HomeMy WebLinkAboutExhibit EMARKET RENT ESTIMATE
OF
WAREHOUSE/STORAGE/GARAGE BUILDING
3501 RICKENBACKER CSWY, MIAMI, FLORIDA 33149
FEE OWNER: CITY OF MIAMI
EFFECTIVE DATE OF APPRAISAL
DECEMBER 1, 2023
PREPARED FOR
MS. ASHLEY MCGREGOR
SPECIAL PROJECT ASST.
DEPARTMENT OF REAL ESTATE AND ASSET MANAGEMENT
CITY OF MIAMI
444 SW 2ND AVENUE, 3RD FLOOR
MIAMI, FLORIDA 33130
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December 14, 2023
Ms. Ashley McGregor
Special Project Asst.
Department of Real Estate and Asset Management
City of Miami
444 SW 2nd Avenue, 3rd Floor
Miami, Florida 33130
Re: Estimate of Market Rent
Warehouse/Storage/Garage Building
And Vacant Boat Rack Area
3501 Rickenbacker CSWY,
Miami, Florida 33149
Folio: 01-4217-000-0030
Dear Mr. McGregor:
Per your request, we have reviewed the above captioned property for
the purpose of providing you with a market rent estimate for the
638 square foot CBS warehouse/storage/garage building on a reported
1,368 square feet located in the City of Miami Marina on Rickenbacker
Causeway. The site actually measures 2,690 square feet thus the
boat rack area would consist of 2,052 square feet of land area. This
appraisal assignment involved the preparation of an appraisal report
which summarizes the appraiser's analysis and rationale for the
conclusions. The purpose of this appraisal is to form an opinion
of the market rent for this building and the boat rack land area.
The property rights appraised will be based on the fee simple
ownership by the City of Miami, as landowner. The intended users
of the report are the City of Miami, and their legal counsel and
representatives. This appraisal assignment pertains to the lands
owned by the city and the building is part of a larger building.
The market rent estimate assumes full access via the interior
driveways to the site.
I have prepared the attached Appraisal Report, which contains a
recapitulation of the data utilized to form an opinion of the market
rent as of December 1, 2023. If any additional data is required,
please advise.
150 SE 12th Street • Suite 100 • Fort Lauderdale • Florida 33316
Telephone: 954-522-6226 • Fax: 954-522-6422 • www: theurbangroup.com
Ms. McGregor,
December 14, 2023
Based upon our inspection of the property and market data analysis,
it is our opinion the market value under the identified valuation
as of December 1, 2023, is as follows:
Warehouse/Storage/Garage Building
$25,500 annually or $2,125 monthly
Vacant Boat Rack Area
$21,560 Annually or $1,796.67 monthly
Sincerely,
Robert D. Miller, ASA
State Certified General R.E. Appraiser No. RZ1270
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CERTIFICATION OF VALUE
The undersigned hereby certifies that, to the best of our knowledge and
belief:
The statements of fact contained in the report are true and correct.
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.
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.
We have no bias with respect to the property that is the subject of this
report or to the parties involved with this assignment.
We have appraised the subject property and are providing additional rental
rate analysis.
Our engagement in this assignment was not contingent upon developing or
reporting predetermined results.
The appraisers' 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 rental rate analysis.
Furthermore, the assignment was not based on a requested minimum valuation,
a specific valuation or the approval of a loan.
The reported analyses, opinions, and conclusions were developed, and this
report has been prepared in conformity with the requirements of the Uniform
Standards of Professional Appraisal Practice and the American Society of
Appraisers. 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.
Robert D. Miller has made a personal inspection of the subject property.
John Zink has provided research, analysis and report assistance, but the
valuation conclusions are those of the signatory appraisers.
Robert D. Miller, ASA
State Certified General R.E. Appraiser No. RZ1270
1
ADDENDA TO CERTIFICATE(S) OF VALUE
Supplemental to the foregoing Certificate(s) of Value is the
following certificate. We certify that, to the best of my knowledge
and belief, except otherwise noted in this report:
• We certify that, to the best of my knowledge and belief, 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 American
Society of Appraisers
• The use of this report is subject to the requirements of the
American Society of Appraisers and to review by its duly
authorized representatives. In addition, the report is
subject to the requirements of the State of Florida relating
to review by the Real Estate Appraisal Board.
• Robert D. Miller, ASA, State Certified General Real Estate
Appraiser RZ1270 (expires 11/30/2024)
A list of the Qualifying and Limiting Conditions in the report
follows and made part hereof by reference thereto.
COMPETENCY PROVISION
Appraisers
This assignment is being performed for the purpose of estimating a
fair market rental rate of the subject. The appraiser has complied
with the Competency Provision and has the knowledge and expertise
necessary to complete the assignment competently. Mr. Miller
certifies that he has completed these types of rental analysis for
more than 40 years in the State of Florida.
