HomeMy WebLinkAboutR-79-0754A RESOLUTION AUTHORIZING THE CITY MANAGER I) PURCHASE IN LIEU OF
CONDEMNATION TWO PARCELS OF LAND LOCATED AT 2200 N.W. 7 AVENUE,
MIAMI, FLORIDA, FRONTING ON N. W. SEVENTH AVENUE BETWEEN N. W. 22
STREET AND 23 STREET, EXPENDING WESTWARDLY TO N. W. 11 AVENUE,
COMPRISED OF APPROXIMATELY 6 ACRES, FOR THE SUM OF FIVE IIUNDRED
TWENTY-FOUR THOUSAND EIGHT HUNDRED THIRTY-ONE DOLLARS AND FIFTY-TWO'
CENTS ($524,831.52) SUBJECT To (a) TERMS AND CONDITIONS CONTAINED
IN THE ATTACHED PURCHASE SALE AGREEMENT BETWEEN SEABOARD COAST LINE
RAILWAY COMPANY AND THE CITY OF MIAMI; (b) ALLOCATION OF $118,00i 11
FROM THE 1979-80 UNALLOCATED CAPITAL IMPROVEMENT FUNDS TO CO
INITIAL DOWN PAYMENT AND TITHER COSTS INCIDENTAL 10 THE ACQUI «Nt
(c) ALLOCATION OF THE COST OF FUTURE INSTALLNU ]'r PAYMENTS
ENSUING ANNUAL APPROPRIATION OF CAPITAL IMPROVEMENT FUNDS.
Florida, is proposed to be acquired for expand
planning for expansion of the Miami Stacli
of Five Hundred I\'enty-Four Thousand Ei un.1 Th' One Dollars
Ti Fifty -Two Cents ($524,831. .le w e .Bred Sixteen
Thousand Seventy Dollars -, Eigh ne Cen 6,070.89) down. and
the balance in four equal pa s o Hundred Th'o Thousand On
Eighte. ent ($102,190.18) annually;
• , e money f the 'first payment of the acquisition is
avai from the l9 r'located capital improvement fund; and
EREAS, he_cost of future installment payments will
.e av-1ab ensuing annual appropriations of capital
i, oveme funds;
'OW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF
"DOCUMENT INDEX
THE Y OF MIAMI, FLORIDA:
ITYi PP
Section 1. The City Manager s he eb�y authorized to
enter into an agreement to purchase the property located at 220
N.W. 7 Avenue, Miami, Florida, frontingon N.W. Seventh Avenue
between N. 22 Street and 23 Street, extending westwardly to'
N.W. 11 Avenue, comprised of approximately 6 acres, for the sum
of Five Hundred Twenty -Four Thousand Eight Hundred Thirty -One
Dollars and Fifty -Two Cents ($524,831.52) subject to the following:
(a) terms and conditions as contained' in the
Rescinded by R-80-0760
attache n:,,.„k..,.' ,..._...
D Y COMMISSION
MEETING OF
NOV `d m/1
Z9-L
Sale Agreement between Seaboard Coast Line Railway Company and
the City of Miami., Florida; (b), payment to the seller of One
Hundred, Sixteen Thousand Seventy Dollars and Eighty -Nine Cents
($116,070.89) hereby allocated from the 1979-80 Unallocated
Capital Improvement Fund as a down payment; and (c), future
allocation of the cost of future installment payments from ensuing
'annual appropriation of capital improvement funds.
Section 2. The sum`of One Thousand Nine Hund Twenty -
Nine Dollars' and Eleven Cents '($1,929.11) is hereby .loca.
from the 1979-80 Unallocated Capital Improvemen nds cov_
other costs incidental to the acquisition of th- o aid p ,•erty,.
PASSED AND ADOPTED this 8th Nq R 1979,
ATTEST:
PH , ONGIE, CITY CLERK
IIa
Joseph R. Grassie
City Manager
/%J. E. Gunderson
G Director of Finance
Acquisition of Seaboard
Coast Line Railroad Property
Attached for your signature is a letter to Mr. E.
Estate Acquisition Officer of the Seaboard Coast
outlining the changes in the Purchase Sale Agreem
Mr. Russell requested this letter so that he may
Directors to seek prior approval to expedite the
sale of property.
Leon Russell, Real
Line Railroad Company,
ent.
approach his Board of
consummation of this
Upon passage of the Resolution by the City. Commission approving this
purchase, the Purchase Sale Agreement will be completed by both parties.
JEG:DRS:nsm
FOLLOW".
79-754
CPASYE
November 2, 1979.
Air. E. Leon Russell
Assistant Director of Real Estate
Seaboard Coast Line Railroad
Real Estate Department
Jacksonville, Florida 32202
Dear Mr. Russell:
The City of• Miami agrees to purchase, subject to the approval of the City
Commission of the City of Miami, the property located at 2200 N. W. 7 Avenue
and legally described in Exhibit A of the Purchase Sale Agreement which shall
be amended to include the following:
1. The total purchase price will be $524,831.52 payable as follows:
$116,979.89 at time of closing and 4 equal payments of $102,190.18
on the Anniversary Date of Closing, with penalty of 10% per cent
on any delinquent payment.
2. It is understood and agreed that the City. -has the right of prepay-
ment of all future payments computed at 10% per cent true discount
compounded annually.
Upon approval of theCity Commission of this Purchase by Resolution the
Purchase Sale Agreement will be amended to include the above provisions and
will be mailed to you for signature so that it may be presented to your
Board of Directors for their November, 1979, meeting.
If there are any questions concerning this matter, please contact my office.
_L-, /
oseph R. Grassie
City/Manager
i
IIc
Joseph R. Grassie
City Manager
E. Gunderson
Director of Finance
November 1, 1979
Property Acquisition
2200 N. W. 7 Avenue, Miami, Fla.
Seaboard Coast Line Railroad Co.
An agreement has been reached that the City will purchase, subject to
approval by the City of Miami Commission and the Board of Directors
of the Seaboard Coast Line Railroad Company, the property located at
2200 N. W. 7 Avenue, Miami, Florida, which is comprised of approximately
6 Acres, fronting on N.W. 7 Avenue between N. W. 22 Street and N.W. 23
Street, extending Westerly to N. W. .11 Avenue, for the sum of
$524,831.52.
The property is contemplated to be used to expand the parking facilities
for the Miami Stadium.
The Terms & Conditions of this proposed sale are outlined in the Purchase
Sale Agreement, a copy of which is attached.
The pertinent facts of this acquisition are as follows:
- Appraiser: Leonard Bisz
- Appraiser: Theodore E. Slack
- Property Location
- Legal Description
Appraised Value: $578,250
Appraised Value: $995,000
2200 N. W. 7 Avenue
Miami, Florida
All of Blocks 1,:2, 3, & 4 of
Bohemia Park Amended, 6/171
Beginning on the Northwest
Corner of Lot 12proceed Easterly
619.87 Ft., to the Northeast
Cornerof Lot 1, thence Southerly
139.75 Ft., thence Westerly 20 Ft.,
thence Northwesterly to a point
12 Ft., South of the Northwest
Corner of Lot 12 thence Northerly:
12 Ft., to`Point of Beginning in
Block 4, of Washington Park Sub.
PB.3, PG 208.
"SUPPORTIVE
DOCUMENTS
FOLLOW" 79- 754
Memorandum to
Joseph R. Grassie
City Manager
- Owner:
Page 2 of 2 :November 1, 1979
Seaboard Coast Line Railroad
Company
Lot Size - 269,678.7 Square Ft. M/L
Building 32,221 Square Ft. M/L
Erected 1926
It is recommended that the property known as the Seaboard Coast Line
Railroad Station be purchased for the sum of $524,831.52. The Department
of Stadiums & Marinas concurs with this recommendation.
JEG:DRS:nsm
Enc.: as stated
2
lt1c
onurance
iurvcy
ro rat i.ou
I Taxes,
Le.
ions
i.osing
is
If de:irel, title Grantor,
G; _it"tcurance er tt1u,tract :shall be provided by/and at Cite cXpcnse
of (1Tnntoe. 6r,11t';'' Shall advi:;o Clrantor of title evidence require, by 3rantec
within ;sixty (60) days of receipt of form of deed.
7. Survey required for preparation of deed shall be provided at
the expense of Grantor.
8. 'faxes on the above described land will be prorated as of. the
date of delivery of said deed of conveyance, unless Grantee shall elect to
enter into possession of said premise:, prior to the date of delivery of said
deed, in wlticltevent said taxes shall be prorated as of the date upon:which
Grantee takes posset,sion of said premises. Any proration shall be based on
the taxes assessed against the Grantor. in the year of the delivery or entry
and shall allow the maximum discount permitted by law', Men applicable,,
interest, insur,ance, rents and other expenses or revenues shall be prorated
as of date of closing or date of entry of premises by Grantee', whichever -
shall come first.
9. Any certified governmental assessment:: or liens for" i:r,provcments
on said property which are due and payable at the t1..e pi closing shall be
paid by Grantor and any pending liens or assess:ricnts for improvements, not
Yet due and payable at closing, shall be paid by Grantee.
surtax or realty transfer tax) on the deed of conveyance.
(b) Grantee shall pay cost of recording deed, mortgage duel and
other incidental expenses connected therewith.
11. It is`expres'sly understood and agreed that said deed of con-
veyance will contain a clause or clauses reading substantially as''-follo' s)
'(a) "Grantee, by acceptance of this deed, hereby agrees to
rainage construct and maintain,, in accordance with all applicable
n;)/or statutes,ordinances, building codes,:sundivision Covenants
ecapture acid restrictions, an adequate roof and surface,"drainage system
lause from the parcel of land hereinabove conveyed to the nearest
drainage or storm sewer system in order to prevet:t the dis-
charging of roof, surface: and other dra"i.ti.lge waters upon the
right of way or lands and other facilities or properties of
Grantor. The Covenant of Grantee to construct and maintain
such a drainage system shall be construed as a perpetual
covenant running:with the land hereinebove convoyed, and
shall be binding upon Gi:.ntee or anyone claiming title to or
holding said property through Grantee."
10. Closing costs shall be paid as follows
(a) Grantor shall pay all excise taxes (:such as documentary star„p!:.
.0) "Grantee hereby agrees, as a part of the considerati,Nn
of t1,is conveyance to construct within rear frn .
-. on the lea iAoc•e!by
-..,,_ ILSji-PfORTIVF
conveyed,"'t.be following)
alld further agrees that, ],I
been completed within said
of Lime shall be uxtendc;Yby any ac of Cod, strikes or
force. majeurc) , Gran !'shall have the `x`;lit and option to
repurchase the pro cry), hereby conveyed, p oyided notice of
:intention to do .,0 1s ;;i.ven within ninety ('iO j iiuys after ex-
piration of)rt"id period of time, and upon rcceilt-tsc)f notice
from Gratiydi of its intention to e:•.crci;.;e the right mid
optiot —"Grantee further agrees to reconv,!y promptly Llt icre
ina',xlvc described .Land to Grantor in feu :simple free and
crf'aur of all 11.ens and encumbrances to which said property r.
,
, ii
,1t construction shall not have
`rio of time -(which said"perind
_ ) _
If de: i:rcd, title
Grantor,
►tle G. insurance or tibr,t.r,1ct shall be provided by/and at the expanse
.i:;urrtnce of Grantee. Cn—ant:oe rAiall advise 3rantor of title evidence recluirey Grantoo
within sixty (60) clay'; of receipt of form of deedb
7. Survey required for preparation Of deed shall be provided at
the expense of Grantor.
rotation
C Taxes,
Lc:.
lens
8. Taxes on the above described land will be prorated as of the
date of delivery of said deed of conveyance, unless Grantee shall elect to •
enter ittto possession of said premixes p)r.ior to tool date of delivery of,. said
deed, i11 Which event said ta:{eS shaLi be prorated .1:i of -tlli: date uponWhichGrantee takes possession of said premises: Any proration shall be based on
the taxes assessed against the Grantor in the year of the delivery or entry
and shall allow the maximum discount permitted by law. When applicable,'
interest, insul',ancu, rents and other expenses or revenues shallhe prorated
as of date of closing or date of entry of -premises by Grantee, Whichever:
shall come first.
9. Any certified goverumental assessments or liens for improvements
on said property which are due and payable at the time orr r_losing shall be
paid by Grantor and any pending liens or assessments fur improvements; not
yet due and payable at closing, shall be paid by Grantee.
10. Closing costs shall be paid as follows:
losing (a) Grantor shall pay all excise taxes (such as doctlnentary stanp2:.
;:its surtax or realty transfer tax) on the deed of conveyance.
(b) Grantee shall pay cost of recording deed, mortgage deed and
other incidental expenses connected therewith.;
11. It is expressly understood and agreed that said deed of con
veyance Will contain a clause or clauses reading substantiallyas follows:
(a) "Grantee, by acceptance of this deed, hereby agreesto
rainage construct and maintain, in accordance with all applicable
ad/or statutes, ordinances, building codes, subdivision covenants
ecapture and restrictions, an adequate root and .surface drainage system
lause from the parcel of land hereinabove convoyed to the nearest
drainage or storm sewer:system in order to prevent the dis-
charging of roof, surface and other drainage waters upon the
right of o:ay or lands and other facilities or properties .of
Grantor. The Covenant of Grantee to construct and maintain
such a drainage system shall be construct) as a perpetual
covenant running with the land hereinabove conveyed, and
shall be binding upon Gr.:ntee or anyone Claiming title to or.
holding said property through Grantee.."
l.0)) Grantee hereby agrees, as a part of the consiclarati,N11
of this conveyance to construct within year f o-
\4 , on the lallit 11e ruby
conveyed, 'LJifollowing:
and further agrees that, if 'tl construction shall not have
been compluted within said rio' 'of time (which said period
of Linle shall bu extends by any ac of Cod, strikes or
force nlajeure), Cran '�u11a11 have the ;ht and option to
repurchase the pr1, erry 1 Li.,l)y conv44ed, {) `viiicd notice of
intention t0 do ao :is 1••I.Vef wi thin ninety: (91 J la's after ex-
pil•atioll of .di'lll period of time, and upon recei \i)1 notice
from Grnnydr- of its intention to exercise se the ri gIi.L niil
option/Grantee further agrees to reconvuy pl raptly Lhc Here-
i..nalxlve described laird to Grantor in fora Simple, free and
o4ar of all liens and encumbrances to which said property r..a?
'rice
l'URCIEASE-SALE AGREEMENT
THIS AGREEMENT, Made and entered into this day of
19 , by and between SEABOARD COAST LINE RAILROAD COhl1'ANY, ,a Virginia
corporation, hereinafter called "U::antor"; and the. CITY 0: MIAMI, --a .municipal
corporation under the laws of the State of Florida, hereinafter called."Grantee";
(W;ierever used herein the term "Grantee" shall be
construed in the singular or. plural as .;he context
'may require or admit and shall include the heirs,
legal representatives and assigns of individuals
and the successors and assigns of corporations,.)
WITN1SSETH That, for and in consideration of 0nc Dollar paid to
Grantor, receipt of which is hereby acknowledged, and of the premises and
subject to terms and conditions hereinafter set forth, Grantor hereby contracts
to sell to Grantee and Grantee hereby contracts to purchase from Grantor the
land described in Exhibit "A" attached hereto and made a part hereof, which
land is located at Miami, Dad• County,' Florida
The terms and conditions of this sale and purchase, are as follows:.
1. The agreed price for said premises is $116,070.89 downpayment
at closing and $102,190.18dt the beginning of each year for four (4) consecutive
years to be secured by a purchase money mortgage on the premises.
