HomeMy WebLinkAboutBack-Up Documentsdotloop signature verification: dtlp.us/PD5q-6s9A-remZ
FRANCIS SUAREZ ARTHUR NORIEGA V
Mayor
May 20, 2021 EMAIL
alicia@aliciademartino.com
Property Owner ("Seller")
CIO Alicia Goldman
Miami Shoreline Properties, LLC
4775 Collins AVE, Suite #3803
Miami Beach, FL 33140
LETTER OF INTENT
RE: 5215 West Flagler Street, Miami, Florida (Folio No. 01-4106-030-0020), (the "Property").
Dear Mrs. Goldman:
City Manager
The City of Miami ("City" and/or "Purchaser") is interested in acquiring the property located at the above referenced address,
as previously expressed in the initial Letter of Intent dated April 8, 2021. The City kindly requests that you provide written
confirmation of your willingness to accept an offer at $1,150,000.00 subject to the following conditions:
$1,475,000.00 (")�
1. City will obtain, at City's expense, a Phase I Environmental Site Assessment (and/or a Phas,e6tlglvironmental
Assessment if deemed necessary);
2. Seller shall clear all the title issues prior to closing;
3. Seller shall vacate any and all tenants at Seller's sole cost and expense prior to closing;
4. The transaction shall be a cash purchase with no financing conditions;
5. Purchase shall be subject to City Commission approval, and to a ten (10) day Mayoral veto period after the City
Commission resolution enactment date ("City Approval");
6. The Seller shall cease negotiating with any third parties with respect to the sale of the Property from the Effective
Date until fifteen (15) days after City Approval to allow the parties' time to negotiate and execute a formal Purchase
and Sale Agreement for the Property; if the Purchase and Sale Agreement is not executed by July 19, 2021 or as such
date as may be extended by mutual written agreement of Seller and Purchaser, then this Letter of Intent shall terminate.
05/20/21
This letter constitutes the City's willingness to proceed and to negotiate a mutually acceptable formal Purchase & Sale
Agreement. It is understood that no legal rights or obligations shall arise by virtue of this Letter of Intent except for item
number six (6) above, and neither party shall be bound by the terms hereof, unless and until the execution and delivery of a
formal, written Purchase & Sale Agreement for the Property has been mutually executed and delivered by duly authorized
representatives of both parties.
If the Seller is interested in selling the Property per the conditions stated herein, please have the Seller sign below and email
the signed Letter of Intent to dlozano@miamigov.com. If you have any questions or concerns please contact Danny Lozano,
Property Management Specialist with the City of Miami, Department of Real Estate and Asset Management at (305) 416-
1469.
Sincerely, By
Anthony Barcena, Assistant Director
C G<GGG:04c4=dG<!L
dotloop verified
05/20/21 6:12 PM EDT
EEIH-XH8M-6VWT-SU9J
Name: Edina Acosta
Date: ("Effective Date")
DEPARTMENT OF REAL ESTATE AND ASSET MANAGEMENT
444 S.W. 2nd Avenue, 3rd Floor, Miami, Florida 33130 / (305) 416-1450 / Fax: (305) 416-2156
Armada Appraisal St
Consulting Company
Appraisal Report / 21-0140
5215 W Flagler Street, Miami, Florida 33134
Prepared for:
Danniel Lozano
City of Miami
444 SW 2 Avenue, 3rd Floor
Miami, Florida 33130
Prepared by:
Albert J. Armada, MIB, MAI, SRA
State Certified General
Real Estate Appraiser No. RZ 397
Armada Appraisal & Consulting Company
PO Box 1247
South Miami, Florida 33243
Telephone: 305-266-3930 / 786-208-4983
albert@armadaappraisal.com
May 15, 2021
Mr. Danniel Lozano
City of Miami
444 SW 2 Avenue, 3rd Floor
Miami, Florida 33130
RE: Appraisal Report of the subject property located at 5215 W Flagler Street, Miami, Miami
Dade County, Florida 33134
Dear Mr. Lozano:
As requested, the above referenced property has been examined for factors deemed pertinent in
arriving at market value. The purpose of this appraisal is to estimate the fee simple market value of
the property. The purpose of the appraisal is to estimate the "as is" market value as of the effective
date of the appraisal of the property described above.
In order to carry out this assignment, a market study of real estate activity in the vicinity of the subject
property has been conducted. This investigation included the collection and analysis of sales,
offerings, and information pertaining to other development that has occurred in the area in the recent
past. The sources of this data included county deed records, our own data bank, other real estate
brokers, appraisers, and knowledgeable individuals active in the area.
The property owner was asked about the terms of the lease arrangement with the current tenant
which operates as a day care center. He declined to share said information. Given the market value
of the subject property pursuant to our study of the product type and the market, the income approach
was not applied in this valuation. The request was made to exercise full transparency.
Based upon the investigation, the following Fee Simple market value has been concluded;
MARKET VALUE CONCLUSIONS
Valuation Methodology As Is
Land Value
$1,550,0001
Reconciled Value $1,550,000
An important consideration as of the time of our valuation is uncertainty in all real estate markets
caused by the Covid-19 virus and the nearly complete shutdown of the economy. What impact the
coronavirus has on long-term property values will not be known for some time and will directly depend
on how long the population is prevented or self-restraint from returning to normal activity. The data
and conclusions contained in this report are as of a point in time when the impact of the virus is still
being felt and well -before any market trends caused by the shut -down are evident.
EXTRAORDINARY ASSUMPTIONS
The use of extraordinary assumptions, if any, might have affected the assignment results. This
appraisal did two extraordinary assumptions:
1) This appraisal is subject to the extraordinary assumption that the subject site is free and clear
of potential hazardous contamination. Should contamination be discovered in the future, such
discovery could materially affect the value of the subject property and the undersign reserve
the right to reconsider their value conclusion.
2) This appraisal is subject to the extraordinary assumption that title may be transfer in fee simple
interest, and that no impediment exists to prevent said occurrence.
HYPOTHETICAL CONDITIONS
The use of hypothetical conditions, if any, might have affected the assignment results. This appraisal
did not employ any hypothetical conditions.
The appraiser(s) certify and agree that:
1. The appraiser(s) have no present or contemplated interest in the property appraised and that
neither the employment to make this appraisal nor the compensation for it is contingent upon
the appraised value of the property.
2. The appraiser(s) have no present or prospective interest in the property that is the subject of
this report, and no personal interest with respect to the parties involved.
3. The appraiser (s) has not performed any services, as an appraiser or in any other capacity,
regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.
4. Albert J. Armada, MIB, MAI, SRA has personally inspected the subject property.
5. According to the best of my knowledge and belief, all statements and information in this report
are true and correct; and the appraiser(s) have not knowingly withheld any information.
6. The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions, and are my personal, impartial, and unbiased professional analyses,
opinions, and conclusions.
7. The analyses, opinions, and conclusions were developed, and this report has been prepared
in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP).
8. I 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 Appraisal Institute. I certify that the use of this report is subject to the
requirements of the Appraisal Institute relating to review by its duly authorized representatives.
9. As of the date of this report, Albert J. Armada has completed the requirements of the
continuing education program of the Appraisal Institute.
10. No one provided significant professional assistance to the person signing this report Albert J.
Armada, MIB, MAI, SRA has prepared all conclusions and opinions concerning the real estate
that are set forth in the appraisal.
11. My compensation for completing this assignment was not contingent upon the development of
reporting of a predetermined value or direction of value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or occurrence of a
subsequent event directly related to the intended use of this appraisal.
12. My engagement in this assignment was not contingent upon developing or reporting
predetermined results.
13. Based on my experience, it is my opinion that I meet the qualifications to provide the following
opinion of the subject property's value.
14. 1 have no bias with respect to the property that is the subject of this report or to the parties
involved with this assignment.
No changes of any item of the appraisal report shall be made by anyone other than the appraiser(s),
and the appraiser(s) shall have no responsibility for any such unauthorized changes. This letter of
transmittal and the pages that follow constitute my report, including the data and analyses utilized in
forming an opinion of value. Should you have any questions concerning this report, please do not
hesitate to call my office.
Respectfully submitted,
Albert J. Armada, MIB, MAI, SRA
State Certified General
Real Estate Appraiser No. RZ 397
CONTINGENT AND LIMITING CONDITIONS
The certification of the appraisers appearing in this appraisal report is subject to the following
conditions and to such other specific conditions as are set forth by the appraisers in the report.
1. 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 marketable. The property is appraised as though under responsible ownership.
2. Any sketch in this report may show approximate dimensions and is included to assist the reader
in visualizing the property. The appraisers have made no survey of the property.
3. The appraisers 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 made
therefore.
4. The distribution of the total valuation in this report between land and improvements applies only
under the existing program of utilization. The separate valuations for land and building must not
be used in conjunction with any other appraisal and are invalid if so used.
5. The appraisers assume that there are no hidden or unapparent conditions of the property,
subsoil, or structures which would render it more or less valuable. The appraisers assume no
responsibility for such conditions or for engineering which might be required to discover the
factors.
6. Information, estimates, and opinions furnished to the appraisers and contained in this report
were obtained from sources considered reliable and believed to be true and correct. However,
no responsibility for accuracy of such items furnished the appraisers can be assumed by the
appraisers.
7. Disclosure of the contents of this appraisal is governed by the by-laws and regulations of the
professional appraisal organizations with which the appraisers are affiliated.
8. Neither all nor any part of the contents of this report or copy thereof (including conclusions as to
property value, the identity of the appraisers, professional designations, reference to any
professional appraisal organizations, or the firm with which the appraisers are connected) shall
be used for any purposes by anyone but the client or his assigns without the previous written
consent of the appraisers, nor shall it be conveyed by anyone to the public through advertising,
public relations, news, sales, or other media without the written consent and approval of the
appraisers.
9. On all appraisals involving proposed construction, the appraisal report and value conclusions
are contingent upon completion of the proposed improvements, if any, in accordance with the
plans and specifications.
10. Unless otherwise stated in this report, the existence of hazardous material, including, but not
limited to, asbestos, polychlorinated biphenyls, petroleum leakage or agricultural chemicals,
which may or may not be present on the property, were not called to the attention of, nor were
they observed by the appraisers. The appraisers have no knowledge of the existence of such
materials on or in the property. The appraisers, however, are not qualified to detect such
substances. The presence of substances as listed above, or substances such as asbestos,
urea -formaldehyde foam insulation, chemical or toxic waste, or other potentially hazardous
materials may affect the value of the property. The value opinion is predicted on the
assumption that there is no such material on or in the property, or on or in adjoining properties
that would cause a loss in value to the property being appraised. No responsibility is assumed
for any such conditions or for any expertise or engineering knowledge required discovering
them. The client is urged to retain an expert in this field, if desired. In the event that a
conclusion is reached whereby corrective action will be required to clean up any environmental
contamination, the appraisers will at that time retain the right to modify and/or change the
value conclusions presented herein.
11. The values as concluded herein are entirely contingent upon the subject property not being
within or subject to a federally designated potential Endangered Species area as defined by the
U.S. Fish and Wildlife Service, which, as a result might otherwise limit, restrict, and/or prevent
development of the subject to its highest and best use.
12. The property is appraised free and clear of any or all liens or encumbrances unless otherwise
stated.
13. Responsible ownership and competent property management are assumed.
14. All engineering information, if any, is assumed to be correct.
15. 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.
16. It is assumed that all applicable zoning and use regulations and restrictions have been
complied with, unless nonconformity has been stated, defined, and considered in the appraisal
report.
17. 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 opinion
contained in this report is based.
18. It is assumed that the utilization of the land and improvements is within the boundaries or
property lines of the property described and that there is no encroachment or trespass unless
noted in the report.
19. The forecasts, projections, or operating estimates contained herein are based upon current
market conditions, anticipated short-term supply and demand factors, and a continued stable
economy. These forecasts are, therefore, subject to change as a result of variations in the
market.
20. The construction and condition of the improvements mentioned in the body of this report are
based on observations. No engineering study has been provided which would assist in the
discovery of any latent defects. No certification as to any of the physical aspects could be given
unless a proper engineering study was made.
21. 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 anyone other than the addressee or the Appraisal Institute
without the previous written consent of the appraisers.
22. The opinions of value stated above, as well as every other element of this appraisal, are
qualified in their entirety by the Contingent and Limiting Conditions set forth in another part of
this report which is an integral part of the appraisal. As part of the Contingent and Limiting
Conditions, the value conclusion is subject to completion of an Americans with Disabilities Act
(ADA) compliance survey of the property. It is possible that a compliance survey with a detailed
analysis of the provisions associated with ADA could reveal that the property is not in
compliance with one or more stipulations. If so, this fact could have an effect upon the value of
the property. Since POV (I we) have no direct evidence relating to the issue, POV (I we) did not
consider possible noncompliance with the requirements of ADA in estimating the value of the
property.
TABLE OF CONTENTS
Letter of Transmittal
Title Page
Page
INTRODUCTION 2
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 2
EFFECTIVE DATE OF THE APPRAISAL/DATE OF THE REPORT 3
PURPOSE OF THE APPRAISAL 3
INTENDED USE OF THE APPRAISAL 3
MARKET VALUE DEFINED 3
PROPERTY INTERESTS APPRAISED 5
PROPERTY IDENTIFICATION 5
PROPERTY HISTORY 5
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS 5
SCOPE OF THE APPRAISAL 6
FACTUAL DESCRIPTIONS 8
MARKET AREA DESCRIPTION AND ANALYSIS 8
SITE ANALYSIS 12
ZONING 14
REAL ESTATE TAX INFORMATION 18
AERIAL PHOTO 19
SUBJECT PLAT 20
TRAFFIC MAP 21
FLOOD MAP 22
IMPROVEMENTS DESCRIPTION 23
ANALYSIS OF DATA AND OPINIONS OF THE APPRAISER 24
HIGHEST AND BEST USE ANALYSIS 24
LAND VALUE OPINION - SALES COMPARISON APPROACH TO VALUE 26
RECONCILIATION AND FINAL VALUE ESTIMATE 40
ADDENDA 41
INTRODUCTION
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Client: City of Miami
Property Owner: Edilia Acosta, Life Estate
Intended User: City of Miami.
Property Address: 5215 W Flagler Street, Miami, Miami Dade County,
Florida 33134
Property Type:
Inspection Date:
Effective Date of Appraisal:
Report Date:
Property Rights Appraised:
Classification of Report and Appraisal:
Land Size:
Land Size:
Building Size:
Highest and Best Use as Vacant:
Day Care Facility
April 24, 2021
April 24, 2021
May 15, 2021
Fee simple estate
Appraisal Report
0.574 Acres
25,000 Square Feet
N/A
Medium density multifamily development, limited
retail.
Highest and Best Use as Improved: N/A
Marketing Time: 9 to 12 months
Exposure Time: 9 to 12 months
rVALUE ESTIMATE SUMMARY-1
Valuation Premise
'AS IS°
Effective Date Estimated Value
April 24, 2021
$ 1,550,000
Page 2
INTRODUCTION
EFFECTIVE DATE OF THE APPRAISAL/DATE OF THE REPORT
INSPECTION DATE:
EFFECTIVE DATE:
DATE OF THE REPORT:
April 24, 2021
April 24, 2021
May 15, 2021
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to provide a market value opinion of the fee simple estate of the
subject property.
INTENDED USE OF THE APPRAISAL
The intended use of this appraisal is to assist the client, the City of Miami in making a business
decision on the subject property.
MARKET VALUE DEFINED
Market value, as used in this appraisal report, is defined by the Appraisal Foundation, as:
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
Buyer and seller are typically motivated;
Both parties are well informed or well advised, and acting in what they consider their own best
interests,
A reasonable time is allowed for exposure in the open market;
Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
The price represents the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated with the sale.
This appraisal has been completed in accordance with (a) all Federal banking regulations (primarily
OCC Regulation 12 CFR Part 34, FDIC Regulation 12 CFR Part 323 and Title XI of the Financial
Institution Reform, Recovery Enforcement Act of 1989 ("FIRREA"), and (b) the Uniform Standards of
Professional Appraisal Practices and Conduct ("USPAP") as promulgated by the Appraisal Standards
Board of the Appraisal Foundation.
Page 3
INTRODUCTION
PROPERTY STRENGTHS
• Location
PROPERTY WEAKNESSES
• Zoning
CONCLUSION OF STRENGTHS AND WEAKNESSES
The market area where the subject is located is driven by continued if tempered upward pressures on
pricing and rentals visible over the last years.
Page 4
INTRODUCTION
PROPERTY INTERESTS APPRAISED
Fee simple
PROPERTY IDENTIFICATION
Folio Numbers: 01-4106-030-0020
Legal Description: Lots 15, 16, 17, 18, 19, 21, 21 and 22 of COLSKY's RESUBDIVISION,
according to the Plat thereof, as recorded in Plat Book 13, at Page 16, of the
Public Records of Dade County, Florida.
PROPERTY HISTORY
No transfers of title are known to have occurred over the past three years, except for the creation of
Life Estate in 2020. The subject property has been listed since March 20, 2019 per MLS. Initially
listed for $2,127,700, reduce to $1,725,000 by July 2019, reduced to $1,675,000 by December 2019,
reduced to $1,600,000 by June 2020, and finally reduced to its current asking price or $1,550,000 as
of February 2020.
EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS
Extraordinary Assumption:
This report does rely on two extraordinary assumption, that the subject site is free and clear of
potential hazardous contamination. Should contamination be discovered in the future, such discovery
could materially affect the value of the subject property and the undersign reserve the right to
reconsider their value conclusion. And also, that title may be transferred in fee simple interest, and
that no impediment exists to prevent said occurrence.
For clarification, Extraordinary Assumption is defined as "An assumption, directly related to a specific
assignment, which, if found to be false, could alter the appraiser's opinions or conclusions.
Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or
economic characteristics of the subject property; or about conditions external to the property such as
market conditions or trends; or about the integrity of data used in an analysis. An extraordinary
assumption may be used in an assignment only if:
-It is required to properly develop credible opinions and conclusions;
-The appraiser has a reasonable basis for the extraordinary assumption;
-Use of the extraordinary assumption results in a credible analysis; and
-The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary
assumptions.
Page 5
INTRODUCTION
Hypothetical Condition
This report does not rely on any hypothetical condition. Hypothetical conditions are contrary to what
exists, but the conditions are asserted by the appraiser for the purposes of the analysis.
SCOPE OF THE APPRAISAL
The appraisal assignment was to develop an opinion of the market value of the fee simple interest of
the real property as of the inspection date. In order to complete the appraisal assignment, a physical
inspection of the property was made. The owner or a representative of the subject property was
interviewed, if pertinent. In preparing this appraisal, the appraiser researched and analyzed data in
defining the subject product -type, competitive product types, supply, and demand trends from the
subject's immediate market area, as well as the broader area of Miami -Dade County. Probable buyers
or users of the subject property -type were identified. Locational and physical characteristics and units
of measurements and comparison were identified and defined.
A search for comparable land sales was made based upon, but not limited to the following search
criteria: 1) Similarly located land within the general area. 2) Date of sale within the past several years
and 3) Similar potential use. The most comparable sales were then selected from those transactions
which met these criteria. The site value is based upon a vacant site's being used to its highest and
best use. Generally speaking, the site value is estimated via the sales comparison approach.
The Cost Approach is based upon the premise that a prudent buyer will pay no more for a property
than it would cost to reproduce or replace a substitute property with the same utility. The Cost
Approach is a method in which the value of a property is developed by 1) estimating the replacement
or reproduction cost new of the subject improvements, 2) deducting the estimated depreciation from
all sources, and 3) adding this depreciated reproduction or replacement cost of the improvements to
the site value. Replacement or reproduction cost new can be derived from reliable cost manuals or
from interviews with reputable local contractors. Depreciation can be from physical, functional, or
economic causes. Depreciation can be observed from rent loss or based upon a cost -to -cure. In all
cases, information concerning depreciation is developed from the market by observing comparable
properties. This approach was not undertaken in that market participants do not rely on the indication
provided by this application to reach an informed purchase decision.
The Sales Comparison Approach relies heavily upon the principle of substitution. The most
applicable improved sales were identified and confirmed with a party to the transaction, when
possible; if confirmation was not possible before the report date, public records were reviewed and
relied upon in the application of the sales comparison approach to arrive at a value indication. A
meaningful unit of comparison is developed. Then, a comparative analysis between the sales and the
subject involves consideration for differences in location, time, terms of sale, and physical
characteristics. The reliability of the sales comparison approach depends, to a large extent, upon the
degree of comparability between the sales and the subject. The major strengths of this approach
Page 6
INTRODUCTION
include the reflection of actual market transactions and the fact that common denominators are fairly
easily determined. The potential weaknesses of this approach arise from the fact that the data is
historical and ideal comparables are usually very difficult to obtain.
The Income Capitalization Approach to value is predicated upon the relationship between income and
value. The body of economic data was gathered, analyzed and confirmed, whenever possible and
necessary, to arrive at an indication of value via the application of the income approach. Although all
of the appraisal principles are involved in this approach, the principle of anticipation is particularly
applicable. This appraisal technique converts anticipated annual net income into an indication of
value. This process is called capitalization, and it involves multiplying the annual net income by a
factor or dividing it by a rate that weighs such considerations as risk, time, return on investment, and
return of investment. The appropriateness of this rate or factor is critical, and there are a number of
techniques by which it may be developed. The net income attributable to the subject property is
estimated by subtracting vacancy, collection losses, and expenses from the property's annual
potential gross income. All of these figures are derived from market comparison of properties similar
to the subject. The reliability of the Income Capitalization Approach depends upon the reliability of
income and expense estimates, the duration of the net annual income, and the method of
capitalization.
