HomeMy WebLinkAboutCRA-R-24-0001 Exhibit BExhibit "B"
APPRAISAL REPORT
UNIT 358
IN TOWN PARK PLAZA NORTH CONDOMINIUM
LOCATED AT:
491 N.W. 19TH STREET
MIAMI, FLORIDA
PREPARED FOR:
CITY OF MIAMI SOUTHEAST OVERTOWN PARK
WEST COMMUNITY REDEVELOPMENT AGENCY
819 N.W. SECOND AVENUE
MIAMI, FLORIDA
As OF:
OCTOBER 30, 2023
PREPARED BY:
QUINLIVAN APPRAISAL, P.A.
7300 NORTH KENDALL DRIVE - SUITE 530
MIAMI, FLORIDA 33156
QUINLIVAN APPRAISAL
A PROFESSIONAL ASSOCIATION
7300 NORTH KENDALL DRIVE, SUITE 530
MIAMI, FLORIDA 33156
Thomas F. Magenheimer, MAI
State Certified General Appraiser
RZ 553
November 1, 2023
Brian Zeltsman, RA
Director of Architecture & Development
City of Miami Southeast Overtown Park
West Community Redevelopment Agency
819 N.W. Second Avenue
Miami, Florida 33136
Dear Mr. Zeltsman:
Telephone (305) 663-6611
Fax (305) 670-4330
tmagmai@aol.com
In accordance with your request, I have prepared an Appraisal of the following described
property:
Unit 358 in Town Park Plaza North Condominium, located at 491 N.W.
19th Street, Miami, Florida
The purpose of this Appraisal is to estimate the "as is" Market Value of the described property as
of October 30, 2023, being one of the dates of personal inspection.
The Appraisal Report that follows sets forth the identification of the property, the assumptions
and limiting conditions, pertinent facts about the area and the subject property, comparable data,
the results of the investigations and analyses, and the reasoning leading to the conclusions set
forth. This report is not based on any hypothetical conditions or extraordinary assumptions.
The report was prepared in accordance with the requirements of and in compliance with the most
current Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the
Appraisal Standards Board of the Appraisal Foundation.
Mr. Brian Zeltsman
November 1, 2023
Page 2
Based on the inspection of the property and the investigation and analyses undertaken, I have
formed the opinion that, as of October 30, 2023, the subject property had a Market Value of:
Two HUNDRED TWENTY-THREE THOUSAND DOLLARS
$223,000
Respectfully submitted,
Thomas F. Magenheimer, MAI
State Certified General Appraiser
Certification Number: RZ 553
TFM/dm
(23-070)
TABLE OF CONTENTS
PAGE
COVER PAGE
TRANSMITTAL LETTER
TABLE OF CONTENTS
CERTIFICATION OF VALUE 1
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3
INTRODUCTION 9
INTRODUCTION 10
IDENTIFICATION OF THE PROPERTY 10
LOCATION 10
PURPOSE AND DATE OF APPRAISAL 10
INTENDED USE AND USER OF APPRAISAL 10
LEGAL DESCRIPTION 10
PROPERTY RIGHTS APPRAISED 10
DEFINITION OF MARKET VALUE 11
ASSESSMENT AND TAXES -2023 12
OWNER OF RECORD AND ADDRESS 12
THREE-YEAR HISTORY OF TITLE 12
ESTIMATED EXPOSURE TIME 13
ESTIMATED MARKETING PERIOD 13
SCOPE OF THE APPRAISAL 14
LOCATIONANALYSIS 16
COUNTY DATA 17
NEIGHBORHOOD DATA 26
SITE DATA 29
ZONING 33
HIGHEST AND BEST USE 36
DESCRIPTION OF IMPROVEMENTS 40
THE APPRAISAL PROCESS 44
SALES COMPARISON APPROACH 47
RECONCILIATION & VALUE CONCLUSION 52
ADDENDA 64
ASSUMPTIONS AND LIMITING CONDITIONS
QUALIFICATIONS
CLIENT LIST
CERTIFICATION OF VALUE
The undersigned hereby certifies that, to the best of my knowledge and belief:
(A) The statements of fact contained in the report are true and correct.
(B) The reported analyses, opinions and conclusions are limited only by the
assumptions and limiting conditions set forth, and are my personal,
unbiased professional analyses, opinions and conclusions.
(c) I have no present or prospective interest in the property that is the subject
of this report, and I have no personal interest or bias with respect to the
parties involved.
(D) I have no bias with respect to the property that is the subject of this report
or to the parties involved with this assignment.
(E) My engagement in this assignment is not contingent upon developing or
reporting predetermined results.
(F) The appraiser's compensation for completing this assignment is not
contingent upon the reporting of a predetermined value or direction in
value that favors the cause of the client, the amount of the value estimate,
the attainment of a stipulated result, or the occurrence of a subsequent
event directly related to the intended use of this appraisal. Furthermore,
the appraisal assignment is not based on a requested minimum valuation,
a specific valuation or the approval of a loan.
(G) The appraiser's analyses, opinions and conclusions are developed, and
this report is prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice, and the requirements of the State of
Florida for state -certified appraisers.
(x) Use of this report is subject to the requirements of the State of Florida
relating to review by the Real Estate Appraisal Subcommittee of the
Florida Real Estate Commission.
Thomas F. Magenheimer has made a personal inspection of the property
that is the subject of this report.
No one provided significant professional assistance to the person signing
this report.
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(K) The reported analyses, opinions, and conclusions are developed, and this
report is prepared, in conformity with the requirements of the Code of
Professional Ethics and the Standards of Professional Appraisal Practice
of the Appraisal Institute.
(L) The use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives.
(M) The undersigned has not performed appraisal services for the subject
property during the three year period immediately preceding the
acceptance of this assignment.
As of the date of this report, Thomas F. Magenheimer has completed the requirements under the
continuing education program for The Appraisal Institute.
41;4.,
THOMAS F. MAGENHEIMER, MAI
State Certified General Appraiser
Certification Number: RZ 553
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal Market Value
Property Rights Appraised Fee Simple
Address 491 N. W. 19th Street
Miami, Florida
Improvements A two- and three-story apartment complex with a
total of 169 units.
Building Age 1973
Unit Size 782 square feet
Zoning T5-O, Urban Center Zone, Open
Highest and Best Use Existing apartment complex
Indications of Market Value:
Cost Approach
Income Approach
Sales Comparison Approach
Not Applicable
Not Applicable
$ 223,000
Final Estimate of Market Value $ 223,000
Date of Value Estimate October 30, 2023
Date of Inspection October 30, 2023
Date of Report November 1, 2023
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LOOKING NORTHEASTERLY AT SUBJECT PROJECT FROM N. W. 19TH STREET
LOOKING NORTHWESTERLY AT SUBJECT PROJECT FROM N. W. 19TH STREET
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LOOKING EASTERLY AT SUBJECT UNIT
LOOKING WESTERLY AT SUBJECT UNIT
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INTERIOR VIEW
INTERIOR VIEW
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INTERIOR VIEW
INTERIOR VIEW
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LOOKING WESTERLY ON N.W.19TH STREET — SUBJECT TO RIGHT
LOOKING EASTERLY ON N.W. 191n STREET — SUBJECT TO LEFT
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INTRODUCTION
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INTRODUCTION
IDENTIFICATION OF THE PROPERTY
Unit 358 in Town Park Plaza North Condominium.
LOCATION
491 N. W. 19th Street
Miami, Florida.
PURPOSE AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value of the property as of October 30,
2023, being one of the dates of personal inspection.
INTENDED USE AND USER OF APPRAISAL
The intended use of this appraisal is to estimate the Market Value of the subject property for a
possible sale of the property. The intended user is the City of Miami Southeast Overtown Park
West Community Redevelopment Agency..
