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Home My WebLink AboutCRA-R-11-0031 06-27-2011 Backup4 I . J. Mark Quinlivan, MAI State Certified General Appraiser RZ 0000112 January 26, 2011 QUINLIVAN APPRAISAL A PROFESSIONAL ASSOCIATION 7300 NORTH KENDALL DarvE, SUITE 530 MIAMI, FLORIDA 33156 Telephone (305) 663-6611 ' Fax (305) 670-4330 jmqmai@aol.com Clarence Woods .City of Miami Community Redevelopment Agency 49 N.W. 5th Street, Suite 100 Miami, Florida 33128 Thomas F. Magenheimer, MAI State Certified General Appraiser RZ 0000553 Dear Mr. Woods: In accordance with your request and authorization, I have pared this Appraisal Report covering the following described property: Two-story mixed -use retail/residential building located at 402 NW 8 Street and the vacant land adjacent to the south, Miami, Florida The purpose of this Appraisal is to estimate the "As Is" Market Value ofthe described property as of January 10, 2011, being one of the dates of exterior inspection. This report was prepared in accordance with the requirements of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) relating to appraisal standards as enumerated in Title 12, Code of Federal Regulation, Part 34 (12CFR34) and in compliance with the most current Uniform Standards of Professional Appraisal Practice (USPAP) as adopted by the Appraisal Standards Board of the Appraisal Foundation. 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. Clarence Woods January 26, 2011 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, I have formed the opinion that, as of January 10, 2011, the subject property has a Market Value of: THREE HUNDRED THOUSAND DOLLARS $300,000 Respectfully submitted, J. Mark Quinlivan, MAI State Certified General Appraiser Certification Number: RZ0000112 Brian M. Quinlivan Registered Trainee Appraiser License Number: RI1905 I JMQ/rp (10-141D) Y OF SALIENT FACTS AND CONCLUSIONS Type Report Purpose of Appraisal Property Rights Appraised Address Legal: Land Size Improvements Age Zoning Highest and Best Use Indications of Value: Cost. Approach Income Approach Sales Comparison Approach Final Estimate of Value Date of Value Estimate Dates of :Inspection Date of Report Summary Market Value Fee Simple 402 NW 8 Street (Mixed -use building) 728-734 N.W. 4 Avenue (Vacant land) Miami, Florida Lots 1, .2 and 3, DAVENPORTS SUBDIVISION, according to the Plat thereof, as recorded: in Plat Book 1, Page 81, of the Public Records of Miami -Dade County, Florida 15,000 square feet Two-story, mixed -use retail/residential building containing 3,146 square feet 1950 T5-O, Urban Center Zone City of Miami Multi -family use when real estate market conditions improve Not applicable Not applicable $300,000 ,$300,000 January 10, 2011 January 10, 2011 January 26, 2011 QUINA.PPRAI'S SUBJECT BUILDING QUINLIVAN APPRAISAL 4 Waronker & Rosen, Inc. Real Estate Appraisers and Consultants 5730 S.W. 74th Street, Suite 200 South Miami, Florida 33143 Telephone (305) 665-8890 Lee H. Waronker, MAI, SRA Fax (305) 665-5188 Josh L. Rosen, MAI lee@waronkerandrosen.com www,waronkerandrosen,corn josh@waronkerandrosen.com May 26, 2011 Mr. Pieter A. Bockweg, Director Southeast Overtown Park West Community Redevlopment Agency 49 NW 5th Street Miami, Florida 3.3128 Re: 402 NW 8th Street and 728 to 734 NW 4th Avenue Miami, FL 33136 WRI File No. 6709 Dear Mr. Bockweg: We have prepared a Summary Appraisal Report of the above referenced property for the purpose of estimating the market value of the fee simple interest as of May 19, 2011. The terms market value and fee simple interest are defined in the pages of this report. This report has been prepared based on -the scope of the work which is detailed on a following page. The reader of the appraisal is strongly advised to read the scope of work so as to understand the scope of this appraisal. This report is intended for use only by the client and intended users as noted herein. No additional intended users are identified or intended by the appraiser. Use of this report by others is not intended by the appraiser. No one else, or any other entities, should rely on this appraisal other than those noted herein. The subject property is located at the southwest corner of the intersection of NW 8th Street and NW 4th Avenue in the Overtown section of the city of Miami, Miami -Dade County, Florida. The subject property is a rectangular shaped parcel with 150 feet of frontage along the west side of NW 4th Avenue and 100 of frontage along the south side of NW 8th Street. It consists