HomeMy WebLinkAboutCRA-R-19-0001 Appraisal Reportm
�e
APPRAISAL REPORT — VACANT PARCEL
LOCATED ON
WEST SIDE NW 1st AVE
BETWEEN NW 15TH ST. AND NW 14th ST.
MIAMI, FLORIDA 33136
AS OF
NOVENBER 9, 2018
PREPARED FOR
MR. ANTHONY F. BALZEBRE
ASSISTANT DIRECTOR, OMNI CRA
1401 N. MIAMI AVENUE, 2nd FLOOR
MIAMI, FL. 33136
-rhe
URBAN
�� Group
REAL. ESTATE CONSULTANTS
"1'he
URBANREAL ESTATE ADVISORS I PROGRAM MANAGERS I REAL ESTATE APPRAISALS
REA1 ESTATE CIIN:1'I TANTS
November 9, 2018
Mr. Anthony F. Balzebre
Assistant Director, OMNI CRA
1401 N. Miami Avenue, 2nd Floor
Miami, Fl. 33136
Re: Vacant Land 1428 NW 1st Ave. Miami, Fl. 33136
Owner: MIA TOWNERS, LLC
3153 Percy St.
Miami, Fl. 33133
Folio Number: 01-3125-048-1720
Dear Mr. Balzebre:
Per your request, we have reviewed the above referenced property for the purpose of providing you
with an opinion of market value for the vacant parcel located at 1428 NW 1st Avenue in the City of
Miami, Florida. The subject contains 7,860 square feet of land area and is located on the west side of
NW 1st Avenue, between NW 15th Street. and NW 14th Street. We were not provided with a survey
and the land size was estimated by the appraiser and we assume the size is accurate. The property
is currently zoned "74-R", Single Family, Multi -Family Residential. Based on our review of this
currently vacant property and 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 development with
potential for assemblage.
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, November 6, 2018. The function of this report is for the
use by the client in the potential acquisition of the property by the CRA.
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 November 6, 2018. If any additional data is required,
please advise.
1424 South Andrews Avenue • Suite 200 • Fort Lauderdale • Florida 33316
Telephone: 954-522-6226 • Fax: 954-522-6422 • www: theurbangroup.com
1,11C
URBAN
real i>�an r��s:ri r:��rs
Page 2
Mr. Balzebre
November 9, 2018
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 November 6, 2018 is as follows:
THREE HUNDRED NINETY-THREE THOUSAND DOLLARS
($393,000)
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 • Fax: 954-522-6422 • www: theurbangroup.com
TABLE OF CONTENTS
Tableof Contents...................................................................................................................................1
Summary of Salient Facts and Conclusions..........................................................................................2
Aerial and Sketch 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..................................................................................................................
6
PropertyDescription..............................................................................................................................
7
AreaMap...............................................................................................................................................
8
NeighborhoodDescription and Map.....................................................................................................
9
Zoning.................................................................................................................................................11
Highestand Best Use...........................................................................................................................16
AppraisalProcess................................................................................................................................17
MarketApproach............................................................................................................................18
Reconciliation......................................................................................................................................
46
Assumptions and Limiting Conditions................................................................................................47
Certification.........................................................................................................................................
48
ADDENDUM
Photographs of the Subject Property
Subject Property Deed
Qualifications of the Appraiser
1
The
URBAN
=�Grcwp
R EAI ESTATE CONII'I T.A.T.
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
PROPERTY LOCATION: Located on the west side of NW 1' Avenue, 106 feet south of
NW 15th Street in the City of Miami, Florida. Property has a
common street address of 1428 NW 1' Avenue, Miami,
Florida.
OWNER'S NAME/ADDRESS
INSPECTION DATES:
SITE SIZE:
MIA TOWNERS, LLC
3153 Peachy Street
Miami, Florida 33133
November 6, 2018
7,860 square feet
DIMENSIONS: Rectangular in shape — 67' X 124'
ZONING: T4-R, Single Family -Multi Family -Residential
PRESENT USE: Vacant Parcel
HIGHEST AND BEST USE: The highest and best use is for development with residential or
assemblage.
IMPROVEMENTS: Vacant Parcel
SALES HISTORY: The subject property was last transferred in May of 2013 for
$35,000 via OR Book 28623 Page 2481. A copy of the deed is
contained in the addenda. We are not aware of any leases that
exist, and the property is currently a vacant lot.
COST APPROACH:
INCOME APPROACH:
SALES COMPARISON
APPROACH TO VALUE:
DATE OF VALUE:
N/A
N/A
$393,000
November 6, 2018
2
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
`eject
3
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
SKETCH OF SUBJECT PROPERTY
IFUS Map Printout
Locelioir FL - Onde Gmmty, F'londo
Map Scale: 0_10 miea
Addross: 1428 NW 1 ST AVE MIAMI F L 331313
.may— I—mmu- --
4
-7-]ubject
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
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
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.
COMPETENCY PROVISION
The appraiser has completed similar type appraisals of vacant land throughout the Broward County
area during his 35 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 7,860 square feet as of the effective date, November 6, 2018. The
function of this report is for the client's use in the potential acquisition of the property owned by MIA
TOWNERS, LLC.
LEGAL DESCRIPTION
Lot 5, Block 43, Waddells Addition to the Town Of Miami, According to the plat thereof as recorded
in Plat Book B, Page 53, Public Records of the Miami -Dade County, Florida.
5
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
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, IRIS, 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.
REAL ESTATE TAX INFORMATION
Property I.D. 01-3125-048-1720
Year
Land
Just / Mark
Value
Assessed /
SOH Value
Tax
2018
$94,320
$94,320
$94,320
$1,896.55
2017
$94,302
$94,320
$94,320
$1,998.10
2016
1 $90,000
1 $90,000
1 $90,000
1 $1,964.31
All previous year taxes are paid.
6
The
URBAN
�lllllllGroup
REAL ESTATE CONSIrLTANTS
PROPERTY DESCRIPTION
LOCATION: Located on the west side of NW 1st Avenue, 106 feet south
NW 15th Street in the City of Miami, Florida.
OWNER'S NAME/ADDRESS: MIA TOWNERS, LLC
3153 Peachy Street
Miami, Florida 33133
INSPECTION DATES: November 6, 2018
SITE SIZE: 7,860 square feet
DIMENSIONS: Rectangular shape- See sketch and aerial in the report. The site
is approximately 67 feet wide by 124 feet deep.
ZONING: T4 R Single Family- Multi -Family Residential
PRESENT USE: Vacant Parcel
HIGHEST AND BEST USE: The highest and best use is for future residential or potential
assemblage.
SALES HISTORY: The subject property was sold in May of 2013 for $35,000
when the current owner acquired the property. A copy of the
most recent deed is in the addendum.
IMPROVEMENTS:
Vacant Parcel
i1
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
F.11 k'A D : 1/ : Fr
a la mode, Iris
�, 51
•�• 1id'••°"
rnN 511h
"
36th sitL
NW 361:11 SIC NE 3k tlt 5139
a
11
�,
�J
it'.V M1IC 3501 5t
tdl'V i:51rr 3[
; • i 11
�J'N Jtiltr 5r
:i 3.t 1Athil
Z
$
' X
ys4 i&f tl 9r
7
}
1
NW 3.Icsit „�cl
Nk ,wltn x
t4W 3Dth 'e i ^ P
Tr.
F
raw �strL 51 =' r,oE a�111 yt
tvW 26Lh 5t .� ui 77•.I+ at
w
rtW :'rh st
r„•w 7-0c!1 !0 NU alh •d
•dlh' knlll Si
I
Tit }St"ST
YJAY ;yu1 St
N 2`1-15[
� �
NE d41h it
Y.Nl :irll Si K* 23rd St
FI W T2r•I Se 1 ttE 22-i
a
2 3
_
i
s: n1l 1 `:7. St.
F4VJ :'lsr Sk
-
w '
a 21)d, St 3
m
Nw 2xli St pyE 241h 5a q
ry[ 14-1, 10 ai.r
a
yy z 2
•= K
� O a
Til ('alfY N c +�
SU03ECT
3�28 NW 39t Auertue
i
HW ,',I. 51
4
FAQ
r =
I twm
4L7
y
c y'r r�Iti3rlrau>~'way
1'_S Ct O
�
�'
}NW
id11w St
M1IW IdYh 5' NC 1JICh St
l-4w
altil Sid_-'.�-.:. !yi '?•t. -t
� .•
,.yty 11[N tr.r
.LL ' -
p4W Ilb. T—O 1 ,+ 151h St -4 r lit th
y
L
'1'N li�?It it
rvW Wth u -
S.
..I, .
NNV EMT S1 _ _ '
Nw Ut`I 51
11,4 "I• �
1.
X
x
PO -
rj%i Gill 51
Rive 1d Mtj
R,+Ver -' NYd �111 5!
crn� NE 5th 5r n,
0 M
ak:.r.tr:�rr.
i 9
z
r11 �r c.tl a
zi
S
1,
m Cl
K
A
•' SFlgq �nr :l
w FIwil,- E
1 31i' 5W Yfi ST v' Sf 541 St
S',y lit Sr
>• 5E Ind 51
tiW:nd �t
"St 3rd 54
SW 3.d Sr
5'dr' art! :l
�+i1
Ath SS
�- lWN,7lTU
yam„
3VJ
i 1tfteF
rw Sih u ¢
R:-
+` Ke!
s%v 64h L
- �! b177 s'r
5W 7th Sr SE 71h St
Sw Fill, 51 41
.tR,^=�ynMn: nr M17'nuwm +Geris.Y,e�lrl 7�=a J
8
The
URBAN
=�Group
REAI. ESTATE CONSULTANTS
NEIGHBORHOOD DESCRIPTION
The neighborhood is located in an area of Overtown generally described as being bound on the
west by the I-95 expressway, to the north by NW 20th Street, on the south by NW 8th Street with
the Florida East Coast Railway (FEC) and Miami Avenue to the East. This is an area in the
beginning stages of revitalization and generally comprised primarily of residential uses with
numerous vacant land parcels being readied for redevelopment. There are 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. This area is just north of the downtown Miami development area
and just north of the new Brightline Train station with numerous new developments on going to
the south and east of this neighborhood. Further, the area to the north is known as Wynwood and
that development is moving further south into the subject neighborhood. Based on the
development plans in the works and the availability of vacant land in close proximity to the
downtown and the Port of Miami as well as the expressway systems, it is very apparent that the
market will eventually develop these lands into some type of residential and or mixed -use
developments.
