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Home My WebLink About20152434.tiff \411/41/4" � 1861 / ' e* CLERK CLERK TO THE BOARD PHONE ( 970 ) 336 -7215 , EXT 4226 XAtCjele FAX ( 970 ) 352 - 0242 WEBSITE : www . co . weld . co . us 1150 O STREET P . O . BMX 758 Lrr O U N YY GREELEY CO 80632 August 4 , 2015 PIKE MAURICE J 7233 COUNTY ROAD 72 WINDSOR , CO 80550-2821 RE : THE BOARD OF EQUALIZATION 2015 , WELD COUNTY , COLORADO DENIAL OF PETITIONER ' S APPEAL AND AFFIRMATION OF ASSESSOR ' S VALUE ACCOUNT NO . : R5588886 Dear Petitioner: On July 30 , 2015 , 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 your petition for appeal of the Weld County Assessor' s valuation of your property described above , for the year 2015 . The Board of Equalization found that the evidence presented at the hearing supported the value placed upon the above-described property as set forth below . Such evidence indicated the value was reasonable , equitable , and derived according to the methodologies , percentages , figures and formulas dictated by law . This decision is based upon the Board ' s analysis of the written and oral testimony presented by both parties . Further that it is the Board ' s decision that the taxpayer/did not present sufficient evidence to show that the value of the property was not reasonably valued by the Assessor. The Assessment and valuation of the Weld County Assessor was affirmed as follows : ACTUAL VALUE AS ACTUAL VALUE AS DETERMINED BY ASSESSOR SET BY BOARD $ 784, 150 . 00 $ 784, 150 . 00 2015-2434 AS0091 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 , 2015, MUST comply with the following provisions of C . R . S . Section 39 -8 - 107 ( 5 ) : ( 5 ) ( a ) ( I ) On and after August 10 , 2015 , 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 2015-2434 AS0091 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: 303-866-5880 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 2015-2434 AS0091 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 contact me at ( 970 ) 336-7215 , Ext 4226 . Very truly yours , Esther E . Gesick , Clerk to the Board Weld County Board of County Commissioners Cc : Christopher Woodruff, Weld County Assessor 2015-2434 AS0091 Weld County CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR BRENDA DONES,DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR Weld County Board of Equalization PIKE MAURICE J PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-10-1-00-019 Schedule Number: R5588886 Date: 7/30/2015 Time: 14:30 9:q5 a•M- Board: CBOE PREPARED BY WADE J.MELIES WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE COMMERCIAL $784,150 0,2D/.5-'- 0.704fr CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/15 based on an appraisal date of 6/30/14. Property Rights Appraised Unencumbered fee simple interest. Location 10571 I-25 FRONTAGE RD WELD Land Area 128,938 Square Feet Property Type Commercial 1- Office Building 2- Service Garage 3- Light Commercial Utility 4- Light Commercial Utility Year Built 1973 & 1992 Quality Fair Class Wood Frame Number of Stories 1 Improvement Sq. Ft. 11,830 Value Indications: Market Approach $891,250 Income Approach $771,496 Reconciled $784,150 CBOE_COMM_010998 Page 2 Neighborhood Map • - lia r., 4,, hq;4ffv: t Sr I23 4.44ir � , i te'r � _ iY -w ; -- WC 3E?ltla WCR 24 1'2 �s41 14. 