HomeMy WebLinkAboutVoight Appeal - withdrawn �4 PRip�
COMMERCIAL, INDUSTRIAL, & MULTIFAMILY ...-;,��;;_ ,
� � APPLICATION FOR THE PRIOR LAKE LOCAL BOARD OF �j���`
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APPEAL AND EQUALlZATION MAY 7, 2013
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PROPERTY ID: ?�j Z- ��I Oo'3C>
PROPERTY ADDRESS: � V l `� � � � � `��^� �o`�O� � 6�°�'`- �2
MAILING ADDRESS: ��� Z- �'���' w�
�P�i.r. v�t.��`(� ►v+.,J 55 /z�'I
DAYTIME PHONE #: � � �� � � � �
PROPERTY TYPE: ❑ Office ❑ Retail ❑ Restaurant
� Automotive ❑ Warehouse ❑ Manufacturing
� Lodging � Mixed-Use ❑ Multifamily
�Vacant Land ❑ Other
OWNERSHIP DATA: ❑ New Purchase $
Date of Purchase Amount of Purchase
�Owned Property for at least 3 years
❑ New improvements in past 2 years
�
Value of New Improvements
CONDITION OF THE PROPERTY: ❑ Very Poor ❑ Poor �Average
� Good ❑ Excellent
City of Prior Lake Commercial Appraiser Chad Bohnsack 952-496-8970 .
If the property is multifamily, please go to the next section, otherwise piease �II out below: �
COMMERCIAL/INDUSTRIAL APPEALS
PROPERTY SPECS:
euilding Space Breakdown (Identify the
different areas of the building. ex. office, Square feet
retail, warehouse, storage, etc.) .
The following information is also required with this form:
• Rent roll, if applicable .
• Copies of all leases, if applicable
• Year-end financial statements for 2011 and 2012
Other information about this property that may affect market value: ,
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�s � �151f - � ✓ c_ � , �c'.a-,.,., � c-y
City of Prior Lake commercial Appraiser Chad Bohnsack 952-496-8970
If the property is multifamily, piease fiil out this section:
*li this survey has been previously compieted, check this box and go to next page.
.
UNIT MIX & RENTAL RATES
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Please check the fofl ing items that apply to your pro rty:
tiliti 'd b Landl ilitie Paid b Tenan . yne of Parkin�:
❑ Heat (type ) • ❑ Heat (type � Off-Street
❑ Water/Sewer O Water/Sewer ❑ Detached . ,
❑ Electricity Electricity � Attached
❑ Cable ❑ Cable ❑ Tuck-under
❑ Trash Removal ❑ sh Re oval ❑ Underground
Ap,pliances: Other Uni eatures: # of Garages: _
❑ Range/Oven ❑ Pati Inciuded in rent?
❑ Refrigerator ❑ B cony ❑ Yes � No
❑ Dishwasher � inds ff no, what is the �
❑ Microwave � Vaulted Ceiling monthly rent? $_ �
❑ Garbage Disposal Fireplace '
Air Conditionine: Washer/D�y_,er:
❑ Sleeve ❑ Common
❑ Wall Unit ❑ In-unit
❑ Central O Nook-ups '
Please indicate if tt�ere are any other amenities or features:
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City of Prior Lake Commercial Appraiser Chad Bohnsack 952-496-8970
i
REASON FOR APPEAL: �Value ❑ Ciassification ❑ Both
SUPPORT FOR APPEAL: ❑ Appraisal done on property within past 12-18 months
Appraisal done for ❑ Sale ❑ Refinance
{PLEASE PRflVIDE A COPY WITH TH15 AFFLiCAT10N1
�omparable Sales
T 1PLEASE PROVItJE A COPY WITH THiS AFPLICA7lONS
� Other (expiain & provide coples of the supparting dotumer�tation}
22�" �o� �- ZGa� °°U
OWNERS ESTIMATE OF VALUE: $ /
(must be fflled in)
CURRENT YEAR'S ASSESSED VAIUE: $ � � � �
(This can be found on the Notice of Voluation and Classification for Taxes Payab/e in 2014)
Minnesota State Law states that the Assessor's value is assumed correct unless the appellant
has qrovided clear factual data that suqaorts their claim. Examples of documents to sunaort
a claim would be� recent sale prices of comparable sales (none of which are foreclosed,
short or bank owned sales as those sales are not `arms-len�th' transactions where the
prapertv was marketed for the normal amount of time AND the buver and seiler are willin�
buvers and sellersl: a recent aparaisaf; or a recent market analvsis.
