2025 City of Warren Henkel RE 12-13-28-300-015 Evidence.pdf
Henkel Corporation, Petitioner Vs. City Of Warren, Respondent · 25-002423-TT
Text extracted from the reviewed PDF, organized by page. OCR and reading order may contain errors; confirm details in the PDF below.
Page 1
Assessment Analysis Independent Member Crowe Global 320 East Jefferson Boulevard Post Office Box 7 South Bend, Indiana 46624-0007 Tel +1 346-308-8514 www.crowe.com Property Owner HENKEL CORPORATION Location 23343 SHERWOOD Account / Parcel 12-13-28-300-015 City Warren Site Code N/A County Macomb Tax Year 2025 State MI Price PSF Net Rentable Area 194,476 Sq.Ft. Improvement 6,710,020 $ 34.50 $ Land Size (AC) 15.09 Acres Land 773,400 $ 1.18 $ Year Built 1959 Total Market 7,483,420 $ 38.48 $ 6,188,606 $ 31.82 $ Indicated Value $ /SF 6,195,655 $ 31.86 $ 6,179,513 $ 31.78 $ 6,188,301 $ 31.82 $ Indicated Value $ /SF 6,187,823 $ 31.82 $ 6,188,301 $ 31.82 $ Allocation Amount Allocation % 2,478,262 $ 40.0% 1,853,854 $ 30.0% 1,856,490 $ 30.0% 6,188,606 $ 100.0% Property Notes: ► The subject property is over valued. ► A cost approach based on the Marshall & Swift handbook supports a reduction in the subject's assessment. ► Recent nearby sales of similar properties supports a reduction in the subject's assessment. ► An Income Approach supports a reduction in the subject's assessment. ► The Opinion of Value based on allocation supports a reduction the subject's assessment. Subject Property Valuation Method Indicators Value Correlation Opinion of Market Value Assessor Description & Assessment Valuation Method Assessment Value Comparisons Valuation Method Cost Approach Estimate Sales Comparison Approach Estimate Income Approach Estimate All Approaches Mean (Average) Property Description All Approaches Median (Middle) Comparison Method Cost Approach Allocation Sales Approach Allocation Income Approach Allocation
Page 2
Property Owner HENKEL CORPORATION Account 12-13-28-300-015 Site Code N/A Location 23343 SHERWOOD City Warren County Macomb State MI Subject Images
Page 3
Rec Owner Address Parcel Zoning Bldg Area Land Area 8 A (=% Rh 5 I<! io oM12US HENKEL CORPORATION 1 Henkel Way, Rocky Hill, CT 06067 12-13-28-300-015 Mz 194,476 SF 15.09 AC oMIUS any PO ee — Ready Ave @® — Ave
Page 4
Subject 23343 SHERWOOD Type Address 23343 SHERWOOD Class Account 12-13-28-300-015 Type Building Area 194,476 Sq.Ft. Year Built 1953, '55, 58, '59, '89, '91, '95, 2005 Subject Actual Age 66 Actual Year Constructed - 1959 Land Size 15.09 Acres Subject Effective Age 33 Effective Effective Year - 1992 Property Type by Dollar / Square Foot 48.00 $ Improvement Square Footage 194,476 Sq.Ft. Composite Cost Multiplier 0.97 Primary Improvement Replacement Cost New (RCN) 9,054,802.56 $ Percent Good from Marshall & Swift 59.00% Primary Structure Replacement Cost New Less Depreciation (RCNLD) Other Improvements Size $/Unit RCN Age % Good Value Other Improvements 109,829.00 $ 33 Effective 59% 64,799.11 $ Surface Parking 125 Spaces 2,070.00 $ 258,750.00 $ 20 Effective 32% 82,800.00 $ Dock High Bay Sq.Ft. 7,700 Sq.Ft. 30.50 $ 234,850.00 $ 20 Effective 32% 75,152.00 $ Other Improvements Obsolescence Adjustments Type Obsolescence Adjustments Type Obsolescence Adjustments Type Obsolescence Adjustments Total --> Land Value Total --> Notes: Land Value 142,830.00 $ Cost Approach Indicated Value /SF Cost Approach Indicated Value 5,342,333.51 $ Total --> 222,751.11 $ Cost Approach Primary Structure RCNLD Light Manufacturing C Low Cost Primary Structure Replacement Cost New Less Depreciation (RCNLD) 31.86 $ 6,195,655 $ Curable Parking Deficiency 142,830.00 $ - $ - $ 773,400.00 $ Subject Property Cost Approach Indicated Value Obsolescence Adjustments Land Improvements