The weakness of this approach lies in the estimation of income and expenses and the fact that not all
properties are suitable for this approach. The strength of this approach is its reflection of typical
investor considerations as they analyze income -producing properties. This application was
undertaken in this analysis notwithstanding the somewhat scarce economic data from the market for
the property type. The income approach indication suggests that this property type is not investment
grade.
To develop the opinion of value, the appraisers performed an appraisal process, as defined by the
Uniform Standards of Professional Appraisal Practice. This report is an appraisal report as defined
under the Standards Section 2-2(a) of the Uniform Standards of Professional Appraisal Practice
(USPAP). This Appraisal Report is a recapitulation of the appraisers' data, analyses, and conclusions;
some supporting documentation is retained in the appraisers' file. The report complies with the
Financial Institutions Reform, Recovery and Enforcement Act of 1989.
Albert J. Armada has appraised numerous similar properties and is in compliance with the
competency provisions of the Uniform Standards of Professional Appraisal Practice (USPAP).
The applicability and reliability of each approach used in this valuation is considered in the
determination of the final opinion of value. This process is discussed in the reconciliation and final
value conclusion.
Page 7
FACTUAL DESCRIPTIONS
MARKET AREA DESCRIPTION AND ANALYSIS — Flagami - City of Miami
The subject property is located within the incorporated area of the City of Miami. The City of Miami
has become a kaleidoscope or patchwork of a myriad of neighborhoods. Some sources recognize as
many as 25 to 30 neighborhoods while others as few as nine. Please refer to the map immediately
below.
City of Miami Neighborhoods / Map 1
MEDLEY
155011/11.
101111,115111,11
111151,1111,1
1/11,111111
1.1711.5
1111101111,111-1,
a,�ro..ow S 1
6150.111115
coRramr
CITY OF MIAMI
NEIGHBORHOODS
ME
HORT
Officially, the City of Miami recognizes 13 neighborhoods. Please refer to the second map presented
immediately below.
City of Miami Neighborhood Enhancement Centers / Map 2
Page 8
FACTUAL DESCRIPTIONS
The property is in the Flagami market area, a neighborhood within the incorporated area of the City of
Miami. The boundaries of this market area are the Miami River on the north, SW 8 street on the south,
NW/SW 77 Avenue on the west (or the Palmetto Expressway) and NW/SW 27 Avenue on the east.
This area is referred to in the above noted Map 2 as to Flagami as well as to an area noted as West
Flager. The local populace refers to the area in question as Flagami. An extended market area may
also include the Little Havana area which extends the eastern border to the Miami River.
Miami international
Airport
FLAOAPM
NW 11 tl St
v NW 7th;S1
2
The Flagami name is a portmanteau of the names "Flagler" and "Tamiami." On a map of Miami
proper, Flagami is the distinct "tail" that juts out of the west border of the city. 50,834 residents, mostly
middle-class Hispanics and some white Americans, populate the Flagami area. The residential market
is a wide mix of moderately priced apartments, duplexes and single-family homes. The neighborhood
is alive with many small shopping centers attracting residents, creating an atmosphere of bustling
retail activity by day, while a variety of supper clubs and popular lounges attract people from all over
Miami at night. It is characterized by small yet neatly kept and painted single-family homes.
Commercial development in the area is defined by continuous rows of commercial properties with
visibility to busy streets. This market area is traversed by three principal, busy, east/west commercial
corridors: SW 8 Street, Flagler Street and NW 7 Street. Additionally, it is traversed by various, busy,
north/south commercial corridors from SW/NW 72 Avenue on the west to SW/NW 27 Avenue.
Properties with visibility to all of these thoroughfares are considered strip development and contain
such uses as retail, primarily, as well as office buildings, apartment buildings, and mixed -use
properties. There are also a variety of service stations and restaurants as well as several religious
institutions.
The areas which abut these commercial corridors are primarily improved with residences, ranging
from single family dwellings to low density multi -family buildings. The area is densely populated.
Income levels for the area are generally considered to be at mid levels.
Page 9
FACTUAL DESCRIPTIONS
Demand for commercial space - particularly for retail but secondarily as well for office space - along
these commercial corridors which traverse the market area appears to be generally adequate with
average to above average amount of vacancies given the large supply. There is evidence of
redevelopment and rehabilitation of the existing stock of commercial space, as well as of existing
improvements in general, and development of new multifamily apartment buildings, with overall limited
number of vacant available sites for development. The reasonable low number of vacancies in the
area, have caused rental rates to remain generally stable, to reflecting increases over the last few
years tempering towards the last year to eighteen months.
It is anticipated, given the overall modest vacancy levels, the generally stable rents, the ongoing
rehabilitation and improvement of the existing stock of retail space, the limited number of available
vacant land for redevelopment, and the large population in the immediate area, that the subject
market will continue to illustrate strength and improve its current levels of occupancy. Development of
new multifamily apartment and condominium buildings is apparent, given the limited number of vacant
available sites, particularly to the south along the incorporated area of West Miami. Mixed use
multifamily apartment and condominium buildings have been built and appears to be expanding into
the lower density areas with new low to mid density housing.
Summary and Conclusion
In the years from 2007 through 2012, the national economy experienced a large and widely visibly
recession; often now referred to as the Great Recession. The residential real estate market suffered
a significant decline in the volume of transactions and in many cases significant declines in prices.
Commercial real estate markets saw a similar slowdown in sales volume and, depending of the
product type, various levels or degrees of declines in sale prices; recognizably at a slower pace than
residential product types. This was due to the financial credit markets exhibiting a significant
decrease in the amount of capital available for real estate transaction both in the residential and
commercial sectors.
Notwithstanding while the effects of the Great Recession were widespread, signs of recovery have
become visible, with rebounding prices and values. Overall, since 2013, especially in South Florida,
the real estate markets have improved. The national economy began to experience notable upticks -
even if in an intermittent basis - via different national measurements, which are being reflected in
South Florida as well. This is being translated into improvements of the real estate markets for all
product types. Effects of the past slowdown, reversion and corrections in the real estate market and
commercial credit is still somewhat or intermittently evident in the broader market. Continued
reasonable strengthening is visible at present and is expected into the future, if somewhat tempered.
Property values for commercial properties continue to show signs of movement towards stabilization,
with 2012 establishing the lowest threshold ever reported in the area in terms of average sales prices.
Given the economic, social, governmental, environmental and locational influences at play, the
subject property, and the market area, is poised to benefit from potential growth in the future - steady
Page 10
FACTUAL DESCRIPTIONS
and continued strength — albeit tempered from the height of the market. Property values for all
commercial properties are expected to remain stable, with indeed upward pressures in prices and
values. All commercial real estate product types are expected to illustrate reasonable strength in the
future. A growing population base, an excellent climate, a diversifying economic base, and an
extensive transportation system all contribute to the desirability of the South Florida area. The
desirability of the broader area coupled with the expectations of continued strength for all commercial
real estate product types, appears to be both the cause and effect, attributed in particular to being the
recipient of the considerable influx of capital flight into South Florida from South America and to a
lesser extend Europe; a phenomenon that has assisted the entire South Florida area in its economic
revival. Although at present certain reverses in the economies of our better international partners to
the south — Argentina, Brazil, and Venezuela — dampening economic outlooks.
An important consideration as of the time of our valuation is uncertainty in all real estate markets
caused by the Covid-19 virus and the nearly complete shutdown of the economy. What impact the
coronavirus has on long-term property values will not be known for some time and will directly depend
on how long the population is prevented or self-restraint from returning to normal activity. The data
and conclusions contained in this report are as of a point in time when the impact of the virus is still
being felt and well -before any market trends caused by the shut -down are evident.
Page 11
FACTUAL DESCRIPTIONS
SITE DESCRIPTION
Address:
Folio Numbers:
Land Area:
Gross Land Area: 25,000 SF
Usable Land Area: 25,000 SF
Primary Road Frontage: 182'- W Flagler Street
Secondary Road Frontage: N/A
Access: Good by W Flagler Street
Shape: Rectangular
Corner Location: Interior
Visibility: Visibility from W Flagler Street and surrounding development is
rated as good for commercial uses, less so for multifamily.
Paved Street: Yes
Curb and Gutter: Yes
Utilities
Public Electricity: Yes
Water Supply: Municipal Public
Public Sewer: Yes
Natural Gas: No
Underground Utilities: No
Adequacy of Utilities: Average
Street Lighting: Yes
Traffic Count: 33,500 AADT in 2019
Landscaping: Average
Topography: Basically Level. A topographical survey was not provided;
however, the land appeared to be relatively level and at grade
with the adjoining public rights -of -way. We have no data on
subsurface conditions, but due to improvements on this and
adjoining parcels, it is apparent that the load bearing capacity of
the site is sufficient to support improvements to the site.
5215 W Flagler Street
Miami, Miami Dade, FL 33134
Flood Plain:
Easements/Encumbrances:
01-4106-030-0020
0.574 Acres
The Flood Insurance Rate Maps, published by the Federal
Emergency Management Agency panel number 12086CO294L
dated September 11, 2009, indicates the following: Flood Zone
X. Area determined to be outside the 0.2% annual chance
floodplain.
No
Environmental Issues: U/K. While it is beyond the appraiser's expertise to determine the
Page 12
FACTUAL DESCRIPTIONS
Utilities:
Conclusion:
presence or extent of any environmental contamination within the
site, it is incumbent upon us to comment as to any visible
evidence of contamination or any apparent source of potential
contamination. Upon the normal course of inspection of the
subject site the appraisers found no readily visible evidence of
contamination. The inspection performed by the appraiser is
limited to visible and accessible areas of the site only. This
appraisal is subject to the extraordinary assumption that the
subject site is free and clear of potential hazardous
contamination. Should contamination be discovered in the future,
such discovery could materially affect the value of the subject
property and the undersign reserve the right to reconsider their
value conclusion.
All utilities were present at the subject site. Electricity is provided
by Florida Power and Light. Telephone service is provided by
AT&T. Water and sewer services are provided by Miami Dade
County
The subject tract contains a total site area of 0.574 acres. It is vacant and unimproved as of the time
of inspection. The shape of the site is rectangular benefits from having direct access to/from W
Flagler Street. Visibility to the site is considered good for a major connector thoroughfare, particularly
for retail uses.
Page 13
FACTUAL DESCRIPTIONS
ZONING
Zoning:
Legally Conforming:
Zoning Change
Requested:
Likely:
T5-L, Urban Center Limited
Yes
No
No
Map of Subject Property's Miami 21 Zoning
4R2NDST
LiJ
-1
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NW 1ST ST
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T5L
4
Page 14
FACTUAL DESCRIPTIONS
Miami 21 Zoning Class Legend
PROPOSED ATLAS
N T1 NATURAL
T3 SUB -URBAN
TA GENERAL URBAN
TS URBAN CENTER
T .8• URBAN CORE
1 T8-12 URBAN CORE
T8.24• URBAN CORE
T636• URBAN CORE
T6-8' URBAN CORE
- 1E 60• URBAN CORE
T 680' URBAN CORE
DI WORKPLACE
U2 INDUSTRIAL
DO MARINE
- CS CIVIC SPACE/PARKS
CI CIVIC INSTITUTION
CI -HD CIVIC INSTITUTION • HEALTH DISTRI(;'
R - RESTRICTED
L -LIMITED
0 -OP:\
The subject property is located within the incorporated area of the city of Miami, and therefore its uses
are limited by the city's prevailing zoning code. It is zoned T5-L, Urban Center Limited. This zoning
classification allows a density of 65 dwelling units per acre, with restrictions and limitations regarding
lot coverage, setbacks, height, and parking facade. This zoning classification is interpreted to allow
development of mid -levels of residential density, primarily for such uses as single family, community
residences, two-family, ancillary unit, home office and multifamily.
The subject's potential residential development based on the square footage of the site and its
prescribed density is estimated to be 37 units.
Details of Calculations:
25,000 = 43,560 = 0.5739 acres.
0.5739 x 65 = 37.30 = 37 D/Units
Page 15
FACTUAL DESCRIPTIONS
Miami 21 Zoning Class Uses
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Page 16
FACTUAL DESCRIPTIONS
Miami 21 Building Disposition for T5 Zones
MIAMI 21
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BUILDING DLSPOSITION
Lor occupAro+1
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Page 17
FACTUAL DESCRIPTIONS
REAL ESTATE TAX INFORMATION
The subject properties are assessed by Miami -Dade County for 2020 as follows:
ASSESSMENT & TAXES - TAX YEAR 2020
Parcel 1
Tax Parcel #.
1v1 arket Va I u e
.Assessed Land Value
.Assessed Building Value
Other value
01-4106-03 0-00 20
$1,000,000
$0
$0
Total Assessed Lan dValue
Total Estimated Building Value
Total Estimated Other Value
$1,000,000
$0
$0
City Tax Rate 0.00000%
County Tax Rate 2.12980%
Other Tax Rate 0.00000%
Total Assessment
51,OOOf000
Combined Rate 2.12980%
.Assessment Ratio 70.42%
Total Tax Amount $14,998
Total EstimateiGB.A $0.00
Total .Ass ess me ntiAcre 32 6.133
The assessed value is the basis of the ad valorem tax calculation for unincorporated Miami -Dade
County and its various municipalities and is limited in the amount it can increase each year. The
Florida Constitution was amended in 2008 with a provision that limited increases in the assessed
value of non -homestead property to 10% for local governments. The limitation does not apply to that
portion of the ad valorem taxes for the Miami -Dade County Public Schools taxing authority, which
uses the full market value amount.
The valuation techniques employed by the Miami -Dade County Property Appraiser's office, while
appropriate for the mass appraisal process and sufficiently accurate to establish the overall tax base for
the county, are not adequately focused to be indicative of the market value of a single parcel of real
estate. Therefore, the above -assessed value is not considered an indication of the market value of the
subject property. Total taxes paid for the property for 2020 is reported to be $14,998.
Page 18
FACTUAL DESCRIPTIONS
Aerial Photo
Page 19
FACTUAL DESCRIPTIONS
Plat of Subject Property
1
2
3
25
4
3
1
8
11
A RESUBDM5iC ! Cr L4 0 Mil AU or
racTE7' CRE5, , AA/ 3 - C° 1VT' r , .
Page 20
FACTUAL DESCRIPTIONS
Traffic Map
Page 21
FACTUAL DESCRIPTIONS
Flood Map
Page 22
FACTUAL DESCRIPTIONS
IMPROVEMENTS DESCRIPTION
The subject property consists of vacant and unimproved land.
Page 23
ANALYSIS OF DATA AND OPINIONS
HIGHEST AND BEST USE ANALYSIS
The reasonably probable and legal use of vacant land or an improved property that is physically
possible, appropriately supported, financially feasible, and that results in the highest value. The four
criteria the highest and best use must meet are legal permissibility, physical possibility, financial
feasibility, and maximum productivity. Alternatively, the probable use of land or improved property —
specific with respect to the user and timing of the use —that is adequately supported and results in the
highest present value.
To be reasonably probable, a use must meet certain conditions:
• The use must be physically possible (or it is reasonably probable to render it so).
• The use must be legally permissible (or it is reasonably probable to render it so).
• The use must be financially feasible.
Uses that meet the three criteria of reasonably probable uses are tested for economic productivity,
and the reasonably probable use with the highest value is the highest and best use.
Highest and Best as Vacant
The appraisers considered the size and configuration of the parcel, governmental imposed
development regulation, surrounding development and market acceptability of new product types
when estimating the maximally productive use of a property. Given the subject's permitted uses, its
size and configuration, the prevalent uses in the area, and in consideration to current market activities
and trends, and the most feasible use, the issue becomes what product is most marketable.
Without a complete feasibility study, it is difficult to state with any certainty, a single use that would be
considered the maximally productive use of the site, if it were vacant. However, in the case of the
subject property given its zoning and the current demand pressure for affordable low to medium
density residential housing it would appear certain that the use of the subject site would consist of
medium density multifamily development, with limited retail. The subject site has 25,000 square feet
of net land area. As a result of its size and current zoning class, development of the site as if vacant
would allow as many as 37 residential dwelling units (DU).
Details of Calculations:
25,000 = 43,560 = 0.5739 acres.
0.5739 x 65 = 37.30 = 37 D/Units
It appears evident that investors in vacant land prefer sites with higher allowed density and intensity.
As noted, development of the site would allow 37 residential dwelling units (DU). This subject
property's zoning is T5-L, which allows a density of 65 dwelling units per acre, with restrictions and
limitations regarding lot coverage, setbacks, height, and parking facade. The market is limited both in
supply as well as in demand for sites zoned like the subject property allowing said number of dwelling
units, which are considered medium density. As such we have expanded our research in scope.
Page 24
ANALYSIS OF DATA AND OPINIONS
We have provided a table below of known sales or listing prices for known sites considered moderate
in terms of density, some located within the City of Miami and others located in different municipalities
or in unincorporated Miami Dade County. Densities range from 13 to 65 per acre. The price per unit
ranges from $35,000 in Palmetto Bay to $170,264 in Coconut Grove, with a median price at $70,227.
Address
18300 SW 98 Ave
9501 SW 137 Ave
8300 Park Blvd
3260 Bird Ave
1900 SW 25 Terr
6880 SW 80 St
7435 SW 61 Ave
10807 SW 86 St
3151 SW 27 Ave
Table of Pricing for Sites with Medium Density
Location
Palmetto Bay
Kendall
Fountain Bleu
Coconut Grove
Vizcaya
South Miami
South Miami
Kendall
Coconut Grove
Date Zng
FS R-1
Cntrct RU-5A
Dec-20 BU-2
Mar-19 T4-L
Oct-18 T5-R
Oct-18 RU-3M
Aug-18 RM-24
Jun-18 RU-4M
Apr-17 T5-O
Ft2
55,275
609,012
491,967
14,000
10,675
108,750
25,300
37,380
20,970
Acres
1.27
13.98
11.29
0.32
0.25
2.50
0.58
0.86
0.48
Price
2,100,000
12,810,000
19,217,500
1,970,000
600,000
4,300,000
1,800,000
2,165,000
4,625,000
Density
47
22
32
36
65
13
24
36
65
Units
60
305
356
12
16
32
14
31
31
$/Units
$35,000
$42,000
$53,982
$170,264
$37,667
$133,517
$129,130
$70,277
$147,805
It is our opinion that the subject site for medium density multifamily development would be feasible
and productive, with limited retail uses.
AS VACANT:
Medium density multifamily development with limited retail.
Highest and Best as Improved
The subject property consists of vacant and unimproved land. Analysis of the highest and best use as
improved is not applicable.
AS IMPROVED:
N/A
Page 25
ANALYSIS OF DATA AND OPINIONS
LAND VALUE OPINION
There are several methods appraisers can employ when developing an opinion land value. The six
basic procedures are the Sales Comparison Approach, Allocation Method, Extraction, Subdivision
Development Method, the Land Residual Technique, and the Ground Rent Capitalization Method. All
six methods are derived from the three basic approaches to value. Sales Comparison and income
capitalization (i.e. Ground Rent Capitalization) can be directly applied to land valuation. Allocation
and Extraction procedures reflect the influence of the Sales Comparison and Cost approaches; the
Land Residual Technique is based on the income capitalization and the Cost Approach. Subdivision
Development draws on elements of all three approaches. The Sales Comparison Approach will be
used in this report.
Sales Comparison Approach (Land Valuation)
The Sales Comparison Approach is a process of comparing actual comparable property sales. This
approach to value is based upon the Principle of Substitution, which holds that "the value of a property
tends to be set by the price that would be paid to acquire a substitute property of similar utility and
desirability within a reasonable amount of time. This principle implies that the reliability of the Sales
Comparison Approach is diminished if substitute properties are not available in the market".
This approach is based upon the collection of similar sales and offering data for comparison. Market -
derived adjustments for relevant factors can sometimes be extracted from these and other sales. The
sales data is compared to the subject on the basis of those elements of comparison which include real
property rights conveyed, financing terms, conditions of sale, and date of sale. Location and other
physical characteristics are then considered. Physical characteristics typically used in comparison are
shape, topography, utilities, zoning, frontage, and flood plain. Because adjustments for these relevant
factors are market derived, the desires and actions of typical buyers and sellers are reflected in the
comparison process. Listed on the following pages are sales, which were considered to be the most
comparable to the subject property.
Units of Comparison
We will use only one unit of comparison in order to analyze the subject property. This unit of
comparison is commonly used, in that data for this analysis is readily available. This is the sales price
per square foot of net usable land area. This particular unit of comparison allows for various factors —
elements of comparison - affecting value to be readily considered. It is less useful when considering
such factors that may affect value like density, emanating from zoning differences. However, in the
case of the subject property all of the land sales considered within the incorporated area of the City of
Miami are the same zoning class as either of the subject property's zoning and as such density
considerations are equal for all of the comparables as well as the subject property. Nonetheless, we
have also reported the results of the sales and listing using this units of comparison — price per unit.