December 14, 2023
Date Robert D. Miller, ASA
2
TABLE OF CONTENTS
INTRODUCTION AND PREMISES OF THE APPRAISAL
Letter of Transmittal
Certificate of Value 1
Addenda to the Certificate of Value 2
Table of Contents 3
Qualifying and Limiting Conditions 4
Summary of Salient Facts and Conclusions 6
Type of Report Format 7
Purpose, Intended Use, Intended User of the Appraisal 7
Definition of Market Rent, Easements and Market Value 8
Property Rights (Interest) Appraised 8
Scope (Extent of Process of Collecting, Confirming and
Reporting Data) 9
PRESENTATION OF DATA
Identification of Property and Legal Description 10
Description of Area and Neighborhood 10
Description of Property, Photographs and Sketches 12
Zoning, Land Use Plan, Concurrency 22
Assessed Value, Taxes and Special Assessments 23
History of Property 23
Exposure Time 24
Public and Private Restrictions 24
ANALYSIS OF DATA AND CONCLUSION
Highest and Best Use Analyses 25
Highest and Best Use Conclusion 25
Market Rental Rate Analysis 26
Estimate of Market Rent 30
ADDENDA
Area Map
Neighborhood Map
Comparable Rental Data
Area and Neighborhood Analysis
Qualifications of Appraisers
3
QUALIFYING AND LIMITING CONDITIONS
The legal description furnished to the appraisers is assumed to be
correct. The appraisers assume no responsibility for matters of a
legal nature affecting the property appraised or the title thereto,
nor do the appraisers render any opinion as to the title, which is
assumed to be good and marketable. The property is appraised as
though under responsible ownership.
All existing liens and encumbrances have been considered; however,
the property is appraised as though free and clear with the exception
of the historical designation of the existing improvement and under
responsible ownership and competent management.
The information, estimates and opinions identified in this report as
being furnished to the appraiser by others is believed to be reliable;
however, the appraisers assume no responsibility for its accuracy.
We have not inspected or tested the soil or subsoil, and therefore
unable to report that any such part of the subject property is free
from defect or in such condition as to render the subject property
less valuable. It is assumed that there are no hidden or unapparent
conditions of the property, subsoil, or structures that render it
more or less valuable. No responsibility is assumed for such
conditions or for arranging for engineering studies that may be
required to discover them.
It is assumed that there is full compliance with all applicable
federal, state, and local environmental regulations and laws unless
noncompliance is stated, defined, and considered in the appraisal
report. It is assumed that all required licenses, certificates of
occupancy, consents, or other legislative or administrative authority
from any local, state, or national government or private entity or
organization have been or can be obtained or renewed for any use on
which the value estimate contained in this report is based. Also, it
is assumed that the utilization of the land any improvements are
within the boundaries or property lines of the property described
and that there is no encroachment or trespass unless noted in the
report.
The distribution, if any, of the total valuation in this report
between land and any improvements applies only under the stated
program of utilization. The separate allocations for land and
buildings must not be used in conjunction with any other appraisal
and are invalid if so used.
4
QUALIFYING AND LIMITING CONDITIONS (Continued)
Possession of this report, or copy thereof, does not carry with it
the right of publication. It may not be used for any purpose by any
person other than the party to whom it is addressed without the
written consent of the appraisers, and in any event, only with proper
written qualifications and only in its entirety.
The appraisers herein by reason of the appraisal are not required to
give further consultation, testimony, or be in attendance in court
with reference to the property in questions unless arrangements have
been previously made.
Neither all, nor part of the contents of this report, especially any
conclusions as to value, the identity of the appraisers, or the firm
with which the appraisers are 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
appraisers.
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 ADA. It is possible that a
compliance survey of the property, together with a detailed analysis
of the requirements of the ADA, could reveal that the property is
not in compliance with one or more of the requirements of the Act.
If so, this fact could have a negative effect upon the value of the
property. Since we have no direct evidence relating to this issue,
we did not consider possible non-compliance with the requirements of
ADA in estimating the value of the property.
Unless otherwise stated in this report, the existence of hazardous
materials, which may or may not be present on the property, was not
observed by the appraiser. The appraisers have no knowledge of the
existence of such materials on, or in the property. The appraisers
are not qualified to detect such substances. The presence of
substances such as asbestos, urea -formaldehyde foam insulation, or
other potentially hazardous materials may affect the value of the
property. The value estimate is predicated on the assumption that
there is no such material on or in the property that would cause a
loss in value. No responsibility is assumed for any such conditions,
or for any expertise or engineering knowledge required to discover
them. The client is urged to retain an expert in this field, if
desired.
5
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
PROPERTY LOCATION:
OWNER's NAME/ADDRESS:
INSPECTION DATES:
NAMES OF PERSONS WHO
ACCOMPANIED APPRAISER
AT INSPECTION:
EXTENT OF INSPECTION:
FOLIO NUMBER:
TYPE OF PROPERTY:
PROPERTY SIZE:
BUILDING SIZES:
ZONING/FUTURE LAND USE:
HIGHEST AND BEST USE:
VALUE CONCLUSIONS
Garage Building
Market Rent Estimate:
Boat Rack Area
Market Rent Estimate:
Date of Value:
3501 Rickenbacker Causeway
Miami, Florida 33149
The City of Miami -Dept of P&D
Asset Management Division
444 SW 2nd Avenue Ste. #325
Miami, Fl. 33130
November 14 and December 1, 2023
On site physical exterior inspection was
completed by appraisers, Robert Miller.
The appraiser was accompanied by the
property manager during the inspection.
Site inspection of the fee simple lands and
existing improvements.
01-4217-000-0030-Part of larger folio
One story CBS storage/warehouse/garage
building containing 638 square feet.
