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Manassas Park Board Upholds Assessment for 8395 Euclid Avenue After Owner No‑Show
Summary
The Manassas Park Board of Equalization voted unanimously Oct. 22 to uphold the property assessment of $8,628,700 for 8395 Euclid Avenue after city staff presented an income‑approach valuation and the applicant, Robert Faye of Ryan LLC, failed to appear.
The Manassas Park Board of Equalization voted unanimously Oct. 22 to uphold the 2025 assessment of $8,628,700 for 8395 Euclid Avenue, a multi‑tenant industrial property, after city staff presented its valuation and the property owner’s representative did not attend the hearing.
City staff member Darius explained the assessment process to the board, saying the building — built in 1985 and likely purchased in 2022 for about $6.8 million — contains several long‑term leases and a mix of rents. "Several of the tenants are under $10 a square foot," Darius said, while noting more recent leases showed higher rates such as $14.50 per square foot. To account for below‑market leases, he said staff "valued the property as if the rents were at market" using a $13.50 per‑square‑foot projection and then deducted the present value of below‑market rents using an 8.25% discount rate over 10 years.
Board members questioned the data and asked whether low rents reflected temporary market conditions or an owner decision to accept below‑market income. One board member observed that several tenants held long leases and that landlord termination rights could allow rent adjustments in the future. Another member told the board, "He ghosted the board," about the applicant’s absence, noting that staff had attempted contact and the hearing had been rescheduled to provide the owner an additional opportunity to appear.
With the applicant absent and the board unable to question him directly, members said they relied on the packet and staff presentation. Members noted the revised figures were close to the original assessment — within roughly a couple of percentage points based on staff calculations — and moved to uphold the original assessment. The chair made the motion to uphold the assessment for tax map 18‑1‑36 (property address 8395 Euclid Avenue); the motion was seconded and passed unanimously.
The board concluded the hearing by thanking staff for their work and adjourning at 7:53 p.m. No further action on the appeal was taken at the meeting; the applicant may pursue any additional review rights available under local procedures.