Although many properties throughout the neighborhood are older and show evidence of deferred
maintenance, there is some new development in the neighborhood. The OMNI Community
redevelopment Agency is providing some economic stimulus to the development of the area and
this will be beneficial to future success. The CRA has been actively purchasing property in the
subject neighborhood for the purpose of re -developing this area. Further, the I-395 Expressway is
being modified by the Florida Department of transportation and this has resulted in the demolition
and relocation of numerous business and residential uses. The area is in the stages of
redevelopment that has been initiated by the City of Overtown through the Community
Redevelopment Agency. It would appear that redevelopment should continue with the assistance
of the CRA.
In general, the neighborhood is an older well -established neighborhood with a strong supply of
business opportunities and affordable residential housing. Due to the convergence of several
highways and arterial roadways within or adjacent to the subject neighborhood,
transportation/access to the area is generally considered to be good. In summary, the subject
neighborhood is in the early stage of new growth and re -development activity. The long-term
outlook for the neighborhood is for the market to continue to strengthen as new development has
begun in the subject area and other areas of South Florida.
z
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
NEIGHBORHOOD MAP
31
Lf
d
rr
si. p
iMW
Ox
. {
/ \
\
4
Woh WIN
-NEWATER
WT A H
"T Y
h E TIAl
sr. Are
t
S D 0 H
;-M Ala-
LIT-L,' HOAW
F6)
Gel gle
10
The
URBAN
�Group
REAL ESTATE CONSIrLTANTS
47
Op
7. Akrayng
old
fn
Park
SUBJECT
1428 VhV 15t Av e
kV
A7T..
IL 7'
k. T tod-
r 7
IIA
NI
ZONING INFORMATION ON SUBJECT PROEPRTY
t I &%I a dty O hlol 7eving AMIc~
Cick Ic Priv 7n6, Pa9e
:C,
Miami 21 Zoning(Current):
Una: Damrlpeon: -- - Enxtmont:
T4•R Cunt al Utwi Z_ra 113114 <
Areas of Snecific Desianation:
Special Area Planning:
on:__Gicrlptlon: 1 Enactmwlt:
Established Setbacks:
on: I Dswit Ion: Arao: Sub
---
Former 11000(Not vandi:
_ Daacr1ptl2!j EnaMma
duNHantily f.!odiumDsnscy
irulArM.wl �
Fonnor Ovorlav Districts:
Existing Land Uso
LU I oescnptlon: ocscrlptbn:
Mmard. Win
-
N "CR9C19A. Plvalr(y- YA::rd•11
Dared.
Future Land Use
FLU Description: Daeuipliorl:
:Oda:
�11rru Ml fMrzlty
MOd D. rd" Res. ".IL16rnr•11y
ArrCJrm101
District Information:
:cv GArearesra•,e• Dx4kAt: 5
:rt• Commssbra . Nmn Hardunn
ICT ID: le
Cnran:mxlrtrWrrin: MARIATo}rAR
FnkecarvwrtFtw:ra• tia5j39%4Z0
Flood Zono:
11-1 AMM.%a:
1421! NO AV
o Address:
142e M7AV!
Ullar:
rtA I(yA`VER"LLC
IrAling AdAress:
3153 PEACHY ST
► E40,11. fL 331J7
26%,53* 11a1r.
Icnm:
Mtn Unks:
:1
I Ssr. 7.6w
rrHUR n
_..� 'A9iDULSAWN14114VI 111a
D.K4J 6 C120r Al tl"1 �N Wa
gal Uczenpdon: A 0J CLOWN Pt CM 11urp l n 1
I'=7300,93"RP 1/N14k%.V
bdlvelpl. NA77W 18 AMN
Assessment Information:
%61'. >,: Si1SJECT
Salos Information:
Mwu+r •a�rn� S�.vn rn
a�z.
Homestead Information:
Alternate Addresses:
Nq ' HJ
Historic & Environmental
Proso_rvatlon:
19pe: Flap Present:
ok Gilts: Vo
Reps YlleGe.atiflripovccnSntrnttinrpyrtrgta2s.M»710-019i757eAt771fAnap A rqZ_1ae72434N315443t9uVA2rc44133z61.ppl:1tlo-tmA M
12
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
ZONING
The subject property is zoned "T4-R", General Urban Zone - Single Family — Multi -Family
Residential — District by the City of Miami under the Miami 21 land use development standards
A copy of the zoning code is on the next two pages and is taken from the City of Miami -Miami 221
Code of Ordinances.:
13
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
rrrrtztltkl 111 21 You City, Your Rkn
i" zr
YJ
a 14
Almnle Hackgromul Trends 7m11rrp Code rAO Voci m coots Related Eftucu w Involveo
•l IFIrr tr..rr+p ru:ea - ra nn Gala,ar umarl iww m Ta types �ort<t
Types of T4 Zones
Itn2ldalrry use 4 an wmj A+ <-[ .,I c'n OIPF:y ;I,IP Maly 21
bN" Oahe l WOM bLddng nt o> pa wTd nL41 CW' me 18yuAlm or
uiE ka aRw+r ht. mlaeduae develalal>erll
The I I taW h IN new EnhPV CJD19W dnr Ib,rm, VW. Alt;Ars WA Laebstlah �c
of Wkkig masaing (We aed b.el) bw.^.un wok ra wy and n..w•trnyr iory
rJOW" AMPIWJpy, [Ile MOM M ofWq snmr vnal nropbmmoW
eUWRRM W4 aallraa alaatec tar Irw MIC OLOW MM and pap ror �t
nrd *d smed bLE*C R:.xxm to Ilse r Nff egd.%Imm lb,
Raaerkcw (R) 41gt'mdy, axAmry trl[s Swv fm*. b trutgow
ilnnllad (i) smm as alraw, ywdl killed msmmdal,d ke. to OM 6
cwmwrft
cenbrs a
Opwr (0) wm m gol vmm Ivry and cftOH4trtTdm eslahlWvFcftA
IaaarwanarT4A 7kem�Tatdlreleslum
r'eo Teraa+Yery uad ylen par
UGULATM OFURS
st
1
4
A commOO Yenkm d 0*
Yurpe Famwgr Ragdence
R
R
R
N bond T, kilflot # WEe3 d
Cwmn ty hesdente
R
R
R
IF.c "WO 21 zw" Code.
ArKAW r Urat
R
R
R
Two Fft* Rerdenv
R
R
R
kkrW iYsilr Floudtq
R
R
R
R r the NN k pWMItL*d by Might
rM Vw uw ti Mwlltted trr 4Vaa►tlpt
lfumRay
E
E
■ the Yee Ns parmllhd by [ae11OW
MMOOyda
R
R
R
ON • Welk
R
R
Y/OIN - LWe
1.u1?III I'I
sad a &Wktaw
w
R
R
km
R
HutPJ
«I I>
URkv
R
R
€ohlln111 L, I
l:llpeltahrerc FstahWoef000c
R
F*W Sonic- ftl:w -wmw4
R
R
Akdlnl' Mice E_WtI9wwKe
C
E
1;e•widwommai
R
R
Cluk
Cmnun" FMCKy
w
w
Aaovetmd iadklh
c
R
A
Aa kLrk faikr
I
fl
R
t:lud
CdlallaWV 5spPW radbtT
W
W
L'iaWumarli Mum
w
yr
W
111tprJAaMtcltliarc1l71 WL_typdr�aiap
14
117
The
URBAN
=�Group
REAI. ESTATE CONSULTANTS
MMQ Pussy
Irrl■
z
w w
Nibk Prk"
w w
Tidmk F- M-
w w
I �f.lYI NY �:il
Qlkwlt
f
W W
ca mw I u me"or
nwo"y ter. ow
E
C C
I1NT" Cf1lbC
e C
mwde 1 ml* sdmol
e !
PrtStAnd
e
R e
NiFii hOh Flury
e R
5" TldmvI11 Vaatl"
It
z;rmNpr 0A&WbFdMO 04croomAt1dlpop 7 Kwm OYmuIs P*" Your [HY.YYrrMin
Mno/I log I JOS91r I W',JW PIPPIJnQ P44 A-ing plp.'l W.j fII IISM l elNrv*d.
Up"'W: W*d. 746"4010 4+4 i!M ind +lwlan, llYw4 /L aaue rr, Mai�IIMil00 rixl d�n!).46-i1��
II�x�V++nu mlarnl?1.Qg11�_Cyp+�pMpq.wlp
15
1r?
The
URBAN
��Group
REAL ESTATE CONSVLTANTS
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". hi the context of
investment value, an alternative term would be "most profitable use".
HIGHEST AND BEST USE
The subject consists of a 7,860-square foot parcel located on the west side of NW 1 Avenue between
NW 15t' Street and NW 14th Street. The site is physically able to be constructed with a variety of
improvements from single family and multi -family to industrial and commercial. Some type of
residential use would be allowed under the zoning code with some alternate uses allowed by right or
special exception. The financially feasible use of the site would be for some type of single family and
multi -family residential development. The development with some type of townhome development
would allow for a more intense use than single family development and this was considered the
maximally productive use of the site. Although some assemblage to great a larger development parcel
would also be considered a potential 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 7,860 square foot property would have a
highest and best use for future single or multi -family residential development or as part of an
assemblage to create a larger development parcel.
