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Manassas Park board upholds commercial property assessment after owner fails to appear
Summary
City staff explained a valuation that adjusted for below‑market rents but recommended keeping the assessment; with the petitioner absent the board voted unanimously to uphold the original assessment for 8395 Euclid Ave.
MANASSAS PARK, Va. — The Manassas Park Board of Equalization voted unanimously Oct. 22 to uphold the city’s original assessment of a multi‑tenant industrial property at 8395 Euclid Avenue after the property owner did not appear for an appeal hearing.
City staff presented the board with a rent‑roll analysis and an income‑approach valuation. The staff presenter said the property, built in 1985 and purchased in about 2022 for roughly $6.8 million, contains several tenants paying well below market rates. To account for that mix, staff modeled a projected market rent of $13.50 per square foot, used a 10‑year term and an 8.25% discount rate, and applied a capitalization rate near 7.25% to estimate value and the present value of below‑market leases. After updating the rent roll, staff reported a modest revision to the earlier assessment and recommended keeping the assessment unchanged.
Board members questioned staff about lease lengths and which tenants had recent renewals; staff noted some recent renewals showed materially higher rents (for example, one tenant at $14.50 per square foot). Members also raised practical questions about relying on the written record when the petitioner was not present to explain or clarify the rent data.
Several members said the petitioner had been given multiple opportunities to appear. One board member remarked, "He ghosted us. He ghosted the board," after noting attempts to contact the filer and a rescheduled hearing meant to accommodate the petitioner’s schedule.
With no petitioner testimony to challenge staff’s analysis, a board member moved to uphold the original assessment for the property (the proposed assessment figure stated during the motion was $8,628,700). Another member seconded, and the board voted in favor; the chair then thanked staff "and kudos to Darius" for his work and declared the meeting adjourned at about 7:53 p.m.
The vote leaves the city’s assessment in place. Because the petitioner did not appear, the board’s action was based on the written submission and staff testimony; the board noted that updated rent information will inform future assessments if and when leases change.
