HomeMy WebLinkAboutexhibits 7THE SALES COMPARISON APPROACH TO VALUE
LAND VALUATION - Continued
Cgmparable Land Sale One
Location:
Legal Description:
Folio No:
Grantee:
Grantor:
O.R. Book/Page:
Site Size:
Zoning:
Floor Area Ratio:
Maximum Buildable Area:
Date of' Sale:
Consideration:
Financing:
Cash Equivalent Sale Price:
Cash Equivalent Sale
Price/SF of Site Area:
Cash Equivalent Sale
Price/SF of Buildable Area:
-- Continued
1105-1131 N.W. 62nd Street, Miami, Florida
Lots 16 through 22, Block 5, less the southern 15 feet
for right of way, Woodmere, as recorded in Plat Book
14, Page 11 of the Public Records of Miami -Dade
County, Florida
01-3114-021-1030 through -1090
Nationwide Holiness Church of Brotherly Love, Inc.
Hollis and Maria Rucker
18681/2745
16,275 SF (.37 acre)
C-1 (City of Miami - Restricted Commercial District)
1.72
27,993 SF
June 16, 1999
$35,000
$25,200 purchase money mortgage at 7.0% for five
years with monthly principal and interest payments of
$500
$35,000
$2.15
$1.25
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 94 -
THE SALES COMPARISON APPROACH TO VALUE -- Continued --
LAND VALUATION - Continued
Comparable Land Sale Two
Location: 1700 N.W. 68th Street, Miami, Florida
Legal Description: Lot 22, Block 6, less the eastern 10 feet for right of
way, Liberty City, as recorded in Plat Book 7, Page
79 of the Public Records of Miami -Dade County,
Florida
Folio No: 01-3115-005-1560
Grantee: Mount Tabor Baptist Church, Inc.
Grantor: Vernon L. Lovejoy
O.R. Book/Page: 18523/3753
Site Size: 3,816 SF (.09 acre)
Zoning: C-1 (City of Miami - Restricted Commercial District)
Floor Area Ratio: 1.72
Maximum Buildable Area: 6,564 SF
Date of Sale: March 17, 1999
Consideration: $5,300
Financing: Cash to the seller
Cash Equivalent Sale Price: $5,300
Cash Equivalent Sale
Price/SF of Site Area: $1.39
Cash Equivalent Sale
Price/SF of Buildable Area: $.81
J.S. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 95 -
THE SALES COMPARISON APPROACH TO VALUE -- Continued —
LAND VALUATION - Continued
Comparable Land Sale Three
Location: 5880 N.W. 17th Avenue, Miami, Florida
Legal Description: Lots 3 and 4, Block 2, Normandy Park, as recorded in
Plat Book 25, Page 15 of the Public Records of
Miami -Dade County, Florida
Folio No: 01-3115-004-0110
Grantee: Ak Media Group, Inc.
Grantor: Ruth Meyer, Trustee
O.R. Book/Page: 18395/4068
Site Size: 6,500 SF (.15 acre)
Zoning: C-1 (City of Miami - Restricted Commercial District)
Floor Area Ratio: 1.72
Maximum Buildable Area: 11,180 SF
Date of Sale: October 30, 1998
Consideration: $16,000
Financing: Cash to the seller
Cash Equivalent Sale Price: $16,000
Cash Equivalent Sale
Price/SF of Site Area: $2.46
Cash Equivalent Sale
Price/SF of Buildable Area: $1.43
J.B. ALHALE & ASSOCIATES, INC. '
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 96 -
THE SALES COMPARISON APPROACH TO VALUE
LAND VALUATION - Continued
-- Continued --
Address
Folio No
Site Size (SF)
Site Size (Acre)
Zoning
Floor Area Ratio (FAR)
Buildable Area
Date of Sale
Consideration
Financing
Sale Price
Sale Price/SF
Sale Price/SF of
Base Buildable Area
Time Adjustment
Time Adjusted
Sale Price
Time Adjusted
Sale Price
Sale Price/SF of
Base Buildable Area
COMPARABLE LAND SALES FOR VACANT LAND
Land
Sale 1
Land
Sale 2
Land
Sale 3
1105-1131 N.W. 1700 N.W. 5880 N.W.
62nd Street 68th Street 17th Avenue
Miami Miami Miami
01-3114-021-1030 01-3115-005-1560 01-3115-004-0110
to
01-3114-021-1090
16,275 3,816 6,500
0.37 0.09 0.15
C-1 C-1 C-1
1.72 1.72 1.72
27,993 6,564 11,180
6/16/1999 3/17/1999 10/30/1998
$35,000 $5,300 $16,000
$25,200 PMM
at Market Rate
and Terms
$35,000
Cash to
the Seller
Cash to
the Seller
$5,300 $16,000
$2.15 $1.39 $2.46
$1.25
0.0%
$35,000
$2.15
$1.25
$0.81 $1.43
0.0%
$5,300
$1.39
$0.81
0.0%
$16,000
$2.46
$1.43
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 97 -
THE SALES COMPARISON APPROACH TO VALUE -- Continued --
ANALYSIS OF COMPARABLE LAND SALES
The comparable land sales are considered similar to Sites Ten and Eleven in terms of
zoning, location, physical characteristics, topography and buildable utility. The sales
represent bona -fide "arm's length" transactions which represent prevailing market values.
Our analysis has taken into account those differentials relative to financing, time of sale,
location, size, zoning and developmental potential of the sites as they compare to Sites
Ten and Eleven.
Financing
With the exception of Comparable Land Sale Number One which involved a 5-year
purchase money mortgage, the comparable land sales are "cash to the seller" transactions
and therefore, no adjustment for favorable financing was required.
Time
The comparable sales have occurred between October 1998 and June 1999, and are
considered to reflect the prevailing market conditions for commercially zoned land in the
subject area and no time adjustment was applied.
Location
Sites Ten and Eleven are located along N.W. 62nd Street and N.W. 54th Street,
respectively, and were similar to the comparable land sales in terms of location and
frontage/exposure along a commercial corridor.
Size / Scale
The comparable land sales range from 3,816 SF to 16,275 SF, while Sites Ten and
Eleven have 4,950 SF and 6,000 SF, respectively. Comparable Land Sale Number
Three was similar to Sites Ten and Eleven. Comparable Sale Number One required a
positive adjustment for size/scale, as larger sites reflect a discount on a per square foot
basis (however, a negative adjustment was made for superior configuration and physical
development potential). Comparable Land Sale Number Two was smaller than Sites Ten
and Eleven, and required a negative adjustment for size/scale (however, a positive
adjustment was made for inferior configuration and physical development potential).
Zoning, Floor Area Ratio (FAR) and Developmental Potential
Sites Ten and Eleven are zoned as SD-1 and C-; - The comparable land sales are zoned
as C-1 District and were analyzed subject to their Floor Area Ratio (FAR) and resultant
buildable area. As stated above, the size and configuration of Sites Ten and Eleven and
the comparable sales as it relates to their development potential were taken into account.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 98 -
THE SALES COMPARISON APPROACH TO VALUE
-- Continued --
Summary and Land Value Correlation
Prior to the adjustments discussed herein, the sale price per square foot of land area for
the comparable land sales were $2.15, $1.39 (required a positive adjustment for
configuration/size and physical development potential) and $2.46, or an average of $2.00.
Prior to the adjustments discussed herein, the sale price per square foot of buildable area
for the comparable land sales were $1.25, $.81
configuration/size and physical development potential) (required
$1.43 positive
ian avearage of $ for
Based on the preceding analysis, $1.00 per square foot of buildable area is a reasonable
value estimate for Sites Ten and Eleven:
Site 10:
Site 11:
8,514 SF x $1.00/SF = $8,514
Reconciled Market Value
of Site 10 (Rounded) $8,500
10,320 SF x $1.00/SF — $10,320
Reconciled Market Value
of Site 11 (Rounded) $10,300
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 99 -
THE COST APPROACH TO VALUE
IMPROVEMENT VALUATION
After the value of Site Ten, as if vacant, has been determined the next step in the Cost
Approach to Value is to estimate the cost of the improvements at the time of appraisal.
The estimated value of Property Ten by means of the Cost Approach is based on the
estimated reproduction cost new of the building improvements, less depreciation, plus
the estimated value of the vacant land, plus developer's profit. The Cost Approach is
founded on the principle of substitution which holds that a prudent investor would pay
no more for the property than the cost of construction or acquiring an equally desirable
substitute property without undue delay in time.
Replacement' Cost New
In estimating the replacement cost of the subject improvements, we have relied on: (1)
cost information obtained pursuant to the appraisal of similar commercial buildings in
Miami and (2) information obtained in the Marshall & Swift Valuation Service Cost
Manual. The Replacement Cost New for the existing subject improvements was
estimated to be $9,900. Refer to the facing page.
Physical Depreciation
Physical depreciation can be the result of curable and incurable items. The curable items
are those that can be corrected at a cost which is equal to or below the value increase
after the repairs. The physical incurable depreciation was estimated by using the
economic age/life method (20 years effective age, with a 45 year economic life). The
incurable physical depreciation was estimated to be $4,400.
Depreciated Improvement Cost
Based on the preceding analysis, the depreciated cost for the existing subject
improvements was $5,500.
