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dotloop signature verification: dt1p.us/PD5q-6s9A-rernZ FRANCIS SUAREZ Mayor May 20, 2021 Property Owner ("Seller") C/O Alicia Goldman Miami Shoreline Properties, LLC 4775 Collins AVE, Suite #3803 Miami Beach, FL 33140 'Tttv of iffliami ARTHUR NORIEGA V City Manager EMAIL alicia ,aliciademartino.com LETTER OF INTENT RE: 5215 West Flagler Street, Miami, Florida (Folio No. 01-4106-030-0020), (the "Property"). Dear Mrs. Goldman: The City of Miami ("City" and/or "Purchaser") is interested in acquiring the property located at the above referenced address, as previously expressed in the initial Letter of Intent dated April 8, 2021. The City kindly requests that you provide written confirmation of your willingness to accept an offer at subject to the following conditions: $1,475,000.00 , �"/(/ os2o/zi 1. City will obtain, at City's expense, a Phase I Environmental Site Assessment (and/or a Phase't4Xl vironmental Assessment if deemed necessary); 2. Seller shall clear all the title issues prior to closing; 3. Seller shall vacate any and all tenants at Seller's sole cost and expense prior to closing; 4. The transaction shall be a cash purchase with no financing conditions; 5. Purchase shall be subject to City Commission approval, and to a ten (10) day Mayoral veto period after the City Commission resolution enactment date ("City Approval"); 6. The Seller shall cease negotiating with any third parties with respect to the sale of the Property from the Effective Date until fifteen (15) days after City Approval to allow the parties' time to negotiate and execute a formal Purchase and Sale Agreement for the Property; if the Purchase and Sale Agreement is not executed by July 19, 2021 or as such date as may be extended by mutual written agreement of Seller and Purchaser, then this Letter of Intent shall terminate. This letter constitutes the City's willingness to proceed and to negotiate a mutually acceptable formal Purchase & Sale Agreement. It is understood that no legal rights or obligations shall arise by virtue of this Letter of Intent except for item number six (6) above, and neither party shall be bound by the terms hereof, unless and until the execution and delivery of a formal, written Purchase & Sale Agreement for the Property has been mutually executed and delivered by duly authorized representatives of both parties. If the Seller is interested in selling the Property per the conditions stated herein, please have the Seller sign below and email the signed Letter of Intent to dlozano(c miamigov.com. If you have any questions or concerns please contact Danny Lozano, Property Management Specialist with the City of Miami, Department of Real Estate and Asset Management at (305) 416- 1469. r// dotloop verified C<G2G QCBdG�2 0520/21 6:12 PM EDT EEIH-XH8M-6VWT-SU91 Sincerely, By: Name: Edilia Acosta Ant?nyy rcena, Assistant Director Date: ("Effective Date") DEPARTMENT OF REAL ESTATE AND ASSET MANAGEMENT 444 S.W. 2nd Avenue, 3rd Floor, Miami, Florida 33130 / (305) 416-1450 / Fax: (305) 416-2156 Armada Appraisal . Consulting Company Appraisal Report / 21-0140 5215 W Flagler Street, Miami, Florida 33134 Prepared for- Danniel Lozano City of Miami 444 SW 2 Avenue, 3rd Floor Miami, Florida 33130 Prepared by - Albert J. Armada, MIB, MAI, SRA State Certified General Real Estate Appraiser No. RZ 397 Armada Appraisal & Consulting Company PO Box 1247 South Miami, Florida 33243 Telephone: 305-266-3930 / 786-208-4983 albert@armadaappraisal.com May 15, 2021 Mr. Danniel Lozano City of Miami 444 SW 2 Avenue, 3rd Floor Miami, Florida 33130 RE: Appraisal Report of the subject property located at 5215 W Flagler Street, Miami, Miami Dade County, Florida 33134 Dear Mr. Lozano: As requested, the above referenced property has been examined for factors deemed pertinent in arriving at market value. The purpose of this appraisal is to estimate the fee simple market value of the property. The purpose of the appraisal is to estimate the "as is" market value as of the effective date of the appraisal of the property described above. In order to carry out this assignment, a market study of real estate activity in the vicinity of the subject property has been conducted. This investigation included the collection and analysis of sales, offerings, and information pertaining to other development that has occurred in the area in the recent past. The sources of this data included county deed records, our own data bank, other real estate brokers, appraisers, and knowledgeable individuals active in the area. The property owner was asked about the terms of the lease arrangement with the current tenant which operates as a day care center. He declined to share said information. Given the market value of the subject property pursuant to our study of the product type and the market, the income approach was not applied in this valuation. The request was made to exercise full transparency. Based upon the investigation, the following Fee Simple market value has been concluded; MARKET VALUE CONCLUSIONS Valuation Methodology As Is Land Value $1,550,000 Reconciled Value $1,550,000 An important consideration as of the time of our valuation is uncertainty in all real estate markets caused by the Covid-19 virus and the nearly complete shutdown of the economy. What impact the coronavirus has on long-term property values will not be known for some time and will directly depend on how long the population is prevented or self-restraint from returning to normal activity. The data and conclusions contained in this report are as of a point in time when the impact of the virus is still being felt and well -before any market trends caused by the shut -down are evident. EXTRAORDINARY ASSUMPTIONS The use of extraordinary assumptions, if any, might have affected the assignment results. This appraisal did two extraordinary assumptions: 1) This appraisal is subject to the extraordinary assumption that the subject site is free and clear of potential hazardous contamination. Should contamination be discovered in the future, such discovery could materially affect the value of the subject property and the undersign reserve the right to reconsider their value conclusion. 2) This appraisal is subject to the extraordinary assumption that title may be transfer in fee simple interest, and that no impediment exists to prevent said occurrence. HYPOTHETICAL CONDITIONS The use of hypothetical conditions, if any, might have affected the assignment results. This appraisal did not employ any hypothetical conditions. The appraiser(s) certify and agree that: 1. The appraiser(s) have no present or contemplated interest in the property appraised and that neither the employment to make this appraisal nor the compensation for it is contingent upon the appraised value of the property. 2. The appraiser(s) have no present or prospective interest in the property that is the subject of this report, and no personal interest with respect to the parties involved. 3. The appraiser (s) has not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 4. Albert J. Armada, MIB, MAI, SRA has personally inspected the subject property. 5. According to the best of my knowledge and belief, all statements and information in this report are true and correct; and the appraiser(s) have not knowingly withheld any information. 6. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. 7. The analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). 8. 1 certify that to the best of my knowledge and belief, the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. I certify that the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 9. As of the date of this report, Albert J. Armada has completed the requirements of the continuing education program of the Appraisal Institute. 10. No one provided significant professional assistance to the person signing this report Albert J. Armada, MIB, MAI, SRA has prepared all conclusions and opinions concerning the real estate that are set forth in the appraisal. 11. My compensation for completing this assignment was not contingent upon the development of reporting of a predetermined value or direction of value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or occurrence of a subsequent event directly related to the intended use of this appraisal. 12. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 13. Based on my experience, it is my opinion that I meet the qualifications to provide the following opinion of the subject property's value. 14. 1 have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. No changes of any item of the appraisal report shall be made by anyone other than the appraiser(s), and the appraiser(s) shall have no responsibility for any such unauthorized changes. This letter of transmittal and the pages that follow constitute my report, including the data and analyses utilized in forming an opinion of value. Should you have any questions concerning this report, please do not hesitate to call my office. Respectfully submitted, Albert J. Armada, MIB, MAI, SRA State Certified General Real Estate Appraiser No. RZ 397 CONTINGENT AND LIMITING CONDITIONS The certification of the appraisers appearing in this appraisal report is subject to the following conditions and to such other specific conditions as are set forth by the appraisers in the report. 1. The appraisers assume no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor do the appraisers render any opinion as to the title, which is assumed to be marketable. The property is appraised as though under responsible ownership. 2. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. The appraisers have made no survey of the property. 3. The appraisers are not required to give testimony or appear in court because of having made this appraisal with reference to the property in question unless arrangements have been made therefore. 4. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 5. The appraisers assume that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. The appraisers assume no responsibility for such conditions or for engineering which might be required to discover the factors. 6. Information, estimates, and opinions furnished to the appraisers and contained in this report were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the appraisers can be assumed by the appraisers. 7. Disclosure of the contents of this appraisal is governed by the by-laws and regulations of the professional appraisal organizations with which the appraisers are affiliated. 8. Neither all nor any part of the contents of this report or copy thereof (including conclusions as to property value, the identity of the appraisers, professional designations, reference to any professional appraisal organizations, or the firm with which the appraisers are connected) shall be used for any purposes by anyone but the client or his assigns without the previous written consent of the appraisers, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media without the written consent and approval of the appraisers. 9. On all appraisals involving proposed construction, the appraisal report and value conclusions are contingent upon completion of the proposed improvements, if any, in accordance with the plans and specifications. 10. Unless otherwise stated in this report, the existence of hazardous material, including, but not limited to, asbestos, polychlorinated biphenyls, petroleum leakage or agricultural chemicals, which may or may not be present on the property, were not called to the attention of, nor were they observed by the appraisers. The appraisers have no knowledge of the existence of such materials on or in the property. The appraisers, however, are not qualified to detect such substances. The presence of substances as listed above, or substances such as asbestos, urea -formaldehyde foam insulation, chemical or toxic waste, or other potentially hazardous materials may affect the value of the property. The value opinion is predicted on the assumption that there is no such material on or in the property, or on or in adjoining properties that would cause a loss in value to the property being appraised. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required discovering them. The client is urged to retain an expert in this field, if desired. In the event that a conclusion is reached whereby corrective action will be required to clean up any environmental contamination, the appraisers will at that time retain the right to modify and/or change the value conclusions presented herein. 11. The values as concluded herein are entirely contingent upon the subject property not being within or subject to a federally designated potential Endangered Species area as defined by the U.S. Fish and Wildlife Service, which, as a result might otherwise limit, restrict, and/or prevent development of the subject to its highest and best use. 12. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 13. Responsible ownership and competent property management are assumed. 14. All engineering information, if any, is assumed to be correct. 15. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. 16. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defined, and considered in the appraisal report. 17. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value opinion contained in this report is based. 18. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 19. The forecasts, projections, or operating estimates contained herein are based upon current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to change as a result of variations in the market. 20. The construction and condition of the improvements mentioned in the body of this report are based on observations. No engineering study has been provided which would assist in the discovery of any latent defects. No certification as to any of the physical aspects could be given unless a proper engineering study was made. 21. Possession of this report or a copy thereof does not carry with it the right of publication. It may not be used for any purpose by anyone other than the addressee or the Appraisal Institute without the previous written consent of the appraisers. 22. The opinions of value stated above, as well as every other element of this appraisal, are qualified in their entirety by the Contingent and Limiting Conditions set forth in another part of this report which is an integral part of the appraisal. As part of the Contingent and Limiting Conditions, the value conclusion is subject to completion of an Americans with Disabilities Act (ADA) compliance survey of the property. It is possible that a compliance survey with a detailed analysis of the provisions associated with ADA could reveal that the property is not in compliance with one or more stipulations. If so, this fact could have an effect upon the value of the property. Since POV (I we) have no direct evidence relating to the issue, POV (I we) did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. TABLE OF CONTENTS Letter of Transmittal Title Page Page INTRODUCTION............................................................................................................................ 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS...............................................................................2 EFFECTIVE DATE OF THE APPRAISAL/DATE OF THE REPORT..............................................................3 PURPOSE OF THE APPRAISAL...................................................................................................................3 INTENDED USE OF THE APPRAISAL..........................................................................................................3 MARKET VALUE DEFINED...........................................................................................................................3 PROPERTY INTERESTS APPRAISED.........................................................................................................5 PROPERTY IDENTIFICATION......................................................................................................................5 PROPERTY HISTORY...................................................................................................................................5 EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS.................................................5 SCOPE OF THE APPRAISAL........................................................................................................................ 6 FACTUAL DESCRIPTIONS............................................................................................................ 8 MARKET AREA DESCRIPTION AND ANALYSIS......................................................................................... 8 SITEANALYSIS...........................................................................................................................................12 ZONING........................................................................................................................................................14 REAL ESTATE TAX INFORMATION...........................................................................................................18 AERIALPHOTO...........................................................................................................................................19 SUBJECTPLAT...........................................................................................................................................20 TRAFFICMAP..............................................................................................................................................21 FLOODMAP.................................................................................................................................................22 IMPROVEMENTS DESCRIPTION...............................................................................................................23 ANALYSIS OF DATA AND OPINIONS OF THE APPRAISER.......................................................24 HIGHEST AND BEST USE ANALYSIS........................................................................................................24 LAND VALUE OPINION -SALES COMPARISON APPROACH TO VALUE............................................................26 RECONCILIATION AND FINAL VALUE ESTIMATE....................................................................................40 ADDENDA.....................................................................................................................................41 INTRODUCTION SUMMARY OF SALIENT FACTS AND CONCLUSIONS Client: Property Owner: Intended User: Property Address: Property Type: Inspection Date: Effective Date of Appraisal: Report Date: Property Rights Appraised: Classification of Report and Appraisal Land Size: Land Size: Building Size: Highest and Best Use as Vacant: Highest and Best Use as Improved Marketing Time: Exposure Time: City of Miami Edilia Acosta, Life Estate City of Miami. 