16
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
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 and 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 subject 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 residential
lands. The Cost Approach to Value would not be applicable as the subject is vacant land.
The subject property consists of a 7,860 square foot parcel of vacant land. We have reviewed sales
with similar utility and potential uses in order to value the subject property.
17
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
MARKET APPROACH TO VALUE
Land Value — 7,860 square feet
The subject property consists of 7,860 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 .31 miles of the subject property.
18
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 1 - DATA SHEET
s�
RECORDING DATA:
County: Miami -Dade County
OR Book 30910 Pages 4534-4535
Folio number: 01-3136-009-0800
LOCATION OF SALE:
1305 NW 2TTd Avenue
Miami, Florida 33136
GRANTOR:
Pacifico Holdings, LLC
Ovex Holdings, LLC
GRANTEE:
LEP International, LLC
LEGAL DESCRIPTION:
Lot 9, Block 7, Alice Baldwin and Oxar Subdivision,
According to the plat therof as recorded in Plat Book
B Page 87, Public Records of Miani-Dade County,
Florida
DATE OF SALE:
March 21, 2018
19
The
URBAN
��Group
REAL ESTATE CONSIII.TANTS
COMPARABLE VACANT LAND SALE NUMBER 1 (CONTINUED)
SIZE:
CONSIDERATION:
FINANCING:
SALE PRICE PER SQ. FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
VARIOUS ON -SITE UTILITIES:
COMMENTS:
5,000 square feet
$330,000
Cash to seller
$60.00 per square foot of land area
Warranty Deed
T6-8L — Residential Single Family, Multifamily up
to 8 Stories
Vacant land
Arm's-length
Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
All utilities available to the site
Vacant fenced lot.
20
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
1 u.1'1.'u•i
IIIII) III' IIII ("II I"fl �I�II �'ll' IIII IIII
CFN 201BRO177001
OR U 30910 Pits 6536-6535 (2►ss)
RECOROEP 03/26/2018 15s21sS3
DEED DOC TAX 61#800.OD
SMTAX ftcautdkJind rem IQ MOAKY sRINIIM, CLERK OF COMT
Loub Stia"a, Jr MTMI-PAGE cQ1siTTr FLORIDA
Attorney at Law
1 na b Sll asoa, Jr.. P.A.
110 Merrick Way Sake 3A
Coral Cablea, FL 33134
30.5-444-AS07
Pdt Nunober. LEP Par lR
Will Call No
spsoa Aid a T)ds I xw For Ramerbma anal
Warranty Deed
This Warranty Deed made this 2191 day o: Match, 201E bet.cce Pacifico Holdlags LLC, a Florida 1Jmited
(/abglty Company mad Oves Holdnrits, LLC'., a Fkrtde Limited Lubrity Company wlwse pox: otftct sddreu is 360
Greco Avenue, Suite 208, Coral Gables, FL 33146, giwitor, and UP latentadmital LLC; a Merida Umked Lambilit)
Company whose post office address is 118 Merrick Way, Salle 3A, Coral Cabin, rL 33134, gasket.
(wl,owver —1 herwn ilr ad 'aTsraw' iwbM .9 ar parses no as ow CW W. b%O ,q aarsr; .
�.G. da:s. as0 tss v.wtgRa and waim of capaacam� naiads sad vatasa)
Witnesseth, that said grantor, for mid in considerat,oa of the sun: of TEN AND 401100 DOLLARS (S10.00) and abet
goad and vahsable considerations to sad pontor Lihood paid b) said graaaee, the receipt whereof is hereby ackin"Wted•
)as gnnttd, bargained, arxl sold to the sm:d grantee, and grr:tce's heirs sad saitss forever, the following descrsl+ed land,
situate, lying and being is Mlami•Dadt County. Florida tc-wit
Lot 9, Blotk 7, Alice Baldwin sad Our Sobdhimion, accsrdlag to the plot lhersof as recorded is Plat
Boole B, Pate 87, Public Records of Mlsml-Dade Couaty, Plorlda
Parcel IdertlBeatlom Number. 01JI36-009NO
Together with all the tenerectrs, hacdiarncrms and appurwieances thereto bolo igisig or in amw,,ae aypettak+tag
'I'o Have and to Hold, she sate in fee sviipk forever
And the pan ux bacby covenants with said grankc that the Armor u la.fWly seized of said load in fee simple. that time
grantor has good not and lawful authority to sell and convey said land. that the grantor hereby fully wsrrrrs die title so said
land and will defend the saute against the lawful claims of aR persons wbonioever: and that red land n free of all
aricurnbrances, except taxes acanang subaaluent to December 31. 2017.
In Witness Whereof. grantor has hertvnb set trwstces ha id and sea! the da) and year fist above remain
Book30910/Page4534 CFN#20180177001
21
Doubiorimaia
Page 1 of
2
The
URBAN
��Crroup
REAL ESTATE CONSVLTANTS
4arra 0.x7n O@uY Records - P►►n Docv en!
OR SK 30910 PG 4m35
LAST PAGE
Shoed, said and delivered to our presence:
radic.�i
■� lfiitra�e
G.
Ora
R*bDshnm
i
Stsw of hlonds
County of Miami -Dade
The foregoing L%mr4nw= was acknowledged before me " 21 st day of Mattk 2011 by Rao Dabotmo. Manager of
Pacifico Holdings LLC. a corporstme. on behalf of bob corporations Hehie U is peraoeally known to au or (XI has
produced a drivers hocase as idcmification. -�
lN+'y Sa11 votary —
Printed Name:
My Cownwice EStpinm
SOMA
• ��lyraatlels.11tl
ce.++M • w t3001
W� n' LAwd - pw 2 11118011111111111100
Book30910/Page4535 CFN#2018017700 , Page 2 of
22
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 2 - DATA SHEET
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE:
County: Miami Dade
OR Book 30510 Pages 1560-1562
Folio numbers: 01-3136-009-2030
01-3136-009-2040
01-3136-009-2060
01-3136-009-2060
175 NW l ld' Terrace
Miami, Florida 33136
St. John Institutional Missionary Baptist Church, Inc.
1117 NW 3rd Avenue, LLC
23
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 2 (CONTINUED)
LEGAL DESCRIPTION: Parcel 1:
Lot 4, Block 21, Less the East 5 feet, of Amended
Plat of Baldwin and Oxar's, according to the Plat
thereof, as recorded in Plat Book B, Page 87, of the
Public Records of Miami -Dade County, Florida.
Parcel 2:
Lots 7, 8 AND 9, Block 21, of Alice Baldwins
Subdivision, according to the Plat thereof, as
recorded in Plat Book B, Page 87, of the Public
Records of Miami -Dade County, Florida.
Parcel 3:
Lot 5, Block 21, Baldwin and Oxar's Subdivision,
according to the Plat thereof, as recorded in Plat
Book B, Page 87, of the Public Records of Miami -
Dade County, Florida.
Parcel 4:
Lot Six(6), Block Twenty-one (21), Baldwin and
Oxar's Subdivision of part of Lot 2 in Section 36,
Township 53 South, Range 41 East, according to the
map of plat thereof as recorded in Plat Book B Page
87 in the Public Records of Miami -Dade County,
Florida.
Reference, Warranty Deed attached
DATE OF SALE: April 21, 2017
SIZE: 29,500 square feet
CONSIDERATION: $1,500,000
FINANCING: Cash to seller
SALE PRICE PER SQ FT: $50.85 per square foot of land area
TYPE OF INSTRUMENT: Special Warranty Deed
ZONING: T5-L Single Family, Multifamily, Limited
Commercial
PRESENT USE: Vacant land
24
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 2 (CONTINUED)
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 consisting of 4 parcels combined into one
sale with frontage on multiple streets.
25
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
MarrA413 a oascsd Recolft - vrnt Docurnt"
Premed b) and reetan to:
Adam M. Zwcc►a, E34
Alteamen I J.P
9t SE 7a St., 11a Fktar
Miami. FToriss 33131
I Illill'I�II III�I Illil IIII� Ilifl IIIII III IIII
CFM 2017RO234647
OR K W510 hs IUO-IM2 (Vas)
RECOROEO 04/26/2017 11103140
OEED OOC TAX H2400.00
1.ATAX $9,000.00
HARVEY i1INIMr CLERK OF MORT
MIAMI-0ADE COO(TYr FLORIDA
' fax Fo'.ao Nw3ber(tr 01-313&MLIOW,
01.3136-009-204tr
0 .3 36009.2030;
01.3136OW2060.
SPECLA6L WAFtRANTY D
THIS SPECIAL WARRANTY DEED is made as of April 21, 2017 by '.VT. JOKN
LIVSTITMONAL MI&MONARY RAVTLVr CHURM MC, a Fkrrida not for profit Oorpornioa
('Lira whose mailing address is 1329 N.W. r Ave- Miami. Florida 33136. in favor of 1117 NW
3RD AVKNM L.LC, a Florida limited liability caepany wlxise mailing address is 301
West 41"Street, 4406, :►firm Ncac.1, Fkxida 13140.
WIINESSEIII
Grantor, for and in oatsiduation 4 the atrm of Test and Not100 T3o11an (S10.00) and other good
tad valuable eonsideration to it in hand paid by Grantee, the receipt and sufficiency of which is hereby
acknowledged, does hereby giant, bargain and sell to (ifamee, and Grantee's mKcessors and assigns-
femer, the following real pmperty lying aaJ being in the County of Miarni-Dade. State of Florida (the
.ply.).