Page 26
ANALYSIS OF DATA AND OPINIONS
Of the sales reviewed, based on the above criteria, the following sales represent the best available
from the market to determine the subject's market potential under this valuation approach. While
some are more ideal than others, the appraisers believe that they represent a sufficient sample of the
data reviewed to illustrate a sound market -based conclusion for the subject.
Listed on the following pages are sales used in this analysis.
Page 27
ANALYSIS OF DATA AND OPINIONS
Land Listing 1 / Subject Property
Listing
Location Data
Location: 5215 W Flagler Street
Miami, FL 33134
County: Miami Dade
Folio No: 01-4106-030-0020
Market Type: Suburban
Physical Data
Type: Land
Land Area Acres: 0.574
Land Area SF: 25,000
Topography: Basically Level
Shape: Rectangular
Corner: No
Utilities
Telephone: Yes
Sale Data
Electricity: Yes Sale Status: Listing
Water: Yes Date: N/A
Sewer: Yes Marketing Time: 779 Days
Gas: Yes Grantor: Edilia Acosta, Life Estate
Off -site Costs: $0 Grantee: N/A
Zoning: T5-L, Urban Center Limited Document No: N/A
Flood Plain: No Sale Price: $1,550,000
Adverse Esmnts: No Financing: N/A
Environmental: U/K Cash Eq. Price: $1,550,000
Imprvmts. At Sale: No; vacant Price Per Acre: $2,700,720
Proposed Use: N/A Price Per SF of Land: $62
Confirmation Source: MLS/Broker Price Per Front Feet: $8,516.48
Confirmed By: AJA Price Per Unit: $41,892
Comments
This is the current listing for the subject property. It has been in the market for 779 days as of the date of this
valuation. The subject property has been listed since March 20, 2019 per MLS. Initially listed for $2,127,700,
reduce to $1,725,000 by July 2019, reduced to $1,675,000 by December 2019, reduced to $1,600,000 by June
2020, and finally reduced to its current asking price or $1,550,000 as of February 2020.
Page 28
ANALYSIS OF DATA AND OPINIONS
Land Listing 2
Listing
Location Data
Location:
County:
Folio Nos:
Market Type:
Physical Data
5711 NW 2 Street
Miami, FL 33126
Miami Dade
01-4001-003-3360/3370
Suburban
Type:
Land Area Acres:
Land Area SF:
Topography:
Shape:
Corner:
Utilities
Telephone:
Electricity:
Water:
Sewer:
Gas:
Off -site Costs:
Zoning:
Flood Plain:
Adverse Esmnts:
Environmental:
Imprvmts. At Sale:
Proposed Use:
Confirmation Source:
Confirmed By:
Comments
Land
0.336
14,623
Basically Level
Rectangular
Yes
Yes
Yes
Yes
Yes
No
$0
T5-L, Urban Center Limited
No
No
U/K
Yes, duplexes
N/A
CoStar/Broker
AJA
Sale Data
Sale Status:
Date:
Marketing Time:
Grantor:
Grantee:
Document No:
Sale Price:
Financing:
Cash Eq. Price:
Price Per Acre:
Price Per SF of Land:
Price Per Front Feet:
Price Per Unit:
Listing
N/A
32 Days
Margo GC, Inc.
N/A
N/A
$1,300,000
N/A
$1,300,000
$3,872,530
$88.90
$10,483.87
$59,091
This is a current listing according to Costar. We were not able to find a listing in the MLS. This site consists of
two parcels, located on the northwest corner of NW 57 Avenue and 2 Street.
Page 29
ANALYSIS OF DATA AND OPINIONS
Land Sale 3
Land Sale
Location Data
Location:
County:
Folio Nos:
Market Type:
Physical Data
1542 NW 2 Street
Miami, FL 33125
Miami Dade
01-4102-005-8730/20
Urban
Type:
Land Area Acres:
Land Area SF:
Topography:
Shape:
Corner:
Utilities
Telephone:
Electricity:
Water:
Sewer:
Gas:
Off -site Costs:
Zoning:
Flood Plain:
Adverse Esmnts:
Environ mental:
Imprvmts. At Sale:
Proposed Use:
Confirmation Source:
Confirmed By:
Comments
Land
0.321
14,000
Basically Level
Rectangular
Yes
Yes
Yes
Yes
Yes
No
$0
T5-O, Urban Center
No
No
U/K
No; vacant
N/A
Deed/CoStar/MLS/PR
AJA
Sale Data
Sale Status:
Date:
Marketing Time:
Grantor:
Grantee:
Document No:
Sale Price:
Financing:
Cash Eq. Price:
Price Per Acre:
Price Per SF of Land:
Price Per Front Feet:
Price Per Unit:
Sale
March 31, 2021
85 Days
Marlins MIA, LLC
Larusbrick, LLC
32412-2771
$1,200,000
N/A
$1,200,000
$3,733,714
$85.82
$12,000
$57,143
The above transaction (32412-2771) represents only one of two lots which consists of this sale. This land sale
occurred as reported pursuant to the listing broker involved in the transaction, who confirm that $600,000 was
paid for each of the two lots, and that one of the recordations does not appear in the public records as of the
time of this report.
Page 30
ANALYSIS OF DATA AND OPINIONS
Land Sale 4
Land Sale
Location Data
Location:
County:
Folio Nos:
Market Type:
Physical Data
325-45 SW 17 Avenue
Miami, FL 33135
Miami Dade
01-4102-006-3100/3110/3120
Urban
Type:
Land Area Acres:
Land Area SF:
Topography:
Shape:
Corner:
Utilities
Telephone:
Electricity:
Water:
Sewer:
Gas:
Off -site Costs:
Zoning:
Flood Plain:
Adverse Esmnts:
Environ mental:
Imprvmts. At Sale:
Proposed Use:
Confirmation Source:
Confirmed By:
Comments
Land
0.358
15,600
Basically Level
Rectangular
Yes
Yes
Yes
Yes
Yes
No
$0
T5-O, Urban Center
No
No
U/K
Yes; Small bldg./1,295 ASF
N/A
Deed/CoStar/MLS/PR
AJA
Sale Data
Sale Status:
Date:
Marketing Time:
Grantor:
Grantee:
Document No:
Sale Price:
Financing:
Cash Eq. Price:
Price Per Acre:
Price Per SF of Land:
Price Per Front Feet:
Price Per Unit:
Sale
June 17, 2020
298 Days
ISR Holdings, LLC
325 Holdings, LLC
31982-4956
$1,000,000
60% L/V PMM
$1,000,000
$2,792,308
$64.13
$6,700
$43,478
This property was listed since mid -year in 2019, initially for $1,436,000. It was subsequently reduced to
$1,250,000. This information was obtained through a canceled MLS offer. According to CoStar the above
reported were the number of days on the market. This transaction consists of three adjoining lots. It was used
as a used -car dealership.
Page 31
ANALYSIS OF DATA AND OPINIONS
Land Sale 5
Land Sale
Location Data
Location:
County:
Folio No:
Market Type:
Physical Data
1251 SW 7 Street
Miami, FL 33135
Miami Dade
01-4102-011-
0370/0361/0360/0340
Urban
Type:
Land Area Acres:
Land Area SF:
Topography:
Shape:
Corner:
Utilities
Telephone:
Electricity:
Water:
Sewer:
Gas:
Off -site Costs:
Zoning:
Flood Plain:
Adverse Esmnts:
Environmental:
Imprvmts. At Sale:
Proposed Use:
Confirmation Source:
Confirmed By:
Comments
Land
0.571
24,863
Basically Level
L-shaped
Yes
Yes
Yes
Yes
Yes
No
$0
T5-O, Urban Center
No
No
U/K
No, vacant land
Mixed Use MF
Deed/CoStar/MLS/PR
AJA
Sale Data
Sale Status:
Date:
Marketing Time:
Grantor:
Grantee:
Document No:
Sale Price:
Financing:
Cash Eq. Price:
Price Per Acre:
Price Per SF of Land:
Price Per Front Feet:
Price Per Unit:
Sale
February 27, 2019
285 Days
Aquelarre USA, LLC
City of Miami
31349-3760
$2,255,000
Cash to Seller
$2,255,000
$3,950,762
$90.66
$11,275.00
$60,946
This property was appraised by the undersigned on behalf of the City of Miami. It was listed in the open market
for $2,390,000.
Page 32
ANALYSIS OF DATA AND OPINIONS
Land Sale 6
Land Sale
Location Data
Location:
County:
Folio Nos:
Market Type:
Physical Data
620-52 Beacom Blvd
Miami, FL 33135
Miami Dade
01-4103-037-0450/0571/0570
Urban
Type: Land
Land Area Acres: 0.362
Land Area SF: 15,768
Topography: Basically Level
Shape: Triangular
Corner:
Utilities
Telephone:
Electricity:
Water:
Sewer:
Gas:
Off -site Costs:
Zoning:
Flood Plain:
Adverse Esmnts:
Environmental:
Imprvmts. At Sale:
Proposed Use:
Confirmation Source:
Confirmed By:
Comments
Yes
Yes
Yes
Yes
Yes
No
$0
T5-O, Urban Center
No
No
U/K
Yes; demolished
Mixed Use MF/Hotel
Deed/CoStar/MLS/PR
AJA
Sale Data
Sale Status:
Date:
Marketing Time:
Grantor:
Grantee:
Document No:
Sale Price:
Financing:
Cash Eq. Price:
Price Per Acre:
Price Per SF of Land:
Price Per Front Feet:
Price Per Unit:
Sale
January 18, 2019
466 Days
Rolando E. Marrero/Calle
Ocho Crossroads
Trini Suites Dos. LLC
30861-3145/31308-2945
$1,700,000
Construction Loan
$1,700,000
$4,696,347
$107.81
$10,119.05
$71,913
This sale occurred into two transactions. One on February 5th, 2018 for $800,000 and the second on
January 18t", 2019 for $900,000. The first transaction was listed in the open market.
Page 33
ANALYSIS OF DATA AND OPINIONS
Improved Sales Analysis
Sales Location Map
Listed on the preceding pages are the improved sales deemed to be the most comparable as
compared to the subject. In order to arrive at a value conclusion for the subject, it is necessary to
adjust the comparable sales prices for characteristics that are dissimilar from those of the subject
property. The characteristics that may require adjustments include real property rights conveyed,
financing terms (cash equivalency), conditions of sale, non -sale status, market conditions (time), and
physical characteristics such as location, size, quality of construction, amount of interior finish out,
occupancy, zoning and visibility.
Differences in elements of comparison may be expressed as percentage or dollar adjustments.
Isolated percentage or dollar adjustments, if such measurable adjustments can be extracted or
derived from differences in elements of comparison between sales and/or listings, would result in the
application of quantitative analysis. The source of dollar or percentage adjustment must be readily
understood by the reader of the appraisal report.
Whenever differences in elements of comparison between sales and/or listings are unable to be
isolated and measured, resulting in a percentage or dollar adjustment, qualitative analysis is
undertaken. In comparison to the subject, superior characteristics in the sales are adjusted downward
and inferior characteristics are adjusted upward. The conclusions of qualitative analysis may be
described in terms that clearly convey the direction and often the magnitude of the difference between
the comparable property and the subject in regard to each element of comparison. However, while
the direction of the adjustments may generally be supported by trend analysis, from among the
comparables reported and from competitive markets, the magnitude of the adjustment might not be
extracted from the market with a reasonable degree of confidence and as such it is founded in
judgment; therefore what at first may be construed as a quantitative analysis, is in fact qualitative.
After careful analysis of the sales available in the open market, through the use of both quantitative
and qualitative techniques, we have presented the relevant sales in the adjustment grid on the
following page. We have analyzed the selected sales and, although there were some noted
Page 34
ANALYSIS OF DATA AND OPINIONS
differences among the sales, and between the sales and the subject property, no adjustment was able
to be reliably isolated through either quantitative or quantitative techniques.
Review of Elements of Comparison
Property Rights - The transaction price of a sale is always based on the real property interest
conveyed. In this instance, an adjustment for this attribute was not considered necessary.
Conditions of Sale - Adjustments made for conditions of sale usually reflect atypical motivations of
the buyer and seller at the time of conveyance. A sale may be transacted at a below market price if
the seller needs cash in a hurry. A financial, business, or family relationship between the parties
may also affect the price of property. Interlocking corporate entities may record a sale at a non -
market price to serve their business interest. When non -market conditions of sale are detected in a
transaction, the sale must be thoroughly researched before an adjustment is made. Within the
confirmation process, detailed attention was made to ensure the conditions of each sale. Based
upon the research performed, it is believed that all of the comparable sales involved regular arms -
length transactions without the presence of duress or adverse market influence. As such, no
adjustments were warranted.
Financing Terms - Prices paid in acquiring property may differ significantly due to the financing
involved, if any. Cash or cash equivalencies are the basis of value, whereas extended, above
market interest rate and/or leverage investor terms sales, generally represent the higher portion of a
sales price range. Therefore, some methods of converting these financing terms to cash must occur
so that the adjustment process may be applied to the sales. In reviewing the comparables, an
adjustment was not required for atypical financing.
Market Conditions/Time - Market conditions may change between the time of sale of a comparable
property and the date of the appraisal of the subject property. Changed market conditions often result
from various causes, such as inflation, changing demand, and changing supply. Time itself is not the
cause for the adjustment. In this instance a market condition adjustment was not made, even though
the market area and the product type are driven by upward pressures on pricing as well as rentals,
visible over the last few years. It is the general consensus among brokers, developers and property
owners that property prices have been stable or tempered over the past year. Data extracted from the
market does not support an annual upward percentage adjustment. However, there were two active
listings reported, and we have made a modest downward adjustment to them to mitigate for
negotiations affecting changes in market condition.
Location - Location considerations include such factors as proximity to surrounding land use plus
accessibility to supporting development and transportation routes. When reviewing the comparables,
any sales which had superior locational attributes were adjusted downward as low as-25.00%. Sales
3 and 5 were considered to be in streets considered local traffic roads, more suitable for the highest
and best use concluded for the subject site. Sale 6's location was considered superior not only
because of local traffic patters but also its proximity to the Miami Dade College, Little Havana campus.
Page 35
ANALYSIS OF DATA AND OPINIONS
Corner/Frontage - Corner located commercial properties generally bring a premium in the
marketplace due to increased visibility and ease of access. The subject is a not a corner situs
property. Some of the sales analyzed were superior to the subject property and were adjusted
accordingly. The sales that are corner located parcels were deemed superior and thus adjusted
downward by as much as-10.00%.
Demolition - One area where quantitatively analysis was utilized is for demolition costs. Three
comparables were reported to have improvements at the time of sale. Historical demolition costs
were known to the appraiser. Confirmed costs associated with the demolition of buildings, a one-story
strip shopping center with one portion containing two stories, after the sale of a property located at
3401 NW 17 Avenue, were $130,000 or approximately $7.26 per square foot. Additionally, we
obtained demolition costs estimates for a one-story CBS building with 6,450 square feet in size. The
total demolition costs estimate was $7.36 per square foot. Finally, costs for demolition using Marshal
and Swift Valuation Services (2020) were estimated. The cost of demolition for Class B structures is
reported to currently range from $7.46 to $10.25 per square foot of building area. Demolition costs for
Class C structures is in the range of between $4.54 and $6.75 per square foot of building area. This
analysis is the basis of the adjustments to all the sales with improvements at the time of purchase.
Page 36
ANALYSIS OF DATA AND OPINIONS
SUMMARY OF LAND SALES WITH ADJUSTMENTS
Comp No.
Property Name
Address
Subject
S bj ct
5215 W
Flagler Street
Miami
i1
Listing
5215 W
Flagler Street
Miami
01/00/00
$1,550,000
0.574
25,000
182
$62.00
Fee Simple
MI
Listing
5711 NW 2
Street
Miami
01/00/00
$1,300,000
0.336
14,623
124
$88.90
Fee Simple
213 5
City
Date of Sale
Sale Price
Land Area (Acre)
Land Area (SF)
Front Feet
Price/Square Feet
Property Rights
Financing
Conditions of Sale
0.574
25,000
182
QUANTITATIVE ADJUSTMENTS
N/A
Arm's Length
N/A
Arm's Length
Land Sale
1542NW2
Street
Miami
03/19/21
$1,200,000
0.321
14,000
70
$85.71
Fee Simple
Cash to Seller
Arm's length
Miami
06/17/20
$1,000,000
0.358
15,600
150
$64.10
Fee Simple
60% LN PMM
Land Sale
325-45 SW 17
Land Sale
1251 SW 7
Avenue Street
Miami
02/27/19
$2,255,000
0.571
24,863
200
$90.70
Fee Simple
Cash to Seller
Arm's Length Arm's Length
Property Rights
Financing Terms
Conditions of Sale
Months Elapsed
Market Conditions/Time
0.00%
0.00%
0.00%
0.00
-5.00%
Adj Price/Square Feet
$58.90
0.00%
0.00%
0.00%
0.00
- 5.00%
$84.46
0.00%
0.00%
0.00%
1.90
0.00%
$85.71
0.00%
0.00%
0.00%
11.07
0.00%
$64.10
0.00%
0.00%
0.00%
26.93
0.00%
I $90.70
Location
Size
Corner/Frontage
Demolition
0.00%
0.00%
0.00%
0.00%
Total Net Adjustments
Net Percent Adjustment
$0.00
0.00%
0.00%
- 5.00%
- 10.00%
1.55%
($11.36)
- 13.45%
- 10.00%
-5.00%
0.00%
0.00%
($12.86)
- 15.00%
0.00%
-5.00%
- 10.00%
1.00%
($8.97)
- 14.00%
I -10.00%
0.00%
- 10.00%
0.00%
($18.14)
- 20.00%
Total Adj. Price/Square Feet
$58.90
$73.10
$72.86
$55.13
$72.56
Page 37
ANALYSIS OF DATA AND OPINIONS
SUMMARY OF LAND SALES WITH
ADJUSTMENTS (CONT.)
Comp No.
Property Name
Address
City
Date of Sale
Sale Price
Land Area (Acre)
Land Area (SF)
Front Feet
Price/Square Feet
Property Rights
Financing
Conditions of Sale
Subject 6
Sbjct
5215 W
Flagler Street
Miami
---
---
0.574
25,000
182
---
---
---
---
Land Sale
620-52
Beacom Blvd
Miami
01/18/19
$1,700,000
0.362
15,718
168
$108.16
Fee Simple
Construction
Loan
Arm's Length
QUANTITATIVE ADJUSTMENTS II
Property Rights
Financing Terms
Conditions of Sale
Months Elapsed
Market Conditions/Time
0.00%
0.00%
0.00%
28.27
0.00%
Adj Price/Square Feet
$108.16
l Location
Size
Corner/Frontage
Demolition
-25.00%
-5.00%
-10.00%
2.32%
Total Net Adjustments
Net Percent Adjustment
($40.75)
-37.68%
Total Adj. Price/Square Feet
$67.40
Page 38
ANALYSIS OF DATA AND OPINIONS
Sales Price per Unit Conclusion
After making adjustments the comparables have a value range of $55.13 to $73.10 per square feet
with an adjusted mean of $66.66. The appraiser's estimate after reviewing the land sales and
considering the current market conditions is represented in the following table, and it is based on the
asking price for Land Listing 1 which is the subject property. It is also supported by all of the other
sales and listing reported.
LAND SALES ANALYSIS
ADJUSTED PRICE/SQUARE FEET ANALYSIS
Sale No. Price/Square Feet
Subject
Sale 1
Sale 2
Sale 3
Sale 4
Sale 5
Sale 6
STATISTICAL ANALYSIS
Minimum
$55.13
Average
$62.00
$88.90
$85.71
$64.10
$90.70
$108.16
Net Adjustment
($3.10)
($15.80)
($12.86)
($8.97)
($18.14)
($40.75)
Adj. Price/Square Feet
$58.90
$73.10
$72.86
$55.13
$72.56
$67.40
Maximum
$66.66
$73.10
MARKET VALUE ESTIMATE
Estimated Price/Square Feet
Square Feet Estimated Value
$61.99
25,000.00
Less Adjustment:
Land Value As Is:
$1,550,000
$0
$1,550,000
Page 39
ANALYSIS OF DATA AND OPINIONS
RECONCILIATION AND FINAL VALUE ESTIMATE
In this section of the report, the appraiser(s) bring together all of the data gathered during the
appraisal, culminating with their opinion of the most probable value. It is in this section, they
summarize their thoughts about the property to reconcile the value indicators into a final conclusion.
Your attention is directed to the following which summarizes the value estimates presented
throughout this report.
MARKET VALUE CONCLUSIONS
Land
Valuation Methodology As Is
Value $1,550,0001
Reconciled Value $1,550,000
The Sales Comparison Approach is based on comparison between the subject property and similar
properties which sold within a reasonable period prior to the date of appraisal, and which are capable
of providing insight into the valuation of the subject property. Elements of comparison are examined
and developed for differences such as location and physical characteristics, and are applied if
applicable to the comparables reported, to derive an indication of value for the subject. Critical in this
valuation methodology, is the availability of sufficient market comparables with which to make valid
comparisons. It is significant to note that while our conclusion of value for the subject property was
arrived through the use of price per square foot of net lot area, we also monitored the subject's
valuation using price per unit. The subject property's concluded value translated into price per unit
results in a value of $41,892 per unit. Our analysis of competitive acquisitions, listings, or pending
contracts, for multifamily developments of medium density, comparable to the subject provided a
range of $35,000 per unit in Palmetto Bay to $170,264 in Coconut Grove, with a median price at
$70,227. This analysis was presented in the Highest and Best Use section earlier in this report.
