Agent, Assessor Offer Divergent Market and Income Analyses for Warehouse on Monomoy (BOE No. 125)

The board heard an appeal of a commercial equipment rental and storage warehouse (row number 140828535, BOE No. 125). The appellant’s agent presented three approaches — sales, cost and income — that clustered near $1.53 million and argued the market data and rent rolls supported a value just above $1.5 million. The assessor’s office reported using alternatives that yielded a higher figure and noted the assessor’s appraiser reduced an initial assessment to about $1.78 million in an informal settlement.

The agent said his evidence included nine Oklahoma City sales of comparable warehouses (sizes roughly 6,000–18,000 square feet), a cost approach with separate office and storage breakdowns, and an income pro forma using a 5.7% market vacancy, 5% expenses and a 7% cap rate. He told the board “all 3 of our approaches with a substantial amount of evidence are all coming in just above $1,500,000.”

Assessor staff said the assessor attempted to contact the agent to obtain income information and that the assessor’s office used CoStar comps as well as internal adjustments for land‑to‑building ratios. The assessor noted some of the agent’s comparable sales had small building square footage relative to the subject and said that required larger adjustments. The assessor’s agent also said the assessor had reduced an original value to $1,782,945 during the informal.

The board closed the hearing without ruling. Chair Eleanor Thompson said the board will render a written decision Friday and notify parties by mail.