5215 W Flagler Street, Miami, Miami Dade County, Florida 33134 Day Care Facility April 24, 2021 April 24, 2021 May 15, 2021 Fee simple estate Appraisal Report 0.574 Acres 25,000 Square Feet N/A Medium density multifamily development, limited retail. N/A 9 to 12 months 9 to 12 months VALUE ESTIMATE SUMMARY Valuation Premise Effective Date Estimated Value 'AS IS° I April 24.2021 $1,55f}XG Page 2 INTRODUCTION EFFECTIVE DATE OF THE APPRAISAL/DATE OF THE REPORT INSPECTION DATE: April 24, 2021 EFFECTIVE DATE: April 24, 2021 DATE OF THE REPORT: May 15, 2021 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to provide a market value opinion of the fee simple estate of the subject property. INTENDED USE OF THE APPRAISAL The intended use of this appraisal is to assist the client, the City of Miami in making a business decision on the subject property. MARKET VALUE DEFINED Market value, as used in this appraisal report, is defined by the Appraisal Foundation, as: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. This appraisal has been completed in accordance with (a) all Federal banking regulations (primarily OCC Regulation 12 CFR Part 34, FDIC Regulation 12 CFR Part 323 and Title XI of the Financial Institution Reform, Recovery Enforcement Act of 1989 ("FIRREA"), and (b) the Uniform Standards of Professional Appraisal Practices and Conduct ("USPAP") as promulgated by the Appraisal Standards Board of the Appraisal Foundation. Page 3 INTRODUCTION PROPERTY STRENGTHS • Location PROPERTY WEAKNESSES • Zoning CONCLUSION OF STRENGTHS AND WEAKNESSES The market area where the subject is located is driven by continued if tempered upward pressures on pricing and rentals visible over the last years. Page 4 INTRODUCTION PROPERTY INTERESTS APPRAISED Fee simple PROPERTY IDENTIFICATION Folio Numbers: 01-4106-030-0020 Legal Description: Lots 15, 16, 17, 18, 19, 21, 21 and 22 of COLSKY's RESUBDIVISION, according to the Plat thereof, as recorded in Plat Book 13, at Page 16, of the Public Records of Dade County, Florida. PROPERTY HISTORY No transfers of title are known to have occurred over the past three years, except for the creation of Life Estate in 2020. The subject property has been listed since March 20, 2019 per MLS. Initially listed for $2,127,700, reduce to $1,725,000 by July 2019, reduced to $1,675,000 by December 2019, reduced to $1,600,000 by June 2020, and finally reduced to its current asking price or $1,550,000 as of February 2020. EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS Extraordinary Assumption: This report does rely on two extraordinary assumption, that the subject site is free and clear of potential hazardous contamination. Should contamination be discovered in the future, such discovery could materially affect the value of the subject property and the undersign reserve the right to reconsider their value conclusion. And also, that title may be transferred in fee simple interest, and that no impediment exists to prevent said occurrence. For clarification, Extraordinary Assumption is defined as "An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: -It is required to properly develop credible opinions and conclusions; -The appraiser has a reasonable basis for the extraordinary assumption; -Use of the extraordinary assumption results in a credible analysis; and -The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Page 5 INTRODUCTION Hypothetical Condition This report does not rely on any hypothetical condition. Hypothetical conditions are contrary to what exists, but the conditions are asserted by the appraiser for the purposes of the analysis. SCOPE OF THE APPRAISAL The appraisal assignment was to develop an opinion of the market value of the fee simple interest of the real property as of the inspection date. In order to complete the appraisal assignment, a physical inspection of the property was made. The owner or a representative of the subject property was interviewed, if pertinent. In preparing this appraisal, the appraiser researched and analyzed data in defining the subject product -type, competitive product types, supply, and demand trends from the subject's immediate market area, as well as the broader area of Miami -Dade County. Probable buyers or users of the subject property -type were identified. Locational and physical characteristics and units of measurements and comparison were identified and defined. A search for comparable land sales was made based upon, but not limited to the following search criteria: 1) Similarly located land within the general area. 2) Date of sale within the past several years and 3) Similar potential use. The most comparable sales were then selected from those transactions which met these criteria. The site value is based upon a vacant site's being used to its highest and best use. Generally speaking, the site value is estimated via the sales comparison approach. The Cost Approach is based upon the premise that a prudent buyer will pay no more for a property than it would cost to reproduce or replace a substitute property with the same utility. The Cost Approach is a method in which the value of a property is developed by 1) estimating the replacement or reproduction cost new of the subject improvements, 2) deducting the estimated depreciation from all sources, and 3) adding this depreciated reproduction or replacement cost of the improvements to the site value. Replacement or reproduction cost new can be derived from reliable cost manuals or from interviews with reputable local contractors. Depreciation can be from physical, functional, or economic causes. Depreciation can be observed from rent loss or based upon a cost -to -cure. In all cases, information concerning depreciation is developed from the market by observing comparable properties. This approach was not undertaken in that market participants do not rely on the indication provided by this application to reach an informed purchase decision. The Sales Comparison Approach relies heavily upon the principle of substitution. The most applicable improved sales were identified and confirmed with a party to the transaction, when possible; if confirmation was not possible before the report date, public records were reviewed and relied upon in the application of the sales comparison approach to arrive at a value indication. A meaningful unit of comparison is developed. Then, a comparative analysis between the sales and the subject involves consideration for differences in location, time, terms of sale, and physical characteristics. The reliability of the sales comparison approach depends, to a large extent, upon the degree of comparability between the sales and the subject. The major strengths of this approach Page 6 INTRODUCTION include the reflection of actual market transactions and the fact that common denominators are fairly easily determined. The potential weaknesses of this approach arise from the fact that the data is historical and ideal comparables are usually very difficult to obtain. The Income Capitalization Approach to value is predicated upon the relationship between income and value. The body of economic data was gathered, analyzed and confirmed, whenever possible and necessary, to arrive at an indication of value via the application of the income approach. Although all of the appraisal principles are involved in this approach, the principle of anticipation is particularly applicable. This appraisal technique converts anticipated annual net income into an indication of value. This process is called capitalization, and it involves multiplying the annual net income by a factor or dividing it by a rate that weighs such considerations as risk, time, return on investment, and return of investment. The appropriateness of this rate or factor is critical, and there are a number of techniques by which it may be developed. The net income attributable to the subject property is estimated by subtracting vacancy, collection losses, and expenses from the property's annual potential gross income. All of these figures are derived from market comparison of properties similar to the subject. The reliability of the Income Capitalization Approach depends upon the reliability of income and expense estimates, the duration of the net annual income, and the method of capitalization. The weakness of this approach lies in the estimation of income and expenses and the fact that not all properties are suitable for this approach. The strength of this approach is its reflection of typical investor considerations as they analyze income -producing properties. This application was undertaken in this analysis notwithstanding the somewhat scarce economic data from the market for the property type. The income approach indication suggests that this property type is not investment grade. To develop the opinion of value, the appraisers performed an appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. This report is an appraisal report as defined under the Standards Section 2-2(a) of the Uniform Standards of Professional Appraisal Practice (USPAP). This Appraisal Report is a recapitulation of the appraisers' data, analyses, and conclusions; some supporting documentation is retained in the appraisers' file. The report complies with the Financial Institutions Reform, Recovery and Enforcement Act of 1989. Albert J. Armada has appraised numerous similar properties and is in compliance with the competency provisions of the Uniform Standards of Professional Appraisal Practice (USPAP). The applicability and reliability of each approach used in this valuation is considered in the determination of the final opinion of value. This process is discussed in the reconciliation and final value conclusion. Page 7 FACTUAL DESCRIPTIONS MARKET AREA DESCRIPTION AND ANALYSIS — Flagami - City of Miami The subject property is located within the incorporated area of the City of Miami. The City of Miami has become a kaleidoscope or patchwork of a myriad of neighborhoods. Some sources recognize as many as 25 to 30 neighborhoods while others as few as nine. Please refer to the map immediately below. City of Miami Neighborhoods / Map 1 r A�a�AL -- LE �� ` ,. - mnL.i c�oPLVm / CITY OF MIAMI NEIGHBORHOODS Officially, the City of Miami recognizes 13 neighborhoods. Please refer to the second map presented immediately below. City of Miami Neighborhood Enhancement Centers / Map 2 r._ tin M HOP"r wLTE 1 RiOtE � I Page 8 FACTUAL DESCRIPTIONS The property is in the Flagami market area, a neighborhood within the incorporated area of the City of Miami. The boundaries of this market area are the Miami River on the north, SW 8 street on the south, NW/SW 77 Avenue on the west (or the Palmetto Expressway) and NW/SW 27 Avenue on the east. This area is referred to in the above noted Map 2 as to Flagami as well as to an area noted as West Flager. The local populace refers to the area in question as Flagami. An extended market area may also include the Little Havana area which extends the eastern border to the Miami River. Miami International Airport ' WAd 4 asc, 836 NW 11 Si z NW 7th St 826 r FLAGAW e- The Flagami name is a portmanteau of the names "Flagler" and "Tamiami." On a map of Miami proper, Flagami is the distinct "tail" that juts out of the west border of the city. 50,834 residents, mostly middle-class Hispanics and some white Americans, populate the Flagami area. The residential market is a wide mix of moderately priced apartments, duplexes and single-family homes. The neighborhood is alive with many small shopping centers attracting residents, creating an atmosphere of bustling retail activity by day, while a variety of supper clubs and popular lounges attract people from all over Miami at night. It is characterized by small yet neatly kept and painted single-family homes. Commercial development in the area is defined by continuous rows of commercial properties with visibility to busy streets. This market area is traversed by three principal, busy, east/west commercial corridors: SW 8 Street, Flagler Street and NW 7 Street. Additionally, it is traversed by various, busy, north/south commercial corridors from SW/NW 72 Avenue on the west to SW/NW 27 Avenue. Properties with visibility to all of these thoroughfares are considered strip development and contain such uses as retail, primarily, as well as office buildings, apartment buildings, and mixed -use properties. There are also a variety of service stations and restaurants as well as several religious institutions. The areas which abut these commercial corridors are primarily improved with residences, ranging from single family dwellings to low density multi -family buildings. The area is densely populated. Income levels for the area are generally considered to be at mid levels. Page 9 FACTUAL DESCRIPTIONS Demand for commercial space - particularly for retail but secondarily as well for office space - along these commercial corridors which traverse the market area appears to be generally adequate with average to above average amount of vacancies given the large supply. There is evidence of redevelopment and rehabilitation of the existing stock of commercial space, as well as of existing improvements in general, and development of new multifamily apartment buildings, with overall limited number of vacant available sites for development. The reasonable low number of vacancies in the area, have caused rental rates to remain generally stable, to reflecting increases over the last few years tempering towards the last year to eighteen months. It is anticipated, given the overall modest vacancy levels, the generally stable rents, the ongoing rehabilitation and improvement of the existing stock of retail space, the limited number of available vacant land for redevelopment, and the large population in the immediate area, that the subject market will continue to illustrate strength and improve its current levels of occupancy. Development of new multifamily apartment and condominium buildings is apparent, given the limited number of vacant available sites, particularly to the south along the incorporated area of West Miami. Mixed use multifamily apartment and condominium buildings have been built and appears to be expanding into the lower density areas with new low to mid density housing. Summary and Conclusion In the years from 2007 through 2012, the national economy experienced a large and widely visibly recession; often now referred to as the Great Recession. The residential real estate market suffered a significant decline in the volume of transactions and in many cases significant declines in prices. Commercial real estate markets saw a similar slowdown in sales volume and, depending of the product type, various levels or degrees of declines in sale prices; recognizably at a slower pace than residential product types. This was due to the financial credit markets exhibiting a significant decrease in the amount of capital available for real estate transaction both in the residential and commercial sectors. Notwithstanding while the effects of the Great Recession were widespread, signs of recovery have become visible, with rebounding prices and values. Overall, since 2013, especially in South Florida, the real estate markets have improved. The national economy began to experience notable upticks - even if in an intermittent basis - via different national measurements, which are being reflected in South Florida as well. This is being translated into improvements of the real estate markets for all product types. Effects of the past slowdown, reversion and corrections in the real estate market and commercial credit is still somewhat or intermittently evident in the broader market. Continued reasonable strengthening is visible at present and is expected into the future, if somewhat tempered. Property values for commercial properties continue to show signs of movement towards stabilization, with 2012 establishing the lowest threshold ever reported in the area in terms of average sales prices. Given the economic, social, governmental, environmental and locational influences at play, the subject property, and the market area, is poised to benefit from potential growth in the future - steady Page 10 FACTUAL DESCRIPTIONS and continued strength — albeit tempered from the height of the market. Property values for all commercial properties are expected to remain stable, with indeed upward pressures in prices and values. All commercial real estate product types are expected to illustrate reasonable strength in the future. A growing population base, an excellent climate, a diversifying economic base, and an extensive transportation system all contribute to the desirability of the South Florida area. The desirability of the broader area coupled with the expectations of continued strength for all commercial real estate product types, appears to be both the cause and effect, attributed in particular to being the recipient of the considerable influx of capital flight into South Florida from South America and to a lesser extend Europe; a phenomenon that has assisted the entire South Florida area in its economic revival. Although at present certain reverses in the economies of our better international partners to the south — Argentina, Brazil, and Venezuela — dampening economic outlooks. An important consideration as of the time of our valuation is uncertainty in all real estate markets caused by the Covid-19 virus and the nearly complete shutdown of the economy. What impact the coronavirus has on long-term property values will not be known for some time and will directly depend on how long the population is prevented or self-restraint from returning to normal activity. The data and conclusions contained in this report are as of a point in time when the impact of the virus is still being felt and well -before any market trends caused by the shut -down are evident. Page 11 FACTUAL DESCRIPTIONS Address: 5215 W Flagler Street Miami, Miami Dade, FL 33134 Folio Numbers: 01-4106-030-0020 Land Area: Gross Land Area: 25,000 SF 0.574 Acres Usable Land Area: 25,000 SF Primary Road Frontage: 182'- W Flagler Street Secondary Road Frontage: N/A Access: Good by W Flagler Street Shape: Rectangular Corner Location: Interior Visibility: Visibility from W Flagler Street and surrounding development is rated as good for commercial uses, less so for multifamily. Paved Street: Yes Curb and Gutter: Yes Utilities Public Electricity: Yes Water Supply: Municipal Public Public Sewer: Yes Natural Gas: No Underground Utilities: No Adequacy of Utilities: Average Street Lighting: Yes Traffic Count: 33,500 AADT in 2019 Landscaping: Average Topography: Basically Level. A topographical survey was not provided; however, the land appeared to be relatively level and at grade with the adjoining public rights -of -way. We have no data on subsurface conditions, but due to improvements on this and adjoining parcels, it is apparent that the load bearing capacity of the site is sufficient to support improvements to the site. Flood Plain: The Flood Insurance Rate Maps, published by the Federal Emergency Management Agency panel number 12086CO294L dated September 11, 2009, indicates the following: Flood Zone X. Area determined to be outside the 0.2% annual chance floodplain. Easements/Encumbrances: No Environmental Issues: U/K. While it is beyond the appraiser's expertise to determine the Page 12 FACTUAL DESCRIPTIONS presence or extent of any environmental contamination within the site, it is incumbent upon us to comment as to any visible evidence of contamination or any apparent source of potential contamination. Upon the normal course of inspection of the subject site the appraisers found no readily visible evidence of contamination. The inspection performed by the appraiser is limited to visible and accessible areas of the site only. This appraisal is subject to the extraordinary assumption that the subject site is free and clear of potential hazardous contamination. Should contamination be discovered in the future, such discovery could materially affect the value of the subject property and the undersign reserve the right to reconsider their value conclusion. Utilities: All utilities were present at the subject site. Electricity is provided by Florida Power and Light. Telephone service is provided by AT&T. Water and sewer services are provided by Miami Dade County Conclusion - The subject tract contains a total site area of 0.574 acres. It is vacant and unimproved as of the time of inspection. The shape of the site is rectangular benefits from having direct access to/from W Flagler Street. Visibility to the site is considered good for a major connector thoroughfare, particularly for retail uses. Page 13 FACTUAL DESCRIPTIONS Zoning: Legally Conforming: Zoning Change Requested: Likely: T5-L, Urban Center Limited Yes No No Map of Subject Property's Miami 21 Zoning Page 14 FACTUAL DESCRIPTIONS Miami 21 Zoning Class Legend PROPOSED ATLAS TI NATURAL T3 SUBiJRBAN TA GENERAL URBAN TS URBAN CENTER T"' URSANCORE ■ T6.12• URMN CORE TWV URBAN CORE T&W URBAN CORE - TO-W URBAN CORE - T"O• URBAN CORE ® T BA0' URBAN CORE Df WORKPLACE D2 INDUSTRIAL Dd MARINE - CS CIOC SPACEJPA RKS CI CIVIC INSTITUTION CWD CM INSTITUTION • HEALTH DISTRJ(; R - RESTRICTED L-LIMITFO O -OP1\ The subject property is located within the incorporated area of the city of Miami, and therefore its uses are limited by the city's prevailing zoning code. It is zoned T5-L, Urban Center Limited. This zoning classification allows a density of 65 dwelling units per acre, with restrictions and limitations regarding lot coverage, setbacks, height, and parking fagade. This zoning classification is interpreted to allow development of mid -levels of residential density, primarily for such uses as single family, community residences, two-family, ancillary unit, home office and multifamily. The subject's potential residential development based on the square footage of the site and its prescribed density is estimated to be 37 units. Details of Calculations: 25,000 = 43,560 = 0.5739 acres. 