2,690 square feet of land area
638 Square Feet
The City of Miami 21 zoning for the subject
is CS Civic Space Zone; Land Use:
Recreation.
As improved
$25,500 annually or $2,125 monthly
$21,560 Annually or $1,796.67 monthly
December 1, 2023
6
TYPE OF REPORT FORMAT
The market rental rate analysis is prepared in an Appraisal Report
format in accordance with the Uniform Standards of Appraisal Practice
Standards. Certain discussions are brief, and some information
considered is not included in this report and is intended to comply
with the reporting requirements set forth under Standard Rule 2-2(a)
of USPAP. This appraisal assignment involved the preparation of a
market rent estimate for a one story, 638 square foot building as
part of a larger building. The analysis summarizes the appraiser's
analysis and rational for the conclusions. The assignment pertains
to forming an opinion of the subject's market rent and includes a
land area of 2,052 square feet for the boat rack area.
PURPOSE, INTENDED USE, INTENDED USER OF THE APPRAISAL
The purpose of this assignment is to determine the subject's market
rental rate. The intended use is for negotiations between the City
of Miami and a potential tenant. The function of this report is to
provide our estimate of the market rent for consideration in the
future lease of the property. The intended users of the report are
the City of Miami and with their legal counsel and representatives.
7
DEFINITION OF MARKET RENT
Market rent is the rent that a comparable property would command in
a given real estate rental market. It is based on the supply and
demand of that kind of property and the willingness of tenants and
landlords to lease the property. Market rent assumes that both
parties are well-informed and under no pressure to make a deal.
DEFINITION OF MARKET VALUE
The following market value definition is found in Florida case law,
(Florida State Road Department vs. Stack, 231 So.2d 859 Fla., 1st DC,A
1969) and is the acceptable and preferred definition of market value:
"Value means amount which would be paid for property on assessing
date to willing seller not compelled to sell, by willing purchaser,
not compelled to purchase, taking into consideration all uses to
which property is adapted and might reasonably be applied."
Property Interest Appraised: The property interest is based
on a lease of the 638 square
foot warehouse/storage/garage
space within a larger building
with a 638 square foot site and
a 2,052 square foot site
designated as a boat rack area
within the City of Miami Marina
operation on the Rickenbacker
Causeway.
Real Property Interest
Previously Conveyed:
We are not aware of any other
interests, encumbrances or
easements which negatively
affect the market value.
Encumbrances: None that we are aware of.
Non -Realty Items Appraised: None
8
SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING AND
REPORTING DATA)
We have compiled all the necessary data to formulate an opinion of a
market rental rate for the subject building. We have presented the
applicable data in this report. Any additional supporting data can
be found in our working file. The scope of the appraisal involved
inspections of the subject property and surrounding area to develop
a better understanding of the growth patterns, property types and
economic uses of the subject neighborhood. In preparing this report,
We have reviewed and relied upon the following data.
1. We reviewed various listings and executed lease for rental
rates within the immediate subject neighborhood and
comparable locations.
2. Review of real estate records for all pertinent rental
rate data including county property appraiser's records.
We retrieved rental rate data from CoStar, LoopNet, MLS,
internet, and local contacts.
In addition, conversations were held with local real estate
brokers and agents concerning local conditions,
development activity and a review of rental rates.
3. Review of Miami Dade County and the City of Miami
neighborhood trends.
4. Inspection of neighborhood and analysis of land use
patterns and trends in the City of Miami.
5. Physical inspection of subject property and all rental
rate comparable utilized in this report. Furthermore, the
data relied upon was confirmed through knowledgeable
parties to the transactions. The data relied upon is
believed to be accurate, but the appraisers assume no
responsibility for its accuracy. Analysis and review of
the market revealed data considered to be reliable to
arrive at an opinion of market rental rate which is
supportable for the subject building type and location.
6. Reviewed and relied on sketches and legal descriptions
as of the inspection date for this report for the size
and descriptions of the subject property.
The subject property was field inspected, and we have reviewed
sketches and aerials for the subject parcel. A Market Rental Rate
Estimate was considered in the analysis. Based on our review, the
existing subject land and improvements were considered in the
development of the fair market rental rate. The property appears to
have been used as a storage or showroom type facility for a boat
repair or sales business. Most of the neighborhood is improved with
9
commercial developments focused on the boating industry.
To complete the Market Rent Analysis, we have reviewed listings and
executed leases for rental rates within the subject neighborhood
and on Key Biscayne and expanded that search as there were limited
rental data considered comparable to the subject property. Our
analysis of Florida and Miami Dade County as well as the City of
Miami, were considered factors affecting real estate, which forms
the basis of our analysis of the area real estate market. This
rental rate analysis was prepared and includes the data relied upon
together with the analysis and conclusions.
IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION
The whole property legal description is as follows:
LEGAL DESCRIPTION
171854428AC
A PORTION OF CITY OF MIANlI OWNED
LAND ON VIRGINIA KEY AND LEASED
TO MARINE STADIUM ENTERPRISES INC
IDENTIFIED AS LEASE AREAS 1-A1-B
1-C AND PARCEL B F'AAU 30-4217-
000-0110
The subject property land area is only 2,690 square feet of land
area and this property as further identified on the sketches and
aerials.