Page 5
Address City State Type Building SF Grade Price Sale Date Sale Status Price / SQF Time Adjust Sale Price Time Adj. Price Per SF 23343 SHERWOOD Warren MI Industrial 194,476 Sq.Ft. C N/A N/A N/A N/A N/A N/A Days before Assess Date Annual % of Time Annual Inflation Rate Adjustment Adjustment Factor Time Adjust Sale Price Assessed Value Assessed Value PSF N/A N/A N/A N/A N/A N/A 7,483,420 $ 38.48 $ Address City State Type Building SF Grade Price Sale Date Sale Status Price / SQF Time Adjust Sale Price Time Adj. Price Per SF 12350 E Nine Mile Rd Warren MI Industrial 210,567 Sq.Ft. C 8,425,000 $ 3/13/2023 SOLD 40.01 $ 8,577,342 $ 40.73 $ 1721 W Pleasant St River Rouge MI Industrial 134,157 Sq.Ft. C 1,925,000 $ 5/7/2021 SOLD 14.35 $ 1,995,408 $ 14.87 $ 18450 15 Mile Rd Fraser MI Industrial 185,521 Sq.Ft. C 7,600,000 $ 6/10/2021 SOLD 40.97 $ 7,870,893 $ 42.43 $ Sales Date Assessment Date Days before Assess Date Annual % of Time Annual Inflation Rate Adjustment Adjustment Factor Time Adjust Sale Price Average Price Per SF Median Price Per SF Adjustment Mode 3/13/2023 1/1/2025 660 1.808219178 1.0% 1.80822% 1.0180822 8,577,342 $ Sales 5/7/2021 1/1/2025 1335 3.657534247 1.0% 3.65753% 1.0365753 1,995,408 $ 31.78 $ 40.01 $ Unadjusted 6/10/2021 1/1/2025 1301 3.564383562 1.0% 3.56438% 1.0356438 7,870,893 $ Per SF Time 32.68 $ 40.73 $ Adjusted Per SF Assessment Date 1/1/2025 Annual Inflation Rate 1.0% Annual Days 365 N/A 194,476 Sq.Ft. 31.78 $ 6,179,513 $ Notes: Comparable Sales Time Adjustments Subject Property Time Adjustment Comparable Property Sales Central Measures Sales Comparison Approach Subject Square Footage: Subject Sales Price: Adjusted Average Sales Price Per SF Sales Comparison Indicated Value Subject Property Subject Property Sales Comparison Approach Indicated Value Assessed Value
Page 6
Owner: HENKEL CORPORATION Net Rentable Area: Location: 23343 SHERWOOD Year Built: Account: 12-13-28-300-015 Market Rent: PSF % EGI Rent X NRA = Income Potential Gross Income: $7.00 Per Sq.Ft. X 194,476 Sq.Ft. = 1,361,332 $ 7.00 $ 105.3% Expense Recovery: 0.00% = - $ - $ 0.0% Concessions: 0.00% = - $ - $ 0.0% Secondary Income: 0.00% = - $ - $ 0.0% Total Secondary & Other Income: = - $ - $ 0.0% Total Income (PGI + Other Income) = 1,361,332 $ 7.00 $ 105.3% Less Economic Vacancy Factor (1 - Vacancy %): 95.0% = 68,067 $ 0.35 $ 5.3% = 1,293,265 $ 6.65 $ 100.0% PSF % EGI Variable Expenses: 26.00% = 336,249 $ 1.73 $ 26.0% Management Expenses: 5.00% = 64,663 $ 0.33 $ 5.0% Reserve for Replacement: 2.00% = 25,865 $ 0.13 $ 2.0% Tenant Improvements: 0.00% = - $ - $ 0.0% Total Variable Expenses: 33.00% = 426,778 $ 2.19 $ 33.0% Common Area Maintenance (CAM): 2.50% = 32,332 $ 0.17 $ 2.5% Taxes: 11.76% = 152,053 $ 0.78 $ 11.8% Insurance: 2.50% = 32,332 $ 0.17 $ 2.5% Total Fixed Expenses: 16.76% = 216,716 $ 1.11 $ 16.8% 49.76% = 643,494 $ 3.31 $ 49.8% Net Operating Income 649,772 $ 3.34 $ 50.2% Capitalization Rate 10.50% Notes: Subject Property Income Approach Indicated Value Income and Expense Analysis - Market 194,476 Sq.Ft. 1959 $7.00 Per Sq.Ft. Revenues Effective Gross Income Operating Expenses Subject Property Indicated Income Approach Value 31.82 $ 6,188,301 $ Total Expenses Indicated Income Approach Value / SF