,Site Value
The Market Value of Site Ten, as if vacant was estimated at $8,500.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 100 -
THE COST APPROACH TO VALUE
IMPROVEMENT VALUATION - Continued
SUMMARY OF THE COST APPROACH
PROPERTY TEN
Total Replacement Cost New (Rounded)
Less: Estimated Depreciation
Physical Incurable
Physical Curable
Functional Obsolescence
$4,400
-0-
-0-
-- Continued —
$9,900
Economic/External Obsolescence -0-
Total Depreciation - $4.400
Depreciated Improvement Cost $5,500
Plus: Estimated Site Value, as if Vacant + $$500
$14,000
Market Value of Property
Ten in "as is" condition
via the Cost Approach to
Value (Rounded)
$14,000
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 101 -
RECONCILIATION AND FINAL VALUE ESTIMATE
MARKET VALUE ESTIMATES IN "AS IS" CONDITION:
Income Sales Comparison Reconciled
Approach Approach Value
Property 1 $400,600 $360,000 $380,000
Property 2 $122,500 $120,000 $121,000
Property 3 $122,500 $120,000 $121,000
Property 4 $121,600 $120,000 $121,000
Property 5 $122,400 $120,000 $121,000
Property 6 $360,400 $325,000 $340,000
Property 7 $103,300 $120,000 $110,000
Property 8 $144,100 $144,500 $144,250
Property 9 n/a $9,500 $9,500
Property 10 n/a $14,000 (1) $14,000
Property 11 n/a $10,300 $10,300
(1): Via the sales comparison (land valuation) and cost approaches to value.
The scope of the appraisal involves the research and analysis of factual data relative to
the subject properties, as well as market data necessary for the development of the
Income Capitalization and Sales Comparison Approaches to Value for Properties 1, 2,
3, 4, 5, 6, 7 and 8; the Sales Comparison Approach to Value (land valuation) for
Properties 9 and 11; and the Cost Approach to Value for Property 10.
The Income Approach to Value is typically based upon the projected income and expense
characteristics used within a Discounted Cash Flow model or direct capitalization
method. The analysis of the subject properties in a continued rental apartment use is
based on the income and expense characteristics applicable to the subject buildings.
Income producing properties are generally purchased on the basis of their anticipated net
income. The Direct Capitalization Method converts an estimate of a single year's income
expectancy into an indication of value either by dividing the income estimate by an
appropriate income rate or by multiplying the income estimate by an appropriate factor.
The rate or factor selected represents the relationship between income and value observed
in the market.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 102 -
RECONCILIATION AND FINAL VALUE ESTIMATE
--
The Sales Comparison Approach to Value is based on a corn-- Continued
sold similar properties in the subject neighborhood and the subject n between recently
comparable sales are then adjusted for the differences between them and the subject
properties, utilizing the Potential Gross Income Multiplier and 1 properties. These
four-plex and rooming house facilities) and price/unit (for the lager rental afor partment
rtment
buildings) methods of comparison. Parhnent
The Cost Approach as applied to improved properties, requires an estimate of the value
of the land, as if vacant. An estimate of the Replacement Cost New of the improvements
is then estimated, as derived by the national cost data supplied by
Valuation Services. From the total Replacement Cost New, an estimateP ntl
Marshall & Swift
depreciation, functional obsolescence and external obsolescence, if applicable, is
deducted. The resultant figure represents the depreciated cost of of physical
the land value. The Cost Approach to Value does not take into consideration em the
income
plus
generation potential of a property, whereas the Income Capaliztion and Sales
Comparison Approaches do. Informed and rational investors of income
properties typically pay a sales price based on net income flow. producing
and improvements to create a new building and/or renovate or rehabilitate can existing
m
building does not necessarily equal value, as the amount of contribution of the existing
improvements is measured in terms of their utility in the market, as well as its benefit/
return to an investor (net income flow). Properties 1, 2, 3, 4, 5, 6, 7 and 8 were built
between 1927 and 1979, and reflect legal non -conforming structures and therefore
Cost Approach to Value was not applicable and has not been utilized. 'the
It is my estimate that the Market Value of the Fee Simple Interest in
properties in their current "as is" condition, as of June 22, 2001, was, the subject
PROPERTY ONE - 1250 N.W. 62ND STREET (MHZ-40)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
THREE HUNDRED EIGHTY THOUSAND DOLLARS
($380, 000)
PROPERTY TWO - 1251 N.W. 59TH STREET
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS ' CONDITION
ONE HUNDRED TWENTY ONE THOUSAND DOLLARS
($121,000)
PROPERTY THREE - 1275 N.W. 59TH STREET
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS ISI CONDITION
ONE HUNDRED TWENTY ONE THOUSAND DOLLARS
($121,000)
PROPERTY FOUR - 1260 N.W. 59TH STREET
MARKET VALUE OF FEE SIMPLE INTEREST IN "ASS" CONDITION
ONE HUNDRED TWENTY ONE THOUSAND DOLLARS
($121,000)
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 103 -
RECONCILIATION AND FINAL VALUE ESTIMATE -- Continued --
PROPERTY FIVE - 1254 N.W. 59TH STREET (MHZ-200)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
ONE HUNDRED TWENTY ONE THOUSAND DOLLARS
($121,000)
PROPERTY SIX - 1231 N.W. 61ST STREET (MHZ-45)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
THREE HUNDRED FORTY THOUSAND DOLLARS
($340,000)
PROPERTY SEVEN - 1202 N.W. 61ST STREET (MHZ-58)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
ONE HUNDRED TEN THOUSAND DOLLARS
($110,000)
PROPERTY EIGHT - 1613 N.W. 54TH STREET (MHZ-749)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION.
ONE HUNDRED FORTY FOUR THOUSAND
TWO HUNDRED FIFTY DOLLARS
($144,250)
PROPERTY NINE - 1241 N.W. 58TH TERRACE (MHZ-209)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
NINE THOUSAND FIVE HUNDRED DOLLARS
($9,500)
PROPERTY TEN - 1492 N.W. 62ND STREET (MHZ-9)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
FOURTEEN THOUSAND DOLLARS
($14,000)
PROPERTY ELEVEN - 1625 N.W. 54TH STREET (MHZ-750)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
TEN THOUSAND THREE HUNDRED DOLLARS
($10,300)
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 104 -
CONTINGENT AND LIMITING CONDITIONS
We assume no responsibility for matters legal in nature, nor do we render any opinion
as to the title, which is assumed to be marketable. The properties are appraised as
though under responsible ownership and management.
When applicable, the sketch in this report is included to assist the reader in visualizing
the property, and we assume no responsibility for its accuracy. We have made no survey
of the property. We are not required to give testimony or appear in court because of
having made this appraisal, with reference to the property in question, unless
arrangements have been previously made thereof. Additional professional valuation
services rendered would require further compensation under a separate contractual
agreement.
Where applicable, the distribution of the total valuation in this report between land and
improvements applies only under the existing program of utilizations. The separate
valuations for land and building must not be used in conjunction with any other appraisal
and are invalid if so used.
We assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. We assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
Information, estimates and opinions furnished to us and contained in this report were
obtained from sources considered reliable and believed to be true and correct. However,
no responsibility for accuracy can be assumed by us.
Neither all nor any part of the contents of this report, or copy thereof, shall be used for
any purpose by any but the client without the previous written consent of the appraiser,
and/or the client; nor shall it be conveyed by any including the client to the public
through advertising, publications, news, sales or other media, without the written consent
and approval of the author, particularly the valuation conclusions, identity of the
appraiser, or any reference to any professional society or institute or any initialed
designation conferred upon the appraiser.
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 Practice of the
Appraisal Institute, the Uniform Standards of Professional Appraisal Practice adopted by
the Appraisal Standards Board of the Appraisal Foundation and the requirements of the
State of. Florida for state certified real estate appraisers, as well as current Federal
regulatory agency criteria.
No one other than the undersigned prepared the analyses, conclusions and estimates
concerning the real estate set for -l: iri this appraisal.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 105 -
CONTINGENT AND LIMITING CONDITIONS -- Continued --
The existence of hazardous materials, which may or may not be present on the property,
was not observed. We have no knowledge of the existence of such materials on or in
the property, nor are we qualified to detect such substances. The presence of potentially
hazardous materials and/or substances may affect the value of the property. The value
estimate reflected in this appraisal report is predicated on the assumption that there is no
such material on or in the property that would cause a loss in value. No responsibility
is assumed for any such conditions, or for any expertise or engineering knowledge
required to discover them. The client is urged to retain an expert in this field, if desired.
The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We
have not made a specific compliance survey and analysis of this property to determine.
whether or not it is in conformity with the various detailed requirements of the "ADArr.
It is possible that a compliance survey of the property, together with a detailed analysis
of the requirements of the "ADA" could reveal that the property is not in compliance
with one or more of the requirements of the Act. Since we have no direct evidence
relating to this issue, we did not consider possible non-compliance with the requirement
of "ADA" in estimating the value of the property.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 106 -
CERTIFICATION
The undersigned do hereby certify that, to the best of our knowledge and belief, except
as otherwise noted in the appraisal report:
- The statements of fact contained in this report, upon which the analyses, opinions and
conclusions expressed herein are based, are true and correct.
