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Docusign Envelope ID:43560945-04CF-4CB1-9034-34AEEA2DCF99 <br /> • Based on 2022,2023, and 2024 financial documents, the indicated value from the income <br /> approach is $12,278,300. <br /> Evidence submitted by the county representative: <br /> • The subject parcel contains 132 units of the 288-unit apartment property known as Kingswood <br /> Apartments and was constructed in 1972. The remaining 156 units are located on a contiguous <br /> parcel, PIN 9778919619. <br /> • Like the agent,the County has valued the two parcels collectively in the income approach and <br /> distributed the overall value between the two properties. Kingswood follows the pattern of <br /> many apartments post-Covid. They have been"catching up"after having very little tenant <br /> movement and little opportunity to spend money/get work done. The agent uses a 9%vacancy <br /> and collection loss in their model,but the December rent roll shows a 3.5%loss. They are <br /> improving the property. The owner would expect rents to go up,vacancy to stay low and <br /> expenses to normalize. The County has used an operating expense percentage even higher on a <br /> per unit basis than the agent and the County assessment is still supported by both the income <br /> approach and comparable sales. <br /> • No change in value is recommended. <br /> • Location Map of Subject <br /> • Current Property Record Card(22 pages) <br /> • Comparable Sales and Income Approach <br /> Motion of the Board Accept Count 's Proposed Value: 1 $14,946,700 No Change in Value <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 KIWA LLC Appellant(if different) Debbie Askins/Ryan <br /> LLC <br /> Property Address I 1105 NC 54 Parcel ID or Abstract 9778919619 <br /> Statement of Appeal: Request reduction in value based on the income approach. <br /> Current Assessed Value $17,918,800 ounty Opinion $17,918,800 <br /> Time of Hearin 3:05PM Appellant Opinion $14,719,800 <br /> County Representative Roger Gunn Board Decision $17,918,800 <br /> Evidence submitted by the appellant: <br /> • Based on 2022,2023, and 2024 financial documents, the indicated value from the income <br /> approach is $14,719,800. <br /> Evidence submitted by the county representative: <br /> 13 <br />