LEGAL DESCRIPTION
Unit 358 and an undivided interest in the common elements thereof, in TOWN PARK PLAZA
NORTH CONDOMINIUM, according to Declaration of Condominium thereof, recorded in Official
Records Book 21368, Page 384, of the Public Records of Miami -Dade County, Florida.
PROPERTY RIGHTS APPRAISED
The property is appraised in fee simple: a fee without limitations to any particular class of heirs
or restrictions, but subject to the limitations of eminent domain, escheat, police power and
taxation, as well as utility easements of record.
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DEFINITION OF MARKET VALUE
Market Value means the most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit
in this definition is the consummation of a sale as of a specified date and the passing of title from
seller to buyer under conditions whereby:
(1) buyer and seller are typically motivated;
(2) both parties are well informed or well advised and acting in what
they consider their own best interest;
(3) a reasonable time is allowed for exposure to the open market;
(4) payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and
(5)
the price represents a normal consideration for the property sold
unaffected by special or creative financing or sales concessions
granted by anyone associated with the sale.
Source: Interagency Appraisal and Evaluation Guidelines, December 10, 2010, Federal Register, Volume 75, No.
237, Page 77472
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ASSESSMENT AND TAXES — 2023
The subject property is assessed under the jurisdiction of the City of Miami, Florida.
The assessment for the property is established each year as of January 1st by the Miami -Dade
County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to
Market Value less closing costs. While the State of Florida requires real estate to be assessed at
100% of Just Value, in reality the ratio of the assessed value to sales price is generally below
100%.
Folio Number: 01-3136-083-0910
County Market Value: $121,300
Assessed Value: $92,525
Millage Rate: $20.6152 per $1,000
Taxes: $1,04138
OWNER OF RECORD AND ADDRESS
Sheila Marshall
P. O. Box 11668
Miami, FL 33101
THREE-YEAR HISTORY OF TITLE
According to a search of the Public Records of Miami -Dade County, there have no sales of the
subject units during the past three years.
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ESTIMATED EXPOSURE TIME
Exposure time is defined as the estimated length of time the property interest being appraised
would have been offered on the market prior to the hypothetical consummation of a sale at
market value on the effective date of the appraisal; a retrospective estimate based upon an
analysis of past events assuming a competitive and open market.
The overall concept of reasonable exposure encompasses not only adequate, sufficient and
reasonable time but also adequate, sufficient and reasonable effort.
In estimating a reasonable exposure time for the subject property, the following steps have been
taken:
Discussion with buyers, sellers, brokers and/or a review of multiple listings of
similar properties in the area related to historic marketing periods.
Based on the above sources, exposure time is estimated to have been 12 months for the subject
property.
ESTIMATED MARKETING PERIOD
The estimated value of the subject is predicated upon a normal marketing period. A normal
marketing period is generally defined as the most probable amount of time necessary to expose
and actively market a property on the open market to achieve a sale. Implicit in this definition
are the following assumptions:
(A) The property will be actively exposed and aggressively
marketed to potential purchasers through marketing channels
commonly used by sellers and buyers of similar type
properties.
(B) The property will be offered at a price reflecting the most
probable markup over market value used by sellers of similar
type properties.
(C) A sale will be consummated under the terms and conditions
of the definition of Market Value required by the regulation.
In order to estimate the marketability of this property, the sales activity in this market area was
reviewed over the past three years, multiple listings were reviewed and real estate brokers who
operate in this area were interviewed.
Based on the above sources, the subject property could be sold within a 12-month time period.
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SCOPE OF THE APPRAISAL
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SCOPE OF THE APPRAISAL
The scope of the assignment relates to the extent and manner in which research is conducted,
data is gathered and analysis is applied, all based upon the following problem -identifying factors
stated elsewhere in this report.
This appraisal of the subject has been presented in the form of an Appraisal Report, which is
intended to comply with the reporting requirements set forth under Standards Rule 2-2 (a) of the
USPAP.
Data related to the subject property was derived from various sources including but not limited to
the Miami -Dade County Property Appraiser's Office, Miami -Dade County, FEMA flood zone
maps, Land Development Regulations of the City of Miami, Hopkins Plats, and tax roll
information provided by Miami -Dade County Property Appraiser's Office.
Comparable sale sources include Miami -Dade County Property Appraiser's Office, Board of
Realtors' Multiple Listing Services, CoStar, and LoopNet. Sales prices are typically confirmed
with a party to the transaction, i.e., buyer, seller, real estate agent or attorney to the transaction.
A Cost Approach to Value is not applicable to the valuation of a partial interest in a
condominium since condominium units include ownership of a percentage of the common
elements of the condominium. It is not practical to divide the value of the common elements and
allocate the value of the common area to the individual units.
The subject property is a single apartment unit in a condominium with multiple units. This type
of property is typically purchased by owner/users rather than as rental investments. An Income
Approach to Value is therefore not considered applicable for the valuation of the subject
property.
A search for condominium apartment units in the subject market area was conducted. The initial
sales period researched are January of 2021 through the date of valuation. The sales all have
similar highest and best uses as the subject property. Several other sales were considered, but
were not included because there was too wide a difference in physical factors, location and time.
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LOCATION ANALYSIS
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COUNTY DATA
Miami -Dade County - Location and Size
Miami -Dade County, which comprises the metropolitan area of Miami, is situated on the
southeast tip of the state of Florida. It is bordered on the east by the Atlantic Ocean, on the west
by Monroe and Collier Counties, on the north by Broward County, and on the south by Monroe
County (the Florida Keys).
Miami -Dade County, the largest county in area and population in the state of Florida, covers an
area of 2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354
square miles of the County.
Although the County is relatively large, approximately half of the total area is comprised of the
Everglades, which is a natural area that will not be developed. Therefore, only the eastern
section of Miami -Dade County encompasses the area which is currently developed or available
for future development.
Miami -Dade County's location, its southern latitude and proximity to the Gulf Stream provide
for mild winters and pleasant summers.
Population
The state of Florida has increased rapidly in population from 9,740,000 in 1980 to 12,937,926 in
1990, 15,982,378 in 2000, and 18,801,310 in 2010. The 2020 population of Florida was
21,538,226, an increase of 14.6% over the 2010 population. In 2022, the population of the state
was 22,244,823 persons, a 3.3% increase over 2020.
Miami -Dade County's population increased from 1,626,000 in 1980 to 1,937,094 in 1990,
reflecting an average annual compounded growth rate of 1.77%, compared with 2.88% for the
state of Florida. By 2010, Miami -Dade County's population increased to approximately
2,496,435. The population grew to 2,701,762 by the Year 2020, an increase of 8.2% over the
2010 population. By the Year 2022 the population decreased to 2,673,837, a decrease of 1.03%
over the 2020 population.
Miami -Dade County's population growth during the last four decades has been dramatic
especially in relation to national trends. From 1950 to 1990 the United States population
increased by 60% while the population of Miami -Dade County has almost quadrupled from
495,084 to 1,937,000. During this period, the state of Florida was elevated from the 20th most
populous state to the 4th in 1990 and continues to be the fourth most populous state.
During the 1960s, the major increase in Miami -Dade County's population was due to the large
immigration of Cubans. Today, Cuban and other Spanish speaking people comprise
approximately 62% of Miami -Dade County's population. The increase in Hispanic population
has had favorable effects on the local economy and has helped to create a multi -national cultural
environment in the area.
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The overall population of Miami -Dade County is well dispersed throughout the entire area, yet
has several key areas of concentration. During the 1960s, several sub -areas accounted for
approximately 70% of the growth. These areas include Hialeah, northern Miami -Dade County,
the Beach area, the Miami River area, the area southwest of Miami International Airport, as well
as the Kendall and Cutler Ridge areas.
