2025_09_10 BOER Minutes - Laserfiche WebLink

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Docusign Envelope ID:056FE2E5-FAD3-473E-9E3E-E287COF06262 • Per the County's commercial property appraisal consultant review,it looks like the previous restaurant tenant,Dame's Chicken and Waffles, left and Voodoo Wings came in early 2025. So,the 2024 statement is for a partial year of rent. There is no information on what the new lease rate is,which would have been known at the time of the reassessment. There is a pretty big range of sales,but the assessed value is bracketed and supported by Sales Data. • Around 2,400 SF is on the first floor, and the rest is upstairs. It's a long deep space, which leads to some lower than typical rents. However,rents still point to a value higher than the assessed value,the premise that restaurants are dead on Franklin Street is outdated with Starbucks staying in downtown,Playa Bowl,Zaxby's etc. locating there. There was plenty of new leasing in 2024 including a new lease in this property. • No change in value is recommended. • Photograph of Subject • Location Map of Subject • Current Property Record Card of Subject • Comparable Sales and Income Approach • Survey of Chapel Hill-Carrboro Downtown Capitalization Rates • Survey of Chapel Hill-Carrboro Office Capitalization Rates Motion of the Board Accept Coun 's Proposed Value: $992,900 No Change in Value Made the motion Saru Salvi Seconded the motion Richal Vanhook Voted For All BOER Members Voted Against ... Property Identification: Property Owner Riddle Commercial Appellant(if different) Joseph Riddle Properties Inc. Property Address 108 E. Franklin Street, Parcel ID or Abstract 9788376242 Chapel Hill Statement of Appeal: Request a reduction in value based on an income approach and a recent independent appraisal. Current Assessed Value $16,324,000 County Opinion $13,712,100 Time of Hearin 2:58 PM Appellant Opinion $6,000,000 County Representative Roger Gunn Board Decision $11,500,000 Evidence submitted by the appellant: • The subject is currently assessed at$16,324,000($299.49/square foot). The appellant is requesting a lower valuation to $6,000,000($110.08/square foot)based on the income approach given the property's net operating income over the last two and vacancy being 25,414 square feet. The appellant has also provided an independent appraisal as of January 1,2025 that estimates the property's value at$9,720,000 $178.33/s uare foot).