0t � : , ell ,- 4 . rr r1Hd 1 • _ _, 4 I.' ' I! ., f totall V • t --- OP Tin&rc,- t2\ Vai, _ ___ ___-‘,411';,... " II _____ 40. CR 24' .rssre=FIRESTONE:BGV0 -- • 4 • •:41.11,t, sue` .1 lawriP _ '' ' J 150'!DAH ^' I-k• _ 1 - . ASh •AV� Z ' ! tCt ■ vas Depot stA Mc Donald s r i� r ..,c:u iv_ ; t , 25 < lz it, �' •' UURANGO��L' t it '�, •••nfitri.irtlT • J,_ r W i F , d~ 4••JTos4 ,is*. ••"'.FORESTER Pt �- r ler • ,, . . `•. l ;';;;'. . ' 1 •Fi SII r ' American '4vF `"- 1 •P: . a I w •- • ` +' u to .n.vr. : HICKORY AV ii r �i"'dC�rehouse -..• ..t'-' . O ` .- : I u n n r wl_a_ - • Z .' : EC e▪ 'ir,N:r, nr g = Furniture (( twat TE'OR` - :.JUNIPER AVE i •. @ Millin=lifIIIIIIMISms- J u b C l I ; 111' riya; a Map contsrr 40.:9:4 • . 584 5 :•: CBOE COMM 010998 Page 3 Subject Aerial Map - mot. • B1dg. 2 - -., <,: Bldg. 4 . • - '. Bldg. 1 -- _ • F • • • • -rI III • 1 • - ] •� w- y-• ♦ = II t t : I -s la b We* -._ 1 ' ; ' 1 - ' - . WIPM3 ( 1Mir ' 1 1 I •• • - -. • I a . _, . •w 10-.,-. I Wen 1- Bldg. 3ran • - • , 000 a On an 1111 en � � .O:. 00 10 017 1 • Nail - It A • de 1 I S• I. 1 • • •• -. 2 The subject property is located in the southwest corner of I-25 and Highway 119. The location is accessed by the 1-25 West Frontage road. The Frontage road ends just south of the subject property. The subject has very good visibility for I-25. The subject is made up of 4 buildings that were built between 1973 and 1992. Our records do not indicate any remodels however buildings 1, 2, and 3 have been adjoined. Buildings 1, 2, and 3 are in fair to average condition. Building 4 is in the rear of the lot, used for storage, and does not have utilities. A portion of this building is open on one side and has dirt floor. This building appears to have been neglected over the years. This building is considered salvage and valued at $4,000 for this report. The subject property is leased to a Recreational Vehicle Dealership. CBOE_COMM_010998 Page 4 Photo of Bide 1 r r 4 _ _ _ ______-- ---------------. J--- G Lit14rJ 11 Photo of Bldg 2 1 IND�" RV CE la,;, . _ . n't I - - _ a - , _ � � - ':I 11 mamommt- : AllDIS,e It r..:x__ . ' - -- - _ I — - k, r ., I, li I 1 , . HRV..1.. .-1.,1i., P ' - 4,= .: 2LII----- 4,, ,I. : , . . i a • ______ . . , i . _ 4. 1 I. . I a . ., \ CBOE COMM 010998 Page 5 Photo of Bld : 2 Rear View -- 'rll z - WS i _air- Ilk . IL la , -----„, Photo of Bldg 3 w/NO/SrEMER 91�pa s� A _ __ . .-iiii- 7 , - ___ ___ ..___. __ _ ___ .......... . ---,q, v __ ,===. / _ ... . „... Illar �, - ELEfTB(C _Jar es \ r A.....„.y. III Ilk, oak gi' .� k.�a. r at . `� CBOE_COMM_010998 Page 6 Sketch of Bldg 1, 2 & 3 45' 75' Bldg 3 0 Light Commercial N 1302.0 sfor) en o O 28.5' 9.5' Bldg 2 "u) 15.5' 10' 27.5' Service Garage Area 9070.0 sf O iN u� 125' 41' 13' 4' Bldg 1 Office Total 11830.0 sf Canopy 1458.0 sf kr 216.0 sf 1 y 8' WH 14' 13' ketch by M.r4ero" CBOE_COMM_010998 Page 7 Photo of Bld : 4 I. 'r t 2 ‘ / r Til------ ; _.) -, I • 1 sa l , , r i 1 cm , _ .. . _4b. „,.... *: ., .. .. ..