•eed 2. Grantor, at the closing, shall execute and deliver a general
warranty deed to Grantee conveying good and marketable -or insurable title.
to the property, subject to the usual exceptions contained in title insurance
binders (such as exceptions for survey, current taxes, zoning ordinances,
covenants, restrictions and easements of record).
fethod of 3. Consideration shall be paid xr.xi:uttxs.txxraa2.'ugt as above.
•ayrnent
4. Grantor will, as early as practicable after date of execution.
itie of this agreement, prepare and submit to Grantee, for Grantee's approval, a
.xarnination form of deed to convey to Grantee the foregoing tract or parcel of land; and
Grantee shall have a period of sixty (60) days after receipt of Said'form'of
deed within which to examine"arid approve title to said: land, approve -said
form of deed, and notify Crantor of such approval, After receipt of notice
of such approval, Grantor will, as early as practicable, execute and deliver
said deed of conveyance Co Grantee.
5. Should title to said property prove defective, then such
•itl.e defects shall be pointed out in writing to'Grantor within sixty (60) days
;el:ects after receipt of the form of: deed, and Grantor shall have ninety (90) days
thereafter within which to cure such defects. Lf Grantor cannot reasonably
do so, then Grantee, at its option, may waive such ideeets., In the event
Grantee refuses to do so, this agreement shall become null and void, and all
monies, if any. advanced, including option monies, shall be refunded.
79-754
I:XIIII3IT "A"
All those two irregular shaped parcels of land in Miami,
Dade County, Florida, located at 2200 N. V. 7th Avenue, fronting on
N. V. 7th Avenue between N. 1'J„ 22nd Street and N. V. 23rd Street,
extending westwardly to N. W. llth Avenue, as shown outlined in red
on Seaboard Coast Line Railroad Company's Engineer of Design anJ
Construction's Drawing No. 138-A-9,' dated, last revise;] October 6,
197S, attached hereto as a part hereof; however, for the deed a survey
will be prepared by a registered surveyor. The Railroad reserves the
right to remove the tracks within the subject area.
"SUPPORTIVE
DQCUME ,,;,J
FOLLOW"
Right of
Entry
Aastgnment
have become Club ject since its acquisition by Grantee _In
'i1riU.itanedusly.''ii.t.1 a-t! Cation and
delivery to it of the uc?it u.ii.- .- ►" ev;.itice, 3ha11 pay to
Grantee the W;iailli-t--vr.11.1e purchase pri ce rref_srirh_ __t
--�
12. Subject to terms and conditions hereof, Grantee may enter into
roet;catsTol—."° Ltrrtni5er► upon execution and delivery ot; th�of
irt3 c mn i f y. cave and
purchase and sale;})t'C)v�-t,.r`1t1L_t.vt:Y, Crnntee tty;,rce;�
and clairo-, including
hold harmless Grantor from all clani;tl;c:. c -:-r--L_c__._F�� • ntet: ultd i�rovided
atturheya' fee , cau::ed by Uu_--+tom or omt.:,::ion� u
further, ther, trade.:-T;rrrn to do nu act to encumber title to said pL i n
,e4e.. ,&is-ti etc' right of entry' under this Article 12.
13. This purchase and salt: contract may not be assignedwithout
the written consent of ti;.` Grantor.
].4. This inArument is subject to approval by Grantor's t3oerd.
of Directors at their November?.979 meeting, and slaall be declared null
and void unless approved by said L3oardo
15. It is understood and agreed that the City has the
right of prepayment of all future payments computed at 1.0% pet
cent true discount compounded annually.
This contract eml)t)dies the entire agreement and understanding of
the Parties to the coiitro�ct aced' may not be caanged, altered or Modified
except by an instrument in writing :signed by the party against whom the
enforcement of any change, alteration:or modification is sought.
IN WITNESS W 1F1:1 01 the parties Hereto have caused this agreeutent
to beexecuted in duplicate the day and. year first above written.
Signed, ::called and delivered SEABOARD COAST LINE RAILROAD COMPANY
in' the prescnea of
Si1;ned, sealed and delivered
in the preueuce of:
By
CITY OP MIAMI:, FLORIDA
Attest
Mayor
Clerk
(L•S•
(I.. S.
79-7
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SEABOARD COAST LINE
RA'LROA:. COMPANY
EI•f1AEES OF
DE:tEI: t COAST. i•G[SGrvp„►j,F A
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•
TELEPHONE
(3OS1 443-7448
LEONARD A, BISZ
RCAL ESTATE SERVICE
2511 PONCE DC LEON boULEVARO
SUITE 410
CORAL GASLtS, FLORIDA 33134
r
December 14, 1978
I.ht//t '����e'
MEMBER
AMERICAN INSTITUTE or
REAL ESTATE APPRAISERS,
LETTER OF TRANSMITTAL (39647-RX)
Mr. E. Leon Russell
Assistant Manager -Real Estate
Seaboard Coast Line Railroad Co.
Jacksonville, Florida 32202
Re: Old Passenger Station Site NW 7th Avenue
Miami, Dade County, Florida
SCL Drawing No. 138A-9, Dated Aug. 1, 1978
Dear Mr. Russell:
In accordance with your request 1 have made an
inspection and careful analysis of the above property
and report to you herein my opinion of the Current
Fair Market Value of the property as you outlined on the
above Drawing. My report is transmitted to you herewith.
If there are any questions concerning this report,
please do not hesitate to call upon me.
ATTACHMENTS
Respectfully yours,
LEONARD A. BISZ, M. A.' I .
r)TIVE
. rYC, U hdl L \ T S
�r• I ("\ r
•
■
•
•
•
LEONARD A. CIiSZ, M.A.I.
REAL ESTATE CONSULTANT, APPRAISER
Page
CERTIFICATE OF APPRAISAL
TO: Real Estate Department
Seaboard Coast Line Railroad Co.
Jacksonville, Florida 32202
FAIR MARKET VALUE ON OR ABOUT DECEMBER 14, 1978
(Property No. 39647-RX)
269,678.7 Sq. Ft., M/L, as described on
Seaboard Coast Line Drawing No 138-A-9
Attached To This Report
Land Value
(1) Bulk As One Parcel of Property $440,000.00
(2) Apportioned Into Parcels For
Marketability $503,250.00
Building Value - Tentative $ 75,000.00
LEONAILD A. BISG, M. A. I.
LEONARD A. fli5Z. M.A.I.
KCAL EbTATE CONSULTANT, APPRAISER
Page.
PART A
PART B
PART C
TOTAL
SUM 1ARY
Gross Area
160,184.7 Sq. Ft, M/L
65,017.5 Sq. Ft. M/L
43, 763.0 Sq . Ft . M/L
BUILDING VALUE (Tentative)
TOTAL
$318,000.00
$1.10, 750.00'
1�✓ )G
$ 74,500.00 /,?o
$503,250.00 /' 7 -
$ 75,000.00
$578,250.00
"SUPPORTIVE
7-jVE
OCUME
F�} dLL��TS
O�y>>
LEONARD A, DMZ,
PEAL ESTATE CONSULTANT, APPRAISER
Page
LAND VALUE ESTIMATE
Overall Sale Estimated in 3 Parts
(As is without dedication for street. openings)
(A) N. W. 7th Avenue to C/L N. W. 8th Ave.
N. W. 22nd Street to N. W. 23rd Street
Gross Area 160,897.7 Sq. Ft. 3.69 Ac.
Less 2.5'
strip x
285.22' in
Zoned. ROW
N. W. 7 Ave. 713.0 " .02 Ac.
Net Area 160,184.7 Sq. Ft. 3.67 Ac.'/
@ $1.85 per Sq. Ft. is $296,341.00. Use $295,000.00
(B) C/L N. W 8th Avenue to East Side N. W.
loth Avenue
Gross Area 65,017.5 Sq. Ft. 1.49 Ac.�
@ $1.40 per Sq. Ft. is $91,025.00 ." Use $,90,000.00
(C) West side N. W. 10th Avenue to N. W.
llth Avenue, South side of N.W. 22 Terr.
Gross Area 43-, 763. 0 Sq. Ft. 1 .00 Ac Y+
(Includes >the
North 10' in
Zoned ROiY
N.W. 22 Terr. 6,198.7 Sq. Ft. 0.14 Ac.
Leaves Net
Area for
Building
37,564.3 Sq. Ft. .86 A
37,564 Sq. F t . @ $1 .50 per Sq. Ft.
is $56,346.00,
TOTAL GROSS AREA 269,678.7 Sq. Ft. 6.18 Ac. +
ROUNDED OUT - USE $440,000.00
Use $ 55,000.00.
•
rr,'1ARC) A. BISZ. M.A.1.
Pt At. c:.t•ATf: CONSULTANT, APPRAIStf
Page
LAND VALUE ESTIMATE
In marketable portions with release
for street openings as per Appraiser's
Diagram attached.
(A) Gross - 160,184.7 Sq. Ft.
(1) N. W. 7 Avenue frontage by 235' M/L
depth on N. W. 22 St. and 400.59' on
N. W. 23 St.
Frontage
N.W. 7 Avenue 285.22'
N. W. 22 Street 235' M/L
N. W. 23 Street 400.59' M/L
N. W. 7 Place 232.5' M/L
Net Area 99,723 Sq. Ft. M/L
$2.35 per Sq. Ft. is $234,349.00 Use $204,300.00
(2) N. W. 23rd Street 180'
N. W. 7th Place232.5' M/L
N. W. 8th Avenue 232.61'
Net Area 41,859 Sq. Ft. M/L
$2.00 per Sq. Ft. is $ 83 718.00 Use $ 83,700.00
Sub Total $318,000.00
(I3) Gross 65,017.5 Sq. Ft.
(1) N. W. 8th Ave. (To be opened)
89.7.7'x142.475' Av. is 12,790.1 Sq.Ft.
@ $1.90 per Sq. Ft. is $ 1.24, 301.00 Use $ 24, 300.00
(2) N. W. 9th Ave. (To be opened) (E. side)
89.77'x142.475' is 12,790.1 Sq.. Ft.
$1.75 per Sq. Ft. is $ 22,382.00 Use $ 22,350.00
(3) N. W. 9th Ave. (To be opened) (W. side)
89.77'x142.475' is 12,790.1 Sq. Ft.
1 $]..75 per SqFt. is $ 22,382.00 Use $ 22,350.00
(4) N. W. loth Ave. - East side
139.75'x142.5' M/L is 191914.4 Sq.Ft.
@ $2.10 per Sq. Ft. is $ 41,820.00 Use $ 41,750.00
Sub Total
(Continued)
"SUPPORTIVE:
DC NT
LtONARO A. bISZ. M.A,s, "'m
'REAL ESTATE CONSULTANT, APPRAISER
Page
LAND VALUE ESTIMATE
In marketable portions With release
for street openings as per Appraiser's
Diagram attached.
(Continued)
(C) Gross - 43,763.5 Sq. Ft.
Lots '1 & 2, Block 4
(1) N. W. 10th Ave. (West side)
139.75' gross x 110.31' is
Gross 12,721 Sq Ft., includes
in North 10 feet (zoned R.O.W.)
1,103.1 Sq. Ft.
12,721 Sq. Ft.
0 $2.20 per Sq.Ft. Av. is $27,986.00 Use $28,000 00
(2) Lots 3 & 4, Block 4
N. W. 22nd Terrace
100'x107.5' Av. is
Gross 10,750 Sq. Ft.; includes
North 10' (Zoned R.O.W )
1,000 Sq. Ft.
10,750 Sq. Ft.
@ $1.95 per Sq.Ft. $2.1,000.00
(3) Lots 5-E, Block 4
N. W. 22nd Terrace
200'x72.5' Av.
Gross 14,500 Sq. Ft., includes
North 10' (Zoned R.0.W. )
2,000 Sq. Ft
14,500 Sq. Ft.
0 $1.50 per Sq. Ft. Av.
$21,?50.00
(4) Lots 9-12, Block 4
N. W. 22iid Terrace
210.31'x12'/50' M/L
Gross 5,791 Sq. Ft., includes
North 10' (zoned R.O.W.)
2,103.1 Sq. Ft.
5,791 Sq. Ft.
@ $1.05 per Sq. Ft. M/L
3,688 Sq. Ft. Approx.
Sub Total Gross 43,763.5Sq. Ft.
Less Zoned R.O.W. 6,198.7 " "
37,564.8 Sq. Ft. M/L
Use $
$74 ,'5U0.:00.
LrOt%bARD A: E3I5Z. M.A,1,
REAL tSTATL CONSULTANT. A m9LR
N. W. 22ND STREET
VIEW LOOKING N
YZEW LOOKING SOUTHEASTERLY AT PASSENGER STATION (39647-RX PROPERTY)
IIIIIII■II .
INTERIOR VIEW LOOKING WESTERLY AT WEST END OF ARCADE
Page
LEONARD A. DMZ. M.A.I.
iiEAL CaTAYE CONSULTANT. M eilAISEfi `_yam
LCONAttb A. n sz,
ACM. ESTATE CONSULTANT, OR
CRACKS AT NORTHWEST CORNER 0I' THE BUILDING
LtONARD A. BISZ,
NEAL CSTATC CONSULTANT, APPRAISER
Page
PROPERTY AND NEIG11130RHOOD DESCRIPTION COMMENTS
The subject property is the old Seaboard Coast
Line Railroad Passenger Station. It is located at
2200 N, W. 7th Avenue, fronting on N. W. 7th Avenue
between N. W. 22nd Street and N. W. 23rd Street,
and extends westerly to:N. W. llth Avenue, in the City
of Miami, Dade County, Florida.
In view of the irregular shape of the property
and lack of certain survey information, this appraiser
has outlined the subject property on City of Miami
Atlas Sheets 20R and Q Published by the Department of
Engineering. These sheets are fairly accurate as to
property lines, zoned street widths and distances be-
tween monument lines for the various blocks, which
monument lines are 5 ft. offset from the center line of
the street. The portions of this Atlas sheet for the
subject property are made a part of this report.
This appraiser estimates the subject area in three
parts as follows:
A - NW 7th Avenue to the Center Line of
NW 8th Avenue from NW 22nd Street to
NW 23rd Street 160,897.7 Sq. Ft'.,
which includes 2.5 ft. x 285.22 ft.
strip in the zoned right of way of NW
7th Avenue.
B--- Center portion lying west of Center Line
of NW 8th Avenue to the east ,side of NW
10th Avenue, gross area of 65,017..5
Sq. Ft.
C -- That part on the west side of NW 10th
Avenue on the south side of NW 22nd Terrace,
gross area 43,763 Sq. Ft., which includes
the north 10 ft thereof in the zoned
right of way of NW 22nd Terrace.
ESTIMATED OVERALL AREA - 269,678 Sq Ft More or Less
The property is located in the close -in industrial
area to Downtown Miami NW 7th Avenue is still one of the
principal north -south thoroughfares. The I-95 Expressway
is, located a short distance easterly of the subject site.
(Continued)
"SUPPORTIVE
DOCUMENTS
•
LEONARD A, BISZ, i.A.I:
REAL ESTATE CONSULTANT, APPRAISER
Page
PROPERTY AND NEIGHBORHOOD DESCRIPTION COMMENTS
(Continued)
At one time NW 7th Avenue was one of the most
active commercial streets in the City. ' However today
the area along this street is not particularly active
insofar as industry is concerned due to detrimental
neighborhood influences. Actually, the portion of the
subject property to the west appears to have more
marketability than the easterly portion. The area
westerly by the farmers market, and between 'NW llth
Avenue and NW 14th Avcnue has better neighborhood
influences. On NW 7th Avenue north of the subject pro-
perty is a Winn -Dixie Supermarket and there are various
other commercial and industrial establishments along
this street.