SEE EXHMIT A ATTACKED HERETO AND INCORPORATED HERICIIV
SUBJECT, HOWEVER. TO THF. FOLLOWING:
I. Traces for the year 2017 and theaeafier, not yet due and payable:
2. %Axting and other regulatory laws and ordinances, prdubitions and oiler requinrncrtts
imposed by governmental authority. and
3. lbeme certain restrictions. reservations, covenants, conditions, limitations and sawn arts
of rocord. without reimpositicm of dw same co the extent any of the foregoing have been
released, expired. or arc in anyway or wise no loogee legally enforceable.
I OGI: I R WfIH all the teaemeots, hereditam-ats, and appurtenances thereto belonging or in
anywi.e apperuining.
iO IiA% E- AND TO HOLD the above dcscnbed property, in fee simple fieever
AND Grantor baeby warrants the title to said Property and will dc(Ood the same against the
lawful claims ofany porm" claiming by. through or under the said Grantee. but mite „thee%.
(4t?It324M
ISIX-ture on following page.I
26
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
1116w 1 b Mwn ?ede OFKAW Romrd3 - Pr" C*Qxneni
IN WITNESS WM'REAF. the undmitned has exccuted this Spccial Warranty Dccd as of the
date fuss above written.
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
ST. JOIW WSMU TONAL MISSIONARY
BAPTIST CHURCH, INC- a Florida not for profit
Corporation
B�' -
' latsscs . A s
T' idrttt
V
TAe foregoing iestmnwm was aJnowlodpd befccc me this alday of April. top. by Ricbop Jams D.
Adam-,. as tiesidalt of ST. JI)ji.N NSTI ITTiIOVAL MISSIONARY HAPTIST CHURCH. INC.. a Florida
not iS�pptvfil capera�on, on behalf of said ompundiao. wbo u personalty ktw" to Vw or woo has produced
>cvY lT, i s LV s b Li _ as idwbficatial.
LSO L $Am Printwnnc'-
K COMIUM / GO17M My Commission Evarr
Ev1w Aom 1, 2M
441)2132 611
Book30510/Page1561 CFN#20170234647
Page 2 of 3
....-.. ..-.. i .....- A.- I-..----".---,-- --w- 9A
27
The
URBAN
��Group
REAL ESTATE CONSVLTANTS
1 1i X 1 d %farrtLNmds DlFwl Rauxd5 ?nt Dorurnent
OR 8K 30510 PG 1562
LAST PAGE
uruttaT . TO crEMI. WARRAM DEED
I-EGAI, DESCRErI70N 0/ ME PRS)Pi:RTY
Parcel 1:
Lot 4, Blocs 21, less the East S fed, of AMENDED PLAT OF BALDWIN
AND OXAR % accordhV to the Plat thereof as recorded in Plat Book 8,
Page 87, of the Public Records of Mctrrd-Dade County, I Wida.
Parcel 2:
Lob 7, 8 and 9, Block 21, of AUCE BALDWINS SUBDIVISION, acc0'
to the Plat thereof, as recorded in Plat Boric B, Page 87, Of the Pubic
Records of Mlarti-Dade County, Fiords.
Parcel 3
Lot 5, Dock 21, BALDWIN AND OXAR SU80IVIS10N, accadN to the
Plat thereof, as recorded in Plat Book 8, Page 87, d the Public Records
of MkvN Dade County, Florida.
Parts 4:
Lot Six (6), Block Twerttyone (21). BALDWIN AND OXAR Sutd A5`i n Of
a part of Lot 2 In Section 36, Township 53 Sotth, Range 41 East,
aaadng to the map of pbt Mared as ecoq in Plat Bode B, Page(s)
87 in the Public Reoords d Miami -Dade County, Florida.
Mess the foitiotWtg clawrAW property appropriated to the City of Miami
by Final 3ud7mertt feed Mardi 6, 1930, recorded in the 0muk Cart
P4m to Book 47, Page 3 d the Pubic Records Of Mrarni-Dade County,
Florida.
BegmkV at the Southeast caner of Lot 6, Block 21, AUCE BALDWIN.
IENNY M. 058AN AND CHAS B. OXAR AMOMED SIAD(VISION, as
recorded In Peat Book 8, Page 87, in the Pubic Records of Miami -Dade
County, Florida: thenoe West a" the South Ilse of said Lot 6 a
dstmxe d sevpAty four and seventy three ate-tudredths (74.73) feet,
more or less: thence Northeast" aktng the arc d a tangential cull to
the kR hamV a radkis of 69.5 feet and central angle of 74'S138, a
dstartoo of 90.81 Feat, more or less, to the North fate of sald lot 6,
thence Last along the North Ine of said Lot 6 a distance of 7.47 feet,
more or less, to the Northeast caner of said lot 6; thou South along
the East Ilse of said Lot 6 a datenoe of S1.35 feet, mort Or less, to the
pant of beginning.
tC V 15:e.11
Book30510iPage1562 CFN920170234647 Page 3 of
28
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 3 - DATA SHEET
RECORDING DATA: County: Miami -Dade
OR Book 30514 Page 1542
Folio numbers: 01-3136-029-0340
01-3136-029-0350
LOCATION OF SALE: 1737 & 1729 NW 3rd Avenue
Miami, Florida 33136
GRANTOR: Charles Lowell Realty Investment and
Development, LLC
GRANTEE: Magna PMC, LLC
LEGAL DESCRIPTION: Lots 32 and 33 of Subdivision of Lot 3 and 4, Block
17, of Erickson's Addition to The City of Miami,
according to the Plat thereof, as recorded in Plat Book
"B", Page 156, of the Public Records of Miami -Dade
County, Fl.
29
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 3 (CONTINUED)
DATE OF SALE: April 10, 2017
SIZE: 13,153 square feet of uplands
CONSIDERATION: $558,500
FINANCING: Cash to seller
SALE PRICE PER SQ FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
VARIOUS ON -SITE UTILITIES:
COMMENTS:
$42.46 per square foot of land area
Special Warranty Deed
T3-Open — Single Family — Duplex
Improved with older three-story multifamily building
in very poor condition and a vacant lot.
Arm's-length
Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
All utilities available to the site
The parcel 01-3136-029-340 is improved with a
5,547 Sq. Ft. building which is being totally
remodeled. Some value of improvements included in
30
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
Miarntwe 0ToW Kc<ord8 - Print t oD~t
f1mT4red by and realm to:
Adam M. Y,wedur, Fat.
Aken nan LLP
9R CE -r' St. I la Floor
M,amt, Florida 13131
1'ac 1'oa0 Nurcttr(s): 01.3136409-2030.
01-3I364)(19 00
o1-3136-009.20%.
C 1.3136 4W--W
SPECIAL WARRANI DEED
Illtll IIII' IIIII III�� IIIII'llll III�I 1III III
GF-N 2017Rn.3'234647
OR !K 30510 Par.1560-1562 Was)
RLCORDED U4/26/2017 1 13 03144
DEED OOC TAX $121000.00
SIRtTAX 04000.00
RUNNY RWIN, CLERK 0f C011ttT
IIIAIII-OAK C"TYr FLORIDA
THIS SPECIAL WARRANTY DEED is nude as of April 21. 2017 by ST. JOKY
I14S77T MONAL MISSIONARY BAPTIST CHURCH- INC., a Florida not for profd corporation
('fig'), whose mailing Address is 132S N.W. 3" Ave. Miami. Florida 33136, in favor of It17 NW
3RD AVIRYUE, LLC, a Florida limited liability company ('iiwbnsc mailing address is 301
West 41' Seneca, "06. Miarti Beach, Florida 33140.
RIINESSE IM
Grantor, for and in consideration of the sum of Ten and N01100 r"lLw.% ($10.00) and other good
and valuable consideration to it in hand paid by Grantee. the receipt and sufTicieocy of which is hereby
acknowledged, does hereby grant. bargain and sell to Grantee, and Grantee's successors and assigns,
forever, the following real property lying and being in the County of Miami -Dade. State of 1•londs (the
'PlMirty')r
SEE LXHjRIT A ATTACHED HERETO AND INCORPOILATED HEREIN
SUBJECT, HOWEVER. TO THE FOLI.OKING:
Taxcs sir the year 2017 and thereafter, not yet due and payable.
7oning and other regulatory laws and otdiamces, prohibitions and other reyuirerncrtts
imposed by governmental authority, and
Those certain rtstrictions, reservations, covenants, crrlditicitm limitations and cme nests
of record, without reimposition of the sane to the extent any of the foregoing have been
rekased, expired, or we in anyway or wise no longer legally enforceable.
'IOGE7flffR WTM all the teoattents, hereditaments, and appurtenances thereto belonging of in
anywivc appertaining.
'1 O RAVE AND TO HOLD the above described Property in fee simple forevw.
AND 0rantor hcrcbv warrants the title to said Property and will defend the same against the
lawful claims of any persons claiming by. through or under the said Grantor. but none others.
(Signature on following page J
31
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
I "Wo 18 Wwwra-Dade Of6cr1 Raconb - PrvA Donn+dH
IN WITNESS WHERIiOF, the under%j&wA has executed this Spocial K'ananh Deed as of the
date runt above &Titten-
STATE• OF FLORIDA
COUNTY OF MIAM MADE
a'lli
sr. IOtw INSTINm)NAL MIS51O..NARY
BAPTIST CHURCH. INC., a Florida rtct for Prorlt
oorporatson
cc
- fames �
Me fcregoalg instru ncrlt was ackmwlodged bofore me thn a I day of April 2017. by Bishop lama D.