DESCRIPTION OF AREA AND NEIGHBORHOOD
The Description of Area and Neighborhood as well as additional
information regarding Florida's economy and market analysis is
included in the addendum.
10
NEIGHBORHOOD MAP
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11
THE DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES
PROPERTY TYPE /
EXISTING USE: One story CBS building as part of a larger
building with a use as
warehouse/garage/storage building.
PROPERTY LOCATION:
SITE SIZE:
SHAPE:
INGRESS/EGRESS:
TOPOGRAPHY:
DRAINAGE:
3501 Rickenbacker Causeway, Miami, Florida
33149
The subject site contains a total or 2,690
square feet of land area.
Basically rectangular
The subject site has access through the
Marina property from a driveway entrance
from the north side of Rickenbacker
Causeway and the site is accessible by
interior driveways on site.
Based upon a physical inspection of the
site as well as adjacent properties, the
soil conditions are considered adequate.
Based on our inspection, the drainage
appears adequate under normal observed
typical conditions on the day of the
appraiser's inspection.
SOIL CHARACTERISTICS: No soil samples were taken or analyzed by
the appraiser as this is beyond the scope
of the appraiser's duties.
UTILITIES: All utilities are readily available to the
subject and surrounding properties.
SITE IMPROVEMENTS: Asphalt paved and concrete area in front
of the building. No landscaping.
EASEMENTS, ENCROACHMENTS
OR RESTRICTIONS AND THEIR
EFFECT OR LIMITATION: We have not been provided with a title
report and are not aware of any other
encumbrances on the existing subject site.
12
Building Improvement: The site is improved with a 1-story CBS
building of 638 square feet with a metal
overhead door and is a portion of a 2,661
square foot building, built in 1980.
FLOOD ZONE:
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MAP DATA
FEMA Special Flood Hazard Area: Yg®
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Subject is in Zone AE, Map Number
12086C0481L, Date September 11, 2009
FLOOD MAP
51J EJECT
3591 Rickenbalcker C`SWY
Miami, FL 33119
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DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES
SUBJECT PHOTOGRAPHS
View of front of building
View of boat rack area in front of building
14
SUBJECT PHOTOGRAPHS
Interior of building
Interior of building
15
SUBJECT PHOTOGRAPHS
Interior of building
Ceiling in building
16
SUBJECT PHOTOGRAPHS
View of front of building and overhead entrance
Driveway with subject building on right
17
SUBJECT PHOTOGRAPHS
Entrance from Rickenbacker Causeway
View of driveway looking westerly
18
AERIAL MAP
19
Subject Aerial Sketch Supplied by the City of Miami
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SUBJECT PROPERTY
20
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21
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22
ZONING, LAND USE PLAN
Zoning
The subject zoning code with the Property Appraiser is CS Civic Space
Zone
Existing/Future Land Use
Future Land Use; Recreation
Jurisdiction: City of Miami
ASSESSED VALUE, TAXES AND SPECIAL ASSESSMENTS
The subject property is assessed as part of the larger folio number
01-4217-000-0030. The fee parcel is owned by the City of Miami.
ASSESSMENT INFORMATION
Year 2023 2022 2021
Land Value $12,721.590 312,721,500 S12,721,5410
Building Value 3294,879 $296,974 $261,044
Extra Feature Value S190,632 $193,620 $196,608
Market Value $13,207,011 313,212,094 S13,179,152
Assessed Value $4,660,477 $4,236,798 $3,851,635
There are no taxes due on this parcel based on the City of Miami
ownership.
HISTORY OF PROPERTY
There have been no sales of the subject property within the past 10
years. The subject is wholly owned by the City of Miami.
Property Owner Name and Address:
City of Miami
444 S.W. 2nd Avenue, 3rd Floor
Miami, Florida 33130
23
EXPOSURE TIME
Exposure Time may be defined as follows:
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 . Source: The Dictionary of Real Estate Appraisal, 5th Edition, Appraisal Institute.
Based on the type of property being appraised, it is our opinion that
the subject market is active with a normal or typical exposure time
for this type of property. The subject building is considered a
desirable asset, and the market would reflect a marketing and
exposure time of between 2 to 3 months.
PUBLIC AND PRIVATE RESTRICTIONS
We have not been provided a title report and public or private
restrictions were considered in this assignment. Other typical
restrictions affecting the subject property include utility
easements, zoning & land use, and are not considered to adversely
affect the use or demand for the subject property.
24
HIGHEST AND BEST USE ANALYSES
The current use of the subject property is an existing one-story
building on a small site and the building was constructed in 1980
and is still in good useable condition.
DEFINITION OF HIGHEST AND BEST USE
Highest and Best Use may be defined as follows:
The reasonably probable and legal use of vacant land or an improved
property, which is physically possible, appropriately supported,
financially feasible, and that results in the highest value. The four
criteria of the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and
maximum productivity.
Source: The Dictionary of Real Estate Appraisal, 5th Edition, Appraisal Institute, 2010, page 93.
Implied within this definition is that the determination of the
highest and best use results from the appraiser's judgment and
analytical skill, i.e., that the use determined from the analysis
represents an opinion, not a fact to be found. In appraisal practice,
the concept of highest and best use represents the premise upon which
value is based. In the context of probable selling price (Market
Value), another appropriate term to reflect highest and best use
would be "most probable use". In the context of investment value,
an alternative term would be "most profitable use".