On the north side of NW 23rd Street between NW
8th Avenue and NW"10th'Avenue is the City of Miami
Baseball Stadium built 25 or 30 years ago. This Stadium
has never been a success from a financial standpoint
for several reasons. The parking area is some distance
from the Stadium entrance,' which presents security pro-
blems, the flow of trafficor street design is not very
adequate for ingress and egress to the <Stadium. This
Stadium is of semi -modern design and in fairly good
condition.
On the north side of NW 25th Street is a building
of Metropolitan Dade County used for various purposes,
including the National Guard Armory. Adjacent to the
central portion of the subject property on the south side
of NW 23rd Street is a group of 8 lots with a building
for Dade County Vehicle Agency and 'other offices. On the
north side of NW 22nd Terrace, which is a 30 ft. street
between -.NW lOtir and llth 'Avenue are two warehouses
occupying the whole block, one o:f which has no on -site
parking and one with very ;little parking. This block is
north of the westerly portion of the subject property.
Continents on the building improvements of the subject
property are made elsewhere in this report.
Photographs and 'other details of the property aro
attached' hereto and made a part of this report.
"SUPPORTIVE
DOCU M,M ENTS
FCLI_O'1,V"
L eoNA14D A. DISZ.
REAL ESTATE CONSULTANT. APPRAISER
Page
•
L.
A PPROA Cll TO VALUATION
A careful analysis of sales in the vicinity of
the subject property has been made. These sales, reveal
a general unit value of property ranging from $1.90
Sq. Ft. to $3.00 Sq. Ft. for corner property on N. W.
7th Avenue and westerly along N. W. llth Avenue to N. W.
14th Avenue area where the Farmers Market is located
the prices are higher and a more ready market. The area
between the North -South (1-95) Expressway and N. W. loth
Avenue is rather inactive and sales slower.
1 - This sale was at the, southeast corner of N. W.
7th Avenue and N. W. 23rd Street comprising a site80 ,.ft-
x.90_.:ft. with a small CBS store. The property sold on
J Jan 24, 1976, OR 9373/123 for $38,000.00
2 This was a re -sale of the above on April 6,
1978 OR 10004/230 after extensive renovations and improve-
ments made, for $55,000.00. The early sale indicated
a land value of $3.25 Sq. Ft., and the 1978 sale $4.00
M/L Sq. Ft. This was at 2299`N. W. 7th Avenue, "No Frills
Discount Store" with some family connection with the
Grantor.
3 This was property to the rear of the above
property;- an unimproved lot 58.5 ft. x 80 ft. sold Oct.
5, 1977.for $10,500.00 or $2.24 Sq. Ft. M/L. This is
676 NW. 23rd Street, which dead -ends at the Expressway.
This sale was recorded in OR`9823/171.
4 This was an unimproved parcel at 750 N. W.
22nd Street and sold Oct. 17, 1977, OR 9840/245, a site
77.6 ft. x 142.8 ft for $21,000.00 or,$1.91 Sq. Ft. This
sale was to be a part of a larger tract that was to be
developed into a refrigerator warehouse.
5 - This was a warehouse located at 830 N. W. 22nd
Street and sold May 22, 1977 for $102,000.00, on 9714/814,
with a land area of 80.f.t....._:x_142.8 ft:., and the warehouse
had 8,380 Sq. Ft After allowing for the depreciated
value of the improvements, the land value appears to be
$2.36 Sq. Ft. M/L.
"SUPPORTIVE
DOCUMENTS.
FOLLOW
(Continued)
REAL CSTATTC CONSULTANT, APPnA19CR
Page
APPROACH TO VALUATION
(Continued)
.41
Area or Parcel B lying between N. W. 8th Avenue
and N. W. l0th Avenue could possibly be used by Dade
County or the City of Miami for the Stadium.
Parcel A is divided into 2 portions in this report,
one for a shopping center on the east and industrial
use on the west. Value estimate is on that basis. It'
will be noted that the Winn -Dixie Supermarket structure
on the north is old as not even as imposing as the
subject structure. This Winn -Dixie parcel comprises
45,975 Sq. Ft., and has a building area of 12,536 Sq. Ft.,
and appears to be doingfairly well insofar as business
is concerned.
The value attritubed to the subject improvements,
mainly the passenger station erected about 1926, is
a tentative estimate of $75,000.00. This building has
32,221 Sq. Ft. of ground floor area together with 2,905
Sq. Ft., more or less, in the concourse roofed structure
on the West The building could possibly be used for a
reasonably short period of time. However, because of the
design of the building and type of materials used in
the construction and the age of the building, places a
limited time on the structural soundness for any length of
time for use of the building, bu_t, t.might.be used for
sufficient time to take care of demolition costs which
'are certain to arise in the future.
The building fronts 142 ft. on the west: side of
N. W . 7th . Avenue and has a 235 f t . depth westerly with a
rear width of 132 ft., more or less. It has a clearance
of 23 ft. from floor to bottom of concrete joists. The
is gravel on cinder .Fill with one inch cement seal. It
is reported the building was constructed with sand with salt
therein which has helped hasten the deterioration of the
building. An inspection report by the City of Miami
elated March 19, 1976 is attached herto,;and this report
states "a building of this length should have at least 2
expansion joints" anc none were visible. Also, the
building is "subject to excessive thermal stress. Beams
and columns and walls show distress and spilling at
column beam joints..."
(Continued)
Lr',')At)r, A. E3lsz;
MI I t ; r. rt. CONSULTANT. APPRAISER
Pogo
•
(Continued)
Copy of report of Mr. Michael Saul Scherzer,
President of Michael Saul Scherzer, Inc., architects
and engineers, formerly' located in Miami, and dated
May 7, 1976 covering his structural inspection of
the property on March 17, 1976, April 14 and 19, 1976
is made a part of this report. Certain requirements.
are listed, and it appears the minimum repair requirements
may have been made.
The building with certain improvements and
changes might well be adapted to other uses. The
ceilings are high and mezzanine floors could be added.
The basic design of the building is a 25 ft. corridor
or arcade down the center east and west and a 29 ft.
arcade north and south, with offices restaurants, wait-
ing rooms, baggage rooms, Etc. on the sides thereof.
The present plumbing appears to be intact. The
floor and petitions appear in good shape. The electric
wiring is problematical. The building might have use as
a portion for a supermarket and stores in the remainder.
This "areading" of buildings with small stores, Etc. is
quite the current fashion or fad in the Downtown Miami
area, or it could be used for mini -warehouses.
This appraiser is unaware or knowledgeable as to the
current status of the structural' aspects of the building
or the requirements for renovation, Etc., other than
those noted herein.
ll l I� II III III I I IIII I
TYPI�A� colic Jotc,rc
FLO
PuILT r2,00Flll�-
--
1" GEM=l4T 4vcAL-1
•
•
ATiLzmi
tntopl114 INSPECTION PROCEDURAL CUIrn1.INPJS FOR BUILDING RECERTIFICATION•
1. Description of Structure:
r
n. Name or Title Seaboard Coastline Railroad
b. Street address Northwest 7th Avenue !Si 22nd Street,
c. Legal description
See Page 8
i
Miami'
d. Owner's name Seaboard Coastline Railroad
e. Owner's mail address
500 Water Street
Jacksonville, Florida 32202
f. Building Official Folio Number
31-26-1.7-0050
Fla.
:• .i
Building Code Occupancy Classification
B
h. Present use Passenger and Freight Station
i. General description, type of. -construction, size, number of stories,
and special featuras.
6 Buildings, each single story, Type III Construction..
j. Additions to original structure
Eytc'rior cirjn
Interior, Partitions,
. Present Condition of Structure:
a. General alignment (note good, fair, poor, explain if significant) j..AIR
1. Bulging Several:- locations where ferrous metals have'`causcd-
.bulding and spoiling.
2. Settlement Not significant, .however present .in some locations.
Nuns:,..,:, y3t, liu\•rUV&L if deLeii:oj,:4tjtns is_allowed to
3. Deflections ,cont.inue`th.is will eventually`happen...._
aBui.ldiiig of this length should have ilii'd .i; feast 2
t
4. Expansion F.}pani;ion i.-none were visitble-Ehis hui.ldincj :i: *
5. Contraction Expanuion joint not provided.
*_subject to excessive thermal *stress.
•
.
•
b. Portions showing distress (note beams, columns, structural walls,
floors, roofs, other)
Teams, Columns, Structural Walls & Roofs show distress.
Eicessive spallinq at Column/beam-joint on exterior'.
v.s,tz1� — Ra ar e:,nos end cu..teriorated. ✓ " .. •
c. Surface conditions - desertbe general condition's of finishes, noting, I
cracking, spall.ing, peeling, signs of, moisture penetration & stains.
,. Finished sal faces - are crackc'ci' spall .ng, peel iailan signs ,:
•;of moisture penetration and water stains are evident. 1
i
i
d. Cracks - note location in significant members. Identify crack size
as HAIRLINE if barely discernable; FINE if less than 1 mm in width;.
MEDIUM if between 1 and 2 mm in width; WIDE if over 2 mm.
Multiple'crdeks in concrete and masonry rare presentthroughc
structure. Cracks vary in width from fine to wide._
e. General extent of deterioration - cracking or spalling of concrete or
masonry;; oxidation of:metals; rot or borer attack in wood.
`Deterioration of concrete, masonry. meiala and 'ref- and
.borer attack in wood is evident.
•
Numerous renovations have been perfcl
f. Previous patching or repairs
Nature of present loadinn indicateresidential, commercial,
loadr
oth
stimate ma^ni.tude, er
roof load @ 30 lbs. per sq.
other commercial —rod -ding (baggage, passenger freight) is on s
on grade and not critical. COMMERCIAL PASSENGER & FREIGHT D1:
Loading on slab normal. Roof load material only.
h. Availability of original construction drawings - location, description.
Original construction drawings transmitted to inspecting firer.'!
E•
3. Inspections:
a. Date of notice of required inspection March 3, 1976
b. Date(s) of actual inspection March 17, 1976, Aoril 14, 1976,
c. Name and qualification of individual submitting inspection report;
lies. tier L. Gcaw cuL, LO (Ian_._.Regist-rai ionl_
d. Description of any, laboratory or other formal testing, if required,
rather thin manual or visual, procedures.
t .' Laboratory • Columns ( '(2). Required
• Required
Masonry Mortar 1(2)� 3 �• _
:tZ Ofi11�� fr-LeLr:
_.--.---(2-)--Rerpriz.:d
r TTu mite Inspection Certificate_ Required
Slab Core Boring
123.QJ•128
-2-
(t2) Required
April
19
Structural repair note appropriate line:
2. Required (describe and indicate acceptance) Acceptance Standard:
Hof repair work to bee determined upon review of laboratory test
and field observations throughout the duration' of the work. •
• Supporting data:
a.
c.
NA
sheets written data.
Attached herein photographs.
To be furnished
drawings or sketches.
. Masonry'Rearing'Walls - indicate good, fair. Poor on appropriate lines:
a. Concrete masonry units Pair — requires repainting
. Clay tile or terra cotta units
. Reinforced concrete tie columns
Fair requires-repsinting
Fair Requires
. Reinforced concrete tie beams Fair
. Lintels
Remedial work
Requires remedial work-
Fair/Poor s , Requiresremedial work
Fair/Poor - requires reiedial Work
• Other type bond beams
g. Masonry finishes - exterior:
i
1. Stucco Fair/Poor — Requires remedial work
. Veneer
Fair/Poor — Requires "remedial work'
▪ Paint only Fair Poor Ro.ruires remedial work
. 0ther (describe)
NA
• Masonry finishes interior:
• Vapor harrier Non exisrtnt
, Fai
Furring
r/Poor
i.nl; and plaster
. Panelling
. Paint only
123.0112B
acquires remedial work
Fair/Poor -Requires remedial work ,-
L•'�►irf 1'S QX _rC:�.I'II CS_l:CillQ_ct1.a1
5. 0ther (describe) NA
-3-
work •
.
i. cracks:
1. Location - note .beams, columns, othert Multiple .'throughout struct
2, Description ;l airline Too wide
Spalling:
1. location - note beams-, column., other
Structure on columns and beams,
Evident throughout ..
Repairable. Result of .saline•water.corrosion
2. Description;... .
of-rebar.
k. Rehar corrosion - check appropriate line:
• 1. None visible Significant on perimeter columns.
2. Minor - patching will suffice NA
Significant - but patching will suffice
NA •
4. Significant - structural repairs reciuired:,(describe)
' Additional reinforcing steel to be placed, in patchwork
as required during the course of the work.
1. Samples chipped out for examination in spall areas
1. No NA
2. Yes - describe color texture, :aggregate, general quality :
Buff in color, sandy texture, devoid of large aggregate.
.,Quality -to be determined upon review of laooratory tests
U1L�-- nSfJP�OR_TIVE
b. Floor and Roof Sy.,tems. DOCUMENTS:
•
a. Roof: r� ! W
ff
1. Describe (flat, sloped, type roofs; -�of deck, condition)
1. Mnin__I3uildiag=E1at, B i,l,.r-uip with ar.avel, condition to b
determined upon review of lab tests.
2. Covered Loading -sloped, asbestos & terra cotta shingles - Fa
condition.
3. Mechanics quarters and tool room - ,loped, terra cotta shingle:
Fair condition.
4. Storage ,shed -sloped, terra Gotta shingles - Fair.. condition
•
5. Large transformer vault -flat concrete deck, poor. condition.
12303.128
..
•
1: 1.03•1)A
Note water tanks, cooling (ewers, air conditioning equipment,
signs, other heavy equipment and condition of -supports: `•,o of
v7 equipment. supports on main roof and mezzanine to be
cc
as required during the`course of the work. T•
3. Note types of drains and scuppers and condition pteel-poor Condit
( steel gutters, downspouts & scuppers to be
•anci,.sloped for positive drainage, and damaged areas replace
Flashing to be replaced on North and West portion of main r
b. Floor system(s):
1. Describe (type of system framing, material, spans, condition)
Concrete slab on grade.
Wood catwalk on mezzanine.
wd. joints on roof spanning about 20'
conc. joists @4' --- o" C/C spanning abt. 11'
c. 7nspection - note exposed areas available for inspection•, and where
it'was found necessary to open ceilings, etc-. for inspection of typical
framing members.
All areas accessible.
7. Steel Framing Systems
a. Description Secondary system supports metal lath and plaster
i
interior. Partitions.
b.
Exposed Steel - describe condition of paint & degree of corrosion(
; Requires touch-up,
Concrete or other fireproofing; - note anv cr.ackinp or spall ing, and
note where any covering'was removed for inspection.
N71- See photos attached
Elevator sheave beams & connections, and machine floor beams - note
condition:
NA
S. Concrete Framing Systems
a. Full description of stc•uctural sy tLm.Tet'ra cotta tile curtain walls,
WOOd joists roof over structural Concrete bmt.:4 and cat: concrete
j oh;
L •_.iivcsr_ cc.).►lc_.__hris ....t:c) ..:; l:r..uc�t:.0 �_1_optls:l-c t;
Mezzanine of main blcicj. framed of sLruct. st' 1 bms. or tie bms.
@ exterior wails, floating floor slab in main bldg. Machinery am
�•t
48.a. framing over steel cols. with floating walkway. slab.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
b. Cracking:
1. Not significant Np
2. Locati.on'and description of members effected and type
cracking': See attac,j od photos.