- The reported analyses, opinions and conclusions are limited only by the reported
assumptions and limiting conditions and are our personal, unbiased professional
analyses, opinions and conclusions.
- We have no present or prospective interest in the property that is the subject of this
report and we have no personal interest or bias with respect to the parties involved. •
- The amount of our compensation is not contingent upon an action or event resulting
from the analyses, opinions, or conclusions in, or the use of, this report.
- Our analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and
Standards of Professional Practice of the Appraisal Institute, the Uniform Standards
of Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation and the requirements of the State of Florida for state certified
real estate appraisers, as well as current Federal regulatory agency criteria.
- The appraisal assignment has not been based on a required minimum valuation, a
specific valuation, or the approval of a loan.
- The use of this report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives, as well as the Florida Real Estate
Appraisal Board.
- As of the date of this report, Jozef Alhale has completed the requirements of the
continuing education program of The Appraisal Institute.
- The appraiser has personally inspected the subject properties which are described in
this report.
- No one other than the undersigned prepared the analyses, conclusions and opinions
concerning real estate that are set forth in this appraisal report, nor provided
significant professional assistance to the persons signing this report.
It is the opinion of the undersigned that the Market Value of the Fee Simple Interest in
the subject properties in their current "as is" condition, as of June 22, 2001, was as
described herein.
•
Jozef Alhale, MAI
State Certified General Appraiser
License No. RZ 0001557
i.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 107 -
ADDENDA
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 108 -
i),,.. sCity of Miami
..•In'.'. sr Lli ii, i :�v l.: 4.24-i a:1
,{ ar' Department ol Purchasing
\s t i ..-64 P. O. Box 330708 Miami. Honda 33233.07(11
1305)416.1900/1922FAX (305)•116.1925
PURCHASE ORDER NO:
21' 670
Show this number on MI packap(nq ee. invoices and ehipppapers
Page No:
l 0/27/01
Order Date:
Bid/ContractNo;
Fit W 99pU- 2:'1
Buyer:
F- 11LL.A WRNS L:F'('EI
Category
Number
Tolephone No
8
11.1u..'1
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ii
44
l.'ulI19uw:L r f DEVELOPMENT
=11.1 SW 2m AVENUE211U R: FLOU
I'll rii'I C , FL :i31 :itl
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City ul Miunli Accounting Division / Accounts Payable
Dnpanmonloflinanco /Ficr..tE,. t'ayatile
P.O. liox 330708
Miarni, Florida 33233-0708
Dupanrneia Cnnldci Person,
Telephone No:
Requisition No:
r
C LJi'I;9u1'lIT 0I�VtI.-uF'1'IL:i'II I
444 EW 2ND AVENUE 24 Hot* [ 1+ I'EEY,i WK1601
73U"-416-2111
•
CD)-1-41510
Itenlr
Commodity'
Cdde0
De1crlphon
Uly
Unit
Uult Puce
Extended Price
946-15
L{LAIJKI::T 1'01.0a1l:: t3li1:! 7u r1;11I::i.Ei!1=
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LONO.JC; YEti Put; -:.WANT 17J t ;L :ll7L11
i:IINrl:Al.: , iildl) WIIrik I:JN ril_L iIli: t!
';11,11. L. IiL:. Cul`11.1.k"11•.I) P10 LATER .11AH
t:;iiL.I::PJI)riI 1)AYJ AFTER RELEWf IJI
1'1Jltil:hlc;ST.. ur:I)LR. PURUANT lU laii
99--00-2-1 AND I{i::I:ilJr.IJLiON NO. i)iJ•-y_:..
Tli1!'; 1.L_Fil•K[: L t'U1:CHAt;L 01211LE! 1i! IiL .
Pill! i. %L:1{L::11 IJ(1'J fi1'Ii:11JNt IJ1 IIi111.11l ,Th
AUTHORIZED i;!-IANl,t: llltirr!; EY iF1i:
PIll{Chile NG Di.r. i;fi IP11i:Pll'. till;: is:! I Y
WILL W i lit L..1A01_k RJR CW.RG :f; 1,111
I '{I;I 91'i 4.1 TIL fll'Ii:1L11Jt i _I::.:Ilvi:J).
TOTAL:
1
,
11:i)0.00
11500.00
11500.00
Tax ID or S/S No:
71griWZR
xXXXXXXXXxxX xxxxxxxxXXXXXX XxxXXXXxxXXxx
Vendor Instructions
65-0 502663
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1,Florida Tax Exempt ID 023.08.330360-5Ac.
Entity Type:
y yP
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XXXXXXX]G7Lr�XXXVIXlEx�XXXXXXIV,VX.AXIDOX
XXXXXXXXXXXXXXXXXXXy(XXXXXXXXXXXXXXXXXXXXX
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2, Invoices: Direct Invoices in Duplicate to the address shown
above
Terms:
(Prempl paymanl Diccounll
NizirJo
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XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
xxxxxxxxxxxxxxxxxxxxxxxxxx
3. Terms and conditions set forth in our Bid or Quotation on She
reverse side hereof or incorporated
become a pars of this orda algid herein by relarence
xxxxx xxxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
F.O.B. DESTINATION
Purchase Order No:
x XXXXXXXXXx XXXXXXXXXXXXXXXXXXXXX •xX
U 's Qlh Specified
213670
XXXXXXXXXXXXXXXXXXXXXXXxXXXXXXXXXX'XXX':
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXX
1
Delivery Date
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxx
XxXXXXXXXXXXXXXXXXXXXXXXxXX%XXXXXXx'XXX x
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1
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXx X
tare YYYYYYYYYYVYYYYYYYYYSIVISMYYYY "
Cit of Mia i roved
P
C I FN/PC 508 Rey 7/97 (Distribution: White Vendor Green Accounts Payable Carter
urc
sing Dapl. Plnk Requesting Dept.Goldenrod Receiving Record.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 109 -
Sec. 601. SD-1 Martin Luther King Boulevard Co,nniercial District.
(Ord. No. 10771, § 1, 7.26.90; Ord. No. 10863, § 1, 3.28.911
Sec. 601.1. Intent,
This district is of special and substantial public interest because of the need to develop and
redevelop in a manner inrproving amenity, efficiency and security. These regulations are
intended to encourage concentrations or commercial and service facilities ut intersections of
arterial streets, encourage residential development ahuve such 0ncilities and in areas away
from such intersections and to provide the develeprnent and design opportunities inherent in
larger site areas.
(Ord. No. 10771, § 1, 7.26-90; Ord. No. 10863, § 1, 3.28.91)
Sec. 601.2. Effect of SD-1 district designation.
The effect of these SD-1 regulations shall he to modify regulations within portions of other
zoning districts included within the Sp boundaries to the extent indicated herein.
(Ord. No. 10771, § 1, 7.26-90; Ord, No. 10863, § 1, 3.28.911
• Sec. 601.3. Class II Special Permit.
601.3.1. When required.
A Class Il Special Permit shall be required prior to approval of any
permits pursuant to article 13) affecting the height, bulk, location or ex error configurationial
of
any existing building visible from the right.of way; or for the erection of nny new building; or
for the location, relocation or alteration of any structure, parking area or vehicular way visible
from a public street.
601.3.2. Considerations in making Class 11 Special Permit determinations.
The purpose of the Class t1 Special Permit shall he to ensure conformity of the application
with the expressed intent of this district, with the general considerations listed in section
1305, and with the special considerations listed below
1. All signs, awnings and storefront renovations shalt he of a style and/or size which is
consistent with the existing or adjacent building styles and/or storefront designs.
2. Wherever feasible, lot frontage along Martin Luther King Boulevard and N.W. 7th
Avenue should be developed in accord with design standards and guidelines in the
"City of Miami Primary Pedestrian Pathway Design Guides and Standards."
(Ord. No. 10771, § 1, 7-26-90; Ord. No. 10863, § I, 3-28.91)
Sec. 601.4. Principal uses and structures.
Except as required in section 601.4.1, permitted principal uses and structures shall be as
required for C-1.
601.4.1. Limitation on uses.
602.4.1.1. Limitations on uses near specified intersections of arterial streets. Lots with
frontage on Martin Luther King Boulevard, where the front abutting lot line is
entirely within three hundred (300) feet from the intersections with 7th, 12th or 17th
Avenues North, at least fifty 150) percent of ground level frontage on the boulevard
shall be used for retail or office uses.
.I.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 110 -
secting Martin Luther King Boulevard in the area described at section 601.4.1.1. All
such yards shall be landscaped and shall not be used fur offstreet parking, but drive-
ways equal in maximum width to twenty-five (25 percent of the width of the lot for
depth where such yards adjoin at the side) may be permitted to cross such yards.
1Ord. No. 10771, § 1, 7.26.90; Ord. No. 10863, § 1, a-28.911
Sec. 601.9. Reserved.
See. 601.10. Minimum offstreet parking.
Minimum offstreet parking shall be as requir•vd Fur C•1.
'Ord. No. 10771, § 1, 7-26-90; Ord. No. 10863, § 1, 3-28.911
6014, 1,2. Limitation.: on outdoor uses. All .:uilia iercial, sales, display and service activities
shall be within completely enclosed buildings except for plant nurseries; outdoor
dining areas; arts and crafts exhibits, including demonstrations and performances;
flowers; plants and shrubs; objects of art; :mil h:nirlicraftti; mass-produced items under
certain conditions; rind by Class I Special F'„r•nrir, (indite!, and foods.
