Attachment 86
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APPRAISAL REPORT
OF THE PROPOSED
"NORTH SHORE COMMUNITY CENTER BUILDING"
LOCATED ALONG THE
NORTH SIDE OF 72ND STREET AT BYRON AVENUE
MIAMI BEACH, FLORIDA
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DATE OF VALUATION:
MARCH 22, 2000
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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J.B. ALHALE at ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
3121 COMMODORE PLAZA, SUITE 200
COCONUT GROVE, FLORIDA 33133-5846
JOZEF ALHALE, MAl
STATE CERTIFIED GENERAL APPRAISER
NO. RZOOO1557
TEL: (786) 552-0960
FAX: (786) 552-0970
March 28, 2000
Mr, Jose Damien
Asset Manager
Office of Asset Management
City of Miami Beach
1700 Convention Center Drive
Miami Be~ch, Florida 33139
Re:, North Shore Community Center
Miami Beach, Florida
Dear Mr. Damien:
Pursuant to your request for an appraisal of the above referenced property, I submit the
following appraisal report,
Legal Description; Part of the City owned site where the North Shore Park Recreation
Center will be located.
I have made a physical inspection of the subject site and reviewed the building plans dated
December 3, 1998 prepared by Bermello-Ajamil & Partners, Inc., 2601 South Bayshore Drive,
Suite 1000, Miami, Florida 33133. The subject facility is a portion of a larger public
recreational facility and will be owned and operated by the City of Miami Beach,
It is my estimate that the Prospective Market Value of the Fee Simple Interest in the subject
property upon completion of proposed construction, as of January 1, 2001 was:
PROSPECTIVE MARKET VALUE OF FEE SIMPLE INTEREST
UPON COMPLETION OF PROPOSED CONSTRUCTION
TWO MaLlON FOUR HUNDRED THOUSAND DOLLARS
($2,400,000)
Sincer~
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Jozef Allmle, MAl
State Certified General Appraiser
License No. RZ 0001557
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TABLE OF CONTENTS
SUMMARY OF SALIENT FACTS AND CONCLUSIONS. . , , . , :. . .
PHOTOGRAPHS OF SUBJECT PROPERTY :., , . . , , , , , , , , , , , .
PURPOSE/FUNCTION OF THE APPRAISAL, . .. , , . . , . . , , , . , ,
SCOPE OF THE APPRAISAL ""'".."",.,.""",.,
PROPERTY RIGHTS APPRAISED ., , , . , . , . , . , . . , . , . , . , . , ,
DATE OF VALUATION ...'""....'"...,..,...,.."
STATEMENT OF OWNERSHIP AND HISTORY . . . , . . , . , . , . . . ,
ESTIMATED MARKETING PERIOD '...,.,.,.,.,..'..'".
DEFINITION OF VALUE. . , , , , . , , , . . . , , . . , . . , . , . , , . . , .
NEIGHBORHOOD ANALYSIS ,...'..,'......'...',....,
ACCESS TO THE SITE . , , . . . . , . . . . . . . , . . . . . , , . . , , . . . ,
DESCRIPTION OF THE SITE , . , . . . , , . . , . , , , . . , , . . , , . . , .
UTILI:rIES .,.. . . . , . . , , . . . . . , , . . . , . . . . . . , . , . . . , . . .
FLOOD ZONE. . . , . . . . . . , , . . . . , . , , . . . , . . . , . . . . . , , , .
ZONING ",.,.....,.....,.......,.,.,."...,...'
HIGHEST AND BEST USE DEFINITION , . . , , . , . . . , . . , , . . , . .
HIGHEST AND BEST USE, AS VACANT , , , . . , . , , , . . . , . , , ,
THE VALUATION PROCESS "'" . , . . , , . . . . , . , . . . , , . . , .
THE SALES COMPARISON APPROACH """"""""'"
THE COST APPROACH TO VALUE .,....,......,...,....
RECONCIUATI,ON AND FINAL VALUE ESTIMATE """"'"
CONTINGENT AND LIMITING CONDITIONS , . . . . , . . . . . . . , . .
CERTIFICATION, , . . , . . . , . . . , , , . . . . . , . . . . . . . . . . . , . .
ADDENDA. , . . . . . . , , . . . . . . . . . . . . . . . . , . , , , . . , . . . . ,
SUPPLEMENTAL SALES DATA. . . . , . . . . , . , . , . . . . . . , . . . .
LETTER OF ENGAGEMENT ...,.'....,...,..."..',...
MARSHALL & SWIFT COST ESTIMATES ....,........,.'..
CONTINUING APPRAISAL EDUCATION (Jozef Alhale, MAl) . . . . . :
QUALIFICATIONS (Jozef Alhale, MAl) , . . . . . . . , . . . . . , , . . , . .
PAGE NO.
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18-34
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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).B. ALHALE & ASSOCIATES, INC.
REAL ESTATE APPRAISERS AND CONSULTANTS
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SUMMARY OF SALffiNT FACTS AND CONCLUSIONS
Location:
Address:
The north side of 72nd Street, at Byron A venue, Miami Beach.
Florida
xxx 72nd Street
Miami Beach, Florida
City of Miami Beach
1700 Convention Center Drive
Miami Beach, Florida 33139
Owner of Record:
Legal
Description:
Improvements:
Site Area:
Flood Zone:
Zoning:
Proposed Use:
Part of the City owned site where the North Shore Park
Recreation Center wiIl be located.
The subject improvements consist of a proposed two-story CBS
community center building with a gross building area of 18,282
SF which is comprised of 8,641 SF on the fIrst floor and 9,641
SF (including the elevator and stair area for the fIrst floor) on
the second floor, The proposed facility wiIl be a part of the
larger North Shore Park Recreation Center located between
Harding Avenue on the east side, Dickens Avenue on the west
side, 73rd Street on the north side and 72nd Street on the south
side, The proposed community center building wiIl be adjacent
to the basketball/gymnasium building to the east and the shuffle
board area and the tennis center to the north and northeast. As
per the building plans dated December 3, 1998 prepared by
Bermello-Ajamil & Partners, Inc., 2601 South Bayshore Drive,:
Suite 1000, Miami, Florida 33133, the proposed subject
community center building wiIl have a large multi-purpose
room, two classrooms, a ceramics room, offIce, storage
rooms, lobby and restrooms on the fIrst floor; and fIve
classrooms, storage rooms, restrooms and offIces on the
second floor.
9,641 SF (footprint of the largest floor area of the building)
Flood Zone "AE" - special flood hazard areas inundated by
100-year flood with base flood elevation determined at eight
feet; National Flood Insurance Program, Community Panel
Number 12025C-0094J, as revised on March 2, 1994,
GU (City of Miami Beach - Governmental Use District)
Community center facility
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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REAL ESTATE APPRAISERS AND CONSULTANTS
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SUMMARY OF SALmNT FACTS AND CONCLUSIONS
-- Continued --
Highest and Best Use:
The Highest and Best Use of the subject site, as if vacant,
would be for the development of a public recreational facility
within the constraints of the applicable zoning criteria,
Property Rights
Appraised:
Date of Appraisal
and Inspection:
Fee Simple Interest
March 22, 2000
January 1, 2001
Date of Valuation:
MARKET VALUE ESTIMATES:
Income Capitalization Approach to Value:
Sales Comparison Approach to Value:
Cost Approach to Value:
Reconciled Final Value Estimate:
Replacement Cost.New of Improvements:
Market Value of Underlying Site:
Not Applicable
$2,380,000
$2,430,000
$2,400,000
$2,095,000
$335,000
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraiser. and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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View of the subject site, looking northeasterly from 72nd Street - March 22, 2000
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View of the subject site, looking northwesterly from 72nd Street - March 22, 2000
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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Street view along 72nd Street (subject property on the right side), looking westerly -
March 22,2000
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Street view along 72nd Street (subject property on the left side), looking easterly - March
22, 2000
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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REAL ESTATE APPRAISERS AND CONSULTANTS
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PURPOSE/FUNCTION OF THE APPRAISAL
The purpose of this limited scope appraisal report is to provide an estimate of the Highest
and Best Use, and the Prospective Market Value of the Fee Simple Inter<;st in the subject
property upon completion of proposed construction, as of January 1, 2001. The
prospective valuation date is based on an estimated nine-month construction period, The
function of this appraisal report is to assist the client in executive decision making and
coIlateral/asset valuation relative to the proposed municipal facility,
SCOPE OF THE APPRAISAL
I have made a physical inspection of the subject site and reviewed the building plans
dated December 3, 1998 prepared by BermeIlo-Ajamil & Partners, Inc., 2601 South
Bayshore Drive, Suite 1000, Miami, Florida 33133, The subject facility is a portion of
a larg<;r public recreational facility and will be owned and operated by the City of Miami
Beach, The scope of the limited scope appraisal involves the research and analysis of
factual data relative to the subject property, as weIl as market data necessary for the
development of the Cost Approach to Value, as weIl as supplemental data for the Sales
Comparison Approach to Value,
The subject property is a special-purpose public recreational facility which will be owned
and operated by the City of Miami Beach, and is not a commercial and/or income
producing property which is sold/purchased for its rental income generation potentiaL
Therefore, the Income Capitalization Approach to Value was not deemed to be applicable
and was not utilized in this "limited scope" appraisal report, The Sales Comparison
Approach to value was provided as a supplemental analysis, reflecting the sales price of
private school/day care facilities in the subject area, The value estimates developed
within each of the applicable approaches are then reconciled into a final Market Value
estimate,
The data and information used in developing our fmdings, projections and valuation
estimates have been derived from published information, direct interviews, analysis of
similar properties and other sources which were considered appropriate as of the
valuation date.