General condition:
Severe showing signs of continuing.
distress. Repairable.
d. Rebar corrosion - check appropriate line:
1. None visible NA
2. Minor - patching will suffice NA
3. Significant but patching will suffice NA
'MINIPUMP MINI I
4. Significant - structural repairs required (describe)
After chipping away loose & spalled areas we can determine
hoir-$tgrftticant" repairs are required. Looxs severe in some
`'. locations @ present. Additional rebar repair required on
Samples chipped out in spall areas
1. No NA
2. Yes 7 describe color, texture, aggregate, general quality:
- To be required for future testing, before repairs
are instituted.
9. Windows:
a. Type (wood, steel, aluminum jalousie, single hung, double hung,
casement, awning, pivoted, tied, other)
Steel - Hopper & Fixed.
b. Anchorage - type & condition of fasteners and latches:
Nailed Requires corrective work.
c. Sealants - type and condition of perimeter sealants & at mullions:
- Tuireq ca.iikinc�
d. Interior seals type & condition at operable vents:
Requires caulking
c. Cenern1 condition: Fair/Poor - broken liter to be replaced. Areas
boarciecl-up t5Tho ti1Teu t,ol=cli—Eii -dicz; ilfiTio-r 'l glazed/
123.03.128
4,71
76- /'gf it
10. Wood Framing:
a.
Type - fully describe if mill construction light construction,
major spans, trusses:
Light: construction - Dade County. Pine Wood Joists and
tongue and groove deck.
b. Note metal fittings i.e., angles,- plates
pintles, other, and note condition:
bolts, splitrings,
Nailed, bolted and straphanger connected.
c. Joints - note if well fitted and still closed
Joints requ-ire closing, at some areas to _.
deterioration of concrete reinforcing. Prevent further;
d. Drainage - note accumulations of moisture:
!System inoperable and requires work.
Ventilation - note any concealed spaces not ventilates
NA
f. Note any concealed spaces opened for inspection:
Plater ceilings and walls..
• r�
1. Portions of the Building require immediate structural
repairs. Marginal conditions of structural beam and column
2•
connections occur in; areas and are to be repaired immediately.
I Interior partitioning completed over the years in piecemeal
I fashion. A fire plan must be'developed.
3. t- Electrical Wiring hazardous, and illumination inadequate
4 •
for both
employees and passengers. Repairs required.
Building to be inspected throughout` the duration of remedial
work in order to, determine structural.. i_ntegr.ity of the work
5• in accordance with the Metro Dade County Ordinance 475/34.
Owner has commissioned a Dade County Firm for design and
construction work of all violations Immediate remedial
action is in process.
123.03.128
,`SUPPOR I w,
S
F'FOLr� „1.r f ...
-7-
i
LEGAL DESCRIPTION
Beginning at the point of intersection of the west line of
N.W. 7th Avenue with the south line of N.W. 23rd Street;.running
thence southwardly along said west line 290 feet, more or less,
to the north line of N.W. 22nd Street (if extended) thence
westwardly along said north line (if extended) of N.W. 22nd
Street 1,280 feet, more or less, to the east line of N.W.'10th
Avenue; thence northwardly along said east line of N.W. 10th
Avenue 142 feet, more or less, to a point 143 feet southwardly
measured along said east line from its intersection with said
south line of N.W. 23rd Street; thence eastwardly parallel with
said south line of N.W. 23rd Street 670 feet, more or less, to the
east line (if extended) of N.W. 8th Avenue; thence northwardly
along said east line (if extended) of N.W. 8th Avenue 143
feet, more or less, to a point on said south line of N.W. 23rd
Street; thence eastwardly along said south line of N.W. 23rd
Street 610 feet, more or less, to the point of beginning, said
land being located in the S11/4 of the SE1/4 Section 26, Township
53 South, Range 41 East, Dade County, Florida.
123-03-128 _ 8
1.111.11,.. 1, :1:1i1`. :;1,111 R. r INC. •.4 -
! Ir1 11111 1 'tom' 1 t11.11J1 I I4I1J ,
111 /• tlfiltJ+. •• Ifi r?1.1+1rJ1! IJ1.r1Ir;N
• 11s 111 i ,„ I
, ,I I•, 1101 11 , I I, 4 I I bt III IA /1 I • it't/t .t"11' (.(4.1'. ri<UC.'riovi telANA01.: E:ti'r
POST OFFICG CIOX 160 MlAM1. WI.On10A /33133 TCLC12HONC 13051 0S4•2221
OI'h'ICE IN -ro4r, C.170VC 2G39 15OU7H OAYsHOFYC OItJVC GUIYC t>00•G COCONUT GROVE • Jr11AM4 Ff.OfiIOA
•
INSPECTION REPORT OF
SEABOARD COASTLINE
RAILROAD PASSENGER STATION
NORTHWEST 7th AVENUE & 22nd STREET
MIAMI,- FLORIDA
PROJECT NO.17617 May 11, 1976.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
•Ili III i 1,i + + el 1 • I 1 +1 Ii . 1 I+ +f !
i+il(.,,,i, 1, SAW tt
/..14 I III I I + 1 fitl' I fl+,llll 1 I4111+.
1 /• 1 !t1 r +i /1 •ti i .r l r c.C.t lc, f'i tUC..ric)td tAANAC.;.:ME'rer
1'I L hlfllfJ++ I14 Il.1)Ifict
POST OFrier. t]OX t6U MIAMI, pLOt71DA +33t33 1 LIS1'HONt; (3ozi 354.2221
..orricr.: IN TFir GROVE 2GGISI ;;OUTH !]AVd'iHOt7E ORIVH ,UITG 1 OO•C COCONUT GROVC-MIAMI, rt-ORIDA
INSPECTION REPORT OF
SEABOARD COASTLINE
RAILROAD PASSENGER STATION
• NORTHWEST 7th AVENUE & 22nd STREET
MIAMI-, FLORIDA
PROJECT NO.17617 - May 11, 1976
"SUPPORTIVE
DOCUMENTS
MICHAEL SAUL SChl /3,
ARCHITLCTURE - CNGINC 1z2ING -. PLANNING INTMRIOR D!_SIGN
LIUILDING CONS3TFIUCT10N - LAND DEVELOPMENT - CONSTRUCTION MANAGEMENT
POST O-F'Ice t3OX 100 MIAMI* FLoIRIDA 33133 TELGI'HONC, (3051 0114-222t
OFFICi: IN THE GROVE 2000 SOUTH 13AYSHOnr DRIVE SUITE 000•C COCONUT GROVE • MIAM4. FILOn10A'
May 7, 1976
P4r. T. B. Hutcheson
Assistant Vice President
Seaboard Coast Line Railroad
500 Water Street
Jacksonville, Florida 32203
Dear Mr. Hutcheson:
Project 417617,
The following is the result of the structural inspection
performed on March 17, 1976, April 14, 1976.and April 19, 1976
all in accordance with Metro Dade County Ordinance 75-34
minimum Procedural Guidelines for Building Recertification.
Those structures inspected were:
Miami Passenger Station
Two Umbrella Sheds
Two Transformer vaults
Storage Building
Maintenance Personnel Quarters
All structures are located between N.W. 7th & 8th Avenues
and N.W. 22nd & 23rd Streets, City of Miami, Dade County.
Assuming that the facility is to continue Lo operate we have
included for your review our proposal for corrective work'
required in compliance with Ordinance 75-34.
Sincerely,
MICFHAEL SAUL SCI!ERZER,
Michael Saul Scherzo
President
MSS:aml
c.c. Mr. S.B. Holt - Seaboard Coast Line
Architecture & Engineering
File
INC.
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LEONARO A. BISZ. M.A.1.
NEAL ESTATE CONSULTANT, A►P AISES
Page
PURPOSE OF APPRAISAL
The purpose of this Appraisal is to
estimate the fair Market Value of the
property described herein.
Fair Market Value is defined as the
highest price estimated in terms of
money which the property will bring if.
exposed for sale in the open market by
a seller who is willing but not obliged
to sell, allowing a reasonable time to
find a buyer who is willing but not
obliged to buy, both parties having fu11
knowledge of all the uses to which it
is adapted and for which it is capable of
being used.
•
,. .0..4+r...•r.r.r44..1111.• «rwrr
REAL ESTATA. E ONSULTANTi APPRAISER
Page
C
t
1
CONDITIONS Or APPRAISAL
.4
The appraiser herein certifies that to the best.
of his knowledge and belief, the statements con-
tained in this appraisal, subject to the Conditions
of Appraisal; as set forth below, aro correct;
also that the appraisal has been made in conformity
with the Rules of Professional Ethics of the
American Institute of Real Estate Appraisers of the.
National Association of Real Estate Boards.
The property has been appraised as though free of
liens and encumbrances, in responsible ownership,
and under competent management. No responsibility
is assumed for matters legal in nature, nor is any
opinion of title rendered. Good title is assumed.
Both legal descriptions and dimensions are taken
from sources thought to be authoritative; however,
no responsibility is assumed for either unless a
survey, by a competent engineer, has been furnished
the appraiser.
The appraiser has no present or contemplated future
interest in the property appraised, and,the
compensation for making this appraisal is in no manner
contingent upon the value reported.
The physical condition of the improvements,- , if any,
has been based on visual inspection. No liability
is assumed for the soundness of -structural members
since no engineering tests were made of same.
L
N
NEO ESTTADTE CONSULTANT, AP ISER
QUALIFICATIONS OF APPRAISER
LEONARD A. BISZ, M. A. I.
Page
Resident of Miami, Dade County, Florida, from 1925 to
1932, and since 1946. Actively engaged in appraisal of
real estate for over 30 years.
President of the South Florida Chapter No. 24, American
Institute of Real Estate. Appraisers in 1958 and also 1967..
Member -of American Society of Appraisers and the American
Right of Way Association. Registered real estate broker
and member of the Miami Board of National Association of
Real Estate Boards.
Approved appraiser for various government agencies,
including the Veterans Administration, General Services
Administration, U. S Navy, U. S. Corps of Engineers and
Federal Aviation Agency. Appraise for the Board of Public
Instruction of Dade County, Florida, and the Board of
County Commissioners of Metropolitan Dade County. Ap-
praise for mortgage lending institutions, attorneys, ac-
countants, bank and trust companies, public utilities and
railroads.
Qualified in court as expert witness in Circuit Court of
Dade County, U. S. District Court in Jacksonville and also
Miami, Florida.
Territory includes other than South Florida, the Virgin
Islands and Puerto Rico and also the Bahara Islands.
Appraise on occasion property in various other States.
CITY OF MIAMI
2200 N. W. 7th Avenue
Miami, Florida
APPRAISAL #79123
"SUPPORTIVE
DOCUMENTS
FOLLOW„
SLACK, SLACK & ROE. INC
T. C. SLACK. S. R. P. A., A.S.A.. M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
-11
Slack, Sack & Jnc.
1620 W. FLAGLER STREET - MIAMI, FLORIDA 33135
PHONE 643•0443
June 20, 1979
City of Miami,Florida
Office of Risk Management
P.O. Box 330708
Miami, FL 33133
Attention: J. E. Gunderson, Director of Finance
Re: Appraisal #79123 '
SCL Property
Gentlemen
1:
Pursuant to your request, I have made a careful
inspection of that property located at 2200 N.W. ?th Avenue,
Miami, Florida, which is more particularly described elsewhere
in this report, and have made a study of conditions affecting
its value. I do not have any present or prospective interest
in this property.
By reason of my investigation, and by virtue of my
experience, I have formed the opinion that the Market Value
of the said property, as of June 20, 1979, was
NINE HUNDRED NINETY-FIVE THOUSAND DOLLARS ($995,000.00)
Your attention is invited to data and discussions
following which, in part, form the basis of this conclusion.
Respectfully submitted
THEODORE C. SLACK, SRPA, ASA, MAI
TCS:am
Oft
"SUPPORTIVE
DOCUMENTS
FOLLOW"
s
mew P
TABLE OF CONTENTS
'Purpose of,the Appraisal Page 1
Conditions of the Appraisal 2-3-
Certification 3a
Legal Description 4
Property Description 5-6
Area Description 74
Sketch of Property 9
Analysis of Conclusions 10-13
Cost Approach 14
Paired SaZee 15
Market Data Summary
Market Data
Addenda:
Qualifications of the Appraiser
Photographs
Sales Location Maps
16
17-24
SLACK. SLACK & ROE. INC.
T. C. SLACK. S. R. P. A.. A.S.A.. M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate market
value, in order to determine what price might be obtainable should
the property be placed on the market for sale.
Market Value may be defined as
"The most probable price in terms of money which a property will
bring in a competitive and open market under aZZ conditions requisite
to a fair sale, the buyer and seller, each acting prudently, know-
ledgeably 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 setter to buyer under
conditions whereby:
1. Buyer and seller are typically motivated.
2. Both parties are well informed or well advised and each
acting in what he considers his own best interest.
3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in cash or its equivalent.
5. Financing, if any, is on terms generally available ,in the
community at the specified date and typical for the property
type in its locale.
6. The price represents a normal consideration for the property
sold unaffected by special financing amounts and/or terms,
services, fees, costs, or credits incurred in the transaction.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE INC.
T. C. SLACK. S. R. P. A., A.S.A., M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P,A., M.A.I.
•
LIMITING CONDITIONS OF APPRAISAL
Unless otherwise stated, this appraisal is subject to the following
conditions:
Information as to the description of the premises, as
to the physical features of the property appraised
have been submitted by the purchaser of this appraisal
and assumed by us to be correct; and from personal
inspection and investigation, is believed to be correct
by us. Information ie on file in our office, 1620 West
Flagler Street, Miami, Florida, and is available to
pereon or persona to whom this certificate is issued.
Responsible ownership and competent management are
assumed.
It ie aseumed that title to said premises, is good and
that there are no restrictions as to its' use; and, that
the description of the premises correctly designates
the boundary lines. No survey of said property has been
inspected by the appraisere and the appraisers have made
no survey of the property and assume no responsibility
in connection with such matters.
The appraisal is of the date epecified and covers the
premieee described only.
Neither all nor any part of the contents of this report
ehall be conveyed to the public through advertising,
public relations, news, sales or other media, without
the written consent and approval of the author, particu-
larly as to the valuation conclusions, the identity of
the appraiser or firm with which he is connected, or
any reference to the American Institute of Real Estate
Appraisers or to the M.A.I. designation.
The values for Zand and improvements as contained inthis
report are constituent parts of the total value reported,
and neither is to be used in making a summation appraisal
by combination of values created by another appraiser.
SLACK, SLACK & ROE. INC.
T. C. SLACK. S. R. P. A.. A S.A.. M.A.I
BRUCE C. ROE, S.R.P.A., M.A.I.
T. W. SLACK. M.A.I. - A.S.A.
1
•
•
Page 3
Either is invalidated if so used. The current purchasing power
of the dollar is the basis for the value reported.
The appraiser herein, by reason of this appraisal, shaZZ not. be
required to give testimony or attendance in court or at any govern-
mental hearing with reference to the property in question, except
as agreed upon.
This appraisal is presented as a complete, bound report and may
be considered valid only so long as it is presented in its' entirety
and all pages listed in the Table of Contents are present.
The information identified in thin report as being furnished by
others is believed to be reliable, but no responsibility for its.
accuracy is assumed.
9 6
DOCUMENTS
FOLLOW"
SLACK. SLACK & ROE, INC.
T. C. SLACK, S. R. P. A.. A.S.A.. M: A. I. T. W. SLACK. M.A.I. - A. S A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
Page 3a
CERTIFICATION
I have made a careful study of the subject property and
have personally inspected same.