601.4.2, Permitted only by spet;ial perrrrit.
•
Uses and structures permitted shalt he as Iirr (-1. !u addition.
1. By Class 1 Special Permit only, establishments for sale of secondhand merchandise.
2 By Special Exception only, bars, saloons, tavern,, private clubs, lodges, supper clubs,
nightclubs, fraternity, or sorority houses, pot,) and/or billiard halls.
3. By Class 1 Special Permit only, parking garages and commercial parking lots and
temporary revival churches.
4. By Special Exception only, rescue missions.
5. By Class II Special Permit only, open air,ale, ante other uses not covered in 601.1,1.2.
6. By Class I Special Permit, naass•prodtrced items.
(Ord. No. 10771, § 1, 7.26.90; Ord. No. 1066: , § 1, :1-23-91,
See. 601.5. Reserved.
Sec. 601,6. Minimum lot requirements.
Minimum lot requirements shall be as follows:
1. For residential uses only, not involving mixt.ur•t., with t;tiwr• uses, minimum lot width
and area shall be as required for the Il-i district.
2. For other uses, as required for C-1.
{Ord. No. 10771, § 1, 7•26.90; Ord. No, 10863, § 1, 3.28.91 r
See. 601.7. Floor area limitations.
Limitations in floor area shall be as required for C-1.
'Ord. No. 10771, § 1, 7-26.90; Ord. No. 1086,1, § 1, a•28-91
See. 601.8. Minimum open space requirements.
Within the SD•1 district, minimum open space requirements shall be us follows:
1. For residential uses, without mixtures of other uses, as required for R-1.
2. For nonresidential or mixed uses: front yard, street, side yards: Front and side street
yards shall be ten (10) feet, except adjacent to Martin Luther King Boulevard where
a front yard not less than ten (101 nor more than twenty 1201 feet in depth shall be
previt) 'al. 5irnilrrr• y;u•ds shall Ile t•t•tluirt'd wh1 ri. sidpti 0J' lots adjoin streets inter-
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 111 -
3121 Commodore W JOIEF ALKALI!. MAI
atta, SUMO 200, Coasrlid Grove, Florida 33133
Tell 17114) 052.0960 Fes: (lei} 002.0970
CnN71NHIN6 sIXIC671nty Egg RFAi OrSaATE,ABEgai$4141.
Ogle Cif]IIHSEISEMAR LILE
CL1r3H HQtU3.4
10/28/2000 Florida Stale Law and USPAP Rrview fur Real Eslaw Ap
praisals ACE965336523 7,6
9/222000 Partial Inwresl Vaeuatron • Lindiwwdrd
ACE1437454598 7.0
3/34000 Regmasion Analysis in Appraisal Ratted Concepts and Applications PPBcarwns ACE980843565 7.0
2/2 W2000 Ferrel Appraisal Requirements
ACEN212387d501 3.0
10115.15/1998 Coursr 330 Apartment Appraisal: Canada's and Apµlx:atiuns
10f2/1998 ACG5205 100
Ail c ,J)g and Oefrnidvp an Appraisal ACE2150
N13/199g 3.5
Partird inwrrs! vWuawn • Divided
ACE7003 7.0
71'24/1999 Till Good, the tiro and the A
ppraisal Fw,iw- ACE2174
3.0
5/1/t999
An inside virw of e0ucs and standorda
ACE2203 3-0
8r14/1998 7 Hour USPAP 'Corr^ taw for A
Pprasers ACE7281 7.0
7/18/1090 The Impact of Conlamywrien on Rua( €slam vain„
ACE2143 3.0
W 9•177198e Standards of Proldasianal Practice, Part C
ACE195e 19.6
5r2/1999 Loss Pfevg10on far Appraisers
ACE2070 3.0
413/1998 Small HoteYMotet Valuation
ACE2069 7.0
2/20/1900 Appraisal Omer Manegemvnt
ACE2044 7.0
1/31/1990 Non•conformnn0 Uses
ACE2048 3.0
9/5/1997 Appraisal of Transfaracir Development Rionts
ACE1985 30
7/811097 NAIFA Fair Lending Couna
504 7.0
11115/1986 Appraisal of Nursing Homy Fecilitie►
ACE1875 70
7/1311996 The'96 Doll Exchange/RawWlable for Income Prapd iies ACE1025
V!/1990 3.0
admit and the Appraiser
ACEI750 30
W18/1095 Tha Appraiser as Expert Witness
ACE1531 7,6
2/4/1995 Resl Estate Evaluations and Intl Ap
praisal ACEt012 3.0
10/t4/1994 Srvan Hour USPAP "Corr' Lew For Appraisra
ACE1281 7.0
9/5/1994 Limiwd Appraisals and Reporting Options
ACE1557 7_0
7/13-16/1904 Standards of Prolassionai Practice, Parts A and B
410 S 426 27.6
0/11/1991 Vanficetian of Market Dale
ACE1532 3.0
4/10/1994 Power Line Eas.mrnis and EMF'Swim iar
AC€1495 3.0
2/12/1994 Americans with Disabilities Act (ADA) Sdminer
ACE1462 4.0
9/11/1993 Halal Valuation
ACE1095 3.0
4/17/1913 Why thr Cap Rale is Always'10' 9
ACE1253 3.0
926/1982 Education: The New Generation
ACE1203 3.0
8117.1611992 Hetel,Motel Merkel Study, Valuation a invrstmen!
ACE1256 14.0
2/1/1992 Practical APproachos to Ap
praising 7rei.Wad Proprnitls ACE282 3.0
6/15/1991 Overview of Recant Chimps to Standards
ACte:591 3.0
9/1111900 SuhdivislonAnalysis
ACE990 7.0
8/24-30f1980 Report Willing and Valuation Analysis
ExA14.72 18.0
2/24-3,31 1990 Case SWdies in Raid Estate Valuation
E1UM2.1 39.0
8123.11/i 1999 Capitalisation Theory and Techniques. Part d
EXAMIB•B 18.0
5/7•11/ 1999 Standards of Professional Practice
SPP 24.5
2f4-3/15 1989 Capltatiiaiion Theory and Techniques, Pan A
EifAM 16-A 38.0
9/17.10/221988 Real Estado Appraisal Principles
EXAMM• 1 38.5
9110-10/151186 BuiCValuation Procarlures
E71AM1A-2r
C1: AN courses/seminars sporisorrd and givrn by the A TOTAL 460.0
ppraisallnsplylr.
J.B. ALRALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
- 112 -
JOZEF ALHALE, MAI
3121 Commodore Plaza, Suite 200
Miami, Florida 33133
QUALIFICATIONS
Experience: Thirteen years in the field of real estate appraisal, consultation,
economic research and market analysis.
Membership: Appraisal Institute, MAI
Miami Society of Commercial Realtors
Professional
Experience: J.B. Alhale & Associates, Inc., Miami, Florida
President, May 1994 to present
Dixon and Friedman, Inc., Miami, Florida
Senior Appraiser, October 1991 - May 1994
R.G. Davis & Associates, Inc., Miami, Florida
Fee Appraiser, January 1991 - October 1991
Izenberg Appraisal Associates, Inc., Parsippany, New Jersey
Staff Appraiser, July 1988 - December 1990
Academic
Education: Master of Science, Computer Science
Rensselear Polytechnic Institute, Troy, New York
Bachelor of Arts, Cum Laude, Computer Science
New York University, New York, New York
Licensed: State Certified General Real Estate Appraiser - State of Florida
Certification Number RZ 0001557
Real Estate Salesman - State of Florida
Assignments: Appraisals - Vacant land, industrial facilities, shopping centers,
office buildings, rental and condominium apartment buildings, hotel
and motel facilities, adult congregate living facilities and other
special-purpose properties.
Consulting - Economic research, market analysis and feasibility
analysis pertaining to commercial and residential properties.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite ZOO • Coconut Grove, Florida 33133
- 113 -
QuINL.IVAN APPRAISAL
A Fsasssstoma. Assocu rlorr
Rswr. ESTATE APPRAISERS & CONSULTANTS
6700 S.W. 741u STsaI1T. SurrE Goo
SOUTH MIAMI, FLORIDA 03140
J. MARI( OUnvl.rvAN. MAI
STArn•Cstrrvtsa 0 Lass. AIPAtsllM
RZ 0000112
May 15, 2001
Laura Billberry, Director
Office of Asset Management
City of Miami
444 S.W. 2nd Avenue, 3rd Floor
Miami, Florida 33130
TEI.Ernoxs (308) 8110.8611
FAX (305) 888-4821
Txasus F. MAOE.rUEDIEL MAJ
STATI•CZETTPIID 0ttttsttAa APPSWIlpa
xz 0000dtsa
Dear Ms. Billberry:
In accordance with Purchase Order No. 212858, I have prepared Complete, Summary Appraisal
Reports of the following multifamily residential properties.
The purpose of the Appraisals is to estimate the Market Value in Fee Simple Title, in order to
determine the compensation for the Total Taking of the properties.
The Summary Appraisal Reports that follows set forth the identification of the property, the
assumptions and limiting conditions, pertinent facts about the area and the subject properties, and
comparable data, the results of the investigations and analyses, and the reasoning leading to the
conclusions set forth. A separate Data Book contains the detailed information on each sale property.