Highest and Best Use "As Vacant"
Physically Possible Uses
The overall size and dimensions of the subject site containing 1,368
square feet of land area is small for most uses, but considering the
assignment, the size is physically possible for the use proposed.
Legally Permissible Uses
The legally permissible uses would include civic and recreational
uses and the use with some type of storage or showroom use with a
marina related use would be a legally allowed and permitted use.
25
Financially Feasible Uses
The subject whole property is located on the Rickenbacker Causeway,
on Biscayne Bay between the City of Miami and Key Biscayne and is
also accessible by water with a use as a Marina with ancillary uses.
After considering the physically possible, legally permissible uses
and the financially feasible, the highest and best use of the
subject is estimated to be for marine related use of the site.
Maximally Productive Use
The maximally productive use is the use which is financially
feasible and produces the highest rate of return to the land. The
maximally productive use of the property, given the physical and
legally permissible uses and financial criteria, is for marine
related use of the site.
HIGHEST AND BEST USE CONCLUSION
Land as Vacant
In conclusion, based on the four criteria for the estimation of the
highest and best use, it is our opinion that the subject property
would have the highest and best use for a marine related use.
As Improved
The subject property is improved with a one-story CBS building. The
building is in good condition and has been used as a storage or
showroom type facility in the past. The current improvements would
be considered the highest and best use as improved.
26
MARKET RENTAL RATE ANALYSIS
In order to arrive at the market rental rate value for the property,
special attention must be given to the typical Lessee who might have
an interest in a particular property. Market Value is the most
probable rental rate analysis which a property will bring, and this
rental rate depends upon the typical tenant's reaction to the various
supply and demand factors that affect the market value.
The appraisal assignment is to estimate the potential lease rate of
the subject land and building area. The Comparison Approach was
considered as the most applicable method of valuation for the subject
market rental rate estimate. We have reviewed listings and executed
leases for similar type buildings after reviewing lease rates on
Virginia Key and Key Biscayne and then expanded that to include other
areas in the Miami -Dade County area.
A summary chart and map of the comparable rental rates follows. The
rental rate per square foot of a unit area is analyzed and is based
on a triple net analysis with the lessee paying all real estate
taxes, insurance, utility and maintenance costs.
After the map and summary table, we will complete the rental rate
comparison approach to arrive at a market rent estimate for the
subject property. The individual data sheet for each comparable is
included in the addendum.
27
Lease Comps Summary
Deals Asking Rent Per SF
Lease Comps Report
Starting Rent Per SF Avg. kIcarithe On Market
13 $31.20 $30.04 4
LEASE COMPAR.A13 LES
Miarni Lakes
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tley
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Golden Glades
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Miarni Springs
Miami
Virginia
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9
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, Miami
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Miami each
&I"
SUMMARY STATISTICS
Pant
Aeking Rent Pet SF
Starling Rent Pei SF-
Effeceve Rent Per SF
Asking Refit Oterltra
Ti Iowanca
Months Flee Rani
boats Leff Jeer ir Nein%
1$22.00 131.213 $26.513
4 423.03 $30.04 .$29.00
_
3 S23.00 #20.04 /28.00
4 0.0% 162% EL8%
$.45.04
$46.00
$43.60
21.1%
1 2 2
2 2
Lame Alizikaiss Donk Lim Ammo nth
Monte on Pitarkei 13 1 4 1
i S _
Deal Size 13 1,100 4,462 I i,sail $3.4an
Lease Died el Months 7 12.0 —2270 24.0
I 36.0
Roor Number 13 1 1 1 I 3
2 8
Lease COMpS Su rnmary
Pr warty Mama . Addasas RaunB
534I NW 75th St
113 1-1321 NE1MPI
Spareapace Storage
ssa-se. mei 3CSih St
Warehouse 164
2251-2299 NE1S4hSI
9. 253 NE 73re 5t
i
4964515NW 54th St
2035 937 NW 1st pl
255-275 NE lath 9t
Interama
19-21-1g.2S NE 159th St
23.0-2326 NW Rh Ct
7779MMM7thA/a
596245662 NE 4th Ave
11,1 296 NE 92nd
* * * * *
* * * *
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191
751
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iel Sn.2[12:3 New. Lease
lei
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712412E123
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New Lease
3122/2023 New. Lease
31712023
New Leese
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iat 1/1{02023 New. Lease
29
1al 11312ti23 New Lease
Lease Comps Report
rapt:
pent
522.99/mg
523.0{1tm®
330. 0img
$22A6 Inn
s2A.00a inn
$25.C]
643 D.1nrtn
%3OJ irtnn
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52a boinnn
sty .50.[Yinn
Flint Typo
Effective
Asking
Asking
Asking
Asaig
Efiedhre
91ertrig
Askeig
Effective
Asking
Asking
Asking
Analysis of Market Rent Estimate
GARAGE/REPAIR BUILDING MARKET RENT ESTIMATE
The table reflects some of the data reviewed in our analysis. In
addition, we also reviewed some older rental rates for retail and
office properties on Key Biscayne. There were no comparable rentals
of small industrial type buildings noted in our review of the Co -
Star data source located on Virgina Key or Key Biscayne.
