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Docusign Envelope ID: BE7173ED-52F6-47B6-A7EB-347CE2C7F857 <br /> Motion of the Board Accept Coun 's Proposed Value: $197,200 No change in value <br /> Made the motion Saru Salvi <br /> Seconded the motion Richal Vanhook <br /> Voted For All BOER Members <br /> Voted Against ... <br /> Property Identification: <br /> Property OwnertK2 Pro erties LLC A ellant(if different) Stac Little AttornProperty Addre Vilcom Center Drive, Parcel ID or Abstract 9880560070 <br /> it 100 <br /> Statement of Appeal: Request reduction in value based on the actual income of this income-producing <br /> property. <br /> Current Assessed Value $10,491,800 ounty Opinion $8,630,400 <br /> Time of Hearin 10:30 AM Appellant Opinion $7,000,000 <br /> County Representative Roger Gunn Board Decision $8,630,400 <br /> Evidence submitted by the appellant: <br /> • The taxpayer's opinion of value is based on the actual income of this income-producing <br /> property. <br /> Evidence submitted by the county representative: <br /> • The subject is a 57,051 square foot three story office building situated on a 0.43-acre site. It is <br /> a Class B medical and general office building that includes some UNC space and some surgical <br /> space. It has underperformed the market, and an income approach shows this under <br /> performance. The appellant has produced financials and estimated a value of$7,000,000 based <br /> off 2024 actuals. That would indicate almost a 9%capitalization rate. For a property that has <br /> surgical space and UNC anchored medical space,this is too high. The County has used a 7% <br /> capitalization rate to reflect the property's tenant mix and potential upside. The current <br /> assessed value is still below the range of sales. However, giving greater weight to the income <br /> approach, the County recommends applying a-5%market adjustment to the land and an E17 <br /> economic modifier to the property to reduce the value to $8,630,400. <br /> • GIS Map of Subject <br /> • Current Property Record Card <br /> • Proposed Property Record Card <br /> • Comparable Sales and Income Approach Analysis <br /> Motion of the Board Accept Coun 's Proposed Value: $8,630,400 <br /> Made the motion Saru Salvi <br /> Seconded the motion Richal Vanhook <br /> Voted For All BOER Members <br /> Voted Against <br /> Property Identification: <br />