0.5739 x 65 = 37.30 = 37 D/Units Page 15 FACTUAL DESCRIPTIONS Miami 21 Zoning Class Uses R L o R L 0 R L 0 R L i CS CI 07 Ot w DENSITY (UNITS PER AOACRE)IIIIIII, IIIIIII,IIIIIII,IIIIIII,IIIII♦IIIIIII,IIIII♦ IIIII♦IIIIIII, TP1:; F4YIV k=317EFe�E. YL_TI FAYILY H�J81RCi CCk41fY;k3' HCWE CFF CE LI4E - A.'is?C 4'7�?If� Page 16 FACTUAL DESCRIPTIONS Miami 21 Building Disposition for T5 Zones MIAMI 21 ARTICLE S. SPI- i IEIC TO ZONES PUBLIC HFARING•FIRST READING Z008.04 ILL USIRA IION 5.5 UMAN CENIER IRANSECT ZONE (6) BUILDING DISPOSITNN1 LOT DCUFATION a Let Aram • We rear mhalsr scans 5.I04 a1. mn- 40,0 00 s.F. mar 1.200 sf. mn. 40.000 s F. men b. Ls4 VAdlh - 00 Fier nl+rsiar access 50 (k rnm IS R — c Lot Cm,&ge 80'Amar- d. Flomr Lot Raba (FLR) VA a. Franbafe arfirm sa wk IOS m. 1.OpenSpmRew•rlrrtr g Ue" 1f'lfikEmnarm IS woo rr a IIIALONG b'6TBACK d P"m"IFrart 10 R mlb. b. Smandarp fret to It ruin. c side 0 R min d. Rear 0 R min. _ - s. Abufing T4 d R min.. AWdlriA T$ I R Min. I'thrM* Y' WArF 26 R min abM V fiery 1: Asrssa onttan Tf Pm apal Frc t 10It V through 7- "Fr Saiendry Front 1 20 fl Tw abeve 7' atery BULDING CONFIGURATION FRONTAOE n CemmmLaren p►efsbArd b P" d Fnlei peshbad m TsamwLC. prohlblpd wewrow d Fonmmrr . wrmtbrd - - f ShaPAartbAsw*+q prelbMd 4 Gluy P'snrrked bf SPeml Ana Plan -- h 4Fcde P9MlM d bYSPniel Arae FKsh BUILDING WGHT a him *OM 7 awn. b. Ma. MOOM S aloras - MA 3mnafe He01 I rtery abWMV 01 V-21 SUILDIIrG RACEMENT BUILDING HEIGHT >i— ----- -------------*--- � I" � I wa ' 116 s r. fwn A"LIRbA' Dl ar naps ` a' � a 1 ftPt IMIAANf Ad � BR1gFiiaA i Y I 6 wh a : i 3 f aar< = Ilsk P ANMQR Ati MIN Page 17 FACTUAL DESCRIPTIONS The subject properties are assessed by Miami -Dade County for 2020 as follows: ASSESSMENT & TAXES -TAX YEAR 2020 Parcel 1 Tax P arce I #. 01-4106-03 0-00 20 rvi arket Va Iue .Assessed Land ,d'alue $1.000,000 .Assessed BuildingValue $0 Dither value $0 Total Assessed Lan dValue $1,000,000 City Tax Rate 0.00000% Total Estimated Building value $0 County Tax Rate 2.12980% Total Estimated Othervalue s0 Other Tax Rate 0.00000% Total Assessment $1000000 Combined Rate 212980% .Assessment Ratio 70.42% 'Total Tax .Amount $14,998 T-Dta1 EstimateiGB.A IS0.00 Total .Assess meWAcre U26.133 The assessed value is the basis of the ad valorem tax calculation for unincorporated Miami -Dade County and its various municipalities and is limited in the amount it can increase each year. The Florida Constitution was amended in 2008 with a provision that limited increases in the assessed value of non -homestead property to 10% for local governments. The limitation does not apply to that portion of the ad valorem taxes for the Miami -Dade County Public Schools taxing authority, which uses the full market value amount. The valuation techniques employed by the Miami -Dade County Property Appraiser's office, while appropriate for the mass appraisal process and sufficiently accurate to establish the overall tax base for the county, are not adequately focused to be indicative of the market value of a single parcel of real estate. Therefore, the above -assessed value is not considered an indication of the market value of the subject property. Total taxes paid for the property for 2020 is reported to be $14,998. Page 18 Aeo FACTUAL DESCRIPTIONS Plat of Subject Property F117 LS 4 S 1 8 /0 It 713 1¢ M 17 f8 1�3 2f ?2 kn 3 r r 'r• 1"' r cr Lo7,Z3 7-011 or 7 EE7- CRE5, ,r-J-A' 3 —aWE Gam° 1�f 7�; r . ,r LlhI7. Page 20 4 - 7� rpm ir L irm I Lo —PE;d .,1011te. FACTUAL DESCRIPTIONS Flood Map �� „ � � � �a.r '�!!!"' ! • e"j � �� ••� � ��'� -- "` �"y dare tip IIN II+rt L+ Lk W. all L.r M1 ji f 4 �1 i i.rwa� _ ■ G 'n.efiiTl. �_ • � i n ZI FT' 'ri� + � � NO it Page 22 FACTUAL DESCRIPTIONS The subject property consists of vacant and unimproved land. Page 23 ANALYSIS OF DATA AND OPINIONS The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Alternatively, the probable use of land or improved property — specific with respect to the user and timing of the use —that is adequately supported and results in the highest present value. To be reasonably probable, a use must meet certain conditions: • The use must be physically possible (or it is reasonably probable to render it so). • The use must be legally permissible (or it is reasonably probable to render it so). • The use must be financially feasible. Uses that meet the three criteria of reasonably probable uses are tested for economic productivity, and the reasonably probable use with the highest value is the highest and best use. Highest and Best as Vacant The appraisers considered the size and configuration of the parcel, governmental imposed development regulation, surrounding development and market acceptability of new product types when estimating the maximally productive use of a property. Given the subject's permitted uses, its size and configuration, the prevalent uses in the area, and in consideration to current market activities and trends, and the most feasible use, the issue becomes what product is most marketable. Without a complete feasibility study, it is difficult to state with any certainty, a single use that would be considered the maximally productive use of the site, if it were vacant. However, in the case of the subject property given its zoning and the current demand pressure for affordable low to medium density residential housing it would appear certain that the use of the subject site would consist of medium density multifamily development, with limited retail. The subject site has 25,000 square feet of net land area. As a result of its size and current zoning class, development of the site as if vacant would allow as many as 37 residential dwelling units (DU). Details of Calculations: 25,000 = 43,560 = 0.5739 acres. 0.5739 x 65 = 37.30 = 37 D/Units It appears evident that investors in vacant land prefer sites with higher allowed density and intensity. As noted, development of the site would allow 37 residential dwelling units (DU). This subject property's zoning is T5-L, which allows a density of 65 dwelling units per acre, with restrictions and limitations regarding lot coverage, setbacks, height, and parking fagade. The market is limited both in supply as well as in demand for sites zoned like the subject property allowing said number of dwelling units, which are considered medium density. As such we have expanded our research in scope. Page 24 ANALYSIS OF DATA AND OPINIONS We have provided a table below of known sales or listing prices for known sites considered moderate in terms of density, some located within the City of Miami and others located in different municipalities or in unincorporated Miami Dade County. Densities range from 13 to 65 per acre. The price per unit ranges from $35,000 in Palmetto Bay to $170,264 in Coconut Grove, with a median price at $70,227. Table of Pricing for Sites with Medium Density Address Location Date Zng Ft2 Acres Price Density Units $/Units 18300 SW 98 Ave Palmetto Bay FS R-1 55,275 1.27 2,100,000 47 60 $35,000 9501 SW 137 Ave Kendall Cntrct RU-5A 609,012 13.98 12,810,000 22 305 $42,000 8300 Park Blvd Fountain Bleu Dec-20 BU-2 491,967 11.29 19,217,500 32 356 $53,982 3260 Bird Ave Coconut Grove Mar-19 T4-1- 14,000 0.32 1,970,000 36 12 $170,264 1900 SW 25 Terr Vizcaya Oct-18 T5-R 10,675 0.25 600,000 65 16 $37,667 6880 SW 80 St South Miami Oct-18 RU-3M 108,750 2.50 4,300,000 13 32 $133,517 7435 SW 61 Ave South Miami Aug-18 RM-24 25,300 0.58 1,800,000 24 14 $129,130 10807 SW 86 St Kendall Jun-18 RU-4M 37,380 0.86 2,165,000 36 31 $70,277 3151 SW 27 Ave Coconut Grove Apr-17 T5-0 20,970 0.48 4,625,000 65 31 $147,805 It is our opinion that the subject site for medium density multifamily development would be feasible and productive, with limited retail uses. AS VACANT: Medium density multifamily development with limited retail. Highest and Best as Improved The subject property consists of vacant and unimproved land. Analysis of the highest and best use as improved is not applicable. AS IMPROVED: N/A Page 25 ANALYSIS OF DATA AND OPINIONS There are several methods appraisers can employ when developing an opinion land value. The six basic procedures are the Sales Comparison Approach, Allocation Method, Extraction, Subdivision Development Method, the Land Residual Technique, and the Ground Rent Capitalization Method. All six methods are derived from the three basic approaches to value. Sales Comparison and income capitalization (i.e. Ground Rent Capitalization) can be directly applied to land valuation. Allocation and Extraction procedures reflect the influence of the Sales Comparison and Cost approaches; the Land Residual Technique is based on the income capitalization and the Cost Approach. Subdivision Development draws on elements of all three approaches. The Sales Comparison Approach will be used in this report. Sales Comparison Approach (Land Valuation) The Sales Comparison Approach is a process of comparing actual comparable property sales. This approach to value is based upon the Principle of Substitution, which holds that "the value of a property tends to be set by the price that would be paid to acquire a substitute property of similar utility and desirability within a reasonable amount of time. This principle implies that the reliability of the Sales Comparison Approach is diminished if substitute properties are not available in the market". This approach is based upon the collection of similar sales and offering data for comparison. Market - derived adjustments for relevant factors can sometimes be extracted from these and other sales. The sales data is compared to the subject on the basis of those elements of comparison which include real property rights conveyed, financing terms, conditions of sale, and date of sale. Location and other physical characteristics are then considered. Physical characteristics typically used in comparison are shape, topography, utilities, zoning, frontage, and flood plain. Because adjustments for these relevant factors are market derived, the desires and actions of typical buyers and sellers are reflected in the comparison process. Listed on the following pages are sales, which were considered to be the most comparable to the subject property. Units of Comparison We will use only one unit of comparison in order to analyze the subject property. This unit of comparison is commonly used, in that data for this analysis is readily available. This is the sales price per square foot of net usable land area. This particular unit of comparison allows for various factors — elements of comparison - affecting value to be readily considered. It is less useful when considering such factors that may affect value like density, emanating from zoning differences. However, in the case of the subject property all of the land sales considered within the incorporated area of the City of Miami are the same zoning class as either of the subject property's zoning and as such density considerations are equal for all of the comparables as well as the subject property. Nonetheless, we have also reported the results of the sales and listing using this units of comparison — price per unit. Page 26 ANALYSIS OF DATA AND OPINIONS Of the sales reviewed, based on the above criteria, the following sales represent the best available from the market to determine the subject's market potential under this valuation approach. While some are more ideal than others, the appraisers believe that they represent a sufficient sample of the data reviewed to illustrate a sound market -based conclusion for the subject. Listed on the following pages are sales used in this analysis. Page 27 ANALYSIS OF DATA AND OPINIONS Land Listinq 1 / Subiect Pro Listing Location Data Location: 5215 W Flagler Street Miami, FL 33134 County: Miami Dade Folio No: 01-4106-030-0020 Market Type: Suburban Physical Data Type: Land Land Area Acres: 0.574 Land Area SF: 25,000 Topography: Basically Level Shape: Rectangular Corner: No Utilities Telephone: Yes Electricity: Yes Water: Yes Sewer: Yes Gas: Yes Off -site Costs: $0 Zoning: T5-L, Urban Center Limited Flood Plain: No Adverse Esmnts: No Environmental: U/K Imprvmts. At Sale: No; vacant Proposed Use: N/A Confirmation Source: MLS/Broker Confirmed By: AJA Comments Sale Data Sale Status: Date: Marketing Time: Grantor: Grantee: Document No: Sale Price: Financing: Cash Eq. Price: Price Per Acre: Price Per SF of Land Price Per Front Feet: Price Per Unit: Listing N/A 779 Days Edilia Acosta, Life Estate N/A N/A $1,550,000 N/A $1,550,000 $2,700,720 $62 $8,516.48 $41,892 This is the current listing for the subject property. It has been in the market for 779 days as of the date of this valuation. The subject property has been listed since March 20, 2019 per MILS. Initially listed for $2,127,700, reduce to $1,725,000 by July 2019, reduced to $1,675,000 by December 2019, reduced to $1,600,000 by June 2020, and finally reduced to its current asking price or $1,550,000 as of February 2020. Page 28 ANALYSIS OF DATA AND OPINIONS Land Listing 2 Listing Location Data Location: 5711 NW 2 Street Miami, FL 33126 County: Miami Dade Folio Nos: 01-4001-003-3360/3370 Market Type: Suburban Physical Data Type: Land Land Area Acres: 0.336 Land Area SF: 14,623 Topography: Basically Level Shape: Rectangular Corner: Yes Utilities Telephone: Yes Electricity: Yes Water: Yes Sewer: Yes Gas: No Off -site Costs: $0 Zoning: T5-L, Urban Center Limited Flood Plain: No Adverse Esmnts: No Environmental: U/K Imprvmts. At Sale: Yes, duplexes Proposed Use: N/A Confirmation Source: CoStar/Broker Confirmed By: AJA Comments Sale Data Sale Status: Date: Marketing Time: Grantor: Grantee: Document No: Sale Price: Financing: Cash Eq. Price: Price Per Acre: Price Per SF of Land Price Per Front Feet: Price Per Unit: Listing N/A 32 Days Margo GC, Inc. N/A N/A $1,300,000 N/A $1,300,000 $3,872,530 $88.90 $10,483.87 $59,091 This is a current listing according to Costar. We were not able to find a listing in the MILS. This site consists of two parcels, located on the northwest corner of NW 57 Avenue and 2 Street. Page 29 ANALYSIS OF DATA AND OPINIONS Land Sale 3 Land Sale Location Data Location: 1542 NW 2 Street Miami, FL 33125 County: Miami Dade Folio Nos: 01-4102-005-8730/20 Market Type: Urban Physical Data Type: Land Land Area Acres: 0.321 Land Area SF: 14,000 Topography: Basically Level Shape: Rectangular Corner: Yes Utilities Telephone: Yes Electricity: Yes Water: Yes Sewer: Yes Gas: No Off -site Costs: $0 Zoning: T5-0, Urban Center Flood Plain: No Adverse Esmnts: No Environmental: U/K Imprvmts. At Sale: No; vacant Proposed Use: N/A Confirmation Source: Deed/CoStar/MLS/PR Confirmed By: AJA Comments Sale Data Sale Status: Sale Date: March 31, 2021 Marketing Time: 85 Days Grantor: Marlins MIA, LLC Grantee: Larusbrick, LLC Document No: 32412-2771 Sale Price: $1,200,000 Financing: N/A Cash Eq. Price: $1,200,000 Price Per Acre: $3,733,714 Price Per SF of Land: $85.82 Price Per Front Feet: $12,000 Price Per Unit: $57,143 The above transaction (32412-2771) represents only one of two lots which consists of this sale. This land sale occurred as reported pursuant to the listing broker involved in the transaction, who confirm that $600,000 was paid for each of the two lots, and that one of the recordations does not appear in the public records as of the time of this report. Page 30 ANALYSIS OF DATA AND OPINIONS Land Sale 4 Land Sale Location Data Location: 325-45 SW 17 Avenue Miami, FL 33135 County: Miami Dade Folio Nos: 01-4102-006-3100/3110/3120 Market Type: Urban Physical Data Type: Land Land Area Acres: 0.358 Land Area SF: 15,600 Topography: Basically Level Shape: Rectangular Corner: Yes Utilities Telephone: Yes Electricity: Yes Water: Yes Sewer: Yes Gas: No Off -site Costs: $0 Zoning: T5-0, Urban Center Flood Plain: No Adverse Esmnts: No Environmental: U/K Imprvmts. At Sale: Yes; Small bldg./1,295 ASF Proposed Use: N/A Confirmation Source: Deed/CoStar/MLS/PR Confirmed By: AJA Comments Sale Data Sale Status: Date: Marketing Time: Grantor: Grantee: Document No: Sale Price: Financing: Cash Eq. Price: Price Per Acre: Price Per SF of Land Price Per Front Feet: Price Per Unit: Sale June 17, 2020 298 Days ISR Holdings, LLC 325 Holdings, LLC 31982-4956 $1,000,000 60% L/V PMM $1,000,000 $2,792,308 $64.13 $6,700 $43,478 This property was listed since mid -year in 2019, initially for $1,436,000. It was subsequently reduced to $1,250,000. This information was obtained through a canceled MLS offer. According to CoStar the above reported were the number of days on the market. This transaction consists of three adjoining lots. It was used as a used -car dealership. Page 31 ANALYSIS OF DATA AND OPINIONS Land Sale 5 Land Sale Location Data Location: 1251 SW 7 Street Miami, FL 33135 County: Miami Dade Folio No: 01-4102-011- 0370/0361 /0360/0340 Market Type: Urban Physical Data Type: Land Land Area Acres: 0.571 Land Area SF: 24,863 Topography: Basically Level Shape: L-shaped Corner: Yes Utilities Telephone: Yes Electricity: Yes Water: Yes Sewer: Yes Gas: No Off -site Costs: $0 Zoning: T5-0, Urban Center Flood Plain: No Adverse Esmnts: No Environmental: U/K Imprvmts. At Sale: No, vacant land Proposed Use: Mixed Use MF Confirmation Source: Deed/CoStar/MLS/PR Confirmed By: AJA Comments Sale Data Sale Status: Sale Date: February 27, 2019 Marketing Time: 285 Days Grantor: Aquelarre USA, LLC Grantee: City of Miami Document No: 31349-3760 Sale Price: $2,255,000 Financing: Cash to Seller Cash Eq. Price: $2,255,000 Price Per Acre: $3,950,762 Price Per SF of Land: $90.66 Price Per Front Feet: $11,275.00 Price Per Unit: $60,946 This property was appraised by the undersigned on behalf of the City of Miami. It was listed in the open market for $2,390,000. Page 32 ANALYSIS OF DATA AND OPINIONS Land Sale 6 Land Sale Location Data Location: 620-52 Beacom Blvd Miami, FL 33135 County: Miami Dade Folio Nos: 01-4103-037-0450/0571/0570 Market Type: Urban Physical Data Type: Land Land Area Acres: 0.362 Land Area SF: 15,768 Topography: Basically Level Shape: Triangular Corner: Yes Utilities Telephone: Yes Sale Data Electricity: Yes Sale Status: Sale Water: Yes Date: January 18, 2019 Sewer: Yes Marketing Time: 466 Days Gas: No Grantor: Rolando E. Marrero/Calle Ocho Crossroads Off -site Costs: $0 Grantee: Trini Suites Dos. LLC Zoning: T5-0, Urban Center Document No: 30861-3145/31308-2945 Flood Plain: No Sale Price: $1,700,000 Adverse Esmnts: No Financing: Construction Loan Environmental: U/K Cash Eq. Price: $1,700,000 Imprvmts. At Sale: Yes; demolished Price Per Acre: $4,696,347 Proposed Use: Mixed Use MF/Hotel Price Per SF of Land: $107.81 Confirmation Source: Deed/CoStar/MLS/PR Price Per Front Feet: $10,119.05 Confirmed By: AJA Price Per Unit: $71,913 Comments This sale occurred into two transactions. One on February 51", 2018 for $800,000 and the second on January 181", 2019 for $900,000. The first transaction was listed in the open market. Page 33 ANALYSIS OF DATA AND OPINIONS Improved Sales Analysis Sales Location Map 1 AL a N'r"' x Listed on the preceding pages are the improved sales deemed to be the most comparable as compared to the subject. In order to arrive at a value conclusion for the subject, it is necessary to adjust the comparable sales prices for characteristics that are dissimilar from those of the subject property. The characteristics that may require adjustments include real property rights conveyed, financing terms (cash equivalency), conditions of sale, non -sale status, market conditions (time), and physical characteristics such as location, size, quality of construction, amount of interior finish out, occupancy, zoning and visibility. Differences in elements of comparison may be expressed as percentage or dollar adjustments. Isolated percentage or dollar adjustments, if such measurable adjustments can be extracted or derived from differences in elements of comparison between sales and/or listings, would result in the application of quantitative analysis. The source of dollar or percentage adjustment must be readily understood by the reader of the appraisal report. Whenever differences in elements of comparison between sales and/or listings are unable to be isolated and measured, resulting in a percentage or dollar adjustment, qualitative analysis is undertaken. In comparison to the subject, superior characteristics in the sales are adjusted downward and inferior characteristics are adjusted upward. The conclusions of qualitative analysis may be described in terms that clearly convey the direction and often the magnitude of the difference between the comparable property and the subject in regard to each element of comparison. However, while the direction of the adjustments may generally be supported by trend analysis, from among the comparables reported and from competitive markets, the magnitude of the adjustment might not be extracted from the market with a reasonable degree of confidence and as such it is founded in judgment; therefore what at first may be construed as a quantitative analysis, is in fact qualitative. After careful analysis of the sales available in the open market, through the use of both quantitative and qualitative techniques, we have presented the relevant sales in the adjustment grid on the following page. We have analyzed the selected sales and, although there were some noted Page 34 ANALYSIS OF DATA AND OPINIONS differences among the sales, and between the sales and the subject property, no adjustment was able to be reliably isolated through either quantitative or quantitative techniques. Review of Elements of Comparison Property Rights - The transaction price