These rentals ranged from a low of 1,100 square feet to a high of
13,000 square feet of building area. The subject property is much
smaller in size at 638 square feet of building area. Further, the
site is much smaller than the comparables with a land to building
ratio of 2.14 to 1. One of the comparables was a mini storage
facility as this could be utilized with that use for someone needing
storage space at this location.
The rentals had varying locations with the majority east of I-95 in
the eastern portion of Miami with the majority in or near the
downtown Miami development area. Overall, the comparables were
considered to have inferior locations on a general basis and a
conclusion above the average starting rents of $30.04. The rents
ranged in unit rental rates from a low of $22.00 on a triple net
basis to a high of $43.60 per square foot of building area. The
majority and the average for these was around $30.00 per square
foot, however none of the comparables had a similar unique location
on Virginia Key. Based on our review of the rental rates, market
values and other market data, it was our opinion that the subject
location reflected a $10 per square foot premium. Therefore, it is
our opinion that a market rent at the upper end of the overall
rental rate range of $22.00 to $43.60 per square foot is applicable.
We have considered each of the listing and rental rates as they
relate to the subject property. As noted, a locational adjustment
was considered in our analysis. The comparable rental rates reflect
similar characteristics to the subject property with varying
locations and the location was adjusted for in our analysis.
Therefore, we concluded that the opinion of the market rental rate
to be equal to a unit rental rate of $40 per square foot of the
building area as of December 1, 2023. The calculation follows:
638 S.F. X $40 per S.F.
$25,520 SAY $25,500 annually
OR $ 2,125 monthly
30
Analysis of Market Rent Estimate (Continued)
BOAT RACK AREA -MARKET RENT ESTIMATE
In this instance, the land area of 2,052 square feet would be valued
and an appropriate rate of return would be applied to the land area
to arrive at a market rent. In this instance, the subject property
is zoned with governmental use and thus land sales of this type of
property are limited. We have reviewed sales of marina type
properties along the Miami River and found the sales to be in the
range of $70 to well over $300 per square foot of land area. The
higher end of the range is reflective of properties with an alternate
highest and best use and were not considered applicable in this
analysis. We relied more on marina type uses and considered the
location on Rickenbacker Causeway and estimated the land value at
$150.00 per square foot of land area. This indicates an underlying
land value at $308,000 ($150 per square foot x 2,052 SF = $307,800
say $308,000)
The next step in this process is to determine an appropriate land
rental rate. For this purpose, we reviewed two sources, Co -Star and
realtyrates.com, as well as our office files for land leases that
are confidential data. The review of these sources reflects a range
of 3.5% to 7.5% for various property types. The majority of the land
leases reviewed were for low risk fast food and bank leases and these
were generally in the 4.5 to 5.5% range. This lease would seem to
be riskier based on the supply and demand of similar spaces. As a
result, we considered a 7% return to be more applicable for this type
of lease. Therefore, the market rent for the boat rack area of
vacant land would be calculated as follows:
$308,000 x 7% = $21,560 Annually or $1,796,67 monthly
31
ADDENDUM
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34
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CITY OF MIAMI
NEIGHBORHOODS
WORM /
KEY
COMPARABLE RENTAL DATA
MIAMI-DADE COUNTY AREA ALALYSIS
Physical Features
Miami -Dade County is located along the southern tip of the Florida
peninsula and bounded by the Atlantic Ocean to the east and
Everglades National Park to the west. Miami -Dade County is the
largest county in the State and encompasses an area of 1,998 square
miles including land and water. Miami -Dade County, Broward County
and Palm Beach County are lst, 2nd, and 3rd most populous counties in
Florida. They are called the "Gold Coast" and contain 6,137 square
miles. Most of the development is clustered along the eastern
coastal area radiating north, south, and west from the coastal hub.
Miami -Dade County is flat with an average elevation being 12 feet
and the highest elevation not exceeding 25 feet above sea level.
The soil is generally shallow over a porous bedrock of limestone.
The areas along the coastal ridge have sandy soil while the western
area of the county is predominately made up of peat and muck.
Climate Characteristics
The climate is humid subtropical with an average annual temperature
of 75.5 degrees; an average low temperature of 68.7 degrees; and an
average high temperature of 87.6 degrees. The average annual
probability of 72% and humidity of 84% and rainfall of 67.6 inches.
Demographics
Miami -Dade County is the most populous county in Florida with a
population of 2,792,176 people as of 2021. Miami -Dade County is
the 7th most populous county in the United States. There are 34
incorporated cities within the county. Housing units within Miami -
Dade County totaled 1,097,924. The number of households in 2021 is
873,292 with 2.83 persons per household. The median household income
was $43,129 per house in 2015.
Employment
The total employment in 2021 is 1,346,487. The most common
occupations were: 32% management/professional, 30% sales/office,
18% service, 11% construction extraction, maintenance/repair, 9 %
production, transportation, and material moving occupations. 81 %
of the people employed were Private wage and salary workers, 12%
Federal, state, or local government workers and 7% were self-
employed.
Hundreds of multi -national companies operate facilities in Greater
Miami. Nearly one hundred Fortune 500 affiliates operate with
36
Miami -Dade County. The region features thousands of small and
median sized firms, reflecting a positive ongoing spirit of
entrepreneurship. The largest employers are Miami -Dade County
Public Schools, Metropolitan Miami -Dade County, Federal Government,
State of Florida, Publix Supermarkets, Inc., Jackson Memorial
Hospital, University of Miami, etc.