I hereby certify that to the best of my knowledge and
belief, the statements of fact contained in this appraisal report,
upon which the analyses, opinions and conclusions expressed herein
are based, are true and correct. I have no personal interest or
bias with respect to the subject matter of this appraisalreport or
the parties involved. I have no present or contemplated future
interest in the real estate which is the subject of this report
This appraisal report sets forth aZZ f the limiting con-
ditions, (imposed by the terms of my assignment' or by the signers),
affecting the analyses, opinions and conclusions contained in this
report.
No one other than the eigner(s) prepared the analyses,
opinions and conclusions concerning real estate which are set forth
in the appraisal report.
This appraisal report has been made in conformity with,
and is eubaeot to the requirements of the Code of Professional'
Ethics and Standards of Professional Conduct of the American Insti-
tute of Real Estate Appraisers of the National Association of
Realtors.
SLACK. SLACK: & ROE. INC.
T. C. SLACK. S.R.P.A., A.S.A.. M.A.I.
BRUCE C. ROE, S.R.P.A., M,A.I.
T. W. SLACK. M,A.I _ - A.S.A.
Page 4
LEGAL DESCRIPTION
Beginning at the point of intersection of the west Zine of
N.W. 7th Avenue with the south line of N.W. 23rd Street; running
thence nouthwardty along said west Zine 290 feet, more or Use, to
the north line of N.W. 22nd Street (if extended); thence weetwardZy
along said north line (if extended) of N.W. 22nd Street 1,280 feet,
more or Zees, to the east line of N.W. 10th Avenue; thence north-
wardly along aaid east tine of N.W. 10th Avenue 142 feet, more or
lees, to a point 143 feet southwardly measured along said east line
from its intersection with said south line of N.W. 23rd Street;
thence eastwardly-parallel with said south line of N.W. 23rd Street
670 feet, more or Zees, to the east line (if extended) of N.W. 8th
Avenue; thence northwardly along said east line (if extended) of
N.W. 8th Avenue 143 feet, more or Zees, to a point on said south
Zine of N.W. 23rd Street; thence eastwardly along said south line
of N.W. 23rd Street 610 feet, more or less, to the point of 'begin-
ning , said Zand being located in the SEA of the SEr of Section
26, Township 53 South, Range 41 East, Dade County, Florida.
"SUPPORTIVE
DO CUT ',E NTS
SLACK. SLACK & ROE. INC.
T. C. SLACK. S. R. P. A., A.S.A.. M.A.I.
BRUCE C. ROE, S.R.P.A., M.A.I.
T. W. SLACK, M.A.I. - A.S.A.
Page5
PROPERTY DESCRIPTION
The subject property consists of a parcel of Zand together
with improvements located between N.W. 7th and N.W. loth Avenues,
and between N.W. 22nd and 23rd Streets, in the City of Miami, Florida.
The site has 240 feet of frontage on the west side of N.W.
7th Avenue and a depth of 1,280 feet along N.W. 22nd Street, running
back to N.W. loth Avenue. Attention is invited to the plat of the
area at the addenda eection of this report, from which the property
location and shape may be seen. Cross area is approximately 270,000
square feet; a survey would be required to determine exact square
footage.
Zoning of the property is "I-1", a classification which
permits light industrial uses.
The site is generally level and at glade. It appears
it could be reused without additional fill being required.
For many years the property was used by the Seaboard
Railroad as its passenger railroad station. At present it is closed.
that
There is a large terminal building at the east end of the property.
and a Zong, covered platform which runs east and west through the
property.
Several railroad tracks run east and west through the
property, however, most of them are situated so that they would not
provide Biding for a prospective user of the property. It has been
assumed that the existing tracks would be removed by the railroad`
if requested by the purchaser; they are therefore not considered
in this estimate of value.
SLACK. SLACK & ROE. INC.
T. C. SLACK: S. R. P. A.. A.S.A., M.A.I.. T. W. SLACK: M.A.I. - A.S.A.'
BRUCE C. ROE, S.R.P.A., M.A.I.
1
Page 6
Attention is invited to the photographs at the addenda
section from which the subject property and improvements may be
seen.
The building which served as the railway station is located �
at the east end of the property. It contains 31,800 square feet,
plus a roofed platform at the rear containing 4,100 square feet.
There is a reinforced concrete frame; the exterior waZZs are clay
tile, stuccoed, floors are terraszo throughout, except for clay tiZe
in some areas. The building height to approximately 22 feet, which`
undoubtedly enhanced its' appearance as a railroad station but con-
stitutes obsolescence for most other uses to which the property might
be put.
There are four sections containing offices in the four
corners of the building, with corridors from north to south and
from east to west as shown in the sketch of the building on page
The exact year of construction is unknown, but based on
my inspection it appears to be about 50 years old. There is evidence
of cracking in the interior plaster and exterior stucco; that water
may have entered the walls and caused damage is not apparent. I
am not an engineer and make no representation as to structural
integrity of the building and recommend that such an inspection be
made prior to any attempt to occupy or reuse the building.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK. SLACK & ROE. INC.
T• C. SLACK, S. R. P. A., A.S.A., M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I..
Page 7
AREA DESCRIPTION
The subject property is located in an area of mixed uses,
about 34 miles northwest of the center of the downtown Miami central'
bueineee district. There are some old single family houses in the
neighborhood, some in deteriorated condition, although most of the
residences were removed some time ago to provide for industrial
uees, which predominate.
Typically buildinge in the area are one-story, concrete
block, stuccoed warehouses for manufacturing or storage. Industrial
uees began in the 1920's,; this area was probably the earliest of
its type in Miami. Many of the 50 year, old warehouses are still
in use today, although there has been additional construction over
the ' years.
Boundaries of the area are considered to be N.W. 29th
Street on the north, N.W. 20th Street on the south, N.W. 17th
Avenue on the west, and Interstate #95 dapproximately N.W. 6th
Avenue) on the east.
The area improves east of Interstate #95. The clothing
industry has located in the vicinity of N.W. 5th and 6th Avenues
and created a good demand for commercial buildings. To the south
of N.W. 20th Street ie the Miami government and medical complex
which has attracted satellite businesses on its perimeter.
Directly north of the subject property ie the City of
Miami Baseball Stadium, the largest single land owner in the area.
SLACK. SLACK & ROE. INC.
T. C. SLACK. S.R.P.A.. A.S.A.. M.A.I. T. W. •SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 8
The area is served by water, sewer and electricity and
public transportation is available along N.W. 7th Avenue.
nth Avenue is a well -travelled north -south thoroughfare
through the area; some years ago it had a substantial amount of
retail trade, including stores and restaurants. As the area
became dominated by commercial and industrial uses however, thie
pattern changed 'and occupancies along N.W. 7th Avenue are now
largely the eame as those on streets and avenues further north
and -west.
There do not appear to be significant influences in
the vicinity which would be expected to increase demand for the
foreseeable future; nevertheless there have been price increases
over the paet several years as indicated by Analysis of Market
Data beginning at page 17 of this report.
t.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE. INC.
T. C. SLACK. S.R.P.A.. A.S.A., M.A.I. T. W. SLACK
BRUCE C, ROE, S.R.P.A., M.A.I.
M.A.I. - A.S.A.
232'
I. -
131 '
SKETCH OF PROPERTY
132'
4, 092 sq. ft.
79'
57'
Page 9
1
I 739 perimeter X
22
16.258 pall
25'
79'
47'
29'
124
57'
57'
107'
15" u6'
10'
110'
16,104
15,620
34724
75.
31, 799
Off 22,277 aq.
ft.
142'
Not a survey - to be used with this report as a visual aid only.
Page 10
ANALYSIS OF CONCLUSIONS
In the preparation of this appraisal, an investigation was
made to determine sales and resales of properties in the area. Sim
such"paired sales" were found, which are listed on page 15. It will
be seen that the ratesof increase varried from .263% per month to
1.42% per month, with the average being .806% per month, or about
10% per year. This rate is consistent with other increases in the
City of Miami, except for the downtown area which is presently
experiencing more rapid increases. I have adjusted land sales at
the rate of .8 per month or 10% per year in the Market Data, or
Direct Sales Comparison Approach.
A chart is included on page 16 illustrating the prices per
square foot, at the date of sate, and after adjustment for time as set
forth above. There was a range of $1.86 to $4.14 per square foot
after time adjustment, with an average pride per square foot per
transaction of $2.85 per square foot.
Sales 1 through 9 are closest to the subject property in
location, being clustered within a two block radius, as may be Been
from the map tin the addenda. These sales ranged in adjusted prices
per square foot from $2.21 to $3.92, with an average pride per square
foot per transaction of $2.73. All of these properties are small
lots, however, with the largest being No. 1 at'12,884 square feet,
and the others being considerably smaller.
T. C. SLACK, S. R. P. A., A.S.A., M.A.I.
BRUCE. C. ROE, S.R.P.A., M.A.I.
SLACK, SLACK & ROE. INC.
T. W. SLACK. M.A.I. - A.S.A.
DOCUMENTS
FOLLOW"
Page 11
Sates 14 through 17 are more similar in size. Although
they are more diatant in location from the subject, they arein areas
that are somewhat similar in characterietiea, close to or with
frontage on a thoroughfare, with a combination of residential and
commercial uses surrounding. The average price for these four
adjusted eales was $2.71 per square foot, or almost the same ae for
the nine vacant lots in the immediate vicinity of the subject.
The properties were compared ae to (1) closest proximity,
(2) closest size to subject and (3) closest in time of sale. None
of the sales was most similar in aZZ three respects. Sale 1 is
clooeet both in time and in location, at $2.64 per square foot.
Sale 15 in close in size and in time, containing 350,000 square feet
and having sold in February of this year. The time adjustedprice
was $2.79 per square foot after deducting estimated value of the
improvements, which is in the same range as the other indications
referred to above.
After comparing each sale to the subject property, and
based on the analysis above, it is my opinion that the indicated
value of the subject property as of June 20, 1979 ie $2.75 per
square foot for 270,000 square feet, or $742,500.
This value is included in the Cost Approach on page 14
of this report.
SLACK, SLACK & ROE. INC.
T. C. SLACK. S.R.P.A., A.S.A.. M.A.I. T. W• SLACK, M.A.I. A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
Page 12
SLACK. SLACK & ROE. INC.
C. SLACK. S. R. P. A:. A.S.A.. M.A.I. T. W. SLACK. M.A.!. A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
The reproduction cost of the improvements was estimated
utilizing the computerised cost data of the Marshall and Swift
Valuation Service. Indicated cost to replace the structure would be
$1, 489, 637, or $46. 84 per square foot. In estimating depreciation,
I have assumed that structural condition of the building will permit
its continued use for possibly ten years, although an engineer's
inspection should be made to determine this with certainty.
I have assumed that the building can continue to be used
for ten years without substantial additionaZ modernisation. Based
on present effective age of 50 years, the total economic Zife is
60 years. Depreciation therefore, including physical incurable and
functional, is 50 years divided by 60 years, or .8333%. In addition,
I estimate that an expenditure of $1.50 per square foot will be
necessary to make the building useable for storage and possibly some
office use, which is 31,800 square feet x $1. 50 = $47, 700, or .0320%
of post. Total depreciation therefore is .,8333 plus .0320 or 86.53%.
The entire site is paved except for the portion occupied
by the tracks and loading platform, and the present value of the
paving is included as well.
Asthebuilding is of an institutional nature, and would
be unlikely to be purchased and rented for investment, an income
approach has not been considered appropriate. The Market Data Approach
is limited to analysis of vacant land as set forth« A'e r
are no sales of similar properties to the area. DOCU � j�
i ''
FQLLO 4 "
Page 13
In conclusion, it is my opinion that the Market Value of
the subject property, as of June 20, 2979, is $995,000.
SLACK.• SLACK & ROE, INC.
T. C. SLACK, S.R.P.A., A.S.A.. M.A,I. T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
'LIME,E'r
•1:
' :T E-=TI''iHTE FOP: '::IT`i" OF-r'iIA''1I
��cc•, ohI1iE:F': `E.:AEoA►=:11=AILt'I=4'•;'
..1W T'H 9`,;,E..111E.•': ::T»'E.ET i'1IFiriI
„ _'i'=11 E i'••T. C _LH ::: �,1AI
:! .. Li �'';+ E 't' • .I ��) tI 1 ;a , ' i
-
1 . 0
• •
_ ' T -ltf 'TA 7• r'h:EEE'AC;:t=+T I ON:
-- �cr.�-_ -mot, 1,I1.111
Page 14
PR ▪ I_I Hf.•O:'F HWERH'3E
::0 NI n1TION: l▪ :'Ac'L., aut,.a
AVERAGE :•TDPHEIGHT it
CLOT A: Dr: E,.•,.'+
-•--.— REPLACEMENT CEr.":T
I�1I T NEW DIERR
T ^"! 1'
1• =i:'C4
TIfti
!T[tw' it1 15,000
11 4 :?,0:1
1 _,p 1i1:1
:1 :.101:1
-iT.
"r,-,.,r 1.,4 'il
7.1-1 ;. • 15,000
.:.. T_ I,;. 7T7
3';1 . t.I I:I
1 • +'', 1 34
• 1'27,
'1c,,i
_. TE11 _•.-,. 1
O
70
.�T. 1T•.�-
DOCUMENTS
FOLLOW"
74,500
50.000
99-3• £02
79-754.
Page 15
Sate No.
18
8
17
9
19
7
Sate
Dates
PAIRED SALES
Prices
9/72 $72, 000
4/77 $83,000
7/73 $ 5,500
8/78 $13,000
5/72 $65,000
3/77 $92, 000
4/76 $36,000
9/77 $38,000.
2/75 $50,000
9/76 $65,000
1/76 415,000
2/78 $18,500
Average = .806 • 10% per year
Rate of Inoreaee.
Per Month
SLACK. SLACK & ROE. INC.
T. C. SLACK. S.R.P.A.. A.S.A.. M.A.I.
BRUCE C. ROE, S.R.P.A.. M.A.I.
. 263
1.42
. 60
. 32
1.39
. 84
T. W. SLACK, M.A.I. - A.S.A.
1
Sale Price
No Date Per Sq.Pt.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
2/79
6/78
10/77
11/74
9/74
11/74
2/78
8/78
9/7?
9/73
2/79
8/77
6/77
(Av)
7/75
2/79
2/79
3/77
$2. 56
1.69
1.89
1.53.
1.70
2.27
2.59
2. 23
3.32
2.39
2. 06
2. 60
MARKET DATA SUMMARY
Time Closest Closest Ctoseet
Increase Adj.Priae Proximity Size Time
. 032
. 10.
. 172
. 54
. 574
. 54
. 136
. 083
. 182
. 733
. 032
▪ 191
$ 2. 64 X
1.86 X
2.21 X
2.37 X
2.68 X
3.50 X
2.94 X
2.41 X
3.92 X
4.14
2.13
3.10
3.10 .21 3.75
1.60 .454 2.32 X
2.70 .032 2.79 X
1.91 .032 1.97 X
3.04 .24 3.7?
Average price per square foot per
Sales 1-9.
Average price per square foot per
Sales 14-17.
SLACK, SLACK
T. C. SLACK. S. R. P. A.. A.S.A., M.A.I.
BRUCE C. ROE, S.R.P.A., M.A.I..
X
transaction $2.73 time adjusted
transaction $2. 71 time adjusted
"SUPPORiI IF
Iva
FOLLOW"
& ROE. INC.
T. W. SLACK, M.A.I. A.S.A.
Page 17 ,
SALE 1:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price
Sine -
Per SQ.Ft.