of a sale is always based on the real property interest conveyed. In this instance, an adjustment for this attribute was not considered necessary. Conditions of Sale - Adjustments made for conditions of sale usually reflect atypical motivations of the buyer and seller at the time of conveyance. A sale may be transacted at a below market price if the seller needs cash in a hurry. A financial, business, or family relationship between the parties may also affect the price of property. Interlocking corporate entities may record a sale at a non - market price to serve their business interest. When non -market conditions of sale are detected in a transaction, the sale must be thoroughly researched before an adjustment is made. Within the confirmation process, detailed attention was made to ensure the conditions of each sale. Based upon the research performed, it is believed that all of the comparable sales involved regular arms - length transactions without the presence of duress or adverse market influence. As such, no adjustments were warranted. Financing Terms - Prices paid in acquiring property may differ significantly due to the financing involved, if any. Cash or cash equivalencies are the basis of value, whereas extended, above market interest rate and/or leverage investor terms sales, generally represent the higher portion of a sales price range. Therefore, some methods of converting these financing terms to cash must occur so that the adjustment process may be applied to the sales. In reviewing the comparables, an adjustment was not required for atypical financing. Market Conditions/Time - Market conditions may change between the time of sale of a comparable property and the date of the appraisal of the subject property. Changed market conditions often result from various causes, such as inflation, changing demand, and changing supply. Time itself is not the cause for the adjustment. In this instance a market condition adjustment was not made, even though the market area and the product type are driven by upward pressures on pricing as well as rentals, visible over the last few years. It is the general consensus among brokers, developers and property owners that property prices have been stable or tempered over the past year. Data extracted from the market does not support an annual upward percentage adjustment. However, there were two active listings reported, and we have made a modest downward adjustment to them to mitigate for negotiations affecting changes in market condition. Location - Location considerations include such factors as proximity to surrounding land use plus accessibility to supporting development and transportation routes. When reviewing the comparables, any sales which had superior locational attributes were adjusted downward as low as-25.00%. Sales 3 and 5 were considered to be in streets considered local traffic roads, more suitable for the highest and best use concluded for the subject site. Sale 6's location was considered superior not only because of local traffic patters but also its proximity to the Miami Dade College, Little Havana campus. Page 35 ANALYSIS OF DATA AND OPINIONS Corner/Frontage - Corner located commercial properties generally bring a premium in the marketplace due to increased visibility and ease of access. The subject is a not a corner situs property. Some of the sales analyzed were superior to the subject property and were adjusted accordingly. The sales that are corner located parcels were deemed superior and thus adjusted downward by as much as-10.00%. Demolition - One area where quantitatively analysis was utilized is for demolition costs. Three comparables were reported to have improvements at the time of sale. Historical demolition costs were known to the appraiser. Confirmed costs associated with the demolition of buildings, a one-story strip shopping center with one portion containing two stories, after the sale of a property located at 3401 NW 17 Avenue, were $130,000 or approximately $7.26 per square foot. Additionally, we obtained demolition costs estimates for a one-story CBS building with 6,450 square feet in size. The total demolition costs estimate was $7.36 per square foot. Finally, costs for demolition using Marshal and Swift Valuation Services (2020) were estimated. The cost of demolition for Class B structures is reported to currently range from $7.46 to $10.25 per square foot of building area. Demolition costs for Class C structures is in the range of between $4.54 and $6.75 per square foot of building area. This analysis is the basis of the adjustments to all the sales with improvements at the time of purchase. Page 36 ANALYSIS OF DATA AND OPINIONS SUMMARY OF LAND SALES WITH ADJUSTMENTS Comp No. Subject 1 2 3 5 Property Name Sbjct Listing Listing Land Sale Land Sale 1325-45 Land Sale Address 5215 W 5215 W 5711 NW 2 1542 NW 2 SW 17 1251 SW 7 Flagler Street Flagler Street Street Street Avenue Street City Miami Miami Miami Miami Miami Miami Date of Sale --- 01/00/00 01/00/00 03/19/21 06/17/20 02/27/19 Sale Price V --- $1,550,000 $1,300,000 $1,200,000 $1,000,000 $2,255,000 Land Area (Acre) ^ 0.574 0.574 0.336 0.321 0.358 0.571 Land Area (SF) 25,000 25,000 14,623 14,000 15,600 24,863 Front Feet 182 182 124 70 150 200 Price/Square Feet --- $62.00 $88.90 $85.71 $64.10 $90.70 Property Rights --- Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing --- N/A N/A Cash to Seller 60% LN PMM Cash to Seller Conditions of Sale --- Arm's Length Arm's Length Arm's length Arm's Length Arm's Length QUANTITATIVE ADJUSTMENTS Property Rights 0.00% 0.00% 0.00% 0.00% 0.00% Financing Terms 0.00% 0.00% 0.00% 0.00% 0.00% Conditions of Sale 0.00% 0.00% 0.00% 0.00% 0.00% Months Elapsed 0.00 0.00 1.90 11.07 26.93 Market Conditions/Time -5.00% -5.00% 0.00% 0.00% $64.10 0.00% $90.70 Adj Price/Square Feet $58.90 $84.46 $85.71 Location 0.00% 0.00% -10.00% 0.00% -10.00% Size 0.00% -5.00% -5.00% -5.00% 0.00% Corner/Frontage 0.00% -10.00% 0.00% -10.00% -10.00% Demolition 0.00% 1.55% 0.00% ($12.86) 1.00% ($8.97) 0.00% ($18.14) Total Net Adjustments $0.00 ($11.36) Net Percent Adjustment 0.00% -13.45% -15.00% -14.00% $55.13 -20.00% $72.56 Total Adj. Price/Square Feet $58.90 $73.10 $72.86 Page 37 ANALYSIS OF DATA AND OPINIONS SUMMARY OF LAND SALES WITH ADJUSTMENTS (CONT.) Comp No. Subject 6 Property Name Sbjct Land Sale Address 5215 W 620-52 Flagler Street Beacom Blvd City Miami Miami Date of Sale --- 01/18/19 Sale Price --- $1,700,000 Land Area (Acre) 0.574 0.362 Land Area (SF) 25,000 15,718 Front Feet 182 168 Price/Square Feet --- $108.16 Property Rights --- Fee Simple Financing --- Construction Loan Conditions of Sale --- Arm's Length QUANTITATIVE ADJUSTMENTS Property Rights 0.00% Financing Terms 0.00% Conditions of Sale 0.00% Months Elapsed 28.27 Market Conditions/Time 0.00% $108.16 Adj Price/Square Feet Location -25.00% Size -5.00% Corner/Frontage -10.00% Demolition 2.32% Total Net Adjustments ($40.75) Net Percent Adjustment -37.68% Total Adj. Price/Square Feet $67.40 Page 38 ANALYSIS OF DATA AND OPINIONS Sales Price per Unit Conclusion After making adjustments the comparables have a value range of $55.13 to $73.10 per square feet with an adjusted mean of $66.66. The appraiser's estimate after reviewing the land sales and considering the current market conditions is represented in the following table, and it is based on the asking price for Land Listing 1 which is the subject property. It is also supported by all of the other sales and listing reported. LAND SALES ANALYSIS ADJUSTED PRICE/SQUARE FEET ANALYSIS Sale No. Price/Square Feet Net Adjustment Adj. Price/Square Feet Subject ---- ---- Sale 1 $62.00 ($3.10) $58.90 Sale 2 $88.90 ($15.80) $73.10 Sale 3 $85.71 ($12.86) $72.86 Sale 4 $64.10 ($8.97) $55.13 Sale 5 $90.70 ($18.14) $72.56 Sale 6 $108.16 ($40.75) $67.40 STATISTICAL ANALYSIS Minimum Average Maximum $55.13 $66.66 $73.10 MARKET VALUE ESTIMATE Estimated Price/Square Feet Square Feet Estimated Value $61.99 25,000.00 $1,550,000 Less Adjustment: $0 Land Value As Is: $1,550,000 Page 39 ANALYSIS OF DATA AND OPINIONS RECONCILIATION AND FINAL VALUE ESTIMATE In this section of the report, the appraiser(s) bring together all of the data gathered during the appraisal, culminating with their opinion of the most probable value. It is in this section, they summarize their thoughts about the property to reconcile the value indicators into a final conclusion. Your attention is directed to the following which summarizes the value estimates presented throughout this report. MARKET VALUE CONCLUSIONS Valuation Methodology As Is Land Value $1,550,000 Reconciled Value $1,550,000 The Sales Comparison Approach is based on comparison between the subject property and similar properties which sold within a reasonable period prior to the date of appraisal, and which are capable of providing insight into the valuation of the subject property. Elements of comparison are examined and developed for differences such as location and physical characteristics, and are applied if applicable to the comparables reported, to derive an indication of value for the subject. Critical in this valuation methodology, is the availability of sufficient market comparables with which to make valid comparisons. It is significant to note that while our conclusion of value for the subject property was arrived through the use of price per square foot of net lot area, we also monitored the subject's valuation using price per unit. The subject property's concluded value translated into price per unit results in a value of $41,892 per unit. Our analysis of competitive acquisitions, listings, or pending contracts, for multifamily developments of medium density, comparable to the subject provided a range of $35,000 per unit in Palmetto Bay to $170,264 in Coconut Grove, with a median price at $70,227. This analysis was presented in the Highest and Best Use section earlier in this report. Additionally, from among the six listings and sales reported the range in price per unit, prior to any adjustment, is between $41,892 (Listing 1 / Subject Property) and $71,913, with a median of $58,117. This test of reasonableness suggests that the value conclusion for the subject property is within reason both on a price per square foot of net land area as well as per unit. The Income and Cost Approaches were not considered applicable in this valuation. VALUE ESTIMATE SUMMARY Valuation Premise Effective Date Estimated Value "AS IS" April 24, 2021 $1,550,000 Exposure Time - It is reasonable to conclude that for the subject property to sell at a price equal to our market value estimate on the appraisal date, it would have been exposed on the market for a period of nine to twelve months. Marketing Time - If the property were listed for sale on the appraisal date, a marketing period of nine to twelve months would be expected in order to find a buyer for the property willing to purchase at the estimated market value. Page 40 ADDENDA Subject Photographs / Front View Looking Northeast from Flagler J tea: Front View Looking Northwest from Flagler Page 41 ADDENDA Subject Photographs View of Flagler Street Looking East View of Flagler Street Looking West Page 42 ADDENDA uthorization 4120)2021 Gmail - RFAQ- Narrative Report-6215 VV-.AGLER ST-Quotes due by Friday at 4:30 PM Albert Armada 4alarmada001(cDgmail.com> RFAQ - Narrative Report - 5215 W FLAGLER ST - Quotes due by Friday at 4:30 PM IAxano, Danny <DLozano@miamigov.com> Mon, Apr 19, 2021 at 7:12 Pia To: Albert Armada �alarmada001@gmaul.com3 Cc: "Maichel, Hans" sHMaichel@miarnigcv,ccm> Good evening Albert, Please allow this email to serve as your authorization to start the above -referenced assignment and complete report by the deadline specified within your bid or sooner (If possible), Please acknowledge receipt of this email. Thank you, Respectfully. Property Managemont Specialist i Cihy of Miami Department of Real Estate & Asset Management (DREAM) 4" SW 2"d Avenue, 3rd Floor, Miami, Florida 33130 T: 305.416.1469 i DLozano@mlamgovcom Page 43 ADDENDA Appraiser's Qualifications CURRICULUM VITAE — ALBERT J. ARMADA. MIB, MAI, SRA Resident of Miami, Dade County, Florida since 1961 State Certified General Real Estate Appraiser, State of Florida (Certificate Number RZ397) Licensed Real Estate Broker, State of Florida Graduate of Miami -Dade Junior College (now Miami -Dade College) — Awarded Associates of Arts degree, 1972 University of Florida, Gainesville, Florida - Awarded Bachelor of Arts, with Honors, in Psychology,1974 University of Miami, Coral Gables, Florida —Awarded Certificate of Middle Management, 1979 Florida International University — Awarded Master of International Business, 1984 Consultant — Affiliated, as an independent sub -contractor: Gallaher Valuations, Inc (2016 to present) Hedg-peth & Gallaher, Inc (1997 to 2001) Blazejack & Company (1988 to 1989) The Republic Appraisal Company (1966 to 1987) Employment: Armada Appraisal & Consulting Company, PrincipalfAppraiser/Consultant 1993 to Present City of Miami in various positions, 1977 to 1993, including Property & Lease Manager (1984 to 1993); Acting Assistant Director, Finance Dept (1983 to 1984); Lease Manager (1982 to 1983); Projects Supervisor, Community Development Dept.(1980 to 1982); Administrative Assistant (1979 to 1980)1- Personnel Office, Human Resources Dept. (1977 to 1979) Miami -Dade County, Program Director/Unit Supervisor, Health & Human Resources (1975 to 1977) State of Florida as Youth Counselor, Dept. of Health & Human Resources (1974 to 1975) Special Magistrate — Miami -Dade County Value Adjustment Board (2008 to 201 B) Appraisal Experience: Has participated in appraisals in Miami -Dade, Broward, Monroe and other counties in Florida of various types of residential and commercial properties, including office buildings, shopping centers, apartments, warehouses and developments, partial interests and litigation appraisals. Expert Witness: Qualified as an expert in real estate valuation in Miami -Dade Circuit and Family Courts. Has testified in deposition and in trial in matters of bankruptcy, divorce, deficiency judgments and other issues. Member of: Appraisal Institute, with designations MAI and SRA. Certified Under Continuing Education Program through December 2021 President of South Florida Chapter 2015 Director of South Florida Chapter 2009 to 2016 Former Member of: Certified Commercial Investment Member of the National Association of Realtors (designation c CCIM); relinquished 2016 American Society of Appraisers (Designation ASA, Urban); relinquished 2012 Candidate for Miami Dade County Appraiser, August 2014 Has been a managing member or investor in Miller Ludlam LLC, an owner of retail stores; and 4-B Warehouses, LLC, an owner of multi -tenant warehouses_ Page 44 APPRAISAL REPORT LOCATED AT 5215 W. FLAGLER STREET MIAMI, FLORIDA 33134 AS OF APRIL 20, 2021 PREPARED FOR MR. DANNY LOZANO PROJECT MANAGEMENT SPECIALIST CITY OF MIAMI DEPARTMENT OF REAL ESTATE & ASSET MANAGEMENT 444 SW 2nd AVENUE, 3rd FLOOR MIAMI, FL. 33130 -rh(f UR113AN � �[,r(--5lUI-) Rr AF 65TATB -ON'51'i TA N T% -Hie URBANN REAL ESTATE ADVISORS I PROGRAM MANAGERS I REAL ESTATE APPRAISALS =�CTroup R F. AI EST;TE 1"f T1 I, T• May 4, 2021 Mr. Danny Lozano Project Management Specialist 444 SW 2nd Avenue, 3rd Floor Miami, Fl. 33130 Re: Job Number: A-04-21-009 5215 W. Flagler Street Miami, Florida 33134 Owner: Edilia Acosta LE Remainder Interest; Juan A Acosta Jr. Rosa Maria Miralles 4452 SW 159th Court Miami, Fl. 33185 Folio Number: 01-4106-030-0020 Dear Mr. Lozano, Per your request, we have reviewed the above referenced property for the purpose of providing you with an opinion of the Fair Market Value for the vacant land located at 5215 W. Flagler Street, Miami, Florida 33134, in Miami -Dade County, Florida. The subject contains 25,051 square feet of land area. We were provided with a survey by our client, and we assume the 25,051 square feet size is accurate. The property is currently zoned "T5-L", Urban Center Zone based on our review of this vacant property, its location as well as our review of the surrounding land uses and zonings, it is our opinion that the highest and best use of the site is for future residential or mixed -use development. The purpose of our analysis is to form an opinion of the market value of the fee simple ownership of the subject property as of the effective date, April 20, 2021. The function of this report is for the use by the client to determine the market value for use in the potential acquisition of the property by the City of Miami. We have prepared the attached Appraisal Report, which contains a recapitulation of the data utilized to form an opinion of the market value as of April 20, 2021. If any additional data is required, please advise. 1424 South Andrews Avenue • Suite 200 • Fort Lauderdale • Florida 33316 Telephone: 954-522-6226 e Fax: 954-522-6422 a www: theurbangroup.com -Hie URBAN =�CTroup R E.1] EST;TE 1"f T1 I, T• Page 2 Mr. Lozano May 4, 2021 REAL ESTATE ADVISORS I PROGRAM MANAGERS I REAL ESTATE APPRAISALS Based upon our inspection of the property and market data analysis, it our opinion that the market value of the property as of April 20, 2021 is as follows: ONE MILLION FOUR HUNDRED FIFTY-FIVE THOUSAND DOLLARS ($1,455,000) ASSUMPTION: The appraiser has estimated the land size and we have assumed that this size is accurate. Sincerely, f,. Robert D. Miller, ASA State Certified General R.E. Appraiser No. RZ1270 1424 South Andrews Avenue • Suite 200 • Fort Lauderdale • Florida 33316 Telephone: 954-522-6226 e Fax: 954-522-6422 a www: theurbangroup.com TABLE OF CONTENTS Tableof Contents...................................................................................................................................1 Summary of Salient Facts and Conclusions.......................................................................................... 2 Aerial , Sketch and Boundary Survey of the Subject Property........................................................... 3 Definitionof Market Value................................................................................................................... 5 CompetencyProvision.......................................................................................................................... 5 Purpose and Function of the Appraisal................................................................................................. 5 LegalDescription.................................................................................................................................. 5 Scopeof Services................................................................................................................................... 6 MarketingPeriod................................................................................................................................... 6 RealEstate Tax Information.................................................................................................................. 7 PropertyDescription.............................................................................................................................. 8 AreaMap............................................................................................................................................... 9 Neighborhood Description and Map...................................................................................................11 Zoning& Flood Map...........................................................................................................................13 Highestand Best Use........................................................................................................................... 22 AppraisalProcess................................................................................................................................23 MarketApproach................................................................................................................................. 24 Reconciliation...................................................................................................................................... 54 Assumptions and Limiting Conditions................................................................................................ 55 Certification......................................................................................................................................... 