GENERAL COMMENTS or ANYTHING MORE YOU WISH TO ADD:
i/A-�v�z�r,.� o„� r�-t.t P�a ���-�--� r� �".4-,�c pv�� s� s
�-�f T'�� ve; a✓�� 2��- Y��.r, v� Z o v8 �/ 3 ydd �
' 2�l3 � 300, vvd _
City of Prio� Lake Commercial Appraiser Chad Bohnsack 952-496-8970
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t ui►d�rstand th�rt my oppeal rnust lnt�ude spec�fk rdasoAS why t1+a �qre�aar's valr�atlon ls
not cvn+�c�. m�r pmount af !ax ar the percent�e of #lae sraltraticsn or�it�x �ritreas+e, per9onaJ
ha�d�Np, and oth�r rrtatters an�rsrar�ed to tba ar#ur�J rrre►rker vdue rarenot, by law, �+e .
oan�Idered. �
�. .. �"C"�1�y°R (� 1 P!� 1rl��� �_� 5tt�te lh�t 1�m the, t�w►z�er dr .�tr autf�orized
repre:�entgtWe af the ceal eaute descrlb�d �bav+�. 1 henby raquat th�t tha Priot t,�ke laral
�aard of Ap�! and �quall��rcion revi�vut thc valus�lon o! th� propartl► �a of tbc as�esaenrne
d�t0 �fi J�nuurry 2, 7A1�, tor taxes peyeWe in 20i4. ! a�imow�ad� tha� only tha sales that
hava occc�rer�d duri�� th� periad of l�ber i, 2tti� throu�h S�eptemlkt 30, Z0�2 are used tn
, de#�'minMS the valqe es of lanuary 7, 2t?13. � .
I a�o �cknowl�dge titat a�fi tnfi�ma�t6n supplled abovQ Is tru� and correct. �
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PAtiNTEd NA�E: . �� 1� ' �. t/ 4 � rr � � .
StGNATURE: � . `--� .
� a��e: 9 f3
Pteas� submit this fc�rr� a�nd �li �uppor�ng dacurn�r�#s nu l�t�r th�n Apri126�'� 2019 ta the .
oudctce�n l�aMw: ' " •
Sc��ott County'Paxatton DepaMrment .
�1 �� Avenue West � " .
� Shekopme, M!�! 55379 � � .
If yau h�v� �ny qu�#ans. Pkase eanta�ct Chad �Otinsadc �t 9�2-�196-$970. '
�Ety af iMor Lake Cnmtrurct�l Appr�ISer Gh�d 9ahm�adc 952�Df,-8.970
Id Wd0t:b0 L£�Z 6Z 'ada 9TZbZ�b-�56: 'ON Xti� l�IOfl f11S: W0�1�
Appeal:
Stuart Voigt 252690030 4520 Tower Street SE
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Subject Property:
PID: 252690030
Address: 4520 Tower Street SE, Prior Lake
Zoning: C-2, General Business District
Size: 2 acres or 87,120 square feet
2012 Assessed Value: $300,000
2013 Assessed Value: $300,000
The subject property is a 2 acre tract of land along Tower Street SE. The current assessed value is
$300,000 which equates to �3.44 per square foot. The property owner's representative submitted 4 sales
for consideration as a basis for a reduction in market value. These sales have been summarized on the
following pages.
Sale 1 is a 40 acre (1,742,400 square feet) tract of land in Belle Plaine Township that sold December 31,
2012 for $400,000. The sate price equates to $0.23 per square foot. This property is zoned A-1,
Agricultural Preservation and is currently used as agricultural. This parcel has no city utilities. In my
opinion, this sale is not a good comparable for the subject property. A map of sale 1 is sho�m�n belo�v.