SALE 2
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date
Price -
Siae
Per Sq.Ft. -
SALE 3:
Legal Description
Location
Grantor/Grantee
ORB/Pg
Date
Price -
Siae -
Per Sq.Ft. -
MARKET DATA
Lots 5-11, Block 4, Sunshine Park, 9/89,.
Dade County, Fla.
Southwest corner of N.W. 25th Street and
7th Place
Leah W. Black to William J. Schaefer
10298/444
February, 1979
$33, 000
12,884 eq.ft.
$2. 56
Lots 13 and 14, Block 5, Sunshine Park,
9/89, Dade County, Fla.
2405 N.W. 7th Place
Charles W. Black to Daniel R. Pfaff
10081/2031
June, 1978
$6, 500
3,843 sq.ft.
$1 69
Lots 21 and 22, Block 1, Jefferson Pk. Reeub.
9/36, Dade County, Florida
752 N.W. 22nd Street
Helen L. Ardoweki to James A. Leukaneeh
9840/245
October, 1977
$21, 000
11,081 eq.ft.
$1.89
SLACK. SLACK & ROE. INC.'
T. C. SLACK, S.R.P.A.. A.S.A.. M.A.I.. T. W. SLACK, M.A.I.-A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 18
SALE 4:
Legal Description -
Location
Grantor/Grantee -
ORB/Pg -
Date -
Price -
Size
Per Sq.Ft.
SALE
Legal Description
Location
Grantor/Grantee
ORB/Pg -
Date
Price -
Size Per Sq.Ft.
SALE 6
Legal Description -
Location
Grantor/Grantee
ORB/Pg
Date -
Prioe
Size
Per Sq.Ft. -
Lot 27, Block 1, Jefferson Pk. Resub. 9/36,
Dade County, Fla.
788 N.W. 22nd Street
Knit fin Transfer Co. to Ralph W. Nankin 4 Thelma
8830/86
November, 1974
$8, 500
-5, 540 eq. ft.
$1.53
Lots 15-18, Block 1, Jefferson Pk. Resub.
9/36, Dade County, Fla.
2168 & 2182 N.W. 7th Avenue
Jack M. Houston & Lillian to G.T. Used Trucks
8793/33.7
September, 1974
$32, 50.0
19,150 sq.ft.
$1.70
Lot 14, BZoek 1, Jefferson Pk, Resub. 9/36,
Dade County,,Fla.
On the west side of N.W. 7th Avenue, Suet
north of 2let Terrace
Arehie StruhZ to Arthur. A. Clark & Luriine
8828/8
November,
$12, 000
5, 268 eq. ft.
S2.27
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE INC.
T. W. SLACK. ' M. A.
T. C. SLACK, S. R: P. A., A.S.A.. M.A.I.
BRUCE C. ROE, S.R.P.A., M.A.I.
. A.S.A.
Page 19
SALE 7:
Legal Description
Location -
Grantor/Grantee
ORB/Pg
Date -
Price -
Siae
Per Sq.Ft. -
Comments -
Lot 4, Block 1, Jefferson Pk. Resub. 9/36,
Dade County, Fla.
775 N.W. 21st Terrace
Alfredo CantiZZo to Felix Manreea
9941/1288
February, 1978
$18, 500
7,140 eq. f t.
$2.59
Previously sold in January, 1976 for $15,000
SALE 8: (Two Transactions)
Legal Description (A) Lot 28, Block 3, Jefferson Pk. Amd. Pl.,
9/38, Dade County, Fla.
(B) Lot 29, Block 3, Jefferson Pk. Amd.`PZ.,
9/38, Dade County, Fla.
Location - 0n the south side of N.W. 2let Terrace
between N.W. 7th and 8th Avenues
Grantor/Grantee (,A) Mary Edelman to Juan Dias
(B) Marion Piecynski to Jacobo Rieego
ORB/Pg - 10122/211 and 10093/263
Date - 8/78 and 7/78
Price - (A) S13, 000 (B) $12,500
Total Size 11,424 sq.ft.
Per Sq.Ft. $2. 23
Comments - Lot 28 previously sold in July, 1973 for $5,500.
SALE 9:
Legal Description
Location
Grantor/Grantee
ORB/Pg -
Date -
Price -
Siae
Per Sq.Ft. -
Comments -
Lots 30 and 31, Block 3, Jefferson Pk. Amd.
PZ. , 9/38, Dade County, Fla.
750 N.W. 2let Terrace
Ramon VaZZedor to George Tworoger`
9794/1092
September, 1977
$38, 000
11,432 sq. ft.
$3.32
Previously sold April, 1976 for
SLACK, SLACK & ROE, INC. M.A.I A_S A
T. C. SLACK, S.R.P.A., A.S.A.. M.A.I. T. W. SLACK.
BRUCE C. ROE. S.R.P.A., M.A.I.
SALE 10:
figca Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Prioe -
Size -
Per Sq.Ft. -
SALE 11:
Legal. Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Size -
Per Sq.Ft. -
SALE 12:
Legal Description
Location -
ORB/Pg
Grantor/Grantee -
Date
Price -
Size -
Per Sq.Ft.
Tracts 1-6, Braddock No. Three RepZ., portion
of Btocks 1-4, 44/12, Dade County, Fla.
On the south side of N.W. 23rd Street between
N.W. 14th and 15th Avenues
Faustino & Mercedes Grana, Fausto. Grans & Norma
Lazar° & Lucy Diaz, Jose Diaz &-Aurora to
Liborio Spines & Products
9236/1969 & 9427/128
September, 1973
$175, 000
73,160 sq. ft.
$2. 39
Lots 6-9, Lots 21-26, Block
Dade County, Fla.
1635 N.W. 28th Street
Lone Star Building to BBJ Rentals Inc
10304/1998
February, 1979
$148, 000
71,606 sq. ft•
H. 06
Ramico, 16/74,
Lots 6-15, Block 2, Ramieo, 16/71, Dade
County, Fla.'
Northeast corner of N.W. 29th Street and
17th Avenue
9796/703
Lehman Pipe to Alberto Garcia
August, 1977
$85,000
32,687 sq.ft.
$2. 60
�� I � ORTIVE
FOLLOW"
SLACK. SLACK & ROE. INC.
T. C. SLACK, S. R. P. A.. A.S.A.. M.A.I.
T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 21
SALE 13 (Four transactions)
(A)
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date
Price -
Siae
Per Sq.Ft.
(8)
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Size -
Per Sq.Ft.
(C)
Legal Description -
Location -
Grantor/Grantee
ORB/Pg
Date
Price
Size
Per Sq.Ft. -
(D)
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Sise
Per Sq.Ft.
Total Price
Lots 28-30, Woodiawn Tract, 1/148, Dade
County, FZa.
428 N.W. 25th Street.
R D G Investment to Norio Salk
9598/1623
February, 1977
$45, 0b0
14,625 sq. ft.
$3. 07
Lots 21 & 22, Spaulding Corr. Map, 3/161,
Dade County, FZa.
403 N.W. 24th Street
Richard Salomon to Moris Salk
9667/1571
April, 1977
$30,000
9,250 sq. ft.
$3.24
Lot 14, Block 1, Marks, 1/28, Dade County,
FZa.
North side of N.W. 24th Street, between N.W.
2nd Avenue and N. Miami Avenue
R B S Holding Corp. to Joseph C. Stark
10069/389
June, 1978
$15, 000
7,250 sq.ft.
$2.07
Lots 24 & 25,Spaulding Corr. Map, 3/161,
Dade County, FZa.
Northeast corner of N.W. 5th Avenue and
24th Street
A.B. Wiener to Morrie Salk
9197/1389
December, 1975
$35, 000
9,250 eq.ft.
$3. 78
$125,000 / 40,375 aq.f
SLACK, SLACK & ROE. INC:
T. C. SLACK. S. R, P. A., A.S.A.. M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S:R.P.A.. M.A.I.
Page 22
SALE 14:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date
Price -
Size -
Per Sq. Ft. -
Comments -
SALE 15:
Legal Description
Location -
Grantor/Grantee
ORB/Pg
Date -
Price -
Siae -
Per Sq.Ft. -
Comments -
"Greer Tract", 52/3, RepZat of 28/17, Dade
County, Fla.
46th Street and SAL tracks (S.E. 8th Street/
9th Terrace, Hialeah)
S.A.L. to Uni-Vinyl Corp.
9067/1727
July, 1975
$431,720
6.19 acres
$1.60
Large building built on eite subsequent to
sale.
Tr. 1, Lte. 5 4 6 of PB`69/66 Tr. 11, the
EJ of the SW3 of the NE4 of the SW4 of
Sec. 21/53/41, tying d being in Dade County,
Fla. Tr. 111, the E 155' of the W3 of the
SW4 of the NE% (long legal)
N.W. 41st Street and 33rd Avenue
Overseas Transportation to ConsoZidated
Freight
10295/636
February, 1979
$1, 225, 000
350,000 ,sq. ft.
$2.70 (See Comments below)
Sales Price - $1, 225, 000
Less Building Improvements:
23,557 aq. ft. @ $12. 00 a' - 282,684
Attributable to Zand a $ 942,316
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE. INC.
T. C. SLACK. S. R. P. A., A.S.A.. M.A.I. T. W. SLACK, M.A.I. A.S.A.
BRUCE C. ROE. S.R.P:A., M.A.I.
SAL 6.
Legal Description
Location -
Grantor/Grantee -
ORB/Pg -
Date -
Price -
Siae -
Per Sq.Ft.
Comments -
SALE '17:
Legal Description
Location
Grantor/Grantee
ORB/Pg
Date -
Price -
Size
Per Sq.Ft.
Comments -
SALE 28:
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Sise -
Comments
Elf of NWT; of NWT of NWT of Section
Dade County, Fla.
N.W. 54th Street and 36th Avenue
Dynamic Properties to Ryder Truck
10318/347
February, 1979.
$497, 500
4.74 acres
$1.91 (see Comments below)
Sates Price -
Less Bui1`ding Improvements
8,656 sq.ft. @ $12.00 =
Attributable to land =
Lots 20- 24, Block 4, Jefferson
9/38, Dade County, Fla.
Southeast corner of N.W. 21st Terrace and
10th Avenue
Page 23
21/54/41,
Rental
$497,500
103 874
393, 626
9631/1357
March, 1977
$92, 000
20,300 sq. ft.
$3.04
Previously sold in May,
Pk. Amd. Pi.
1972 for $65000
Lots 23 through 28 less E 5', Sunshine Park,
9/89, Dade County, Fla., Block 5.
Southwest corner of N.W. 25th Street and 7th
Court
Leonard Davis to Frank Hartog
9659/1986
April, 1977
$83, 000
10,655 sq. ft.
Previously sold September, 1972 for $72,000•
Improved with 2 commercial buildings.
SLACK. SLACK '& ROE. INC.
T. C. SLACK. S.R.P.A., A.S.A., M.A.I.
T. W. SLACK, M.A.I. -A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 24
SALE 19:
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Sise -
Comments -
Lots 8 & 9, and Lot 4 tees E 7.5', Blook 3,
and Lot 5, Zees E 10', Block 3, Jefferson
Pk. Amd. PZ., 9/38, Dade County, FZa.
West side: of N.W. 7th Avenue between N.W.
21st Terrace and 21st Street
Frank J. Paekewich& Lynn to George Twor-
oger
9440/245
September, 1977
$es, 000
8,960 sg.,ft.
Previously sold February, 1975 for ;$50,000.
Improved.
"SUPPORTI.VE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE. INC.
T. C. SLACK, S.R.P.A., A.S.A.. M.A.I T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE. S.R.P.A., M.A.I.
Slack $lack Roe, 3nc.
1620 W. FLAGLER SYREEY - MIAMI, FLORIDA 33135
PHONE 643.0443
June 20, 1979
City of Miami,Florida
Office of Risk Management
P.O. Box 330708
Miami, FL 33133
Attention: J. E. Gunderson, Director of Finance
Re: Appraisal #79123
SCL Property
Gentlemen
b.
Pursuant to your request, I have made a careful
inspection of that property located at 2200 N.W. 7th Avenue,
Miami, Florida, which is more particutarZy described elsewhere
in this report, and have made a study of conditions affecting
its value. I do not have any present or prospective interest
in this property.
By reason of my investigation, and by virtue of my
experience, I have formed the opinion that the Market Value
of the said property, as of June 20, 1979, was
NINE HUNDRED NINETY-FIVE THOUSAND DOLLARS ($995,000.00)
Your attention is invited to data and discussions
following which, in part, form the basis of this conclusion.
Respectfully submitted
THEODORE C. SLACK, SRPA,ASA,hAI
TCS:am
"SUPPORTIVE
DOCUMENTS
FOLLOW"
eiag
TABLE OF CONTENTS
Purpose of, the Appraisal Page 1
Conditions of the Appraisal 2-3
Certification 3a
Legal Description 4
5-6
Property Description
Area Description
Sketch of Property
Analysis of Conclusions
Cost Approach
Paired Sales
Market Bata Summary
Market Data
Addenda:
Qualifications of the Appraiser
Photographs
Sates Location Maps
7-@
9
10-13
1.5
16
17-24
SLACK. SLACK & ROE. INC:
T. C. SLACK. S. R. P. A., . A.S.A.. M.A.I. T. W. SLACK, M.A.I. A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 1
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to estimate market
value, in order to determine what price might be obtainable should
the property be placed on the market for sale.
Market Value may be defined as:
"The most probable price in terms of money which a property will
bring in a competitive and open market under aZZ conditions requisite
to a fair sale, the buyer and seller, each acting prudently, know-
ledgeably 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 each
acting in what he considers his own best interest.
3. A reasonable time is allowed for exposure in the open market.
4. Payment is made in cash or its equivalent.
5. Financing, if any, is on terms generally available in the.
community at the specified date and typical for the property
type in its locale.
6. The price represents`a normal consideration for the property
sold unaffected by special financing amounts and/or terms,
services, fees, costs, or credits incurred in the transaction.
"SUPPORTIVE
DOCUMENTS
FOLLOW
SLACK. SLACK & ROE. INC.
T. C. SLACK, S. R. P. A., A.S.A., M. A.1. T. W. SLACK, M.A.I. A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 2
LIMITING CONDITIONS OF APPRAISAL
Unless otherwise stated, this appraieat is subject to the following
conditione:
Information as to the description of the premises, as
to the physical features of the property appraiaed
have been submitted by the purchaser of this appraisal
and assumed by us to be correct; and from personal
inspection and investigation, is believed to be correct
by us. Information is on file in our office, 1620 West
Flagter Street, Miami, Florida, and is available to
person or persons to whom this certificate ie issued.
Responsible ownership and competent management are
assumed.
It ie assumed that title to said premieee, is good and
that there are no restrictions as to its' use; and that
the description of the premises correctly designates
the boundary lines. No survey of said property has been
inepected by the appraisers and the appraisers have made
no survey of the property and assume no reeponsibility
in connection with such matters.
The appraisal is of the date specified and covers the
premveee described only.
Neither aZZ nor any part of the contents of this report
shall be conveyed to the public through advertising,
public relations, news, ealee or other media, without
the written consent and approval of the author, particu
Zarly as to the valuation conclusions, the identity of
the appraiser or firm with which he is connected, or
any reference to the American Institute of Real Estate
Appraisers or to the M.A.I. designation.
The values for land and improvements as contained in this
report are constituent parte of the total value reported,
and neither is to be used in making a summation appraisal
by combination of values created by another appraiser.
SLACK. SLACK & ROE. INC.
T. C. SLACK. S. R. P. A.. A. S. A,. M.A.I T. W. SLACK. M. A I. A.S.A.
BRUCE C. ROE. S.R.P.A.. M.A.I.