% r . ic:Wi_nr. _ _ .. ,. — • Illissarshanis_ _ e. Sketch of Bldg 4 47' 32' First Floor First Floor b 752.0sf 512.0sf To Open this end 10 +'H 10' ti�i,�H CBOE_COMM_010998 Page 8 COST APPROACH SUMMARY The cost approach was considered but not completed. Building one of the subject property was built in 1973 and 1992. The buildings have been maintained and are in average condition. For buildings more than 15 years old it is difficult to accurately determine the amount of physical deprecation that should be applied to the Cost Approach to value. For this reason the Cost Approach was not provided for this analysis. CBOE_COMM_010998 Page 9 MARKET APPROACH SUMMARY Real Property for the tax year 2015 must be valued utilizing data for the period one and one-half years immediately prior to June 30, 2014. 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, 2014 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 2015 are from January 1, 2013 through June 30, 2014. Pursuant to 39-1-104 (10.2) (c) C. R. S., the Assessor may utilize sales five years prior to Julne 30, 2014 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 the value of $75 per square foot accurately reflects the market value of the subject property. VALUE AS INDICATED BY THE MARKET APPROACH $891,250 $75 per sq. ft. CBOE_COMM_010998 Page 10 Comparative Sales Grid PROPERTY Subject Comp 1 Comp 2 Comp 3 Comments RV Sales Lot RV Sales Lot RV Sales Lot RV Sales Lot Parcel # 131310100019 131311313001 131310100015 131310100047 Address 0571 1-25 Frontag 10090 E 1-25 Frontage 10725 W 1-25 Frontage 10683 W 1-25 Frontage City Weld Weld Weld Weld Grantor HUD Sachannandani Hari White John E Grantee Draw Enterprises LLC DS Real Estate LLC DS Real Estate LLC Sale Price $1,080,000 $700,000 $1,064,000 Sale Price PSF $74.06 $157.80 $74.60 VALUE ADJUSTMEN DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment Sale Date 4/25/2014 3/15/2013 11/19/2012 Location Average Average Average Average Land Size 128, 938 103,640 128,938 140,089 L/B Ratio 10.90 7. 11 29.07 - 10% 9.82 Bldg SF 11 ,830 14, 583 4,436 - 15% 14,263 Number of Bldg 4 4 2 - 10% 3 Age 72/92 74/81/85 73/92 67/73/92 Condition Average Average Average Average NET ADJUSTMENTS 0% -35% 0% Adjusted Sale Price $1 ,080, 000 $455,000 $1,064,000 Adjusted Price PSF $74.06 $102.57 $74. 60 Comparables Price / SF Range $74.06 $102.57 Comparables Price / SF Median $74.60 Comparables Price / SF Average $83.74 $75 / sf selected $887,250 Bldg 4 $4,000 $891 ,250 CBOE_COMM_010998 Page 11 fl , , , ant �'lx{ ,. {Iti 1 _-. ' IL 41 i ' 1� , rill' , . I 1 i (ar�2 - 432�4 .. C•, ,...., , r ID-11 e wh fon tig 0 1 Z' 1,� {1* . _ jAre , - . .+ 1' * t8 • ,�i . , ki� ;!3t ! f 1 • / 14 h t 4. q` > ► ILrr a % F \" • ♦: I • t. r 1 1. 1. c 3II , :;11.,; , ... E X146 I 4, a,a_�'P.1 :1 I:tip. - ei7 _ .. ' Comp _. to c r - -s - • ? Y1-4I _. . act1,,rtill ' 41.I`I " - •tay - art 10 !Ail0 18 - - ez- .�L. ,i ,111 • 411E etal: eil "ill n _ @Du III Las:• 11,4x. , Go Subject ��j i a.; 1 -.in, .- 1+ �I -..-o •1 fi)I iiiCE I" " t 1 1 4 se.„ ; ,. _ . , . , \--Li lf��''t. - 1$ 1 ' ' I t 1 1 ' J Nc- -••,,, " f 4 I -•• 1G r'1 [1�1 l . r--iii1' 1 " lirST ft' I ;,, 1 r , Comp 1 ' 02'AIM SO' / rc i - CBOE COMM 010998 Page 12 a :• — — 10090 E 125 Frontage Rd (4 properties) �� Longmont, CO 80504 '- t• Multi-Property sale of 4 properties for $1,100,000 r „ bait` ty# .,r X1, 3 buyer it �• @` �� j, ' � ,� ► e t ; P Century RV, Inc. . ��' ; 0► `r0), . 