57 ADDENDUM Photographs of the Subject Property Subject Property Deed Current MLS Listing Qualifications of the Appraiser 1 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � SUMMARY OF SALIENT FACTS AND CONCLUSIONS PROPERTY LOCATION: The address is 5215 W. Flagler Street, Miami, Florida 33134, in Miami -Dade County. OWNER'S NAME/ADDRESS: Edilia Acosta Life Estate Remainder Interest; Juan A Acosta Jr. Rosa Maria Miralles 4452 SW 159th Court Miami, Fl. 33185 INSPECTION DATES: April 20, 2021 & April 28, 2021 SITE SIZE: 25,051 square feet DIMENSIONS: Rectangular in shape, see sketch is this report ZONING: T5-L, Urban Center Zone PRESENT USE: Vacant Parcel HIGHEST AND BEST USE: The highest and best use is for development with a residential or mixed -use development. IMPROVEMENTS: None SALES HISTORY: The subj ect property was transferred in November of 2020 via Warranty Deed, OR Book 32294, Pages 3784-3785 for $100. Property is currently listed for sale with an asking price of $1,550,000. COST APPROACH: N/A INCOME APPROACH: N/A SALES COMPARISON APPROACH TO VALUE: $1,455,000 DATE OF VALUE: April 20, 2021 2 n,e URBAN � W j ou� tl �e Ryfwr} . ryµgr i r � y M -. IL M r i F' L A'GI .. I' {'CFI � _.. �.♦ _ e V Y- � {� , � k u ,�^•I F4L%Mt- .;qw I T.ST Y. "I rr Y 4 BOUNDARY SURVEY issr &J Wr ir k4 b L dL 4 a Flic URBAN �wj LIM) DEFINITION OF MARKET VALUE Market value is defined in the 2016-2017 Edition of the Uniform Standards of Professional Practice from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990 and August 24, 1990 as follows: The most probable price which a property should bring in a competitive and open market under all condition's requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: . 1. Buyer and seller are typically motivated; .2. Both parties are well informed or well advised, and acting in what they consider their own best interests; .3. A reasonable time is allowed for exposure in the open market; .4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto, and; .5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. COMPETENCY PROVISION The appraiser has completed similar type appraisals of vacant land throughout the Miami -Dade County area during his 39 years as a real estate appraiser in South Florida. As a result of these experiences, the appraiser meets the competency provision of USPAP. PURPOSE AND FUNCTION OF APPRAISAL The purpose of the appraisal is to form an opinion of the market value of the fee simple interest of the subject property with a land size of 25,051 square feet as of the effective date, April 20,2021. The function of this report is for the use by the client to determine the market value for use in the potential acquisition of the property. LEGAL DESCRIPTION Lots 15, 16, 17, 18, 19, 20, 21, and 22 of COLSKY's RESUBDIVISION, according to the Plat thereof, as recorded in Plat Book 13, at Page 16, of the Public Records of Dade County, Florida. Commonly know as 5215 West Flagler Street, Miami, Fl. 33134 Folio Number: 01-4106-030-0020 5 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � SCOPE OF SERVICES We have compiled all the necessary data in order to formulate an opinion of value. We have presented the applicable data in this Appraisal Report format. Any additional supporting data can be found in our working file. In preparing our report, we have reviewed and relied upon the following data. Sales and listings of vacant land properties throughout the subject neighborhood and Miami -Dade County over the past three years. 2. Review of public records for all pertinent sales data. Retrieved information from LoopNet, CoStar Comps, MLS and the Property Appraiser's Office. Review and considered the sales history of the subject property and neighborhood. 4. Review of Miami -Dade and neighborhood trends. Inspection of neighborhood and analysis of land use patterns and trends. 6. Inspection of subject property and comparable sales and verification of sales information. MARKETING PERIOD Based upon review of the neighborhood and competing properties it is our opinion that the marketing period for the subject property would be six to nine months. 6 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � REAL ESTATE TAX INFORMATION: Property I.D. 01-4106-030-0020— 2020 Taxes - $14,998.26 - Paid - 11/22/2020 ($14,398.33) Year 2020 2019 2018 Land Value S1,000s000 S1,000.000 $875.000 Building Value $0 $0 $fl Extra Feature Value $0 $0 $0 Market Value S1,000.000 S1 000 000 $875.000 Assessed Value $555.382 $504.893$458-994 2020 2019 2018 COUNTY Exemption Value $0 $0 S0 Taxable Value $555,382 $5041-893 $458,994 SCHCtCL BOARD Exemption Value $0 $0 SU Taxable Value S1,000.000 S1,000.000 $875.000 CITY Exemption Value $0 $0 S0 Taxable Value $555,352 $504.893 $456.994 REGIONAL Exemption Value $0 $0 $0 Taxable Value $555,382 $504.893 $45B.994 7 r-11c URBAN tl0 1y Tw" . 01g i I. PROPERTY DESCRIPTION LOCATION: OWNER'S NAME/ADDRESS INSPECTION DATE: SITE SIZE: DIMENSIONS: Address is 5215 W. Flagler Street, Miami, Florida 33134, in Miami -Dade County. Edilia Acosta Life Estate Remainder Interest; Juan A Acosta Jr. Rosa Maria Miralles 4452 SW 159th Court Miami, Fl. 33185 April 20, 2021 25,051 square feet Rectangular in shape, see sketch is this report ZONING: T5-L, Urban Center Zone — Single Family, Ancillary units, Two Family, & Multi -Family Residences, Limited Commercial, Office, Lodging, & Community Centers. PRESENT USE: Vacant Parcel HIGHEST AND BEST USE: The highest and best use is for future residential or mixed -use development. IMPROVEMENTS: None -Property has been vacant for at least the last 7 years. SALES HISTORY: The subject property was transferred in November of 2020 via Warranty Deed, OR Book 32294, Pages 3784-3785 for $100. Subject property is currently listed on MES for $1,550,000, listing is attached in addendum section. 8 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � AREA MAP � a la mods Inc' r phi lrsh Sl Kw Soh M L Nil MLLIrYk ��,1(] fiYFlrj�{7�+ 13,.- � JYW 41'h TE.rirr c 2 MY 41h ' errmu! MV 4bil 51 N ith St rti a IVW 4lh 54 z r L. ww 3rd ELI ' �JVQ 2M,Tl!trxe P L SUBJECT 5-115 W FiAgler St Mi iml, FL 33131 ^4w ZI)d 5t Fl,]gIrr kA vrnpri43 Pilr k W 1kl Sl 2 Hr ory' 1.4 Fiaglr�r ly } CI &olent3ry r,Aamorul Tarty. toFfag6 fla�Mer VU St P _ �� Ix ? e Wy 4 y i SW ? sr 51 CL cp 9A' tt S� - 3• n y � v ni W 7IK151 n n w. ao- 5W 3n1 51, ;)n 3ed Si 5V+' 4thl t SW d1th S, 501151 T,Wf 5`h 5 i 5tiV 5LI5'ar ytri f L'l IpLn SW J[II Temart- %W§eh Tal I d(43 i 276 rml I.IC-I t -I1.L 7i d4' A ail?-- _`for t' 9iL"` 7A'vcaok Gcip>rarrn. C i%P...S .tlk1.P T . 9 nt� URBAN � wj ou� tl.r IyTw" .l}Nsl I 1111141 LOP ILE MIk%JI SHWIF; Lil - .k N: MDNTi4 "0W"4kLLE II 1,1,E mArrT EAST mmi SIDE twwff CIT q BUENA VISTA rIo NMllr Subject PRIM" &LOPATTAN AIRPORT WEST Min 15RAPELAJYD H"71 Ff 2f� OWE LAaOM FOUNTAINPLEW r9YE57FLPMR LITTLE HAVANA I OMMIDE WEST THE ahK-mL,, 017 WAN WKMLGAPI: Mrlkkw I)lNlH ROADS I I Rglt WF�STCHFSTPN CDPAL tvmuct NURAC.LE MILE r ErWil. WAY *KKEFIWH LLMMAM SuxEFr CITY OF MIAMI "7 /l S" NEIGHBORHOODS mjjW7 - AT'Wiff.mmoup "-- m F _91RAINI, to f-he URBAN �wl 01-1 NEIGHBORHOOD DESCRIPTION The neighborhood is located in the westernmost district of the City of Miami in the Flagami neighborhood generally described as being bound as south and east of the Tamiami Canal, north of the Tamiami Trail (US 41/South Eighth Street), and west of Red Road (SR 959/West 57th Avenue), bisected by Flagler Street. This is an area that has been experiencing revitalization and generally comprised of mixed uses with numerous small single family residential and multi -story older residential walk up apartment complexes that are at or near the end of their economic lives. The area is also comprised of a wide mix of moderately priced apartments, duplexes and single-family homes. The neighborhood has many small shopping centers. The subject property is located south from the Miami International Airport to Southwest Eighth Street and spans east to Douglas Road. Flagami is named after its main thoroughfares, Flagler Street and the Tamiami Canal that flows along its western edge. The name is a combination of the names "Flagler" and "Tamiami. Flagamim has an area known as the Blue Lagoon, which, as its name implies, offers an abundance of water related activities. The Blue Lagoon area is also known as the regional and international headquarters of major national and multi -national corporations who have found the easy access to major highways and the proximity to cargo and airport facilities an asset. There are several major hotels along LeJeune Road in Flagami, and close proximity to Miami International Airport, where many of the area's residents are employed. Its easy accessibility by a number of expressways and main traffic arteries, combined with brisk shopping activity and location close to a major international airport were instrumental in Flagami's economic expansion. Flagami is a neighborhood of Miami, Florida, and home to many Cuban exiles and South Americans. As of 2000, Flagami had a population of 38,691 and 59,474 residents, with 13,896 households, and 10,141 families residing in the neighborhood. The median household income was $26,641.30. The racial makeup of the neighborhood was 90.08% Hispanic or Latino of any race, 1.85% Black or African American, 7.68% White (non -Hispanic), and 0.36% Other races (non -Hispanic). This neighborhood contains two public schools, six city parks and two major elderly meals facilities that serve the community, and several fire stations that complete the range of vital public services available within the area. 11 File URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � NEIGHBORHOOD MAP 9�UKLiri VJ" fi JVJ jf. tK pre. n 9 La Sublect . -)rIMP" LL dt! U63!--� qf, j�� byk(t 9 CCU I vkV4(4 a3 kmq� 'WLI" S4 10 R +nv-� rrT 12 Flic URBAN �wj LIM) tl 0 1y Tw" . 0�1� � I ZONING INFORMATION ON SUBJECT PROEPRTY ZONING The subject property with frontage on W. Flagler Street is zoned "T5-L", Urban Center Zone — District by the City of Miami under the Miami 21 land use development standards. A copy of the zoning code is on the next pages and has been taken from the City of Miami -Miami 21 Code of Ordinances.: JP7iwwl t'1y M Prr v++i /rrfrvj A,1Fbr..rven � ilr ut 4L"msu i taautau, w%U u4t"UJ gP �-t it P,t.wP t:w dw Z- 11:1114 Aroar. of Spar:filr. Flosignallon. Ea 60n: l 6aurlpcion. I - Enwtn!": vcna C . ... Spacial Arba Planning: era.awr.s rA.�.r�,pt,an: ellecrlArntt lawn -- L-'�fablly,f,rrd +ucitracicic- 3e'C IF!1f1' t,�S.0 nrxFnn• I Arw�' Rfrr)' ti, sfw i F'prniet 11000JNot Valid): 2nrlw: !D�rcr.W E urctmwH K..1 r.,tdur ir.,y Mo-]I CW rr.:tr - f<..�. a:.mal Former Overlay Districts: s4ulon: orar�rpt,�: � Fr1AGtm8e1C N�?rM Property Information:. P.: 'Jor4rO00.S000] r' flrlfvtl.LL:: 0112 A061 4 _ aw IS4 CT LkMP,FI MI&A, j � Hr.tle.1�Er.awAiolC _ _ _ C '-:.uy Ar147: "' Fi Ft t w".tZ..A..n A,. L.A al. a Ya B4:.. vq Ft z 5.003 _ I 74: nwriweie�n. 31CYB nEMM �y � 4�i: Aicarnrt�nlant Inflarr■rt�ft3fill: Lwwrrpuom I p6sW4ppon, _ Pttwtr�lwd, F Iv.r.wy-. .wr 9wrrteP. Future Land Lips Irt.UM- Ga i Dtrsarlptlarn: 0060000m: C,. At" lr x rtrwrrd.rtr t,r.-e.t+xrcFN 011wrict information. Al— GRy CAMnl4sb W.-__ . _ , do ROy*s ri ET 0 .l �Atoe,s- rWl4�*IIMIAr 1^+�lir fi reGinay+ru I InLYq' cc EFOXCOww pgrnr r�narta: Flood Zone; load Eor.e: �OrPFer1. Al tr'h."i 4.txJll E,q CI ZA RD d'r I:lu rrt]OD FiA2/iM).JtE/t I►wr r�14 1Pa1t1 ,1�1 Wt r�Pl Nriallrn IW �[106 Flomestoacl InformaUon riomc:ecad: I'iti lia IfOtu_ mixtonc n ftnvoronrnantar Preswvatlon: F I" P,.*.rd_ °Jost.. T+r,ap.. No ^I -wc s4fm n a %rrh. Z*n&v _ No N. U.frmr AY.pssl Fin tirv+-[7e.r.w. hap. toem m6 1n 13 n,e URBAN � W ] ou� tl �e RyfwrP . ryµgr i r � About Baekprdattd S iMOP IAIUng Cpile FAQ Mcurftvml% fte+aW F.fforle Gal lovosvan�t ,/:at.t-o,q Cnn. I Lt F.n C..W,4-. IrP.., Types of TS Zones a w V.m" * R Otoslm C-1 ;f i•q irl,a MCA Vtud It Zmb; fn3 if a R.at W "i & 1} m (JJ;o: a d 0.14 v,e r ft ropMkr cl vm r, Moil S.Y Mile?,, 10.441p rt i, fS xw.,S, m C.=1tzb ti a, tr.Rtd n1.2t41PR a'.I ..,In -.re\ Sub' ect rtii m,S. 15 tRufn - .' : "� [.=1. A-1.rt:.. X,14A.i IwAlf. A, ,� .•rAy.01,. V.,. Iw la,na 3,-n.armsaw-4m ma I lad,'t'd. Rertrl CeA (R) "iF fsmk6 41.31.4f wit, 1r. ',tatvr, -immlr llA7tcA {63 sa',: Y abe+'C Intl t"Xd Co"rMON, oily 1r,'ryrr•• A oRau•ly 9tr1:T. apo,n {O) .4.0,.. Y,,tli+g.Tn rtorlsilRrortdlakism['IS LCnn �f: ll W t•rlii.„ ci A tS rlw ehs y wi Ih 4rowl & 41401 {[41arnCKlii? alkaul ATIONDFUSES R L 4 A G[tontrx •fix+ x an Rr.iAr,.G,rl inir m {ler y trtr - n•z..a Sir_IM rr,.t/ hh1},+sa. 4 R R 9v J to i-lll. i, tab a 3 Ce ra,+.ra•kl Rsskm'= i R R il. Manti it U(I'd U.dc. .k,:1t[s u k I' - Frio if hiakm=s R R a Mid li F. niA HS- gy R R a R- Ih.wlaiip nlRtww tug"YI rasnliMxl R i =!hcsee ISpoetmRtedt7Ytw 0 E = the we is PePR kw bra!" itillm. i•anw At'e. R R i l WAe R t lb"A : er Ls 4;ka tt-IA %iW..a C R R In , C R R rly.l t A a/Fa ralim 4 R C aonmmdrl illnRrdo.; V9 t M•'[„1.X.1r FM.ai.h:%4K A' R I-&-f. ,wr,: �Md'i.ton 63d Fc:rt 7.•a4.. FMn A.I.,,:[K R R +1m�n S.rW.:fa..li:haol+d C C It•n,r tae,�.a c, r,• VO M..•ul/ 4llp R i ll.r i%,W-1 F..,III H^rr4't R i Civic k.: n.,t�xnY Fx IN C R .; CI.4 SuFpat Canon: ntr•Sxp at F5:Ity K :t VA; ci,y:4t IL Lt I IX: VI n' q r *, ra:1 tr No t,s r w: tit Prki: =a oks� t 'x' tv 14 n5e URBAN � wl Ou� tl01y r.rr -'INO i r. AC30.e M393n 15 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS AS ADOPTED • MAY 2011 THE NATURAL ZONE mnslsts of lands epproxknat- Ing a wilderness cond,tinn• permanently set aside for conservaHen in an nssenlutlly natural slate. THE RU RAL ZON E wnal she of (ands I n vpevyr cult) vatod stele or sparsely settled. These Include woodland, grasularud and agrlcuttural rand. THE SUBURBAN ZONE oonsdsts of low -Density roaa, primarilycompdsad of Singkl,Famllyand Two r•nmlly residnnlial unrtswlth relatively deep Setbacks. I;trectnapes wrath swales, and with or without Slde- wnika, Blocks may be large and the marls may be of Irregular goomeli to acCammodata natural and hlsldrlC Cartdltl8ne. THE GENERAL URBAN ZONE conahstsof a Mixe,(I-Ilse out primarily residential urban febnc wren a ranee of Building types IndWInq rowhcusws. srTnll aparlmnol Buildings, and bungalow courta. Satback3 are short with en urban Sl feetsca pa ofwida Sidawalke end Irma In planlers. Thoroughfares typ"ly define medh,m- Sub-j ect awed Weeks. laTHE URBAN CENTER ZONE vvnslstsci(WerOvndty Mlxad-Use Building typeslhilacconunodWOFOlalland off cv Uses, rowtrous® s and apa rtmen[r.. A netwwr k of a m all bkw*s ha s Thoroughfares Willi w id e S Idewal ks, steady street lrsw planting and Bulydings set close to the Frontages wilh frequent doom and windows. THE URBAN CORE ZONE Conalaia of Mo highest r Llars.ty and greatest varlmy of uses, Indudinq Civic Burrdinga or regimol Imirortanca• A hotwdrk of small blocks has Ihordughferea with w,de Sldawolks, wish steady Iron pinnflnq and Buildings sal Goes to the Hfonlago wilh frequent doors and windows. THE CIVIC ZONE consists of public use space and facilities the maycootroO In use to Iheir surroundings while rellaci ng adjacent Salbecks and lefsdacape. THE DISTRICT ZONE consists or the least regulated aulkllnq and au arnrnudatuticumrnwclalarxl lndvWrtal Uses ors scare and with a SVHetscape that faciliials wuHlcular awuss. ; r 11,41 r x az wi ItrT I i r', n y d' Cr a 47 IL ..._ 1 f F�.� FM ' li Ss 2 ttw�tlthiiy Y' ' rr . r f;t� ;4 LOW }i dp aMill IV 3 16 L-h e URBAN Ou�tl �e Ryfwrr . ryµq, , r. MIAidI 21 _ _ ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKiNG (CONTINUEDI AS ADOPTED - MAY 2011 T5 - URBAN CENTER ZONE Cgrtlgmllun,l - - � clultlrs,�n}lait J i1tl+lrt><rrAeKlle _ _ I1Eu11t}111'i11Ap1E �rC41111at Fill Inticlum e11wri1114IM1.Rflrlaai&IM.lrftd Fits:ratglhMittpOfhYilNaittrfdhT4h►a,lrtsa, tf 1T.r;111(c Wt tyaYlA4ieW kw lo-e wa:httawtt •Phnin If Stua.g. gmri pq• tlwl IV Off• '%I at" d lA pull wam,r Om II? II,1 ' w I i a ma I.3plA'iq 4u A••:•' rwS V 1 Fir ' Wrrirl a' ! a .Um •AA hr pat1% *W PI rMy • 11f1n. p r l t Mf{{' f.11Y1'r p.+{ } ti t,� Itw }Y' M2� , '•f+R1 R �' I a'ltlQtt Y111: r p ].A1; �pf)! .'rT tl trT Id pael fa ttla. !a DAN 111 3,11 10 ttitl IV t. Fit, •Nl1'tultZira Hxvm•1t1at1'k10m pr•d11t'•Iir1'a.rt-lien I; IMIITI 1`-1 lr:.'d, W1110 at • t kt *-'Atd WI$A�t11 t r I p-v. i r piAl r1 r. mr.M' am l walp:.•4 (a kiael. n.fi RChf fi.•trinilR{f tttlt atHb`L7ptfftq •Yittaatl{,: rdt tliltMSf tic ha.drow na+hi • C4rfnnylWhru.pelnn tt rprrllgyYe:tr KIM- I. at ta4Vlgt.h{ rPTst4dt:rrteD4NrpLitt V%rnni-lik scalp$4.1M,trle,y 11r.11}t tf ht • A:ct I any l@ 41tmu - "MMrI f COX T:ratl1 -Mil rirfir[wo Hsnd• Mie.rr 1 afar. p... .11 air T4l Drvt ha thfYf;. n ilty at!' txaw itr4 ra tis narttrtrdl:pl:l9r4Rclum • N11}.+)i+ttnr.TI4 pt K}.el; VA.r•hl 14 itt ' k nntlIfA.UaI06• p Ht$t1 It I ltmfri r 14lf 140 • r.n1tu{yF»;1.*:+ 1dr11gr]1" ^.11rp.tr.t+lw Sfrna lalhp.l4*{wrl A41rg1, Tf'b:.. 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MHr'a77hMkf 1ltsittdl5ttnt,lq�}rdmelt 'a>Irh HYi1 LCI:l pra:ex of ;li't:: [.xaxhtt slt Ira?+Irt111hHd',i �t,lRrtraOiapt;t IJ. •tAadrg blxkH€{T#ti te4-I- Sit Mtit 4. 11141 WNW 14t] ig lnN" "whirr brol Inn it Im 1. jjjr iW1-2014 s aN p.mYiljaaarlei ettlti 1, %*I1 kt1 llw.n pth t tatja w lit] It NO 3. "Mi kul all 011410 situ ]]r 9tltyTB'�[q.ra I,•4Ar rr.ts.i,isr•{1;+pe7t 1{r trAA'l1bt�•rtfk Il HnantAf CiriFg eTaai hr Naty}q!}iq :rfs • mlimnd'a,Hltrfe\saiIN, lerf}y.-0%mh•sase • INIrun elladlW.1%"a01#ep*Ica lrany' • IM1lrnM1wt14ri1':tleesrtrl7 4WI0Ima"0 U Ng1114.11 ,q h]yy tn,s 10 talgtq wn. • Pa{41, Imp"M•1 nryit Ra"m a77trd1r LP tic • 1',•rfft; Ral'i . . rrr,•81 (twit AfMAfil{1 Iw • P.14113 wµi+rr J wlp M •N1tia f Q1111} ID 11e pN'al pr4is IN"rural v0.4 :ws4 S?Ugd pa"M tfar&K AM404. Tittt S !h1M ttd to rtall.A, Ad iY 4, tOIN. A. • ii1I111101114L'iSbRrS[Sp]i1b'arfry134t1}yie ,%,ows(IIFi;:tflw#Fltrw.hrwaryAl.dix}r •N1in4n-! ll'uiN+tti4slyxIwin'fi61y1ail RgEaf'ttl►gj. sum :"ilrlpd 1t17:if Il.fi rTl, • +edam Roo ny Ito rwAml f4161 K Hxt "do H Two. r6rz: aifn'+i Rf, W.n to 100lr4tthr%WtMin 1aTit*..Cofl&rit, -MI,dt4to%oh",hA.YatwvIClimlawby IOur:*At n%RIN s:ljf;fa+=aulriMf:rr hTV, tnit$i-AN tvp4mu d%%9.a-•ar6,Af atalt-My0fen1 ays,%4l tn'ata a' A1ilr. A*Wt a i.r hrtf pters!;1;I.; ir/ltnael et q'...t, tnta_i tdm 1 N M Atli] sm IeM d 11 d7f t'a'xth.W PAJ sf T1, r It i t.lt 1;;y 1.rt of 11. '•pail,l>WfaoO'ei!'s`b+'aun0'f41:..:rncollia•pkilt}+ar)ae{r..deJ be valf-vg(flfsrtfk l; • PtAly mY to iwx/1e: of pw :tPv ksse ati is whp aAlitt4W. Trrft,rkValit d'AL.1t- rtlrs l Kh!r..ftJ 4QJiI617Mtq1:7 kxAth[dlRtiirTt iw{•h t11r.1r,1Tt. •Ld11tg- SaIAAtt 4. 1`4]Ifi 5 •I m$ pg•9M 0649,4. ifiilb I "uNta dal 4uk4, loot, gPfIC� OH:a Wt rer wrlitilh At 4111111 True 3 11i14 M11 $slat retPstri.i.* n. fa.r it'rlA1 l rtkt :Y dasptr�e alr; if t-irpi.rrw'efi . Do ld!eltl rwatl;,h-rd to h"W 04641 q did • fA-trfw6f 1 piHil W :,cc hr mrf 1.;W cqum CA:* ml Cut$ ... t it I.ta d641 r. 1461 Nr1 M 11M v"Gl�. +fat [.$tits fb1- Aral htii. . T'S{i1a R ' Q/Yli7x: R.Y{1it taariaa ate'{{ 14 f11 • Y1it Hr v' 1 p{Sir] 11sai{ tt my f.;lA} AI41tl Stxedpatt+31A{'dxd awit+. "eNlG is.10% •►Alrt:n d 1 S: Ai] Park smt teatA D71+t•irur tblhl Rpt!OxgT. R[tyy tit 7}1:4i wmd rp lt''fnt. I;K=, 0W S•wwipr{inl drrl�a fr+el. t, T.r.}1 ,p{•{eq+4H+r{Iw+4.7yy.1 r11it K+r Yfrtr.n•`tYi.. •Nhmin*110: ! R16.103:t b cr., 2".k Or 116whe'J, ria•[.tlii of a hart W:'f.Ar ti• hAl .]`V.11rt. itd a:'ltrl OW 19 stttl! tl VAt".ee.WR Uttn 2z •.assprallft]'{tr.K.ascdlflMI- --- - .xu70D ittlht_.I+ta.4'I1. a't t11i, It err r; Am d a ",.11 .en:u'tq hr1{ , + P". Arf Ip pm nra h{ am I m r::' I trcw, Aft plr•trl rllkl'-'T C�ttfx a'l'N+:', .tarp: bells •It 11t1^17:t01ax`. trt xrttC4{t:°.Y a"�Yt#NrgT [jY it w1i- 3, C tiyr. ;r Tl. tr etll10T7 td a' Ta 'PS'ItY Af)is JmA:94 tre`4are}[t17. a' Itow tftA: •4u".eq-3::MSt 4,T:h:5 MlI1 !(:Z•+t�Y S1 Ir M a"N r rv, rMIt U3:t al IIyII Mr.ith$111kwa'TJ i � I•I.atatg•56lAAtt4,TasbL 17 Subject f-he URBAN ��Clrnu� tl re Ryfwrl . ryµq, i r � 4A14MI 21 ARTICLE 4, TABLE d DENSITY, INTENSITY AND PIWKIHG i�ONTIHII_ERJ T5, URBAN CENTER ZONE � AS ADOPTED - MAY 2011 (n4XKPiICR1CIlE 66LLIVII7ifRAI;EE _ fh'11"JUMA1 ! ISitltlfF4ErCACOE i - CrnTra*it Ufrt IN itldlli4* is ITsd h Tr319; Ct+tlrYtiil lirir IrC ,Tamar#la s4 lilt! i+ Ti:b ], GCIt11i1iLIAl Frl,a1fr,^^,�+tFrsrrwh: FriW OOre:,xf.rrr•Atr; • tnr+'rriPnl rRTerl ilrydhtRMrbNUrlf rg ar:, • .� stlirlrn d+r M !4XP slt,u kCl n+ Rr71Txr nyrw rr: .rr.rtiT l}pt�rhOts7lery �+�+ nMr. PJ1.)1.u,vttti:l •4rlrtrud]pa4yyrrtnl:-M'r`! ]rurwlt: . trtndrurFm r[Sli4:O tWnr hlr pa ■}ltl:ltf ttrrnc�.iurs+. t,,rilr ill r:10 41oepr �sllry,l 1H+f tilNdrlp)tnys; t[t Parr ?].CY»rrl'a tdk• i.:Udti•rK W. Fell AM' tr.I:tr,rrdfpsftgOld e.p:r*',r,0 • T#isnn a !if ..r Y rtr hd Htlnnllr - ;1�0u,y b. alktl: iw,oY®blri .fa»is]nirlarrrtt Rtf r[rtvlasl ,cAdh]m'#M ffi�1.a3 Wd+1j 131i A`i"IW 4 :#Wro7 rw1T1 orml ruler f, rwkS. •'ir!e5 aaSurdwfi#''. wr/Y{t' �•IfilnmtllOrry f • IL i7ntra' RriJ: Nui 47a[t12ftww'y1-1.ttbulr t„yli lOylt,d. ip= ngi *L , ppl}y�eJ}7 nWin-ditrd%l h s S dt t•.d:sn'too +RtTltgr•fArrtp• P&M4,W: Ayr hrir+►r•rsyud.T:« all A* WAT11F rNTti d A Lm&1 C:-r4'ty'"'W erduhsSiapg:lhdr. fi+Ed:Cdns+t f~fisy plwr,Gq';1y6'lr�4f.4wt.Y. rtiaei vtsn lts yaaa71ldh7 t}:rcor.dlYY.:'.rvaprt�ei. itwool O3](wld'S h NFOS Slil l::l to 11. • PJ*3 n if W t •si1 or k wo -Tirlr +;yµ.y Nal/lryrn ti-H 3J ntia•riOcr'lara ciri xurl f[WbrAq lo"mi.CVAti rr,eulr. Mlai Ek7 'A tth 114E htkr�IrxwrTAsla.taW ■ A,till UG tM at Ill. t ah F. iX lidd W 13 y..l.4tG M cM r, Tdr: 0 '•atttTty 9tr Mt {fate` .!