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Board reduces SFC Holdings office structure value to $7.36 million, total $8.87 million
Summary
After review and discussion of income statements and comparables, the Board set SFC Holdings' structure value lower than the assessor recommended: commissioners approved a total assessed value of $8,872,156 for the 5300 S. Broadband Lane office building.
Lincoln County’s Board of Equalization set a revised 2025 assessed value for SFC Holdings No. 2 LLC’s office building at 5300 S. Broadband Lane after hearing testimony from the property’s representative and reviewing assessor comparables and limited income information.
Assessor staff recommended a total assessed value of $9,256,299 (land $1,510,408; structure $7,745,891), using cost and sales comparables. The appellant presented an income approach showing a net operating income (NOI) of about $617,000 and argued the income method produced a lower credible indication of value (around $7.71 million using an 8% cap rate) when measured on the building’s full usable area.
Assessors said they had partial income information but found some of the financials outdated and therefore relied primarily on cost and sales comparables. Commissioners discussed the credibility of income information and the challenges of applying an income approach without a complete, current NOI and lease roll.
After discussion, the board accepted a substitute motion to set the land at $1,510,408 and the structure value at $7,361,748 for a total assessed value of $8,872,156. The motion passed on roll call (yes votes recorded: Arons, Otten, Schmidt; Putnam voted no).