Adams, as ttesidut of ST. X*N Ls4STM.`TK)%AL MISSIONARY BAPTIST CM IRCI4. LNC., a Fiarids
MA [fix profit wrpors4wm oe be'ltalf of acid cwpwatirn. v u s personally knmm to ma cr vbo has produced
1as identification
.kKar) Pubb, �� 5
Lot' L Admits Prig Name:
. Catttaw # GGIM4 My Cocuumsion FApkm
laiet *U Am hwr
141511174,1)
Book30510/Pagc1561 CFN#20170234647
Page 2 of 3
hppx-Ihv w2mivn-d& orkcor-"itzrlRwr- u,YitfborwrKaeo7oS-vaoLNG myM3bg%2UQXCUPLRTW22WGSM77PI%?bhta(GZhaipo... 2-0
32
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
11W2018 Man -Dads OOoM Records • F'M Dowra"
OR BK 30510 PG 1565
LAST PAGE
FXHIHI I A TO SPFCIAI, WARRANTY QFF
1 F('AL DESCRIPTION OF ?iiF EROPERTY
Parcel 1:
Lot 4,0106 21. less the East 5 feet, of AMENDED PLAT Of BhDWIN
AND OXARS, socordOg to the Ptat thereat as Femrded In Pig Bode B,
Page 87, of the Public Recordr of Mirsr 4-0Dadr CorxrtY, Florida.
Parcel 2:
Lott 7, 8 and 9. Block 21, of AUCE BALDWINS SUBOMSION, a000rdng
to the Plat thereof, as recorded in Pelt Book 8, Page 87, d the Public
Records of pom" Dade County, Fbrda
Parcel 3:
Lot 5, Block 21, BALDWIN AND OXAR SUBOMSION, a0wn%ng to the
Plat theaeo(, as recorded in Plat Bode B, Page 87, of the Pubic Records
of MlaM-Dade County, Flurda.
Y -7.7- U
Lot Sbt (6). Block Twenty-orre (21). MDWIN AND OXAR Subdivlslon of
a part of Lot 2 In Section 36, Tow-.tV 53 SouAh, Range 41 Last,
a=rdirg to the map or ptet thereof as recorded in Piet book B. Page(s)
87 in the Publc Records d Mami-cede County, Horwa.
Lm the following desaibed property appropriated to the City of Mi-
by Fkrat >x*nent fNed Marro 6, 1930, recorded In the CKuR Court
Minute Book 47, Page 3 of the Public Records of Mw*-Dade County,
Ftorkla.
&VMing at the Soul emt corner of Lot 6, Block 21, AUCE BALDWIN,
IENNY M OSBAN AND OiAS B. OXAR AMENDED 9U1B0llVIS10N, as
recorded in Plat Book B, page 87, in the PulAc Records d Mken*Dbde
Ca2rty, Florida; thence West aWq the South tine of said Lot 6 a
d &5 me d seventy four and seventy tlww orretundrtdhe (74.73) feet,
more or les5; thence 141061re85W* long the arc Of a targentok curve to
the left hr." a radius of 69.5 feet and central angle Of 74'5178', a
distance of 90.81 feet, more or les% to the North One d said Lot 6,
theme Fart a" the North Ire of saki Lot 6 a dstanoa d 7.47 feet,
more or less, to the Nortflessi corner of said Lot 6; thence SOLO a"
the East ine of saki Lot 6 a dstence of 513S feet, More Of tee to the
point of begirvlmq.
(4 1721124r1
Book30510/Pago1562 CFN#20170234647 Page 3 of 3
?'1r,% ,rww0r2 rmKNfCi WRKor&.P rrtWaxrwA wwx'1(&1 YIXCDGt11TW77r "C'.9- 7P1%?tb.lW-GZ helW 343
33
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 4 - DATA SHEET
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE:
LEGAL DESCRIPTION:
County: Miami -Dade County
OR Book 30885 Page 2669
Folio number: 01-3136-021-1760
222 NW 171h Street
Miami, Florida 333136
Lee Investors Group, LLC
Washington Heights, LLC
Lot 6, Block 13, of Amended Plat of Erickson's
Addition, according to the plat thereof, as recorded in
Plat Book B, Page 88, of the Public Records of
Miami -Dade County, Florida.
DATE OF SALE: March 1, 2018
34
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 4 (CONTINUED)
SIZE:
CONSIDERATION:
FINANCING:
SALE PRICE PER SQ FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
VARIOUS ON -SITE UTILITIES:
COMMENTS:
5,250 square feet
$108,000
Cash to seller
$20.57 per square foot of land area
Statutory Warranty Deed
T5-L, Residential/Medium Retail
Vacant land
Arm's-length
Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
All utilities available to the site
Vacant site cluttered with garbage
35
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
STATUTORY WARRANTY DEED
I IIIIII IIIII 11111 HIM lull IIIII 11111 Ills III
Ci--N lniaiRO]�i'l4 SA
Celt VA 30"3 ti 20667 (11a. )
•
RECONZID 03/07/2018 0Vr33s317
NEC 00C TAR a+ag.g0
t'uw � ina•�w y a.w rive. �.
llllaysta 04".00
!w. ram• aN
llAltwy itwill. CLI"t Or M*?
sr. v.... la.
Jaif MW I I A— T— .01
ft1A111 -OAOf Cgiasty. FLORIDA
eI.>•\ Itwk% S I I N
r'•ee�d A/lrn.wl P -.! 1M..rreaae Ain.'
e1-1 / 1e-r111.17M
STATUTORY WARRANTY DEED
TH4S' (NDEX"IRIF, made this day of M, 1Investors
01 S. ter won Lvv Itors Gr..p LLC/1 .. or4da
IM.Mw1 lbbiYty re.raprny, �+.•.e p..at ..R4eI Mardi.
.ikcp N IOq 1 NW 7� Vr..1, [t- I 1 O, M:�rni. F'1.�i` I l I T7. A.eryr lkr
catlad tM pu.ar, and Waelsngse. 1/etgbb LL(:. � /f.rflAe \eaNed gnwlfy ser�nay, rf..re t+•ret ofy4a aAlrra V
260 NE 17r Tcrrecs. Suit. 20e, Miami, F)o.m )! 1y2, Inenlrrtlrc ca)sd the cra+ees.
W ITNRSSKTN:
TN,e 7 die a nntce. fcr and In consideration of tl. sun of T rw ^Mn*W l00 rT iI AAA (i 10 00) and saw volume"
wra.de.nlbm tl. wJ arru.v a Fand M W eY rd panty, ele receipt e.lerof 1. MrsDy aclslol.lsdpd, pate". lr.perra.
at" absns, 0•< muses r . rekrq m. conveys add coatir, u said pans.t e, die1.e.ed r )rs sigsdi . forever, all e certain
lad sitind. in Miami -Dodo Costly. Florida. )eraUy descroed as fo0oac
toot3.I/.eL 13.Asae.ed<d Met of X. k Yew'. AddN1.n. aKe as ill N see OW tlor*.(,rtee.rrN
1. T'Int Mel R. Tap am, of tin r.Mk 114--de .( MIas1-DaN Casualty. pt.rld.
SURJCGT TO cow_t _. restrict—.. ca.a+ramte, lnwra.one a rd awing ordirue-es of rscor4 if aay, not
bassidw a to rrrieq,v seen*.
IT. W&-Mgx wwh W the Ienr.+v ' Mre l:b re..r. e..) .q—lael.w.-e. ew.w. [.elresg/wg a to "—is*
apparbkling,
TO HAYSAND TO NOLD. the same to tee samp6e forever.
AND She craatrtr bell" ftnity --he title N w.l land. ad .ill dtif—A err same •gs—is M..:a...l <lainu
,,fail persons wf.ewwwwr, and that said IwW is its. o! .L r—bevxea. escept I— aceri1ng sdleeQwnt to V-0t bber
31. 2017.
1N *77 %7--S WHEREOF, the v—,k. ha. h rsrn -M crevices eared end ewe the tiny .W year Grog eeow
wiitf�+
14jr— ( ..r.wned. d Mlrvr.M M — llrraw.. r
N.1. V
NTATLr r DA )
SS:
COL'?R OF MiAMT-T)ADF )
Lei IwNatOas GMMW L.C. A ilAball L LWr=
t RAon.m A•nr
ny. ej%td(....a_a..�
losill 0. C7ebes. Mewentang Msail.r
The fwepirig k.tnawe.w -a. w L...atwipd l."" ..Ia (A.. _L .fa) or Marcl. 2012. Lyd" Is. Casa., se
Managing Meals♦ of Le. Its. FMrld. gaited liability c.. paay. ..tio . pwwn*.Yy to n W
r11e n Res produced ✓4c t7( i"lt. �1 � r v3eewibe.tce and did (dd nor) bits w cob
f+v c Nastier _
NOrAItY SEAL
My Covrinrssloa Lapires
lain VAN"
mine
tNry Peters - subs a1 ow"o
(ElmGoer.". a rr a107M
try Clean. tamer A" R
a. aI/etnw"owMwo wr
ROok30885/Pege2669 CFN*20180132456
36
p"Plof1
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
1 'A'A i 1 i IA
i s
yynn I.t �y' f a
J
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE:
LEGAL DESCRIPTION:
DATE OF SALE:
1
County: Miami -Dade County
RO Book 30825 Page 3328
Folio number: 01-3125-048-1100
155 NW 17th Street
Miami, Florida 33136
Marland Curtis Johnson
Anthony D. Johnson
Andrew & Gizella Proulx
The West 50 feet of Lot 13, Block 27, of Waddells
Addition to the City of Miami, a subdivision
according to the plat thereof recorded at Plat Book B,
Page 53, in the Public Records of Miami -Dade
County, Florida.