1911 N Garfield Ave } ; Loveland, CO 80538 �- - - .e - (970) 535-6300 r " ' seller Flatiron Constructors Inc 10188 E 1-25 Frontage Rd Firestone, CO 80504 (303) 4854050 vital data Name: Multi-Property Sale # of Properties: 4 Escrow/Contract: 150 days Sale Price: $1 ,100,000 Sale Date: 4/25/2014 Status: Confirmed Days on Market: 298 days Building SF: 14,141 SF Exchange: No Price/SF: $77.79 Conditions: - Pro Forma Cap Rate: - Land Area SF: 1,181,386 Actual Cap Rate: - Acres: 27.12 Down Pmnt: $0 $/SF Land Gross: $0.93 Pct Down: 0.0% Comp ID: 3021597 Doc No: 4012970 Trans Tax: - Parcel No: 131311000071 [Partial List] Property Type: Multiple Types income expense data IListing Broker Denver Industrial Realty, Inc. 1776 S Jackson St Denver, CO 80210 (303) 520-4431 Aldon Hoppa Buyer Broker Denver Industrial Realty, Inc. 1776 S Jackson St Denver, CO 80210 (303) 5204431 Aldon Hoppa financing 1st Firstbank Bal/Pmt: $647,110 2nd Firstbank Bal/Pmt: $517,688 Copyrighted report licensed to Weld County Assessor's Office - 611800. 7/27/2015 Page 1 CBOE COMM 010998 Page 13 10725 W 1-25 Frontage Rd Longmont, CO 80504 Class C Warehouse Building of 4,466 SF Sold on 3/29/2013 for • $700,000 - Research Complete • buyer mss. r std tri Discount RV Corner _ _ 10725 W I-25 Frontage Rd Longmont, CO 80504 i',i ft, PH: ' ' cis ` (303) 8673975 -R.cm .: . seller - GEP Investments Inc 7626 Brighton Rd _ Commerce City, CO 80022 (303) 2893161 vital data Escrow/Contract: 45 days Sale Price: $700,000 Sale Date: 3/29t2013 Status: Confirmed Days on Market: - Building SF: 4,466 SF Exchange: No Price/SF: $156.74 Conditions. Purchase By Tenant Pro Forma Cap Rate: - Land Area SF: 104,701 Actual Cap Rate: - Acres: 2.4 Down Pmnt: - $/SF Land Gross $6.69 Pct Down: - Year Built, Age: 1966 Age: 47 Doc No: 3918798 Parking Spaces - Trans Tax: - Parking Ratio. - Corner No FAR 0.04 Zoning: - Lot Dimensions' - No Tenants: 1 Frontage - Percent Improved: - Tenancy: Single Submarket: Weld County Ind Comp ID: 2716750 Map Page: - Parcel No: 131310100015 Property Type: Industrial income expense data !Listing Broker Expenses - Taxes $17,246 Segelke Real Estate LLC - Operating Expenses 5570 E Bates Ave Denver, CO 80222 Total Expenses $17,246 (303) 593-0813 John Segelke. CCIM Buyer Broker No Buyer Broker on Deal financing 1st Key Bank Copyrighted report licensed to Weld County Assessor's Office- 611800. 7/2712015 Page 2 CBOE_COMM_010998 Page 14 10683 W 1-25 Frontage Rd Longmont, CO 80504 Class C Warehouse Building of 14,265 SF Sold on 11 /19/2012 for $1,060.000 - Research Complete buyer Sachanandani Management LLC = I'1 _ � Al 320 Starfire Way �I Golden, CO 80401 I1 �!'' ,i& ert. , �I , ,4 S„ ItSc,seller � � i. ` r, ( _ ; t A r ,� John E Whitea?-.