PROPERTY RIGHTS APPRAISED
This appraisal report assumes marketable and insurable fee simple title. The appraisal
is made with the understanding that the present ownership of the property includes all the
rights that may be lawfuIly held under a fee simple estate,
An analysis of the Fee Simple Interest at market rental rate and terms has been provided,
Fee simple is defined in The Dictionarv of Real Estate AooraisaL 1984 Edition, which
was sponsored by the American Institute of Real Estate Appraisers as follows: Absolute
ownership unencumbered by any other interest or estate; subject only to the limitations
of eminent domain, escheat, police power and taxation.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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DATE OF VALUATION
January 1,2001 (based on a projected nine-month construction period) from the date of
appraisal.
STATEMENT OF OWNERSHIP AND mSTORY
The subject property is currently owned by the City of Miami Beach, 1700 Convention
Center Drive, Miami Beach, Florida 33139,
ESTIMATED MARKETING PERIOD
The subject property is a special-purpose public recreational facility which will be owned
and operated by the City of Miami Beach,
DEFINITION OF MARKET VALUE
Market Value is defmed in The ADI;lraisal of Real Estate, Tenth Edition, by the Appraisal
Institute as follows:
The most probable price, as of a specified date, in cash, or in terms equivalent to cash,
or in other precisely revealed terms, for which the specified property rights should sell
after reasonable exposure in a competitive market under all conditions requisite to fair
sale, with the ,buyer and seller each acting prudently, knowledgeably, and for self-
interest and assuming that neither is under undue duress,
Fundamental assumptions and conditions presumed in this definition are:
I.Buyer and seller are motivated by self-interest,
2. Buyer and seller are well informed and are acting prudently,
3. The property is exposed for a reasonable time on the open market
4, Payment is made in cash, its equivalent, or in specified financing terms.
5. Specified financing, if any, may be the financing actually in place or on terms
generally available for the property type in its locale on the effective appraisal date.
6. The effect, if any, on the amount of Market Value of atypical financing, services,
or fees shall be clearly and precisely revealed in the appraisal report
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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REAL ESTATE APPRAISERS AND CONSULTANTS
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DEFINITION OF MARKET VALUE
-- Continued --
Market Value is defined as per current Federal regulatory agency criteria as follows:
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, 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:
a, buyer and seller are typically motivated;
b, both parties are well informed or well advised, and acting in what they consider
their own best interests;
c. a reasonable time is allowed for exposure in the open market;
d. payment is made in terms of cash in V,S, dollars or in terms of fmancial
arrangements comparable thereto; and
e, 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 is subject to the above referenced definition, as per Federal regulatory
criteria.
NEIGHBORHOOD ANALYSIS
The subject property is situated within the North Beach section of the City of Miami
Beach. Miami Beach is an island located just off the southeast coast of Dade County,
Florida, The island is approximately one mile wide, ten miles long and travels in a
northerly/southerly direction parallel to mainland Dade County. The town of Surfside
borders Miami Beach to the north starting at approximately 87th Street. The Atlantic
Ocean acts as the eastern and southeastern border, while Biscayne Bay/the Intracoastal
Waterway lies to the west
The subject area is conveniently connected to mainland Miami via the John F. Kennedy
Causeway (State Road No, 934) which divides into 71st Street and Normandy Drive as
it enters Miami Beach; and Julia Tuttle Causeway (State Road No. 112/1-195) which
becomes Arthur Godfrey Road (41st Street) as it enters Miami Beach. The area is
serviced by north/south arteries including Collins Avenue, Harding Avenue, 71st Street,
Normandy Drive and Indian Creek Drive which connect the area with the causeways
mentioned herein. as well as the cities of Surfside, North Bay Village, Bal Harbour and
North Miami Beach.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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REAl ESTATE APPRAISERS AND CONSULTANTS
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NEIGHBORHOOD ANALYSIS -- Continued --
The property uses along nnd Street consists of multi-family residential buildings; and
low-rise apartment buildings, retail and office facilities along 71st Street and Normandy
Drive which serve the surrounding residential neighborhoods,
ACCESS TO THE SITE
72nd Street provides direct access to the subject facility on the south side. 71st Street,
Normandy Drive, Harding Avenue and Collins Avenue are the main arteries connecting
the subject neighborhood with mainland Dade County, Surfside, Bay Harbour, South and
Central Beach areas,
DESCRIPTION OF THE SITE
The subject site will be comprised of the land beneath the proposed building. The
subject site is level at street grade, and does not have any apparent drainage or other
problems which would restrict or limit the use of the site, No soil boring tests or
engineering reports were submitted to the appraiser; however, the property is assumed
to have stable subsoil conditions as do most properties in the immediate area,
The appraiser has not been informed of any adverse subsoil conditions revealed by an
environmental a~sessment conducted by a fIrm with experience in identifying such
substances, nor is ,he qualifIed to detect such substances that may exist. It is assumed
that the subject site would be typical for properties located in the subject area with no
apparent soil problems which would restrict or limit the usage of the site,
If any adverse subsoil conditions are identifIed and do exist, these conditions would be,
considered to have a material affect on tI e Market Value estimate. The valuation'
analysis assumes the site to be free of any dverse subsoil conditions, and is subject to
the satisfactory removal of any contaminating materials in accordance with technical,
environmental and governmental guidelines
UTll.ITIES
Public utilities available to the subject site in lude electricity, water, sewer and telephone
service. Police and fIre protection services are provided by the City of Miami Beach,
FLOOD ZONE
According to the National Flood Insurance Program Community Panel Number l2025C-
0094J, as revised March 2, 1994, the subject site is located within Flood Zone "AE" -
special flood hazard area inundated by 100-year flood where base flood elevations have
been determined to be seven feet above sea level.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 8 -
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REAl ESTAlE APPRAISERS AND CONSULTANTS
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ZONING
The subject property is owned by the City of Miami Beach and is classified as GU,
Governmental Use District. The purpose of the GU zoning district is to, accommodate
government buildings and uses, but not limited to parking lots and garages; parks and
associated parking; schools; performing arts and cultural facilities; monuments and
memorials, The surrounding neighborhood across nnd Street is zoned as CD-3 High
Intensity Commercial District, Accordingly, for land valuation purposes, we have
utilized the floor area ratio of the neighboring CD-3 District. The proposed subject
improvements will represent a permitted conforming use,
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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HIGHEST AND BEST USE
DEFINITION
The Highest and Best Use is a market-driven concept. It may be briefly defmed as
representing the most profitable, competitive use to which a site can be put, or that use
which may reasonably be expected to produce the greatest net return to the land over a
given period of time, In addition, the concept may further be defined as the available
use and program of future utilization that produces the highest present land value.
Highest and Best Use is defined in The Aooraisal of Real Estate, Ninth Edition,
published by the American Institute of Real Estate Appraisers as follows:
1. Highest and Best Use of land is the reasonably probable and legal use of the
property which is physically possible, appropriately supported, fmancially feasible
and that results in the highest land value,
2. Existing use mayor may not confonn to Highest and Best Use,
3, Highest and Best Use may comprise a combination of a profitable interim
(transitional) use and a deferred, more profitable potential future use.
4, Highest anc{Best Use may be limited by zoning, historic preservation regulations,
environmental controls and/or deed restriction.
5. The principle of increasing and decreasing returns affirms the proper apportionment
of land and improvements to achieve maximum land value.
6. The concept of Highest and Best Use may be extended to improved real estate for
various decision-making situations, but such applications should not be confused
with the underlying concept of Highest and Best Use of land only.
7. Balance and consistent usage are important collateral considerations in the selection
of Highest and Best Use.
Highest and Best Use is further defmed in The Dictionarv Real Estate Aooraisal, 1984
Edition, which was sponsored by the American Institute of Real Estate Appraisers as
follows:
That reasonable and probable use that will support the highest present value,
as defmed, as of the effective date of the appraisaL
Alternatively, that use, from among reasonably probable and legal alternative
uses, found to be physically possible, appropriately supported, fmancially
feasible and which results in the highest land value,
J.B. AUIALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3tH Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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WGHEST AND BEST USE
-- Continued --
DEFINITION - Continued
The definition immediately above applies specifically to the Highest and Best Use of the
land, It is to be recognized that in cases where a site has existing improvements on it,
the Highest and Best Use may very well be determined to be different from the existing
use, The existing use will continue, however, unless and until land value in its Highest
and Best Use exceeds the total value of the property in its existing use.
The estimate of Highest and Best Use is based upon four stages of analysis:
1. The possible use or uses which are physically possible for the site under analysis,
2, The permissible use or uses which are permitted relative to zoning, historic
preservation regulations, environmental controls and/or deed restriction of the site
under analysis.
3. The feasible use or uses which are considered economically and financially feasible
for the site in terms of existing and projected market conditions,
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4, The Highest and Best Use in consideration of those legally permissible, physically
possible, fipancially feasible and maximally productive uses which will result in the
highest net return or the highest present worth.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 11 -
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REAl ESTATE APPRAISERS AND CONSULTANTS
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HIGHEST AND BEST USE, AS VACANT
The estimate of the Highest and Best Use of the land, as if vacant, requires market
analysis in terms of market conditions of supply and demand. The value of land is based
upon the level of utility that is in demand and that will produce amenities or net income
to the user. Therefore, the use which creates the greatest land value and which is
considered compatible in terms of the restriction imposed by the physical, legal, financial
and maximally productive factors is inherent in this analysis.
The physically possible uses of the subject site, as vacant, would include a variety of
residential and commercial uses, Analysis of the permissible uses at the subject site takes
into account those uses which would be permitted by existing zoning and/or deed
restrictions, providing that no deed restrictions are in effect at the subject site which
would restrict certain uses of the site.