Additionally, from among the six listings and sales reported the range in price per unit, prior to any
adjustment, is between $41,892 (Listing 1 / Subject Property) and $71,913, with a median of $58,117.
This test of reasonableness suggests that the value conclusion for the subject property is within
reason both on a price per square foot of net land area as well as per unit.
The Income and Cost Approaches were not considered applicable in this valuation.
VALUE ESTIMATE SUMMARY
Valuation Premise
"AS IS"
Effective Date Estimated Value
April 24, 2021 $1,550,000
Exposure Time - It is reasonable to conclude that for the subject property to sell at a price equal to our
market value estimate on the appraisal date, it would have been exposed on the market for a period
of nine to twelve months.
Marketing Time - If the property were listed for sale on the appraisal date, a marketing period of nine
to twelve months would be expected in order to find a buyer for the property willing to purchase at the
estimated market value.
Page 40
ADDENDA
Subject Photographs / Front View Looking Northeast from Flagler
Front View Looking Northwest from Flagler
Page 41
ADDENDA
Subject Photographs
View of Flagler Street Looking East
View of Flagler Street Looking West
Page 42
ADDENDA
Authorization
412012021 Gmail - RFAQ- Narrative Report-6215 W-.AGLER ST-Quotes due by Friday at 4:30 PM
1401 Gmail
Albert Armada calarmada 1101 gmail.com>
RFAQ - Narrative Report - 5215 W FLAGLER ST - Quotes due by Friday at 4:30 PM
Lozano, Danny <DLozanollmiamigov.coms
To: Albers Armada <alarmada001@gmaul.corn
Cc: "Maichel, Hans" rHMaichel@mia•••.rnigov,com>
Good evening Albert,
Mon, Apr 19, 2021 at 7:12 Mu
Please allow this email to serve as your authorization to start the above -referenced assignment and complete report by the deadline specified within
your bid or sooner (If possible), Please acknowledge receipt of this email. Thank you,
Respectfully,
Property Management Specialist i City of Miami
Department of Real Estate & Asset Management (DREAM)
444 SW 2"d Avenue, 3rd Floor, Miami, Florida 33130
T: 305.416.14691 DLozanotgmlamgay.com
Page 43
ADDENDA
Appraiser's Qualifications
CURRICULUM VITAE — ALBERT J. ARMADA. MIB, MAI, SRA
Resident of Miami, Dade County, Florida since 1961
State Certified General Real Estate Appraiser, State of Florida (Certificate Number RZ397)
Licensed Real Estate Broker, State of Florida
Graduate of
Miami -Dade Junior College (now Miami -Dade College) — Awarded Associates of Arts degree, 1972
University of Florida, Gainesville, Florida - Awarded Bachelor of Arts, with Honors, in Psychology, 1974
University of Miami, Coral Gables, Florida —Awarded Certificate of Middle Management, 1979
Florida International University — Awarded Master of International Business, 1984
Consultant — Affiliated, as an independent sub -contractor:
Gallaher Valuations, Inc (2018 to present)
Hedg-peth & Gallaher, Inc (1997 to 2001)
Blazejack & Company (1988 to 1989)
The Republic Appraisal Company (1986 to 1987)
Employment: Armada Appraisal & Consulting Company, Principal/Appraiser/Consultant 1993 to Present
City of Miami in various positions, 1977 to 1993, including Property & Lease Manager (1984 to 1993);
Acting Assistant Director, Finance Dept (1983 to 1984); Lease Manager (1982 to 1983); Projects
Supervisor, Community Development Dept.(1980 to 1982); Administrative Assistant (1979 to 1980);
Personnel Office, Human Resources Dept. (1977 to 1979)
Miami -Dade County, Program Director/Unit Supervisor, Health & Human Resources (1975 to 1977)
State of Florida as Youth Counselor, Dept. of Health & Human Resources (1974 to 1975)
Special Magistrate — Miami -Dade County Value Adjustment Board (2008 to 2018)
Appraisal Experience: Has participated in appraisals in Miami -Dade, Broward, Monroe and other counties
in Florida of various types of residential and commercial properties, including office buildings,
shopping centers, apartments, warehouses and developments, partial interests and litigation
appraisals.
Expert Witness: Qualified as an expert in real estate valuation in Miami -Dade Circuit and Family Courts.
Has testified in deposition and in trial in matters of bankruptcy, divorce, deficiency judgments and
other issues.
Member of:
Appraisal Institute, with designations MAI and SRA.
Certified Under Continuing Education Program through December 2021
President of South Florida Chapter 2015
Director of South Florida Chapter 2009 to 2016
Former Member of:
Certified Commercial Investment Member of the National Association of Realtors (designation of
CCIM); relinquished 2016
American Society of Appraisers (Designation ASA, Urban); relinquished 2012
Candidate for Miami Dade County Appraiser, August 2014
Has been a managing member or investor in Miller Ludlam LLC, an owner of retail stores; and 4-B
Warehouses, LLC, an owner of multi -tenant warehouses
Page 44
APPRAISAL REPORT
LOCATED AT
5215 W. FLAGLER STREET
MIAMI, FLORIDA 33134
AS OF
APRIL 20, 2021
PREPARED FOR
MR. DANNY LOZANO
PROJECT MANAGEMENT SPECIALIST
CITY OF MIAMI
DEPARTMENT OF REAL ESTATE & ASSET MANAGEMENT
444 SW 2nd AVENUE, 3rd FLOOR
MIAMI, FL. 33130
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REAL ESTATE ADVISORS I PROGRAM MANAGERS I REAL ESTATE APPRAISALS
Mr. Danny Lozano
Project Management Specialist
444 SW 2nd Avenue, 3rd Floor
Miami, Fl. 33130
Re:
Dear Mr. Lozano,
Job Number: A-04-21-009
5215 W. Flagler Street
Miami, Florida 33134
Owner: Edilia Acosta LE
Remainder Interest;
Juan A Acosta Jr.
Rosa Maria Miralles
4452 SW 159th Court
Miami, Fl. 33185
Folio Number: 01-4106-030-0020
Per your request, we have reviewed the above referenced property for the purpose of providing you
with an opinion of the Fair Market Value for the vacant land located at 5215 W. Flagler Street, Miami,
Florida 33134, in Miami -Dade County, Florida. The subject contains 25,051 square feet of land area.
We were provided with a survey by our client, and we assume the 25,051 square feet size is
accurate. The property is currently zoned "T5-L", Urban Center Zone based on our review of this
vacant property, its location as well as our review of the surrounding land uses and zonings, it is our
opinion that the highest and best use of the site is for future residential or mixed -use development.
The purpose of our analysis is to form an opinion of the market value of the fee simple ownership of
the subject property as of the effective date, April 20, 2021. The function of this report is for the use
by the client to determine the market value for use in the potential acquisition of the property by the
City of Miami.
We have prepared the attached Appraisal Report, which contains a recapitulation of the data utilized
to form an opinion of the market value as of April 20, 2021. If any additional data is required, please
advi se.
1424 South Andrews Avenue • Suite 200 • Fort Lauderdale • Florida 33316
Telephone: 954-522-6226 • Fax: 954-522-6422 • www: theurbangroup.com
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Mr. Lozano
May 4, 2021
REAL ESTATE ADVISORS I PROGRAM MANAGERS I REAL ESTATE APPRAISALS
Based upon our inspection of the property and market data analysis, it our opinion that the market
value of the property as of April 20, 2021 is as follows:
ONE MILLION FOUR HUNDRED FIFTY-FIVE THOUSAND DOLLARS
($1,455,000)
ASSUMPTION:
The appraiser has estimated the land size and we have assumed that this size is accurate.
Robert D. Miller, ASA
State Certified General R.E. Appraiser No. RZ1270
1424 South Andrews Avenue • Suite 200 • Fort Lauderdale • Florida 33316
Telephone: 954-522-6226 • Fax: 954-522-6422 • www: theurbangroup.com
TABLE OF CONTENTS
Table of Contents 1
Summary of Salient Facts and Conclusions 2
Aerial , Sketch and Boundary Survey of the Subject Property 3
Definition of Market Value 5
Competency Provision 5
Purpose and Function of the Appraisal 5
Legal Description 5
Scope of Services 6
Marketing Period 6
Real Estate Tax Information 7
Property Description 8
Area Map 9
Neighborhood Description and Map 11
Zoning & Flood Map 13
Highest and Best Use 22
Appraisal Process 23
Market Approach 24
Reconciliation 54
Assumptions and Limiting Conditions 55
Certification 57
ADDENDUM
Photographs of the Subject Property
Subject Property Deed
Current MLS Listing
Qualifications of the Appraiser
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
PROPERTY LOCATION:
OWNER'S NAME/ADDRESS:
INSPECTION DATES:
SITE SIZE:
DIMENSIONS:
ZONING:
PRESENT USE:
HIGHEST AND BEST USE:
IMPROVEMENTS:
SALES HISTORY:
COST APPROACH:
INCOME APPROACH:
SALES COMPARISON
APPROACH TO VALUE:
DATE OF VALUE:
The address is 5215 W. Flagler Street, Miami, Florida 33134,
in Miami -Dade County.
Edilia Acosta Life Estate
Remainder Interest;
Juan A Acosta Jr.
Rosa Maria Miralles
4452 SW 159th Court
Miami, Fl. 33185
April 20, 2021 & April 28, 2021
25,051 square feet
Rectangular in shape, see sketch is this report
T5-L, Urban Center Zone
Vacant Parcel
The highest and best use is for development with a residential
or mixed -use development.
None
The subject property was transferred in November of 2020 via
Warranty Deed, OR Book 32294, Pages 3784-3785 for $100.
Property is currently listed for sale with an asking price of
$1,550,000.
N/A
N/A
$1,455,000
April 20, 2021
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AERIAL PHOTOGRAPH OF THE SUBJECT PROPERTY
SKETCH OF SUBJECT PROPERTY
125.20'
3
200'
25,051 SF
MDCPA
125.30'
200' - _J
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DEFINITION OF MARKET VALUE
Market value is defined in the 2016-2017 Edition of the Uniform Standards of Professional Practice
from regulations published by federal regulatory agencies pursuant to Title XI of the Financial
Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990 and
August 24, 1990 as follows:
The most probable price which a property should bring in a competitive and open market under all
condition's requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably, and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation
of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider
their own best interests;
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto, and;
5. The price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale.
COMPETENCY PROVISION
The appraiser has completed similar type appraisals of vacant land throughout the Miami -Dade
County area during his 39 years as a real estate appraiser in South Florida. As a result of these
experiences, the appraiser meets the competency provision of USPAP.
PURPOSE AND FUNCTION OF APPRAISAL
The purpose of the appraisal is to form an opinion of the market value of the fee simple interest of the
subject property with a land size of 25,051 square feet as of the effective date, April 20,2021. The
function of this report is for the use by the client to determine the market value for use in the potential
acquisition of the property.
LEGAL DESCRIPTION
Lots 15, 16, 17, 18, 19, 20, 21, and 22 of COLSKY's RESUBDIVISION, according to the Plat
thereof, as recorded in Plat Book 13, at Page 16, of the Public Records of Dade County, Florida.
Commonly know as 5215 West Flagler Street, Miami, Fl. 33134
Folio Number: 01-4106-030-0020
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SCOPE OF SERVICES
We have compiled all the necessary data in order to formulate an opinion of value. We have presented
the applicable data in this Appraisal Report format. Any additional supporting data can be found in
our working file. In preparing our report, we have reviewed and relied upon the following data.
1. Sales and listings of vacant land properties throughout the subject neighborhood and
Miami -Dade County over the past three years.
2. Review of public records for all pertinent sales data. Retrieved information from
LoopNet, CoStar Comps, MLS and the Property Appraiser's Office.
3. Review and considered the sales history of the subject property and neighborhood.
4. Review of Miami -Dade and neighborhood trends.
5. Inspection of neighborhood and analysis of land use patterns and trends.
6. Inspection of subject property and comparable sales and verification of sales
information.
MARKETING PERIOD
Based upon review of the neighborhood and competing properties it is our opinion that the marketing
period for the subject property would be six to nine months.
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REAL ESTATE TAX INFORMATION:
Property I.D. 01-4106-030-0020— 2020 Taxes - $14,998.26 - Paid - 11/22/2020 ($14,398.33)
ASSESSMENT INFORMATION
Year
Land Value
Building Value
Extra Feature Value
Market Value
Assessed Value
2020
S1,000.000
$fl
$0
S1,000.000
$555.382
2019
51, 000.000
$0
S1.000 000
$504.893
2018
$875.000
$0
so
$875.000
$458.994
TAXABLE VALUE INFORMATION 0
COUNTY
Exemption Value
Taxable Value
SCi-FOOL BOARD
Exemption Value
Taxable Value
CITY
Exemption Value
Taxable Value
REGIONAL
Exemption Value
Taxable Value
2020
2019
2018
$0 $0 $0
$555,382 $504,893 $458.994
$0 $0 $0
51,000.000 51,000.000 $875.000
$0 $0 $0
$555,382 $504.893 $458.994
$0 $0 $0
$555,382 $504.893 $458.994
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PROPERTY DESCRIPTION
LOCATION:
OWNER'S NAME/ADDRESS:
INSPECTION DATE:
SITE SIZE:
DIMENSIONS:
ZONING:
PRESENT USE:
HIGHEST AND BEST USE:
IMPROVEMENTS:
SALES HISTORY:
Address is 5215 W. Flagler Street, Miami, Florida 33134, in
Miami -Dade County.
Edilia Acosta Life Estate
Remainder Interest;
Juan A Acosta Jr.
Rosa Maria Miralles
4452 SW 159th Court
Miami, Fl. 33185
April 20, 2021
25,051 square feet
Rectangular in shape, see sketch is this report
T5-L, Urban Center Zone — Single Family, Ancillary units,
Two Family, & Multi -Family Residences, Limited
Commercial, Office, Lodging, & Community Centers.
Vacant Parcel
The highest and best use is for future residential or mixed -use
development.
None -Property has been vacant for at least the last 7 years.
The subject property was transferred in November of 2020 via
Warranty Deed, OR Book 32294, Pages 3784-3785 for $100.
Subject property is currently listed on MES for $1,550,000,
listing is attached in addendum section.
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NEIGHBORHOOD DESCRIPTION
The neighborhood is located in the westernmost district of the City of Miami in the Flagami
neighborhood generally described as being bound as south and east of the Tamiami Canal, north of the
Tamiami Trail (US 41/South Eighth Street), and west of Red Road (SR 959/West 57th Avenue),
bisected by Flagler Street. This is an area that has been experiencing revitalization and generally
comprised of mixed uses with numerous small single family residential and multi -story older
residential walk up apartment complexes that are at or near the end of their economic lives. The area
is also comprised of a wide mix of moderately priced apartments, duplexes and single-family homes.
The neighborhood has many small shopping centers.
The subject property is located south from the Miami International Airport to Southwest Eighth Street
and spans east to Douglas Road. Flagami is named after its main thoroughfares, Flagler Street and the
Tamiami Canal that flows along its western edge. The name is a combination of the names "Flagler"
and "Tamiami.
Flagamim has an area known as the Blue Lagoon, which, as its name implies, offers an abundance of
water related activities. The Blue Lagoon area is also known as the regional and international
headquarters of major national and multi -national corporations who have found the easy access to
major highways and the proximity to cargo and airport facilities an asset. There are several major hotels
along LeJeune Road in Flagami, and close proximity to Miami International Airport, where many of
the area's residents are employed. Its easy accessibility by a number of expressways and main traffic
arteries, combined with brisk shopping activity and location close to a major international airport were
instrumental in Flagami's economic expansion.
Flagami is a neighborhood of Miami, Florida, and home to many Cuban exiles and South Americans.
As of 2000, Flagami had a population of 38,691 and 59,474 residents, with 13,896 households, and
10,141 families residing in the neighborhood. The median household income was $26,641.30. The
racial makeup of the neighborhood was 90.08% Hispanic or Latino of any race, 1.85% Black or African
American, 7.68% White (non -Hispanic), and 0.36% Other races (non -Hispanic).
This neighborhood contains two public schools, six city parks and two major elderly meals facilities
that serve the community, and several fire stations that complete the range of vital public services
available within the area.
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ZONING INFORMATION ON SUBJECT PROEPRTY
ZONING
The subject property with frontage on W. Flagler Street is zoned "T5-L", Urban Center Zone —
District by the City of Miami under the Miami 21 land use development standards.
A copy of the zoning code is on the next pages and has been taken from the City of Miami -Miami
21 Code of Ordinances.:
uTIl?671
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MIAMI 21 ARTICLE 4. TABLE 1 TRANSECT ZONE DESCRIPTIONS
AS ADOPTED • MAY 2011
THE NATURAL ZONE consists of lands approx mM-
Ing a wilderness conch bon. permanently set aside for
conservMion man essentially natural slate.
THE RU RAL ZON E conch cic of fandc In open or cultivated
slate or sparsely settled. These Include woodland.
g rassland and agricultural land.
THE SUR•URBAN ZONE consists of low•Densdy
areas, pi/manly comprised of SinglC,Famly and WO
Family rani/Malin) unrlewith relatively deep Solhoclts.
S treetscepos wrath swains, and with or wdhout Side-
walks, Blocks may be Iarge and the roads may he
of irregular geometry to accommodate natural and
Melon CandltlonS.
THE GENERAL URBAN ZONE cort iatnnf a Mlafed-Ilse
but pranerity residential urban fabric with a renge of
Building types $nduding row housr•.1, smell pod rim rim
Buildings. and bungalow courts. Setbacks are shun
with en urban Slremises es of wide Sidewalks end trees
In planlers. Thoroughfares typlCAily define medium -
ailed breeks.
THE URBAN CENTER ZONE consists oflllgh.rDensity
Mix ad. Use Building typesihalaccommodate relail and
office Uses, rowt,ousec and apartments. Anetwork el
smell blocks has Thoroughfares with wide Sidewalks,
steady street tree planting and Buildings set close la
the Frontages wilh frequent doors and windows.
r THE URBAN CORE ZONE donaleIe of ins highest
Llerts:ty and greatest variety of Uses. Including Civic
Buildings or rogirxrel Importance. A network or omto
blocks has Thoroughfares with wads Sidewalks, with
steady tree planting end Buildings sal dose to the
Fronisgo wen frequent doers and windows.
rlTHE CIVIC ZONE consists of public use space and
facilities that may contras' in use io their surroundings
while reflecting artier -en' Setbacks end landscape.
THE DISTRICT ZONE consists of the [east regulated
Building and a worn rnudates cunt rnurs:I a I and Industrial
Uses of a scare asd with a Sir aeiscase that facilitate
welllcuraf access.
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AS ADOPTED - MAY 2011
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ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED!
i t3 n4CT fO
I 611JMdtpllAAt14E
Piss teetl3WoetroymItltlrleo}4T.i, Iru
to stn;lrm Wit
• blritain a r $rua r s• 11934i per lW ap LH•
Ihnan te 1 ad;Una •A7 t1• patso epw PJ aJ).
18 bed ed Less.
41.;I.nprtfWa Fgf1r-Meow ` kiwi pa. Oar
rode' teed 1 lette pert rot krrlr
• CClrnn yAai ..a.li r inn rd i raitu wee Nr
*Fri its; dr stator in I,.,tue ry rw.4,43 tit tit
ntr. ;tl DPI M lf1Yti.
• Mli f epareb nr feel *AWN; r+iittel'i1 4 1rS
Port palms deport towel. 1, Tow*
• .41 rim tl f Paolo lLd;gate l0' 1trl Sp'At r:lK
1004.a00n0,.
• P7Nr; Ware>b lcroi.;a: orb kreta nla.4oTCO
are heir.%n N,yj IS tea Moil NAIL, lI tab
at •en. 03 it by po,ez of gldr• : esula •Fl:r. set
it ,ie h tog hri ar'?
• IAA ro AePMilLsIaAs.f
MOM
Lodi ig Lees L•• rwRhllot es If71i N Ian 1.
" Mlhfn'eti map stint or aulTltSi[gari.•
' MinanHf•IIL two eii.r lrr1111.psx i:• eon,
• Pre4i; ,Morose rot b: ;Mx* erode; leak
Root pre $21**,7 A1314 ;WOO
• Mrhum et113gtiRMS;;;IM13.8411'3tunalu
imam 7e3i117.
