Orange County NC Website
Browse       Search
Docusign Envelope ID:ADED06F5-BFB5-43BF-87F1-32AB8A5DEDDF <br /> Motion of the Board Accept County's Proposed Value: $2,399,300 <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 Buckhorn Industrial Park Appellant(if different) Morgan Fowler/Ryan <br /> LLC LLC <br /> Property Address 6056 West Ten Rd Parcel ID or Abstract 9834438214 <br /> Statement of Appeal: Request reduction in value based on 2022 and 2023 income and expense <br /> statements. <br /> Current Assessed Value $19,524,900 County Opinion $19,524,900 <br /> Time of Hearin 10:12 AM Appellant Opinion $17,655,000 <br /> County Representative Roger Gunn Board Decision $19,524,900 <br /> Evidence submitted by the appellant: <br /> • The appellant is requesting a reduction in value based on 2022 and 2023 income and expense <br /> statements. <br /> Evidence submitted by the county representative: <br /> • The subject is a$205,500 square feet warehouse built in 2022 and has a current assessed value <br /> of$19,524,900 or$95.01 per square foot. This is a high-quality industrial building that was <br /> delivered in 2024 in Mebane,NC. It is worth noting that it is located next to the sale of the <br /> Thermo Fisher Building that sold for almost$100 per square foot in 2022. This sale is not <br /> included in the Comparable Sales and Income Approach sheet due to age of the sale,but it is <br /> certainly worth consideration. It is provided for additional support. <br /> • CoStar indicates the asking lease rate at this building is$7.50 per square foot on a triple net <br /> (NNN) lease. These properties are almost always leased to national level credit tenants and <br /> capitalization rates are low,usually in the 5%to 6%range. <br /> • The County has provided comparable sales of similar properties and an income approach that <br /> supports the current assessed value. As a result, no change in value is recommended. <br /> • GIS Map of Subject <br /> • Current Property Record Card(2 pages) <br /> • Comparable Sales and Income Approach <br /> • 6086 West Ten Road(Thermo Fisher) Sale <br /> Motion of the Board Accept County's Proposed Value: $19,524,900 No change in value <br /> Made the motion Richal Vanhook <br /> 7 <br />