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Docusign Envelope ID:38AFAC48-B02F-4009-9347-E5654482C416 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on an income approach and market <br /> proforma. <br /> Evidence submitted by the county representative: <br /> • The subject is a 224 unit apartment complex known as Chapel View Apartments and is <br /> currently assessed at$38,404,200 or$171,447per unit. The owner purchased the property in <br /> June 2023 for$39,800,000 and are now requesting a valuation of$31,208,500 Prior to <br /> purchase, the property was receiving significant investment and received almost$1.3 million in <br /> non-recurring expenses in 2023. The capital expenses for 2024 were omitted from the <br /> evidence. The new owner has pushed rents approximately 12%just in 2024. This has resulted <br /> in high temporary vacancy, concessions and bad debt. The County assesses property"as <br /> stabilized" so it is inappropriate to assume that the bad debt and concessions will continue. <br /> With that being said,the property rents do not justify the current assessment and the County's <br /> income approach renders a value of$35,866,752. <br /> • As a result of this analysis,the County recommends increasing the E01 economic modifier on <br /> the property to E07 which would result in a revised overall value of$36,076,700. <br /> • Location Map of Subject <br /> • Current Property Record Card(30 pages) <br /> • Proposed Property Record Card(30 pages) <br /> • Comparable Sales and Income Approach <br /> Motion of the Board Accept Count 's Proposed Value: $36,076,700 <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 Owner Hillsborough NC I SGF Appellant(if different) Morgan Fowler/Ryan <br /> LLC LLC <br /> Property Address 1 113 Mayo Street Parcel ID or Abstract 9864807744 <br /> Statement of Appeal: Request reduction in value based on an income approach and market proforma. <br /> Current Assessed Value $9,038,900 County Opinion $8,030,300 <br /> Time of Hearin 11:07AM Appellant Opinion $6,477,018 <br /> County Representative Roger Gunn Board Decision $7,500,000 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower value based on an income approach and market proforma. <br /> Evidence submitted by the county representative: <br /> 5 <br />