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Sale 2 is located in Shakopee and consists of 5 tracts of land that sold December 17, 2012 for $425,000.
The total land area is 186,610 square feet and the sale price equates to $2.28 per square foot. This
property requires two significant adjustments to the sale price. First, the 5 tracts are separated by road
right-of-ways and alley right-of-ways that limit the development potential of the site. Second, tracts 1 and
3 have a sloping topography that would incur costs to level the site and make it ready for development. In
my opinion, these adjustments would increase the adjusted sale price of the sale to at least the value of the
subject on a per square foot basi�. ,�1 map oi salc 2 is sho«�n belo���.
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Sale 3 is a 74,923 square foot tract of land in Jordan that sold December 21, 2012 for $85,000. The sale
price equates to $1.13 per square foot. This parcel is zoned industrial and the buyer plans to construct a
warehouse on this parcel. In my opinion, this sale is not a good comparable for the subject property. A
map of sale 3 is shown below.
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Sale 4 is a 226,512 square foot tract of land in Savage that sold August 8, 2012 for �650,000 plus special
assessments of $10,810 for a total sale price of 660,810. Due to wetlands that are located on the north
end of the site, the usable land area based on site plans is 121,968 square feet. The sale price equates to
$5.42 per square foot of usable area. The site is zoned C-2, General Commerce District. The sale price
supports the market value of the subject property. A map of sale 4 is sho�vn belo�v.
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Based on the sales provided above, the only sale that is considered comparable to the subject is sale 4. In
addition to this sale there have also been other transactions that have taken place. These sales are
summarized below
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Parcel 1 in the map above sold December 26, 2012 for $300,000. The land area is 37,026 square feet
which equates to a sale price of $8.10 per square foot. This parcel has the same zoning as the subject and
is located approximately'/4 mile to the north of the subject.
Parcel3 in the map above sold March 6, 2013 for $390,000. The land area is 46,174 square feet which
equates to a sale price of $8.45 per square foot. This parcel has the same zoning as the subject and is
located approximately'/z mile to the north of the subject property.
Parcel 2 in the map above is the only other land sale in the neighborhood and the only sale I was able to
find that was not located along Highway 13. This parcel is a much older sale as it sold in September
2009 for $250,000. The land area is 43,560 square feet which equates to a sale price of $5.74 per square
foot.
The property owner cunently has the property marketed for sale at $4.25 per square foot. The listing is
attached at the end of this report. Based on all of the available infonnation, it is my opinion that there is
no basis for a reduction in market value.
Recommendation: : {
We recommend that the board affirm the value of $300,000.
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` "'`" ��� �i �.�tt t �' y� COLLIERS INTERNATIONAL
: ���' �' - - � �'�` �`�� 4350 Baker Road, Suite 400
�< `' '¢`�.� �s������ 4� � ��:'^�.},''"� ;` �'���� � i � ���� ' Minnetonka, MN 55343
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Daniei I'eterson
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' P1'IClllg Email: Dan.Peterson+c"r.: caliiej•s.com
� Price Per SQFT• $4.25 Phone: 952.897.7713
• Fax: 952.842.7713
Property Information
Legal Description: Lot I, Block 2, ENIVID lst ADDN. & Outtot A,
ENIVID ADDN.
Land Area: 2.88 acres (2 acres usable)
Zoning: C-4, General Business
PID Number: 25-269003-0
Highligh�.s: > Rare commercial lot in Prior Lake
> Located near renovated Strip Center
> New regional post office across street
> Area road improvements compieted in 2005 COLLIERS INTERNATIONAL
4350 Baker Road, Suite 400
Minnetonka, MN 55343
-�Listim� lnde��,_
O�' 2012 Colliers International Minneapolis - Saint Paul All Rights Reserved.
http://ebrochure.colliersmsp.coxn/index.asp?P=3885 5/1/2013