Education
cities and municipalities. A truly global community, district
students speak 56 different languages and represent 160 countries.
Miami -Dade College, Barry, Miami, and Florida International
Universities serve Miami Dade County.
Health Care
Health Care services are a major component of the economy. Miami -
Dade County has a relatively high capacity to provide health care
services with proportionally more positions and hospital beds than
the majority of competitors. In addition to the hospitals there are
many home/convalescence centers offering skilled nursing care.
Economy
Many indicators point toward the fact that Miami -Dade County's
economy is flourishing. Construction of new home developments
within the western part of the County has boosted the local economy.
Also, Miami -Dade County's economic base of tourism, trade services,
retail, banking, real estate, and manufacturing continue with
increasingly international flavor to support the overall county's
economy.
The Port of Miami is the global gateway for a new era of commerce
and tourism. Capital improvements in excess of $lbillion dollars
are now completed. The Port of Miami is ready for the new generation
of containerized cargo. The Port of Miami processed 113,835 Twenty -
Foot Equivalent Units (TEUs) in January 2021, an increase of 21.02
percent from 04,064 TEUs processed in January 2020, the most active
month ever recorded.
The Port of Miami is also known world-wide as the "Cruise Capital
of the World." Port of Miami is the global headquarters for five
leading cruise lines consisting of 18 cruise brands and berthing 42
ships. More than 110 million overnight visitors in 2019 visited the
Port of Miami. However, the cruise industry was closed during the
2020-2021 coronavirus. Port of Miami Florida East Coast Railroad
connection offers the fastest access to Southeastern United States
consumer markets and beyond
37
Transportation
Miami International Airport is among the busiest airports in the
world. There are over 100 airlines serving MIA to approximately 150
destinations around the globe. 44,584,603 passengers went thru the
airport in 2019 and 2,220,733 tons of cargo also went thru the
airport in 2019.
Miami -Dade County contains 24 miles of metro rail solely in the
county area. Tri-Rail provides a service thru Miami -Dade County
with connections to Broward and Palm Beach Counties. The Florida
East Coast Railway system provides cargo shipment out of the Port
of Miami. All Aboard Florida is a new proposed rail serving Orlando
Florida.
Foreign Trade Zone (FTZ)
FTZ allows businesses within the zone to receive, warehouse, and
re-export products duty-free, thus reducing costs and helping
businesses become more globally competitive. Thousands of
businesses each year use foreign trade zones to coordinate foreign
and domestic shipments. In addition to assisting U.S. companies
improve their competitive position, the FTZ program allows U.S.
based companies to defer, reduce or even eliminate customs duties
on products admitted to the zone.
Miami -Dade County is home to four Foreign Trade Zones, Port of Miami
Foreign Trade Zone 281, Miami Free Zone, Homestead Foreign Trade
Zone 166 and Greater Miami Foreign Trade Zone 32. Miami -Dade County
represents the center of a highly active and unusual Customs
District. On a per capita basis, the Miami -Customs District ranks
near the top of all U.S. Customs Districts in international trade
as measured by value. Miami -Dade County exports 1.5 times the value
of imports. Miami -Dade County is commonly referred to as the
"shopping cart of Americas" Warehouses serve as the principal
suppliers of many industrial and consumer goods for the Caribbean,
Central America, and parts of South America.
Business
A favorable tax structure as well as business incentive programs
have helped encourage many companies and corporations to relocate
or expand their operations to Miami -Dade County. Florida's as a
"right to work" is an additional asset when recruiting or relocating
labor to Miami -Dade County.
Businesses and individuals pay no state personal income taxes. The
state imposes a low corporate income tax, has no inventory tax, no
unitary tax and provides several sales tax exemptions. Compared to
38
other major metropolitan areas, Miami -Dade County has a competitive
tax structure. Businesses located in Miami -Dade County also benefit
from no corporate tax on franchise stock, as well as no state ad
valorem taxes on goods -in -transit. Foreign source dividends are
also exempt from corporate income tax.
In conclusion Miami -Dade County is still a major tourist destination
accompanied by a growing international trade and global financial
center. The future outlook is positive and major economic growth
is high.
Summary
The growth of Miami -Dade County from one million in 1970 to over
2.7 million has caused two major concerns within the county area.
They are the need of transportation infrastructure and the scarcity
of affordable workforce housing. Miami -Dade Transportation
Planning Organization board is committed to prioritizing and
implementing the proposed Strategic Miami Area Rapid Transit
(SMART) plan, which would expand the mass transit system by about
80 miles. The county commission is working with developers to
implement well -located affordable workforce housing.
Overall, Miami -Dade County and the City of Miami are moving in the
right direction of addressing the current problems and is still a
major destination city due to its climate, attractions, no personal
income taxes, economic/business resources, etc.
CITY OF MIAMI
Miami is the youngest major city in the U.S. Miami and was started
with the work of visionaries who predicted decades in advance what
this land would become. Julia Tuttle arrived in Miami from Cleveland
in 1891 owner of 640 acres of land. Other visionaries moved to Miami
such as the Brickells, the Flaglers, the Merricks and the Fishers.