7,71,7
Page 3
Either is invalidated if so used. The current purchasing power
of the dollar is the basis for the value reported.
The appraiser herein, by reason of this appraisal, shall not be
required to give testimony or attendance in court or at any govern-
mental hearing with reference to the property in question, except
as agreed upon.
This appraisal is presented as a complete, bound report and may
be considered valid only so long as it is presented in its'entirety
and all pages listed in the Table of Contents are present.
The information identified in this report as being furnished by
others is believed to be reliable, but no responsibility for its
accuracy is assumed.
"SUPPORTIVE.
..iUi4 E.
DOC' MF.NTS
FOLLOW"
SLACK. SLACK & ROE. INC.
T. C. SLACK. S. R. P. A., A.S.A., M.A.I. T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
Page 3a
CERTIFICATION
I have made a careful study of the subject property and
have personally inspected same.
I hereby certifythat to the best of my knowledge and
belief, the statements of fact contained in this appraisal report,
upon which the analysee, opinions and conclusions expressed herein
are based, are true and correct. I have no personal intereet or
bias with respect to the subject matter of this appraisal report or
the parties involved. I have no present or contemplated future
interest in the real estate which is the subject of this report.
This appraisal report sets forth all of the limiting con-
ditions, (imposed by theterms of my assignment or by the signers),
affecting the analyses, opinions and conclusions contained in this
report.'
No one other than the signer(s) prepared the analyses,
opinions and conclusions concerning real estate which are set forth
in the appraisal report.
This appraisal report has been made in Conformity with,
and is subject to the requirements of the Code of Professional
Ethics and Standards of Professional Conduct of the American Insti-
tute of Real Estate Appraisers of the National Association of
Realtors.
SLACK. SLACK & ROE. INC.
T. C SLACK. S.R.P.A., A.S.A.: M.A.I. T. W. SLACK. M.A.I A.S.A.
BRUCE C. ROE. S.R.P.A., M.A.I.
T. C. SLACK. S.R.P.A., A.S.A.. M.A.I.
BRUCE C. ROE, S.R.P.A., M.A.I.
LEGAL DESCRIPTION
Beginning at the point of intersection of the west Zine of
N.W. 7th Avenue with the south line of N.W. 23rd Street; running
thence eouthwardly along said west line 290 feet, more or Zees, to
the north line of N.W. 22nd Street (if extended); thence westwardly
along said north line (if extended) of N.W. 22nd Street 1,280 feet,
more or Zees, t0 the east tine of N.W. 10th Avenue; thence north
wardty along said east Zine of N.W. loth Avenue 142 feet, more or
less, to a point 143 feet southwardly measured along said east
from its intersection with said south Zine of N.W. 23rd Street;
thence eastwardly paraZZeZ with said south tine of N.W. 23rd Street
670 feet, more or Zees, to the east Zine (if extended) of N.W. 8th
Avenue; thence northwardZy along said east line (if extended) of
N.W. 8th Avenue 143 feet, more or Zeee, to a point on said south
Zine of N.W. 23rd Street; thence eaetwardty along said eouth Zine
of N.W. 23rd Street 610 feet, more or Use, to the point of begin-
ning, said land being located in the 5E3 of the SE4 of Section
26, Township 53 South, Range 41 East, Dade County, Florida.
"SUPPORTIVE
O CU Ef.JTS
F,._ _, i,,
SLACK. SLACK & ROE, INC.
T. W. SLACK. M.A.I
Zine
- A.S.A.
Page 5
PROPERTY DESCRIPTION
The subject property consists of a parcel of land together
with improvements located between N.W. 7th and N.W. 10th Avenues,
and between N.W. 22nd and 23rd Streets, in the City of Miami, Florida.
The site has 240 feet of frontage on the West aide of N.W.
7th Avenue and a depth of 1,280 feet along N.W. 22nd Street, running
back to N.W. loth Avenue. Attention is invited to the plat of the.
area at the addenda section of this report, from which the property
location and shape may be seen. Gross area is approximately 270,000
square feet; a survey would be required to determine exact square,
footage.
Zoning of the property is "I-1", a classification which
permits light industrial uses.
The site is generally level and at glade. It appears that
it could be reused without additional fill being required.
For many years the property was ueed by the Seaboard
Railroad as its passenger railroad station. At present it is closed.
There is a large terminal building at the east end of the property
and a Zong, covered platform which runs east and west through the
property.
Several railroad tracks run east and west through the
property, however, most of them are situated so that they would not.
provide siding for a prospective user of the property. It hae been
aesumed that the existing tracks would 'be removed by the railroad
if requested by the purchaser; they are therefore not considered
in this estimate of value.
SLACK, SLACK & ROE. INC.
T. C. SLACK. S.R.P.A:. A.S.A., M.A.L, T. W. SLACK. M.A.I.-A.S.A.
BRUCE C. ROE.. S.R.P.A.. M.A.I.
Page 6
Attention is invited to the photographs at the addenda
section from which the subject property and improvements may be
seen.
The building which served as the railway station is located
at the east end of the property. It contains 31,800 square feet,
plus a roofed platform at the rear containing 4,100 square feet.
There is a reinforced concrete frame; the exterior walls are clay
tile, stuccoed, floors are terrazzo throughout, except for clay the
in some areas. The building height is approximately 22 feet, which
undoubtedly enhanced its' appearance as a railroad station but con-
stitutes obsolescence for most other uses to which the property might
be put.
There are four sections containing offices in the four
corners of the building, with corridors from north to south and
from east to went as shown in the eketch of the building on page 9
The exact year of construction is unknown, but based on
my inspection it appears to be about 50 years old. There is evidence
of cracking in the interior plaster and exterior stucco; that water
may have entered the walla and caused damage is not apparent. I
am not an engineer and make no representation as to structural
integrity of the building and recommend that such an inspection be
made prior to any attempt to occupy or reuse the building.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK. SLACK & ROE, INC.
T..C. SLACK, S. R. P. A., A.S.A.; M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I..
Page 7
AREA DESCRIPTION
The subject property is located in an area of mixed uses,
about 64 miles northwest of the center of the downtown Miami central
business district. There are some old single family houses in the
neighborhood, some in deteriorated condition, although most of the
residences were removed some time ago to provide for industrial
uses, which predominate.
Typically buildings in the area are one-story, concrete
block, stuccoed warehouses for manufacturing or storage. Industrial
uees began in the 1920's; this area was probabZy the earliest of
its type in Miami. Many of the 50 year oldwarehouses are still
in use today, although there has been additional construction over
the yearn.
Boundaries of the area are considered to be N.W. 29th
Street on the north, N.W. 20th Street on the south, N.W. 17th
Avenue on the west, and Interstate #95 dapproximately N.W. 6th
Avenue) on the east.
The area improves east of Interstate #95. The clothing
industry has located in the vicinity of N.W. 5th and 6th Avenues
and created a good demand for commercial buildings. To the south
of N.W. 20th Street is the Miami government and medical complex
which has attracted satellite businesses on its perimeter.
Directly north of the subject property is the City of
Miami Baseball Stadium, the largest single land owner in the area.
SLACK. SLACK & ROE. INC.
T. C. SLACK, S.R.P.A.. A.S.A.. M.A.I. T. W. SLACK, M.A. !. -A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
Page 8
The area is served by water, sewer and electricity and
public transportation ie available along N.W. 7th Avenue.
7th Avenue is a well -travelled north -south thoroughfare
through the area; some years ago it had a substantial amount of
retail trade, including stores and restaurants. As the area
became dominated by commercial and industrial uses however, this
pattern ohanged,and occupancies along N.W. 7th Avenue are now
largely the same as those on streets and avenues further north
and west.
There do not appear to be significant influences in
the vicinity which would be expected to increase demand for the
foreseeable future; nevertheless there have been price increases
over the paet several years as indicated by Analysis of Market
Data beginning at page 17 of this report.
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE. INC.
T. C. SLACK. S. R. P. A.. A.S.A.. M.A.I. T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
MM
MM
• $31'
SKETCH OF PROPERTY
132'
4,092 sq. ft.
232'
79'
57'
Page 9
1 739 perimeter X
I 22
16.258 wall
25'
79'
47'
29'
124
57'
57'
107'
15 °u6 r
10'
110'
16,104
15,620
31,724
75
31,799
Off 22,277 sq.
ft.
142'
Not a survey - to be used with this report as a visual aid only.
Page 10
T. C. SLACK, S. R. P. A.. A.S.A.. M.A.I.
BRUCE C. ROE, S.R.P.A.. M.A.I.
ANALYSIS OF CONCLUSIONS
In the preparation of this appraisal, an investigation was
made to determine sates and resales of properties in the area. Six
such "paired sales" were found, which are listed on page 15. It wilt
be seen that the ratesof increase varried from .263% per month. to
1.42% per month, with the average being .806% per month, or about
10% per year. This rate is consistent with other increases in the
City of Miami, except for the downtown area which is presently
experiencing more rapid increases. I have adjusted Zand sales at
the rate of .8 per month or 10% per year in the Market Data, or
Direct Sates Comparison Approach.
A chart is included on page 16 iZlustrating the prices per
square foot, at the date of Bate, and after adjustment for time as set
forth above. There was a range of $1.86 to $4.14 per square foot
after time adjustment, with an average price per square foot per
transaction of $2.85 per square foot.
Salee 1 through 9 are closest to the subject property in
location, being clustered within a two block radius, as may be seen
from the map in the addenda. These sales ranged in adjusted prices
per square foot from $2.21 to $3.92, with an average pride per square
foot per transaction of $2.73. All of these properties are small
Zote, however, with the largest being No. 1 at 12,884 square feet,
and the others being ooneiderably smaller.
-11
-DOCUMENTS'
FOLLOW"
SLACK, SLACK & ROE, INC.
T. W. SLACK, M.A.I. - A.S.A.
Page 11
Sates 14 through 17 are more similar in size Although
they are more distant in location from the subject, they are in areas
that are somewhat similar in characteristics, close to or with
frontage on a thoroughfare, with a combination of residential and
commercial usea surrounding. The average price for these four
adjusted sales was $2.71 per square foot, or almost the same as
the nine vacant lots in the immediate vicinity of the eubjeot.
The properties were compared as to (1) closest proximity,
(2) closest size to subject and (3) closest in time of sale. None
of the sales was most similar in all three respects. Sale 1
closest both in time and in location, at $2.64 per square foot.
Sale 15 is close in size and in time, containing 350,000 square feet
and having sold in February of this year. The time adjusted price
was $2.79 per square foot after deducting estimated value of the
improvements, which is in the same range ae the other indications
referred to above.
After comparing each sale to the subject property, and
bused on the analysis above, it is my opinion that the indicated
value of the subject property as of June 20, 1979 is $2.75 per
square foot for 270,000 square feet, or $742,500.
This value is included in the Cost Approach on page
of this report.
SLACK. SLACK & ROE. INC.
T. C. SLACK. S.R.P.A., A.S.A.. M.A.Q. T
BRUCE C. ROE, S.R.P.A., M.A.I.
W. SLACK, M.A.I. A.S.A.
Page 12
The 'reproduction cost of the improvements was estimated
utiliaing the computerised cost data of the Marshall and Swift
Valuation Service. Indicated cost to replace the structure would be
S1, 489, 637, or $46. 84 per square foot. In estimating depreciation,
I have assumed that strueturaZ condition of the building will permit
ite continued use for possibly ten years, although an engineer's
inspection should be made to determine thie with certainty.
I have assumed that the building can continueto be used
for ten years without substantial additional modernisation. Based
on present effective age of 50 years, the total economic life is
60 years. Depreciation therefore, including physical incurable and
functional, is 50 years divided by 60 years, or .8333%. In addition,
I estimate that an expenditure of $1.50 per square foot will be
necessary to make the building useable for storage and possibly some
office use, which is 31,800 square feet x $1.50 = $47,700, or .0320%
of coat. Total depreciation therefore ie .8333 plus .0320 or 86.53%.
The entire site is paved except for the portion occupied
by the tracks and loading platform, and the present value of the
paving is included ae well.
As the building is of an institutional nature, and would
be unlikely to be purchased and rented for investment, an income
approach has not been considered appropriate. The Market Data Approach
ie limited to analysis of vacant land ae set forthli e �.tm ire.
are no sales of similar properties in the area.
SLACK. SLACK & ROE. INC.
T. C. SLACK, S. R. P. A.. A. S. A:. M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE. S.R.P.A., M.A.I.
DO °Urr N .r..r.,
FOLLOW"
Page 13;
in conclusion, it is my opinion that the Market VaZuo of
the subject property, as of June 20, 1979, is 0995,000.
SLACK, SLACK & ROE, INC.
A.S.A.. M. A; I.
T. W. SLACK. M.A.I. -A.S.A.
T. C. SLACK. S. R. P. A
BRUCE C. ROE. S.R.P.A:r M.A.I.
'i •,:EP'O T
TTI�'1HTE FOR:- '::Irr OF' MIwiI
c. T ::F:HEIOHN'Ti • 41 Lt01=1Y •
''TH cr'c!A IE 'f.TWEET h1I11r1I �;
T. C. r1H+I
=ice -;_iF";'' 'r'' I".J`'�>_. 1979
� , ;.=fF'r'1OF'Y
i.it`, _ ON .•j. 1. 9: T ti'Wt•.
=ta 'r'EF;F' : CON I TIT;.!: 2. 0 E.-ir-o.. r 1..16
1. i1 R' =F'RGE _'TOP'r' HEIGHT:
COT.T H: Or. • :,. ,:g
_ .. • ---- ---- N:EF'LHCEt'1ENT COST
I fry I T _ COST • tdFl,�f r1Er'F'
21
I: Tlt,
1 Ii1
Tz" TIDr
T '4`1:'t'.
T._•tl7.T
::,,Itt' -T. ':il = 71:1
«SUP —MR ,..
1 I111
1. ;'+='.1
4
DOCUMENTS
FOLLOW"
,' 4 2 , 5 0 0
�I1. 1illli
9J?• 6t2,
79-754
w
M.
SaZe
18
17
19
Sate
Dates
PAIRED SALES
Prices
Rate of Increase
Per Month
9/72 $72, 000 .263
4/77 $83, 000
7/73 $ 5,500 1.42
8/78 $13, 000
5/72 $65,000 .60
3/7.7 $92,000
4/76 $36,000 .32
9/77 $38,00.0
2/75 $50,000
9/76 $65,000
1 / 76.
2/78
Average i806 s 10% per year
$15, 000
$18,500
.84
SLACK, SLACK & ROE, INC.
T. C. SLACK, S. R. P. A.. A.S.A.. M.A.!, T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
MARKET DATA SUMMARY
Sale Price Time Closest Closest Closest
No Date Per Sq.Pt. Increase Adi.Price Proximity Sine Time
1 2/79 $2.56 .032 $2.64 X
2 6/78 1.69 .10 1.86 X
3 10/77 1.89 .172 2.21 X
4 11/74 1.53 .54 2.37 X
5 9/74 1.70 .574 2.68 X
6 11/74 2.27 .54 3.50 X
7 2/78 2.59 .136 2.94 X
8 8/78 2.23 .083 2.41 X
9 9/77 3.32 .182 3.92 X
10 9/73 2.39 .733 4.14
11 2/79 2.06 .032 2.13
12 8/77 2.60 .191 3.10
13 6/77
(Av) 3.10 .21 3.75
14 7/75 1.60 .454 2.32 X
15 2/79 2.70 .032 2.79 X
16 2/79 1.91 .032 1.97 X
17 3/77 3.04 .24 3.77
x
Average price per square foot per transaction $2.73 time adjusted
Sales 2-9.