Since 1970, approximately three -fourths of the total population growth for the County has
occurred in the unincorporated areas. The older centrally located cities such as Miami, Miami
Beach and Coral Gables have grown at modest rates from 1970 to 1990. Unincorporated Miami -
Dade County has evidenced the most rapid growth which continues to occur in areas in northeast
Miami -Dade County (Aventura), as well as the currently expanding southwest area, especially in
sections of Flagler Street, S.W. 8th Street, North Kendall Drive and Homestead.
Population trends indicate that most of the population growth in Miami -Dade County between
2010 and 2020 occurred in outlying areas such as North Miami Beach, the Kendall area west of
the Florida Turnpike, the S.W. 8th Street area west of the Florida Turnpike, the Hialeah -Miami
Lakes area, as well as those areas both east and west of U.S. Highway 1 between Cutler Ridge
and Florida City.
Employment Trends
The dominant characteristic of Miami -Dade County is that it is primarily trade and service based.
Personal, business and repair services have had a substantial increase in importance in the
economic base over the last decade. The major sectors of the economy include services,
wholesale and retail trade, transportation, communications, public utilities, government and
manufacturing. The most dominant industries which form the County's economic base are
construction and tourism.
Tourism is Miami -Dade County's biggest industry with an estimated 22.5 million visitors in
2022 contributing to more than 50 percent of the area's economy. Aviation and related industries
are responsible for another large segment of the economy.
The largest employer in Miami -Dade County is the Miami -Dade County School Board, followed
by Miami -Dade County, University of Miami, Baptist Health Systems of South Florida,
American Airlines, Jackson Health System, Florida International University, City of Miami,
Mount Sinai Medical Center, and Florida Power and Light. Assuming additional importance is
the growing prominence of Miami -Dade County as a center for international trade, finance and
tourism. The establishment of Miami as the "Gateway of the Americas" should provide the area
with a much needed degree of economic diversification. This should enable Miami -Dade
County to weather slowdowns in the national economy by an increase of trade through the Port
of Miami, growth of international arrivals at the airport, the Free Trade Zone, and the substantial
foreign investment in the local economy, particularly in real estate.
In April of 2023, Florida's unemployment rate was 2.3 percent, down from 4.5 percent in
November of 2021 and a high of 14.2 percent in May of 2020. The unemployment rate for
Miami -Dade County in April of 2023 was 1.8 percent, down from 3.5 percent in December of
2021.
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TABLE 1
ESTIMATES OF MIAMI-DADE COUNTY TOURIST TRENDS
INTERNATIONAL
DOMESTIC
TOTAL
2016
7,624,200
8,100,000
15,724,200
2017
7,798,200
8,061,800
15,860,000
2018
5,779,000
10,730,000
16,509,000
2019
5,337,000
10,986,000
16,323,000
2020
1,842,000
6,036,000
7,878,000
2021
3,747,000
8,719,000
15,915,000
2022
4,743,000
14,426,000
19,169,000
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
Figures for 2022 indicate 19,169,000 overnight visitors came to Miami -Dade County, a 20.5%
increase from 2021. In 2021, the total overnight visitors were 15,915,000, an increase of 102%
over 2020.
TABLE 2
ESTIMATES OF DOMESTIC VISITORS BY REGION
DOMESTIC MARKET
2018
2019
2020
2021
2022
NEW YORK
28.5%
28.4%
34.4%
36.6%
36.0%
ATLANTA
7.6%
7.9%
10.9%
10.7%
10.9%
CHICAGO
8.0%
8.0%
10.7%
10.1%
9.0%
PHILADELPHIA
7.2%
7.3%
7.5%
7.0%
7.2%
LOS ANGELES
6.4%
6.3%
6.4%
4.9%
7.2%
BOSTON
4.2%
4.3%
6.5%
6.0%
6.7%
WASHINGTON, DC
6.2%
6.2%
6.2%
6.2%
6.5%
DALLAS
4.8%
4.6%
6.8%
7.3%
7.2%
HOUSTON
3.9%
4.0%
5.7%
6.7%
5.7%
DETROIT
3.5%
2.9%
4.9%
4.6%
4.5%
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
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Table 2 indicates that the bulk of domestic visitors to Miami -Dade County originate from the
New York (36.6%), Atlanta (10.7%) and Chicago (10.1%) market areas. Of the top ten domestic
market visitors, the majority (49.6%) are from northeastern market areas.
TABLE 3
ESTIMATES OF INTERNATIONAL VISITORS BY REGION
REGION
2018
2019
2020
2021
2022
EUROPEAN COUNTRIES
31%
32.9%
15.6%
14.1%
13.7%
CARIBBEAN COUNTRIES
10%
10.3%
18.6%
15.1%
21.9%
CENTRAL AMERICAN
COUNTRIES
10%
10.2%
17.5%
16.3%
19.4%
SOUTH AMERICAN
COUNTRIES
35%
31.0%
29.2%
40.2%
31.5%
CANADA
6%
6.6%
8.1%
2.7%
5.3%
OTHER COUNTRIES
8%
9.0%
11.0%
11.3%
8.2%
TOTAL
100%
100%
100%
100%
100%
Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures
Table 3 shows that the bulk of international visitors to Miami -Dade County originate from
Central and South American Countries (50.9%), followed by Caribbean Countries (21.9%) and
European Countries (13.7%). England and Germany accounted for the largest proportion of
European visitors.
In 2022 there were a total of 3,677,176 passengers passing through the Port of Miami. During
2022, the number of Port of Miami passengers decreased 745.6% from 2021, but 31.9% less than
2019.
In 2022 approximately 25,269,260 passengers arrived through Miami International Airport. The
passengers arriving at the airport increased 35.9% from the previous year. The domestic arrivals
at the airport far outpaced international passengers. In 2022, domestic arrivals totaled
14,648,800 and international arrivals totaled 10,621,100.
As of December 2022, there were 61,973 motel and hotel rooms in 564 lodging facilities in
Greater Miami and the Beaches. In 2022, the number hotels increased 41 and the number of
rooms increased by 4,393 rooms. The majority of the hotels, 38.5%, are located in Miami Beach,
followed by the airport area at 11.7%. The Miami area had an occupancy rate of 72.1 percent in
2022, an increase of 8% from 2021. The airport area had the highest occupancy rate in 2022 at
around 84%.
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Average room rate for hotel rooms in Miami -Dade County was $289.74 in 2022, down from
$312.74 in 2021. Therefore, the average hotel room rates in 2022 indicate a decrease of 7.4%
over the 2020 rate.
In 2021, the new hotels opening in the county included Tru by Hilton (72-rooms) and Home 2
Suite (145-room) in the airport area, and citizen M (351-rooms), AC Hotel (156-rooms), and Tru
by Hilton (141-rooms) in the downtown market. In 2022, the new hotels in the county included
Arlo Wynwood (217-rooms) in the Wynwood district, The Elser Hotel (646-rooms) in
Downtown, Pelican Hotel (32-room) in Miami Beach, Esme (145-rooms) in Miami Beach,
Loews Coral Gables (219-rooms), and citizen M Miami World Center (351-rooms) in the
Brickell area.
Miami -Dade Financial Resources
Over the course of the last decade, Greater Miami has evolved into a major international
financial center. Domestic and international businesses find convenient access to a full array of
services provided by locally -based state and national commercial banks, savings and loan
associations, foreign banks, non -depository credit institutions, securities and commodities
brokers and insurance companies.
Greater Miami has the largest concentration of domestic and international banks south of New
York City. With more than 90 percent of the state's foreign banks operating offices in Miami,
this market dominates international banking in Florida.
Overall, about 150 domestic banks, foreign banks and Edge Act banks operate in Greater Miami.
The greatest concentration is located along Brickell Avenue in downtown Miami.
Transportation
Miami -Dade County has an extensive expressway system with access to all points in the County.
However, due to the rapidly increasing population, some of the expressways, especially
Interstate 95, are becoming overburdened. In 1985 Miami -Dade County completed a 20.5 mile
elevated rapid transit system. This system originally extended southward from downtown Miami
to Dadeland, paralleling U.S. Highway 1 and northwesterly from downtown Miami to Hialeah.