The subject site is owned by the City of Miami Beach and is classified as GU,
Governmental Use District. The purpose of the GU zoning district is to accommodate
government buildings, and uses, but not limited to parking lots and garages; parks and
associated parking; schools; performing arts and cultural facilities; monuments and
memorials, The surrounding neighborhood across nnd Street is zoned as CD-3 High
Intensity Commercial District,
Based upon analysis of those uses which would be considered physically possible, legally
permissible and economically feasible, it is the appraiser's estimate that the Highest and
Best Use of the subject site would be a public recreational facility, within the constraints
of current market conditions,
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE VALUATION PROCESS
The valuation process is defIned in the 1993 Edition of the Dictionarv of Real Estate
Aooraisal which was sponsored by the Appraisal Institute as follows: "
A systematic procedure employed to provide the answer to a client's question
about the value of real property,
In order to provide an estimate of the Prospective Market Value of the Fee Simple
Interest in the subject property upon completion of the proposed construction, the Sales
Comparison and Cost Approaches to Value have been utilized,
The subject property is a special-purpose public recreational facility which will be owned
and operated by the City of Miami Beach, and is not a commercial and/or income
producing property which is sold/purchased for its rental income generation potentiaL
Therefore, the Income Capitalization Approach to Value was not deemed to be applicable
and was not utilized in this "limited scope" appraisal report. The Sales Comparison
Approach to value was provided as a supplemental analysis, reflecting the sales price of
private schOOl! day care facilities in the subject area.
The Sales Comparison Approach to Value is based upon a comparison between recently
sold private school!daycare facilities in Miami Beach and the proposed subject facility,
utilizing the sales price/SF unit of comparison,
The Cost Approach as applied to improved properties, requires an estimate of the value
of the land, as if vacant. An estimate of the Replacement Cost New of the improvements
is then estimated, as derived by the cost data supplied by Marshall & Swift Valuation
Services, From the total Replacement Cost New, an estimate of physical depreciation,
functional obsolescence and external obsolescence, if applicable, is deducted, The
resultant fIgure represents the depreciated cost of the improvements, plus the land value,
In that the subject property will be a City owned and operated public recreational facility,
the Cost Approach to Value was considered to be most applicable method to reflect the
value of the underlying land and proposed improvement components.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE SALES COMPARISON APPROACH
INTRODUCTION
The Sales Comparison Approach to Value is based on the principle of substitution.
When a property is replaceable in the market, its value tends to be set at the cost of
acquiring an equally desirable substitute property assuming no costly delay in making the
substitution.
The Sales Comparison Approach to Value is provided as a supplemental analysis, and
is based on a comparison between recently sold private school/daycare facilities which
are primarily located in North Beach, and the subject property, utilizing the sales
price/SF unit of comparison. Refer to the Addenda section,
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and CODSultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 14-
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REAL ESTATE APPRAISERS AND CONSULTANTS
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THE SALES COMPARISON APPROACH -- Continued -.
SUMMARY OF SUPPLEMENTAL SALES
Subject Comparable Comparable . Comparable Comparllble Comparable
I!wwll< llilllLJl!la ~ :<;;~lp Thrill! ~ ~
Address xxx 72nd 2217 Normandy 7115 RUEl Notte 17QOJefferson 1160 71st 122171st
SlreQt Drive Dame Dri\l8 Avenue S_t Street
Miami Beach Miami Beach Miami Beach Miami Beach Miami Beach Miami Beach
Type Community Private Private Private Private Private
Cenler SChool/D. Care School/D. Care SchooUO. Care ScnooUO. Care SChooIlD. Care
Building Area (SF) 18.282 6,080 1,214 4,955 1,174 2,003
Year Built Proposed 1940 1947 1932 1944 1946
Condition Excellent Average Average Average Average Average
Site Area (SF) 9,641 14,520 2,750 7.500 6,675 9.826
Site Area (Acre) 0.22 0,33 0.06 0.17 0.15 0.23
l.and-Ta-Building Rallo 0,53 2.39 2.27 1.51 5.69 4.91
Zoning GU RM-t CD.~ RM-1 RO CD-2
Date of Sale 11/29199 6125198 5128198 2121/913 1/21197
Sales Price . $500,000 $119,000 $400,000 $160,000 $300,000
Terms Cash to Cash to $20,000 2nd Cash 10 Cash to
the Seller the Seller PMM at Market the Seller the Sellar
and Terms
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Cash Equivalent
Sates Price $500,000 $119,000 $400,000 $160,000 $300,000
Cash Equivalent Sales
PlicelSF of Building Area . $82,24 $98,02 $80.73 $136.29 $149,78
ADJUSTMENTS:
Location: 10.0% 10.0% -10.0% 0.0% 0.0%
Condition/Age: 20.0% 20.0% 20.0% 20.0% 20.0%
Ollality and Appeal: . 10.0% 10.0% 10.0% 10.0% 10.0%
Amenities: . 5.0% 5.0% 5.0% 5.0% 5.0%
Size 1 Scale: ~ ~ ~ ~ ~
Total: 35.0% 25.0% 15.0% 15.0% 15.0%
Adjusted Plica: . $675,000 $148,800 $460,000 $184,000 $345,000
Adjusted Price/SF: . $111,02 $122,57 $92.84 $156.73 $172,24
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE SALES COMPARISON APPROACH
ANALYSIS OF COMPARABLE SALES
-- Continued --
The Sales Comparison Approach to Value is based upon a comparison between recently
sold comparable private schoolldaycare facilities in Miami Beach and the subject
property, utilizing the sales price/SF method, A comparative analysis has been made and
adjustments for differentials in fmancing, time of sale, location, age, condition, as well
as investment criteria characteristics were made, The following discussion illustrates the
basis for our adjustments,
Financing
With the exception of Comparable Sale Number Three which involved a second purchase
money mortgage at market rate and terms, the sales represent "arm's length" and "cash
to the'seller" transactions with typical terms of purchase, thereby requiring no adjustment
for financing,
Time of Sale
The comparable sales have occurred between January 1997 and November 1999
(Comparable Sale Numbers One through Three occurred between May 1998 and
November 1999), and reflect the most recent private schoolldaycare facility sales in the
subject area and.;therefore, no time adjustment was applied.
Age/Condition. Ouality/Apoeal and Amenities
The comparable facilities have been built between 1932 and 1947, and some facilities
have subsequently undergone moderate to substantial renovation programs prior and/or
subsequent to their sale, The proposed subject facility is substantially superior in terms
of age/condition and quality/appeal, as well as amenities.
Location
Comparable Sale Number Three was considered superior based on specific location on
17th Street in South Beach. Comparable Sale Numbers One, Two, Four and Five are
located in the North Beach area. Comparable Sale Numbers One and Two were
considered inferior in terms of specific location on and off Normandy Isle, in residential
areas,
Size / Scale
The comparable sales have been analyzed relative to their size, Analysis of market data
indicated that investors purchasing smaller properties pay a higher price on a per square
foot basis, while larger properties reflect a discount on a per square foot basis, The
comparable sales which are substantially smaller facilities required a negative adjustment
due to the premium typically associated with the sales price per square foot of smaller
properties,
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 16 -
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THE SALES COMPARISON APPROACH
-- Continued --
Summary
Prior to the adjustments discussed herein, the sales price/SF for the private school/day
care facilities were $82.24, $98,02, $80,73, $136,29 and $149,78 per square foot of
adjusted building area. Subsequent to the adjustments discussed herein, the sales
price/SF for the supplemental sales were $111.02, $122,57, $92,84, $156.73 and
$172,24 per square foot of adjusted building area, or an average of $131.08,
Based on the preceding analysis, $130,00/SF of building area is a reasonable value
estimate for the subject property upon completion of its proposed construction, Then:
18,282 SF x $130,OO/SF =
$2,376,660
Prospective Market Value
via the Sales Comparison
Approach to Value (Rounded)
$2,380,000
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Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
INTRODUCTION
This approach to value consists of an analysis of the physical value of the property. The
principle of substitution, which forms the underlying rationale of this approach, holds
that "no prudent person will pay more for a property than the amount with which he can
obtain, by purchase of a site and construction of a building, without undue delay, a
property of equal desirability and utility. "
In the Cost Approach, the following six steps are typically employed to reach a value
estimate,
1, Estimate underlying land value as if vacant,
Estimate replacement cost new or reproduction cost new of the improvements.
Estimate and add developer's (entrepreneurial) profit, if applicable,
Estimate accrued depreciation, if any, caused by physical, functional and! or external
sources.
Deduct accrued depreciation from the cost new of the improvements to arrive at a
depreciated egst estimate.
Add land value to the depreciated cost estimate of the improvements to arrive at a
value estimate,
The Cost Approach as applied to improved properties, requires an estimate of the value
of the land, as if vacant. An estimate of the Replacement Cost New of the improvements
is then estimated, as derived by the national cost data supplied by Marshall & Swift
Valuation Services. From the total Replacement Cost New, an estimate of physical
depreciation, functional obsolescence and external obsolescence, if applicable, is
deducted, The resultant figure represents the depreciated cost of the improvements, plus
the land value.
In that the subject property will be a City owned and operated public recreational facility,
the Cost Approach to Value was considered to be most applicable method to reflect the
value of the underlying land and proposed improvement components,
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 18 -
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THE COST APPROACH TO VALUE
LAND VALUATION
-- Continued --
In order to estimate the value of the subject site, the land is analyzed as if vacant and
available to be put to its Highest and Best Use, There are several different techniques
which can be utilized in the valuation of land. The technique selected must relate to the
specific factors inherent in the appraisal problem at hand, The land valuation technique
selected must reflect the prudent and rationale behavior of the most probable, typically
informed purchaser/investor. In addition, the availability of reliable and verified market
data further leads to the selection of the applicable land valuation technique.
1, The Sales Comparison Approach analyzes the sales of similar vacant parcels of land
with comparison and adjustment made from these sales to the subject site.
2, The Abstraction Method analyzes the sales of improved properties with an allocation
made between land and improvement value, The indicated allocation may establish
a typical ratio of land value to total value or to derive from the portion of the sales
price allocated to land an estimate of land value for use as a comparable land sale,
3, The Cost of Development Method provides an estimate of the value of undeveloped
land based upon the creation of a platted subdivision, development and sale of said
parcel. The method assumes that the most probable purchaser of the land would be
a developer/mvestor who plans to dispose of the developed sites at a profit, The
costs of development are subtracted from the estimated proceeds of sale resulting in
a net income projection which is discounted over the market absorption period,
4, The Land Residual Method treats the net income available to support the investment
in the site as a residual. The income required to cover the investment in new
improvements that represent the Highest and Best Use of the site is deducted from
the Net Operating Income resulting in an estimate of the net income to the land which
is then capitalized to estimate the land value.