January 5, 2018
37
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 5 (CONTINUED)
SIZE:
CONSIDERATION:
FINANCING:
SALE PRICE PER SQ FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
3,360 square feet
$126,000
Cash to seller
$37.50 per square foot of land area
Warranty Deed
T3-0 — Single -Multifamily Residential
Vacant land
Arm's-length
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 fenced lot
38
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
11=016
WARRANTY DEED
Wafri-Oadri € ffikial RLcumis - Priul:rm%miem
Lmpodbw
Gluirt = £mw`los
AarrPa tsaa Titlo $erviael UX
153.5 Tbrae YllW Roe
Wcmn, FL a'33k
Return hr
Tit-.. 5triitt! 1LC
Chtisffim zs ujm
1593 TmWlsgeRued
l 00306 FL 3337C
MdrAAV:L* isroaaae tra Ik-Je �M r n� ccumitimor3,
1"1lRbhM)hm; 184y437
CFN: 201 WM3= DOM 3M6Q5 PAGE 3329 -
DATEOV11.2015 IZOZ14 F9A
DEED DOC 75500
"TAX 50700
FtARVEV RU41N, CLERIC OF COURT, MdA-O ME CrY
Owwddet+dee: SIM600a.00
C*mw phase Thlp lane Far Rbn ding Dahl} -- -
W4rraaty deli'
[bi' Wye+mtgikdn�dG1L .1_-EpPalSpaaay,.�al&, r1 MarhmdC'ardtr� rs epae md,L_$oxyD,
Jahmsaa, a Aa > spit 5vbota pcst c78Yr "Atm is 7.Q9QD J7d 1D.93. AET 11D1774$lt mod,. TX TF407 Sm I to
A vkaa prod= amd C.helk Prmafr, husbartd =d trlle 'shoe last aff= a °these 'a 2M 7YR 8k*K g jll-� IrL
314m, pmd
('Wb ml'rw used hem t6c r 'grtisa aid "VWOC' Smtwto IA Mc PE -I'm to ids hrsu� tad the bean, 'e;p]
rn,-aesenlbivcs, m:l �sigor ot'roiGxwluats. a�uS'ba oxc�ms and ei#�r td't+raAmydma, A�c4 7cd kgrku)
6Vt3o*Mdl.mittm5!gamwn £tY' and !lumddwAdnoatticmmgFTMAAID�2.��t'�LOO130U11R5;T1D.Cit1m3dathergmd
panlCw; (la:gib � pad sold !o t?n said �7L�a' G, � g�.nrJ t�3 �d 1f47�nR=7.4n1'C<, LE �11�.i+RC�. �179�"�'.� 4� :1'»�y
and bxWg L ie Mloo d-Dade Covaty+ 9)aridp, l Aft
Tho Wmt'50 reel atl.aL 13,134s--k27, a WADDRUS ALME3W i�0� T3�1%' 1E. C(IF 1.13 JA4 asabdvisim
uDX%jj Y to Cbe iaa tm*fpw3eded a5 FhtHc&B, PW }n rVt a, Cht Wo V<o=& a! Mdrzi-DE& ?,
Y.=BL
yWel G`edtlfw.tlon limmbtr. U1-JUS-00-1110
TeWthsr wfth ail di: lertaaenb� immi3leo.Ate rr1 apP e,.arms "mW bdoagmkg a in alymisc mFcrjim�t-
'1'a Haab and to Tdnld, the w '—'n des O mpto fAwc[.
And 1ha l>M Y ccgtt M Vft !aid gents drl ltte POW R hwma7 Milmd of add bmd le lie 99VA 9W rit
grvd�cu hae y�.,Td c`,Fic aid LtsrQil ��4' to add sud caQyeSsSad �: Qrt>t the !F� M��ii�a®d it 5tla to tr"+E
laud aed wa derma^ too I&= apoll &c UwU elaf a of aC pamos ad Port mM but Ir ttm at p'_l
awtuala.,tt&w, wjAp, talcs BF tl-y] nFdu6ftg adt ?tom jvikktkiM S ccvgpc7rm2d=5=6-- a
oPrb ,mf, if my.
hWe:fAvmw2rnlarnl-0adeicierk.tta'rK)FK5'alReo3(diPtrtDan:mLnLaspoOOS-vaaLN4rary12Jf9•FEigTUti2rSS2b&wufbbLL)qC-iIN1OFswpVSC xWrL&-- V2
39
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
I't9=14] Mimtl14)6de Olydar Recyas-' Irx I]ura.+raRt
CFN: 2G laW23329 BOOK 3CB35 PACE 3329
To W41nm )Vbarcaf grwh% Ioa harawto sat 8nurbr'c 1Mud t®A at to Qay ftd yWft*t d.,V i r'.ftta' .
s 4pwL u.Lw MiyeIwJ c our pam�r:
, 7
dsiar]
FriNedPTama;,y(y[,���11'f'
C-dy a ,-
T* ftroocdu d0%11 Vid xknm+kdrl bekcr. me %:a dA? aP karxary . ML9by Marlaadi �CCa��£J
mpA BSiihm DL ,Jbbom 6 4-y �i ara pcmcawLy kG,7m 'o mc or has produced tsY a
Wwwaptit-
' .4
v C• m a oPrkftdNm=
da m �trpora
hpP¢Ihvw+f+l,martr�arlxrMn9.umk]lilcialRercn�lFrirrKloaumuN�pR�4S��1F5gi111FP2Y' t�w��6�Sj6HMt�ta�9+ KxVIPaLb_. 212
40
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 6- DATA SHEET
i
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE:
LEGAL DESCRIPTION:
DATE OF SALE:
I emb 9
County: Miami -Dade County
OR Book 30704 Page 2980
Folio number: 01-3136-037-0470
211 NW 121' Street
Miami, Florida 33136
DM Overhold, LLC
David OM, LLC
Lot 213, Block 9, Sost's Subdivision, according to
the plat thereof as recorded in Plat Book B, Page 27,
Public Records of Miami -Dade County, Florida.
October 2, 2017
41
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 6 (CONTINUED)
SIZE:
CONSIDERATION:
FINANCING:
SALE PRICE PER SQ FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
VARIOUS ON -SITE UTILITIES:
COMMENTS:
7,500 square feet
$500,000
Cash to seller
$66.67 per square foot of land area
Warranty Deed
T6-8L Residential/Commercial — Maximum 8 stories
Parking Lot for adjoining multi -family residential
development.
Arm's-length
Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
All utilities available to the site
Site is used as parking for adjoining apartment
building. Purchased by adjoining land owner for
parking. Not purchased as same time.
42
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
SPECIALWARRANTY DEED
M-rra Coda cAfka itoccr+d: • Pf" :ba.ror_
&MMA 131
CbddjmmZeraP.a
RarPemaa TtEs Sarioa LLC
15351kea VEia6e Road
Eetmrn Ini
HemaPaCro Me Scs?cn I.LC
ck adm Z&Wro•
1535 Ttiree VUbSe Rcsl
Yleattsk FL 33326.
IxSdat t0 t60 b7=xe of a tWo ialmm cv==itamt
PD. Nwt&u. 114-9457
CFN 20180023329 BOOK X4n PAGE 3326
DATE 01111.7018 12 02 14 PM
DEED DOC 756 00
SURTAX 567 00
NARVEY RU%5N, CLERK OF COURT. k0A DAM CTY
CovdisTrim- $126,t100 00
.. (Spam Abow Tt1a l.laa Per RSccrdaag Deft)
Warraa(T Deed
This Warractj Daed a+ade d:15 ✓r�u" day •! Jaeaa 7, 2llti S7 Marbad Ctiarb ioiawn. a ante Buz tad AaO�oq D.
johmoa, a a'.apk rSa a6me pox clan seAcm b ZVM YM IM Air Mot '114r, Rkla"ei, 0X 714r Pto
Ar,&•v Yroah and Gb oU Plead. k:•baad ea! rM vtxae P06t cdsrA addes" 6 2SI2 Teti Strolk Bolfw064 W.
33(k10, gzmko.
(vtaem•ver 3wd )ka'3a da to. Irimtr end '!matte• W.As all the FardeS to tbb k:swmxd and the Setts rpl
r•Mwztadres, and anipa of mdwAals. aid to rim== ad nslpa dcary0ratloaA trVfb Md gusto")
Rltauwth, that aid bitter_ ter end In 04 add of too um of IM; AND 4W.00 DO: lAM 1210.00) eod ot3er pod
and vabab:o ccnaldai*w to aait t.ss3,r in bad paid by nic Fmmen do Mooipt abeed it baaby ackao+kdh4 ben
b'wjke+ batLabrA and add 5013a Said FMI% and Sayaae brn Md 416°a thr••ar. 6e Sbt"v 40Wd Le$ mate.
1r1n3 acd WkS n do Mlemi.Dada Coaat7, now, to vk
:]• war. 5011rSt 0tint 13, B10dc 27, dwALXx3LT A�DiIIOF7'O T'h'E C_'1'Y OR MiA.SQ s fa58vkioc
aaozdlcy W the pkf Q nafr mrdAd me Plat Bode B. hp 53. a !Se PAW Records 0! WMXI Dedc C.ar1y.
TAMA.
Pareal jdatititi,%b*c Number. 01 3125 OW IC4
'TeSttttgt aids at1 tbo >ca�,1•.aoflauarta tad applYrrar�• taseto Idao6a6 a i. rpwaee 4Pa��R
TO ff MS and to Wd. tte Sam• x 1's degM sxgm.
And to &m tr bawby covaetm oftL uid Vww that tic Vww k kt AC7 tetad of $0 ks r. Sx Wpe, &d the
6anerr has Good � � katal aaaor+0' to Ceti s:id tnav� Said knG; tba 6t aa0t0t ! aoiry thQy +rtrtmt 8t 'dl0 r te:d
bad tat wQ ddl ad the MW IWW the La•dtt CLAW of ell Daaom vbac wera; aai &a sold lwa b lfne of tail
ataaata ancea, except taus Dx Ile )"At d mars aA anhugra roan, n93iCdGMC MSQT5fWW, ooWMICb end ca =LU3
oemcw4 ilaay.