Laura Billberry, Director
Office of Asset Management
May 15, 2001
Page 2
Based on the inspection of the properties and the investigation and analyses undertaken, I have
formed the opinion that, as of May 12, 2001, the total compensation due was:
Type Page
Designation Address Property Value of Value
MHZ 34 1341 N.W. 61st St. Multifamily $ 92,500 Volume IV, Page 3
MHZ 36 1371 N.W. 61st St. Multifamily $ 85,000 Volume IV, Page 3
MHZ 80 1387 N.W. 60th St. Triplex $ 90,000 Volume IV, Page 3
MHZ 82 6091 N.W. 15th Ave. Multifamily $200,000 Volume IV, Page 3
MHZ 92. 1400 N.V. 61st St. Multifamily $100,000 Volume IV, Page 3
MHZ 95 1425 N.W. 60th St. Multifamily $300,000 Volume IV, Page 3
MHZ 96 1435 N.W. 60th St. Multifamily $150,000 Volume IV, Page 3
MHZ 106 1520 N.W. 61st St. Multifamily $245,000 Volume IV, Page 3
MHZ 109 1519 N.W. 60th St. Multifamily $ 83,500 Volume IV, Page 3
MHZ 150 1459 N.W. 59th St. Duplex $ 88,000 Volume IV, Page 3
MHZ 178 1250 N.W. 60th St. Multifamily $ 85,000 Volume IV, Page 3
MHZ 269 1600 N.W. 59th St. Multifamily $ 95,000 Volume IV, Page 3
MHZ 357 1255 N.W. 58th St. Multifamily $390,000 Volume IV, Page 3
MHZ 358 1238 N.W. 58th Terr. Multifamily $135,000 Volume IV, Page 3
Respectfully submitted,
J. Mark Quinlivan, MAI
State Certified General Appraiser
Certification Number: RZ0000112
JMQ/1h
(01-051)
ltrmfam
LOCATED AT:
1341 N.W. 61ST STREET
MIAMI, FLORIDA
PREPARED FOR:
CITY OF MIAMI
444 S.W. 2ND AVENUE, 3RD FLOOR
MIAMI, FLORIDA 33130
As OF:
MAY 12, 2001
PREPARED BY:
QUINLIVAN APPRAISAL, P.A.
5730 S.W. 74TH STREET - SUITE 300
SOUTH MIAMI, FLORIDA 33143
OurN ..IvAN APPRAISAL
A PROFESSIONAL ASSOCIATION
REAL ESTATE APPRAISERS & CONSULTANTS
5700 S.W. 74TE STREET, SUTTB 000
Sou= MIAxs, FLORIDA 00143
J. MAuIc QtINLIVAN, MAI
STATa-%exn,IID 8sxeeu. Arvewuseo
RZ 0000112
May 15, 2001
Laura Bilberry, Director
Office of Asset Management
City of Miami
444 S.W. 2nd Avenue, 3rd Floor
Miami, Florida 33130
Dear Ms. Billberry:
TELEpuorr 1 (305) 883-0611
FAx (005) 865-4921
TuoMAa F. MAOEN IEDIE . MAI
SIATh•Cerrrryef Gammas. Arrewuiaes
az 00005aa
In accordance with your request and authorization, I have prepared this Appraisal Report covering
the following described property:
A two-story apartment building located at 1341 N.W. 61st Street,
Miami, Florida.
The purpose of this Appraisal is to estimate the Market Value of the described property as of May
12, 2001, being one of the dates of personal inspection.
The narrative 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.
Laura Billberry, Director
Office of Asset Management
May 15, 2001
Page 2
Based on the inspection of the property and the investigation and analyses undertaken, I have formed
the opinion that, as of May I2, 2001, the subject property had a Market Value of:
NINETY-TWO THOUSAND FIVE HUNDRED DOLLARS
($92,500)
Respectfully submitted,
J. Mark Qulnlivan, MAI
State Certified General Appraiser
Certification Number: RZ0000112
JMQ/Ih
(O 1-051 MHZ34)
TABLE OF CONTENTS,
TRANSMITTAL LETTER
CERTIFICATION OF VALUE 1
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3
INTRODUCTIQN
Identification of the Property 4
Location 4
Purpose and Date of Appraisal 4
Intended Use and User of Appraisal 4
Legal Description 4
4
Assessment and Taxes . 5
Owner of Record and Address 5
History of Title 5
Estimated Exposure Time 6
Estimated Marketing Period 6
SITE DA i
Dimensions and Shape 7
Area 7
Topography and Drainage 7
Flood Zone 7
Soil and Subsoil 7
Utilities 8
Street Improvements 8
ZONING 8
HIGHEST AND BEST USE 8
DESCRIPTION OF IMPROVEMENTS 9
Property Rights Appraised
QUINLIVAN APPRAISAL
INCOME APPROACH TO VALUE
TABLE OF CONTENTS
SCOPE OF THE APPRAISAL 11
13
SALES COMPARISON APPROACH TO VALUE 16
RECONCILIATION AND VALUE CONCLUSION 18
ADDENDUM
Assumptions and Limiting Conditions 20
Qualifications 22
QUINLIVAN APPRAISAL
CERTIFICATION OF VALUE
:$:%':?: it :;:. :;::;:::'rS:frG':' :+i:�<•.`,+.,`.> ., a�,.. r'-k�io::5:r '>n.'. ',+Y.}jy "•;�;.,xaky:. oxw:arfy
ry i �•r:: �.c-, 'ii?ti:<: :;rt;�::r:v:;��•...... u.4. .Y+ ':r•'^'ir•::;::Rk>;
.. ,'�• v:TSGrr;.;.:.+'... ...iv'i:.:.r.., ... .::Y�}.:::;';:'.i4C �:�:S�:. • .:r � R��r.r} .E' .,L }''?L} :�' ' {:••' } r'S:
"�'Oh%: ::...r -•y�i, 1 ..:::..r::ti:ir •}'•},.i .. "hv �.� � �,�; %A� R; ��f}�.,�f ., r., �} x:%o ::� }::•:: r::..,:..,,r rr%. �. S .� s��.u: v.c.,:. �k •.Y •.:: , � :: nL':: r`�`�n.�',.'�r"�C•:.��.. ' 4:N.;x•:+..+�•:??xri'�i#;,,.<rh5�;:2�`t ,
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 was 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 was not
based on a requested minimum valuation, a specific valuation or the approval of
a loan.
(G)
The appraiser's analyses, opinions and conclusions were developed, and this
report has been prepared, in conformity with the Uniform Standards of
Professional Appraisal Practice, and the requirements of the State of Florida for
state -certified appraisers.
(H) 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.
(t) J. Mark Quinlivan has made a personal inspection of the property that is the
subject of this report.
(1} Laneen Harrison provided professional assistance to the person signing this
report.
•
QUINLIVAN APPRAISAL
1
(lc) The reported analyses, opinions, and conclusions were developed, and this report
has been prepared, in conformity with the requirements of the Code of
Professional Ethics and the Standards of Professional Appraisal Practice of the
Appraisal Institute.
(L) The use of this report is subject to the requirements of the Appraisal Institute
relating to review by its duly authorized representatives.
As of the date of this report, J. Mark Quinlivan has completed the requirements under the continuing
education program for The Appraisal Institute.
Based on the inspection of the property and the investigation and analyses undertaken, subject to the
assumptions and limiting conditions set forth in the Addendum of this report, I have formed the
opinion, as of May 12, 2001, the subject property had a Market Value of:
NINETY-TWO THOUSAND FIVE HUNDRED DOLLARS
(S92,500)
J. MARK QUINLIVAN, MAI
STATE CERTIFIED GENERAL APPRAISER
CERTIFICATION NUMBER: RZ0000J 12
QUINLIVAN APPRAISAL
2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Type Appraisal Complete
Type Report Summary
Purpose of Appraisal Market Value
Property Rights Appraised Fee Simple
Location 1341 N.W. 61 st Street
Miami, Florida
Land Size 5,300 square feet
Improvements Two-story apartment building containing six 2
bedroom/1 bathroom units
Age 1957
Zoning R-3, Multifamily Medium -Density Residential
Highest and Best Use Existing multifamily residential use
Indications of Value:
Cost Approach Not Applicable
Income Approach $92,500
Sales Comparison Approach $92,500
Final Estimate of Value $92,500
Date of Value Estimate May 12, 2001
Date of Report May 15, 2001
QUINLIVAN APPRAISAL
3
1341 N.W. 61" STREET (MHZ 34)
ka
1341 N.W. 615TSTREET (MHZ 34)
INTRODUCTION
IDENTIFICATION OF THE PROPERTY
A two-story apartment building containing six 2 bedroom/1 bathroom units.
LOCATION
1341 N.W. 61st Street
Miami, Florida
PURPOSE AND DATE OF APPRAISAL
The purpose of this Appraisal is to estimate the Market Value of the property as of May 12, 2001,
being one of the dates of personal inspection.
INTENDED USE AND USER OF THE APPRAISAL
The intended use of this appraisal is to assist the client in determining an acquisition price. The
intended user is the City of Miami.