In 1999, the system was extended about a mile from Hialeah to the Palmetto Expressway at NW
74th Street. An expansion to the Miami International Airport opened in 2013. In conjunction
with this system, there is a Downtown People Mover Automated Transit system which encircles
the central business district of Miami and extends south to the Brickell area and north to the
Omni area.
Miami -Dade County is served by the CSX and Florida East Coast Railroads for freight and
Amtrak Rail, TriRail and Brightline for passenger service, and Greyhound bus lines for
passenger service.
Miami International Airport, one of the nation's largest and busiest, had 458,478 aircraft arrivals
and departures during 2022, an increase of 18.2% from 2021. As of March 2023, the airport had
41,062 aircraft arrivals and departures, a decrease of 2.4% from the same period in 2022.
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Miami has become a port of embarkation for ships bound for Central and South American
Countries. The Port of Miami, besides being the largest passenger port in the nation, is also
important as a cargo center with a 2021 annual tonnage of approximately 11.149 million, up 16%
from 9.725 million in 2019. The port's traditional customer base has been Europe, China, Latin
America and the Caribbean, accounting for 65% of the port's total volume.
Miami's comprehensive transportation system and its strategic location have enabled it to
become an important international transportation center, providing commercial access to Latin
America and the Caribbean.
Government
Miami -Dade County is comprised of unincorporated areas, as well as 36 municipalities, the
largest of which is the city of Miami.
Miami -Dade County is governed under a modified two-tier metropolitan government. The
purpose of this type government was to establish one governing body for the county, and to
establish one supply of services such as fire, police, etc. for the county. The upper tier is the
County, which provides broad "regional" or county functions, such as metropolitan planning,
welfare, health and transit services. The thirty-six municipalities represent the lower tier of
government, providing a varying array of services within their jurisdictional boundaries. The
County also maintains lower tier functions, such as the provision of municipal -type services,
including police and fire, to the unincorporated areas and certain municipalities on a negotiated
basis.
The County operates under the strong mayor form of government. Legislative and policy -making
authority is vested in the elected thirteen -member Board of County Commissioners; the mayor
appointed County Manager is the chief administrator. Miami -Dade County has operated under
the metropolitan form of government since 1957, when the Home Rule Charter was passed by
the local electorate. Prior to Home Rule, the County had to rely on the State Legislature for the
enactment of its laws.
County government had not been able to respond to the tremendous demand for municipal
services in this rapidly urbanizing area, which is larger than the State of Rhode Island or
Delaware. The need to combine services duplicated by the County and numerous cities was also
clearly evident. The Charter permitted the limited County government to reorganize into a
general purpose "municipal -type" government capable of performing the full range of public
functions into an area wide operation.
Real Estate
The Miami -Dade County Office Market contains approximately 97.613 million square feet of
office space. Approximately 22% in the Airport West area, 15% of this space is located in the
Miami central business district and adjacent Brickell Avenue, 12% in Kendall, and 11% in Coral
Gables. The vacancy rate of office buildings in Miami -Dade County decreased during the first
quarter of 2023 to about 10.1%, down from 10.3% in the first quarter of 2022. During the first
quarter of 2023, 4,724,300 square feet of office space was is under construction in Miami -Dade
County. The absorption of office space during the first quarter of 2023 was a 204,400 square
QUINLIVAN APPRAISAL
22
feet. Office rental rates in new buildings average approximately $51.70 per square foot. The low
end of the range is for office space in the suburban markets. The upper end of the range is for
first class office space in Downtown Miami, Brickell Avenue, Coconut Grove and Coral Gables.
The Greater Miami Industrial Market consists of approximately 231.26 million square feet of
industrial space in 5,433 buildings. The vacancy rate of industrial buildings in Miami -Dade
County decreased in the first quarter of 2023 to about 1.8%, down from 2.7% in the first quarter
of 2022. During the first quarter 2023, 9,882 thousand square feet is under construction in
Miami -Dade County. The absorption of industrial space as of the first quarter of 2023 was 1,086
thousand square feet. Rental rates in new buildings average approximately $14.61 per square
foot.
The approximate percentage location of this space is as follows:
MARKET AREA
% OF TOTAL MARKET SPACE
AIRPORT WEST
29.6%
HIALEAH
25.6%
MEDLEY
16.7%
MIAMI LAKES
3.3%
NORTHEAST DADE
4.8%
NORTHCENTRAL DADE
14.9%
SOUTH DADE
5.1%
TOTAL
100%
Miami-Dade's single-family home sales decreased 29.6% in the first quarter of 2023 in
comparison with the first quarter of 2022 according to the Miami Association of Realtors. A total
of 2,413 homes were reported sold in the first quarter of 2023, compared to 3,426 homes sold in
the first quarter of 2022. In 2022 a total of 12,250 homes sold, compared to 15,705 homes in
2021. In the first quarter of 2023, the median sales price for single-family homes was $560,000,
up 5.1% from the previous year.
Existing condominium and townhouse sales showed a decrease of 46.5% in the first quarter of
2023 from in the first quarter of 2022 according to the Miami Association of Realtors. A total of
3,194 condominium and townhouse units were reported sold in the first quarter of 2023,
compared to 5,972 condo units sold in the first quarter of 2022. In 2022 a total of 19,377
townhomes and condominium units sold, compared to 23,689 townhomes and condominiums in
2021. In the first quarter of 2023, the median sales price for condominium and townhouse units
was $400,000, up 5.3% from the previous year.
According to the Marcus & Millichap Multifamily Market Report Second Quarter 2023, the
vacancy rate was 4.6% for rental apartment buildings in the Miami market area, which was a 110
basis points increase from the previous year. Apartment rents in Miami -Dade County averaged
$2,631 per month, indicating an increase of 18% from the previous year. New apartment
construction during 2022 will be nearly 8,800 units, indicating an increase of 2.7%.
QUINLIVAN APPRAISAL
23
The Miami -Dade County retail market contains approximately 108.65 million square feet in
2,582 properties. The major retail markets in Miami -Dade County include Hialeah, Coral
Gables/South Miami -Dade, Aventura and Kendall. Rental rates typically range from $23 to $78
per square foot with highest rates in the $70.00 per square foot range in the Wynwood District.
The overall Miami -Dade County vacancy rate for the first quarter of 2023 was 3.3%, which is 10
basis points less than the first quarter of 2023. As of the first quarter of 2023, 3.17 million square
feet of retail space was under construction.
Conclusions
In the future, one of the principal growth areas for Miami -Dade County is expected to be the
international sector. Miami -Dade County, because of its geographic location and excellent
transportation facilities, is well -suited to attract both business individuals and tourists from Latin
America. It is already one of the principal shopping markets for Central and South Americans
visiting the United States and one of the principal export points for goods and services destined
for Latin America.
The existence of major financial institutions, retail outlets, corporations and other business
entities, coupled with its geographic location, transportation systems and planned international
trade centers give Miami -Dade County an excellent opportunity for continued growth as an
international center.
During the next 12 months all segments of the commercial real estate market should continue to
experience decreasing vacancy rates and increasing rental rates. With increasing inventories for
both single family residences and condominium apartment units, sales activity is expected to
continue to be strong during 2023.
QUINLIVAN APPRAISAL
24
LOCATION MAP
Hialeah Gard
Pi-hmnnr1 Hai
—1.992
,,jChapman
Field Park
Miami
853
Dept of Public
Facilities
Biscayne
Bay Aquatic
Preserve
Biscayne Bay
856 -unny Isle
al Harbour
Surfside
mi Beach
Virginia Key
Key Biscayne
¢Key Biscayne
Biscayne National Park
QUINLIVAN APPRAISAL
25
NEIGHBORHOOD DATA
The subject property is located northwest of the Central Business District of Miami in an area
known as Overtown. The subject property is more specifically located on the south side of N.
