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Docusign Envelope ID:OA23A6A2-42FE-4EAO-B414-FA2F89F77BF7 <br /> Statement of Appeal: Request reduction in value. No reasoning or support for their opinion of value <br /> was submitted. <br /> Current Assessed Value $4,429,800 ounty Opinion $4,429,800 <br /> Time of Hearin 11:20 AM Appellant Opinion $2,846,200 <br /> County Representative Roger Gunn Board Decision $4,429,800 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting the value be lowered to$2,846,200. No reasoning or support for <br /> their opinion of value was submitted. <br /> Evidence submitted by the county representative: <br /> • These apartments are located behind(and North of)Merritt's Store in a student area of Chapel <br /> Hill,walkable to the Dental and Medical Schools. This is an extremely good location for <br /> apartments as evidenced by the ongoing construction of a student project nearby. <br /> • The owner has suggested a"tear-down"level assessed value of$74,900 per unit. The County <br /> has an assessment of$116,574, which is very conservative even for an older property in this <br /> very good location. Similar sales are attached,but only one is below the subject property on a <br /> price per unit basis. The nearby sale on Dawes was also older with few updates and sold for <br /> $160,000 per unit. If anything,the property appears undervalued. <br /> • The County was not provided with any income and expense information on this property to <br /> compare with known market data for similar properties. However, a market data income <br /> approach would look like below,which supports the current value. <br /> Gross Potential Income $1,300 x 38 x 12 = $592,800 <br /> Less Vacancy(5%of PGI) _ ($29,640) <br /> Plus Other Income(2%of PGI) _ $11,856 <br /> Equals Effective Gross Income = $575,016 <br /> Less Operating Expenses (35%of EGI) _($201,256) <br /> Less Replacement Reserves (2.5%of EGI)_($14,375) <br /> Equals Net Operating Income = $359,385 <br /> Divided by Cap Rate(.0625 +.0165) 7.9% <br /> Equals Indicated Value =$4,549,177 <br /> • As a result of these analyses, no change in value is supported. <br /> • GIS Map of Subject <br /> • Current Property Record Card <br /> • Similar Apartment Sales in Chapel Hill Market <br /> Motion of the Board Accept Count 's Proposed Value: $4,429,800 No change in value <br /> Made the motion Shannon Julian <br /> Seconded the motion Leon Meyers <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br /> Property Owner Holland Family 1995 LTD Appellant(if different) <br /> PTNR <br /> Property Address 1001 South Columbia Parcel ID or Abstract 9788218399 <br /> Street <br />