LEGAL DESCRIPTION
Lot 32, Block 1, ORCHARD VILLA EXT., according to the Plat thereof, as recorded in Plat Book 17,
Page 55, of the Public Records of Miami -Dade County, Florida.
Sour=: Miami -Dade County tax records.
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.
QUINLIVAN APPRAISAL
4
ASSESSMENT AND TAXES - 2000
The subject property is assessed under the jurisdiction of the City of Miami.
The assessment for the property is established each year as of January Ist 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: 01-3114-043-0190
Assessed Value:
Land $ 9,779
Improvements $30.000
Total $39,779
Millage Rate: $27.384 per $1,000
Tax Amount: $1,539.32
OWNER OFRECORD AND ADDRFLSS
Mr. and Mrs. Coley Williams, Jr.
1742 N.W. 49th Street
Miami, Florida 33142-4072
FIVE-YEAR HISTORY OF TITLE
Investigation of the Public Records of Miami -Dade County, Florida indicates no sale transfer of title
to the subject property during the past five years.
QUINLIVAN APPRAISAL
5
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 appraiser has taken the
following steps:
Discussion with buyers, sellers and brokers of apartment buildings in the
area related to historic marketing periods.
Based on the above sources, exposure time is estimated to have been six 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 is
reviewed over the past three years, multiple listings are reviewed and real estate brokers who operate
in this area are interviewed.
Based on the above sources, the subject property could be sold within a six month time period.
QUINLIVAN APPRAISAL
6
SITE DATA
Dimensions and Shape:
The site is rectangular.
The site fronts 50 feet, more or less, along the north side of N.W. 60th Street with a depth of 106
feet, more or less.
Source: No survey of the site was furnished. The dimensions of the site are calculated from the legal description and
the Hopkins Plat Book.
Area:
5,300 square feet or .122 acres
Source: No survey of the site was furnished. The size of the site based on the Transamerica Intellitect print out of the
Miami -Dade County tax roll.
Topography and Drainage:
The site is level and approximately at street grade.
Flood Zone:
Map N° 12025C0180J
Soil and Subsoil:
(Effective March 2, 1994)
Areas determined to be outside 500-year flood plain.
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.
QUINLIVAN APPRAISAL
7
U��ities:
Water: Miami -Dade Water and Sewer Authority
Sewer: Miami -Dade Water and Sewer Authority
Electricity: Florida Power & Light Company
Telephone: BellSouth Telephone Company
Street Improvements:
N.W. 61 st Street is an asphalt paved road with a dedicated width of 50 feet. N.W. 61 st Street
contains one east bound and one west bound lane.
ZONING
Under Ordinance of the City of Miami.
Classification: R-3, MULTIFAMILY MEDIUM -DENSITY RESIDENTIAL
HIGHEST AND BEST USE:
The subject property is improved with a two-story apartment building. The existing apartment
building is considered the Highest and Best Use of the site.
QUINLIVAN APPRAISAL
Of
'41
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QUINLIVAN APPRAISAL
DESCRIPTION OF IMPROVEMENTS
Age and Condition
According to the Public Records of Miami -Dade County, the building improvements were
constructed in 1957. From personal inspection of the property, the improvements appear to be in
fair to average condition.
Description
The apartment building contains six 2 bedroom/1 bathroom units. Each unit contains a living room,
kitchen, two bedrooms and one bathroom with an average size of 583 square feet.
Sin
2 (25' x 70') = 3,500 square feet
Details of Copstruction
Foundation: Steel reinforced poured concrete spread
footings in excavation trench
Exterior Walls: 8" concrete block stucco - painted
Windows: Glass jalousie
Roof: Flat, built-up tar and gravel
Interior Walls: Plaster - painted
Ceilings: Plaster - painted
Floors: Vinyl
Lighting: Incandescent
QUINLIVAN APPRAISAL
9
Equipment and Fixtures
Window security bars
Site or Yard Improvements
Landscaping
Parking (4 spaces)
QUINLIVAN APPRAISAL
10
MHZ 34
TWO --STORY
25'
1341 N.W. 61st Street
70'
SCOPE OF THE APPRAISAL
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 Co$t Approach
In the Cost Approach, land and building are valued as though they were separate entities. The land
value is first estimated as if vacant. Then, by consulting various cost services, local building
contractors and by knowledge of construction costs, an estimate of the replacement cost new of the
building is determined. 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's profit.
The Cost Approach has most applicability when building improvements are new. With older
properties, the estimate of depreciation becomes difficult and is subject to error, affecting the
reliability of this approach. Accordingly, considering the age of this property, it is the appraiser's
opinion that the Cost Approach has little applicability in this situation and 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.
QU!NLIVAN APPRAISAL
11
Four basic steps comprise the Income Approach:
Estimate the reasonable expectable annual gross income
the property will likely produce.
Deduct an allowance for vacancy and collection loss to
arrive at the effective gross income.
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 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, the 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 apartment buildings in the same neighborhood 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 must be 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 weighted according to its importance.
QUINLIVAN APPRAISAL
12
INCOME APPROACH TO VALUE
This approach to value is a technique in which the anticipated net income is processed to indicate
the capital amount of the investment which produces the net income. The capital amount, called the
capitalized value, in effect, is the sum of the anticipated annual rents less the loss of interest until the
time of collection.
Income
6 2 BR/1 BA units @ $350 per month x 12 mos. = $25,200
Less: Vacancy & Collection Loss (10%) - 2.520
Effective Gross Annual Income $22,680
Expenses
Management $ 1,360
Real Estate Taxes 1,539
Insurance 1,050
Water/Sewer Tenants Pay
Repairs & Maintenance 2,400
Gas 1,734
Waste Removal 1,621
Miscellaneous 500
Total
Net Operating Income
$12,476 Capitalized @ 13.5% =
Value Indication by Income Approach (RD)
$10,204
- 10.204
$12,476
$92,415
$92,500
QUINLIVAN APPRAISAL
13
Rental Rate Analysis
The subject units are rented as follows:
2 Bedroom/1 bath units $260 - $350
A summary of the comparable rentals is contained on a following page.
Based on a careful analysis of the comparable rentals, the market rent for the subject units without
Section 8 subsidies are estimated as follows:
2 Bedroom/1 bath units $350
Vacancy and Collection Loss
A vacancy and collection loss allowance is a reduction in potential rental income due to space not
leased or rents not collected. This allowance is generally expressed as a percentage of Potential
Gross Income.
The vacancy rates of the comparable rentals range from 0% to 25%. The subject building currently
has two vacancies. The vacancy rates are reflective of the vacancy at the time of the rental survey
and are not stabilized annual rates.
Based on the above, a vacancy and collection loss allowance of 10% is considered applicable for the
subject.
Operating Expense Analysis
The expenses were based on expense information obtained from the subject building and similar
buildings. A summary of expense comparables is contained on a following page.
QUINLIVAN APPRAISAL
14
Selection of Capitalization Rote
Capitalization is a process which translates an income projection into an indication of value. The
connecting link is a rate which reflects the return necessary to attract investment capital. Hence, the
selection of an appropriate rate represents a critical factor in the capitalization process.
34 O.Ir'd5,.i�it ii '0."•,
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EN
1299 N.W. 60 St.
09/25/98
$175,000
13.7%
4
1506 N.W. 69 Terr.
07/19/00
$111,000
12.3%
6
925 N.W. 69 St.
11/21/00
$ 85,000
10.6%
7
1319 N.W. 60 St.
12/01/00
$ 85,000
14.8%
9
1601 N.W. 62 St.
01/05/01
$320,000
15.5%
QUINLIVAN APPRAISAL
15
COMPARABLE RENTALS
Number Unit
Zt4. Address of Units Au DoiWawa Jjntal Rate&
1 1238 NW 58 Terr. 12 1964 10 —1/1 1/1 — $275
2 Eff. Eff. — $250
2 1255 NW 58 St. & 36 1959 21--1/1 1/1— $285
1256 NW 58 St. 13 — 2/1 2/1— $315
2--Eff. Eff.—$210
3 1600 NW 59 St. 4 1967 4 — 2/1 2/1— $300
4 1250 NW 60 St. 6 1958 6 — 1/1 1/1 — $270
5 1425 NW 60 St. 22 1958 22 -1/1 1/1— 5350
6 6091 NW 15 Ave. 15 1957 8 —1/1 1/1-- $225
6 —2/1 2/1 — $285
1— 3/2 3/2 -- $450
7 1435 NW 60 St. 12 1958 10 — 1/1 1/1 --- $495 (1)
2-2/1 1/1—$250
1/1 — $350
2/1 —$675 (I)
2/1 —$675 (1)
8 1519NW60St. 4 1961 2---1/1 1/1-5475(1)
2 —3/2 1/1— $350
3/2---$775(I)
9 1341 NW 61 St. 6 1957 6 — 2/1 2/1 — $260
1/1 --- $300
1/1 — $350
2 vacant units
10 1400 NW 61 St. 6 1959 4 — 1/1 1/1 — $495 (1)
2-3/2 3/2—$775(1)
11 1371 NW 61 St. 6 1958 6 ---1/1 1/1 — $300
12 1520 NW 61 St. 18 1957 12 — 1/1 1/1 — $325
6 — 2/1 2/1 — $425
(1) Section 8
Apt-ren.grd
ADDRESS
OPERATING EXPENSES (PER UNIT)
1238 NW 58 Terr. 1255NW58St. 1609NW595L 1258NW6851. 1425NW605*L 6091NW15Are. 1435NW6851. 1519NW685t 1341NW61SL 1413NW61St. 1371NW6151. 1520NW615L
(1) 1156NW58St.