• POMO naaely to ro14:40041t1 45 TIP Ado
lQldzed wtlt%tKloafs b17TuesatC SISOrbI
h%e .Lea tabu era ;Amu N11134-.i.>lat hem
aN NAttit*Arad 11
• I34412 neo pt ¢'ea t:e b,'tr1W'Mt rues** WfJ
oceoa•X04s4:1t0ex0:s1.0:Wv..atfeartstda
4 44 e1 W: Mte' :3
• 1.411e0-sat 54:34, TL•us
4
T5 - URBAN CENTER ZONE
II Nfl$PMACP! I C.6 DM PEA ACM
IpetH•1gidtKiN1T11M4d111114111N'401 .trod FIaderttlWMpifhlItklaItedhTA►a,lrtad
Iyo/WHIa colt I Ui
tri t~n: u,ta tar
%lntn d It psi111tp3aa;eramty[I.f • NrerHr, rl l-Spitttp 41rrw.:.-[wiplht
• tUUNrrntl• rr/fi•r4t Aiiiwpu}ry alter 17 aalis
'1 OIti1 J. 11
• 11ie4•1.114 -51rn r Want I VA rat•'dl Pet* 3;
noir eat b1 fro• trim brio ,earMb+ Winton
e1yeu, 4..III 1/i1110044
• 51 LtI me Care Iwnn Wind t ep37: 17rddl
n1A1,1•art ' tiwa ter 01011145
k;.nn11417trrrpn-utin n of1pith; 0140IRe
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p••t111 1.5A7 I,; •.N il•',.
- f4131.; rap 44041, wryer »l, rad w. i I ri I; to
throe sown Nttdly Mtb i, Tat In
• t14,e•,1.eI• Atp'h IL•3. Ip.o. w p sit kebr
ipan _a p.poi
• heatpeala 'woe teflfrdMlal%ate ellIM
a. a odb• k ale Potties it s Iran I Cafkx by flit
paevl {Y, tii to nC nos se Moo' soup More 4L
la Otis 41; 5*1n1 Tt
• I7.1011 Rib be ¢mile: *writ. er Nat eta N
Hest •417hskesound 111a.st-esxclalto ele
rt•IrtAlNdi',i
• llditrt &to 4,tattt
• VA Metter' 1 a111ori MlNtptla4;>almtki rT
4n tw14 to fah
• l\,wak-'ACd errttaedtl ale! ia-',I. p7 dlu .e
•Y3Lted tyittrtn,atwise tee na::I rote Oaten
reestai l:Pete phd lb Ott
•!Ai! rruP?Slro Fhrret• 54ie.1r 1 Ara ra. p.r a rA
renal tad 1 tpfy ber s 1524‘114•
• emu s5**il••:. Mrig.ttl":Pill y.el- erwrw
aMr w1 eht N *St 1111I? 1+/ t.ec 1I wp,hAe T: 1+s
Iat13Yq ts4al /q butte
• Feeley Ml.ttlrpl new is M11l*I 11Mi113 1-• Itl
!rrildtawtho onnIt•r, M0ibr1,1411.1.
• N omoselIytedeRs*SeecaR•C.Iel4•4NelS,
•Ti•etp rots sloybl•.ta».1'*11174 rib•ed.• et
1D0 CIS 511h %ni wtUsds Tra4i:l7e•rilr lot
Heft pelinCAll 4y toast !A 4V tow Om
nil :Leh. 3y1IWR O 1J..
• Harry n xy is ;colas to tai st p or 4.6 ens.
'Ailh I401 un:} p oenti:tint: [s %tuto a set
Ienn•:ObstsrIJ.
teddy - So; tin l Toth 1
14gt41Simms penYe ii1111Wert4i1,
•;4;44.044 tn•in4m04 heword 1010r k
• Mr(rue au 71I•d Y etbrpra,rp mica tromp'
14144 oi4s
• Patti roarnor ow to .INar+KuM H Ir
Settee tasty atom MYM4, TitoS.
• Sib rental Non Fe4 Fpwwhew,wy 7q tdtett
suns *OW
• PrliuNt7rllecorodinto;Wel3nit fain OP'
11114rdrittti4 haInNsTx.a1Canidariy
/PIMewl Wpl'Sltl In.arr e' AW.tr elslstt Alt.
Q7a 0.1014 D RatdT1,
• NO/ wybs ir;.abIbevan-atpet Nut 41il
eifl+ 11:5 Y+r Iylerl.0 NSM...r-e.f4rerlw,.M
UAW rule tti
• i ma raj • 3r..413/4. Blab
1411111U.ararlpd', a rill* or14•111 Title 3.
• MWWI dl ealep exce too gay I*Ulm :As
• Araaberit lweltril': Nis i•l1lf 4aM 1p•so.
it) flats) Has.
• P•rsry'ap.a'rr.ee as; tar •eases 141.74A3 lb 114
UN*. ts.l rq 1 rr171r1, Me1tY 4, 14f F.
•N.anala 1 G7,tb a tow spex Ir en710.1,y17vb
1pY.N tt peft
• '4%11 ripe thry e: rveux: aalh ij rr 17 Tau to
ltxr r: Alin %nN raA.1 ;1a f^rise C Md:r
Plat p.1a4,!;a; 4; b/ re.** er d'! A.., ro,aaN .teal
pl.rrt,.14-740e115
• P151113 1st to dwaellet ay o.ror:t pa ban ale /3
4.1 le 10a: a.tl 11 ow:4el d'AMA.e. t47it I Aber *A
a,we•h9•1440r,IT',
"um/a ecoerotk1 1alb
GAIN Glad Oft 440111041 At 41.1 A Tile a. 3 Iliad
11meiNis pert
• rt. Ike rwaid ,°41yd f..Rery.d MM. Tl led
Ctkv. an! Cu41..ar al Lea r4MI as WI Wm i571
Ea fba- oral 1714
▪ o' 1 phial 4praw lr any IA* ilalte
I:Ra'Alb
1•t,
• 13i1I1; npefelgY. ere** *Nee: tc€erd rp 4' 'feet.
S•*14 AO au l0r404 itnit. t, I..} 1
• PAin7 n dr 0 sods Rzo.. wee so, oot$i•1%otos&
satin *P.m!
•41'ledt3141I KA1rdsa1N%T eeta.su'CO
a•e eiti, 14 ter r. Alf a, a 1-afsS swrircr C1 l,Ml
plt:erl 171 tf r debt e" I:4 4: •, xmAir Mal •Ii
i. wft- 3It 1rK;r Tl.
• Paltn Art b4 p.1A:ee St emerald d or I:ato teslx
1011'CIO beep busts) a',1r.te, merew'tte tts
1...it, 1ppatr3
• towed• Sea4, USW:.
17
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bl rsrrpr.rrrve,fi
• St-irw tt I Will tprto hr Mtn 1,1.31 Misr'
AN v"eil7.
+ 1'a411; na-Acrer'. Rye et r'a0m4 aao Aka le to
$head WIN or art 3 lode a. "diet.
• Palm.. tl `• 11:41Ke;k late ttoale. 33..701115
UV=Pti1104
•H•4rpr,1H1r{Iw+41111.1 a1!i.:OrYM,rrnr`Te7
473lahr `!, Ter ettbt eta T1M:rR W:1:ar el• Alit
111%4511 I::40, 14 sweet oe Mea, eon" Mom'a7C
• P01h1 nzt Ip One Mil trl CAeanl: ;' IL•"-• 01111
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MIAMI 21
AS ADOPTED - MAY 2011
ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTINUED)
T5. URBAN CENTER ZONE
GENSIIV IUPA1
GCMYIRCl.i
! IS illilfIPERACRE
fa VOWS PER 444E
c:et 114 d! Urn in In /onto !! Irad h Tolls 1.
Hf•dk'anti Inswh:
far r Ws: •T 0+•+I tht IV I 01 r. Tan a 101414
uuplC *I'.
• IlHtttn t1 t perM1l y space is .ton 4 inn et 14
• [nt+l•Iafd It.rod 00 ydkllhbrbNp iiiie le: • .* wltdrun 11/•1 M %KO sleea 1:I h, Retitxt
eat r. Ir: too .nit l.pt• ihsi Ei last hon llRi nMf, pallor
f'id s/t}l:d,til tti:l • Unu 11 rt 1'lEnl:rtnto V15]r.in
c1 rxrenwsu,sr. are N tr ! r: a snaps r•! 1 ts,
In Woo 1Pll,q l: rcc l:er S%C:b �111'atolk'
h a!rsl }kW nl. Ixt,1rJ 1 Isidro f jr a. pu 1't pg
mew thraficr.
ynnitenrtaiRIPb.' ntrsor
Ski43001dt}tlar
• Itte11 Inel1Es{1• Rt�e Sias ksd+ay 1:' wti lt"
I/a[tIdL Il&
• Pui$JI1 rrp5•lw-.ei 1tdu te s 15 fft r.A.• d 100
sr!M1nterft mind 1 II4CA d f i..0. rr"x+,11 Cs �t. sh
to SON
pl.atr, liq'il co [
11 WM en fell d'1
• wKes filly s.••*.1:t xr••r•p a klct aTfn
1541lI Ub71/r lei ink :V �5i rl, euv. gla5 e1
■ ttehll45Mc1T1.
• Wei p. pro nA crt l,Td1:.5
•.tkpri Stilt ktst:idnl MuTTY e• I1tfR•T,f 101-
ies :a.l•}f=4
ttk
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VS l,IMtlFFR NCII(
COI Iltd9.1 lit,I in (anti Oh or lilt! :' Tt:b T.
Ilild to Willi •:Wan
trod, magi :!•f;A coon hit PT eta/ is
11,+r
- AM a .12:41.1 •I•= :it grow 1.1U1 tt.etl
1::rlr otrn:•dt, .tr.
• f Slut] ,+i r Isnsit in, I t ndt0•d t•A db} p'}•
Hire11HOf i tH-ranl Met NOV. &
• l olna' ittK1lRut4rtetfsft+.er'yl1%TtNulr
nuts nyl art_
• Ftrlryodaron Ine pre:t/rhxl+ la"IsiudT."«
d aAles sr fit Itth to'•Ihnt:Canare fx fify
writl}h7:,1r:moor•dtilt.:•.•vvawn
N}i151Eu1::Id 11,
• Nrµ•j MNl+. ln,.ti:13l nit a'ripcf lnrl chip
hh Una Intbes ses• a lAnni. tales
*tat i1XkAW Id
aml,1 Sew I,1t {fast`
kle'/11d ustsannenlittIt Taft S, 0.110 } OAu i:ti 7w I•rh WIT' " I Old PIlflrl V&A lS
• Nit 1•. n ul 1 P•'('p inn h' inn 4 sat. d en •A handnollr;l:IAsknnontr nn'i1 inn
etnitkl0•i
...••a' 1
•►A.nlnd°IG1•ihflfrm5re.eell.rnitc•.e+s.:. •Mrmrlaltfold.,rgxk•x+•! 40] nine Int
11inInn orRtVel:nsdm lk :tote lit• iT d ee!lfit'O pme /rF1'alln tps.tr•b•
Wm cots ar n1• Tn1. c 11+11;ci ti sus W 1,
• Rrf iv nfpJTT t new bl Winn wrsrdr] 1; tor
$hrvl 4f•1e} dnnYd. M+tl!!T4000
•testsno St 1EtWetri RTOLaftto /IIrflNM
Imre whites..
•FWReiapt*rib: C:lcahft1141 ri ifia..1J1W
pntetnh il1lL mkt :10TlHii Cer ll tte
F++14(3T•L) by VOW; frAnn, DUO'IWO Widen
Nl1• Ir•
•Emig pqt 'rm.!..N_ ...vita l•..._ •1•• 1t:.
• 51•reind10 p1'i"•pxiffctarr151,T1glaar MIr
cl.'C:tcn crnorul:n inn nal pril•p spaxlk'
dwin
s N ngeR1
v'a • clti untie -no :motif ::r whaa:ix4,9'sl•s..
'U %ear winsHt•tdd. 1r.•le 1, T71 • `
$r,Srnetdep Alt!. 1. TWl.i.
•Wsnipe!}end, FunEnnak•inn20r.'r•or •Ih,*More°Vror•Ras ;we tip ratifgi IYrW
so/ no rated it • rw nnind.
•Pt+ulnlrn4t:err}la1WMl;SI,MontRd'01 too uT C
cocoa
a: SyakN rene no Was•IMtr: In els -gum Cat11:. Jiltlie h55C114 new Palt: to fate%i Y.•,tl, tr], 1•fink
• Omnor
&OA 1.I0601.<111, hMlt+b}l Pltr! 3
• •ysrp try_ prldel Tp awn'pa' I ut19 Nil. - WIN 1e WM+f ?Hsrttp 2I ban Ads
iiM10Edkr gronof•f'ASRtr.•/1si5r4e•4lr trio,ION fed by,*a1lNut *MA Agalil►Ohl%
le•IISr MO WI IT!. hx11e GM rot dTl
•tall ep-2sa/.-ik+. rH14 •L ten-4n M141. Mtf
p ltir; 114 lv twrAlkdbl veer10 4,rr+r•5T:1
N/t renal 5n•Isl ff a.1 earn, e•uc•I All
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MJAMI 21
AS ADOPTED - MAY 2011
OCWin.p.P
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ARTICLE 4. TABLE 4 DENSITY, INTENSITY AND PARKING (CONTiNUED1
TS -URBAN CENTER ZON
L 511 to
CPi!)
ne.tuuat4
41 la= FM ACM
()4 Saaetd llltsu1 parr ell. 4t 1 rod l a Talk ],
laud Sittriifnitifa
• Warm d1peril ;era is mete' I:ttwo feel
et Or: is tied Du,
• N fllond iprliggre•hrpte161tdid nue
wt.
• %Brun al a p ita a tom from) s at m t• redo:
1mei
ttrlYtt ID corral ray M wet Nat aunt* la lot
thaw:p e ry Wale 4. 41 t Ic1. feel S
reifse a0tp&RIR Ih r.okr gmN.r tamN
spew nq L
•Patiortt to:s vl, M3alryr:Sga. ul• a.&TC4
..1•41fe1 nb monde rno Carib- in; h%r
gc t p:%t Ir taws ralti,N.Mitt woe et.
r 4f a n S:Sfail d f!.
16worn Pelt Kai
Mt! 5t Otto! JIM An pecratifi 3i ttrd •. MI. A,
tt ltottrt:LrmAtr
a t.•irut rf1 WI tt rpattit•lasay 1p12H11.t1:d!
OUP Ugpol Inn
hind • ps6yd mile W it Gait a 1160111
to
• rwfnnd 1 psliy lint tt egg:, 110 ft.nlla
rM
• r15i le,•fisli rsr.n it I >Amrm l.m w71te11:'.
• PPu) •'1I t1V[.1Utoo Wr.t s'ttrmitt't le:
itNatl#nrSpztn., 41I.4,Tmti:k
•l.•iinn ell @tt:lt Orr/ $.nmlr enayll 41:i:f
•Parfet •dons, tr.n1•/.i Alit :H$if ah.clia•
ran 4t„ 15 web Ws vea turd Owens 4,1iey
tera,li7 7ffMMm•r•emi'Atuecortgvierda
w ar,
• Pa•too woo b1 tr•41.1.114 am”fl 4^ Into ds4a
4ATP ^0)1 Wart gn3r4d Yl•w- nmrya aimrare
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• I:•tiy. E:e.l11:t 4 T99M4
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ha.t tr1 G:'inn et: Mit
•M aimx a, erg Pll1k Illafetle• r.mt 1 Mown 'tat,
411;41t !1 a tt...a" 0•413 it i fi V a1h At arlr
;711,e1 ta.w.1 •flu float; gsauttr `01 ahtigm4,
1 e•Ygflitt Pl: fnnl.Ilt,s It us 11
•tNfuvFoflk1 Nrlmi44;11peae41 tat WW1
itetiZt NC I titleiY ••Li1.11litff.f,f 14.1,Kit
ettf.frt •peril 14 a IMf art: tt,
• Pete no mrlirmtall aWfn reek* *viola la Iv
aretri Wilt *nhd. id ob. a.T11ISfa
• Ylmoat. Ilneia 'elem kettle 5r7ray7l/d0711m
Acre r1Ta+•1
• .•Promo yk.nf a. +e,ta1'ah113rt11 sal, T.liC.^.
ael tilit K efb nt45 d i 1n4.1 Omar if Ng
Platt W br rm:tew d r IAer. mitt Wan oh
h Atr. n 1:list dTl.
•Lold•p•Sot s•1114,Ts*
kVewr1PIA N"RE
fl�EatltflU Wm nu p4. 441i 0,14xe 1• taeRx
'4th bJ meeWmxh
• Thins d1guilt Woe tra ),1r11.y1.t•lea
dCrl:t wevl L'ta
leset.tlf tpete ,,pone one vS rrthdtset tett
Int
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✓ 7f.
• Ai4 ,44,1a.4• Winn 1$1 real. t++ Ott men 10
Pa141:1 Mire OM : rue te: -roll inning to:a
%teal ir4t; dYCtK, Mt114, Team a r.
•II cal •ntf1 Beg: Rai $palea err) ?)m Stith
tptb.•ftworl•
• Pa .a tpnfe.eno t.rettta a a i e ll rf% 6)1 bid 1*)
fes*Oro 14nM 4da1 d t tMia 4erekm 4 )ay
)e.r.R(Ktilbf motto, Ow, .aa woods:
aJMt:lpbaRni t7.
• T•tlo4 nq tt trt•til to mw+rdi; akin, tit N
Att. ilk let too t nva4 d atsw, alma W1es. 1a
a meld fT6TdtdIA
• Lai Iv• 2le Mit("ttat
Ettaftl:el 4f.• .,. t.nr: at 1421 I. 1rfi'•
ill Wit rzmte ,rat lath
• 1Mnn:12 tray 1)))*hveyI tfOotatn ht1
,6€, 1iilal. iyly
• Yl tca•+-ii rfta 1d I Ira • F mart $04SYt torte
tilt motto. 1..ir itSEft.0a5f ife'07 eldLti,
twerp 41.120 f•7t 11t1.11 itttl.%s.11 trf •2c^
QitttuJt+aTly.
• Co We Fa. iw N414 0411 !a Na LM1er
f1:V11 re d 11:1N tr:oh Nutt!!. a'"e I swat
iMO• Yr raoj^ +; half a.,.; At.
• Pai4ly+ail'•Snwt. rely to swlue, laratcl!91f ir!
t lra4 Strom: el: • rt.,. teat 4, Vet
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FLOOD ZONE INFORMATION
I nt rFI o ..
5215 W Flagier St
t]iarril, FL 33134
ia4 rj4Py
J. a .. }l .y e a
-5c r rw 'r r
re ♦.h sip. �.
71 5 r- 4R' ? a s ,.. q r 9 M'k'' _ s
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i 1 .. r... .;' Air .
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•
MAP DATA
FEMA Spaded FIQOC Hazard Area
Map Nurxktrer. 120815C r2114L
7crne X
Map Daze: lieptembar11.20.09d
RIPS 12i 6
Prepared for The Llrh$n Group. Inc
52'15 W Flagher 51
bdirarrli, FL 331114
HO n Areas inundated by 5 9-year Heading Prolerted Areas
OfiV
rArAr
Areas inundated by 1 OC-Year lloo ling yry� F`x+dway
Velocity Hazard 0 Subiecf Area
21
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II It TAT! ONO Alr
DEFINITION OF HIGHEST AND BEST USE
That reasonable and probable use that will support the highest and present value, as defined, as of the
effective date of the appraisal.
Alternatively, that use, from among reasonable, probable and legal alternative uses, found to be
physically possible, appropriately supported, financially feasible and which results in the highest land
value.
Implied within this definition is recognition of the contribution of that specific use to community
environment or to community development goals in addition to wealth maximization of individual
owners.
Also implied 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
The subject consists of a 25,051-square foot parcel located at 5215 W. Flagler St., Miami, Florida
33134. The site is of sufficient size and shape to allow for development of a residential, or mixed -
use development. The legally allowed use is Miami-21 T5-L Urban Center Core zoning. This zoning
will allow a combination of residential developments with a mixed -use development also allowed.
The allowable uses under this zoning would be considered financially feasible uses of the site. Those
financially feasible uses that are legally and physically able to be developed on the site would be the
maximally productive use of the site. . Based on the four criteria for the estimation of the highest and
best use, it is our opinion that the subject 25,051 square foot property would have a highest and best
use for future residential or mixed -use development.
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APPRAISAL PROCESS
In order to arrive at the market value for the property, special attention must be given to the typical
purchaser who might have an interest in a particular property. Market Value is the most probable
sales price, which a property will bring this price depends upon the typical purchaser's reaction to the
various supply and demand factors that affect the market value.
The Appraisal Process is basically an economic analysis consisting of a review of the factors that affect
market value. There are three approaches to value to be considered in any appraisal, The Cost, Income
and Market Approaches. In this instance, the Cost and Income Approaches to Value will not be
considered, as the subject property is a vacant parcel of land. The Income Approach to Value will not
be considered due to the lack of available market data in support of a rental rate for vacant lands. The
Cost Approach to Value would not be applicable as the subject is vacant land.
The subject property consists of a 25,051 square foot parcel of vacant land. We have reviewed sales
with similar utility and potential uses in order to value the subject property. We have valued the site
based on the highest and best use for a residential, or mixed -use development.
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MARKET APPROACH TO VALUE
Land Value — 25,051 square feet
The subject property consists of 25,051 square feet of vacant land. Therefore, the Market Approach
to Value will be considered as the most applicable method of valuation for the subject property. We
considered numerous sales over the past three years and have included the sales and analysis of the
more current sales deemed to be most applicable. The review of sales has led us to the market value
conclusion indicated in this report. These sales are considered in support of the subject's land value.