� 3 Y 2032 Meadow Vale Rd "' 'Y,: Longmont, CO 80504 (303) 776-8744 vital data Escrow/Contract: - Sale Price: $1 ,060,000 Sale Date: 11/19/2012 Status: Confirmed Days on Market: 180 days Building SF: 14,265 SF Exchange: No Price/SF: $74.31 Conditions. - Pro Forma Cap Rate: - Land Area SF: 243,936 Actual Cap Rate: - Acres: 5.6 Down Pmnt: - $/SF Land Gross $4.35 Pct Down: - Year Built, Age: 1967 Age: 45 Doc No: 3890514 Parking Spaces - Trans Tax: - Parking Ratio. - Corner No FAR 0.06 Zoning: C-3 Lot Dimensions' - No Tenants: 2 Frontage - Percent Improved: - Tenancy: Multi Submarket: Weld County Ind Comp ID: 2611383 Map Page: - Parcel No: - Property Type: Industrial income expense data Listing Broker Expenses - Taxes $23,942 RE/MAX Commercial Alliance - Operating Expenses 1873 S Bellaire St Denver, CO 80222 Total Expenses $23,942 (303) 757-7474 Mark Pyms Buyer Broker fir�aiic_ina 1st Key Bank Copyrighted report licensed to Weld County Assessor's Office- 611800. 7272015 Page 3 CBOE_COMM_010998 Page 15 INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2015 through June 30, 2014. 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. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $771,496 $65 per sq. ft. (rounded) CBOE_COMM_010998 Page 16 Lease Comparable Grid Comp 1 Comp 2 Comp 3 Comp 4 Use Flex Multi-Tenant RV Sales Lot RV Sales Lot RV Sales Lot 11372 Business 10500 E I-25 10725 W I-25 10765 Turner Address Park Cir Frontage Rd . Frontage Rd . Blvd Weld Weld Weld Weld Rate $7. 25 $15. 25 $18.80 $5.00 Type NNN N mod gross mod gross mod gross Bldg SF 23,500 7,080 4,466 5,760 Land SF 128,938 399,728 104,700 48,000 $16.55 mod gross converted Range $5.00 to $18. 80 IT Average $13.90 Size Income 11,830 $14.00 $165,620 Vac 10% $16,562 EGI $149,058 Expense Mngt 5% $7,453 Rsry 3% $4,472 Ins est. $7,500 Utilities est. $15,000 Repair 15% $22,358. 70 Total $56,783 NOI I $92, 275 Per Sq . Ft. Indicated Value $767,496 $64.88 Addition for Bldg 4 _ $4,000 TotalPr $771,496 assmt mill cap Eff cap 29.00% 0.086994 9.50% ll 12.02% CBOE_COMM_010998 Page 17 Lease Comparable Map , . 7. 1 rat. �y.r. „viol. . .. ir: , , 1, I ( / 4. p 2 1 ., R ;,it X11 '- _ 999' t. • .,si i': i !ir :i �� tl 1 I .,-- • F� 0y! h ` - 1114 Comp 1 „0,:>---- -- - , 1 (its 16 J 1,'•'tJt ' 1 11 I II T4 t (k5) 4 , ,, ciat • • ......t ®11 ,. .-1. , r,: i; flt _-ket 11 . 11 1 11 {Mill lift If If ' 1 (iT G1 %�f ~ t _, �J C JJ.3 ''I CS' r a '� ciay� {'�� C.- 1 4 11 12 tl I fiiIK tit . Q, C • •' __ -4;j • (i} gr, air ? (Dill ` J' OM 99.9- i1ti�-. JI!c 019 i AN 16 tr 406 r H : it. 1�' {I�1 : -� -ill / 1 49627 o B{0'15 '00Ditto it I ? 11 fi _ Ii / • :�t...�i 1 Comp 2 �. (1 14 5 / Sit . 8 !It� t11! �i .r, r LR 1 • 4 .05 1 1 " J't `. OA p31 tun(wink i r I i•. 't f L-- {ill -1* :I c • r' 6 ` =' t 7 1t0.. �fLrr` Comp 4 00. ' 028' p .ik w► 745 mop 1t 1 ' x '1^4 7T0D'1°0i_, : y N.:: '��.4'tik[.i.I,T .......,- 1.7.11,71 :.ei �- ` y 0 t '� I t . 004 I • ' �} • ' .. ..�. , •ess i e c)0Yi;'Ih I• r— t . .er�IK ! yt iff •042On1 t0091 , 118 ; J ' ` 024021001!►,.. t1{ t y t. — -} ; x 0 ,• .,,I a0l ..y�,, I to •I ' s •.1Lluznot Y(f11Wj4Jt�16 7iv 5�Milr•�4• - L. . 9�it038tt!tE�rtinowO�*_ I gii �i i t , r t 1 L , .r; 4PIP'"0:15Pint07,0 _sad! •4 r- �1 ;. kJ„_ }I ;`� ; aD gigpoi�on T 1. ti. 4 ., l Y 1 1, l , I:' I��tJ a 14 u1 -0x6... 085--y _ ._ • F�. T..: h'♦ti crrfltsU 'el-.. Y• r -.. - i.r t ..• t =• { .. _ .. . .tia.a,,� p, Comp 3 wr. ' :••ran _ ;'wri1 . •� S�i VJ lr 1.1 -�jr:� - - s.. ••�•�1 f 012 @DO , -(ea •.