No. of Units 24 36 4 6 22 15 12 4 6 6 6 18
FIXED EXPENSES:
Real Estate Taxes 5263 $230 5631 5461 5255 S265 5221 S520 5257 5500 S437 5359
Insurance 5166 S36 5229 5225 S68 S240 S169 5200 S169 S169 5283 8278
VARIABLE OPERATING EXPENSES:
Managemcni
Common Area Electricity 5200 525 S64 56 130
Water & Sewer S225 5464 S301 $1.94 5245 5399 $221 Tenants Pay $420 S300 S250
Gas 5156 5255 S352 5155 5243 S289 5189
Waste Removal S92 5204 5179 5131 557 5119 5152 S408 S270 5250 5392 S159
Repairs & Maintenance $417 5363 5150 5300 5199 S308 530E S3011 5308 $400 567
Legal & Prof. Fees $52 $14
Miscellaneous 558 S75 550 S20
(1) With the building located at 1245 N. W. 5801 Street
OPERATING EXPENSES
ADORE SS 1235 NW 55 Tarr. 1255 NW 55 St. NH NW 59 St. 1250 NW 60 St. 1425 NW 68 St. 6491 NW IS Ave. 1435 NW 50 St. 1519 NW 40 St. 1341 NW 41 SI. 1401 NW 61 SL 1371 NW 61 St. 8525 NW it S1.
(1) 1256NW511SL
Nu. uI Units 24 36 4 6 22 15 12 4 6 6 6 1E
FIXED EXPENSES:
Real Estase Taxes 56,312 53 276 52.525 52,763 S5.600 $3,973 52,649 52.073 S1,539 S2.999 S2,619 56.466
Insurance 33.990 51,295 S915 51.350 S1.500 S3,600 54.062 (2) 5000 14,052 (2) 54,052 (2) 51.700 S5,000
vARIABLE OPERATING EXPENSES:
Management
Common Arca Electricity S4,1100 S897 5255 5336 S540
Water ASewer S3,400 $16,693 51203 S1,164 55.400 54.7119 S882 TeorrsPny 52.518 51.500 S4.500
Gas 53,744 59,184 S2.109 51.554 3970 51.734 S1,134
Wastc Rcmuval S2200 S7,334 S714 5786 51260 51,788 S1.325 S1.630 51,621 51.497 52.332 52,856
Repairs & Maintenance S10,000 513.050 S600 51.800 S2.935 58,000 (3) 511,000 (3) 58900 (3) 58,000 (3) 52,400 S1.200
Legal & Prof. Fees S1.237 5512
Miscellaneous 51.400 S300 5300 5300
(1) With the budding located al 1245 N.W. 58th Sueet
(2) For 3 of4 Williams' Buildings
(3) For all 4 Williams Buildings
SALES COMPARISQN 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.
The following page contains a summary of sales of similar apartment buildings which have recently
sold. Several other sales were considered by the appraiser, but were not included because there was
too wide a difference in physical factors, location and time.
In comparing the sales to the subject, consideration was given to factors of time, location, physical
characteristics and terms and conditions of the sale.
In this approach to value, four units of comparison were considered: the price paid per square foot,
the price paid per room, the price paid per unit and the gross income multiplier.
A Gross Income Multiplier (GIM) is a factor reflecting the relationship between gross annual income
of real estate and its sale price or value.
The rationale of the GIM Analysis is that both the sale price or value and the gross income of an
income property are subject to the same market influences. They presumably move in the same
direction and essentially the same proportion in response to market conditions,
locational/environmental influences and amenities and functions offered by the property itself.
The principal advantage of this technique is that the reflection of rental income is direct. Therefore,
differences between properties, which could involve adjustments based on judgement estimates, have
been resolved by the free action of the rental market.
QUINLIVAN APPRAISAL
16
The unit prices of Sales 1, 4, 6, 7 and 9, which are considered most comparable to the subject
property, range as follows:
Sale No. 1 4 6 7 9
Price/S.F. $19.84 $24.76 $30.07 $18.58 $25.40
Price/Room $3,646 $3,472 $3,700 $2,500 $3,265
Price/Unit $14,583 $15,625 $18,500 $10,625 $11,429
GIM 3.35 3.72 4.51 2.83 2.93
Based on a careful analysis of the comparable sales, the subject property is estimated to have a value
as follows:
Price Paid/SY.
3,409 S.F. x $25,00 per S.F. =
Price Paid/Room
27 rooms x $3,500 per room =
Price PAid/Unit
6 units x $16,500 per unit =
GIM
$85,225
$94,500
$99,000
$25,200 x 3.50 GIM = $88,200
Value Range $85,225 - $99,000
Most Probable Price $92,500
QUINLIVAN APPRAISAL
17
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SALE PRICE
5175,000
562,500
5111,000
585,000
5320,000
ADDRESS
1341 N.W. 61 Si
1299 N.W. 60 St.
1506 N.W. 69 Terr.
925 N.W. 69 St.
1319 N.W. 60 St.
1601 N.W. 62 St.
LAND SIZE (S.F.)
5,300
21,200
4,500
7,150
7,800
13,600
BUILDING SIZE (S.F.)
3,409
8,820
2,524
3,691
4,574
10,428
UNITS
6
12
4
6
8
28
BUILDING AGE
1957
1960
1962
1963
1958
1953
CONDITION
Fair/Average
Average
Good
Average
Fair
Average
ZONING
R-3
R-3
R-3
R-3
R-3
C-1
OVERALL RATE
13.7%
12.3%
10.6%
14.8%
15.5%
GIM
3.35
3.72
4.51
2.83
2.93
PRICE/S.F. OF BLDG.
519.84
524.76
530.07
518.58
530.69
PRICE/ROOM
53,646
53,472
$3,700
52,500
53,265
PRICE/UNIT
$14,583
_ 515,625
$18,500
510,625
511,429
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 utilized. The value estimates indicated
by these approaches resulted in the following:
Cost Approach to Value Not Applicable
Income Approach to Value $92,500
Sales Comparison Approach to Value $92,500
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. Since the subject improvements have an actual age of 44
years, a large degree of judgement was required to estimate an effective age of improvements, hence
the determination of depreciation is subject to error.
Considering the above factors, the value indication from the Cost Approach was not developed for
use in the final analysis.
Income Approach to 'Value
The data in this approach as to the quality, quantity and durability of the income was considered very
good. The income and expenses were based on the actual income and expenses of the subject
building and on comparable buildings.
Net Income was capitalized by means of a direct capitalization method with an overall rate derived
from market sales.
Because this is an income producing property, this approach to value is given primary emphasis in
the final analysis.
QUINLIVAN APPRAISAL
18
$ales 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 were analyzed and adjusted to the subject to reflect a
market value estimate of the subject.
The quality of the market sales in this approach to value was considered good. All of the sales are
in the general location of the subject property and have similar income streams.
Considering the quality of these sales, this approach to value was also given primary emphasis in
the final analysis.
Filial 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 is the reasonableness of the data and the reliability of the data.
In consideration of the above, and for the reasons and conclusions contained herein, it is estimated
that the Market Value of the subject property as of May 12, 2001 was:
$92,500
QUINLIVAN APPRAISAL
19
ASSUMPTIONS AND LIMITING CONDITIONS
- ...:..'<:y;isi?'�:;�:i5%<;:":f.•'?:iv.f:':L''#:�?i'.5::^::�4%rmimPaWu
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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.
b. 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.
QUINLIVAN APPRAISAL
20
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.
QUINLIVAN APPRAISAL
21
QUALIFICATIONS OF THE APPRAISER
J. MARK QUINLIVAN
Experience:
Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAI,
from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and
Consulting Firm, established in 1964.
Gradva_te:
University of Notre Dame
BBA - Bachelor of Business Administration (Major in Finance and Business Economics)
University of Maryland
MBA - Master of Business Administration (Concentration in Finance)
University of Miami Law School
JD - Juris Doctor (Concentration in Real Estate and Taxation)
Florida International University
MSM - Master of Science in Management (Major in Real Estate)
University of Miami
MALS - Master of Arts in Liberal Studies (Humanities)
Professional Affiliations:
Member of the Appraisal Institute (MAI N° 5791)
Member of the Florida Bar (N9 239992)
Real Estate Broker, State of Florida (N2 0125264)
Certified General Appraiser, State of Florida, License N2 RZ0000112
QUINLIVAN APPRAISAL
22
Qualified as an_ Expert Witness fq the Following Courts:
Miami -Dade, Broward, Palm Beach and Monroe County Circuit Courts
United States Bankruptcy Court
United States District Court
Other Activities:
Appraiser Special Master (1978 - 1980),
Miami -Dade County Property Appraisal Adjustment Board
Past President - Miami Chapter N9 71,
Society of Real Estate Appraisers (1983 - 1984)
Past President - South Florida Chapter Ng 24, Appraisal Institute (1988)
Past Governing Councilor of the American Institute of Real Estate Appraisers (1990)
Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980)
Editorial Review Board (1981 - 1991)
THE REAL ESTATE APPRAISER ANDANALYST published quarterly by the Society of Real
Estate Appraisers
Recent Publications:
"Non -Conforming Use Properties: The Concept of Positive Economic Obsolescence", The Appraisal
Journal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982).