Julia Tuttle pledged half her land to Henri Flagler in order to get
him to extend his railway to Miami and start building a city from
scratch. The first train reached Miami in 1896 soon after the new
city was incorporated.
In the 20's Miami was attracting the wealthiest people who were
willing to be part of a great adventure. George Merrick, the
legendary real estate developer created the first planned
communities. Carl Fisher developed luxurious hotels and all the
required playgrounds including polo and golf courses to please the
rich residents.
39
When Castro came to power in Cuba and wave of immigrants reached
the shores, Miami's profile change. It is estimated that from the
60's to the 80's over a half million Cubans moved to Miami. With
the mass movement of Latin's created Spanish community which was
instrumental in transforming Miami into a truly international city.
Nowadays, Miami is a multicultural city that has a growing economy
based mostly on the tourism industry. Miami's travel services like
Miami concierge services are flourishing. Miami's attractions such
the wonderful beaches, major basketball team, Seaquarium and
MetroZoo.
Another big part of Miami's economy is importing/exporting and
warehousing. The city's proximity to South America and the
Caribbean ensures this as well as the large number of airports and
seaports. The commercial industry is also a major contributor to
the growth of Miami. The schools and colleges in Miami provide
countless jobs for the community. The colleges bring in thousands
of new residents every year.
The climate and temperature are also a major attraction for people
who live in Miami. Overall, the City's economy is growing and a
desirable place to call home.
40
QUALIFICATIONS OF APPRAISERS
EDUCATION:
PROFESSIONAL
AFFILIATION:
LICENSED:
EXPERIENCE:
QUALIFIED AS
EXPERT WITNESS FOR:
HAS COMPLETED:
QUALIFICATIONS
ROBERT D. MILLER, ASA
Appraisal Institute Courses
SSP Standards of Professional Practice
I -A Fundamentals of Real Estate Appraisal
I-B Capitalization Theory and Techniques
8 Appraising a Single -Family Residence
2-1 Case Studies in Real Estate Valuation
2-2 Report Writing
Business Valuation Seminar
Litigation Valuation
Other Appraisal Courses
Mass Appraisal of Residential Properties
Florida State Law and USPAP
Factory Built Housing
Automated Valuation Models
Senior Member of American Society of Appraisers -
South Florida Chapter No. 82 — Accredited Senior Appraiser (ASA)
Real Property Urban
Certified General Real Estate Appraiser #RZ1270- State of Florida
1993-Present
1995-2022
1978-1993
1987
Vice President -The Urban Group, Inc.
Owner Appraisal Firm
Real Property Analysts, Inc., Fort Lauderdale,
Florida, Executive Vice President
Involved in United States Senate Study Right -
of -Way Acquisition Procedures
Condemnation proceeding in Broward, Miami -Dade, Monroe, Palm
Beach and Duval Counties, Florida and Lake, Kankakee, Cook and
DuPage Counties, Illinois. Testified in Bankruptcy Court in Florida
and Texas and Federal Court in Miami, Florida
Appraisal Assignments
Commercial, vacant, and improved
Condemnation proj ects
Industrial, vacant, and improved
Multi -family residential,
Mobile Home Parks
Office, vacant and improved
Special purpose properties
42
Counseling
Acquisiti on proj ects
Income tax analysis
Investment analysis
Tax assessments
ROW Cost Analysis
Special assessments
Review Services
VARIOUS CLIENTS OVER THE PAST TEN YEARS
GOVERNMENT
PRIVATE
ATTORNEY
BROWARD COUNTY
BROWARD COUNTY AVIATION DEPARTMENT
BROWARD COUNTY SCHOOL BOARD
CHARLOTTE COUNTY
CITY OF BOYNTON BEACH
CITY OF CORAL SPRINGS
CITY OF DELRAY BEACH
CITY OF FORT LAUDERDALE
CITY OF FORT MYERS
CITY OF HALLANDALE BEACH
CITY OF HOLLYWOOD
CITY OF LAUDERDALE LAKES
CITY OF KEY WEST
CITY OF MARGATE
CITY OF MIAMI
CITY OF MIAMI SPRINGS
CITY OF NORTH LAUDERDALE
CITY OF POMPANO BEACH
CITY OF SUNRISE
CITY OF WEST PALM BEACH
FEDERAL AVIATION ADMINISTRATION
FLORIDA DEPARTMENT OF TRANSPORTATION
MIAMI-DADE COUNTY
PALM BEACH COUNTY
PALM BEACH COUNTY SCHOOL BOARD
SOUTH FLORIDA WATER MANAGEMENT
TOWN OF DAVIE
US DEPARTMENT OF HOUSING & URBAN DEVELOPMENT
ALTMAN DEVELOPMENT CORPORATION
BELLSOUTH MOBILITY
CLEAR CHANNEL OUTDOOR
CLEVELAND CLINIC
LENNAR HOMES
SBA TOWERS INC.
WAL-MART CORPORATION
ACKERMAN SENTERFITT
BECKER & POLIAKOPF
BRUSCHI LP
COKER AND FEINER
BRIAN PATCHEN PA
HOLLAND & KNIGHT
GREENSPOON MARDER
TEW CARDENAS
GOREN CHEROF DOODY & EZROL PA
WEISS-SEROTA-HELFMAN
43