`Krtts![111/#sr:iTil friro-TTu t+d't0-TFaif.. � 1is '.tit Fein: 6. I �QrrLLr.:T:t•+#thtt38rM1h7fN1]Irryrafr T ars{wrf54tkm'tyrrlyT:tlrS,Frttt_r L :Ka•rlwnitllr•rlrlydhlodw3, sld� Gilyr k+•:#J1A •Alc : [rpFYtl st lr uupf tear * n. • µtHuo O t pry" &tote ia' mlft O t:1fit d v • %41•, n :t 1 Pr""t�lp X11a} it' Oguy u lar, rr 04 AEI F; mod' P.µ+;t:cakr�ellYil7Nr,t".�t3sryrJ "Wl'um ►A*nld•l�►tl Oita st¢•5.:.1.[Odi";,µrmlydtlotdltr(a+xk'T+sr}1!n]adrlrl�.•y•rrrnafSpl�lrgpstefctr6rlyl,#EptrloCF•ll •nr wn;b^ :r rVhrcn srersaiFcn rn+dti paurg 1paxt k' dgnrH1(lar rttvrl:n UM. vv awig tiuMlr dr ral rft]'d'rRIFdBlaRe r SCJ1f*a r{ dlrt JfriNn+NA4 a)M lllr4.lt n:• ynr. t Irrl Ltre ar R13 W ]. • t;Y1+F rt[lrsaier my 6i islow WSMOT; h rtr • Fitllr]rtgr+cnrrt „rr W x:tr,otuaudrT la F*i.. ' PoolIt fi w coit" bf labiate Sm $ al•r ',ehwZ wsts drnYd. MAN +, Talc! d $trwr did ry vmul]. A'#'#,a TtM:.i, +yHf dtR SllEygvM;td SktufSlerrT#JWrarM •µAran ri I9 AXIO Ati EM"ro"'Wig20,!'rew•yi�rH�lxrf r: •.IyrgA $ysae CrrnTeY#GrrYait• Im"'11110 r. $19n YItirw •PMlldaiswrrb:KeupthF41a9F ri•wT.edTGU •Pr+yrt ql htr:f rt�l7>•Iulhr;l T+M�Ar�d'¢7 •P�Irpr>rUenlsMrofi[e,J•RItriS ri: roue arttiL lml41114%rTL rLdrt :li TlHyr CWidw h/IINI ud lffii 7YnkFt+�a,ldilyM rrtmQ•1[esordmu y: vow h Y¢ftr OrdrSnxr, ttw �r AAnsra aprtl pFGl M/lra�W dlAbtw, rru:iNetr tY• letVey lOial +: HMlN O}I Arta 3 Ir SA jir 4k r[d dT] >y Atlnl G1wr <ITI . Pm,g efs) U PrAdtd IF wot'p• Ms.)tti#a --stm WOOF tc 0Mriltf 15.24tW oCI Idle qWl. t`riir; till le lmlltd try rA.. [[•.yhQ 'x+t aT: r 'A"low 12 :s ilr++msd ioi-.ioylgYKH•i71 ultn44Y]ft7i try'v nal y3cF K5iar •<gtrl4tN�11 NtiP1C09WIfl ltttl011 .i /,IATr, rtuPiMM;r+I h x1i1m7 krrd7A M Ayrn:W tisr:liy, k•rr[rA tlT!. Lm$Ty, rn,rrl to" 1, TWO,i II.Lail tg-?rrlrsua A-r.-+Hr4 •Ltndi;-SncAA3t j.TWcf ` ]VI 18 Subject L-he URBAN ��Crrr+ nu tP he Iy Tw",. 'IN,' N 1011 1 ARTICLE 4. TABLE 4 DENSITY iHTCNSITY AND PARKING CONTiNUED) AS ADOPTED - MAY 2011 T3 • URBAN CENTER ZONC 0 E W rF'(W*) 41 UMTi FAlACIN fS uv.70 FBR KU O r.ILEl1F7(Rf qh 9uf14 Umsin pw ra'l. wI owl II Toll % Cirl:t{t[d JIM" PMV*l Jn fltd •n irfl. A 1rf1u0 aytrrbrautiil fl, M1 Jry'cM: rf10aAh •Nfa+Jnd+pf"rgatalUawnl:ts#uwhx+R�.it,ttrrt::ti,iepurrk•Ms1yIn10utc+ekn d (M filled L'st. a U1 *"l ltn •Nfilif10+4p�7i1yN�filYaxfr6rAtlxcf f]Wfl�} +fllIatnrf' p.ytftV mitt"910 rMI'A &"VA" ua •will, at l W$N l rim 1.rmw73JTF. c'iull rf •tAtnridipsiiy litic Yt Crd:f=p1'r,i.nfla Irrk f'� ¢t.(AT)YA%4 ' Plr04-0-ae rrf Matt kw a3amra 111 tuft;Wom W0864.41 9 t 4.1*95 * M ffrtelf} r 69{6440014WAV 947A Hkar aplrak rl.Jfg1. •FalfgfAhfllfCe vlaxTleMr'firoZe+slr.c'T3 r.fwlY!X, , It k%JJinulGaNW pS'h g,Ywt 11: L) IN muff df *UN, taxis! W ri11+ fei1r13:MddTJ. •(4ell;•3mp41 k733*1 +lts► L,.ln:. M rJn:n it 1 �s,. I•+ N.i',tiRl'. k W ei PFR lr'RE 30 Jfiners! U_"lN-Yd Ti 7a'k me 1. 11tR x rfbdpJ nf11 Wmxh 'tiriilfld 14-1 ww9 'y Vo IrJM'A 1rrr ' Ml�ri!'lritpirf . v3m4:.."JS om4lesal IW Iria- ' PHirif10.1 JrIStJ pNs tY tAly 4 i :a cl nlr,w V00 I 'AJU:4rbce.f•MJinngla'lsx e.r llrnrwfp. � •1',+ti1J,hr17nu1r ltJf Co roSrrl af,.drt1'CJI_ •PYMp]rirJ0rolMr:fttl4141.JJef rsualtP fS Jw si,fu1#rtTlpSrn.a, idl A{, Ttei:k iilwf 11(41; daCCK. MJ*4. Td:i0 •Miru1111@rlytpret$e.alreAtT?7.riiJ:f•NIMInt17fy7:Ft[t3Nir+n.rhSlir4iaulJr slJxsrolere. -• ipJ�rcpJsl. •PIHtJ ybn.y rw.nitill Yiiff;f°rir�3srcfT^,.O • Ft.a 1plitlartly Preeftut a:. s1lf'1 ]7111d fUl err, Alrr{$1fJi ry}ffgla lnr.I CYntir'6YMr0' JtDi,hl7S J1M+1fitldcimxJ ;iJrft:l fi#►4 (rrrxlls?,RinfMl�••�'Mtucr.alECCFlvlleredw 2rwwclKtlb►Rtisa/dCA:u.•ctlixfinik CW11r:i51.i d'}. aJiN;tpbalaJ I:. • Fatly riff bf PrrAifJ IA att:+rii o' 1lff141•iw • PrVg nip,il i,catd Fr ,twtnPJ; d kJw tit b r16a'0111••!talig7Ctd Yfr..-. �1.{J.i.r•ate Altb pFM lry'wPC'1a3.e•,ra.{i WI.i.Y r.si KllcotaJ:$" 2, •wllr rr6lMfalA .I,.A" isrPASxkTot 1,3 ^l:xtie iffMgt at-xtbt 63Auldlo tw... Perri c* a is om 11611 1. F/J,ffllri ow, .+. (rtlr&-* as Y1_i I l efi!.1f,1(t11N1 VJta IT lsn.A! s Ai i1:! n Tfhk 21 t,ertIll tafaitaOR e1MitT,z-OWYth Jlllofxflrflt.eJAah •Neil.rler2 WAN 1113"1,'V..•01 lf0rttert sill i•IMva li2 tr3.1 vi3x livery l tt9,uta naf -kJn rirlrlift is, i r tlb2l,d carry'm" om lw aiJ•WI( loon listuJI311 iJGd 4F13ulms•Um =>;il:::>< llrlrr.n,9r'xt'afP a:iii'3J'afh Ailifrr° +�'l trk-li rlra•!a`IPr,t ei r;trf lkafri :titla'•ttllrT•s-YrinJnrtpsffglt.ar-al:lhuxu rift/ lr.r7w,1:J1J•#rllJ gyxt.r `*N UJtigrt; eJJT nr.b. 1.►fr PixEsJtprCr T1,'471itL(f, liirtsi[s. rtlir+{Ilttpslnm Pit lC7f+detil 1 r.Ytl«Kxe ill sesrllrnfn9e41r uYV 1I041e 0 90124 par D1161%1.of.ie+ x1 Jrl 1 v I W q trim N.r. lukm 11"1 1t no r2a •iNiuvFoflTlx IJrillriCIipnIH faftmo oiiplimatil. eye1i.uYld/q. tpdntr We I f;" W Ate" ns frir. its 14iirs0 , Cl still F;. 1W N.NJnil lV"%y tnc*Tm ."•+ii '"its Utst rl ti0l>N.a. d'fle ztlr! ailf.(tl 0A.?14 t brief i;m--0. 43l710nd11:1fstrlshtlptttt.a.ela4,41 qaa' rtre ".lI•,�H'.ff+rtgtt.r,frA l+R{-+( V" 4r rlay t; am nt..'Ar. apa3.il+r+lr1"W93lstaer it •st gag }l..}iU toritdlt/. tLASOffb-4. Tef ast&fnrpk rfl FAiily na}frSTealfey lr wsi.all.rLlcTpMl71'P?tltlwliwrortuf he loV�u+l -fad,; I •. lsrad Jlfr,. Nr=!„1. k1[e A. iipk 5, reYmPlMljdflrtrc, A'i1.l. 704.4 •IAirier+d:a-AN'tIN kmtsw w4mpilaffi/ it eFctF«rMf+d 'NTiTIn: 10cffr l.rs 2{trd•rvw'V 14W.l MAnnclI/ta4T itlAa Ssgr pt:A712710, t• •.Riittp+iJkr,rfx yP.aa1'.YM431.N!lJl+r•fTC.^. tlexn-00.J. It Sf+rTf.af r fCTCC =33, F"0.0. •F7+d/J+salMl J"WuS*'c, %if a •nia1-, 1: e +.tl v:lil V. of* nt41 d f 1 m 14 Gnislr 4 Hg plan pm bJ lr:irft f(A all. mst 4tla'l cis ' Pi'lf,P +ll rn g i:l:9MYf1h .rf of 7trbru3ndeiyftf>aA67 pY Try /ry A lit Nsllbaml4rp Its, -1 tWim tt xn.. h tY.ni;: irN till. Ftrior:ll•Ala/lnrtmrfTaAcr,aMeli vfwr.ia erlW,tfT:ilblpmcrtd'67 kart, eacx,r 4nn rk{ •Last+J•5..s'i+i1i,TJIV4 k'w1i.31PYpe'"]. csatJhlf0►ildTl •Vefige4FInpasibf11dA•rN:, 1IJrAdift-• 0414tJny1npaAWt!l6131n,0=,1..+frfrl .*triton Wks,i Nix- tfCAiw'.mall "ll. di .irf,shl711/'.7f l�ssn:PM+•r-esYT✓Al:: si: L71m alo w ol-I 6'A M KID kW A Tr 'LUtiiO•SJr McFr•TJitd — • L4:aft aft v At M A. Trfis} N,12 19 Subject nie URBAN � wl ou� tl re RyfwT-1 . ryµq+ i r � MIA MI 21 ZONING CODE CONVERSION CHART N&M-W&W% WW�w JVILW-Ql--- JAIL" I ftftwt�p "m i amw L, JAIJ N..tu Adm&d Afff 20 MY lvv= ac mrita qpmmammf i7A ph-= "Aum 31*5m fp=- 7 W-Amp Flic URBAN �wj LIM) DEFINITION OF HIGHEST AND BEST USE That reasonable and probable use that will support the highest and present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable, probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in the highest land value. Implied within this definition is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual owners. Also implied is that the determination of the highest and best use results from the appraiser's judgment and analytical skill, i.e., that the use determined from the analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of probable selling price (Market Value), another appropriate term to reflect highest and best use would be "most probable use". In the context of investment value, an alternative term would be "most profitable use". HIGHEST AND BEST USE The subject consists of a 25,051-square foot parcel located at 5215 W. Flagler St., Miami, Florida 33134. The site is of sufficient size and shape to allow for development of a residential, or mixed - use development. The legally allowed use is Miami-21 T5-L Urban Center Core zoning. This zoning will allow a combination of residential developments with a mixed -use development also allowed. The allowable uses under this zoning would be considered financially feasible uses of the site. Those financially feasible uses that are legally and physically able to be developed on the site would be the maximally productive use of the site.. Based on the four criteria for the estimation of the highest and best use, it is our opinion that the subject 25,051 square foot property would have a highest and best use for future residential or mixed -use development. 22 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � APPRAISAL PROCESS In order to arrive at the market value for the property, special attention must be given to the typical purchaser who might have an interest in a particular property. Market Value is the most probable sales price, which a property will bring this price depends upon the typical purchaser's reaction to the various supply and demand factors that affect the market value. The Appraisal Process is basically an economic analysis consisting of a review of the factors that affect market value. There are three approaches to value to be considered in any appraisal, The Cost, Income and Market Approaches. In this instance, the Cost and Income Approaches to Value will not be considered, as the subj ect property is a vacant parcel of land. The Income Approach to Value will not be considered due to the lack of available market data in support of a rental rate for vacant lands. The Cost Approach to Value would not be applicable as the subject is vacant land. The subject property consists of a 25,051 square foot parcel of vacant land. We have reviewed sales with similar utility and potential uses in order to value the subject property. We have valued the site based on the highest and best use for a residential, or mixed -use development. 23 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � MARKET APPROACH TO VALUE Land Value — 25,051 square feet The subject property consists of 25,051 square feet of vacant land. Therefore, the Market Approach to Value will be considered as the most applicable method of valuation for the subject property. We considered numerous sales over the past three years and have included the sales and analysis of the more current sales deemed to be most applicable. The review of sales has led us to the market value conclusion indicated in this report. These sales are considered in support of the subject's land value. On the following pages, we will submit the comparable sales considered in our analysis followed by a sales map, analysis and value conclusion. These sales have been confirmed with the parties involved in each transaction and all were considered arm's length transactions. As noted on the sales comparison map, all of the sales are located within 4.76 miles of the subject property. 24 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER 1 - DATA SHEET k�_tl t`_ 13 RECORDING DATA: County: Miami -Dade County OR Book 31853 Page 3629 Folio number: 01-4103-034-0030 LOCATION OF SALE: 2335 W. Flagler Street Miami, Florida 33135 GRANTOR: Gran Realty, Inc. GRANTEE: The Azule on Flagler, LLC LEGAL DESCRIPTION: The East 10 feet of Lot 16, all of Lot 17 and West 5 feet of lot 18, Block 13, Glenroyal, according to the plat thereof as recorded in Plat Book 5 Page 17, of the Public Records of Miami -Dade County, Florida 25 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER I (CONTINUED) RECORDING DATA: County: Miami -Dade County OR Book 31831 Page 4753 Folio number: 01-4103-034-0040 LOCATION OF SALE: 2335 W. Flagler Street Miami, Florida 33135 GRANTOR: Blue Star, Inc. GRANTEE: The Azule on Flagler, LLC LEGAL DESCRIPTION: The West 13 feet of Lot 19, and East 65 feet of Lot 18, Block 13, Glenroyal, according to the plat thereof as recorded in Plat Book 5 Page 17, of the Public Records of Miami -Dade County, Florida. Together with a 10-foot strip of land lying immediately North of the aforesaid property and together with a 5-foot strip of land lying immediately South of the above - described property, which 5-foot strip lies between the property above described and the North line of West Flagler Street. ASSEMBLAGE SALE: DATE OF SALE: February 14, 2021 SIZE: 19,344 square feet CONSIDERATION: $1,675,000 FINANCING: Cash to seller SALE PRICE PER SQ. FT: $86.59 per square foot of land area TYPE OF INSTRUMENT: Warranty Deed ZONING: T6-8-0, Urban Core Zone —The City of Miami PRESENT USE: Vacant land CONDITIONS OF SALE: Arm's-length ENCUMBRANCES: Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. 26 n,e URBAN � W j ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER 1 (CONTINUED) VARIOUS ON -SITE UTILITIES: All utilities available to the site COMMENTS: Lots were purchase as an assemblage buy the current owner is approximately 19,344 square feet with direct frontage access to W. Flagler Street and suitable for development. 27 n,e URBAN � W j ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE SALE I PHOTOGRAPH - 4/28/2021 28 f-he URBAN DEED 01-4103-034-0030 a t* 202W4aloft Dott 31 pssrr mm nr s on - Crk� f rrparce h, 4AFivkv JIUVLrs tiF_RR OP DiA Ifl1 464-'JW& OY ,A Yuri F'e Ri'}Vl , E�q- Iltaaltrcr & p!LLah a I% P_ +L MIE5S 1a Se aar Fait Suttr 50h Coral Grblca.. FL.33134 jury r7*40DEb IG ructkiaycr I jAw, r 16'! '*411"r+ea Ate, 51, lov Cor7.l Gymbkr. FL .004 13p— AL— l'lllm f� *w Lap I Warranty Deed Thiisi4'+!4'-*m;yPv*edmtid&LIr4.. ila�vFFehrPArti.'�lliabcf�naenGr>uRedTaY.Iwt,4fPintlda rtwr43i �nr alkla 4H)w PRxt niltee 6 TL'y I m-M ilt l."-m gmleti„wl. SaaLe 730, Corot C&Wb _ iL 33134 g'.w ra, amdI'he Muk ma FIscle: , LL+G s FWndm ilmMed ldobkklry caanp*rMs, whf.ce Is mT r.rf1}lc r,-c-44 ep 0F11l OV 3e COS +ai0e 1$1, MtiiQi. Mridn 331]a g;mt" I f4lkoearn-.IM'r, = fill wr l-ZrTaor.'' we"'g r>* me -I., WR ylrk arc s, ILr �. m1a5 hLa, moral r hr ht IA-L. to mw a�ro:� mj r L SlI�*F4 .oioL4L wi12 �M.� >��o �' 4R8YIreC Vey =J� .Id1 SPaiE8i5 Willu w;cilith. Lhrr 'aid grtwnm. for end m enr m&rrmfta of clw im L1TEN AND Ps1C.w Ilan DQL L-l.? f,; LQ.(Xjj WA otl- a aDd vald$blc tx*SWICrirkltK In MM grialcr Lll Pond pzi4 try aaW girpzR", dx rvwC pl Abmrwr ii!.LNf'.rt5 Lmuwtrd Ima 92OA-1 1wl_,' Ad eebal mild tG tiro wLi,2 F-2mrce. v4 wwcmr5 helr'r aad k-xlpYs twr ,r: w 01I+owimS d�m3lbmd 1aar3, sivadi 111nl gad b&mrc ea Aummaj LD Fde C.+uiiijN F1arlds ttrwL The F::st Itr Lent al Lart lLlk, all of Lot V and Int Wca 2 Fm of alum fik IllNA ICI, GLENRDI iL-, +,;c.wljltkt to Lie lllmr thervr rs NierM-djed Ili Phd Naofr 2L :tmv 0. a l$it N hhe Rter,rrl •all 81 harllt-Dade €.'amnim, Ojmwida TOW %FjL. li14I43a034.4LUC 1'hPifal A44few Iml 'A, FL2gkr*rfC.mlomi, IF MIS su6jlr" fa MM f k 282 @erd sjW►slra2xtrn.l .l,c^ur,*; cr�arw.wLrts, t°nd rdwrs, re �iv+c4, !/11 1/1rr IMFY. rssr+r,� snef q�Fl4rq e►j'rs�,md, y+r�}. lrGLhrlPw ti IDe WC1LrFILt>6 141=Las arx! ecrLKrr$n o- bt'ti�Lth:r. a In an}�sr i, p�gair.r� To Have nod to Ifuld the earn in f� simple to-l+YL Atd tM pfan m N%ebp rar@RmL f wldh sai3 gma� that the smpiwwr IL ►tvrhtlly jpLml of wW lead It1 dre simpit.. OW tha PMM ft&2 p01.1 TLZht .4nd ta+trlal ftJ9IdM' RI wH Kki Qfmv" sW *4. 14at lic grtntet hembl % Ud tsrarmu 41K tnlr la said Imod And kk, Ll Ufwtd the ti= 4kgaL"3i P.� lµwful .`Wcm of all panow w rrvm*ftGYf'r, uL1 Vut said ULM e3 A-- of a,Ll trrvmbr4m..,eL exLeO Lauri aL cmdig rjth.mglmw to Dacmbcr 31., 2f ,)- Lall"9 —,pmcr 3lS1 wmajfirr61r LI#, FL J3d,�� 29 The URBAN ��Crrnu� tl0 IyTw" ,ONO r, CFN 2020DtB7009 BODK 31953 PAGE MaO !lu Witarsb Wberanf, g—mtor has Itaeunrosai grahWslmd and seal dlevand you foie &J ao" wrfteaa. Signed- =Jrd and datrvomi in ocer prasence: J` 5trnu of RON& cDtMl'y iifMAMI-[fade Tke fbF!Viog insaudieru �M' &y of Frbf corprnat;am. an beixalf f *f-beur' 5c¢CJ Can kepcure Lk,cs 2151 W F1uglcr 5r Wiftmi, FL 331 �J Gmu Realty„ Inc- of F7oridal. * FlorWa eorpors&;, n Sergia C Vvs 1, Or6idrio Lr y (Corpora c Seal) wu acamowledm before me LTv mmu of(�ww pmlaw OT E OniilLc hbwrc-,bdv muy, 2020 b - ScrDa C. VidRL as Presidem of Gran Xcahy, Im Of F!anda_ a Flzirids of al.- corporation- He Wes ptmuaily known to rn °� � produce3 as identi5caraon. IN F'uteliC } Y1mhM �.Wlr AUR+#�a r61M��n r I aOly PuNic - GPIs ul Florw. E CQillnisclan • ,4 399PB•7 May ',4 av Ins; Ik,Ay W" Aie 30 My Commission F_Vir�. Flir URBAN � W j Ou� tl" IyTw" .ONO ire An:rr}r.q 1GCrq-'eY, Eqq. Penatl'er$ Pmahrer, JF A- 36 I. Jt-nrec Rd- mite 1509 �0�57°�-9Urt10 Faie�umher fir-l?� LUVA� Gracninger'lgaw, Y- 267 3ieu0= A. — Ste I OU GP.ral GaNea, FL 331=4 305-444-7442 DEED 01-4103-034-0040 Abwr Tb i- Urw Ter Warran Deed OFt4: ,'�C2, 001 ZM99 BOCK 31631 PAGE 4758 DA?EUL-02W2.9 05:43.22 AN! aECD DOC 4..iM.OU St,RTAX 3.375.00 H RV'_Y RdJVJN. ci FRKdF coUrzr, rriA.!M l= 0 i , T1tir, Warramt} Deed -nnde tbis flay ofFebraary, 202tB t m,.%Rer Blue Sua r Inc-, a Flarids zarporatiars whusG pcsr o�tcc add-ritis a 717 $ e(.'dl I,.eon B aulcvard, Saiso lad, Coral Gs.bR6, Ek ? 13d2rmrar, a,d The haule cn Fin§ler, lX4-- a nu;,i-la Limited lisbkly td,�:rp0.oy, wm)ae Pon :'Mcr ;xmre's- is I.'M SW 36" couYt. Sate 3103, �fiamL 1FIC %Ei 33135, {V'7-n , sscc h':. :he eTms'�,r r' bnd'Sne[ec' 0,A,-A Ta 7 'r To- tr., tte t•+^- kq3! epeesem111%,"4 u l (&i:�Idu L% andit #p 1-11 ass,�s sX=pMW5 s. c=Mdtvs ', WitnessetiL [baT s ci graarra , Sw 4M in tarsi-�o o=The sue; of TEN AND NCV1 GO 130-L Rs CS i 049, '7nr3 aahu Vs*d and vahasble ccx cns to Said S=M?r in hAnc patids by said *cc, The 3tezi_r wfrereof is beral:; ae triwlcdgral: ME gaietcd, tm' c� and `sold W rb,r, *mid ' ga mA g antrCs tcirs d assigns face r, the llwwiri, dccnks2d twc., shire c, Ling auk heigg is iadt; dude [tscnt , F1or-ida t40ix'i` The Wv—A 13 fert of Lot 19, and ilsc 66 fW of Lot I8 Bke'k 13, GLENRAYYAL, aec-,rdiag to tfie plat thereof as reuordal 'an plot Bon& 5, `Pa r. r, of the Public Jkeeords of Miami.Dzdm 17nutrty, F1vrWa- Teputlzu srittL a s0 ':'boi scrip of laced twiny, izo MC4d iatr[p Nero of the afbreaai,d properit' -rnd tte thvx vAtTr a 3 f+rot strip of land �v'reg ilnbred£awy' South nE tTae pbave describ p vve-Lye *kk-b 5 1wi scrip Frs betveced 64 property above deserlMd aad dhc north lint. of wc*t l'iagkr Street Rdio No., 01410-054-gai(I Phi Fliemi AAdrass !3.}5 W, Fkajoer Sts-eey Miami, YL -M (3S 9ANd et YO ra)ft r 0020 and subm-q eEwjwrrr3• rowzft r+rix, A p,xs, r#sxr cxiwz , easgrrertar, re --do= audidmi4giares &freeord, ry,a3 T- T ether v-it all thz Wtzme=t buredl=cMs and app� f-uzm b =p;Mg cr =M "Y'A'i:r €pRr ire?sib TO HEIve and trq ROW: r ie in fx s.� fctGver. Akd ifrc ranodr Eterol~y oavw. r said vrarlter. t at rEe gamor is lrwfi lly sei ofs land . %e nrAe-. 0 ;hc p7umr has ri ;ht amd la-Aful a ajo-- ]' to =K u-d rAmrcy said 3 nrl; That [he rxt '-iereby fuUk- wa5 ar kS the lik c to said fed aad wi'tl dt eQd T'a s r Apir� the lawfi l claims oFall pe"scns vhwmsaee - xnt :!I& sIt d :grad B free a€dli--a=bra_'tc'm excxa i iaxrs ac=iny svb5wr%d . m Dcoe ber 31, 2019- C�'r 33 _ W. f!mFjcr .�f :,17s7��, r"forldd'33i33 31 Flic URBAN ��C,rr � nu� tl0 1y T w " ,. ONII i CF14: 202001'e.7599 DOCWL 31831 PAGE 4734 In'4'4'itness coy aodye& fint abcrre ilmm:- Silted, Sealed and deliver! ul qaa prcvmuc }' B1ue Scar li,e, 2 FCWM2 c&rpomVQ4 f 9r .c" . ;;s' ioC c- -achy Wimcas Llarie; f Ir (CwpOG*Ye Seal} Swe ofFkli<ia rn¢ fore" iosxlr � ur8s eclu�Cx�'k�dged. befl%12 tM b}' radar.S �f'r }ls - at prmcoc- or' ] G-fl—me no=zacmn tbz day of Feb �r�,y, ?��p Ca C. S'ic�3. � Pre�id�ot of Sinn 1 a Florida earForctiaR an b�&Mayl! ot thc corp=ior" Ho s p1.,c ally know?k to me or Ll Ks pcoJwotM ars [Notary Scal j l* arPublic pClll�� FffiTiEc= K. 4k1RMA2`cNALVEA � 3E3 LcaryP:�iis-3Fa�atlFbr. MyCiq "r,f. Came,„ENs 515}'i7. 2aO .�?•:'3 Pangs; IF+EI�h fiile�..a17.6l�I?#SSC- 2335 &Za'. FLVe ;Y 3�i35 32 f-h e URBAN ��C,rnu� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER 2 - DATA SHEET RECORDING DATA: County: Miami Dade OR Book 32315 Pages 0724 Folio numbers: 01-3126-039-0100 LOCATION OF SALE: 1253 NW 35th Street Miami, Florida 33142 GRANTOR: 1253, LLC GRANTEE: VC At Land, LLC LEGAL DESCRIPTION: Lot 10, Block 1, of Amended Plat of Westend Park, A/K/A West End Park, Amended, a subdivision in the City of Miami, according to the Plat thereof, recorded in Plat Book 6, Page 142, of the Public Records of Miami -Dade County, Florida. 33 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER 2 (CONTINUED) DATE OF SALE: January 18, 2021 SIZE: 6,027 square feet CONSIDERATION: $350,000 FINANCING: Cash to seller SALE PRICE PER SQ FT: $58.07 per square foot of land area TYPE OF INSTRUMENT: Special Warranty Deed ZONING: T5-L, Urban Center Zone —The City of Miami PRESENT USE: Vacant land CONDITIONS OF SALE: Arm's-length ENCUMBRANCES: Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON -SITE UTILITIES: All utilities available to the site COMMENTS: Vacant interior lot located on NW 35 h Street. 34 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE SALE 2 PHOTOGRAPH — 4/28/2021 35 n,e URBAN tl �e Ryfwr} . ryµgr i r � LATEST DEED CFH 2021130651 300X 32315 PAGE 72A t?AyTE Or1?27f2 Y21 11.W.0A AM VEIEU 00C 2,1W 00 SURTA% 1.575 L00 Th€a Drip=wuant Prrlmrpd T;r. ltARVD' RVVIIN. CXERIr OF COURT. fAIA-DARE G7v Upis A. N;rcz. Esq. l,uis A. 