of three adjacent folio numbers, with the two southern most folio numbers being vacant land and the northern most folio number being improved with a two- story commercial building constructed in 1950. The adjusted size of the building is 3,404 square feet according to the Miami -Dade Waronker & Rosen, Inc. # Real Estate Appraisers & Consultants Page 1 Mr. Pieter A. Bockweg, Director Southeast Overtown Park West Community Redevlopment Agency May 26, 2011 County Property Appraiser's Office. The building has been boarded up .for some time and is in very poor and neglected condition. It contains significant debris inside. Access was provided to the ground floor only. The building is not considered to contribute any value to the site. The three parcels are 5,000 square feet each for a total site size of 15,000 square feet (0.34 acres). Zoning on this site is T5-O, Urban Center Open Transect Zone by the city of Miami, Florida. Additional discussion of the building improvements and the site can be found within this appraisal report. The subject property is currently listed for sale as vacant unimproved land on the Southeast Florida Multiple Listing System through Keller Williams of Miami Beach at an asking price of $349,000 or $23.27 per square feet of land area. The only item supplied was access to the ground floor interior of the boarded up commercial building. No survey or any other information was supplied. It should be noted that the client of this appraisal report is the Southeast Overtown Park West Community Redevelopment Agency. The Agency owns many other parcels of real estate in the immediate neighborhood of the subject parcel. However, the agency currently does not own any parcels within the same city block as the subject or any of the immediate adjacent city blocks. The analysis herein for the subject property valuation does not consider assemblage, if any associated with the subject property. Waranker & Rosen, Inc.Real Estate Appraisers &Consultants Page 2 Mr, Pieter A. Bockweg, Director Southeast Overtown Park West Community Redevlopment Agency May 26, 2011. As a result of our investigation, it is our opinion that the market value of the fee simple interest as of May 19, .2011, is in the amount of TWO HUNDRED TWENTY FIVE THOUSAND DOLLARS ($225,000) The value above is solely for the subject properties without consideration to any assemblage with other adjacent parcels. It should be noted that the valuation herein does not include any furniture, fixtures or equipment necessary to operate any business, or businesses occupying the subject property. The valuation herein also does not include a value for any business entity, or entities occupying the subject property. On the following pages is the table of contents and scope of work followed by the certificate of value and general .assumptions and limiting conditions. It is advised that these items be reviewed so the reader has an understanding of the limitations of this appraisal. Very truly yours, ed General Appraiser RZ395 Iawkins ified General Appraiser e No. RZ3251 Waronker & Rosen, c, b? :Real Estate Appraisers & Consultants page 3 Introduction 402 NW 8'h St & 728 to 734 4`" Ave., Miami, FL 33136 Location: Address: Type of Use: Year Built: Zoning: Census Tract: Building Area: Adjusted Land Area: Summary of Pertinent Data The southwest corner of the intersection of NW 8th Street and NW 4th Avenue in the Overtown section of the city of Miami, Miami Dade County, Florida 402 NW 8th Street 728 to 734 NW 4th Avenue Miami, FL 33136 Two-story commercial building in very poor condition and vacant land. No value was attributed to the building improvements. 1.950 T5-0, Urban Center Open Transect Zone by the the city of Miami, Florida 34.00 3,404 square feet 15,000 square feet (0.34:acres Value by Cost Approach (land value by sales comparison): $225,000 Value by Income Capitalization Approach: Not Applicable Value by Sales Comparison Approach: Not Applicable Market value estimate of the fee simple interest: $225,000 Date of Valuation: May 19, 2011 Date of Report: May 26, 2011 1 The Miami -Dade County Property Appraiser's adjusted square footage. This size includes the gross building area at 100% and various percentages for overhangs, story height, and other areas that are not considered 100% areas. Waronker & Rosen, Inc. oy Real Estate Appraisers & Consultants Pagel] ntroduction 402 NW 8'" St & 728 to 734 NW 46 Ave., Miami, FL 33X36 Aerial Photograph Waronker & Rosen, Inc. Real Estate Appraisers & Consultants Page 14