The Sales Comparison Approach has been selected to estimate the Market Value of the
subject site, This method is based on the principle of substitution which states that a
prudent purchaser/investor would pay no more for a given site than the cost of acquiring
an alternative site with the same utility,
The subject site is owned by the City of Miami Beach and is classified as GU,
Governmental Use District, The purpose of the GU zoning district is to accommodate
government buildings and uses, but not limited to parking lots and garages; parks and
associated parking; schools; performing arts and cultural facilities; monuments and
memorials. The surrounding neighborhood across 72nd Street is zoned as CD-3 High
Intensity Commercial District, Accordingly, for land valuation purposes, we have
utilized the floor area ratio of the neighboring CD-3 District. The Sales Comparison
Approach is based on a comparison between recently sold sites and the subject site,
utilizing the price/SF unit of comparison.
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 19 -
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THE COST APPROACH TO VALUE
-- Continued --
LAND VALUATION - Continued
Comoarable Land Sale Number One
Location,
West side of Collins Avenue and east side of Indian Creek
Drive, approximately 200 feet north of 65th Street, Miami
Beach, Florida
Legal Description:
Lots 25, 26, 27, 28, 37, 38, 39, 40 and 41, less the northern
5 feet of Lot 28, Block 7, Second Oceanfront Subdivision, as
recorded in Plat Book 28, Page 28 of the Public Records of
Dade County, Florida
Grantee:
Sport Investment Properties, Inc.
Grantor:
y & S Rowe Motel, Inc.
O,R. Book/Page:
18522/4030
76,713 SF (1.76 Acres)
Site Size:
Zoning:
CD-2, City of Miami Beach, Medium-Intensity Commercial
District
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Floor Area Ratio:
1. 50 Base
1.50 Maximum
Date of Sale:
March 16, 1999
$2,920,000
Consideration:
Financing:
Cash to the seller; $2,150,000 conventional mortgage from
Ocean Bank at market rate and terms
Cash Equivalent
Sales Price:
$2,920,000
Cash Equivalent
Sales Price/SF:
$38,06
Sales History:
The aforementioned transaction represents the only "arm's
length" transfer of ownership at this property in the last five
years.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
LAND VALUATION - Continued
-- Continued --
Comoarable Land Sale Number One - Continued
Comments:
The existing improvements consist of a one and two-story CBS
motel facility which was built in 1939 and 1965 and has an
adjusted building area of 40,005 SF, as well as a 2,249 SF
dwelling built in 1941, as per the Public Records of Dade
County, Florida. The site has 195 feet of frontage along
Collins A venue and 200 feet of frontage along Indian Creek
Drive,
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The main building has a gross building area of 36,557 SF
which is comprised of the 17,981 SF eastern wing which
contains the lobby, 53 hotel rooms and commercial retail space
utilized as a grocery store; and the 18,576 SF western wing
which is a U-shaped two-story hotel building with 48 rooms,
The existing improvements reflect a low coverage ratio of .19
(14,838 SF fIrst floor area I 76,713 SF site area) and a Floor
Area Ratio of ,52 which is substantially lower than the
permitted Floor Area Ratio of 1.50 (previously 1.00; base and
2,00; maximum with design bonuses),
The existing improvements are located along the western
portion of the site and the northeastern comer of the site, with
the remaining undeveloped area being utilized as parking area
for 81 cars. Therefore, the older improvements which are
reflective of a motel facility built in 1939 and 1965, grossly
under-utilize the development potential of the site and, do not
represent the Highest and Best Use of the site, as vacant, under
current market conditions.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 21 -
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THE COST APPROACH TO VALUE
-- Continued --
LAND VALUATION - Continued
Comoarable Land Sale Number Two
Location:
Legal Description:
Grantee:
Grantor:
O.R. Book/Page:
Site Size:
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Zoning:
Floor Area Ratio:,
Date of Sale:
Consideration:
Financing:
Cash Equivalent
Sales Price:
Cash Equivalent
Sales Price/SF:
Comments:
50 feet west of the northwest comer of Collins Avenue and
22nd Street, Miami Beach, Florida
Lots 4 and 6, Block 2, Miami Beach Improvement Company
Subdivision, as recorded in Plat Book 5, Page 7 of the Public
Records of Dade County, Florida
American Riviera Real Estate Company
Carl S. and Lorette J, Ablon
18053/3818
12,500 SF (.29 acre)
CD-3 (Miami Beach - High Intensity Commercial District)
2,00 Base
2.50 Maximum
April 6, 1998
$425,000
Cash to the seller
$425,000
$34.00
This site consists of a 12,500 SF site situated along the north
side of 22nd Street, 50 feet west of Collins Avenue and 150
feet east of Liberty Avenue, The site has 100 feet of frontage
along the north side of 22nd Street, with a depth of 125 feet.
The site is level at slightly above street grade and improved
with a vacant one-story commercial building which appears to
have been once utilized as a night club.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 22 -
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THE COST APPROACH TO VALUE
-- Continued --
LAND VALUATION - Continued
Comparable Land Sale Number Two (Continued)
Comments
(Continued):
The one-story CBS building was built in 1947 and contains an
adjusted building area of 6,789 SF as per the Public Records
of Dade County, Florida, The building has a Gross Building
Area or foot print of 6,065 SF, with approximately 750 feet of
mezzanine space which brings the total area to 6,815 SF,
However, the improvements are in very poor condition and
have been exposed to the elements from lack of maintenance
and continued use, The rear 2,850 SF portion of the building
were in very unsafe condition.
According to our previous conversation with the broker who
had listed the property for sale, the cost to replace and re-
support the roof structure, as well as gut out the interior of the
building which is in very poor condition was estimated at
approximately $52,000, as per a written bid dated March 12,
1997,
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The existing improvements indicate a low Floor Area Ratio of
.49 (maximum FAR is 2.5) and a high Land-to-Building Ratio
of 2.06: 1 which indicate that the existing one-story
improvements do not fully utilize the developmental potential
of the site. Therefore, the existing improvements are
concluded to have ll.Q contributory value and do not represent
the Highest and Best Use of the site, as if vacant.
This site is currently owned by American Riviera Real Estate
Company, c/o Ronald Bloomberg, 420 Lincoln Road, Suite
448, Miami Beach, Florida 33139 which purchased the site for
$425,000 on April 6, 1998 from Carl S. and Lorette J, Ablon,
20521 Chagrin Boulevard, Cleveland, Ohio 44122, as recorded
in Book 18053, Page 3818 of the Official Public Records of
Dade County" Florida, The previous transfer of title was
from William K. Peden and Lee Marburger to Carl S. and
Lorette J, Ablon on July 18, 1991 as recorded in Book 17275,
Page 3367 of the Official Public Records of Dade County,
Florida on July 17, 1996, It appears this was in lieu of
foreclosure, because the property was sold to William K.
Peden and Lee Marburger on February 28, 1991 for $360,000
as recorded in Book 14938, Page 2073 of the Official Public
Records of Dade County, Florida,
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, FlorIda 33133
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THE COST APPROACH TO VALVE
-- Continued --
LAND VALUATION - Continued
Comoarable Land Sale Number Two (Continued)
Comments
(Continued):
As recorded in Book 14938, Page 2074 of the Official Public
Records of Dade County, Florida, the sale included a Purchase
Money Mortgage in the amount of $350,000 at 12% interest
rate with monthly principal and interest payments of $3,855
between March 22, 1991 and January 1995, with the unpaid
balance due on February 22, 1995.
This property had been listed for sale with Myron Greenberg
of IRAMCO Realty, According to my conversation with Mr.
Carl Ablon and my meeting with Mr. Greenberg who was
representing the property owner in early 1997, the property
had been on the market for sale for $450,000, net of
commissions, Mr, Greenberg has also informed me that there
was a construction bid dated March 12, 1997 for the repair of
the roof structure and gut-out of the building for approximately
$52,000.
It should be noted that the City's interest in acquiring and
assembling several sites on 22nd Street and 23rd Street appears
to have become public knowledge and the seller of this site had
informed the appraiser in May 1997 that Mr, Ronald
Bloomberg had approached him to buy the site.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 24 -
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THE COST APPROACH TO VALUE
LAND VALUATION - Continued
-- Continued --
Comparable Land Sale Number Three
Location:
Legal Description:
Grantee:
Grantor:'
O.R. Book/Page:
Site Size:
Zoning:
Floor Area Ratio:';
Date of Sale:
Consideration:
Financing:
Cash Equivalent
Sales Price:
Cash Equivalent
Sales Price/SF:
Comments:
Southeast comer of Liberty Avenue and 23rd Street, Miami
Beach, Florida
Lots 7, 9 and 11, less the northern 10 feet for right-of-way,
and the northern 25 feet of Lots 10 and 12, Block 2, Miami
Beach Improvement Company Subdivision, as recorded in Plat
Book 5, Page 7 of the Public Records of Dade County, Florida
Miami Beach Redevelopment Agency
John King Jr.
18019/886
19,750 SF (.45 acre)
CD-3 (Miami Beach - High Intensity Commercial District)
2.50 Base
3.00 Maximum
February 24, 1998
$672,000
Cash to the seller
$672,000
$34.03
This property consists of a 19,750 SF site situated at the
southeast comer of 23rd Street and Liberty Avenue. The site
has 140 feet of frontage along the east side of Liberty Avenue
and 150 feet of frontage along the south side of 23rd Street.
The site dimensions are 140 feet by 100 feet or 14,000 SF in
its western portion and 115 feet by 50 feet or 5,750 SF in its
eastern portion. The site is level at street grade and improved
with a one-story commercial building.