Average price per square foot per transaction $2.71 time adjusted
Sales 14-17.
"SUPPORiIv
DOCUMENT'S
FOLLOW"
SLACK, SLACK & ROE. INC.
T. C. SLACK, S. R. P. A., A.S.A., M.A.I. T. W. SLACK, M.A. I: A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
SALE 1:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Prioe -
Siae-
Per SQ.Ft. -
SALE 2:
Legal Description -
Location
Grantor/Grantee
ORB/Pg -
Date -
Price
Siae -
Per Sq.Ft.
SALE. 3:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Size -
Per Sq.Ft. -
MARKET DATA
Lots 5-11, Block 4, Sunshine Park, 9/89,
Dade County, Fla.
Southwest corner of N.W. 25th Street and
7th Place
Leah W. Black to William J. Schaefer
10298/444
February, 1979
$33, 000
12,884 sq.ft.
$2.56
Lots 13 and 14, Block 5, Sunshine Park,
9/89, `Dade County, Fla.
2405 N.W. 7th Place
Charles W. Black to Daniel R. Pf
10081/2031
June, 1978
$6, 500
3,843 sq.ft.
$1.69
Lots 21 and 22, Block 1, Jefferson Pk. Resub.
9/36, Dade County, Florida
752 N.W. 22nd Street
Helen L. Ardowski to James A.
9840/245
October, 1977
$21, 000
11,081 sq.ft.
$1.89
Leukanech
SLACK. SLACK & ROE. INC.
T. C. SLACK. S.R.P.A.. A.S.A.. M.A.I. T. W. SLACK, M.A.I. - A.S:A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
SALE 4
Legal Deecription
Location
Grantor/Grantee
ORB/Pg
Date -
Prioe -
Size -
Per Sq.Ft. -
SALE 5:
Legal Description -
Location
Grantor/Grantee
ORB/Pg -
Date -
Prioe -
Size -
Per Sq.Ft.
SALE 6
Legal Description -
Location
Grantor/Grantee
ORB/Pg -
Date -
Price -
Size -
Per Sq.Ft. -
Lot 27, BZook 1, Jefferson Pk. ReaUb.
Dade County, FZa.
788 N.W. 22nd Street
Kniffin Transfer Co. to Ralph W. Rankin 4 Thsima
8830/86
November, 1974
08500
•5, 540 eq. ft•
$1.53
Lots 15-18, Block 1, Jefferson Pk.
9/36,;Lade County, Fla.
2168 & 2182:N.W. 7th Avenue
Jack M. Houston & Lillian to. G.T. Used Trunks
8793/337
September, 1974
$32,500
19,150 eq. ft.
$1.70
Reeub.
Lot 14, Block 1, Jefferson Pk.Reeub. 9/36,
Dade County, FZa N.W.
0n the west side of
north of 21st Terrace
Archie Struht to Arthur A. Clark 4 LurZine
8828/8
November, 1974
$12, 000
6,268 eq. ft.
$2.27
7th
Avenue, just
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK, SLACK & ROE. INC.T W. SLACK. M.A:I.-gSA.
T. C. SLACK, S.R.P.A., A.S•A BRUCE C. ROE..S.R.P.A.. M.A.I.
SALE 7:
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Siae - •
Per Sq.Ft.
Comments -
Lot 4, Blook 1, Jefferson Pk. Resub. 9/36,
Dade County, FZa.
775 N.W. 21st Terrace
Alfredo CantiiZo to Felix Manresa
9941/1288
February, 1978
$18,500
7,140 eq.ft.
02.59
Previously sold in January, 1976 for $15,000
SALE 8: (Two Transactions) Legal Description - (A) Lot 28, Block 3, Jefferson Pk. Amd. PZ.,
9/38, Dade County, Fla. arson Pk. Amd. PZ.,
(B) Lot 29, Block 3, Jeff
9/38, Dade County, FZa.
Location - On the south side of N.W. 21st Terrace
between N.W. 7th and 8th Avenuee
Grantor/Grantee (A) Mary Edelman to Juan Diaz
(B) Marion Piecynski to Jacobo Riesgo
10122/21.1 and 10093/263
8/78 and 7/78
(A) S13,000 (B) $12,500
11,424 sq.ft•
$2. 23
Lot 28 previously sold in July
ORB/Pg -
Date -
Price -
TotaZ Siae
Per Sq.Ft.
Comments -
SALE 9:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Siae
Per Sq.Ft.
Comments -
1973 for $5,500.
Lots 30 and 31, Block 3, Jefferson Pk. Amd.
PZ., 9/38, Dade County, FZa.
750 N.W. 21st Terrace
Ramon. VaZZedor to George Tworoger
9794/1092
September, 1977
$38, 000
11,432sq ft.
$3.32
Previously sold April, 1976 for $36
SLACK, SLACK & ROE. INC. T. C. M.A.I A A
SLACK. S.R.P.A., P. A., A.S.A.. T. W. SLACK. M. A.1.
BRUCE C. ROE, S.R.P.A., M.A.I.
SALE 10:
LegDescription
Location -
Grantor/Grantee -
ORB/Pg -
Date -
Price -
Size -
Per Sq.Ft.
SALE 11:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Dato -
Price
Size --
Per Sq.Ft. -
SALE 12:
Legal Description -
Location -
ORB/Pg -
Grantor/Grantee
Date
Price
Size -
Per Sq.Ft. -
Traote 1-6, Braddock No. Three Repl., portion
of Blocks 1-4, 44/12, Dade County, Fla.
On the south side of N.W. 23rd Street between
N.W. 14th and 15th Avenues
Faustino & Mercedes Grana, Fausto Grana & Norma
Lazaro & Lucy Dias, Jose Diaz & Aurora to
Liborio Spices & Products
9236/1969 & 9427/128
September, 1973
$175, 000
73,160 sq. ft.
$2. 39
Lots 6-9, Lots 21-26, Block 3, Ramico, 16/74,
Dade County, Fla.
1635 N.W. 28th Street
Lone Star Building to BBJ Rentals Inc.
10304/1998
February, 1979
0148,000
71,606 eq. ft.
$2.06
Lots 6-15, Block 2, Ramico, 16/71, Dade
County, Fla.
Northeast corner of N.W. 29th Street and
17th Avenue
9796/703
Lehman Pipe to Alberto Garcia
August, 197?
$85, 000
32,687 sq.ft.
$2.60
"SUPPORTIVE
D C r l r r TS
FdL L
SLACK. SLACK & ROE. INC.
T. C. SLACK. S. R. P. A.. A.S.A.. M.A.I.
BRUCE C. ROE. S.R.P.A., M.A.I.
T. W. SLACK, M.A.I. - A.S.A.
SALE 13: (Four transactions)
(A)
LegaZ Description -
Location -
Grantor/Grantee
ORB/Pg -
Date
Prioe -
Size
Per Sq.Ft.
(B)
Legal Description -
Location -
Grantor/Grantee
ORB/Pg
Date -
Price -
Size -
Per Sq.Ft.
(C)
Legal Description -
Location -
Grantor/Grantee
ORB/Pg
Date -
Price -
Sine -
Per Sq.Ft. -
(D)
Legal Description
Location
Grantor/Grantee
ORB/Pg -
Date -
Price -
Size
Per Sq.Ft.
Total Price -
Lots 28-30, WoodZaWn Trac
County, Fta.
428 N.W. 25th Street
R D G Investment to Moria Salk
9598/1623
February, 1977
$45, 0D0
14,625 sq. ft.
$3. 07
1/148, Dade
Lots 22 & 22, Spaulding Corr. Map, 3/161,
Dade County, Fla.
403 N.W. 24th Street
Richard Salomon to Moris Saik
9667/1571
ApriZ, 1977
$30, 000
9,250 sq. ft.
$3.24
Lot 14, Block 1, Marks, 1/28, Dade County,
Fla.
North side of N.W. 24th Street, between N.W.
2nd Avenue and N. Miami Avenue
R 8 S Holding Corp. to Joseph C. Stark
10069/389
June, 1978
$15, 000
7,250 sq. f
$2. 07
Lots 24 & 25,SpauZding Corr. Map, 3/161,
Dade. County, Fla.
Northeast corner of N.W. 5th Avenue and
24th Street
A.B. Wiener to Morrie Salk
9197/1389
December, 1975
$35, 000
9,250 sq. f t.
$3. 78
$225, 000 / 40,375 sq. ft. $3. 10
SLACK, SLACK & ROE. INC.
T. C. SLACK. S. R. P. A., A.S.A.. M.A.I. T. W. SLACK, M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 22
SALE 14:
Legal Description -
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Size -
Per Sq. Ft. -
Comments -
SALE 15:
Legal Description -
Location -
Grantor/Grantee
ORB/Pg
Date
Price -
Siae -
Per Sq.Ft.
Comments -
"Greer Tract", 52/3, Replat of 28/17, Dade
County, Fla.
46th Street and SAL tracks (S.E. 8th Street/
9th Terrace, Hialeah)
S.A.L. to Uni-Vinyl Corp.
9067/1727
July, 1975
$431,720
6.19 acres
$1.60
Large building built on site subsequent to
sale.
Tr. 1, Lts. 5 & 6 of PB 69/66 Tr. 11, the
EA of the SWi of the NEB of the SWi of
Sec. 21/53/41, tying & being in Dade County,
Fla. Tr. 111, the E 155' of the W% of the
SW% of theNE* (long legal)
N.W. 4let Street and 33rd Avenue
Overseas Transportation to Consolidated
Freight
10295/636
February, 1979
$1, 225, 000
350,000 sq. f t.
$2.70 (See Comments below)
Sales Price - $1, 225,000
Less Building Improvements:
23,557 eq. f t. @ , $12.00 As - 282,684
Attributable to land Am 842,316
"SUPPORTIVE
DOCUMENTS
FOLLOW"
SLACK. SLACK & ROE. INC.
T. C. SLACK. S. R. P. A.. A.S.A.. M.A.I. T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE, S.R.P.A., M.A.I.
SALE 16:
Legal Description -
Location
Grantor/Grantee
ORB/Pg -
Date -
Price -
Sise
Per Sq.Ft.
Comments -
SALE 17:
Legal Description
Location -
Grantor/Grantee
ORB/Pg -
Date -
Price -
Siae
Per Sq.Ft. -
Comments
SALE 1B:
Legal Description
Location
Grantor/Grantee
ORB/Pg
Date -
Price -
Sise -
Comments -
Page 23
E4 of NWT; of NWT of NW%.of Section 21/54/41,
Dade County, Fla.
N.W. 54th Street and 36th Avenue
Dynamic Properties to Ryder Truck Rental
10318/347
February, 1979
$497, 500
4.74 agree
$1.91 (see Comments below) $497,500
Sales Price -
Less Building Improvements: 103 8�4
8,656 sq.ft. @ $12.00 393,626
Attributable to Zand =
Lots 20- 24, Block 4, Jefferson Pk. Amd. PZ.
9/38, Dade County, Fla.
Southeast corner of N.W. 21at Terrace and
loth Avenue
9631/1357
March, 197?
$92, 000
20,300 sq.ft.
$3.04
PrevioueZy sold in May, 1972 for $65,000
Lots 23 through 28 Zees E 5', Sunshine Park,
9/89, Dade County, Fla., Block 5.
Southwest corner of N.W. 25th Street and 7th
Court
Leonard Davie to Frank Hartog
9659/1986
April, 1977
$83, 000
10,655 sq.ft.
Previously sold September, 1972.for $72,000•
Improved with 2 commercial buildings.
SLACK. SLACK & ROE. INC.
T. W. SLACK. M.A.I. • A.S.A.
T. C. SLACK. S.R.P.A., A.S.A., M.A.I. - .
BRUCE C. ROE, S.R.P.A., M.A.I.
Page 24
SALE 19:
Legal Description - Lots 8 & 9, and Lot,4 lees E 7.5', Baock 3,
and Lot 5, less. E 10', Block 3, Jefferson
Pk. Amd. Pt-., 9/38, Dade County, Fia.`
Location - West side of N.W. 7th Avenue between N.W.
21st Terrace and 21st Street
Grantor/Grantee - Frank J. Paekewich & Lynn to George Twor-
oger
ORB/Pg - 9440/245
Date September, 1977
Price - $65,000
Sine - 8,960 sq.-ft.
Comments - Previously Bold February, 1975 for $50,000.
Improved. -
"SUPPORTIVE
DOCUMENTS
FOLLOW
SLACK. SLACK & ROE. INC.
. T. C. SLACK, S. R. P. A.. A.S.A.. M. A. I, T. W. SLACK. M: A. I: - A.S.A.
BRUCE C. ROE. S.R.P.A.. M.A.I.
a
Addenda A
.QUALIFICATIONS OF APPRAISER
TH.EODORE C. SLACK, SRPA, ASA`, MAI
EDUCATION:
Graduate, University of Miami, Coral Gables, Florida
AB Degree
EXPERIENCE:
Experience in sales, management, appraising, financing, and
insurance in continental United States and. Caribbean since.
1954
Appointed fee appraiserfor Federal Housing Administration,
1958
Appointed fee appraiser for Veterans Administration, 1970
instructor of Appraising, Marketing Department, University of
'fiami, Evening Division, 1961, 1974
Adjunct Professor, Real Estate Principles and Practices, Florida
Institute of Continuing University Studies and University of
Florida General Extension Division, 1961 through 1973
Instructor, Miami Dade Junior College, 1970-1972
Qualified as an expert witness in Dade, Broward and Collier
County Circuit. Courts and U.S. Tax Court and Federal District
Court
Instructor, Society of ReaZ Estate Appraisers, 1973-1978 in
Texas, Florida, Oklahoma, Michigan, AZabama, Georgia and
Arizona
instructor, Florida International University, Appraising,
1974 and 1977
Special Master for Dade County Tax Review Board, 1974-1976
AFFILIATIONS' AND OFFICES HELD:
'!ember, South Florida Chapter, American Institute of Real Estate
Appraisers
Senior Member, South Florida Chapter, American Society of
Appraisers
Senior`ReaZ Property Appraiser, Society of Real Estate Appraisers
Member, Miami Board of Realtors
Registered Real Estate Broker in Florida and Wyoming.
Resident of Dade County, Florida since 1944..
SLACK. SLACK & ROE. INC.
T C. SLACK. SRPA.. A.S.A.. M.A.I. T. W. SLACK. M.A.I. A.S.A.
BRUCE C. ROE, S.R.P.A.. M.A.I.
Addenda B
Passenger terminal - Looking south from the
northeast corner of the property.
Looking west on N. . 22na btreet across 1' .
7th Avenue. Passenger terminal on right.
SLACK. SLACK & ROE. INC.
C. SLACK, S.R.P.A.. A.S.A., M, A. I T. W. SLACK. M.A.I. - A.S.A.
BRUCE C. ROE. S.R.P.A.. M.A,1.
Addenda B cont.
�✓°.i..t"� .r,:;. ,.._� ,....._ .. .. ..e:w.'2..
Looking east on N.W. 22nd Street from south-
west corner of property.
Looking north on N.W. 7th Avenue. Passenger
terminal on Zeft.
SLACK. SLACK & ROE. INC.
T. C. SLACK. S.R.P.A A.S.A.. M. A.I
BRUCE C. ROE. S.R.P.A.
T. W. SLACK, M.A.I. A.S.A.
1
Looking Fast from west boundary at
Passenger loading platform
SLACK, SLACK
SLACK. S. R. P. A., A.S.A.. M.A.
BRUCE C. ROE, S.R.P.A., M.A.!.
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