�1�••+tit {I e ' • 4 i• iav _ `— tri V=f4� - ' ' t . _ . • . I h. t. CBOE COMM 010998 Page 18 CONCLUSION Real property for the tax year 2011 must be valued utilizing the level of value for the period of one and one-half years immediately prior to June 30th, 2010. A period of five years immediately prior to July 1, 2010 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. Said level of value shall be adjusted to the final day of the data-gathering period. 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., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof {39-1-104(11) (b) (I), CRS}. 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.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of $784,150 or $66 per sq. ft., most accurately reflects the value of the subject property in Weld County for the 2015 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH n/a $891,250 $771,496 ASSESSOR'S VALUE COMMERCIAL $784,150 CBOE_COMM_010998 Page 19 ADDENDUM REQUEST FOR INCOME 1 8 6 1 - 2 0 1 1 OFFICE OF THE WELD COUNTY ASSESSOR PHONE (970) 353-3845, EXT 3650 FAX (970) 304-6433 WEBSITE: www.co.weld.co.us WELD COUNTY ADMINISTRATIVE OFFICES WELD____,COUNTY 1400N17AVE GREELEY CO 80631 May 21 , 2015 Mr. Joe Pike 7233 County Road 72. Windsor, CO 80550-2821 Subject: Appeal of R5588886 Mr. Pike We are reviewing the appeal of R5588886, 10571 W. I-25 Frontage Rd., Weld County, CO.. We have enclosed a summary of the property and its 2015 valuation. Please review and inform us of any issues there might have with the characteristics or valuation process. As the property is a commercial income producing property and in pursuant to C.R.S. 39-8- 107, we are formally requesting income and expenses for the property for 2013 and 2014. If you have any questions, please contact me. Noel Lawrence Commercial Appraiser Weld County Assessor's Office 970-353-3845 ext 3695 nlawrenceco.weld .co. us See following pages; CBOE_COMM_010998 Page 20 1 Multi-Property SOLD 4 Buildings In CO, having total sem of 14.141 SF. Recorded E•Jper Cva Lk Recorded Seller. Flatiron Constructors Inc Akiko64: 1911 N Garfield Ave 10168 E1-2S Frontage Rd Loveland, CO 80. 38 Firestone. CO 81:50.1 .. 1 {303)465050 True Buyer. Century RV. Inc_ True Seller Flatiron Constructors Inc Sale Date: 04)25/2014 (298 days on mkt) 1r of Prope Iles: 4 Sae i>71 : $1,100.000 - Confirmed Total Bldg State: 14.141 SF )rce'SF: - Total land Area: 27.12 AC (1.181,347 SF) Fnancng: Down payment of $0 (0-0%); $647,110 from FlrsthanIc$517,688 from Flrsttsank Cone ID. 3021597 - Research Stag: Confirmed 2 10725 W 1-25 Frontage Rd SOLD Longmont CO 80504 Weld County rm Recorded Buyer DS Real Estate. Ik Recorded Seller GEP Investments Inc _ AIM.320 Starflre Way 7626 &lghtoc 9 d Golden, CO 80401 ConViterLe Cry. CO 60022 flu (303)2119-3161 True Buyer. Discount RV Coiner True Seller GEP Investments Inc J1lg.