". J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
-- Continued --
LAND VALUATION - Continued
Comparable Land Sale Number Three (Continued)
Comments
(Continued) :
The one-story CBS building was built in 1925 and contains an
adjusted building area of 4,815 SF as per the Public Records
of Dade County, Florida. The building has a Gross Building
Area or foot print of 4,114 SF. However, the improvements
are boarded-up and in poor condition and have been exposed
to the elements from lack of maintenance and continued use.
According to my conversation with the broker who represented
the property owner, the property had been marketed as vacant
land. This was concurred by a representative for the buyer.
The existing older improvements indicated a very low Floor
Area Ratio of .208 (maximum FAR is 3.0) or a high Land-to-
Building Ratio of 4.80:1 which clearly indicated that the
existing improvements grossly under utilized the site.
Therefore, the existing improvements were concluded to have
!)Q contributory value.
This property was owned by Polkin, Inc., P.O. Box 161379,
Miami, Florida 33116. There was no transfer of ownership at
this property during the last five years as per the Public
Records of Dade County, Florida. This property had been
listed for sale with Stuart Auerbach of Auerbach Associates.
According to my conversation with Mr. Auerbach who was
representing the property owner, the property had been on the
market for sale for $640,000 or $32.41/SF of land area. Mr.
Auerbach had concurred that the existing improvements were
of no contributory value and the site was on the market as
vacant and available for development. The broker had also
indicated that the property had been on the market for several
years; however, the owner had not been aggressively
marketing the site and no reasonable offers for purchase were
received.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 26 -
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THE COST APPROACH TO VALUE
LAND VALUATION - Continued
-- Continued --
Comparable Land Sale Number Four
Location:
The northeast comer of Jefferson Avenue and 17th Street,
Miami Beach, Florida
Legal Description:
Lots 17 to 19, Block 21, Golf Course Subdivision Amended
Plat, as recorded in Plat Book 6, Page 26 of the Public
Records of Dade County, Florida
17th Street Parking, Inc.
Grantee:
Grantor:
Jesus Bravo
O.R. Book/Page:
17965/1706
... Site Size:
22,500 SF (.52 acre)
RM-l (City of Miami Beach - Low Intensity Multiple-Family
Residential District)
Zoning:
Floor Area Ratio:.
1. 25 Base
1. 60 Maximum
Date of Sale:
January 30, 1998
$750,000
Consideration:
Financing:
Cash Equivalent
Sales Price:
$562,500 purchase money mortgage at market rate and terms
$750,000
Cash Equivalent
Sales Price/SF:
$33.33
Comments:
The 150 feet by 150 feet site is located at the northeast comer
of the busy 17th Street corridor, connecting Collins Avenue
and the beach to Alton Road, and has 150 feet of frontage on
Jefferson A venue and 150 feet of frontage on 17th Street. The
previous Floor Area Ratio (FAR) for this site was 1.25 (base)
and 1.60 (maximum; with design bonuses). The site has been
improved with a surface parking lot.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 27 -
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THE COST APPROACH TO VALUE -- Continued --
. LAND VALUATION - Continued
. Comoarable Land Sale Number Five
Location: Northwest comer of Collins Avenue and 78th Street, Miami
Beach, Florida
I Legal Description: Lots 4, 5 and 6, Block 21, Altos del Mar No. One, as
recorded in Plat Book 31, Page 40 of the Public Records of
I Dade County, Florida
Grantee: Class Holding Corporation
I Grantor: Leontina De Sole
Julian and Claudette Cote Simard
Dorothy Reese, Trustee
I O.R. Book/Page: 17332/1849, 1820, 1735
I Site Size: 26,250 SF (.60 acre)
Zoning: RM-2 (City of Miami Beach - Medium Intensity Multi-Family
I ~ Residential District)
Floor Area Ratio: 1. 75 Base
2.25 Maximum
I Date of Sale: August 15, 1996
August 8, 1996
I August 7, 1996
Consideration: $220,000
I $260,000
$335.000
$815,000
I Financing: Cash to the seller
Cash Equivalent
I Sales Price: $815,000
Cash Equivalent $31.05
I Sales Price/SF:
Comments: Three 8,750 SF lots improved with older single-family
I dwellings with no contributory value. After the sale, all
improvements were razed and the site has been cleared.
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J.B. ALHALE & ASSOCIATES, INC.
. Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
-- Continued --
LAND VALUATION - Continued
Comoarable Land Sale Number Six
Location:
West side of Collins Avenue, approximately 60 feet north of
65th Street, Miami Beach, Florida
Lots 22 through 24, Block 7, Second Ocean Front Subdivision,
as recorded in Plat Book 28, Page 28 of the Public Records of
Dade County, Florida
6550 Plaza Associates Limited
Legal Description:
Grantee:
Grantor:
Monte Carlo Condo Enterprises
O.R. Book/Page:
171 07/898
Site Size:
26,822 SF (.62 acre)
CD-2 (City of Miami Beach - Medium Intensity Commercial
District)
1. 00 Base
2.00 Maximum
Zoning:
'.
Floor Area Ratio:
Date of Sale:
February 21, 1996
$970,000
Consideration:
Financing:
Cash Equivalent
Sales Price:
Cash to the seller
$970,000
Cash Equivalent
Sales Price/SF:
$36.16
Comments:
This is a commercially zoned vacant site which was previously
utilized as a parking lot for the Monte Carlo Hotel. The site
is being developed with a strip-retail facility. The area is
developed with hotels and apartment buildings, as well as
commercial facilities.
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 29 -
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THE COST APPROACH TO VALUE
-- Continued --
LAND VALUATION - Continued
I".OMPAKAtll.J;: LANI;I ::iALc:S
Subject Lan' Lan' Lan' Lan' Lan' Lan'
Slle SaleOne Sat.Two SOIl. Thre. Sale Four SOIl. Flv. Sal,Slll
Location NORTH SIDE OF WEST SIDE OF SO' WEST OF SlEIC OF 23RD NiElC OF 17TH NORTHWEST WEST SlOe OF
12NO STREET COLLINS AVE. & NMItC OF 22ND STREET AND STREET AND CORNER OF COLLINS AVE.
AT BVRONAVE, EAST SIDE OF STREET AND LIBERTY AVE. JEfFERSON AVE. COLliNS AVE. & 50' NORTH OF
MIAMI BEACH INDIAN CREEK DR COlUNS AVE. MIAMI BEACH MIAMI BEACH 78TH STREET 65TH STREET
200' NORTH OF MIAMI BEACH MIAMI BEACH MIAMI BEACH
85TH STREET
MlAMI BEACH
Si18 SiZ8 (SF) 9,641 76,713 12,500 19,750 22.500 26,250 ZU22
Sile Size (Acre) 0.22 1.76 0.29 0.45 05.2 0.60 0.62
Zoning GU CO-2 CO-3 CO-3 RM.' RM-2 CO-2
(CO-3)
"
FAR (Base) 2.25 1.50 2.00 2.50 1.25 1.75 1.00
FAR (Maximum) 2.25 1.50 2.50 3.00 1.60 2,25 2.00
a...
BuildabJeArea 21,692 115,070 25,000 49,375 28.125 45,938 26,822
Maxil'rnlm
Buildable Area 21.692 115.070 31,250 59,250 36,000 59,063 53,1544
OaleofSale 3/16199 ""'" 212419' If.lM18 ~1"'" 2121/96
PO,," $2,920,000 $425,000 $672.000 57'0,000 $815.000 $970,000
Financing Cash 10 0.'" ~ Cash to $582,500 PMM 0."'", Cash 10
.. the Seller ItllitSeller lneSelrer AT MARKET lheSeller \tie Seller
.. RATE & TERMS
Cash Equivalent
Sales Prlce $2,920.900 $425,000 $672,000 $750,000 $815,000 $970,000
Sales PncalSF 538.06 $34.00 $34.03 133.33 $31.05 $31.1'
Col'rll1'llWCial:
Sales PricalSF
Buildable Area
@BaseFAR $25.38 $17.00 $13.61 $2fi.67 $17.74 $36.16
@ Max. FAR $25.38 $13.60 511.34 $20.83 $13.80 518.08
ADJUSTMENTS;
rrme(3.0%IYear) 3.0% 5.9% 6.4% 6.7% 11.3% 13.0%
Time Adjusted
SalesPnce $3,OO8,SOQ $450,100 5715.300 $800,300 $907,400 51,096,200
Time Adjusted
Sales PricltlSF $31.22 531.01 131.22 $.'35.57 $34.51 $40.87
L.OCliItion; .. -5.0% 0,0"- 0.0% -10.0% 0.0% -5.0%
Size: 10.0% 0.0% 5.0% 5.0% 5.0% 5.0%
FronlagelExposure: -10.0% 0.0% -5.0% .10.0% -5.0% -5.0%
Development Polt .10.0% 0.0% .5.0% -5.0% -5.0% .10.0%
Floor Area Ralio: 10,0l !i~ ~,.. 10.0% 0.0% SO!1\
-5,U . U.U". .1O,U% .0.U% -lU. %
Adjusted
sales Price .. $2,858,400 $450.100 $643,800 $720.300 $862,000 $986,800
Adjusted 1{{{~~r~~{{*:{)J{lt;I~~t@;J{{{{tft#I{*m{{,~{{!I~*;{;J{i!{i;i;M%{*Jt{{m;;{{~!~t~{{ll
Sales Price/SF .