43
The
URBAN
��Crroup
REAL ESTATE CONSIrLTANTS
CFN 20190023329 BOOK 30625 PACE 3329
Ia W'ttnrer Wbcrer.[, peaeor iee laeeioW eet Qaetr'e 1� snd strl t< :ay anf yea- -s: elxrre -}act
Siyaed, deU idoaRawa'
a
A* d Nm ju =4 �lilrlf,
State of - I --- -
Caosy
The fb:esoftg a sawxw was wkr"xwsed We" me iia -� E5ry cf !myy . 2014 by Muf.A blwoa,
apd Arboay D. ,&Aam . lbcy L -) ace Pw3ohs:ty knnm so me cco x) ?gym p ducad r
idettdBcatioa-
```ttatuwwnnr���-
� • •apTApy' • w �, �y
• Z _ Priarcd Nenc
'• � r = A!y Coraausioe f�ptre:
napsJMawz„ramwddedak.c«alOMc+a,Rec«d%Pomt ocwrwV.swx-OGSaYao:)fn�U 91F5gTL"?Y%2eemewx/GHNIOFawvvsG(xWZL6... W
44
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE VACANT LAND SALE NUMBER 7- DATA SHEET
i � .&&L ,
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE:
LEGAL DESCRIPTION:
DATE OF SALE:
I
L �
County: Miami -Dade County
OR Book 30156 Page 2522
Folio number: 01-3125-048-1910
1421 NW 2nd Avenue
Miami, Florida 33136
Grevi, LLC
Santa Filomena, LLC
The South 30 feet of the West 50 feet of Lot, Block
45, Johnson and Waddell's Addition, according to
the Plat thereof, as recorded in the Plat Book B, at
Page 53, of the public Records of Miami -Dade
County, Florida.
July 15, 2016
45
The
URBAN
��Group
REAL ESTATE CONSIII.TANTS
COMPARABLE VACANT LAND SALE NUMBER 7 (CONTINUED)
SIZE:
CONSIDERATION:
FINANCING:
SALE PRICE PER SQ FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
VARIOUS ON -SITE UTILITIES:
COMMENTS:
1,500 square feet
$70,000
Cash to seller
$46.67 per square foot of land area
Warranty Deed
T4 R Single — Multi -Family Residential
Vacant Land.
Arm's-length
Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
All utilities available to the site
This is a fenced lot on dead end street
WARRANTY DEED
46
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
Pttrrtci by and feturn :u:
Raul Perez Bsils&A
Partner
Ralhags dt Yreedmon. LLP
396 Alhambra Circle Suite 204
Coral Gables. FL 33134
303-747-75M
File Nwnber. 14MI
Will Call No..
CFN 20160417183 BOOK 30156 PAGE 25n
DATE 07/144016 08 58 58 Abl
DEED DOC 420 00
SUR AX 315 00
PARbEY RUVN. CLERK OF COURT, 10144OADE CTY
I ttw.t Ater" Ttn [err i a lt—gwa P+al
Warranty Deed
Thar Warranty Deed made tlss ISM day of July, 2016 EelNean GM1 LI.C. A Fl wWn Nmktd basbWty coo lis"y
whose post office ardhess is $60 Correa Ave, Hisrtu Be*,-. FL 33139, gasntor, arA Ssau lrlloomno LI.C. a norida
limited UabUky company whose post ofixc address is 9100 Sootb Dadalmod ih d. Ste 91 L Mimi. F'L 33156, Itr WAX
(whew" red atera• M sr, r 'prior M4 'arnrt sent* ail ?w rmr b Ohl Mass a! md aK legit l pu ."M a"Ni-V rid 6"W" Of
rdm.tula, and 2W %KttaaRt W4 rtipt or pe7n'Y►rea, r 3M P.e trUMM)
Witnesseth, tbu said vwwor, for and in wewderaron of the suit of 1 EN AND ?AY100 DD ARS (S10.00) arA Other
good and rahaNe eoruiderat ins to sad grantor ut hand Pad by said grw4ee, the rrxeipt sebveof is bsaeby ackriowk4ed,
has granted, barpine4 and sold to the said gtrua, and grantee's hc4s and assigcs forever. the $Aiv s desaimd land.
strum, lying and being ut Miami -Dade County, Florida srau-
The Soot► 39 rest of the West So bat of Lot 4, Bieck 45, Johnson sod Waddell's Additba, according
to the Mot lberiof, as rrenrdsd is Plat Book B. at Page 53. of tke NbUt Records of Miswi-Dodo
County, Florida.
Parcel Ideot irkalion N amber- 01-3124-048-1910
Sebjeet To: Condit.ons, restrictiau and easernetus of records, •r xiing restrsc:torts, prohibitioers and other
requirements imp sed by gvvcrrmcntal authority.
Togetber with it the tenements, bercdAwic;d% and appusteawces Ocreto Ackegirg or in anywne apporuinrg
To [lave and to Hold, the Want i'. fee surpic t(xeyer
And the grantor hereby co%vwts with said gutted tha! the grand" n W&My scutd of said land in fee tirapk, that live
gratu x has good right and lawful authority to set) and corny said hn4 the the grantor bnvby foly wartarv..s the t6c to said
land and will defend the same agAinu the la ft:: chine of all persons wilxnwtver. and that stud I" is free of an
mcurnbnxn, ext:W tzxa accruing subwqucnt to December 31, 241 S
In Witness Whereof, grw*or has hereunto set grantors barrel and seal the day acid year firrst atso.e wr=,m
Signs:, Paled arsl dehvered n our present"
ritpf InrAtit7.rnixni-0ioatl�ark cmrlOKcsaRocprds/P�,tQa�ousysrr atva'iQS=YaoUQOrscylvOEsIFCM'R2A64gapSTd7a�vlmAltrOCicbCFipryt9hr071... 7Q
47
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
11MMIS
MA
���/ �i •
triam.oade oioal Rae" - Pent lxcurwr
BY
F T.
V
(Curpar4 Sera
CiY 20 60617103 BOOK 30156 PAM 25"
Strte of Florida
County of Mbmi-bodo
The furosuie6 4nwwvwn4 was acknowledged before me thn 154h day of Jsly. "16 by Ekown Todaro of Orrvi U.C.
t lorida limited Ilabilay company, on bolrlf of the corpxatim F Walaa [J it to me or IXI bu p"vmd a
dr,vees Ilcare as idenllfikation
14ucary Seal) tCirF 11 2i
AWOA2PO
a,.,t. t.rt►�N� blame l�,.rto,^.s C_ A7tiwi�' ,�jr
My Cormi"Wo Expires:
hope 1Mww2 o,ifM t.xtn(Y.L rerr.,0MCAaIRatnrOvVrnt Doelmrntaapof7py.Yao4lfOetl/�OEaieliii106sQap9y07r2v1�rHlrtaCxpl(Flpryr�ti(171
48
M
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
COMPARABLE SALES LOCATION MAP
49
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
a la mode inn. Y
row ion ;I
cle zslr s,
NO t3135,
t4 .Jrti 51
Nw 21i1A $1
t,E 2, nil o
-'
4T r"it St
NE JSL i
NY! 'I It 51
' rae 2w+rrriA!r
E
NE 7C
4
t NE 20th SS
CMi4 St
14W Z-41151
NF iwri Trrrlrr
COMPARABLE No, 3
Nr.
1737 NW 3rd Ave
ttE 1°nr s,
_
0.31 Mlles NW
t
?
Nyh'1sc4s,
�
BKCOy+Id Par* Cw►Ivtcry
a a
rr 0
�n
" :E
f kW
Fgtn 4
ry
yn�
-[
W; -'.15i TCTrptG
z
rf
}
"C
L#11rSB�
W
i
i°a,* COMPARABLE No_ S
`
COMPARABLE No. 4
155 NW HUI SC �t
222 NW 17th St
0.21 miles NW j 2
4.23 miles NW
rx �
-
z
I N W 1#Gh it
e
RA
tYc 15tT St
41
COMPARASU No. !
1421 NW 2nd Avis
y,'N 14th
5E Tcr ;i
SUBJECT
� AavHArvx
0,11 miles w
N# C
11428 NW 1st Ave
-i14NJdurw
A
n
- F z
NF 13111 St
COMPARABLE No. 1
a
1305 NW 2nd Ave
7
171n 5t
-
1
1Vn5h r
0.16 rnfles SW
NW: 11h Teri lit-
r:43 I" Y, I
—�--,�
NE 11t1t St
COMPARABLE No. 6
COMPAkAUL tdu. !
-
11 NW 12t1t 5t
17; NW 13th T,-I
0.22 rrhles SW
U.miles S
NL 1 Si st
rain I[n7 St
90{1
_
ill+snyyar
HeJ71Y PeRve3
irdy
PorA
Nt Ith S1
m
t i4 ?1t i St
NLi' .ifJ` ai
hfar m P�4
K
- z
C
- _
PO tsth 5, m ItiE Bth SSE
ID
s W
r
r_ NW81t,51
�'�
NF rrt•. Si
'
riw ?rb 4
a
NW 70 Sr
ATk-s
rt
a
N'h 5th 51 NE 6th St
�.
MW 6th 51
{ *
S, d "lE cth S,
rS
} a. NW 51h S,
NW 5sh
BAN
My uh ST
NHarhSa
c .` AGO ioat
1`7 203m -CirOUf�
y
NSVI.TANTS
20181 S1:ara MtOSASb+paftoft
, T .= x
y
.
D=
COMPARABLE SALES CHART
SALE
SALE
SALE
PROPERTY
LAND
PRICE/SF
ZONING
NUMBER
PRICE
DATE
ADDRESS
SIZE
(SF)
1
$300,000
3/21/2018
1305 NW 2na
5,000
$60.00
T6-8L
Ave.