W. 20th Street, between N. W. 4th Court and N. W. 5th Place.
The Overtown area, west of N. W. 1St Avenue to Interstate 95 and north of N. W. 5th Street to N.
W. 20th Street, is characterized by a large number of small apartment buildings. These buildings
were constructed primarily in the late 1940s and 1950s. These buildings generally are in poor to
fair condition, with virtually no new private construction in recent years.
There are two 30-story high-rise apartment buildings located just north of the former Miami
Arena site at N.W. 8th Street and N.W. 1st Avenue. These buildings were constructed on City of
Miami land by private developers. The south building, Bayview Towers, was constructed in
1989 and contains 356 units. The north building, Park Place by the Bay, was constructed in 1990
and contains 463 units. The rental rates area relatively reasonable in these buildings.
There has been little redevelopment in this area. The stimulus to speculation has been the
Performing Arts Center on Biscayne Boulevard at N.E. 13th Street. The construction was
completed in 2007. In addition to the speculation related to the Performing Arts Center, the
establishment of the Park West Entertainment District by the City in April of 2000 had a positive
affect on the property values.
The intent of the Ordinance was to eliminate the distance requirements between nightclubs and
to actually encourage establishment of clubs in close proximity to one another. It also provides
for 24-hour liquor licenses within the district. The Park West Entertainment District is bounded
by S. R. 836/I-395 to the north, Biscayne Boulevard to the east, N.E. 7th Street to the south, and
North Miami Avenue to the west.
Motivated by the liberal provisions of the Park West Entertainment District, in conjunction with
greater restrictions being placed on nightclub operators on South Beach, club owners have
acquired a number of older industrial buildings and vacant sites in the area - primarily along N.
E. 1lth Street and N. E. loth Streets. The older buildings have been totally renovated and opened
as nightclubs, reportedly with tremendous success. Although no new buildings have been built
on vacant sites, several are reportedly planned.
The Central Business District of Miami is located just southeast of the Overtown area. The
Central Business District is defined with Biscayne Boulevard at the east boundary, N.W./S.W.
1st Avenue to the west, N.E. 5th Street to the north and the Miami River to the south. The
Central Business District is comprised of offices, hotels and retail stores. The older buildings
were constructed primarily in the period between 1920 and 1940. The newer buildings were
constructed primarily in the 1960s and 1970s. Flagler Street is the primarily retail/office street in
the Central Business District of Miami. There are a variety of retail stores, department stores and
offices fronting along Flagler Street in the Central Business District.
QUINLIVAN APPRAISAL
26
The Overtown Station of Miami -Dade County's Rapid Transit System, known as Metrorail, is
located at N.W. 8th Street and N.W. 1st Avenue, approximately one mile southeast of the subject
property. The Metrorail is an elevated track train system which extends north and west through
the City of Hialeah to the Palmetto Expressway at N. W. 74th Street, and south to the Dadeland
area.
The Downtown Metromover emanates from the Government Center Station. The Metromover is
an elevated track, remote controlled vehicle system which provides local transportation in the
Central Business District. The Metromover track extends southerly to S.E. and S.W. 4th Street,
easterly to Biscayne Boulevard, northerly to N.E. and N.W. 5th Street and westerly to N.E. and
N.W. 2nd Avenue. The Metromover has nine stations throughout the Central Business District of
Miami. Extensions of the Downtown Metromover have been constructed that run to the Omni
and Brickell Avenue areas.
In summary, the subject property is located northwest of the Central Business District of Miami,
in an older multi-family/commercial area known as Overtown.
QUINLIVAN APPRAISAL
27
NEIGHBORHOOD MAP
SUBJECT PROPERTY
491 N.W. 19 Street
QUINLIVAN APPRAISAL
28
SITE DATA
QUINLIVAN APPRAISAL
29
SITE DATA
Dimensions and Shape:
The site is comprised of two adjacent rectangular sites. The west site is located on the southwest
comer of N.W. 20th Street and N.W. 5th Place.
The north property line of the east site fronts for 514.53 feet on the south right-of-way line of
N.W. 20th Street to a 25-foot radius curve to the left along an arc length of 39.11 feet. The west
property line thence extends southerly for 494.34 feet along the east right-of-way line of N.W.
5th Place to a 75-foot radius curve to the left along an arc length of 116.94 feet. The south
property line thence extends easterly for 463.62 feet along the north right-of-way line of N.W.
19t Street to a 25-foot radius curve to the left along an arc length of 39.49 feet. The east property
line thence extends northerly for 552.96 feet along the west right-of-way line of N.W. 4th Place
to a 25-foot radius curve to the left along an arc length of 39.5 feet.
The north property line of the west site fronts for 166.4 feet on the south right-of-way line of
N.W. 20th Street to a 25-foot radius curve to the right along an arc length of 39.43 feet. The east
property line thence extends southerly for 475.0 feet along the west right-of-way line of N.W. 5th
Place. The south property line thence extends westerly for 191.52 feet. The west property line
thence extends northerly for 500.0 feet.
Area:
East Site 335,752 square feet or 7.71 acres
West Site 95,640 square feet or 2.20 acres
Total 431,392 square feet or 9.91 acres
Topography and Drainage:
The site is level at elevations equivalent to the abutting streets.
Flood Zone:
Map No. 12086C00312 L
"X" Areas determined to be outside the 0.2% annual chance flood plain.
Soil and Subsoil:
The immediate area of the subject site appears to have no unusual soil or subsoil conditions.
Unusual conditions would be brought out by test borings.
Utilities:
Water: Miami -Dade Water and Sewer Department
Sewer: Miami -Dade Water and Sewer Depailiuent
Electricity: Florida Power & Light Company
QUINLIVAN APPRAISAL
30
Telephone: ATT
Street Improvements:
N.W. 5th Place is asphalt paved with a
northbound lane and one southbound lane.
N. W. 4111 Court is asphalt paved with a
northbound lane and one southbound lane.
N.W. 19th Street is asphalt paved with a
eastbound lane and one westbound lane.
N. W. 20th Street is asphalt paved with a
eastbound lanes and two westbound lanes
dedicated width of 60 feet. N.W. 5th Place has one
dedicated width of 60 feet. N.W. 4th Court has one
dedicated width of 60 feet. N.W. 19th Street has one
dedicated width of 90 feet. N.W. 20th Street has two
divided by a median.
QUINLIVAN APPRAISAL
31
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QUINLIVAN APPRAISAL
32
ZONING
QUINLIVAN APPRAISAL
33
ZONING
Under Ordinance of the City of Miami, Florida.
Classification: T5-O URBAN CENTER ZONE - OPEN
The urban center zone consists of higher density mixed -use building types that accommodates
retail and office uses, rowhouses, and apartments. A network of small blocks has thoroughfares
with wide sidewalks, steady street tree planting and buildings set close to the frontages with
frequent doors and windows.
Permitted Principal Uses allowed by right include single family residences, duplexes,
multifamily housing, dormitory, community residences, home offices, bed & breakfasts, inns,
hotels, entertainment establishments, food service establishments, general commercial, offices,
recreational facilities, religious facilities, learning center, pre-school, and research facilities.
Uses permitted by warrant (administrative process) include auto related facilities, marine related
facilities, open air retail, community facilities, infrastructure and utilities, community support
facilities, marinas, public parking, transit facilities, childcare, universities, schools, and
vocational training. Uses permitted by exception include alcohol beverage service
establishments.