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
LAND VALUATION - Continued
ANALYSIS OF COMPARABLE LAND SALES
-- Continued --
The six comparable land sales which were reported herein have been analyzed and are
considered reasonably similar to the subject site, as if vacant, in terms of zoning,
physical characteristics, topography and buildable utility,
The subject site is owned by the City of Miami Beach and is classified as GU,
Governmental Use District. The purpose of the GU zoning district is to accommodate
government buildings and uses, but not limited to parking lots and garages; parks and
associated parking; schools; performing arts and cultural facilities; monuments and
memorials, The surrounding neighborhood across 72nd Street is zoned as CD-3 High
Intensity Commercial District. Accordingly, for land valuation purposes, we have
utilized the floor area ratio of the neighboring CD-3 District, The Sales Comparison
Approach is based on a comparison between recently sold sites and the subject site,
utilizing the price/SF unit of comparison,
Financing:
With the exception of Comparable Land Sale Number Four which involved a purchase
money mortgage:at market rate and terms, the sales reported herein are "arm's length"
and "cash to the seller" transactions and therefore, no adjustment for favorable fInancing
was required,
Time
The comparable sales have occurred between February 1996 and March 1999, Based on
the improving market conditions for vacant land in Miami Beach, a modest annual time
adjustment of 3 % was utilized to reflect the positive trend.
Locational
Comparable Land Sale Numbers One, Four and Six were considered superior in terms
of specific location on Collins A venue in Central Beach and 17th Street in South Beach,
and required a negative adjustment.
Fronta!!e/ExDosure
Comparable Land Sale Numbers One, and Three through Six have superior frontage and
required a negative adjustment.
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Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
LAND VALUATION - Continued
ANALYSIS OF COMPARABLE LAND SALES - Continued
-- Continued --
Size / Scale
The comparable land sales range in size from 12,500 SF to 76,713 SF, while the subject
site will contain 9,641 SF, Comparable Land Sale Numbers One, and Three through Six
required a positive adjustment due to the discount typically associated with larger sites
on a price/SF basis,
Zoninl!/Develoomental Potential
..
The subject site is owned by the City of Miami Beach and is classified as GU,
Governmental Use District, The purpose of the GU zoning district is to accommodate
government buildings and uses, but not limited to parking lots and garages; parks and
associated parking; schools; performing arts and cultural facilities; monuments and
memorials, The surrounding neighborhood across 72nd Street is zoned as CD-3 High
Intensity Commercial District. Accordingly, for land valuation purposes, we have
utilized the floor area ratio of the neighboring CD-3 District,
"
Comparable Land Sale Numbers One, and Three through Six are considered to possess
superior development potential due to their physical attributes (size, configuration, etc.),
In addition, we have analyzed the Floor Area Ratio (FAR) of the comparable land sales,
The comparable land sales have maximum Floor Area Ratios of 1.5, 2.5, 3,0, 1.6, 2,25
and 2.0, respectively, at the time of sale, The maximum Floor Area Ratio for the
subject site, under a typical CD-3 designation, is 2,25, Comparable Land Sale Numbers
One, Four and Six required a positive adjustment, while Comparable Land Sale Number
Three required a negative adjustment,
SummarY and Land Value Correlation
Prior to the adjustments discussed herein, the sales price/SF for the comparable land
sales were $38.06, $34,00, $34,03, $33,33, $31.05 and $36.16, Subsequent to the
adjustments discussed herein, the sales price/SF for the comparable land sales were
$37,26, $36,01, $32.60, $32,01, $32,84 and $36,78, Based on the preceding analysis,
$35,OO/SF of site area is a reasonable value estimate for the subject site, as vacant.
9,641 SF x $35,oo/SF ""
$337,435
Reconciled Market
Value of Subject
Site, as if Vacant
$335,000
J.B, ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consnltants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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COST SUMMARY
Address:
Building Area (SF);
Number of Floors:
Building Area (SF) on the Firat Floor:
Building Area (SF) on the Sec:and Floor:
Cost Estimate for Governmental CommLU1ity Servlee Buildings (Marshall & Swift Section 15, Page 31):
Cost Estimate for Public Library Buildings (Marshall & Swift Section 15, Page 32):
Cost Estimate for ArtlCraflslMusic School BUildings (Marshall & Swift Section 15, Page 40):
projected Cost Estimate for the Proposed Community Center:
Time Adjustment (Marshatt & SwIfI Section 99, Page 3; March 2000):
Location AdJustmen.t (MarshaU & Swift Section 99, Page 7; January 2000):
Adjusted Cost Estimate for the Proposed Community Center:
Construction Cost (Daycare Center)
Sprinkler System
A) Total Construction Coat
Indirect Cost. (Architect, engineers, professlona!, accounting and legal fees)
B) Total Indirect Cost
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Financing Cost lintere.t (at 11%, outstanding for EknonthS)
FinanCing Cost I Points (1,0% of Loan)
CJ Total Financing COIIt
D) OVerh..d and Profit
IREPLACEMENT COST NEW /IMPROVEMENTS}
LESS: PHYSICAL DEPRECIATION (Proposed Construction)
!DEPRECIA TED COST OF IMPROVEMENTS
ESTIMATED MARKET VALUE OF LAND, AS OF VACANT
PROSPECTIVE MARKET VALUE UPON COMPLETION
OF CONSTRUCTION VIA THE COST APPROACH
xxx 72nd Street
Miami Beach. Florida
18,282
Two
8,641
9,641
$93.24
$98.69
$83.75
$91.89
1.03
0.89
$84.24
SQUARE COST
= l.LSf
18,282 $84.24
18,282 iWIll
18,282 $86.24
8.5% $7.33
18,282 $7.33
18,282 $6.07
15.0% $14.93
18.282 $114.59
0.0% SO_OO
$114.59
$132.92
$132.12
TOTAL
= =
$1,540,050
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$1,576,614 $1,578,814
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$134,000 $1,710,614
$94,000
I.I.ZJllIIl
$111,000 $1.821,614
$273.000 $2,094.614
$2.095,000
III
$2.095.000
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$2,430,000
$2,430,000 Rounded
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REAL ESTATE APPRAISERS AND CONSULTANTS
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THE COST APPROACH TO VALUE
IMPROVEMENT VALUATION
-- Continued --
After the value of the site, as if vacant, has been determined the next step in the Cost
Approach to Value is to estimate the cost of the improvements, The estimated value of
the subject property by means of the Cost Approach is based on the estimated
reproduction cost new of the building improvements, plus developer's profit/overhead,
less depreciation, plus the estimated value of the vacant land, The Cost Approach is
founded on the principle of substitution which holds that a prudent investor would pay
no more for the property than the cost of construction or acquiring an equally desirable
substitute property without undue delay in time,
Reolacement Cost New
In estiinating the replacement cost of the proposed subject improvements, we have relied
on the information obtained in the Marshall & Swift Valuation Service Cost Manual.
The Replacement Cost New for subject improvements was estimated to be $1,821,614
or $99,64, Refer to the facing page,
Entreoreneurial Profit
A fInal addition to cost is the profit which a developer expects to receive in addition to
cost, This figute for profit expectation can be derived from market analysis and
discussion with developers. The amount of entrepreneurial profit varies with economic
conditions and therefore a typical relationship between it and other costs is difficult to
establish; however, it is a necessary element in the motivation to construct improvements,
The entrepreneurial profit and overhead was estimated to be 15 % of the cost or
$273,000, resulting in an overall Replacement Cost New of $2,094,614 or $2,095,000
(rounded) or $1l4,59/SF, Refer to the facing page,
Physical Deoreciation
Physical depreciation can be the result of curable and incurable items. The curable items
are those that can be corrected at a cost which is equal to or below the value increase
after the repairs. The subject improvements are reflective of a proposed construction
(i.e" no physical depreciation),
External Obsolescence
An analysis of the subject property, with respect to surrounding neighborhood trends and
usages, revealed no external obsolescence at the subject property.
Site Value
The Market Value of the subject site, as if vacant was estimated at $335,000.
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Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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THE COST APPROACH TO VALUE
-- Continued --
IMPROVEMENT VALUATION - Continued
SUMMARY OF THE COST APPROACH
UPON COMPLETION OF CONSTRUCTION
Replacement Cost New
Plus: Entrepreneurial Profit/Overhead (15%)
$1,821,614
+ $273,000
$2,094,614
$2,095,000
Total Replacement Cost New (Rounded)
Less: 'Estinlated Depreciation
Physical Incurable
Physical Curable
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-0-
-0-
Functional Obsolescence
EconomiCiExtema! Obsolescence
Total Depreciation
-0-
$2,095,000
+ $335.000
$2,430,000
Depreciated Building Cost
Plus: Estimated Site Value, as if Vacant
Prospective Market Value
Upon Completion of
Construction via the
Cost Approach to Value
Rounded $2,430,000
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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RECONCILIATION AND FINAL VALUE ESTIMATE
Income Capitalization Approach to Value:
Sales Comparison Approach to Value:
Cost Approach to Value:
Reconciled Final Value Estimate:
Not Applicable
$2,380,000
$2,430,000
$2,400,000
$2,095,000
$335,000
Replacement Cost New of Improvements:
Market Value of Underlying Site:
In orqer to provide an estimate of the Prospective Market Value of the Fee Simple
Interest in the subject property upon completion of the proposed construction, the Sales
Comparison and Cost Approaches to Value have been utilized.
The subject property is a special-purpose public recreational facility which will be owned
and operated by the City of Miami Beach, and is not a commercial and/or income
producing property which is sold/purchased for its rental income generation potential.
Therefore, the Income Capitalization Approach to Value was not deemed to be applicable
and was not utilized in this "limited scope" appraisal report, The Sales Comparison
Approach to vall1.!: was provided as a supplemental analysis, reflecting the sales price of
private school/day care facilities in the subject area.
The Sales Comparison Approach to Value is based upon a comparison between recently
sold private school/daycare facilities in Miami Beach and the proposed subject facility,
utilizing the sales price/SF unit of comparison, .