- Sale Dale: 03/292013 Bkfg Type: Class C Induatrtalwarehouse Sale Price: $700,000 -Confirmed Year Bu1IL'Age: Built 1966 Age: 47 Price-SF: $156.74 RBA: 4,466 SF Land Area: 2.40 AC (104,544 SF) PrFmla Cap Rate' - Zoning: - Actual Cap Rate: - Sae Conditions: Purchase By Tenant Parcel N0: 131310100015 Finarxing: Key Bank Corp ID: 2716750 - Research Status. Confirmed 3 10683 W 1-25 Frontage Rd SOLD Longmont CO 80504 Weid County ewr^r-u Buyer DS Real Estate. It Recorded Seller John E White 320 State Way 2032 Meadow Vale Rd I Golden, CO 80401 Longmont, CO 80501 - }, . ' �,, -, , (303) 776-8744 'i �� True Buyer Sactlanandani Management LLC True Seller. John E White Sale Dale: 11/192012 (180 days on mkt) Bing Type: Class C Industnalwarettouse Sae Price: $1.060.000 - Confirmed Year BdIt'Age: Built 1967 Age: 45 PncWSF: $74.31 RBA: 14265 SF Land Area: 5.60 AC (243.336 SF) PTFrina Cap Rale: - Zoning: C-3 Parcel No: - Financinq Key Bank Comp ID: 2611383 - Research Status: Confirmed CaoyrIgreednvci1k•,••dbSodCame*f 'aplb-b•1eX 5/1312015 Page 1 CBOE COMM 010998 Page 21 RESPONSE TO INCOME REQUEST 1 8 6 1 - 2 0 1 1 OFFICE OF THE WELD COUNTY ASSESSOR PHONE (970) 353-3845, EXT 3650 t i (970) 3044433 WESSCTE: www,co.weI4cu.us WELD COUNTY ADMINISTRATIVE OFFICES 1400N17AVE. L—.....1 GRL'CLEY CO 4(►63 May 21 , 2015 Mr. Joe Pike 7233 County Road 72. Windsor, CO 80550-2821 Subject: Appeal of R5588886 Mr. Pike We are reviewing the appeal of R5588816, 10571 W. 1-25 Frontage Rd., \Veld County, CO.. We have enclosed a summary of the property and its 2015 valuation. Please review and inform us of any issues there might have with the characteristics or valuation process As the property is as:ut tial_bcOme P ir*tiU property and in pursuant to C.K.S. 39-8- 107, we are formal) re ucstin income and expense for the property for 2013 and 2014. . you have any questions, please contact me. -s-VDr'.�Gte tt i ---" „celt..,,,nented et- AretY Noel Lastirrence Conwnercial Appraiser Weld County Assessors Office 970-.353-3845 ext 3695 nlawrenc©Ca?co.weld,00, - / . 4€,I&A'1Y .‘ feeetbieree.,J2—' I Set following pages; At ya f. tialeit4# ,a<)t,,,, 4_--g4 91:-/PLAZ-bkel"--. 115YA/reitille--. Illert2e.,..- '''.e-----;-/ yrizdzi2dirfil- gA'Yl- A, J-Ittsth 27.miettli- das Atil4r4:V A:tiA74,02 ,C ;71‘ i -/ I - Sr;%.4021 - *srts," —' -�� 6g',-- 771? CBOE_COMM_010998 Page 22 NOTICE OF DETERMINATION RECEIVED Christopher M . Woodruff JUL 162015 Date of Notice : 6/30/2015 Weld County Assessor Telephone : ( 970 ) 353-3845 1400 N 17111 Ave WELD COUNTY Fax : (970 ) 304-6433 Greeley, CO 80631 COMMISSIONERS Office Hours : 8 : 00AM - 5 : 00PM ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R5588886 2015 2341 25107- D A PORTION OF SE4NE4 10 2 68 BEG E4 COR OF SEC THENCE W50.2' THENCE N ALO W PIKE MAURICE J NG W R/W LN OF HWY 119' TO TRUE POB CONT 7233 COUNTY ROAD 72 N320. 7' M/L N89D55'W 400' M/L THENCE S3 ° WINDSOR, CO 80550-2821 20 .7' M/L THENCE E403' M/L TO TRUE POB cc 10571 125 FRONTAGE RD ¢ WELD , CO 000000000 ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 784 , 150 784, 150 TOTAL $784,150 $784, 150 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 : CM06 - The Assessor staff has requested additional information to properly review your property's value. Because we have not received this information, we have no choice but to deny any adjustments. 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) : (AA lin 2015-2434 1-"\500 (i APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 29 through August 5 at 1150 O Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail 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 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 District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.aov/baa telephone number. 