On the following pages, we will submit the comparable sales considered in our analysis followed by
a sales map, analysis and value conclusion. These sales have been confirmed with the parties involved
in each transaction and all were considered arm's length transactions. As noted on the sales
comparison map, all of the sales are located within 4.76 miles of the subject property.
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COMPARABLE VACANT LAND SALE NUMBER 1 - DATA SHEET
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE: The Azule on Flagler, LLC
County: Miami -Dade County
OR Book 31853 Page 3629
Folio number: 01-4103-034-0030
2335 W. Flagler Street
Miami, Florida 33135
Gran Realty, Inc.
LEGAL DESCRIPTION: The East 10 feet of Lot 16, all of Lot 17 and West 5
feet of lot 18, Block 13, Glenroyal, according to the
plat thereof as recorded in Plat Book 5 Page 17, of
the Public Records of Miami -Dade County, Florida
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COMPARABLE VACANT LAND SALE NUMBER 1 (CONTINUED)
RECORDING DATA:
County: Miami -Dade County
OR Book 31831 Page 4753
Folio number: 01-4103-034-0040
LOCATION OF SALE: 2335 W. Flagler Street
Miami, Florida 33135
GRANTOR: Blue Star, Inc.
GRANTEE: The Azule on Flagler, LLC
LEGAL DESCRIPTION: The West 13 feet of Lot 19, and East 65 feet of Lot
18, Block 13, Glenroyal, according to the plat thereof
as recorded in Plat Book 5 Page 17, of the Public
Records of Miami -Dade County, Florida. Together
with a 10-foot strip of land lying immediately North
of the aforesaid property and together with a 5-foot
strip of land lying immediately South of the above -
described property, which 5-foot strip lies between
the property above described and the North line of
West Flagler Street.
ASSEMBLAGE SALE:
DATE OF SALE: February 14, 2021
SIZE: 19,344 square feet
CONSIDERATION: $1,675,000
FINANCING: Cash to seller
SALE PRICE PER SQ. FT: $86.59 per square foot of land area
TYPE OF INSTRUMENT: Warranty Deed
ZONING: T6-8-O, Urban Core Zone —The City of Miami
PRESENT USE: Vacant land
CONDITIONS OF SALE: Arm's-length
ENCUMBRANCES: Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
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COMPARABLE VACANT LAND SALE NUMBER 1 (CONTINUED)
VARIOUS ON -SITE UTILITIES:
COMMENTS:
All utilities available to the site
Lots were purchase as an assemblage buy the current
owner is approximately 19,344 square feet with direct
frontage access to W. Flagler Street and suitable for
development.
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COMPARABLE SALE 1 PHOTOGRAPH - 4/28/2021
28
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rr p:,re,1h3
:4 Yuri r eRiIVlf,
l'taallrer dfe prILih et. It'.
:.h=S Le 3c rar Rd Sutte 50h
Cire-ral triblrs FL.33134
J 1er r710-11llpa
rile NturiOx- 1 0. I 7.0
G roueinyr. I raw, r-
=4' 11a1er+ea Ate, Sir lots
Cu-al &fabler. FL .0104
IDE-444,1442.
DEED
01-4103-034-0030
1 Fir 202100Io7M DOOR 3IMk PAGL 313212
'p1,,-I' 12.' le 71213 ti 1 54.21 PM
nr Lon
1,-..,. 4 '1,714
1-14khN1711+auvw tiF_FIR 1YFG111101 641011.-piwitF ?1+
J'i•igi Mu.. 1111.4,421.r !nr
Warranty Deed
Tbia WurT#11ty Dided n*1 & duo As, vF Fetrrnar'..'207ti'kVA Urn G,roo Fro011w. lot., of Morida. i T-we-432
o3rltu4alk,a Form ofUet .ij ' 6 "17 Pnns+k di 1.16,511 6 rleti-artk. a lie 7311, rfflorill ambler.. FL 3313:1
imam. amdrtbe Aside Eta Fi+ k , LLC,a Fbond. lemMeal iiolotrry iromploui. r.h[.ce;rrsr rinlue x s •a 0111
344 C+r 'laity 103, Mi+ozi, Markin 1313ia L;rarlr,u
i 1441.narer -rM• IC. ,.. .-inr•aorr+ asr '__e41* wie[.,.Ic YY dit IrLc v Invx.mag and es_ F,t.�, Baal r
+,r l�n1i .1. as,1 IIw a ro .wa 1JJ o r c sl•ara ,��, w112 u��
>�� �' 4.8,Ir�i�.VL'�=JO�.Id13PaiE8i5
4V�ea IMPalt s. (L,re taro STIFFI err. for and diewrni.dtrrmttan of ue Aim d1TEN AND No.atm EQLLAR.5. f Lam ii,d
rkl goc.3a vitr1ghle torri3Idsranip& In aajd ganrcr Ln boon 1> by Arlo liodstaa, d.x rr* ,ps uhhrtor if 1.ateert.
B▪ mewied hoz ,raaln+ ibn mkt Fahro.. trod .rantae'w Ihr71rs kW! k,h5,i is hhri— —, raw
1 I+o+•I� d�mll�i 12E4 siv:m: 17.inq odd beimo ea MIL01l-1'ii4/1 CAulleg; Flrrrldi ih-vo
n it E,-54 141 I'm. air Lwa 1$ id of Lot 117 and Iht Weld 2 ir:QF of Cat IJ1, I3lrrek 131,
GLE\F1Dl tL, aero.i Int to the plat thereof go 10 ftI it km Pill Neplc Jl, pa& i1+ or Um
P ubhe Rtef.rd• 1.1 . 1,■rr11-dada COMM. fl[,rida_
Folio No.. 01-1I43 034-12 J1
rbsysiral +144ta 7131 1R`. mktSlrf*C.'11Orni, FL N.SI35
Serge& 10 rain fir 2820 Moq rut.l,ew c410111. lets, c°nddiridwrs. e,e. -fi orti, rsesc►reen .
Ttl lhcr w- ti [tit Lellgerhcali Ike eras aril r urun memo he -ran ,a ir, an}tisrw m, p raia.rra
To Have sod to I1uSd' tJx mom in €m aismple Co-r.ri
A'JId the gramnr' nertby howaR41t3 *I&1 ki1 g'ramitre ehi&-dle. 1Fing+r is lawfiiy Epimi el-Terw Iir4 Im drt slmFl-_.
ills rnatrn itic, pad Ti.Zh1 And raven!! w I1G4}S} re+ ail I,r11i wove} said hm l: that the ir-emtor Iw b, LLl,k
o rorrnort the emir In .laid Ib .[;,,,! r%,ZI defiald the tame Aga: —at. the Iwwlidl rilmkos of all Ilene , w h.pmarmvcr, u1t1
aria UM er..& ..f a,Ll scrumltr ei rtxarp LIFACI i;ciltIDg rreLy.mgiml I to DiC4311bIT.J1, I1t
L allgt111 isro ,pace
3J51 WTager
FL JJd.4
29
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CFN :302OOt 706c8 BOOK 31853 PAGE 383(J
I d Witrttss Whereof, Manutr has herel4 Va graAtdes hand and seat day and year fast above Wratan.
SiPed- =Jell and dulr ere in our presence:
{ rria Realty, Jae_ of FToridi. a Florida
corporation
(Corporate Seal)
Stale of FJonda
C Bari iiJ.`Mann-pade
TFte fisra iog insttumeNC ueas ACkflOVeled,nil before roe by Dimas of ysieel peewee or E 3 online thibtarizstArt
h i day of Frbr<ivy, ?>:§2p by Set- a G V1d4t. as President caC Gran Ranh)... 1rc. oe Florida_ a Florida
eargrnarJtm. an !milled!' of the curporntion- He fi es pertonily known to tr. has produced
as ictentifiesdon.
jNctury 5cali
=. _
r Novo Putri - 6aga ui Florrpa
-E .CQillnisslan • r'k 39221(1
N'+et May
3.ro Irrsagh IreyreyWry Aim
Conveyance Dr,cs
2i 1 W Fkiglcr 5'r
blip.h4i, FL 33
Public
meted Narnr
My Commission Expires
30
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AIEr, Y 1ronaNe1', Est).
1'eaaker& Panalfrer,
26 TA Jel et Rd- cite 3
Carat [i<101*Ft,.33c 4
30 5.7° -90tin
die itium4er fir-L?I?
GracbingerSaw, Y-
26 . Minorca Ave, Ste pQQ
Corsi Gabiea, FL 33134
3O5 d-7442
DEED
01-4103-034-0040
CFt ; 001 , 99 BOOK 31 B31 PAGE 4753
D.4?ECas52/2027 r1&:43.22 AM
DEED DOC 4., X1. .3
SLRT.10{ 3,375.00
H RV'EY RS..IVIN. CI FRI<dF coUrtt, rriA.LTADE CTY
ESsia Ahura This lire Ter EtecceiaingLatal.
Warranty Deed
This 'Warranty Deed node this I tray Cif February, 202* Iss weer l3[ue Sul r I i< s 7larida. zarporattars
whose pcsr 0Eicc addreLis a 717 P uceide Leon Boulevard, Saito 23,5, Cora] Gs tries Ek i34, _ .mere, and The
a Plot -la !united Eat:airy company, whose Tinsi:tTcc xdilre$s is 101 SW 36"' Court,
Sif Lte 103, fi8ui3.1FIceli i 33135, gX ee;
{17, .6 Darr be:ai¢ the 7e,ms'�,=.0r' and "Sraeree "a,eliatcU 'Ira 2.1.64 to- this ? oc cr.i aaG iGe Lei_; 'repeexma n... zad ass4x
ad'cds5Iduuls.:' gee H,c1 ass,=Is c:fcarpameans. casandtvsrees}.
Wittlesstth ebaT 57s and in tarsi eratioo c ±c sins of TEN AND NO.11d0 DOLI„.AriS (S i 0,A9} ani3
oahu good and rabaable t.5 , L sCns to saidEthrlm7rm hAnd pails by said ,zu.cc, the a Zir wE,ereof is be,eby
acknOwledged. has genic& hargthac and sold to rho said tepee, mod grantee's tens sad assigns forever, the
•30.11ovritrz. dmerind 67+,c., situaTer t7.0g and being is iam;.,aade County, Florida to -lei`
'The West 13 reel. or Lot 19, and ifse it s 66 feet of Lot 18, Block 13, GLEI11tOYAL,
aec:,rdiiig to {fie plat thereof as rec»rdeil Bonk 5, Page, 17, of the Public itgcords of
kliami.I}aatc Cnunty, E1 ITtda- Together with a SO :`not Scrip of t2ad icing iro tied iatc[y Nara
of the afbreaaid proper{.' and t.dJteth.wr with a 3 flat strip of laird lying ilnbredtaLay Soath 4E
{Tat pbova described PriVertY, *kith, 5 ignt scrip Tire hetweed the property above described
aad the Tngrt$ lint of Wtst P1agicr Street
Folio No.: U1-41 13-054-mitt
Ph, sirc=1 -Moires= L333 W, _Fia&cc Street, Y E i, FL 331.35
S5gdeet1.0 raetl ft e5121.1 andsu&Eegeeeuiyears; cowarmay.18, oyRgittarrs, re.yrictians. ease272ereas,
renu1422'&27i4 and 813111410rirg f record, if arri'-
I. -nether Wl.t all thz imemersmr bured12MlentS Mud appuirmano. thereto-b isg.or Ts anyer4et)rpen5sioiru.
To HEire and to ROld: Te inft forever.
And ib n o - her±y owensras wit, said-arltee tar rho gaoror is bwfully seized ofsak land i.s Eee inirle;
11�t lac gamer has geed ri ;ht and 3au'f I a a1.0Fek]' to aa. 1L maY y said land; that the granwr 'hereby fatly
">raMet5 the lik c to add Isaaeland witl dtfead T.hrrti san e x ,Dirt the lawftd claims or-sl1 pwscns vh or sacve== and :ha
rill rs free o`ali cacutnlstsnc excaa t raxrs acrrzcng sibs.±a io Dereacber 31, 5.O19-
C4'r•- v etc
}3._� W. Flag±; c1
A:011 J, Frorldd' 33i 35
31
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CFN: 202441227599 tOOC1�C 31831 PAGE 4731
In Witness Whereot Fraa.= nos imeango sex graraaes ]rand atd teal zh daffy and )-e.2.r first ogre urrirr
Sited, sealed and de7ivs»d at oaa paxslt
Sage ofFlcaia
CoLzy'of2 iantiDde
roe funks.' inQn ittt was
lbw _/'' day of Febrasxy,
h� Myalf o ix carpaeanon_
[t+ot ry Sca]
Cryadce
2335 W. �f2g r S
,1 CFk',da3f135
Blue Scar te,e,, 2 Ftpridu regoeraffi44
l
{fioaporxte Sea.])
aclaimkesigedbef9rC tat by roam }] ;psi@al prncoc- ar _ J no'.Ed7Pariorl
2.'SezjO C. Vi.da3, 5 ?maiden! of Blur. S inc._ a Florida carpal —AIM, an
s per eoul y Tram)/tv roe cr Pts_s produeiLd. r —
yv
4k1R0.e.tPENAL Eel
Lcary P:tiis- State e1Fbri
inmdLC6G fF giglAtIP
"nE C2mn iN;NiK12s21.2o2o
Pants; I F+EI,;:h fiile.aJ l21?#SSC_
32
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COMPARABLE VACANT LAND SALE NUMBER 2 - DATA SHEET
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE: VC At Land, LLC
County: Miami Dade
OR Book 32315 Pages 0724
Folio numbers: 01-3126-039-0100
1253 NW 35th Street
Miami, Florida 33142
1253, LLC
LEGAL DESCRIPTION: Lot 10, Block 1, of Amended Plat of Westend Park,
A/K/A West End Park, Amended, a subdivision in
the City of Miami, according to the Plat thereof,
recorded in Plat Book 6, Page 142, of the Public
Records of Miami -Dade County, Florida.
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COMPARABLE VACANT LAND SALE NUMBER 2 (CONTINUED)
DATE OF SALE: January 18, 2021
SIZE: 6,027 square feet
CONSIDERATION: $350,000
FINANCING: Cash to seller
SALE PRICE PER SQ FT: $58.07 per square foot of land area
TYPE OF INSTRUMENT: Special Warranty Deed
ZONING: T5-L, Urban Center Zone —The City of Miami
PRESENT USE: Vacant land
CONDITIONS OF SALE: Arm's-length
ENCUMBRANCES: Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
VARIOUS ON -SITE UTILITIES: All utilities available to the site
COMMENTS: Vacant interior lot located on NW 35th Street.
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COMPARABLE SALE 2 PHOTOGRAPH — 4/28/2021
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LATEST DEED
Th€a Byekhiitenl Prepared 13,r:
Luis A. Rctc,
Luis A. Pere?, f A.
2525 I t ti do Luun 131vi, Sultc]01)
Ural Cialllei, Florida 33134
Pared 1» Numnem Oi-312t-039-111ti0
CHI 2021131 133158 90O14 32315 PAGE 72A
[LATE nri?27f2421 11.06 0.11 AM
UEEIib0C2,100tO
SURTAX 1.5T5 00
ktARVEb' IFVVIN. CXERIr OF COURT, VIA -DI DE GTV
Special Warranty Deed
Thin todentarre. made Ihiv J inwiry J, 2021, halwuen 1 3 I,I.C, a 1Mlorid. limited liability .company.
Mr Grantor_ when address is 8390 5.W 511' iii' ct, 4fianiI_ Florida33144, oriti VC AT LAND, LT C, o Flurkle
hiuikc#1 IlnItilllr L+}n play.. 1whnic address is' 3030 lJert]e) Fond, 5uitc 31% Jacksonville, Florida 32237_ tilt
Graornin
Wiiai'etiseih that the Gruoliar, fire And Ili oortsideiiion d-die sulA Li! "fen Dollar* ($111_00) and other
good and v alin-MI C imidornrir ri to Grantor ' Yli Ir rLwi until In' Grantee, the. rovalp.1 wliiare{,i is liertby, aclincrailcrlf;ed,
11a [;l'11GLLeII. ! ,'I i11tiJ La:Stl sold to khc 9iiid Granter ILlltl trT71171 auccCti'<oin and iYs4i ii ftin Vcr. the Ib11iiwing
d!scribaad land, situate, lying L111d lilting in i1li: Cou111i tl! 17i3i/il. flp4li. Slaw or FlorkI i IL7 ivrt:
1_0t 1II, Mina !, of AMENDED PL:A I {1'17. w ,S'rI Nn PARK, A!KIA WYST F,NI)
PARK, AMi'yl1)E13,. n euhdiki_,iun in Ilse City cif Miami. aLeurdilag to Pit Plni Ihereof, IIN
recorded in Plat Break 5, Page 142, of the Public RLcvrdl3 of 711umi-llod+ Count),
Florida.
Sulajert Io Lanes for 2021 and auhtwituca x cua•o LentM cnnLlilii os r tri llnns, miser/wits. aeserVa1LEnt and
limitations of record, if Any, 11tll intending Lo reimpose MVO.
ilia!" the Oran Hof leer why covenants with the firm iei 11L.111V 0I14111.0r 1a lau'fiilly i itxd of said land In fee siniple_ 1ILOI
Lhe Lirarllt.+r hays good right rand lawful uinhtirtry Iv sell wtit eunviey suia! hind, IJial Ow Grantor (Lenity' 1111113. wanting.
Ihr title to ,paid land and wsII dole id the same a in. the lawful claims of all nelsons CkLiillliifY h and i`natagta llis
Clrinnor
SIONAT1.1131 PAGE FOLLOWS
36
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CFIA 202.OW 158 BOOK( 322 S PAGE 725
In Witness Wherenf, the (: ran Ter lus hereunto sot its hand and seal the day and year first above written.
Signed, sealed and delivered in the presence ttfr,
Printed
W itne55
Pri
Wilnes
STATE OF FLORIDA
COUNTY OF MIAM[-l)AI)E
1253 LLC,
a Florida limited liability company
onager
A dress: .8390 ISM 5'k Street
Miami, Florida 33144
The foregoing instrument was acknowledged before me kby means of Alchyskal presence or 1 1
online notarization. This It day of {ri , 2021 by Julio Pilots), as Manager of 1253 1.1,1C„ a Florida
1imitcd liaiailit}° company, on behalf of the a:lrn.pony. tie is personally known to mne or [ has produced a Honda
drivufs license as identiG -abet.
Prier txs443'rq,.
Notary llic
My Cffnrmksion I Aires: 4 ciF 1
PAT.IXPLA.XIM
11C0Bry P4hl1e' • SCdr of f55rid„
{ommimm OW 910510
• ry Ea,,n-t■mes0pr d, 2U�20
I. 1ded thry yh Nitar1
al Wirt AWL
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COMPARABLE VACANT LAND SALE NUMBER 3 - DATA SHEET
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE: 891 Northwest, LLC
County: Miami -Dade
OR Book 31361 Page 0716-718
Folio numbers: 01-3132-006-0071
891 NW 45th Avenue
Miami, Florida 33126
CNH Developers, LLC
LEGAL DESCRIPTION: The South 60 Feet of Tract 3, less the East 120 feet
thereof, in Block 3, Le Jeune Garden Estates,
according to the Plat thereof as recorded in Plat Book
40, Page 37, of the Public Records of Miami -Dade
County, Florida.
DATE OF SALE: March 1, 2019
SIZE: 6,300 square feet
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COMPARABLE VACANT LAND SALE NUMBER 3 (CONTINUED)
CONSIDERATION: $345,000
FINANCING: Cash to seller
SALE PRICE PER SQ FT: $54.76 per square foot of land area
TYPE OF INSTRUMENT: Warranty Deed
ZONING: T5-R, Urban Center Zone —The City of Miami
PRESENT USE: Vacant lot
CONDITIONS OF SALE: Arm's-length
ENCUMBRANCES: Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
VARIOUS ON -SITE UTILITIES: All utilities available to the site
COMMENTS: Vacant lot residential and commercial uses
39
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COMPARABLE VACANT LAND SALE - 3 - PHOTOGRAPH 4/28/2021
11011111
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Marsamra tmia TIrt1, P-1-
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WARRAMTV DEED
HEM WAIEIEANF% IDLED, m.40 Lino. the 1 Alm it &ilea. AP& by CND DeaMa rail L C, I IIINIdI
LI Mood IJIly1117 Campos), %O a.r s+,rrl r•Rica orktrasi er 1215+ 411 ' ' AiMMi , h1i.r 1. ram ale J 1171, hmaurfr
,alli,r (i,i n rr, tf,1191 Pimerlhassort ELC, MGMI I LLnited IIIIMM1y Company, Mayo i Aim Wpm
10.547RRTW 774 rl,urt 501s, IQI_-I4uhrJl►, Florin Mg =M d *I Ciranlrc-
fltirrrftr 4t0.4!pry; pet fr►,arF "R,rfivrl,pf•' malt "wee " Muddle gill eke goats to this isolrowinit modihs iftslrr,
• rerfemiturorai Bald 4111a5ted +if*rni elltht old tale IIin.II.r,.arrt temp era p
W I I av f'- lt S f= T H2 Thop hearse, Prat rand lA Wielder l..or ,ride, +,w of 7 ti A'tili tMk' 1110 ►{s Io d6�
fA;iLus oad or r vahoohle mr,.aderalioao. rrscrtrl whytear I hertt” Iclhtlnrtrdlold, lamb.) ,?rants hr I, aJ1w
; key. el, raknl I_ ccfm.c . sed a imam ,u,rn Ifat Blamer diL 1 i i crime tall,! amused IA 1tiiEirer[7rdaCr+okiwr_
Sam 1rf Plank, a+ tat
ei a Aiwa I {t fee_ Fit "Troia i lr the EMT 1241.4Gt iI i t m lldnci 1 r e .,.Moor 4 arclrn m l IL] Ilk
O p limed ircled Is Pbr Hot atlj, Pow 3F,1Jfthe Public 1nrcmtdr w,{M9.n,1 [7a le L.rurl}. 1-I14i,l`
503re, tea esk!ll,¢rli, Fe411I'14Iri tekorvationa III Ilmisanrll rlfaawrd IFogy
IoljltllrlIL wish v Lift tlral! rut opprunissm Items lei 1,el.inhanK ar w atrynw9e
e 1 l.y_
7X7 giors. AK) TO HOLD, D, eat its fps Mimic li maw
AND, ,Ire grinlrsr hc,etri, rn..ouriia wmffi gyrdwm111rtel the €macs 16 h ' 01' 1.0Ixe41 ell' uI! taus rn Ete simple,
lisp, I+,a µftialrv1i ita,.,d lied pact 1.wkJ a,rlw Iig MI acll i14;+mites a+Id 1141d Owl I.r,eb) !illy waatraacr Clear II14 tip
a.ii,i la l doll ;di olerolodil dre ;ma ;poled.] lilt UAW Jam r1111V pram! wNna,1-rtvar, vat plat raid Wet k rl,”
on ow univireRF, gaps. t*IF1 .cs1,Nllt intorolopaa d14rtsPtIrd 3I', 7U19
t ie&.,
Bo k313eY/Fagei16i CFN#20190157532 Paige 1 of 3
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IN ►F1T ESS WHEREOF, the said grantor has sired and sealed these macro the da} and leer first above
virtues.
