner:
STERLING PROPERTY TAX
SPECIALISTS INC
950 S CHERRY ST SUITE 320
DENVER, CO 80246
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
BANK MIDWEST NA
1111 MAIN ST STE 2800
KANSAS CITY, MO 64105-2154
RE: THE BOARD OF EQUALIZATION 2018, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket #: 2018-2250, AS0097 Appeal #: 2008217941 Hearing Date: 8/2/2018 8:30 AM
Account(s) Appealed:
R7455298
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 2, 2018, at or about the
hour of 8:30 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, 2018, 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 obtain the data supporting the Assessor's valuation of your property, please
submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you
have questions, call (970) 353-3845. Upon receipt of your written 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 County Commissioners
cc: Christopher Woodruff, Assessor
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