The Cost Approach as applied to improved properties, requires an estimate of the value
of the land, as if vacant. An estimate of the Replacement Cost New of the improvements
is then estimated, as derived by the cost data supplied by Marshall & Swift Valuation
Services. From the total Replacement Cost New, an estimate of physical depreciation,
functional obsolescence and external obsolescence, if applicable, is deducted. The
resultant figure represents the depreciated cost of the improvements, plus the land value,
In that the subject property will be a City owned and operated public recreational facility ,
the Cost Approach to Value was considered to be most applicable method to reflect the
value of the underlying land and proposed improvement components,
It is my estimate that the Prospective Market Value of the Fee Simple Interest in the
subject property upon completion of proposed construction, as of January 1, 2001 was:
PROSPECTIVE MARKET VALUE OF FEE SIMPLE INTEREST
UPON COMPLETION OF PROPOSED CONSTRUCTION
TWO MILLION FOUR HUNDRED THOUSAND DOLLARS
($2,400,000)
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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CONTINGENT AND LIMITING CONDITIONS
We assume no responsibility for matters legal in nature, nor do we render any opinion
as to the title, which is assumed to be marketable, The property is appraised as though
under responsible ownership and management,
Weare not qualified, nor are we responsible for matters which are structural and/or
engineering in nature, as they pertain to the subject improvements, The appraiser is
further not qualified to confirm or deny the specific structural integrity of the subject
improvements, nor to provide estimates of the cost for repair/remediation, if any adverse
conditions exist, If a formal assessment of the structural condition/integrity of the
subject improvements is required, we recommend that a duly qualified professional be
engaged for such purposes.
When-applicable, the sketch in this report is included to assist the reader in visualizing
the property, and we assume no responsibility for its accuracy, We have made no survey
of the property, Weare 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 previously made thereof, Additional professional valuation
services rendered would require further compensation under a separate contractual
agreement,
Where applicablj:, the distribution of the total valuation in this report between land and
improvements applies only under the existing program of utilizations, The separate
valuations for land and building must not be used in conjunction with any other appraisal
and are invalid if so used,
We assume that there are no hidden or unapparent conditions of the property, subsoil or
structures which would render it more or less valuable. We assume no responsibility for
such conditions or for engineering which might be required to discover such factors.
Information, estimates and opinions furnished to us and contained in this report were
obtained from sources considered reliable and believed to be true and correct, However,
no responsibility for accuracy can be assumed by us.
Neither all nor any part of the contents of this report, or copy thereof, shall be used for
any purpose by any but the client without the previous written consent of the appraiser,
and/or the client; nor shall it be conveyed by any including the client to the public
through advertising, publications, news, sales or other media, without the written consent
and approval of the author, particularly the valuation conclusions, identity of the
appraiser, or any reference to any professional society or institute or any initialed
designation conferred upon the appraiser.
No one other than the undersigned prepared the analyses, conclusions and estimates
concerning the real estate set forth in this appraisal,
J.B, ALRALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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CONTINGENT AND LIMITING CONDITIONS
-- Continued --
This appraisal report has been made in conformity with and is subject to the requirements
of the Code of Professional Ethics and Standards of Professional. Practice of the
Appraisal Institute, the Uniform Standards of Professional Appraisal Practice adopted by
the Appraisal Standards Board of the Appraisal Foundation and the requirements of the
State of Florida for state certified real estate appraisers, as well as current Federal
regulatory agency criteria,
The appraisal report can not be used in connection with a real estate syndicate(s) or
securities related activity(ies) and is invalid if so used without the previous knowledge
or written consent of the appraiser, Said activities include but would not be limited to
activities which are required to be registered with the United States Securities and
Exchange Commission or any state regulatory agency regulating investments made as a
pub Ii,," offering, as well as activities involving Real Estate Investment Trusts, Limited
Partnerships, Mortgage Backed Securities and any other transaction which is subject to
the securities Exchange Act of 1933, the Securities Exchange Act of 1934, the Trust
Indenture Act of 1939, the Investment Advisors Act of 1940 or State Blue Sky or
securities laws or any amendments thereto,
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The existence of hazardous materials, which mayor may not be present on the property,
was not observed, We have no knowledge of the existence of such materials on or in
the property, nor, are we qualified to detect such substances, The presence of potentially
hazardous materials and/or substances may affect the value of the property, The value
estimate reflected in this appraisal report 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,
The Americans with Disabilities Act ("ADA") became effective January 26, 1992, We
have not made a specific compliance survey and analysis of this property to determine
whether or not it is in conformity with the various detailed requirements of the "ADA".
It is possible that a compliance survey of the property, together with a detailed analysis
of the requirements of the "ADA" could reveal that the property is not in compliance
with one or more of the requirements of the Act, Since we have no direct evidence
relating to this issue, we did not consider possible non-compliance with the requirement
of "ADA" in estimating the value of the property,
J,B, ALHALE & ASSOCIATES, INC,
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 37 -
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CERTIFICATION
The undersigned do hereby certify that, to the best of our knowledge and belief, except
as otherwise noted in the appraisal report:
- The statements of fact contained in this report, upon which the analyses, opinions and
conclusions expressed herein are based, 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,
- We have no present or prospective interest in the property that is the subject of this
report and we have no personal interest or bias with respect to the parties involved,
- The amount of our compensation is not contingent upon an action or event resulting
from the analyses, opinions, or conclusions in, or the use of, this report,
- Our analyses, opinions and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and
Standards of Professional Practice of the Appraisal Institute, the Uniform Standards
of Professional Appraisal Practice adopted by the Appraisal Standards Board of the
Appraisal Foundation and the requirements of the State of Florida for state certified
real estate appraisers, as well as current Federal regulatory agency criteria,
- The appraisal assignment has not been based on a required minimum valuation, a
specific valuation, or the approval of a loan,
- The use of tills report is subject to the requirements of the Appraisal Institute relating
to review by its duly authorized representatives, as well as the Florida Real Estate
Appraisal Board.
- As of the date of this report, Jozef Alhale has completed the requirements of the
continuing education program of The Appraisal Institute,
- The appraiser has personally inspected the subject site which is described in this
report.
- No one other than the undersigned prepared the analyses, conclusions and opinions
concerning real estate that are set forth in this appraisal report, nor provided
significant professional assistance to the persons signing this report.
It is the opinion of the undersigned that the Prospective Market Value of the Fee Simple
Interest in the subject property upon completion of proposed construction, as of January
1, 2001 was as described herein.
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Jozef Alhale, MAl
State Certified General Appraiser
License No, RZ 0001557
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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ADDENDA
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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Supolemental Sale Number One
Address:
2217 Normandy Drive
Miami Beach, Florida
Legal Description:
Northeastern 1/2 of Lot 10 and all of Lot 11 and southwestern
1/2 of Lot 12, Block 41, Miami View Section of the Isle of
Normandy Part Three, as recorded in Plat Book 40, Page 33
of the Public Records of Dade County, Florida
2217,Inc,
Grantee:
Grantor:
Ana M, Olin, Trustee
O,R, .~ook/Page:
Date of Sale:
11888/2725
Site Size:
....
Building Area:
November 29,1999
14,520 SF (,33 acre)
6,080 SF
Zoning:
RM-l (Miami Beach - Low Intensity Multi-Family Residential
District)
Year Built:
1940
Condition:
Average
Land-to-Building Ratio: 2,39:1
Consideration:
$500,000
Financing:
Cash to the seller; $450,000 conventional mortgage from the
International Bank of Miami
Cash Equivalent
Sales Price:
$500,000
Cash Equivalent
Sales Price/SF:
$82,24
Comments:
The improvements consist of a one-story CBS day care center/
nursery school facility which was built in 1940 and has an
adjusted building area of 6,080 SF, as per the Public Records
of Dade County, Florida,
J.B. ALHALE & ASSOCIATES, INC.
. Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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Suoolemental Sale Number One - Continued
Comments
(Continued):
The gross building area is 6,216 SF and is comprised of two
identical 3,108 SF buildings which appear to have been
converted from a multi-tenant apartment building facility into
a day care/nursery school facility, The facility offers good
functional utility and appears to be a viable use in a residential
area, with easy access and good frontage and visibility I
exposure on Normandy Drive, The property has a central
courtyard area which is utilized as a playground, as well as a
paved off-street parking area for seven cars, and a drop-off
area.