Signed, sealed and delivered in the presence of
C/sH Developers, LLC. Florida Limited I.iabvlih
Company
N1 Simaiu
alI,U(Q Q.e..S
seiner, as
Mews NI isisd
Witness N Sipasenre
he
kil
WitncuN! NOW
la 4
Iti 1/37 64/gf) )(2.-
w'itrsaa�2 Sure /� Msao.511v.tn, as Wows
Wi - N2 Feinted Name
Sty=
VI must M_ Prhkei Name
Book31361/Page717 CFN#20190157532 Page 2 of 3
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Olt BK 31361 PG 71B
LAST PAGE
r+sw (If tla,ku,h
t-01.7STY CIF %limi-DEW
Tho lohsp+hry: Namara' ma beim Rlr ItiM drys sf T G , F# #A+r
Yltcawr WW1 Rillfiglit Orrelopecti U.+- wi.i ire pc lb Liu ii W mcuriw+l,.
FF iM mitmiat c
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Boak31361IPage716 CFN#2019O157532 Page 3 o 3
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COMPARABLE VACANT LAND SALE NUMBER 4 - DATA SHEET
RECORDING DATA:
LOCATION OF SALE:
GRANTOR:
GRANTEE:
County: Miami -Dade County
OR Book 32368 Pages 4536-4537
Folio number: 01-4105-013-0200
4212 NW 2nd Terrace
Miami, Florida 33126
LeJeune 4212, LLC
Y and Y LeJeune, LLC
LEGAL DESCRIPTION: Lots 24 and 25, Beckman Manors, according to the
plat thereof as recorded in Plat Book 39, Page 78,
Public Records of Mimi -Dade County, Florida.
DATE OF SALE: February 22, 2019
SIZE: 13,500 square feet
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COMPARABLE VACANT LAND SALE NUMBER 4 (CONTINUED)
CONSIDERATION:
FINANCING:
SALE PRICE PER SQ FT:
TYPE OF INSTRUMENT:
ZONING:
PRESENT USE:
CONDITIONS OF SALE:
ENCUMBRANCES:
VARIOUS ON -SITE UTILITIES:
COMMENTS:
$925,000
Cash to seller
$68.52 per square foot of land area
Warranty Deed
T6-8-O, Urban Core Zone and T3-O, Sub -Urban
Zone, The City of Miami
Vacant land
Arm's-length
Restrictions, covenants, limitations and easement of
record. No apparent effect on sale price.
All utilities available to the site
Vacant suitable for future commercial or residential.
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COMPARABLE VACANT LAND SALE — 4 — PHOTOGRAPH 4/28/2021
•"f ra a #
• ▪ • • _ • f
▪ ®o: L
Li 1. Fiint g 9
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rintirolbr
11,ehe,ral 1N. filarl,w Ewe.
AtiBerkey al Law
3iANTEN LAW, P,A.
92#0 Snrsrt Dore Shiite #A9
?Monti.. FL 33173
7$6-415-71•I9
File Nuttthel :1-bIIr9
IWit lee
Va a Ar 1, eira. P.A.
1ii14 ratite 4g, Leon turd.
Coral Giblet, FL 33131
305-44S-373i
File, Nur bcr: L!r12S
LATEST DEED
r4¢anc,Ana.. 111141 Ake is Rrcnr rii*
Warranty Deed
111111111111111111111111111111111111111111111
CFN 202111o142271
OR 6l# 32338 Pss 4*h36—i 1 EV's}
RF{ rwf)ED 02/ 25/ 3F171 1191 E41 t17
DEED k}11{ T 1 1StWI.Ofl
SiJfaSiifi #‘,162,511
FinFfVEt WON, CLERK OF COURT
/71AVI-ME CO11i1TTs FICCOA
Thin warranty need made Ibis l d ,lay of ll c#iraa, y- 7,02l beLweeif LaMar 4212, FIX. 4r f'larlda Iimiltx!
&bitty ieampwy whose past of ice iddrcs.s is 92411 SW 72nd Sheet, Simile 10LS Miimi, FL 33173, granux- ein1
Y trod Y' Warne. ne. LI.C, a Florida Bodied Ilablkry eompany whose port affice address is 890 A15 i Amon,
Cdra1 Giblet„ Fi, 33144, grarrlec'
(W hraxwerr 1.1S0.1 herein the teems "tamed' and t t ii " irlcfude aJ] ltyc rynrtaes ttt this ir►d 11ta hens,
!rya.' reprr rtati'es, aril assigiti nF ieithviduafs. and the tiirdeMers and assi s ofcaarp*atieni, truck And lreitaiOn
Vitmesseth, that said gm t1nr, fur and ut LusG,leratiof of the sus of TEN AM) Na(1.1710 134-1I.LARS iS11}.0I}i ntkl
cnther start and taluabli: considerations 16 said gratrcr in hand rind by caul li,araee, the rea-eipt u m-Mr is herd*
auknuwl grd, Iraw Brained, bargained, and sr>U tb the saki grantee, oral ?s heirs ands igns forever. lh
Ctilleawulg des iibcd land, slttr,t c. fyutg and inning in Mkam 1-nrahr Camp, Florida to -wit:
Lidi 1' 1 plaint 2$ Redman hfannrai, according to. the pill thereof all recorded to Mal Book 39,
Pgge 711, Public Kumrd+ „r 1rili:oul-Dade County, Florida.
PIMA 1 entihkigtive h umhcr: 01-4105-Ut34420e1
h- prrty Addrtall: 4212 NW Zed Terrace, Minn* Florida 331.2b
tiro ceinveyincrid made subjeet in the rnurrrriaeg:
1. TRIO for 2011 and subsequent year%
2- Ea.REmrors, hts ref rv0y. I&enitititem txtii-rrvatirls. rn'pna®ts and re!serutioaq or
rrcurdi, trolly. which hire roil hcrvbir, being re -Imposed: Lori,
3. Zoning or other regulatory hires and orthnuncet alrectine, he land. if an}.
Together .titit ail the teu}emcnU ieredikwre res aim! d Apipurturanom t fJ bei[,nging tit n anti wisr. a riiuning.
Tu [lave and u, Flnfd, the same to fee simple Forma.
Firxak323681Pa e4536 CP020210142271
47
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OR SK 323615: PG 45 7
LAST PAGE
A*d the grnntnt hereby [Mitre wish stsiit wanton rhea file waste./ is kswftfly seirLd ui ;fed isidd in Get elmpplc;
Iliac the grantors hes, gaad right eat lawful nutharlty tai sell and wave?. said ]anti; that the warict fierehy fully
warrants titre title to said land and win defercl die use aglutst the lumFul debris of eili persons whuntsuever; as ki
Chas qaitl land is fiat L,f Pill encumbrances„ uCc 1 iimm. accruing 9aihs t uerti to December $l, 2t:120
Le V4 Imes Wilirreirt k;raratrr has hcreunsu t grantor's ham! and _ e day cu,al year first ahtwc %t nova.
Si J, s, ti+xl 40rt drilvcred in our presence!
ce!
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a FJoridar ed U i11
r
MIL C703014., klanikper
Mtn
State of Florida
County of Miarni-Patric
The forewsirg 1 wag eektloxkdged befaare Mr by meansrxata.r iiJcm, this y of February_ 2Ca, l try LuJs AV,jrtso
TA .C, a Floridalire k 1 liability erarnptut_r, oh Wish- of the dine
[Xi have produced a duvets license a as Jderatftzstion
[Notary 5tta1]
i '1,fl ()end Pap=
Naa
Printed Name
eaf E7C] pi ys aJ pr€aeraee! tit LI mane
Casale, Managers nt J .eleulne 4212,
Ere prarsanielly 'lawn to rue or
M;4 Car,Fittissiota t
wins 2&25
jai
Oa LieleTharf
BoDk32368 Page4537 GIN#20213142271 Page 2 et 2
48
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COMPARABLE SALES LOCATION MAP
a la rnodee Pole:
T.= me,Im •rval.,a• -rrvrv,..
Gauntly Club
041V7IE111,
Mini Lakes
LALIVA I .1011.
Gotden
Glades.
Narth Miami
P MEWL Kx11 Lrk
PaCarlii Nheffn
COMPARABLE NEL3
891 NW -1593 Aye
MIr IL 33126
0,94 01.111ES NE
7'
I iinille4I1
•••••4:41r, row ro•hrlhp-
fIL••4_
-,SyM Hih
om Tenacv
Knickir
Heights
Alb
Mia pringt
SUBJECT
1,215 W. Flayller 5tree
F-Tlannl ft 131134
11:gintiit &sit
Palmetto Bay
Cutler
11,4 Bina
" • .:•=2 T_
Galule.A
F•cratas
Erlering thay
• . _
cceafi view
Heights.
CLLLI,.Lt.rL
4.4
SU riPly isles
Ray 1 lArLio•
islands
Sul NIde
Indian Creek
VUaq
1,11arril FL 33142
Ii
41.7E. rn11. RE
1253 NW 35tli Sir
II Bay.
COMPARABLE Nco. 2
Trit.. 1).4-.415
• II
COMPARABLE No..
2335-2351 W nagler St
mlarnl, FL 33135
1111142V e
I NB-,
tam d
C•OMPARABLE No. 4
-1212 NW armli Tel
a3 12
1.02 maim; IL-
Kcy Biscayne
1 nr•low
'all PAM C-21.1{I•labUll
49
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COMPARABLE SALES CHART
SALE
#
SALE
PRICE
SALE
LOCATION
LAND
SIZE
PRICE/SF
LAND
ZONING
DATE
1
$1,675,000
2/14/2021
2335-2351
W. Flagler Street
Miami, FL 33135
19,344
$86.59
T6-8-O
2
$ 350 000
1/18/2021
1253 NW 35 Street
Miami
Mam , FL 33142
6 027
$58.07
T5-L
3
$ 345,000
3/1/2019
891 NW 45
Avenue
Miami, FL 33126
6,300
$54.76
T5-R
4
$ 925 000
2/22/2021
42121VW 2 Terrace
Miami FL 33126
13 500
$68.52
T3-O
T6-8-O
Subject
Current
Listing
$1,550,000
5215 W Flagler
Street, FL 33134
25,051
25,051
$61.87
T5-L
50
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VALUATION - SALES COMPARISON APPROACH TO VALUE
Discussion of Comparable Sales
In order to form an opinion of the market value of the land, we have reviewed numerous comparable
vacant land sales located within 5 miles of the subject area in Miami -Dade County in direct
competition to the subject neighborhood and which were deemed comparable to the subject property.
Careful consideration was given to locations, size, zoning, access, site conditions as well as elements
such as conditions of sale, market conditions, cash equivalency and other factors. Based upon our
review of all pertinent factors we have selected the four sales summarized herein as being the most
comparable of the sales reviewed. In addition to these sales, we also reviewed the sales of improved
sites in the neighborhood as well as listings of improved and vacant parcels in the subject
neighborhood. The review of this additional information was helpful in our overall analysis and we
relied more specifically on the sales included in this report. The market has seen resurgence in activity
and has strengthened after the downturn of the real estate market. The market has specifically seen
resurgence in construction of multifamily and mixed -use developments. This access to major
north/south roadways as well as east/west roadways in the county allows easy access to the tri county
area of South Florida. The subject property has a good location in close proximity to major arteries
of transportation and the economic hubs associated with the downtown area, the Port of Miami and
Miami International Airport. After reviewing all of the data, we felt the sales summarized in this
report were reflective of the market for the subject land at this time. The variances on each sale were
considered in our overall review.
In evaluating the sales, various factors are evaluated in a logical sequence. Overall, the sale properties
range in size from 6,027 to 19,344 square feet of land area. The price per square foot range was from
a low of $54.76 per square foot of land area to $86.59 per square foot of land area. Each of the
comparable sales consisted of the conveyance of the fee simple ownership of the parcels. Thus, no
adjustment for property rights is indicated.
Financing:
Vacant land of this type is generally acquired for cash or construction loans with institutional
financing. Often times, the financing is obtained in the form of an acquisition and development loan.
The financing for each of the sales has been analyzed and all of the sales consisted of cash to seller
financing and/or conventional mortgage financing therefore, no adjustment for favorable financing
was necessary.
Conditions of Sale:
Each of the sales utilized for direct comparison were considered arm's-length transactions for this
type of land.
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VALUATION - SALES COMPARISON APPROACH TO VALUE
Market Conditions:
We have analyzed numerous sales in the subject area, in the time period from roughly March of 2019
to the present. The sales took place from March of 2019 to February of 2021, all within 25 months
of the date of value. The market conditions for vacant land in this area have been relatively stable
over this time period with some increases noted during that time frame. No definitive pattern was
indicated by the sales that would suggest a market based adjustment for market conditions. The
market declined after the boom with prices at the current time recently showing signs of stabilization
and slight increases. All of the sales have generally sold under similar market conditions. Therefore,
no adjustments are considered applicable, but we did consider the sale dates in our overall final
analysis.
Location:
Locational characteristics deemed significant for vacant land sales include access, surrounding
demographics, surrounding properties and uses, supply of competitive land, etc. All sales are located
within 4.76 miles to the subject property and two of the sales were located within 1.02 miles of the
subject property. Some of the sales were located on more interior and less travelled roadways, which
would promote residential development only and not a mixed -use development. All of the sales are
considered to be within similar locations to the subject neighborhood; however, the locational
differences were noted in our review. Sale 1 was considered to be superior for location due to its
location in proximity to the downtown business area.
Zoning/Land Use:
The properties have varying zoning classifications, and all were in the City of Miami Zoning (Miami
21), the review of each of the zonings and the sale prices did reflect differences in the zoning. Two
sales with similar T5-L and T5-R zoning with the same or similar to the subject zoning had unit sale
prices from $54.76 to $58.07 per square foot of land area. Sales 1 and 4 have T6-8-O zoning and
sold for $68.52 and $86.59 per square foot of land area and these were considered superior zoning
classifications. Sales 4 also had a T3-O zoning.
Size/Physical Features:
We have reviewed the sizes and various physical features of each of the sales relative to the subject
property. The subject site is 25,051 square feet having frontage on W. Flagler Street with the T5-L
zoning. The sales had varying sizes from 6,027 square feet to 19,344 square feet of land area. Sales
1 and 4 were considered most similar to the subject property with sizes of 13,500 to 19,344. These
two sales indicated a unit sale price range at a low $68.52 to a high of $86.59 per square foot of land
area. The other two sales were smaller and similar in size to each other and indicated a tight range of
$54.76 to $58.07 per square foot of land area. The size differential will be considered in our overall
review and analysis.
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VALUATION - SALES COMPARISON APPROACH TO VALUE
Conclusion:
The sales had a unit sale price range from a low of $54.76 per square foot to a high of $86.59 per
square foot of land area. The sales sold from March of 2019 to the most recent sale in February of
2021, Sales 3 was considered to be slightly inferior overall with Sale 2 considered to be most
comparable in zoning although smaller in size. Sales 1 and 4 were considered to be superior overall
with Sale 1 having a superior overall location. Further, Sales 1 and 4 were considered to be superior
in zoning. most applicable.
Considering the overall market conditions and the sales data, a value conclusion at the upper end of
the range for the two similar zoned parcels would be most applicable. Therefore, we have estimated
the whole property market value at $58.00 per square foot of land area.
Therefore, we have estimated the value of the subject 25,051 square foot site based upon the overall
review of the sales presented, the sale history for the subject and surrounding properties and the
additional sales considered in our review. Based on our review of the sales, it is our opinion that
following is the market value for the subject property via the Sales Comparison Approach to Value.
25,051 square feet x $58.00 per Square Foot = $ 1,452,958
Say $ 1,455,000
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RECONCILIATION
The Sales Comparison Approach was used to analyze sales of similar properties for the 25,051 square
feet subject parcel. The review of the sales date led us to a conclusion of market value for the subject
site at $1,455,000 based on a unit sale price of $58.00 per square foot.
Based upon our review of the subject's location, zoning, and size, it is our opinion that the market
value of the subject property as of April 20, 2021, is as follows:
MARKET VALUE OF SUBJECT PROPERTY
ONE MILLION FOUR HUNDRED FIFTY-FIVE THOUSAND DOLLARS
($1,455,000)
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ASSUMPTIONS AND LIMITING CONDITIONS
The legal description furnished to the appraiser is assumed to be correct.
All existing liens and encumbrances have been considered, however, the property is appraised as
though free and clear, under responsible ownership and competent management.
The information identified in this report as being furnished to the appraiser by others is believed to be
reliable; however, the appraiser assumes no responsibility for its accuracy.
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.
It is assumed that the utilization of the land any improvements is 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.
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 appraiser, and in any event, only with proper written qualifications and only in its
entirety.
It is assumed that the land size is accurate.
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ASSUMPTIONS AND LIMITING CONDITIONS (Continued)
Disclosure of the contents of this appraisal is governed by the bylaws and regulations of the American
Society of Appraisers.
The appraiser herein by reason of the appraisal is 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 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.
The Americans with Disabilities Act ("ADA") became effective January 26, 1992. I 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 I have no direct evidence relating
to this issue, I 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 appraiser has no knowledge of the
existence of such materials on, or in the property. The appraiser is 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.
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CERTIFICATION
I certify that, to the best of our knowledge and belief:
The statements of fact contained in this report 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.
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.
My compensation 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 estimated,
the attainment of a stipulated result, or the occurrence of a subsequent event.
My analyses, opinions, and conclusions were developed, and this report has been
prepared in conformity with the Uniform Standards of Professional Appraisal Practice
of The American Society of Appraisers and The Appraisal Foundation.
I have made a personal inspection of the property that is the subject of this report. I
have not performed any services regarding the property as an appraiser or in any other
capacity during the past three years.
John F. Zink provided significant professional assistance in the preparation of this
report including research and sales data collection.
My analysis, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Uniform Standards of
Professional Appraisal Practice.
I have met or exceeded the minimum prescribed educational requirements for
Recertification as an Accredited Senior Appraiser (ASA) of the American Society of
Apprai sers.
Robert D. Miller, ASA
State Certified General R.E. Appraiser No. RZ 1270
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ADDENDUM
PHOTOGRAPHS OF THE SUBJECT PROPERTY
View looking northeasterly of Subject from W. Flagler Street
View looking northerly along Subject westerly boundary.
View looking westerly on W. Flagler Subject on right.
View looking northerly along Subject easterly boundary
Street view easterly of W. Flagler St. subject on left.
I:147r, A
KELLERWILLIAIS RLALM'
ALICIA GOLDMAN
(305)161-616i
dfgr•ake
• .
t7*-4:11000ail z•:g
Street View looking northerly from W. Flagler of For Sale sign.
View of Henry M. Flagler Elementary School to the west and north
the of Subject.
