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Docusign Envelope ID:056FE2E5-FAD3-473E-9E3E-E287COF06262 <br /> • Per the County's commercial property appraisal consultant review,the property is a <br /> parking lot in a very good W. Franklin Street location. It lays out well for development <br /> and the most likely purchaser would be a developer that would entitle the property for <br /> a multistory building. The owner has presented the income data as a parking lot,but <br /> the highest and best use is for development,and it has been assessed that way based on <br /> other development parcels. This property is more desirable than most development <br /> parcels given its location,frontage and depth and is assessed in the upper middle part <br /> of the range of sales values.No adjustment to the current value is supported. <br /> • Photograph of Subject <br /> • GIS Map of Subject <br /> • Current Property Record Card of Subject <br /> • Comparable Sales <br /> Motion of the Board Value Changed as Follows: $2,000,000 <br /> Made the motion Leon Meyers <br /> Seconded the motion Saru Salvi <br /> Voted For All BOER Members <br /> Voted Against ... <br /> Property Identification: <br /> Property OwnertDiane Harrell Trustee A ellant(if different) Joseph Riddle <br /> Property AddreW. Franklin Street Parcel ID or Abstract 9788165175 <br /> el Hill <br /> Statement of Appeal: Request a reduction in value based on an income approach and a recent <br /> independent appraisal. <br /> Current Assessed Value $2,268,000 County Opinion $2,268,000 <br /> Time of Hearin 2:18 PM Appellant Opinion $1,560,000 <br /> County Representative Roger Gunn Board Decision $2,000,000 <br /> Evidence submitted by the appellant: <br /> • The subject is currently assessed at$2,268,000 ($261.77/square foot). The appellant is <br /> requesting a lower valuation of$1,560,000($180.06/square foot)based on net <br /> operating income from 2021-2024 and the income approach. The appellant has also <br /> provided an independent appraisal as of January 1,2025 with an indicated value of <br /> $1,510,000($174.28)for the subject. <br /> Evidence submitted by the county representative: <br /> • The subject is an 8,664 square foot building currently used as an office building.Per <br /> the County's commercial property appraisal consultant review, although upfitted for <br /> office,this property has fantastic retail exposure and future retail use is certainly <br /> possible, if not probable,if it wasn't already upfit and leased for office use. <br /> • To help understand Capitalization Rates, a 10-year cap rate search in Chapel Hill and <br /> Carrboro for downtown cap rates and a separate sheet for Chapel Hill and Carrboro <br />