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Eau Claire Board of Review sustains 2025 assessment for Cannery Trail Residences 2
Summary
The Eau Claire City Board of Review declined to lower the 2025 assessed value for Cannery Trail Residences 2, siding with the assessor’s income-based valuation and citing different treatment of expenses and a lower cap rate used by the assessor.
The Eau Claire City Board of Review on an appeal for Cannery Trail Residences 2, LLC (1700 Oxford Avenue) voted to sustain the assessor’s 2025 valuation for the 43-unit affordable housing development.
Property representative Nicole Solheim, who identified herself as representing Senaire Solutions, told the board the development opened in 2023 and includes 43 residential units, with the majority affordable. She presented the property’s audited 2024 income and expense statement and said the owner’s income-based calculation produced a net operating income of about $140,000. "We calculate an NOI or net operating income of about $140,000 and then utilized a 7.5 cap rate to estimate a fair market value of $1,865,587," Solheim said, adding the owner listed a proposed value of $3,000,000 on the objection form because the property is subject to a TIF development agreement.
The city’s assessor told the board the…
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