Residential
Miami
Commercial
2
$1,500,000
4/21/2017
175 NW 11tb
29,500
$50.85
T5-L
Terrace
Residential/Med
Miami
Retail
3
$558,500
4/10/2017
1737
13,153
$42.46
T3-0
NW 3rd Ave
Single &
Miami
Duplex
4
$108,000
3/1/2018
222 NW 17th
5,250
$20.57
T5-L
Street
Residential
Miami
Medium Retail
5
$126,000
1/5/2018
155 NW 17tb
3,360
$37.50
T3-0
Street
Single &
Miami
Duplex
6
$500,000
10/2/2017
211 NW 12th
7,500
$66.67
T6-8L
Street
Residential
Miami
Commercial
7
$70,000
7/15/2016
1421 NW 2na
1,500
$46.67
T4 R
Avenue
Single Family
Miami
Multi Family
51
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
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 the Overtown area in Miami -Dade County in direct competition to
the subject neighborhood and which were deemed comparable to the subject property based on our
estimate of a similar highest and best uses. 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
seven 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 sales to the
north and east of this neighborhood. The review of these sales 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 hospital district and
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 5,000 to 29,500 square feet of land area. The price per square foot range was from
a low of $20.57 per square foot of land area to $66.67 per square foot of land area. The following
discussion illustrates the steps undertaken in our analysis.
Property Rights Conveyed:
The property rights being appraised are the Fee Simple Interest subject to existing easements. 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.
52
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
VALUATION - SALES COMPARISON APPROACH TO VALUE
Market Conditions:
We have analyzed numerous sales in the subject area, in the time period from roughly July of 2016
to the present. The sales took place from July of 2016 to March of 2018, 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.
Conditions of Sale:
Each of the sales utilized for direct comparison were considered arm's-length transactions for this
type of land.
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 close proximity to the subject property (31 Miles) and all are in the Overtown area. Some
sales had varying locations with some on similarly travelled roadways, some on corners and one on a
dead-end street.
Sales 1. 2 and 6 are located south of the 395 expressway and are considered to be within the subject
neighborhood boundaries, although closer to the downtown development area. These properties sold
for the three highest unit sales prices of the sales reviewed from $50.00 to $66.67 per square foot of
land area. .
Zoning/Land Use:
The properties have varying zoning classifications, however the review of each of the zonings and
the sale prices did not indicate any market -based zoning adjustment. The varying zonings were
considered in our review and Sale 7 had the same zoning as the subject property with a sale price of
$46.67 per square foot in July of 2016, the oldest sale.
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 7,860 square feet. The sales had varying sizes from 1,500 square feet
to 29.500 square feet of land area. Sale 7 is the smallest site with only Sales 2 and 3 larger than the
subject property. The majority of the sales would be best combined or assembled with other parcels
to create a larger development parcel that would allow for greater density. The size differential will
be considered in our overall review and analysis.
53
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
VALUATION - SALES COMPARISON APPROACH TO VALUE
Conclusion:
The sales had a unit sale price range from a low of $20.57 per square foot to a high of $66.67 per
square foot of land area. The sales sold from July of 2016 to the most recent sale in May of 2018.
Sales 1 and 4 were the most recent sales and showed a wide range in values. Sales 4 and 6 were at
the low and high end of the range and after review of the 7 sales, it was our opinion that the other five
sales showed a much tighter range in values from a low of $37.50 to a high of $60.00 per square foot
of land area. No definitive dollar -based adjustments were indicated by this array of sales although we
have considered the variances noted in our review and as stated on the sales data sheets.
In summary, a market value of in the range of these sales was considered most applicable. Sale 7 was
the oldest sale and had the same zoning classification and sold for $46.67 in July of 2016. Sales 1
and 2 were applicable and a value above Sales 3 was also considered to be applicable at $42.46 to
$60.00. Sale 3 was not considered directly comparable due to the value of the remining improvements
on that renovation project. All of the sales were directly comparable, and the variances were
considered in our overall review.
Therefore, we have estimated the value of the subject 7,680 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 a
land value of $50.00 per square foot of land area would be applicable.
7,860 square feet x $50.00 per Square Foot = $ 393,000
54
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
RECONCILIATION
The Sales Comparison Approach was used to analyze sales of similar properties for the 7,680 square
feet subject parcel. The review of the sales date led us to a conclusion of market value for the subject
site at $60.00 per square foot of land area. The zoning and location within the CRA were considered
beneficial to the successful development of this parcel.
Based upon our review of the subject's location, zoning, and available utilities, it is our opinion that
the market value of the subject property as of November 6, 2018, is as follows:
MARKET VALUE OF SUBJECT PROPERTY
THREE HUNDRED NINETY-THREE THOUSAND DOLLARS
($393,000)
55
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
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.
56
The
URBAN
��Group
REAL ESTATE CONSVLTANTS
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.
57
The
URBAN
��Group
REAL ESTATE CONSVLTANTS
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 subject 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.
zo
i
Robert D. Miller, ASA
State Certified General R.E. Appraiser No. RZ 1270
58
The
URBAN
��Group
REAL ESTATE CONSIrLTANTS
ADDENDUM
.v
_. -- '7w
"� y l � .. - - - j 4 ..^.fit•
"A
ALM
rq
Aor
SUBJECT PROPERTY DEED
:Ify"i, QibY sad ts4 =:A'
Etsity P►ilbps
P►illlps Lanier
14 NK 1st AvSnus. 2nd Floor
Minot, Fl, 33132
105-1-W524e
For Ntat.er Fibrin Royal
wdl (4:l Ne :
CFk 201303702TT BOOK 2W23 PA03E 3461
DATE 06M00013 0216.27 AM
DEED JOC 210.00
► 4JtVEY RINK Ct2RK Of CCk*T, 16111A-0A.X CTY
.� Aan.. ;1i. [rr hx I+.raaa ties) --_-
Personal Representative's Deed
This Persowal Rep[estmtativs's Deed ride ills 7th day of May, 2013 bctwom 14ddlm Tleoaa, a atagle waasan.
Cddtse Thoanr, so Persooal Meprrseatadve of t►e Catak of Ernest Tlowas, Clarks Arnold and veleta r. Arnst10,
AKA Valera P. Arnold, Hesbasd and WHe, and Eddbc Tlo ima, so Perswal Reprewgrve of tlse LRsWe at %Me L.
Bode, Jr, wtxse post of on a W-ess u 1423 [s W tot Avestse, Misted, PL 33137. gra-Asr, Ltd bMLA TOW". RRIS, LLC, a
Florida limited Idsbtbty company -.rw ,oast a —am add.*tas is 3153 Peach? Street, Mwmk rL 33133. Fanned
t 1w]eeeeer -.bee hoes w tM terns soma Sod -tastes tneasar dt :!e pe-In to r!s, wovaa r —3 dr boom. ;W 14anupar.w, end move of adrod sk
and tlw ssraessses at Saran of wpisamae, twan Sod sa+aaal
'Witneutlib, fiat said etamor. for and a conede sdon of the mm TEN AND W0000 DOLLARS (SIC.00) and other good
and YQuable caradcrstsaas to said VwAor w hwd paid by and gnaa a. be seaagt w e:is h eby ackwwiedged, has
anted, twrpiaed, and oc:d to the and gratosea rid graosca bass and aaatgsr h wer, LSe Solawmg descr;nA 'and, nitaaee,
:ymg and being in Miami -Dade County, Florida, w-w2
Lot S, Nock 43, Waddells Addition to the Town Of Maid, weardiog to tbo pLt tiesevet to rvcordrd
in net Book S. PoWs) S3. PuWc Records of Mtstnt-Dade County, Florida.
Parcel identlficadoo loarhor: 01312S"21724
Ts>Rothv w!A it Ce oaomerta, Ixralitarricob and rtpPereatmcea baeeo 1teSoegag of n aayvnac a^Patua..ng,
To Piave and to Hold, tie sax in fee simple fore a.
Aad the gnaawr Eeteby oovmvm wit said grantee tSm the aratecr )at god right Sod lawfil w lKv-.ty so sea sad convey
said land. that the w- cce wvrans dae tide to said :arid kv ry sets of Oransm nod . U defrrd the title &&Lmat tee taw1W
claims of d7 persons ciaunn by. thtotsgb, or taader Grantor.
Its Witness Whereof. t,:s-.a r l.aS Laoanto art oronloes land and sea: to day and year t'rt above ww=wL
htt;nIA~7.rr:wft dadodak comVO(40*PeoordLVrNL?000nw*.a M?OS=yaolMiav73SCOKnpod2ooPEOt '?CVtAG In
• w:Y„e
Sipfed, sealed wd delivered in ow preoessot:
PtaCaQ4—
State ofFlonde
County of Mums node
wrs-I).e. osoal Roc rds • P"o« omorK
UN 201303M277 BOOK 2OW3 PAGE 3482
�IDISE��
AS PFXSONAL
RfMt MENTATWT OF THE ESTATE OF ERNEST
THOMAS
t
DISF G. THOM�S
EDDISE THOMAS.
AS PERSONAL REMk-- FWTATIVF OF THE ESTAW
OF W1211F Dom. Ik.T m
The tixesoinR Instrument was, ockruv,ledped Wore me taus 'll do) of May. ?413 by Udine Tbssibak s shmtM wsssin.
Eddlet Thomas, as Persossl ReOresestatlte of the Kusto of Finest ikasaw Clarks ArssY and Veins P. Arssid,
AKA Valms P. Arnold. Husband and Wlfeti and E441w Tbosas. as Personal Refxesestative of the /uste of N'de V
Bouk, Jr, who I ) m personally known nr I r( Aase fer4m eel a dnwit kceme as rdotr[ tc+pm`— 1
(Nne.ry Gs�( �'.'•'•''�. tiYERkatwap
w OtllstHtlOa 1 tt I,rarJ
• r flffEk treasons, it"
Ir.-1 Rrm ernraavr) AW -'rW I
My Crier wns Esp..c
tetpa: mvi,Artwml-da9scleek cnnVC kW.*c"dclPmttbnnunlsspff7GS YWAXOtuy36WV( y?
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
WEIS S-SEROTA-HELFMAN