Orange County NC Website
Browse       Search
Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF <br /> • Based on the County's analysis,no change in value is supported. <br /> • GIS Map of Subject <br /> • Current Property Record Card(4 pages) <br /> • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment <br /> Motion of the Board Accept County's Proposed Value: $1,550,000 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 Glen Lennox Legacy Appellant (if different) Morgan Fowler/Ryan <br /> Apartments North 11 LLC LLC <br /> Property Address 100 Maxwell Road Parcel ID or Abstract 9798269809 <br /> Statement of Appeal: Request reduction in value based on an income approach and market proforma on <br /> an existing apartment complex and based on equity with comparable apartment properties. <br /> Current Assessed Value $4,965,000 ounty Opinion $4,965,000 <br /> Time of Hearin 10:57 AM Appellant Opinion $2,503,000 <br /> County Representative Roger Gunn Board Decision $4,965,000 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a lower valuation based on an income approach and market <br /> proforma on an existing apartment complex and based on equity with comparable apartment <br /> properties. The agent has valued this property collectively with 6 other parcels and assigned a <br /> pro-rata valuation to each parcel based on an overall valuation of the 7 parcels of$21,343,600. <br /> Evidence submitted by the county representative: <br /> • The subject is a 4.24-acre parcel that is improved with 7 apartment buildings as part of the <br /> existing Glen Lennox Apartments that has been approved for redevelopment. Please see the <br /> attached Commercial Appraiser Consultant's Analysis Regarding the Glen Lennox Apartments <br /> Redevelopment. <br /> • Based on the County's analysis,no change in value is supported. <br /> • GIS Map of Subject <br /> • Current Property Record Card(14 pages) <br /> • Appraiser Consultant's Analysis Regarding Glen Lennox Apartments Redevelopment <br /> Motion of the Board Accept County's Proposed Value: $4,965,000 No change in value <br /> Made the motion Shannon Julian <br /> 11 <br />