This Instrument Prepared by:
Edilia Acosta
4452 S.W. 159' Court
Miami, FL 331S5
SUBJECT PROPERTY DEED
111111111111111111111111111111111111111111111
GPM 2021R0036308
OR RIG 32294 Pss 37E4-4rts5 (2ss)
RECORDED OW1512021 14:23:25
HEED DOC TAX SO.60
HARVEY RUVIH, CLERK OF COURT
11IAMI-DADS COUNTY, FLORIDA
WARRANTY DEED
THIS INDENTURE made this C day of November, 2020, between EDILIA
ACOSTA, a single woman, hereinafter called the "Grantor", to EDILIA ACOSTA, a single
woman, hereinafter called the "Grantee", a Life Estate, without any liability for waste or
responsibility for ordinary expenses (including but not limited to interest on any and all
mortgages, if any, general repairs, general upkeep, homeowner association fees, if any, and
insurance). and reserving unto herself for and during her lifetime, the exclusive possession, use,
and enjoyment of the rents and profits of the property described hereinbelow (the "Property");
the right, without the joinder or consent of the below named Remaindermen, to sell. lease,
encumber by mortgage, pledge, Lien, or otherwise manage and dispose. in whole or in part, or
grant any interest therein, of the Property. by gift, sale, or otherwise so as to terminate the
interests of the Grantee as Grantor, in her sole discretion, shall decide. except, however, the
Grantor shall have no reserved power to dispose of the Property upon her death by testamentary
devise; and the right to cancel and divest this Deed by further conveyance which may destroy or
terminate any and all rights which the Grantee may possess under this Deed, whose post office
address is 4452 S.W. 159's Court, Miami, FL 33185, and the remainder (the "Remainder
Interest") in the Property, if any, to JUAN ANTONIO ACOSTA. JR. and ROSA MARIA
MIIRALLES (the "Remaindennen'" and children of the Grantor) upon the death of Grantor,
whereupon, if the Property has not been previously disposed of prior to the death of Grantor, all
right and title to the Property remaining shall then fully vest in the Remaindermen, subject to
such liens and encumbrances existing at that time. Grantor reserves the right to re -convey the
Property to herself without the necessity for any consideration and, by doing so, thereby
terminate any Remainder Interest that might otherwise have accrued to the Remaindermen, or
their creditors, heirs, assigns or successors in interest by virtue hereof The Remainder
Interest mentioned in this instrument is unvested and is wholly contingent upon the death of
the Grantor. This instrument conveys no interest to the Remaindermen, JUAN ANTONIO
ACOSTA, JR, and ROSA MARIA +1IIRALLES, until the death of the Grantor.
WITNESSETH that the Grantor, for and in consideration of the sum of Ten Dollars and
other good and valuable consideration to them in hand paid by Grantee, the receipt whereof is
hereby acknowledged, and in accordance with the terms and conditions of the foregoing
paragraph. have granted, bargained and sold to the said Grantee, her successors, heirs, and
assigns. forever. the following described land, situate lying and being in the County of Miami -
Dade, State of Florida, to -wit:
Lots 15, 16, 17. 18, 19, 20, 21 and 22 of COLSKY's RESUBDIVISION, according to the
Plat thereof, as recorded in Plat Book 13, at Page 16. of the Public Records of Dade
County. Florida.
Commonly ia'iowvn as 5215 WEST FLAGLER STREET, Miami, FL 33134.
Folio Number: 01-4106-030-0020
n__t.flnnnw rrl___o-70
nrwisennnw .. ._C n
OR Bic 32294 PG 3785
LAST PAGE
SUBJECT TO:
(1) Zoning, restrictions, prohibitions and other requirements imposed by
governmental authority; restrictions and matters appearing on the Plat or
otherwise common to the Subdivision; and public utility easements of record, all
of which are not hereby reimposed; and
(2) Taxes for the year 2020 and subsequent years.
(Singular includes plural, and masculine gender includes feminine gender, wherever the context se
requires.)
THE SAID GRANTOR does hereby fully warrant title to the Property and will defend
the same against the lawful claims of all persons whomsoever.
NO EXAMINATION OF TITLE. The Preparer did not obtain or conduct a title
examination of the Property and expresses no opinion as to the condition of the title of the same_
Grantor hereby acknowledges and agrees to the foregoing statement that this Deed was prepared
without the benefit of title examination. Grantee, by acceptance of this Deed; also hereby
acknowledges and agrees to the foregoing statements that this Deed was prepared without the
benefit of title examination.
IN WITNESS WHEREOF, the said Grantor has hereunto set her hand and seal the day
and year above written.
(Signature
Print Name:
(Signature)
Print Name: 1 tigibW Il1,70
STATE OF FLORIDA
COUNTY OF MIAMI-DADS
}
}
EDILIA ACOST
Address: 4452 S.W. 159th Court
Miami_ FL 33185
The foregoing instrument was acknowledged before me by means of physical
presence or ❑ online notarization_ third— day of November, 2020. by EDILIA ACOSTA who
is personally lntown, or who [ ] has produced
as identification.
WITNESS my hand and official seal in the County and State last aforesaid thisday
of NovemholktPoNy
• $ti`�' "" = at i State of Florida
* ; = Printed: '✓ NNE Liu i~ 2
‘ sT0.40
,
n �i_nn nnA rn .. nt c nrw Iti In lw In nn.ran r%
CURRENT LISTING
Presenting:
5215 W Flagler St
5215 W Flagler ST Miami FL 33134
Coral Gables, FL 33134
Land of 0,57 AC is for sale al 51,550.000 ($2,719,298.251AC)
Page 1
Investment Information
5215 W Flagier St - 5215 W Flagler ST Miami FL 33134
GM I (Iaiilr.� FI 33134
I and 010.57 AC if for 6310 e151.550,000 (12.719;29$.259kC)
For Sale Data
Sah Pripe, t1,550.060
IrrsystAtf. $7,719,7'y3,75
Car flute .
Days ore 1.1itket (127
Saw ;Gab ? AL11v'
SS* C4rdrnN i •
5841 Tyr( irneon lnlsut
NotQi
25,13C0 . f. 0. 799:ram. rrvwd4.tuld rtzp rty lnnad Ttr r , Th rrn-mn: ( unii.eacre h t r trJ ar.rnmt ter trnwrrrl glen ap xr.M1
re rargI eraor;.:, rx,) • ` w'I Imrrrl .tprc.Crl rrrwttrng J1A'd Ma credit::mat ggfrlrlcA43lk lff ottkoCc curOroOl U1.03, AyPTrOldtvlrWty 31 Mr9 is
Orr bill M this mid. Succor; 9•na7alue.
MOW 1.E.q+"n r•M.ea f*.!^w' c:rn.*.Mr;-51117rp
areatao21
P1nga 2
Property Information
5215 W Flagler St - 5215 W Flagler ST Miami FL 33134
Carol Gables, FL 33134
r And c 0.57 he E3 for sett° et Si .550.CO01$1.71a.208 2 /AC)
Land Infer] lation
Parcel Saw 0.57 AC Mr:wired Uyu. Commercial
7cenno. 6107 C?MS;6lnlprov: -
Clem.ily . i)wtwe lyre' Individual
MorLsr Of Leis t re flimnrternsi -
rnprotoeorrItt -
Tupuy::gr+)Level
$tfeal FtwOro 200 feet on Florlde 9G6
u J.:4091
420.2021
Pape 3
Location Information
5215 W Flagler St - 5215 W Flagier ST Miami FL 33134
Coral Golrlox, FL 33114
1.1E" 01.151 I Souti) F1AlId
MIaml AI rportI'Nla r111 A r1
: Lrit Miami:Dade
Ci
Y
rvoI
Westchester
co. IP
(4)
GRAPFLANG
1s1lGISTs
10•yln}xP1 rrsY+rr,w
C J
eIRni:r
y1 ALAMLLIA
Y
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r West MIamI
( ) Coral Terrace
r t 1 fA J,1 I
CfRAI GARIF;C
',zrCTION
IITTLF IIAVANA
WESTFLAGLER
1 Gables
CRIFT.
41
w T!Am 51
c o rt A t iNflfile:
1.1ao dale.02O2 L
Street Level
W Flagler St
r
fi
Google
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rt
yr
&
Hpl 1r,1 Si
4.1
n SW 1st St
W Fiagler St
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Map e3ta )2021 C.oaptb
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4F2€rt2O21
Page 4
Comps Information
5215 W Flagler St - 5215 W Flagler ST Miami FL 33134
Ceta1 Gabpss, FL »31$4
Parcel S[M•: 21,829 SF
rl2ccaee W.o: Commertiat
2wrru= 6107
Del oily -
tlrrrtrar rY 4 Mx" -
Han Pricer 11,550,000
P6cerAC $2.119,203.26
l:a}; m Mark!: 627
7565 W 20sh Ave (2 Proper/JCS) $ Hialeah, FL 33414
0lrJ0 ±,roe: kl,xed :ynrd ' 1r" S1,700,020
(Jos: • Prcci44-:
Mr& C;r.^ Pata: -
tisnnra: • 3ca16vLE: See 29.2919
Hkt3 shittA: -
LaMt PrAA: 1,22 AC
to.' Jt 2 Inc
p,,tlentr.. 0,00 r nls.!a. prom aehiscl properly
385 W 49tit 5t (2 ProperlCeel "'Hialeah, FL 33012
51...:u TR a Miwcd PcF-c 5t,2O0.000
Cisss
GOA- .:4I.17,1e -
$Icries. s-Yr nay. . Sep 23, ?e10
OWE
lard ▪ tiros: 0.E8 AC
Huycr: 31S Hrarea, Lk
prtt rrot: El CO aria: tram xsrejecl prcporty
36204022 NW 23rd Ave (3 Properties) • Miami, FL 33142
ma) T'a T' Lorna RNA Pr. '. 01,a11.000
O AS re - Orinc :1F'
RRi:
.:rrr'Irr: Saks :lax: Mar 13, Yale
$C9; Vatds:
Lro-rJ Are,: 0:19 AC
01.ter; 2323 Poe Group Li
Dr.2100: 0.00 miles hem svttcsl rtrrrgertr•
590 W Fpeyter St (2 Properties)' Aliarn4" FL 33130
Pars .iiLC: 1;02 AC zioci T?45}: 11,960,000
—rarmed Ja: Ler:.d Proto414::
Cop fro: °
Ccer-Jty: - :%AM Darn. Alrr 1, 20te
Hrrr1744.1° I Oh' •
F4,1101.11 FOX' FIMJIrr I I C
Clx secs. 6.00 muss here ruhast prkplrty
C.,MIA MI..rn' •0+1err Y+lM. • .v.r°r Ata/:a
1+'DG'2021
P'se.. 5
Comps Information {cant'di
1033-1057 Spring Gardun Rd (2 Properlios) • Miami, FL 33136
Bldg Type Mixed ti9'1 t'ICO: $3,000,000
Clan: - ire:.^1At;:
rlOA: Cad Rate: -
S19401: - gofer: J. pi 31. 2019
$idp Keels: -
Wryer: Spina Garden Aperinienis Lis
c. L t : 0.00 ml:as from subject drogesity
11)91 NW 27th Ave (2 Properties) • Mlaml, FL 33125
Oleo Type; Mixed (Strip Center) Sind Drrur: $1.97U
rya: - rricreAC.
RBA C. Rrre:
Srorroa` S ld D:src: Jan 2, 20'Li
mdg Sums.
Buyer Ctvk+iver 27 Propartleu LIC
D em 0.00 miles from subject proporly
220.222 NE 20th St (3 Prapertias) a Miami, FL 33137
11431 Type. Mead S:IC Ptl_o. S2,515,moo
clam • 1,1revm:
RDA: Cap R:::r- •
Slr.iics: - SOLI Da:er 0,110,21m
Bdg Mats& -
Buyer. Bhrcryne rod 101/1 Street, LLC
Insunce- 0.00 mites rrom $ubiect prvprrty
642 Tnia- Mixed
CIss9. -
RBA:
SI 1 - -
Brig Slats' -
0101 NW 27th Ave (2 Properdes)' Mlsmt, PL 33147
Boyer: Pinnacle Acquisition Hldgs 1 Ic
Oistxnre: 0,00 mite.S from xubiret preperty
Sr-Irs Prirt S1,000,000
i riratAG
Cep Hate
9ni1 p 1r. Aup 2e, 20is
101.191 NW 71At St (3 Properties)' Miami, FL 33150
nog type tadu*UIM
BHA' 12341 SF
Brig Maur, -
L•tnd Area 2.19 AC
Eiuyol. 7'27 Rw 2 Avenue Ltc
tlttltrlc0: O.OD mites 'rem nubiect property
Selt3 ri ice S2.559,000
1-'rit><3JAc: 5204.51
Cep Rate -
Sv'cf Bete Jul 39, 2019
in age Cawy Soon
412E02021
Ppr6
Comps Information ICont'dl
1025-1029 NW 3Gth St (3 Properties) ILIkrrnir. FL 33127
Ftl.+r lyri: mixed ,cake Dr .ua: St.4tr0,0O0
Mattel - I'.ittrAC:
iiMa• call Kates' -
.SYMit•.n: evil Dale: Jul S. 2018
[1 dy Sixtus:
BOLT. Urban Cuvc Capita! LAC
IN61Yiv e. Q.O4 mutesfrom subrect property
I rag• Corel y Soar,
l:rrM+;MM r•m•Y'+++wv nLI*a crisp 117. 00120.
4176I2021
Palle 7
0
52/51N Hagler &t - 5Z15 Vir Flagier ST Miami FL 33134
C,-.47.1{L,Krra. F. all,il. ItiLsrl AL,nr7'.; 1,71.771.7,
177nd al (I ST.CC4 k-.7.,c7. A:
Lnvdodidgnt Irtionvradlind
I.1,S60.a43
1.,zetA.C•
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•adod4ad. -
Clxic. %);••.•,, •
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agi.A wer1417.2mi.d S 1.4c, riS 1.74_4•:
enriat.tistlitinalid LL.-Lrfige' r4-174c, -Rwsik; Jam ind 16,17E-0 ell Li I.V.1 - ...au. kr 37
LTIti la kr C4114-.1, kird ..e".111}r illabb•
Land ansedrnalhart
Zoll; 2,arcz0ILIsa G•linrddrEIN
F.}17.N.5/7t ET
1,14rrtsr,C.SP.AX' - mr•-,-
!daa:rm-y.
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dzy R.:4'W NE
ion rnalr'n-r•-
*ad 77.1 %-4s7Lim I.477r Z., 7. -
.172.PilD21
P.19s 1
EDUCATION:
PROFESSIONAL
AFFILIATION:
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
LICENSED: Real Estate Broker- State of Florida- Inactive
Certified General Real Estate Appraiser RZ#1270- State of Florida
EXPERIENCE: 1995-Present Real Estate Appraiser and Subconsultant
1993-1995 Vice President -The Urban Group, Inc.
1978-1993 Real Property Analysts, Inc., Fort Lauderdale,
Florida, Executive Vice President
1987 Involved in United States Senate Study Right -of -Way
Acquisition Procedures
QUALIFIED AS
EXPERT WITNESS FOR:
HAS COMPLETED:
Condemnation proceeding in Lake, Kankakee, Cook and DuPage Counties,
Illinois and Broward, Dade, Monroe, Palm Beach and Duval Counties, Florida.
Testified in Bankruptcy Court in Florida and Texas and Federal Court in Miami,
Florida
Appraisal Assignments Counseling
Commercial, vacant and improved Acquisition projects
Condemnation projects Income tax analysis
Industrial, vacant and improved Investment analysis
Multi -family residential, Tax assessments
Mobile Home Parks ROW Cost Analysis
Office, vacant and improved Special assessments
Special purpose properties 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 CORAL SPRINGS
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 MIRAMAR
CITY OF MIAMI SPRINGS
CITY OF POMPANO BEACH
CITY OF RIVIERA BEACH
CITY OF SUNRISE
FEDERAL AVIATION ADMINISTRATION
FLORIDA DEPARTMENT OF TRANSPORTATION
LEE COUNTY
PALM BEACH COUNTY
PALM BEACH COUNTY SCHOOL BOARD
SMALL BUSINESS ADMINISTRATION
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
THE TAUBMAN COMPANY
SBA TOWERS INC.
UNITED HOMES
WAL-MART CORPORATION
ACKERMAN SENTERFITT
JAMES BRADY & ASSOCIATES
BECKER & POLIAKOPF
BRIGHAM-MOORE
COKER AND FEINER
BRIAN PATCHEN PA
HOLLAND & KNIGHT
DALE BRUSCHI PA
TEW CARDENAS
VANCE DONEY & MACGIBBON
GOREN CHEROF DOODY & EZROL PA
WEISS-SEROTA-HELFMAN
This Instrument Prepared by:
111111111111111111111111111111111111111111111
Edilia Acosta
4452 S.W. 159th Court
Miami, FL 33185
CF'14 2021R0036.308
OR Pit 32294 Pss 3784-3785 (2Pss)
RECORDED 01/15/2021 14:23=25
DEED DOC TAX $0.60
HARVEY RUVIN, CLERK OF COURT
MIAMI-DADE COUNTY, FLORIDA
WARRANTY DEED
THIS INDENTURE made this 016 day of November, 2020, between EDILIA
ACOSTA, a single woman, hereinafter called the "Grantor", to EDILIA ACOSTA, a single
woman, hereinafter called the "Grantee", a Life Estate, without any liability for waste or
responsibility for ordinary expenses (including but not limited to interest on any and all
mortgages, if any, general repairs, general upkeep, homeowner association fees, if any, and
insurance), and reserving unto herself for and during her lifetime, the exclusive possession, use,
and enjoyment of the rents and profits of the property described hereinbelow (the "Property");
the right, without the joinder or consent of the below named Remaindermen, to sell, lease,
encumber by mortgage, pledge, lien, or otherwise manage and dispose, in whole or in part, or
grant any interest therein, of the Property, by gift, sale, or otherwise so as to terminate the
interests of the Grantee as Grantor, in her sole discretion, shall decide, except, however, the
Grantor shall have no reserved power to dispose of the Property upon her death by testamentary
devise; and the right to cancel and divest this Deed by further conveyance which may destroy or
terminate any and all rights which the Grantee may possess under this Deed, whose post office
address is 4452 S.W. 159th Court, Miami, FL 33185, and the remainder (the "Remainder
Interest") in the Property, if any, to JUAN ANTONIO ACOSTA, JR. and ROSA MARIA
MIRALLES (the "Remaindermen" and children of the Grantor) upon the death of Grantor,
whereupon, if the Property has not been previously disposed of prior to the death of Grantor, all
right and title to the Property remaining shall then fully vest in the Remaindermen, subject to
such liens and encumbrances existing at that time. Grantor reserves the right to re -convey the
Property to herself without the necessity for any consideration and, by doing so, thereby
terminate any Remainder Interest that might otherwise have accrued to the Remaindermen, or
their creditors, heirs, assigns or successors in interest by virtue hereof The Remainder
Interest mentioned in this instrument is unvested and is wholly contingent upon the death of
the Grantor. This instrument conveys no interest to the Remaindermen, JUAN ANTONIO
ACOSTA, JR. and ROSA MARL4 MIRALLES, until the death of the Grantor.
WITNESSETH that the Grantor, for and in consideration of the sum of Ten Dollars and
other good and valuable consideration to them in hand paid by Grantee, the receipt whereof is
hereby acknowledged, and in accordance with the terms and conditions of the foregoing
paragraph, have granted, bargained and sold to the said Grantee, her successors, heirs, and
assigns, forever, the following described land, situate lying and being in the County of Miami -
Dade, State of Florida, to -wit:
Lots 15, 16, 17, 18, 19, 20, 21 and 22 of COLSKY's RESUBDIVISION, according to the
Plat thereof, as recorded in Plat Book 13, at Page 16, of the Public Records of Dade
County, Florida.
Commonly known as 5215 WEST FLAGLER STREET, Miami, FL 33134.
Folio Number: 01-4106-030-0020
Book32294/Page3784 CFN#20210036308 Page 1 of 2
OR Bk 32294 PG 3785
LAST PAGE
SUBJECT TO:
(1) Zoning, restrictions, prohibitions and other requirements imposed by
governmental authority; restrictions and matters appearing on the Plat or
otherwise common to the Subdivision; and public utility easements of record, all
of which are not hereby reimposed; and
(2) Taxes for the year 2020 and subsequent years.
(Singular includes plural, and masculine gender includes feminine gender, wherever the context so
requires.)
THE SAID GRANTOR does hereby fully warrant title to the Property and will defend
the same against the lawful claims of all persons whomsoever.
NO EXAMINATION OF TITLE. The Preparer did not obtain or conduct a title
examination of the Property and expresses no opinion as to the condition of the title of the same.
Grantor hereby acknowledges and agrees to the foregoing statement that this Deed was prepared
without the benefit of title examination. Grantee, by acceptance of this Deed, also hereby
acknowledges and agrees to the foregoing statements that this Deed was prepared without the
benefit of title examination.
IN WITNESS WHEREOF, the said Grantor has hereunto set her hand and seal the day
and year above written.
(Signature) c' EDILIA ACOST _
Print Name: 772/114 in/0 Address: 4452 S.W. 159th Court
# Miami, FL 33185
(Signature)
Print Name: Z4 14 //HZ))
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me by means of g physical
presence or ❑ online notarization, thisOday of November, 2020, by EDILIA ACOSTA who
KI is personally known, or who [ ] has produced
as identification.
WITNESS my hand and official seal in the County and State last aforesaid thisL-716-day
of Novem� ��' t h #�,,
sionr
a? 1
�4. . z biota , State of Florida
*: 4.•.•• :*E
Printed: v0 /,vi. 5 /€ u- z
IIGG957412 :
/11
* 94A. ..v a ��
;3*'. 10 o ded •
Book32294/Page3785 CFN#20210036308 Page 2 of 2