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. PETITION TO COUNTY BOARD OF EQUALIZATION What is your estimate of the property's value as of June 30, 2014? (Your opinion of value in terms of a spe ' ' II a oun required for real property pursuant to § 39-8-106(1.5), C.R.S.) What is he 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.) ,e/ ..p____4_,ef.,;34,' s.12_,X ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete. i Ja- d< -7Tf —///2i! Sig ture ] Telephone Number Date ` � Email Address 1 Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/13 R5588886 8431032 ` k 'I REASON FOR REQUESTING A REVIEW Two years ago I challenged the appraisal on my property. At that meeting you stated that there had been an error and you lowered the appraisal by over$5,000. Now,two years later you raise the amount by$150,000. This makes no sense to me. You ask for my income on the property but when I complained that the property was empty for many years and there was no income you told me it made no difference. So, I will not give you that information if it makes no difference. I am demanding that the appraisal be lowered by a minimum of $100,000. Sean stated at that time that the economy was better and I am wondering what news article you are reading, because I never saw it. Please respect my demand for the reduction. I feel like I am being harassed by the assessor. There has been a $52,000 increase in assessment over the last two years and this equates to a little over 7%. How would you like to have your salary decreased by 7%and not be allowed any auto expense. It would really hurt your pocket books. The same applies to me with a $1,290 increase in taxes. My four grandkids could have a nice birthday at$325 for each child. Just because the oil and drilling went to hell in Weld County doesn't mean you have to increase the property tax in Weld County to make up for the tax deficit of the oil business. Sincerely Y(.1 12 Joe Pike ;_ 1`) o ��V� = immoulmi o4 '�(1) 6n.i IN- ... r,\ V O O ft O t c.[ 1---, U-) e• `If C:1 ya: O ,— . _ \ J I i (p i. ! f\ (I) .'";,,4 .L.11 I • ' In .'ciCI W O _Lr, {) CD Le)Q o ;r)) N r i�(I)� o iJ �� M L,-) O �o C6 -I J • a O r O O i 0_n J Csl co CJ o...c LL. 1 47.4 -It?, CLERK TO THE BOARD �'�' \ 1861 / ,� PHONE ( 970 ) 336- 7215 , EXT 4226 TEBSITE : FAX ( 970 ) 352 - 0242 www . co . weld . co . us 1150 O STREET P . O . BOX 758 \Lr W_- � GREELEY CO 80632 Z--- C U _N [ July 22 , 2015 PIKE MAURICE J 7233 COUNTY ROAD 72 WINDSOR , CO 805502821 Account No . : R5588886 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of July 30 , 2015 , at or about the hour of 2 : 30 PM , 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 , 2015 , and mailed to you on or before August 12 , 2015 . 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 . AS0091 P IKE MAURICE J - R5588886 P age 2 P lease 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 Ja;o- tial •e (A. Esther E . Gesick Clerk to the Board Weld County Board of County Commissioners cc : Christopher Woodruff, Assessor AS0091 Hello