Development Regulations
Minimum Lot Size: 1,200 square feet
Maximum Lot Size: 40,000 square feet
Minimum Lot Width: 16 feet
Maximum Lot Coverage: 60%
Floor Lot Ratio: None
Minimum Green Space: 10%
Maximum Density: 65 dwelling units per acre
Setbacks:
Front 10 feet
Side 0 feet
Back 0 feet
Maximum Building Height: Five stories
Minimum Building Height: Two stories
QUINLIVAN APPRAISAL
34
Minimum Offstreet Parking:
Principal Dwelling
Community Residence
Lodging
Office
Commercial
Civic
Educational
1.5 spaces per unit
1 space per staff member in addition to required parking
1 space per 5 lodging units
3 spaces per 1,000 square feet
3 spaces per 1,000 square feet
3 spaces per 1,000 square feet of exhibition area
2 spaces per 1,000 square feet
QUINLIVAN APPRAISAL
35
HIGHEST AND BEST USE
QUINLIVAN APPRAISAL
36
HIGHEST AND BEST USE
Fundamental to the concept of value is the theory of highest and best use. Land is valued as if
vacant and available for its highest and best use.
The Appraisal Institute in The Dictionary of Real Estate, Sixth Edition, defines highest and best
use as follows:
The reasonably probable and legal use of vacant land or an improved property, which is
physically possible, appropriately supported, financially feasible, and results in the highest value.
Land has limited value unless there is a present or anticipated use for it; the amount of value
depends on the nature of the land's anticipated use, according to the concept of surplus
productivity. Among all reasonable, alternative uses, the use that yields the highest present land
value, after payments are made for labor, capital, and coordination, is generally regarded as the
highest and best use of the land as though vacant.
The highest and best use of a property as improved refers to the optimal use that could be made
of the property including all existing structures. The implication is that the existing
improvement should be renovated or retained as so long as it continues to contribute to the total
market value of the property, or until the return from a new improvement would more than offset
the cost of demolishing the existing building and constructing a new one.
In estimating the highest and best use there are essentially four stages of analysis:
1. Possible Use. What uses of the site being appraised are
physically possible?
2. Permissible Use (Legal) What uses are permitted by
Zoning and Deed Restriction, if any?
3. Feasible Use. Which possible and permissible uses will
produce a net return to the owner of the site?
4. Maximally Productive. Among feasible uses, which use will
produce the highest net return to the owner of the site?
The highest and best use of the land (or site), if vacant and available for use, may be different
from the highest and best use of the improved property. This is true when the improvements are
not an appropriate use, but make a contribution to the total property value in excess of the value
of the site.
QUINLIVAN APPRAISAL
37
The following four point test is required in estimating the Highest and Best Use. The use must be
legal. The use must be probable, not speculative or conjectural. There must be a profitable
demand for such use and it must return to the land the highest net return for the longest period of
time.
These tests have been applied to the subject property. In arriving at the estimate of Highest and
Best Use, the subject site was analyzed as vacant and available for development, and as
improved.
Possible Use
The site fronts on N. W. 19th Street, N. W. 20th Street, N. W. 4th Court and N. W. 5th Place. N.
W. 20th Street is a traffic artery. N. W. 19th Street, N. W. 4th Court and N. W. 5th Place are
secondary streets in a residential district. Therefore, the site has adequate exposure and access.
The site is comprised of two sites separated by the right-of-way of N.W. 5th Place. Each site has
sufficient street frontage and depth for good functional utility. All necessary utility services are
available along the abutting street right-of-ways.
The sites have a total size of 431,392 square feet in size, which equates to 9.91 acres.
The size and shape and available utilities of the site would allow many uses. The size of the site
would indicate a fairly large scale use of the site or a subdivision into several sites.
Permissible Use (As if Vacant)
Permissible or legal uses are those uses which are permitted by zoning and deed restrictions.
The site is zoned in a residential zoning district. The permissible uses of the site include single
family residences, duplexes, multifamily housing, dormitory, community residences, home
offices, bed & breakfasts, inns, hotels, entertainment establishments, food service establishments,
general commercial, offices, recreational facilities, religious facilities, learning center, pre-
school, and research facilities. Uses permitted by warrant (administrative process) include auto
related facilities, marine related facilities, open air retail, community facilities, infrastructure and
utilities, community support facilities, marinas, public parking, transit facilities, childcare,
universities, schools, and vocational training.
Based on an analysis of the zoning, the maximum permitted residential density would be 65
dwelling units per acre. The maximum building height would be five stories.
Feasible Use/Maximally Productive Use
The physical characteristics and zoning of the subject site would permit single family houses,
duplexes, townhouses, and apailments.
The site is located in a fully developed residential district comprised of single family houses,
townhouses, and garden style apail,nent buildings.
QUINLIVAN APPRAISAL
38
Conclusion (As if Vacant)
Based on the possible, permissible and feasible uses of the site, the Highest and Best Use of the
subject site is considered to be for a multiple family residential building.
Highest and Best Use as Improved
The subject site is developed with 20 garden style apartment buildings. The buildings were
constructed in 1973. The buildings have a total of 169 residential units. The existing
improvements appear to comply with zoning and are in conformity with surrounding uses.
The subject apartment unit is part of a condominium apartment project known as the Town Park
Plaza North Condominium. The subject unit is a two bedroom, one bathroom floor plan. The
Unit is 782 square feet in size.
The buildings appear to be in average condition. A apaittnent use is permitted by the zoning of
the site. The subject buildings are similar in design and construction quality to other
condominium projects in the market area.
The existing multi -family residential use is considered to represent the highest and best use of
the site.
QUINLIVAN APPRAISAL
39
DESCRIPTION OF IMPROVEMENTS
QUINLIVAN APPRAISAL
40
DESCRIPTION OF IMPROVEMENTS
Age and Condition
According to the Public Records of Miami -Dade County, the subject complex was constructed in
1973. The complex went through a $13.5 million renovation in the past five years. From personal
inspection the improvements appear to be in average condition.
Description
The site is improved with 20, two- and three-story apartment buildings containing a total of 169
units. The building structures are masonry construction. The buildings are two-story mostly
townhouse style apartment buildings. The apartment units are all accessed from exterior
hallways.
The interiors of the apartment units have average quality finishes with formica cabinetry, electric
appliances, tile floors, drywall ceilings service, and painted drywall. Each unit has a balcony on
the exterior of the building.
The subject unit is a townhouse style apartment. The floor plan is comprised of a living room
and kitchen on the ground floor and two bedrooms and a bathroom on the second floor. The
second floor is accessed by an interior stairway. A walled courtyard is located on the west side
of the exterior of the unit.
The complex has grade level asphalt paved parking lots adjacent to the buildings. The parking
appears adequate. The site is enclosed by a metal fence. The complex has a common area
clubhouse building on the east site. The clubhouse has not been renovated and is boarded up.
The site has playgrounds and sports court throughout the complex.
Size
782 square feet
Details of Construction
Foundation: Steel reinforced poured concrete footings.
Frame: Poured concrete
Exterior Walls: Eight inch concrete block with stucco finish -painted
Windows: Metal frame sliding
Roof: Gable end style, asphalt shingles over wood deck on truss
system
Interior Walls: Painted drywall on metal studs
Ceilings: Textured stucco on drywall.
QUINLIVAN APPRAISAL
41
Floors: Ceramic tile on concrete slab
Lighting: Fluorescent and incandescent
Equipment and Fixtures (Each Unit)
Central air conditioning
Kitchen appliances to include refrigeration/freezer and oven/range
Site or Yard Improvements
Landscaping
Asphalt paved parking lots
Playground
Sports courts
Clubhouse
Metal fence
QUINLIVAN APPRAISAL
42
BUILDING SKETCH
QUINLIVAN APPRAISAL
43
THE APPRAISAL PROCESS
QUINLIVAN APPRAISAL
44
THE APPRAISAL PROCESS
The appraisal of real estate is generally valuated by means of one or more of the following
approaches:
(1) The Cost Approach
(2) The Income Approach
(3) The Sales Comparison Approach
The Cost Approach
In the Cost Approach, land and building are valued as though they are separate entities. The land
value is first estimated as if vacant. Then, by consulting various cost services, local building
contractors and knowledge of construction costs, the replacement cost new of the building is
estimated. Accrued depreciation from all sources including physical deterioration, functional and
economic obsolescence must be deducted from this cost. The estimated land value is then added
to the depreciated cost of the building to give the "depreciated replacement cost" of the
property.
The Cost Approach is based on the premise that the value of a commodity tends to be set by the
cost of acquiring an equally desirable substitute. Applied to real estate, the assumption is that a
person would not likely pay more for a property than it would cost him to acquire a suitable site
and place an equally desirable building upon it. Costs would include direct cost of construction,
indirect costs such as financing costs, land and developer/builder's profit.
The unit being valued is a portion of a larger condominium. The Cost Approach is not
applicable to individual condominium units, only to the total condominium; accordingly, the
Cost Approach was not utilized.
Income Approach
The Income Approach is based on the premise that the value of a property may be determined by
the amount of net income it can reasonably produce over its remaining economic life. The
rationale of the approach is that the present worth of a future income stream is equivalent to the
value of the property which produces that income.
Four basic steps comprise the Income Approach:
(1) Estimate the reasonable expectable annual gross income the
property will likely produce.
(2) Deduct an allowance for vacancy and collection loss to arrive
at the effective gross income.
QUINLIVAN APPRAISAL
45
Deduct the annual expense of operation from the effective
gross income to arrive at the annual net income.
Capitalize the annual net income into an indication of value.
The subject property is a single apartment unit in a condominium with multiple units. This type
of property is typically purchased by owner/users rather than as rental investments. An Income
Approach to Value is therefore not considered applicable for the valuation of the subject
property.
The Sales Comparison Approach
The Sales Comparison Approach is an attempt to measure the reactions of typical buyers and
sellers. In this approach, a direct comparison is made between the property being appraised and
comparable properties which have sold recently. These sales are compared for degrees of
comparability such as location, size, age, zoning, time, conditions of sale, financing and other
pertinent data which would affect value. Adjustments are made for these factors in order to
arrive at a reliable estimate of value.
In this report, sales of condominium apartment units in the subject project are gathered and
analyzed.
Reconciliation
After applying the three approaches, three separate indications of value are available for analysis.
The indicated values obtained from each approach are correlated into one final conclusion of
value. Usually one approach will be considered more significant than the rest, either because of
the reliability of the data, or because of the type of property involved. Reconciliation is the
process by which each approach is objectively weighed according to its importance.
QUINLIVAN APPRAISAL
46
SALES COMPARISON APPROACH
QUINLIVAN APPRAISAL
47
SALES COMPARISON APPROACH TO VALUE
This approach to value is a technique in which the Market Value estimate is predicated upon
prices paid in actual market transactions of similar properties. These similar, or comparable,
transactions (sales) are adjusted to indicate a value to the subject.
The Sales Comparison Approach is a process of analyzing sales of similar recently sold
properties in order to derive an indication of the most probable sales price of the property being
appraised. The reliability of this approach is dependent upon the availability of comparable sales
data, the verification of the sales data, the degree of comparability and the absence of non -typical
conditions affecting the sale.
On the following pages there are sales of similar condominium units which have recently sold.
Several other sales were considered, but were not included because there was too wide a
difference in physical factors, location and time.
In comparing the sales to the subject unit, consideration was given to factors of time, location,
physical characteristics and terms and conditions of the sale. The sales were analyzed based on a
price paid per square foot of unit area.
QUINLIVAN APPRAISAL
48
SUMMARY OF COMPARABLE CONDOMINIUM UNIT SALES
No.
Unit
No.
Date of
Sale
Recordation
Sale Price
Seller
Buyer
BR/BA
Size
(S.F.)
Price/S.F.
1
365
8/24/22
33355/4089
$225,000
Eltressa D. Spencer
Mafra LLC
4/1'/2
1,114
$201.97
2
273
10/24/22
33447/4021
$290,000
AMH Investing
LLC
1994 NW 5 PL
LLC
3/11
1,056
$274.62
3
349
11/15/22
33514/4280
$210,000
ABRS Marketing &
Consulting LLC
Juliana Ortiz
2/1
782
$269.54
4
314
3/10/23
33638/1450
$245,000
Thelma Reese
Harriet C.
Daphins
3/1'/2
1,026
$238.79
5
362
3/22/23
33667/525
$215,000
Keep the
Conglomerate
Strong
Parrod Invest LLC
2/1
782
$274.94
6
323
6/28/23
33814/4408
$233,000
Fly Away 2012
LLC
Sabina Palms Inc.
2/1
782
$297.95
ANALYSIS OF SALES
The sales range in unit price from $201.97 to $297.95 per square foot of building area. The sales
range in time from August of 2022 to June of 2023.
All of the sales are condominium apaitment units in the Town Park Plaza North Condominium.
Property Rights
The fee simple interest is the property right being appraised. The comparable sales involved the
same or similar type of property rights.
Conditions of Sale
All of the sales were arm's-length transactions. An arm's-length transaction is defined as a
transaction freely arrived at in the open market unaffected by abnormal pressure of by the
absence of normal competitive negotiation as might be true in the case between related parties.
Financing
The financing of the sales does not indicate any adjustments of their prices for favorable/below
market financing.
Dale of Sale (Market Conditions)
The sales range in time from August of 2022 to June of 2023. There appears to have been no
change in sale prices in this market area over this period of time.
Location
The sale properties are all located in the same condominium as the subject unit. The locations of
sales are considered similar to the location of the subject.
Unit Size
The sales range in unit size from 782 to 1,114 square feet in size. The size of the subject unit,
782 square feet, is within the range of the sizes of the sale units. The sales indicate no difference
in price per square foot based on unit size.
Building Age/Condition
The subject condominium was constructed in 1973 and has been renovated. The sale properties
have the same building age as the subject. The ages and conditions of the sale properties are
considered similar to the subject.
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Conclusion
The sales range in unit price from $201.97 to $297.95 per square foot of building area. The sales
range in time from August of 2022 to June of 2023.
The sales are all located in the same condominium as the subject unit. The sales occurred in 2022
and 2023. The sales do not require any major adjustments. Sales 5 and 6 were given primary
emphasis in the final analysis. Sales 5 and 6 are the most recent sales and are the same size and
floor plan as the subject unit.
Based on the above analysis, the subject property is estimated to have a value of $285.00 per
square foot of adjusted building area.
782 Square Feet x $285.00 per Square Foot $222,870
Market Value Indication (Rounded) $223,000
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RECONCILIATION & VALUE CONCLUSION
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RECONCILIATION AND VALUE CONCLUSION
The reconciliation of the data and indicated value estimates is the final step in the appraisal
process. Sufficient data has been assembled and analyzed for the purpose of judging the
reactions of typical purchasers in the market place.
In this report, the three accepted appraisal techniques were considered. The value estimates
indicated by these approaches resulted in the following:
Cost Approach to Value Not Applicable
Income Approach to Value Not Applicable
Sales Comparison Approach to Value $223,000
Cost Approach to Value
The Cost Approach has the most applicability and will generally result in a truer estimate of
value when the building improvements are new and accrued depreciation need not be estimated.
Since the subject property is a condominium unit that includes a percentage of common
elements, the Cost Approach is not considered applicable for the valuation of the subject.
Income Approach to Value
The data in this approach as to the quality, quantity and durability of the income is considered
good. The income and expenses are based on the income and expenses of the subject property
and from information from comparable properties.
Net Income is capitalized by means of a direct capitalization method with an overall rate derived
from market sales, market surveys and a Band of Investment Technique.
Condominium apartment units in the subject market area are generally owner occupied and not
purchased as rental investments.
Because the subject property is a condominium unit in a market area of primarily owner
occupied units, this approach to value is not considered applicable for the valuation of the
subject.
Sales Comparison Approach to Value
In reference to the Sales Comparison Approach, consideration has been given to sales that have
taken place in the real estate market. These sales are analyzed and adjusted to the subject to
reflect a market value estimate of the subject.
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The quality of the market sales in this approach to value is considered good. The comparable sale
properties are all condominium apartment units in the same condominium as the subject unit.
Considering the quality of these sales, this approach to value is given primary emphasis in the
final analysis.
Final Conclusion
In the reconciliation process, the greatest weight should be given to the approach or approaches
which produce the highest degree of confidence and which has been processed with a minimum
of assumptions. Of equal importance are the reasonableness of the data and the reliability of the
data.
In consideration of the above, and for the reasons and conclusions contained herein, the Market
Value of the subject property as of October 30, 2023 was estimated at:
Two HUNDRED TWENTY-THREE THOUSAND DOLLARS
$223,000
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ADDENDA
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ASSUMPTIONS AND LIMITING CONDITIONS
This Appraisal Report has been made with the following general assumptions:
1. No responsibility is assumed for the legal description or for matters including
legal or title considerations. Title to the property is assumed to be good and
marketable unless otherwise stated.
2. The property is appraised free and clear of any or all liens or encumbrances
unless otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable. However, no
warranty is given for its accuracy.
5. All engineering is assumed to be correct. The plot plans and illustrative material
in this report are included only to assist the reader in visualizing the property.
6. If no survey has been furnished to the appraiser, all measurements have been
confirmed either in the field, in the plat book or by other reliable sources and are
presumed to be accurate.
7 It is assumed that there are no hidden or unapparent conditions of the property,
subsoil, or structures that render it more or less valuable. No responsibility is
assumed for such conditions or for arranging for engineering studies that may be
required to discover them.
8. It is assumed that there is full compliance with all applicable federal, state and
local environmental regulations and laws unless noncompliance is stated, defined
and considered in the Appraisal Report.
9. It is assumed, unless a study has been provided otherwise, that no hazardous
material such as asbestos, urea formaldehyde or other toxic waste exists in the
property. The existence of a potentially hazardous material could have a
significant effect on the value of the property.
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10. In reference to proposed construction, the real estate taxes and other expenses are
estimated. These amounts are not guaranteed.
11. It is assumed in the valuation of the subject land site, unless a compliance letter
has been furnished to us, that the State of Florida Growth Management Act does
not prevent the issuance of a building permit.
12. It is assumed that all required licenses, certificates of occupancy, consents, or
other legislative or administrative authority from any local, state or national
government or private entity or organization have been or can be obtained or
renewed for any use on which the value estimate contained in this report is based.
13. It is assumed that the utilization of the land and improvements is within the
boundaries of property lines of the property described and that there is no
encroachment or trespass unless noted in the report.
This Appraisal Report has been made with the following general limiting conditions:
1. The distribution, if any, of the total valuation of this report between land and
improvements applies only under the stated program of utilization. The separate
allocations for land and buildings must not be used in conjunction with any other
appraisal and are invalid if so used.
2. Possession of this report, or a copy thereof, does not carry with it the right of
publication. It may not be used for any purpose by any person other than the
party to whom it is addressed without the written consent of the appraiser, and in
any event, only with proper written qualification and only in its entirety.
3. The appraiser herein by reason of this appraisal is not required to give further
consultation, testimony, or be in attendance in court with reference to the
property in question unless arrangements have been previously made.
4. Neither all nor any part of the contents of this report (especially any conclusions
as to value, the identity of the appraiser, or the firm with which the
appraiser is connected) shall be disseminated to the public through advertising,
public relations, news, sales, or other media without the prior written consent and
approval of the appraiser.
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QUALIFICATIONS OF THE APPRAISER
THOMAS F. MAGENHEIMER
Experience:
11/84 - Present QUINLIVAN APPRAISAL, P.A.
7300 N. Kendall Drive, Suite 530
Miami, Florida
Currently president of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm,
established in 1964.
Education:
University of Richmond, Richmond, Virginia
BA - Bachelor of Arts in History (1982)
Professional Affiliations:
Member of the Appraisal Institute (MAI No. 09166)
Real Estate Salesman - State of Florida - Certificate No. 0344882
Certified General Appraiser, State of Florida, License No. RZ 553
Member Sigma Alpha Epsilon Fraternity
Qualified as an Expert Witness in the Following Courts:
Miami -Dade and Broward County Circuit Courts
United States Bankruptcy Court
Other Activities:
Admissions Committee - South Florida -Caribbean Chapter of the Appraisal Institute - (1992)
Newsletter Editor - South Florida -Caribbean Chapter of the Appraisal Institute - (1991 - 1995)
President - South Florida -Caribbean Chapter of the Appraisal Institute - (1996)
Board of Trustees - Palmer -Trinity School (1989 - 1993)
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Quinlivan Appraisal has prepared Appraisal Reports for the following:
Institutions and Corporations:
AT&T
Archdiocese of Miami
Atlantic Security Bank
The Bank of America
Bank United
Barry University
Bessemer Trust Company
California Bank and Trust
Chevron Oil Company
Chase Manhattan Bank
Chemical Bank
Citibank
Citrus Bank
City National Bank of Miami
Coamerica Bank
Coconut Grove Bank
Commerce Bank
Commercial Bank of Florida
Consolidated Bank
County National Bank
Eagle National Bank
Eastern National Bank
Equitable Bank
Espirito Santo Bank
Farm Credit of South Florida
Fidelity Bank
First International Bank
First National Bank of South Miami
Florida International University
First Nationwide Bank
Florida Memorial College
Florida Power and Light Company
Florida Rock Industries
Great Eastern Bank of Florida
Greyhound Lines
HSBC
Hemisphere National Bank
Intercontinental Bank
International Bank of Miami, N.A.
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LaSalle National Bank
Marine Midland Bank
McDonalds Corp.
Mellon United National Bank
Metro Bank
Miami -Dade County Community College
Miami -Dade Water and Sewer Authority
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Pan American Bank
Shell Oil Company
South Trust Bank
SunTrust Bank
TotalBank
Trade National Bank
Trust for Public Lands
UniBank
Union Planters National Bank
University of Miami
Wachovia
Wal-Mart
YMCA
Governmental Agencies:
City of Aventura
City of Coral Gables
City of Doral
City of Florida City
City of Hialeah
City of Homestead
City of Miami
City of Miami Parking Authority
City of Miami Beach
City of Miramar
City of North Bay Village
City of North Miami
City of North Miami Beach
City of South Miami
City of Sunny Isles Beach
Miami -Dade County Aviation Department
Miami -Dade County Department of Development & Facilities Management
Miami -Dade County HUD
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Miami -Dade County Property Appraisal Adjustment Board
Miami -Dade County Public Schools
Miami -Dade County Public Works Department
Miami -Dade County Transportation Administration
Miami -Dade Water & Sewer Department
South Florida Water Management District
State of Florida, Attorney General's Office
State of Florida, Department of Community Affairs
State of Florida, Depaittnent of Corrections
State of Florida, Depailnuent of Environmental Protection
State of Florida, Department of Insurance
State of Florida, Department of Rehabilitation and Liquidation
State of Florida, Department of Transportation
Town of Golden Beach
United States Army Corps of Engineers
United States Department of Justice
United States Department of Commerce
United States Depaitinent of the Interior
United States General Services Administration
Village of Islamorada
Village of Key Biscayne
Village of Pinecrest
Law Firms:
Akerman Senterfitt
Greenberg, Traurig
Daniels, Kashton, Downs and Robertson
Holland and Knight, LLP
Shutts & Bowen
Ruden McClosky, LLP
Steel, Hector & Davis, LLP
Weiss, Serota, Helfman, Pastoriza, Guedes, Cole and Boniske, P.A.
Types of Properties Appraised:
Single Family Residences
Apailinent Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apailuient Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
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