'Pwup- f' A. 2525 Flux. dc Luuh Blvd, Suite?W Coral laloridg 33134 Pjamd 10 Numham 0t-3126439411fiU Special Warranty Deed Thin IadcnInre. mode Ihiv.Irinwiry L1, 2021, imilmuen 1L 3 I,LC, a):lorida limili Nubility .company. rtirliramor_ wbst address Is 8390 S.W 54' Sirm. 4fiaml- llarida 33144, awl VC AT LAXDI EA C, a Flnniiin liuliwd llmbfilty mnlp my. whoa address is 3.030 Iiarlie) R nd, Suitc 31% laKksnnwillC, Nlutda 12251_ th1< Gruttler Wilirpt lllh tl1ar Uic iGvauliar, fire inn Ili L%jn6ls imaiclm oC 1I1r sVm e,I"fen 001ILIrS (5111_00) arrd Llihu gpW Anti Y 1141a1+Io C 1161d matirpil tor.kd#ior' YN 11 rrwi ljAl[I h}' f:ruutre th_ mcu;pi wliene{il' is flenthy atl�ncrai�Irdgetl, I,w guirnud. bargm-mietl w5d !mld lip the mid Grantutr Illid l irwatev"L. 1uc�cCti�p1'r; 41141 ihr16Zl15 hhTVVe-i, 1I1c I131141wine, dFscrilued Iaild, situate, lying mid lMllp Ill 111V Crrillli%'Gi 10i0(11 i.- D134C. SlIlc ill FICHid.-L 10 Wit-. Lut 111, Rina L, (rr A117l:NDED PL:A I OF WES-rE;ND PARK, A KIA'A'F.ST TNT) PARK, AMENDED, a euhdi0jiun in 11he City of -M! nllL me urilillg to ohk PLO 11herLnt, la retl]rded in Plat Rook 5, Page 142, of Like Public RucvrAq ui N7 w1W-Klndv Fount;, Florida. SIllpjert IU trrr.cs for 2021 and au1Xk-qLrClit xcLLri UyvOrimiK tnnuiiliDne, r lriollnns, tmwrtmi s. reserVLVtD119 auld Ihlnilxtiom c+f muf4. 11 imy, 11111 mimallig Lo rclmpma 38I7 . iwd the tminiur hcrekv covenants with the rifulileu llrnlillt' l 11'✓Iltltor 15 lau'fillly wind orsaid land in fee silrlRle_ thal [lie Lirerstor has gucd right dnd Iswl'11I uulhdrlly It, stall 4"d eunYey sutd lasiei, IJIat 1119 Gl'ontor Ieereily full, kV3rT:11116 thr title ttp iiiId land wid wall dLIe id the same ogdL it thu IawNl daims or' all pLIsuuLz Ck@1iItlill# ba urld 1`Irutio 111s 07414sar 5IGNAT11LfC PAGE FOLLOWS 36 Lrhe URBAN ��C,rnu� tl .e Ryfwr, ,ryµ,r i r. CFH 202.BW6158 BOOK MiS PAGE 725 In Wime" Whereat the Granter lu,s hcFeunlo sot its hand and seal the day and year first above wriaen. Signed, sealed and delivered in the presence thf; 1253 uL , a Florida Iimitcd IiahiIity enmpa[xy By, STATE OF FLORIDA COUNTY OF MIfkM14)ADE rcm: 1i390 S_Vd 5L6 5arm Miami, Florida 33144 T1w foregehing insmiment was acknawlcldgcd before me kiy mean-, of I �9 physical presenoc twr [ I on]inc notarization. This It day of �, 2021 by Julio Now, as Manager of 1253 3.1F, s Florida limitc4 liaiailay wrnpaily, on behalf of the company. lie is personally 1Eirowt6 to inc or [ j has pr[jdutrrd a Florida drivuj's Iio=& as iderailic-dtitm, Prita[ 4 i x 4r 4 ;- lYotary blic My {,'omniksion I xpires.,�FAV W PATXi PAAVkM '. 1kRBry Pghu - 44dr oa rlpmd. {omni9541n I W 910519 Wiled thr"h 4,NLWgl "&,A,,. 37 Lrhe URBAN ��C,rnu� tl ,e Ryfwrr . ryµ,r i r � COMPARABLE VACANT LAND SALE NUMBER 3 - DATA SHEET I. 1 "i RECORDING DATA: LOCATION OF SALE: GRANTOR: GRANTEE: LEGAL DESCRIPTION: DATE OF SALE: SIZE: � _ t :t- .. — e0 ft In County: Miami -Dade OR Book 31361 Page 0716-718 Folio numbers: 013132-006-0071 891 NW 45 h Avenue Miami, Florida 33126 CNH Developers, LLC 891 Northwest, LLC The South 60 Feet of Tract 3, less the East 120 feet thereof, in Block 3, Le Jeune Garden Estates, according to the Plat thereof as recorded in Plat Book 40, Page 37, of the Public Records of Miami -Dade County, Florida. March 1, 2019 6,300 square feet 38 n,e URBAN � W j ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER 3 (CONTINUED) CONSIDERATION: $345,000 FINANCING: Cash to seller SALE PRICE PER SQ FT: $54.76 per square foot of land area TYPE OF INSTRUMENT: Warranty Deed ZONING: T5-R, Urban Center Zone —The City of Miami PRESENT USE: Vacant lot CONDITIONS OF SALE: Arm's-length ENCUMBRANCES: Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON -SITE UTILITIES: All utilities available to the site COMMENTS: Vacant lot residential and commercial uses 39 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE — 3 — PHOTOGRAPH 4/28/2021 40 n,e URBAN � wj ou� tlo IyTw".ryrygI r LATEST DEED 1111011111111111111111111111111111111111 I DI J1MMN 14k Auo Maw. kaq_ 712 NW lot lurov Rush, Swiw W iN1wc, ik*Wa 134M PR.E,4!ARLD 101f iiMVwMr1mi f Xi "l1e Lwr. 4415�ar"t ,SW*11 r1 k11AI1I1, FL )217b �Fhl ��al�Fs•1i�'��3� 90 j1i �# F"i• 7�� {7Ki FiErrWIP %V19o.2051 loot :oar' II1Lr W17 W "PhIriAn LILLF'FAX iir'�-1'.3d1 I�Ki WT F11N11Fr Tt t3F ? 11R.1 rtimmr oAm ML#lri, a'k AIDA �ro1�9i�"F1NMd flat rfnkvl }Itrrtj1l wl) �1-113:�Od.�471 Storer A Pchv TNT tim F.n R4opwd1u>,1Il. 4 W A RR. NTN USED i13i8 MrllllltAN[V f►ECFJ. m,.4i• Llrir the 1 it 4irre4 jFl s by L�(11 ir'.r� . J r„ w (filrrldf; " Mmd IJilyW7 Cfmpo, w how r4wj r4Tlcc W&w. a 11-35+ W 9r, htwxu t, Miami. ndq*le ! 1171, hrtall aw &*M as tidsrielrr, tf,11916 hlo" ~ 1LC, irkwW 11.t vad "&MM1y Cumpowl. ae+ow ice+ nlflcw PwMp ol. a154?4 WW 7T` rn wt haiu 1.41_ tGiAloodl, FWAI 1261It hWM%vRPr u11rd the Cistrkw flkirrrerror a h r.e Iw N " +e " AKgMAr Od ON rW rMJ ro 8U L rt awrldl. r, 6W ►TMwi9Lwoxx kind vxMjw fifAMAPAwk mid d4w nhc�. F— rail luau m qf W 1 l''M f' R S � T H� T7atr riLr , Crar Imd lA �eld�+�a�r. �rfEfsr +�w of Teti .ALtili pdk' 11,10�►{� l� �d6� fA;iLu's [IPA J)MW sylrlr#Lk mrM'dcri,iisrro. rracritrl ,*hi:WF to 4erehj wIlw yl St- mas. raMtka_ wrivcyt wd s-3mi's'rrbo ,LnFn Irmr SrAnur eil chAi cromm lan,1 amhat6'l Ia Ml=AMdr Cnruwp_ tau of Fkvu* w rntl Lamle aLrh wif ter_ Mfir�r . km thr EM 124 fl=lbe=L m FAIK6 1, r c , rime a arrtirn fmwer, Ai:LvntMW iLi ik p1W dwow4*h rrewdrd Is John HoA 40. VW 3LUffhe Fub11c AMMIdt U(MAMPRIMIAa Laud}. F 6 thd` SAEd qV esAMM133% FGidhik%WIti% tftdr%VMfl WW IWIMMIkM PfFVP3 sl If" 1Cmi -lrl11F,11t %I#h lI. L11e Pcnriarnn hmmammw rul OPPE10iiiiiiiImo 1hFrs4n 1-el,inha1AK LrT Lri JUtyttt9e qjmlmwowt. TO 1 4V& AIND TO 31(31 Jf, Mo w p its fm kkr4Ac forrytr AND, drr gnrpbr humbtr rnh,d71Pti7 *M : 7&A V duel dte Uw%cr tfi ksw iillt wLrW ;Ll L.L.i' [AuL 1n fide uinp r ils,r I+it µv"hn A4rnd ti#W and b*kJ AWl Iiy dr acll .Ak ;iwvrr 4.64 lolid +LW I.ereb) FLIIy WmrrsAft Ctr LIr4 � .4i'd Ia—1 w1 M411 icoand dre t1L" ■Lobo 7 Ill& U Afldl J41Mh iif ND PCFW.Mi wfiF141 W Vr%. ILr+r PhAt Uld 1gI.d k ATM all sue untlorWon, VNF" Or ¢rnNlir rirr"tq WM 1- dl4 %F4Per 3 r', N 1 F +1k -hi RuuT;3136T1Page?1i5 CFN#20190151532 Page 1 of 3 41 f-h e URBAN ��Crr,�nu� tl0 1y Tw" ,. 'IN,,'IN,,i IN ► TFNES.S WHEREOF, the said grantor hu mpied and sealed these press s the day and )ear firsl above written. Signori, stated and delivered in the presere of ChH € "Acipers. LLC. Mrids Limited 1.ishiIif Comprny 4.0%, Siputu t amneL. as torer winsesa 7,s. W'rtnes N! Skitr7lSure / v H.ao.51n«., g MmmW Ski tt2 F t"vted tiarne A %h ium%s #2 Prl&d Name f* sa B©ok313611PageM CFN#20190157532 Page 2 of 3 42 n,e URBAN � wj 0u� tl �e Ryfwr} . ryµgr i r � OR SK 31361 VG 71Z L—AST PAGE I[All CS00k ),k T1ip Mtuynh�Y hNMItlrtIOMf M�F Iflr ItiM dry sf G , F# 1' myn him. at Flecawr 5�+�,erer�duY u1#i N9esk�peYi, U.r- wir+�re �dt� mc�.tiw+ly FF i� �artliRs�n i r,r vn►.�t�a I:���s urf+ f+li1v tip Canknue = F rre did g goak3136IMage716 CFN920190157532 Page 3 of 3 43 Lrhe URBAN � wj ou� tl0 1y Tw" ,. 'IN,,ire COMPARABLE VACANT LAND SALE NUMBER 4 - DATA SHEET RECORDING DATA: County: Miami -Dade County OR Book 32368 Pages 4536-4537 Folio number: 01-4105-013-0200 LOCATION OF SALE: 4212 NW 2nd Terrace Miami, Florida 33126 GRANTOR: LeJeune 4212, LLC GRANTEE: Y and Y LeJeune, LLC LEGAL DESCRIPTION: Lots 24 and 25, Beckman Manors, according to the plat thereof as recorded in Plat Book 39, Page 78, Public Records of Mimi -Dade County, Florida. DATE OF SALE: February 22, 2019 SIZE: 13,500 square feet 44 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE NUMBER 4 (CONTINUED) CONSIDERATION: $925,000 FINANCING: Cash to seller SALE PRICE PER SQ FT: $68.52 per square foot of land area TYPE OF INSTRUMENT: Warranty Deed ZONING: T6-8-0, Urban Core Zone and T3-0, Sub -Urban Zone, The City of Miami PRESENT USE: Vacant land CONDITIONS OF SALE: Arm's-length ENCUMBRANCES: Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON -SITE UTILITIES: All utilities available to the site COMMENTS: Vacant suitable for future commercial or residential. 45 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � COMPARABLE VACANT LAND SALE — 4 — PHOTOGRAPH 4/28/2021 46 n,e URBAN tl �e Ryfwr} . ryµgr i r � LATEST DEED G'�'N 2��11�F�14��73G OR 8X 32369 Pss 4S36-4"1 ONO RF{.ORacrt 132125/20r1 119a AUU DEED CM TAil 1157554 Z SiJfTAY #a.r162.50 HARVEY "1101r MEAK U Lt]iIJRT 4710ANOM Cowry* FLORIN c4brfral M- iiaariraq Ewe. AitDnwv ai Law 924d Snasri Msv* Smile 409 i'lianii, FL 33173 7$bbl�"LL9 Fllr utislne+ :1-ulii9 4WA lee VvWu & ►6". P.A. 1.104 Noce do l ccm WYO. COM4 CAOM M 3313r! 3p3-44S-3731 F to Numbin. 11112.4 ra,aAm IlimtamireR�rJaTDL%[ Warranty Deed Thlai Warmly p, W nude ibis My DI F'ebrumry- 202 i bctwm Lr.lexw 4213, LLC, a nar(dt limilvd comp"y whose pmt otrKe urkirc&r is 9244) SW 72atd Stivel, Smile I li'1itALaL1, FL 33173, grwim- WA V and V Wro m:. MC, it flliwilft IindMd I"Mq cumpasy whrlse PCAl arf" akidttiss iS 891) A&MO Avenue, Cord (-Ablcti, Fl. 33146, gramec. (W ha rwver 2s,cd herc,rB the. teems " Iwanadr" at,d "gmium" uscitale all lire pvfia to "s 4mumM and ll,a hcpm lqud repre'OltahVes, andb as&ig11S Of uk ividuaES. Ind t1v- qucem9ar, And as'sii ofrarparnti", tMvF Wd Indipe wl WillIMCLh, Ghat said Sroiunr, av and utCMLLileratilon oflheuni ofTFN' ANONO 100 [R)LI-ARS litOAO; mnd cxher gcr,fl and iaivable currsideradcm Io said gmMor in haM paid by said graraee, the receipt WhLnmf is bcrebb' a;knuwladgtd, ltaw, 13ranteod htrSpI" arwl soM to 1W said grnnmt, mW j7uftch�s heirs Lind ari a krevel. tl,r ftallowulg dc-- xibcd land, qittr,t & fyutg and Irving in Mknwd-Dz& C DM"r MOrids lcr wit: lapin 2A mail 7,5, Licci®ran Manarx, mccurding b? Lhr plaL Lbretd !® rmrdcd is Plal 13aok 39, PftE 71L Public Vwourd+,ef'4'lisrni`llalde Cutwly, Mrida, Partin +ILIVepd1♦ rodole lti umhcr: 01-4105413-42Ua1 lLroprrty Address. #712 N-W 2ad Tura ace, Nllitmi, P lnrbb 33t2it 'fklp curiveytspcz * grade subjeet 1n tLo fnLluniieg: L Taxes for 201 and subsequent ycarg4 2- hF uruiculs, aighks ref w2y. LhutadfinL resrrrvaliroi, mvenaerta and rmiri,ctioaq of rvgturcli, trrtsy, which ore aul hrrrb} kvft wmpriaed: and, 3. Zouinr ar OLher tta:gulaiory Laws Goal or;l1nagpen aliec Ling, Lfic Lea& if an) Tngethrr with all tlic ta%lltaLLent9, iereditauv cs ar1fJ appurTmum= ffiE o beAongirig ue s dn%,wisr. apWairiiaig. Tu Haty and era M14. the same 41 rce %impir former, booR3236811Pag =_4536 (;FN#20210142271 47 Paige 1 of 2 I. Tlic URBAN ��C,rnu� tl ,e Ryfwr, ,ryµq, i r, OR SK 323&a PG 45Z7 LAISY PAGE Axd the 9mritar Weby WMWtm wish siaW arcmtw Owt thb ymrntw is k,"My wjzcd of ;-led Iwkd in Gre eimiFle, lbai the girantoi 1•ms gaud right aaa lawfLl nutboEi y ttr sell and cxmivq s-sid ]ant#: that lice 0-amor f,eehy fully warram-. the thin [u mid [arid and will deftW ahr SWIr agtLts[ the Lrwful !tdlrrJ-4 of all IlCtIorig wlwerMUeVer; Otld thus sdki idm is fry kryf all erw.umbTanc uCcP1 id%dCVrkkk1g L115cWOM to 1'kMQb1Drr $1,1020 [u W ilnrvs Wj6errnt gn"trr bag hLft=u an grans 0t s hurut dF,J she d.ty dt1d YrMr first 811ML wr tk-n. Sipc�J, s,$61 444 4trllvcmd in nur prescm-c! ,a Florida Wed llaMlity 11 _ _ RAL Co04L lklanapr Stw of FEttrida COurot4 of Miami-Duk The fsm-ltsing I w4t5 oeLrmwk xt d before Tiw lr "wear& of €X] pYiyskad pfeWdre! err U atdiM Mxa.rizad m, this y of F'elxuarv- Ct2l by Lug rVurtsu CwmEa, N zazg � t+f l .a amine 421 �, LIE, u F#arwdn Elm test [Lability crar pu� *, atti bOlalf �uf [hc I= w are pwwnulty kmwn to rue or [XI have produced a driver's licerim as ldentificatirm 'x. [Not,vy SmI] Nvwry l c Primed Nana M;4 n EMES &K"TdW22• Karnnn- ikrd Vw = 48 Page 7 of 2 f-h e URBAN ��C,rnu� tl01y Tw" -'INO r, COMPARABLE SALES LOCATION MAP -�Mlldl rk- 'Ell i L' lake '. I. :IS e f n Ices a T -� 5 174) 1 r3 !-A e b -R Awo It U 10 Country C lub C afol (Aq I. I Su nFiy Isles Narrh AAWFO ffi-arii Gallen U11 I'- "ami I-akes yam_ may.-Locka ftaV I UrLjop Nartih Mlam fslanris Su I fsl dc pkrwgmtK l wk Ind [an Creek Miami Nhntrn' VFRagc COMPAR '_0 I AMILJ= Nn- a W, :1 INN'. 91 NW -15113 Ave iwe.1 L89 Miami Miami, rL 33126 COMPA"BILE N�- 2JI11 0,94 4114II&S NE 1253 NvV 35th Sr B 'I'llaTn' - FL 33142 4.7fig rrlll. ME Mia prings A I I Ail.% r] A,4 No. A ED ri 335-2351 W "filer St 171 [OOMPARADLE r-IlArFkl. FL. 33175 -,:Sw 11 1h '.t West Miami oral Tlcnacc GM 3V -11'1 It2 15 W. Filagllpr 5h-epir Miami. F1 33134 Krrlcldlp Heights GlakileA F-ratl;K 11t:rring 4day Palmetto Bay Cutler ON Iswd COMPARABL-E ha- 4 -12 12 NW bid Ter MLarn 1. FL 0:3 12 6, I.D2 Mkirr IF Key Biscayne 49 f-11c URBAN 6 OL, COMPARABLE SALES CHART SALE SALE SALE LOCATION LAND PRICE/SF ZONING # PRICE DATE SIZE LAND 2335-2351 1 $1,675,000 2/14/2021 W. Flagler Street 19,344 $86.59 T6-8-0 Miami, FL 33135 2 $ 350 000 1/18/2021 1253 NW 35 Street 6 027 $58.07 TS-L Miami, FL 33142 891 NW 45 3 $ 345,000 3/l/2019 Avenue 6,300 $54.76 T5-R Miami, FL 33126 4 $ 925 000 2/22/2021 4212 NW 2 Terrace 13 500 $68.52 T3-0 Miami, FL 33126 T6-8-0 Subject 5215 W Flagler 25,051 T5-L Street, FL 33134 Current $1,550,000 25,051 $61.87 Listing 50 n,e URBAN � wj ou� tl �e Ryfwr} . ryµgr i r � VALUATION - SALES COMPARISON APPROACH TO VALUE Discussion of Comparable Sales In order to form an opinion of the market value of the land, we have reviewed numerous comparable vacant land sales located within 5 miles of the subject area in Miami -Dade County in direct competition to the subject neighborhood and which were deemed comparable to the subject property. Careful consideration was given to locations, size, zoning, access, site conditions as well as elements such as conditions of sale, market conditions, cash equivalency and other factors. Based upon our review of all pertinent factors we have selected the four sales summarized herein as being the most comparable of the sales reviewed. In addition to these sales, we also reviewed the sales of improved sites in the neighborhood as well as listings of improved and vacant parcels in the subject neighborhood. The review of this additional information was helpful in our overall analysis and we relied more specifically on the sales included in this report. The market has seen resurgence in activity and has strengthened after the downturn of the real estate market. The market has specifically seen resurgence in construction of multifamily and mixed -use developments. This access to major north/south roadways as well as east/west roadways in the county allows easy access to the tri county area of South Florida. The subject property has a good location inclose proximity to major arteries of transportation and the economic hubs associated with the downtown area, the Port of Miami and Miami International Airport. After reviewing all of the data, we felt the sales summarized in this report were reflective of the market for the subject land at this time. The variances on each sale were considered in our overall review. In evaluating the sales, various factors are evaluated in a logical sequence. Overall, the sale properties range in size from 6,027 to 19,344 square feet of land area. The price per square foot range was from a low of $54.76 per square foot of land area to $86.59 per square foot of land area. Each of the comparable sales consisted of the conveyance of the fee simple ownership of the parcels. Thus, no adjustment for property rights is indicated. Financing: Vacant land of this type is generally acquired for cash or construction loans with institutional financing. Often times, the financing is obtained in the form of an acquisition and development loan. The financing for each of the sales has been analyzed and all of the sales consisted of cash to seller financing and/or conventional mortgage financing therefore, no adjustment for favorable financing was necessary. Conditions of Sale: Each of the sales utilized for direct comparison were considered arm's-length transactions for this type of land. 51 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � VALUATION - SALES COMPARISON APPROACH TO VALUE Market Conditions: We have analyzed numerous sales in the subject area, in the time period from roughly March of 2019 to the present. The sales took place from March of 2019 to February of 2021, all within 25 months of the date of value. The market conditions for vacant land in this area have been relatively stable over this time period with some increases noted during that time frame. No definitive pattern was indicated by the sales that would suggest a market based adjustment for market conditions. The market declined after the boom with prices at the current time recently showing signs of stabilization and slight increases. All of the sales have generally sold under similar market conditions. Therefore, no adjustments are considered applicable, but we did consider the sale dates in our overall final analysis. Location: Locational characteristics deemed significant for vacant land sales include access, surrounding demographics, surrounding properties and uses, supply of competitive land, etc. All sales are located within 4.76 miles to the subject property and two of the sales were located within 1.02 miles of the subject property. Some of the sales were located on more interior and less travelled roadways, which would promote residential development only and not a mixed -use development. All of the sales are considered to be within similar locations to the subject neighborhood; however, the locational differences were noted in our review. Sale 1 was considered to be superior for location due to its location in proximity to the downtown business area. Zoning/Land Use: The properties have varying zoning classifications, and all were in the City of Miami Zoning (Miami 21), the review of each of the zonings and the sale prices did reflect differences in the zoning. Two sales with similar T5-L and T5-R zoning with the same or similar to the subject zoning had unit sale prices from $54.76 to $58.07 per square foot of land area. Sales 1 and 4 have T6-8-0 zoning and sold for $68.52 and $86.59 per square foot of land area and these were considered superior zoning classifications. Sales 4 also had a T3-0 zoning. Size/Physical Features: We have reviewed the sizes and various physical features of each of the sales relative to the subject property. The subject site is 25,051 square feet having frontage on W. Flagler Street with the T5-L zoning. The sales had varying sizes from 6,027 square feet to 19,344 square feet of land area. Sales 1 and 4 were considered most similar to the subject property with sizes of 13,500 to 19,344. These two sales indicated a unit sale price range at a low $68.52 to a high of $86.59 per square foot of land area. The other two sales were smaller and similar in size to each other and indicated a tight range of $54.76 to $58.07 per square foot of land area. The size differential will be considered in our overall review and analysis. 52 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � VALUATION - SALES COMPARISON APPROACH TO VALUE Conclusion: The sales had a unit sale price range from a low of $54.76 per square foot to a high of $86.59 per square foot of land area. The sales sold from March of 2019 to the most recent sale in February of 2021, Sales 3 was considered to be slightly inferior overall with Sale 2 considered to be most comparable in zoning although smaller in size. Sales 1 and 4 were considered to be superior overall with Sale 1 having a superior overall location. Further, Sales 1 and 4 were considered to be superior in zoning. most applicable. Considering the overall market conditions and the sales data, a value conclusion at the upper end of the range for the two similar zoned parcels would be most applicable. Therefore, we have estimated the whole property market value at $58.00 per square foot of land area. Therefore, we have estimated the value of the subject 25,051 square foot site based upon the overall review of the sales presented, the sale history for the subject and surrounding properties and the additional sales considered in our review. Based on our review of the sales, it is our opinion that following is the market value for the subject property via the Sales Comparison Approach to Value. 25,051 square feet x $58.00 per Square Foot = $ 1,452,958 Say $ 1,455,000 53 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � RECONCILIATION The Sales Comparison Approach was used to analyze sales of similar properties for the 25,051 square feet subject parcel. The review of the sales date led us to a conclusion of market value for the subject site at $1,455,000 based on a unit sale price of $58.00 per square foot. Based upon our review of the subject's location, zoning, and size, it is our opinion that the market value of the subject property as of April 20, 2021, is as follows: MARKET VALUE OF SUBJECT PROPERTY ONE MILLION FOUR HUNDRED FIFTY-FIVE THOUSAND DOLLARS ($1,455,000) 54 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � ASSUMPTIONS AND LIMITING CONDITIONS The legal description furnished to the appraiser is assumed to be correct. All existing liens and encumbrances have been considered, however, the property is appraised as though free and clear, under responsible ownership and competent management. The information identified in this report as being furnished to the appraiser by others is believed to be reliable; however, the appraiser assumes no responsibility for its accuracy. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. It is assumed that the utilization of the land any improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. The distribution, if any, of the total valuation in this report between land and any improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Possession of this report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualifications and only in its entirety. It is assumed that the land size is accurate. 55 n,e URBAN � W j Ou� tl �e Ryfwr} . ryµgr i r � ASSUMPTIONS AND LIMITING CONDITIONS (Continued) Disclosure of the contents of this appraisal is governed by the bylaws and regulations of the American Society of Appraisers. The appraiser herein by reason of the appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in questions unless arrangements have been previously made. Neither all, nor part of the contents of this report, especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected, shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible non-compliance with the requirements of ADA in estimating the value of the property. Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on, or in the property. The appraiser is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 56 n,e URBAN � W j Ou� tl �e Ryfwr} . ryµgr i r � CERTIFICATION I certify that, to the best of our knowledge and belief: The statements of fact contained in this report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subj ect of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimated, the attainment of a stipulated result, or the occurrence of a subsequent event. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice of The American Society of Appraisers and The Appraisal Foundation. I have made a personal inspection of the property that is the subject of this report. I have not performed any services regarding the property as an appraiser or in any other capacity during the past three years. John F. Zink provided significant professional assistance in the preparation of this report including research and sales data collection. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. I have met or exceeded the minimum prescribed educational requirements for Recertification as an Accredited Senior Appraiser (ASA) of the American Society of Appraisers. Robert D. Miller, ASA State Certified General R.E. Appraiser No. RZ 1270 57 n,e URBAN � W ] ou� tl �e Ryfwr} . ryµgr i r � ADDENDUM PHOTOGRAPHS OF THE SUBJECT PROPERTY View looking northeasterly of Subject from W. Flagler Street �r r� View looking northerly along Subject westerly boundary. ''xt1F �+",'' :': y 4. 4. � k� ,`ti ��.�F �' I I . �4 �� �I `may, # Y �7. ' . i �� � � �'. r � � , .'A �k��� � ��1 sir it � +� r J,�Li�i�7yYfyi}Sy—�4_ i�� .�i� II7�y .'Y I � 1 "'�� ,� �i5������5�ti5, � . '� � + ti v 3 �1�,4ti4. ��- �� + 4j� 1p W*- S. ou a KELLERVVILLIAM FOR SALE ALICIA GOLDMAN (O5)i 1- 161 A T Y J w View of Henry M. Flagler Elementary School to the west and north the of Subject. SUBJECT PROPERTY DEED This Instrument Prepared by: GPM 2021ROOZ6308 EdiliaAwsta OR RIG 32294 Pas 37E4-3M (21`30 4452 S.W. 1590'Cotirt RECORDED 0I/15/2021 14:23; 25 Nliarni, FL "s3I85 HEED DOC TAX S4.AD RARVEY RUVIHY CLERK OF COURT AIAMI-DADS CUl1HTY7 FLORIDA WARRANTY DEBT] THIS INDENTURE made this C�� day of November, 2020, between EDILIA ACOSTA, a single woman, hereinafter called the "Grantor", to EDILIA ACOSTA.. a single woman, hereinafter called the "Grantee'`, a Life Estate, without any liability for waste or responsibility for ordinary expenses (including but not limited to interest on any and all mortgages, if any, general repairs, general up}zeep, homeowner association fees, if any, and insurance), and reserving unto herself for and during her lifetime, the exclusive possession, use, and enjoyment of the rents and profits of the property described hereinbelow (the "Property"); the right, without the joinder or consent of the below named Remaindermen, to sell, lease, encumber by mortgage, pledge, lien, or otherwise manage and dispose, in whole or in part, or grant any ;merest therein, of the Property, by gift, sale, or otherwise so as to terminate the interests of the Grantee as Grantor, in her sole discretion, shall decide, except, however, the Grantor shall have no reserved power to dispose of the Property upon her death by testamentary devise; and the right to cancel and divest this Deed by further conveyance which may destroy or terminate any and all rights which the Grantee may possess undcr this Deed, whose post office address is 4452 S.W. 1591 Court, Miami, FL 33185, and the remainder (the "Remainder Interest") in the Property, if any, to NAN ANTONIO ACOSTA- JR. and ROSA MARIA MIIRALLES (the "Remaindermen" and children of the Grantor) upon the death of Grantor, whereupon, if the Property has not been previously disposed of prior to the death of Grantor, all right and title to the Proper remaining shall then fully vest in the Remaindermen, subject to such liens and encumbrances existing at that time. Grantor reserves the right to re -convey the Property to herself without the necessity for any consideration and, by doing so, thereby terminate any Remainder Interest that might otherwise have accrued to the Remaindermen, or their creditors, heirs, assigns or successors in interest by virtue hereof. The Remainder Interest mentioned in this instrument is unvested and is wholly contingent upon the death of the Grantor. This instrument conveys no interest to the Remaindermen, TLAN ANT'ONIO ACOSTA, JR- and ROSA MARM +1fIRALLES, until the death of the Grantor. WITNESSETH that the Grantor, for and in consideration of the sum of Ten Dollars and other good and valuable consideration to them in hand paid by Grantee, the receipt whereof is hereby acknowledged, and in accordance with the terms and conditions of the foregoing paragraph have granted, bargained and sold to the said Grantee, her successors, heirs, and assigns, forever, the following described land, situate lying and being in the County of Miami - Dade, State of Florida, to -%it: Lots 15, 16, IT 18, 19, 20, 21 and 22 of COLSKY's RESUBDIVISION, according to the Plat thereof, as recorded in Plat Book 13, at Page 16, of the Public Records of Dade County. Florida. Commonly known as 5215 WEST FLAGLER STREET, Miami, FL 33 13 4. Folio Number: 01-4106-030-0020 M__I--r A lr9_--1, 0 A P' kl=---- nn net+n r}_-- A .-C A OR SK 32294 PG Z785 LAST PAGE SUBJECT TO: (1) Zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the Plat or otherwise common to the Subdivision; and public utility easements of record, all of which are not hereby reimposed; and (2) Taxes for the year 2020 and subsequent years. {Singular includes plural, and masculine gender includes feminine gender, wherever the comext so requires.} THE SAID GRANTOR does hereby sully warrant title to the Property and will defend the same against the lawful claims of all persons whomsoever. NO EX.4INUINATION OF TITLE. The Preparer did not obtain or conduct a title examination of the Property and expresses no opinion as to the condition of the title of the same_ Grantor hereby acknowledges and agrees to the foregoing statement that this Deed was prepared without the benefit of title examination. Grantee, by acceptance of this Deed; also hereby acknowledges and agrees to the foregoing statements that this Deed was prepared without the benefit of title examination. IN WITNTSS WHEREOF, the said Grantor has hereunto set her hand and seal the day and year above written. (Signature) EDILIA ACOST Print Name: Tk."/;f zv Address: 4452 S.W. 159 h Court Miami, FL 33185 (Si_ afore) PrintName: 949421.f 4I147u') STATE OF FLORMA COU YTY OF MIAMI-DADE The foregoing instrument was acknowledged before me by means ofM— physical presence or ❑ online notarization_ this _ day of November, 2020. by EDILIA ACOSTA who is personally known, or who ( ] has produced as identification. WTTNESS my hand and official seal in the County and State last aforesaid day of Novem %= ,z<dt: ���,�rfi "" at i State of Florida * ; = Printed: vVA4 E �9�v i z i goy ed yhrunMt►tiN� nnA rrz---n�oc n^n no n-.---- n —Xg CURRENT LISTING Presenting: 5215 W Hagler St 5215 W Flacgler ST Miami FL 33134 Coral Gables, €L 33134 Ladd of 0,57 AC is for sate al 51,550.000 ($2.719,298.25IAC) Page 1 Investment Information 5215 W Flacgier St - 5215 W Flagler ST Miami FL 33134 Clxal t3ahlr.�, R 33134 I me art 0.57 hC IS for 016 et 51.550R (12.719,79e. (AC) For Sale Data .Arab Ptipe �f,554.760 F71�7AI' =7,'f47,7'yX,7u COV Ruu i?ayz Ly htatkel 427 St'w ;pat, ? 1AL11Y� 39* Ty Ce-. IHY(-w [mv i 1t Notas 25,MO. I.4.'t139."m, mrard-to e:d farad Yh t . 1 h;aTM: 63 "Is-xm, (mt rmi-j ar.r.nmt k-r wlaird q= ap xW4 rms rar3tl rrnu r:, rx,j ` or *1 knrrrl 71pKw'rl rrrwrtng Jt" ata Irf 6111tribom'OrcAl u*ft. A%wO*rAff4ly 34 kmMj to ha Gu1f1 b1 the imd. Sungy wmistue. 412602021 Pago 2 Property Infor-oration 5215 W Flagler St - 5215 W Hagler ST Miami FL 33134 Coaal cables, Ft. 33134 r And c 0.57 AC: b for ago at $1,5519„(M 1$2.719.298.2 4AG) Parcel S+re: G.S7 AC 7cn"q 0107 DaPr%y Nvrber Of Lels fllwVtF,rAtIl8 - T(IFuy-,4priy,' Level Sinai Frf ,Ut o 207 teal on Florida $W "nfl infomlAtiplt r'fwoied Ulu. GorrlfilePl:til or,S%loVrow - 0Awv lypw. lnAlvldoal t rr f1lre�mcr<nt; W4 A2542021 Papa 3 Location Information 5215 W Hagler St - 5215 W Flagler ST Miami FL 33134 Coral Gablox, FL 33134 f.1E" O f•Swk31 3GUSI1 FlRll;la � 'irrCfnKkv 1. Allal111 Anp4fL'rrlarrtl Alt�rt L;�Lnh'• Atlaml:�arla _ City LcvcI GFtAPFLANCP rs�;tG ki T S y r,. HTTL.F ftAVANA ri�AMI WEST iLAGLLO? VYil i" t at yt ALAf.►LLYA Y I. ROP Gables C�„)Z.T (sv> Westchesters West WSMI r" r; n R A It k."V KAO; cnRAI GABtF;C[tfstlt,ab%s -�" Cf]iafl Teti ice CRAFT;. l Sf+O auta+g202 Sliest Level tlyf ►rt St z z j Va. h J T 7It rt W FinkeT Sl ler Sr w f iap CAzi cis 0 Y SW►sts _ n i Asap rite 4V2021 GoWl Cah+:r rh :Ool: kensed W LrUo Orw" I,:. . M4XD 4J7Gi?071 Rago 4 Information 5215 W Flagler St - 5215 W Hagler 5T Miami FL 33134 Crreal Gablra, FL W34 Parcel ti m.: 24,921 SF XatL Rkn- $1,5Fm.600 ri �26cae0 Lho: CQmmeecial P6calAC 52,119,2U 21f . I,xrcu= 6107 r-p Rd,+: Del-olmv, - Vay% cn rda0edl: 627 Nurhw & i osn- - 75135 W 201h Ave (2 PraperHes) I HiaN Didr. 7,ve: Mimi yn'e lir. St,700,000 C:Ia:s; Prcct.;r: RUA: C:;r.^ i Y—= - tifnnr 3ctd Dula: Sro 29.2019 HK3'rafib a: ia". Arita: 1,22 AC R.gr+r. Jet rm rihlart a 0,00 wit" rrmrn auhjack wepsrty 385 W • 99) 5t FL 33012 NOR 5k..1Ter:a Nisacd `,,.li i'a�ce 3},000.000 C1sss -t,x.',Sr RBh- .,t RAP - :rWrics. n.1p U1, 23, 20111 Bldg Lard aaroa: u.0 AC Huycr: US HeWCah Lid rJlSr.1'L'n:: 11.0 wm,. from %.Dlccl prcpmrfiy 3620-3622 NW 23rd Ave (3 Properhas)' Miami, FL 33142 _ Hri) Paw rAIxad `tr1A Fr.s. 37,'231.000 rlas.` Pi,W iF' RRi: Czp-Cate: - .9.rt'Ira: - ,$a1d :lax: Nap 13, Y019 - Ln-rl ATvo: 0:49 AC Ut.vo. 2323 Pointe Or Cup LI, Di wluc: 0.00 miles from'SAIC,I rjrr�erty Pars :iicc: 1:02 AC �raFencd Ja: Lard znl.- - rF rily: - Hurti,ef,1• I elf.' b'd iV I-180fei Sr. {'L NrOpcJtie Sy - iSliarn 1. FL Jan J0 Z.00Yyw. j1,9GJ,080 C+9r Rain: %jW Darn. Apr t, 20t9 fL,.l►e ia9 FIMJ1rr 1 r.G Clx_sscs. 6.46 mllaa rronl aulsa[:f praQerlp pry • � �. -t:.. Comps Information i 1033-1057 Spring Gardun Rd (2 Firwarties)' Miami, FL 33136 Rtig Type: Wxed am.s: - M& S4%1: - Ruyan Spring Girders Aporlmonto lic 0%4v : 0.00 ml:aa 1r0m 6u1ribet IN0"1ty ti0.]Nirs): S3,OOD,909 Pr:c,^1n�1; cjl� Rite' 1991 NW 27th Ain (2 Properties)' PAlaoil, FC 33125 W" Type: faixv+:i (Strip Cenfcr) 11.,Do Oi:l C-INS: - rrlceoAC: RHA., can R9,4: Smm"r Duycr_ Chrk+iver 27 Prdpartlox Lit Die-umut- OM nrles from suWct prop r:r ty 663 Typr Ovad S:IC F'fI_o. s2,S1s,e00 l:Llsm - iMrn�AF:- RDlL• C: P R:::r- Sltxies: - sud oi.:v 0r110,2401111 B IA Slatuc - fteor- OWc* w and 1901 StraK LLC Irlstence- 0.00 osl" (turn eubject prvpvrty $14t NNW 271h Ave {2 Properd&9) Mk @,,M Twe_ Mixrrd ,rl6 Prim "OD0,000 Cltut9. - Nr m44C KBA; (.3pMO;e • 8TMw - ^,nldnMr: Au929,2410 {loyr•- Pinnar..lc Acquisition HId9A I to Oi%ixrlte: CA m{kz from si, 61ee1 waoe. rw FL 33137 33147 131.191 NW 71st 5t (3 Properties)' Miami, FL 33150 rs09 r>9e wr0trauret RHA: 1 M48 SF Suvirs• - Brig SPaum - Lam.] Arco: 2.12 AC SuuWb 7127 Hw 2 Avow Llc C)f rrco 4.00 rnllos From nub}eat property 5,06riicr S2,550.000 F110WAU 520i,.51 C«p P dr. SOLI Dsr:e Jai 39, 201B t•.: •:ar:e J 6,apCarrwy Soon lirpr 6 RiiX,4 P �Go7OZf 1irrM+;Mw1 r.m• Y'+++rw^ n �i•nn• rrn. p 1+'. page 7 5215 W Flagler St - 5715 W Flagler ST Miami FL 331W Z2k .7m. $1 SMAW &L.I= Ab'- inyzstm 0 ri,3t--s x,-r :p:.:oxi V —i,,; hu. ry a-di-O ol- S -,W P-.k,,d Land Znfx anon E197 -opaMlJs:c G4rrfnLrilM 01d k.VM —rafr C-5, x F ia! per dW an Flodda NE 309 Ydn alLm AW-11 —Ohm QUALIFICATIONS ROBERT D. MILLER, ASA EDUCATION: Appraisal Institute Courses SSP Standards of Professional Practice I -A Fundamentals of Real Estate Appraisal I-B Capitalization Theory and Techniques 8 Appraising a Single -Family Residence 2-1 Case Studies in Real Estate Valuation 2-2 Report Writing Business Valuation Seminar Litigation Valuation Other Appraisal Courses Mass Appraisal of Residential Properties Florida State Law and USPAP Factory Built Housing Automated Valuation Models PROFESSIONAL Senior Member of American Society of Appraisers - AFFILIATION: South Florida Chapter No. 82 — Accredited Senior Appraiser (ASA) Real Property Urban LICENSED: Real Estate Broker- State of Florida- Inactive Certified General Real Estate Appraiser RZ#1270- State of Florida EXPERIENCE: 1995-Present Real Estate Appraiser and Subconsultant 1993-1995 Vice President -The Urban Group, Inc. 1978-1993 Real Property Analysts, Inc., Fort Lauderdale, Florida, Executive Vice President 1987 Involved in United States Senate Study Right -of -Way Acquisition Procedures QUALIFIED AS EXPERT WITNESS FOR: Condemnation proceeding in Lake, Kankakee, Cook and DuPage Counties, Illinois and Broward, Dade, Monroe, Palm Beach and Duval Counties, Florida. Testified in Bankruptcy Court in Florida and Texas and Federal Court in Miami, Florida HAS COMPLETED: Appraisal Assignments Commercial, vacant and improved Condemnation projects Industrial, vacant and improved Multi -family residential, Mobile Home Parks Office, vacant and improved Special purpose properties Counseling Acquisition projects Income tax analysis Investment analysis Tax assessments ROW Cost Analysis Special assessments Review Services VARIOUS CLIENTS OVER THE PAST TEN YEARS GOVERNMENT PRIVATE ATTORNEY BROWARD COUNTY BROWARD COUNTY AVIATION DEPARTMENT BROWARD COUNTY SCHOOL BOARD CHARLOTTE COUNTY CITY OF CORAL SPRINGS CITY OF FORT LAUDERDALE CITY OF FORT MYERS CITY OF HALLANDALE BEACH CITY OF HOLLYWOOD CITY OF LAUDERDALE LAKES CITY OF KEY WEST CITY OF MIRAMAR CITY OF MIAMI SPRINGS CITY OF POMPANO BEACH CITY OF RIVIERA BEACH CITY OF SUNRISE FEDERAL AVIATION ADMINISTRATION FLORIDA DEPARTMENT OF TRANSPORTATION LEE COUNTY PALM BEACH COUNTY PALM BEACH COUNTY SCHOOL BOARD SMALL BUSINESS ADMINISTRATION SOUTH FLORIDA WATER MANAGEMENT TOWN OF DAVIE US DEPARTMENT OF HOUSING & URBAN DEVELOPMENT ALTMAN DEVELOPMENT CORPORATION BELLSOUTH MOBILITY CLEAR CHANNEL OUTDOOR CLEVELAND CLINIC LENNAR HOMES THE TAUBMAN COMPANY SBA TOWERS INC. UNITED HOMES WAL-MART CORPORATION ACKERMAN SENTERFITT JAMES BRADY & ASSOCIATES BECKER & POLIAKOPF BRIGHAM-MOORE COKER AND FEINER BRIAN PATCHEN PA HOLLAND & KNIGHT DALE BRUSCHI PA TEW CARDENAS VANCE DONEY & MACGIBBON GOREN CHEROF DOODY & EZROL PA WEISS-SEROTA-HELFMAN This Instrument Prepared by: 11111111111111111111111111111111111111111111 CF M 2021R0036308 Edilia Acosta OR BK 32294 Pss 3784-3785 (2Pss) 4452 S.W. 159th Court RECORDED 01/15/2021 14:23:25 Miami, FL 33185 DEED DOC TAX $0.60 HARVEY RUVIN: CLERK OF COURT MIAMI-BADE COUNTY. FLORIDA WARRANTY DEED THIS INDENTURE made this day of November, 2020, between EDILIA ACOSTA, a single woman, hereinafter called the "Grantor", to EDILIA ACOSTA, a single woman, hereinafter called the "Grantee", a Life Estate, without any liability for waste or responsibility for ordinary expenses (including but not limited to interest on any and all mortgages, if any, general repairs, general upkeep, homeowner association fees, if any, and insurance), and reserving unto herself for and during her lifetime, the exclusive possession, use, and enjoyment of the rents and profits of the property described hereinbelow (the "Property"); the right, without the joinder or consent of the below named Remaindermen, to sell, lease, encumber by mortgage, pledge, lien, or otherwise manage and dispose, in whole or in part, or grant any interest therein, of the Property, by gift, sale, or otherwise so as to terminate the interests of the Grantee as Grantor, in her sole discretion, shall decide, except, however, the Grantor shall have no reserved power to dispose of the Property upon her death by testamentary devise; and the right to cancel and divest this Deed by further conveyance which may destroy or terminate any and all rights which the Grantee may possess under this Deed, whose post office address is 4452 S.W. 159t' Court, Miami, FL 33185, and the remainder (the "Remainder Interest") in the Property, if any, to JUAN ANTONIO ACOSTA, JR. and ROSA MARIA MIRALLES (the "Remaindermen" and children of the Grantor) upon the death of Grantor, whereupon, if the Property has not been previously disposed of prior to the death of Grantor, all right and title to the Property remaining shall then fully vest in the Remaindermen, subject to such liens and encumbrances existing at that time. Grantor reserves the right to re -convey the Property to herself without the necessity for any consideration and, by doing so, thereby terminate any Remainder Interest that might otherwise have accrued to the Remaindermen, or their creditors, heirs, assigns or successors in interest by virtue hereof. The Remainder Interest mentioned in this instrument is unvested and is wholly contingent upon the death of the Grantor. This instrument conveys no interest to the Remaindermen, JUAN ANTONIO ACOSTA, JR. and ROSA MARL4 MIRALLES, until the death of the Grantor. WITNESSETH that the Grantor, for and in consideration of the sum of Ten Dollars and other good and valuable consideration to them in hand paid by Grantee, the receipt whereof is hereby acknowledged, and in accordance with the terms and conditions of the foregoing paragraph, have granted, bargained and sold to the said Grantee, her successors, heirs, and assigns, forever, the following described land, situate lying and being in the County of Miami - Dade, State of Florida, to -wit: Lots 15, 16, 17, 18, 19, 20, 21 and 22 of COLSKY's RESUBDIVISION, according to the Plat thereof, as recorded in Plat Book 13, at Page 16, of the Public Records of Dade County, Florida. Commonly known as 5215 WEST FLAGLER STREET, Miami, FL 33134. Folio Number: 01-4106-030-0020 Book32294/Page3784 CFN#20210036308 Page 1 of 2 LAST PAGE SUBJECT TO: (1) Zoning, restrictions, prohibitions and other requirements imposed by governmental authority; restrictions and matters appearing on the Plat or otherwise common to the Subdivision; and public utility easements of record, all of which are not hereby reimposed; and (2) Taxes for the year 2020 and subsequent years. (Singular includes plural, and masculine gender includes feminine gender, wherever the context so requires.) THE SAID GRANTOR does hereby fully warrant title to the Property and will defend the same against the lawful claims of all. persons whomsoever. NO EXAMINATION OF TITLE. The Preparer did not obtain or conduct a title examination of the Property and expresses no opinion as to the condition of the title of the same. Grantor hereby acknowledges and agrees to the foregoing statement that this Deed was prepared without the benefit of title examination. Grantee, by acceptance of this Deed, also hereby acknowledges and agrees to the foregoing statements that this Deed was prepared without the benefit of title examination. IN WITNESS WHEREOF, the said Grantor has hereunto set her hand and seal the day and year above written. s � � (Signature) Print Name: /k,'5W _MIM inlu (Sig ature) Print Name:�nlf/lam STATE OF FLORIDA COUNTY OF MIAMI-DADE Iwr" :eoo Address: 4452 S.W. 159t" Court Miami, FL 33185 The foregoing instrument was acknowledged before me by means off physical presence or ❑ online notarization, thisO-1day of November, 2020, by EDILIA ACOSTA who (] is personally known, or who [ ] has produced as identification. I. WITNESS my hand and official seal in the County and State last aforesaid thi day of Novemk���t sionr � ota i ,State of Florida ' #Gc957412 Printed: '/ivyy.1_' � 5-)T u & 7- Wn in Book32294/Page3785 CFN#20210036308 Page 2 of 2