QUINLIVAN APPRAISAL
23
Quinlivan Appraisal has prepared Appraisal Reports for the following:
Institutions and Corporations:
American Savings of Florida
Archdiocese of Miami
Atlantic Security Bank
The Bank of Coral Gables
Banco Atlantico
Banco Industrial de Venezuela
Banco Santander International
Barnett Bank
Barry University
Ben Franklin Savings
Bessemer Trust Company
Capital Bank
Central Bank
Chevron Oil Company
Chase Manhattan Bank
Chase Federal Bank
Chemical Bank
Citibank
Citicorp Savings
City National Bank of Miami
Consolidated Bank
Coral Gables Federal Savings and Loan Association
County National Bank
Crown Life Insurance Company
Eagle National Bank
East Little Havana Development Corporation
Eastern National Bank
Equibank of Pittsburgh
Espirito Santo Bank
First Nationwide Bank
First Union Bank
Florida Power and Light Company
Hemisphere National Bank
Intercontinental Bank
International Bank of Miami, N.A.
Jefferson Bank
Jewish Home for the Aged, Inc.
QUINLIVAN APPRAISAL
24
Marine Midland Bank
McCaughan Mortgage Company, Inc.
McDonalds Corp.
Mega Bank
Miami -Dade Water and Sewer Authority
NationsBank
Northern Trust Bank of Florida
Ocean Bank
Pacific National Bank
Ready State Bank
Resolution Trust Corporation
Savings of America
Shell Oil Company
Skylake State Bank
SunTrust Bank
Swire Properties
Texaco
Terremark
Totalbank
Trade National Bank
Trust for Public Lands
UniBank
Universal National Bank
University of Miami
Governmental Agencies:
City of Coral Gables
City of Hialeah
City of Miami
City of Miami Beach
City of Miramar
City of North Miami Beach
Miami -Dade County Aviation Department
Miami -Dade County Department of Development & Facilities Management
Miami -Dade County HUD
Miami -Dade County Property Appraisal Adjustment Board
Miami -Dade County Public Schools
Miami -Dade County Public Works Department
Miami -Dade County Transportation Administration
Federal Deposit Insurance Corporation (FDIC)
QUINLIVAN APPRAISAL
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Miami -Dade Water & Sewer Department
South Florida Water Management District
State of Florida, Department of Community Affairs
State of Florida, Department of Corrections
State of Florida, Department 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 Commerce
United States Department of the Interior
United States General Services Administration
Village of Key Biscayne
Law Firms:
Cole, Davidson, Carter, Smith, Salter & Barkett, P.A.
Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A.
Dubbin, Berkman, Bloom & Karan
Floyd, Pearson, Richman, Greer, Weil, Brumbaugh & Russomanno, P.A.
Shuns & Bowen
Kelley, Drye & Warren
Blackwell & Walker
Steel, Hector & Davis
Mershon, Sawyer, Johnston, Dunwody & Cole
Sullivan, Admire & Sullivan, P.A.
Types 9f Properties Appraised:
Single Family Residences
Apartment Buildings
Office Buildings
Retail Stores
Shopping Centers
Condominium Apartment Buildings
Golf Courses
Residential Subdivisions
Automobile Dealerships
Vacant Land
Hotel/Motels
Warehouses
Nursing Homes
Mobile Home Parks
Schools
Service Stations
Marinas
Wetlands
QUINLIVAN APPRAISAL
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SELF-CONTAINED APPRAISAL REPORT
OF RENTAL APARTMENT BUILDINGS
LOCATED AT
PROPERTY 1 - 6091 N.W. 15TH AVENUE
PROPERTY 2 - 1400 N.W. 61ST STREET
PROPERTY 3 - 1425 N.W. 60TH STREET
PROPERTY 4 - 1435 N.W. 60TH STREET
PROPERTY 5 - 1520 N.W. 61ST STREET
PROPERTY 6 - 1519 N.W. 60TH STREET
PROPERTY 7 - 1341 N.W. 61ST STREET
PROPERTY 9 - 1250 N.W. 60TH STREET
PROPERTY 10 - 1600 N.W. 59TH STREET
PROPERTY 11 - 1256 N.W. 58TH TERRACE & 1255 N.W. 58TH STREET
PROPERTY 12 - 1238 N.W. 58TH TERRACE
MIAMI, FLORIDA
DATE OF VALUATION:
APRIL 23, 2001
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
312€ Commodore Plaza, Suite 200 • Coconut Grove, Florida 33133
J.B. ALHALE ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
3121 COMMODORE PLAZA, SUITE 200
COCONUT GROVE, FLORIDA 33133-5846
JOZEF ALHALE, MAI
STATE CERTIFIED GENERAL APPRAISER
NO. RZ0001557
May 23, 2001
Ms. Laura Billberry
Director
Office of Asset Management
City of Miami
444 S.W. 2nd Avenue
Miami, Florida 33130
Re: Job No: A2120
RFQ No: 99-00-271
Property 1 (MHZ-82) -
Property 2 (MHZ-92) -
Property 3 (MHZ-95) -
Property 4 (MHZ-96) -
Property 5 (MHZ-106) -
Property 6 (MHZ-109) -
Property 7 (MHZ-34) -
Property 8 (MHZ-36) -
Property 9 (MHZ-178) -
Property 10 (MHZ-269) -
Property 11 (MHZ-357) -
Property 12 (MHZ-358) -
Dear Ms. Billberry:
Pursuant to your request for an appraisal of the above referenced properties, 1 submit this
narrative appraisal report.
Legal Description:
TEL: (786) 552-0960
FAX: (786) 552-0970
E-Mail: lbalhaie@aol.cam
6091 N.W. 15th Avenue, Miami, Florida
1400 N.W. 61st Street, Miami, Florida
1425 N.W. 60th Street, Miami, Florida
1435 N.W. 60th Street, Miami, Florida
1520 N.W. 61st Street, Miami, Florida
1519 N.W. 60th Street, Miami, Florida
1341 N.W: 61st Street, Miami, Florida
1371 N.W. 61st Street, Miami, Florida
1250 N.W. 60th Street, Miami, Florida
1600 N.W. 59th Street, Miami, Florida
1256 N.W. 58th Terrace and
1255 N.W. 58th Street, Miami, Florida
1238 N.W. 58th Terrace, Miami, Florida
Property 1 - Lots 1 and 2, Block 9, Orange Heights, as recorded in Plat Book 14, Page
62 of the Public Records of Miami -Dade County, Florida
Property 2 - Lot 13, BIock 9, Orange Heights, as recorded in Plat Book 14, Page 62 of
the Public Records of Miami -Dade County, Florida
Ms. Laura Billberry
May 23, 2001
Page Two
Property 3 - Lots 16 to 18, Block 9, Orange Heights, as recorded in Plat Book 14, Page
62 of the Public Records of Miami -Dade County, Florida
Property 4 - Lots 19 and 20, Block 9, Orange Heights, as recorded in Plat Book 14, Page
62 of the Public Records of Miami -Dade County, Florida
Property 5 - Lots 21 and 22, Block 12, Orange Heights, as recorded in Plat Book 14, Page
62 of the Public Records of Miami -Dade County, Florida
Property 6 - Lot 16, Block 12, Orange Heights, as recorded in Plat Book 14, Page 62 of
the Public Records of Miami -Dade County, Florida
Property 7 - Lot 32, Block 1, Orchard Villa Extension, as recorded in Plat Book 17, Page
55 of the Public Records of Miami -Dade County, Florida
Property 8 - Lot 37, Block 1, Orchard Villa Extension, as recorded in Plat Book 17, Page
55 of the Public Records of Miami -Dade County, Florida
Property 9 - Lot 6, Block 6, Orchard Villa Extension, as recorded in Plat Book 17, Page
55 of the Public Records of Miami -Dade County, Florida
Property 10 - Lot 25, Block 14, Orange Heights, as recorded in Plat Book 14, Page 62
of the Public Records of Miami -Dade County, Florida
Property 11 - Lots 5, 6, 23 and 24, Block 10, Orchard Villa Extension, as recorded in Plat
Book 17, Page 55 of the Public Records of Miami -Dade County, Florida
Property 12 - Lots 7 and 8, Block 10, Orchard Villa Extension, as recorded in Plat Book
17, Page 55 of the Public Records of Miami -Dade County, Florida
I have made a physical inspection of the subject properties, reviewed the income and expense
data, and performed market research to provide estimates of the Highest and Best Use, and the
Market Value of the Fee Simple Interest in the subject properties in their current "as is"
condition, as of April 23, 2001.
It is my estimate that the Market Value of the Fee Simple Interest in the subject properties in
their current "as is" condition, as of April 23, 2001, was:
PROPERTY ONE - 6091 N.W. 15TH AVENUE (MHZ-82)
MARKET VALUE OF FEE SIMPLE INTEREST IN "AS IS" CONDITION
TWO HUNDRED FIVE THOUSAND DOLLARS
($205,000)
J.B. ALHALE 81 ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS