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COMMERCIAL BUILDING SALES COMPARISON APPROACH
SALES COMPARISON APPROACH
To develop an opinion of overall property value by the sales comparison approach, we
analyzed four sales on a price per square foot of gross building area basis. The sales
occurred within the 1/18/00 — 12/3/02 time period and reflect a range of unadjusted unit
prices of S57.65 to S64.10 per square foot. They are summarized as follows:
SUMMARY OF COMPARABLE IMPROVED SALES
Price/
Sale Year SF of SF of
No. Name/Address Date Built GBA GBA
1 Retail Market 12/02 1937 4,720 $63.56
1 NW 62nd Avenue
Miami, Miami -Dade, FL
Comments: Located at IV -WC of major, signalled intersection. Retail market with
2 Retail Storefront 1/01 I973 5,460 S64.10
717 NE 79 Street
Miami, Miami -Dade, FL
Comments: Newer Retail Strip stores east of Biscayne Blvd., just north of Oleta
3 Retail Building 9/00 1957 2,535 $63.12
5555 NE 2 Avenue
Miami, Miami -Dade, FL
Comments: SEC of NW 2nd Are/NE 56 St. Currently used as cafeteria,
4 Retail Storefront 1/00 1937 2,862 $57.65
5910 NE 2 Avenue
Miami, Miami -Dade, FL
Comments: I Store. 3-Store, Interior Retail Strip with high ceilings.
SUBJECT 1972 13,462
The subject represents a one-story. multi -tenant building of approximately 13.462 gross
square feet. It is located on an interior, square parcel at the northern end of the
commercial/retail area on N.E. 2nd Avenue, a north/south commercial artery. The
improvements were built in 1972, are of average quality/condition, and although of an
industrial style. are being utilized in smaller, retail style units. Parking is on -street and
ceiling heights appear to be approximately 14.E feet.
No adjustments were required for property rights, financing. or conditions of sale. In
addition, no significant appreciation has been noted in the recent past; therefore, no time -
market adjustments were deemed necessary.
Comparable Sale No. 1 represents the sale of a retail building of approximately 4,720
gross square feet and situated on the northwest corner of N.W. 62" Street and North
Miami Avenue, a highly trafficked, 4-lane, signaled intersection. The improvements were
constructed in 1937, appear of average condition/quality, and include four (4) rooftop
billboard signs. A significant downward adjustment was applied for locational
characteristics to reflect the property's superior access and visibility traits, and a moderate
downward adjustment was applied to reflect the building's smaller size.
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I,ntegra Realty Resa. ci