HomeMy WebLinkAboutsumm. of salient factsMIXED USE RETAIL/MULTI-FAMILY BUILDING SUMMARY OF SALIENT FACTS AND CONCLUSIONS
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Property
2-Story Mixed Use Retail/
Multi -Family Building
5901-09 N.E. 2nd Avenue
Miami, Miami -Dade County, FL 33137
Census Tract Number 12086-0020.04-1
Property Tax Identification Number(s) 01-3218-017-0020
Owner of Record Olga Felix & A Lacroix
Date of the Report
Effective Date of the Appraisal
January 20, 2004
December 12, 2003
Land Area
Gross Building Area (GBA)
Gross Leasable Area (GLA)
Number of Floors
Year Built
Zoning Designation
Floodplain Map Panel Number and Date
Floodplain Designation
Real Estate Taxes, Year 2003
Highest and Best Use as Improved
Property Rights Appraised
Estimated Exposure Time and
Marketing Period
0.1274 acres; 5,550 square feet
7,569 square feet
7,056 square feet
Two (2)
1920
C-1, Restricted Commercial, City of Miami
12025C0181J; 3/2/1994
"Xrr - Areas outside 500-year tloodplain
$4,042 (reported unpaid)
Retail/Multi-Family
Fee Simple/Leased Fee Estate
12 Months; 12 Months
Market Value Indications
Cost Approach N/A
Sales Comparison Approach $4 1 5,000
Income Capitalization Approach $370,000
Market Value Conclusion $400,000 ($56.69 per SF of GLA)
The market value conclusion is subject to any Extraordinary Assumptions and Hypothetical
Conditions set forth in this Report.
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Integra Realty Resources
South Florida
SUMMARY OF, SALIENT FACTS AND CONCLUSIONS
Property Address:
Location:
Property Type:
Building Size:
Year Built:
Valuation Date:
Date of Report:
Purpose of the Appraisal:
Property Rights Appraised:
Land Area:
Land to Building Ratio:
Zoning:
Census Tract:
Flood Insurance Zone:
Tax Folio Number:
2003Taxes & Assessment:
Highest and Best Use:
Value Opinions:
Cost Approach:
Sales Comparison Approach:
Income Capitalization Approach:
Final Valuation:
5909 NE 2nd Avenue, Miami, Florida
Northeast corner lot at the intersection of NE 2"d Avenue and
59th Street
The subject property consists of a two story building with 3
retail bays on the 1s` floor and 4-two bedroom/one bath
apartments on the 2"d floor. Also included is a rear efficiency
and an automotive repair garage building.
7,569 SF
1920
October 14, 2003
October 27, 2003
Opinion of Market Value
Fee Simple Estate
±5,600 SF (56' x 100')
0.74:1 or 78% site coverage
C-1 Restricted Commercial
20.04
Flood Zone X, FEMA Map #120650-0181J Dated 3/2/94
01-3218-017-0020
Total assessed value: $131,117
Real estate taxes: $3,969.71
As Improved, Mixed used development
Not Applicable
$375,000
$370,000
$375,000
Prestige Appraisal Services
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SALES COMPARISON APPROACH(CONT.)
Our analysis includes the sales of four improved properties located in the City of Miami. It was
necessary to use sales from outside the immediate subject neighborhood in order to find mixed
use properties. It was not possible to find any sales with all three uses retail stores, apartments
and an automobile garage. The unit of comparison utilized in this analysis is the price per
square foot and the gross income multiplier.
In addition, we were able to obtain financial information on three sales to develop Gross
Income Multipliers. Each sale was analyzed with regard to real property rights conveyed,
financing terms, conditions of sale, date of sale, location, size/type of building, age/condition
and quality of the improvements, and the land -to -building ratio. The following chart contains
an analysis of the subject along with the four comparable sales..
PRICE PER SQUARE FOOT ANALYSIS
Prior to adjustment, thesales prices range from $44.31 to $60.25 per square foot. Adjustments
were made to the comparable sales as seen below.
Subject Sale 1 Sale 2 Sale 3 Sale 4
Price SF N/A $60.25 $44.31 $52.8 0 $56.47
Cond. N/A 0 0 0 0
of Sale
Time N/A 2.5% 2.5% 4% 5%
Financing N/A 0 0 0 0
Location Avg -5% 0 0 0
Imp Size 7,569 SF 0 0 0 0
Quality Avg 0 10% 0 0
Condition Avg 0 20% 0 0
LIB Ratio 0.74:1 -5% -10% -5% -5%
Adj Price N/A $55.58 $54.50 $52.16 $56.32
SF
Time was adjusted at 5% per year based on the CPI and with current price increases in the
Miami area with a range of 5% to 8%.
Prestige Appraisal Services
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