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Docusign Envelope ID: B280D705-EADF-4415-899E-F125316E835B
<br /> Evidence submitted by the county representative:
<br /> • 2024 NOI is$1,043,847 after taxes and the agent uses a loaded cap rate of 7.4153%to
<br /> estimate a property value of$17,672,400. That is below the 2021 sale at$18,715,000 with a
<br /> 5.73%cap rate. In general, apartments rose in value until mid-2022 and then fell due to rising
<br /> interest rates only to rise in value again due to rising rents and some relief to rates by the
<br /> date of January 1, 2025. Overall,the previous sale is indicative of the general value range for
<br /> this property.
<br /> • The agent used a 5.75% capitalization rate, which is lower than the cap rate used to establish
<br /> the current value and is reasonable for a property that is in an "improvement cycle". The
<br /> County's analysis of the property's financial data is below:
<br /> • 2024 Gross Income $2,395,000 Less Vacancy ($119,750) 5% Concessions ($35,925) 2% Bad
<br /> Debt($23,950) 1% Loss to Lease ($71,850) 3% Other Income $167,650 7%$2,311,175
<br /> Expenses ($855,135) 37% Reserves ($69,335) 3.0%Total Expenses ($924,470) Net Operating
<br /> Income $1,386,705 Capitalization Rate 6.25%Tax Rate 1.67%Total OAR 7.92% Indicated RE
<br /> FMV$17,519,298 Agent's Value $17,672,400
<br /> • Based on this County's analysis and a reasonable request by the appellant, the County
<br /> recommends applying an E04 economic market adjustment to the property which would
<br /> reduce its value from $18,363,000 to$17,628,500.
<br /> Motion of the Board Accept County's Proposed Value: $17,628,500
<br /> Made the motion Richal Vanhook
<br /> Seconded the motion Shannon Julian
<br /> Voted For All BOER Members
<br /> Voted Against ...
<br /> Property Identification:
<br /> Property Owner Environs at East 54 LLC Appellant(if different) Morgan Fowler,
<br /> Ryan LLC
<br /> Property Address 5008 Environ Way(58 Parcel ID or Abstract 9798345972.134-191
<br /> individual condominium
<br /> units)
<br /> Statement of Appeal: 58 individual units. Request reduction in value based on income as of 9/25.
<br /> Current Assessed Value Total: County Opinion $13,812,700 -No change in
<br /> $13,812,700 value for each individual unit
<br /> Time of Hearin 3:11 PM Appellant Opinion Total: $10,575,000
<br /> County Representative Kelly Wells Board Decision $13,812,700 -No change in
<br /> value for each individual unit
<br /> Evidence submitted by the appellant:
<br /> • Opinion of value based on income as of 9/25.
<br /> Evidence submitted by the county representative:
<br /> • The County argues that its assessed value of$13,812,700 is well supported by market data and
<br /> proper valuation methods,noting that the appellant relied on flawed assumptions—including
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