The property was leased to the buyer for $4,900 per month;
and the tenant had the option to purchase the property for
$500,000. The property continues to be owner-occupied by
the buyer,
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 41 -
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Suoolemental Sale Number Two
Address:
7115 Rue Notre Dame Drive
Miami Beach, Florida
Legal Description:
Northern 55 feet of Lot 40, Block 9, Isle of Normandy Ocean
Side and Trouville Sections Second Revision, as recorded in
Plat Book 40, Page 35 of the Public Records of Dade County,
Florida
Grantee:
Shari L. Daniels
Grantor:
Jaime Rojas
O,R. Book/Page:
18167/2733
Date of Sale:
June 25, 1998
2,750 SF (.06 acre)
1,214 SF
Site Size:
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Building Area:
Zoning:
Year Built:
1947
CD-2 (Miami Beach - Commercial Medium Intensity District)
Condition:
Average
Land-to-Building Ratio: 2,27: 1
Consideration:
$119,000
Financing:
Cash Equivalent
Sales Price:
Cash to the seller
$119,000
Cash Equivalent
Sales Price/SF:
$98,02
Comments:
This one-story daycare center is located along Rue Notre Dame
Drive, just off Normandy Drive, in North Beach,
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 42-
Zoning:
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Year Built:
Condition:
Date of Sale:
Consideration:
Financing:
Cash Equivalent
Sales Price:
Cash Equivalent
Sales Price/SF:
Comments:
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Suoolemental Sale Number Three
Address:
1700 Jefferson Avenue
Miami Beach, Florida
Legal Description:
Lot 1, Block 20, Palm View Subdivision, as recorded in Plat
Book 6, Page 29 of the Public Records of Dade County,
Florida
Grantee:
1700 Jefferson, Inc,
Teri Lee Toschman
Grantor:
O,R, Book/Page:
18125/1756
4,955 SF
7,500 SF (.17 acre)
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Building Area:
Site Size:
Land-to-Building Ratio: 1.51: 1
RM-l (City of Miami Beach - Low-Intensity Multi-Family
Residential District)
1932
Average
May 28, 1998
$400,000
$20,000 second purchase money mortgage
$400,000
$80,73
The two detached two-story CBS buildings utilized as a day
care center facility has a gross building area is 3,364 SF
consisting of the 1,178 SF western wing (589 SF on each floor)
and the 2,185 SF eastern wing (1,412 SF on the fIrst floor and
773 SF on the second floor),
J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 43 -
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Supolemental Sale Number Three (Continued)
Comments
(Continued):
The building has been utilized as a day care/nursery school
facility and offers good functional utility and is located one
block north of Lincoln Road, on 17th Street which is the main
artery connecting Alton Road and the beach, as well as the
nearby Miami Beach Convention Center, TOPNJackie Gleason
Theater and the City Hall complex, The property has a 47,5
feet by 62 feet fenced and landscaped area utilized as
playground area,
The existing improvements reflect a Floor Area ratio of .45,
while the maximum Floor Area Ratio is 1.25, permitting a
building with 9,375 SF, The existing improvements reflect a
land-to-building ratio of 2.23,
"
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J,B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 44-
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Suoolemental Sale Number Four
Address:
1160 71st Street
Miami Beach, Florida"
Lot 10, Block 11, Ocean Side Section of the Isle of Normandy,
as recorded in Plat Book 25, Page 60 of the Public Records of
Dade County, Florida
Legal Description:
Grantee:
ROLM, Inc,
Grantor:
Sephardic Congregation of Florida, Inc,
O,R. Book/Page:
"
1800114315
1,174 SF
Building Area:
Site Size:
6,675 SF (,15 acre)
Land-to-Building Ratio: 5,69:1
/""
Zoning:
Year Built:
RO (City of Miami Beach - Residential/Office District)
1944
Condition:
Average
Date of Sale:
February 27, 1998
$160,000
Consideration:
Financing:
Cash to the seller
Cash Equivalent
Sales Price:
$160,000
Cash Equivalent
Sales Price/SF:
$136.29
Comments:
This one-story CBS day care center/nursery school facility has
a gross building area of 1,174 SF and the building has been
utilized as a day care/nursery school facility, The facility
offers good functional utility and appears to be a viable use in
a residential area, with easy access and good frontage and
visibility/exposure on 71st Street.
,-
J,B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 45 -
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Suoolemental Sale Number Four (Continued)
Comments
(Continued ):
The property has a 90 feet by 53,4 feet area utilized as
playground and fenced off-street parking areas, The existing
improvements reflect a Floor Area ratio of ,18, while the
maximum Floor Area Ratio is 1.25, permitting a building with
8,344 SF, The existing improvements reflect a land-to-building
ratio of 5,69 which is considered high, thus providing
expansion potential.
"
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J.B. ALHALE & ASSOCIATES, INC,
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 46-
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Suoolemental Sale Number Five
Address:
1221 71st Street
Miami Beach, Florida
Legal Description:
Lot 76, less the northerly 25 feet, Block 10, Isle of Normandy
Ocean Side Section, as recorded in Plat Book 25, Page 60 of
the Public Records of Dade County, Florida
Stanley C, Myers Community Health Center
Jonathan Candiotti
Grantee:
Grantor:
Q,R. Book/Page:
Date of Sale:
17554/3414
Site Size:
January 21, 1997
9,826 SF (.23 acre)
2,003 SF
. ... Building Area:
Zoning:
Year Built:
CD-2 (Miami Beach - Commercial Medium Intensity District)
.'
1946
Condition:
Average
Land-to-Building Ratio: 4.91:1
Consideration:
$300,000
Financing:
Cash to the seller
Cash Equivalent
Sales Price:
$300,000
Cash Equivalent
Sales Price/SF:
$149,78
Comments:
This two-story mixed-use building is utilized as a daycare
center on 71st Street, in North Beach. There are no off-street
parking spaces.
J,B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 47 -
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CITY OF MIAMI BEACH
1700 Convention Center Drive. Miami Beach, FL 33139
http:\\ci.miami-beach.fJ.us
OFFICE OF ASSET MANAGEMENT
Te'ephone: 305-673.7193
Facsimile: 305-604-2437
March 14,2000
Jozef Alhale, MAl
J,B, Alhale and Associates, lnc,
3121 Commodore Plaza, Suite 200
Coconut Grove, Florida 33133
TRANSMITTED VIA FACSIMILE
786/552-0970
Re: Fee Simple Appraisal of the Proposed North Shore Community Center Structure,
Including the Foorprint of Land Directly Beneath Same
DearMr, Alhale:
Thank you for your prompt response to the above referenced bid request. Please be advised that
your bid of $2,000, to complete and deliver the appraisal report within three (3) weeks, has been
accepted, Please consider this our formal request for you to engage in this project, and proceed
with the aforementioned appraisal.
~
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If you have any questions or require additional information, please do not hesitate to contact me
at 305/673-7000, extension 6727,
JD:rd
cc: Christina M. Cuervo, Assistant City Manager
F:\DDHPlSALLIASSETlNOSHOREIA W ARD.APR
J,B, ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 48 -
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Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
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3121 CommoQore PIn., Suite 200, Coconut Grove, Florida 33133 ,
r.I:(186jS52.0960 Fall;: (7861 552.0970 i
CONTINI liNt; FlJl/CATTnN FOR RFAr fl'''lTATF AP-P'UIl'lAI '4J i
= CClIIR~l"ISI=MINAR 11T1 F i
CQIlE HQU~a~
3I3f.!000 Regression Analysis In Appraisal Praclice: CCllC8pts anCl Applications ACE950643565 7.0
212912000 Federal Appt'aisal Requiremftnts ACEN2123878501 3.0
10115.16/1999 Course 330 Apanment Appraisal: Concepts and Applications ACE5288 16.0
1012/1999 Anacking and Defending an Appraisal ACE2150 3_'
811311999 Partiallnlef'estValualion.Cl'lk:leCl ACE7003 7.0
7/2411999 The Goo<l, \hI Bad and \h8 ApPl'8isall3oan:r ACEl174 3.0
511/1999 An inside view oIe1tlics and $tarnlards ACE2203 3.0
811411998 7 Hour USPAP -CONI- Law fOr Appraisen ACE1261 7.0
7118/1998 The Imp8d 0' Contamination on Real Estate Value ACE2143 3.0
6112.1311998 Standarcls of Professional Practice, Part C ACE1959 16.0
5/2/1998 Loss Pl"8'lenlion lor AppraiSIl/'S ACE2Q70 30
41311998 Small Hotel/Motel Valuation ACE20t59 7.0
212011998 Appraisal Office Management ACE2O<< 7.0
1/3111998 Non-contormIngUS8S ACE20<6 3.0
918/1997 Appraisal of Transfenlble OeveIOJll1lent Rights ACE1965 3.0
71811997 HAIFA Fair LendInQ CotMY 50-4 7.0
11/1511996 Appraisal of Nwsing Home Facilities ACE1875 7,0
7/1311996 The '98 Data Exc:hangeIRoundtabl8 for Incame Prcpertles ACE1825 3.0
21311996 Intem8C and the AppraIser ACE1750 30
811811995 The Appraiser as Expert Wtr\ess ACE1531 7.0
2/.4/1995 Real Estate E'iatuallons and the Apptaisallnduslry ACE1l512 3.0
~
101141199-4 Seven Hour USPAP "Core" L.aw pO/' AppraiSltl's ACE1261 7.0
81511994 Umilvd Appraisals and Repotting Options ACE1557 7.0
7/13-1611994 Standards of Prcteslional Practice, Parts A and B 410&.20 27.0
5111/1994 Vetttlcatlan of Mar1Cet Data ACE1532 3,0
411811994 Power Una EuementI end EMF Seminar ACE1.gs 3,0
2/12/1994 Americans with ClsabUitles Ad. (ADA) Seminar ACE1462 4.0
9111/1993 HatelVatuatlan ACE10e5 3.0
4117/1993 'M1y the Cap Rate is Always .10"? ACE1263 3.0
912611992 Eclucatloo: The New Generation ACE1203 3.0
9117-1811992 HateclMatet Market Study, Valuation & Investment ACE1256 14.0
211/1992 Prsc:ticaI Appraacn.s to Appraising Troubl8cl Properties ACE292 3.0
811511991 Overview of Recent Changes to Standards ACE691 30
911111990 Subai'llsianAnalylis ACE990 7.0
6124-3011990 Report Writing and Valuetlan Analysis EXAM2-2 18.0
2124-31311990 Ca" Studlel in Ru! Estate Valualior'l EXAM2.1 39.0
9/23-11141989 Capltall%atlon ThlIory and T.w:hniquel, Part B EXAM'''' 39.0
5/7-11/1989 SlaI'ldardaofF'rateuionaIPntctice SPP 24.5
~-31181989 CaptlBllutlan Theory and Techniques, Part A EXAM1B-A 39.0
9117-101221988 Real ESlateAppraisalP1lnciptel EXAM1A.1 38.5
9110-101151988 BasicVahJalklnPn:M:edl.nI EXAM1A-2 W
TOTAL 446.0
(0): An CQurses/seminars I9Onsored and given by the Appraisatlnsli~te.
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J.B. ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consnltabts
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 54-
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Experience:
Membership:
Professional
Experience:
'.
Academic
Education:
Licenses:
Assignments:
JOZEF ALHALE, MAl
3121 Commodore Plaza, Suite 200
Miami, Florida 33133
QUALIFICATIONS
Twelve years in the field of real estate valuation, consultation,
economic research and market analysis,
Appraisal Institute, MAl
Miami Society of Commercial Realtors
J,B. Alhale & Associates, Inc" Miami, Florida
President, May 1994 to present
Dixon and Friedman, Inc" Miami, Florida
Senior Appraiser, October 1991 - May 1994
R,G, Davis & Associates, Inc" Miami, Florida
Fee Appraiser, January 1991 - October 1991
Izenberg Appraisal Associates, Inc" Parsippany, New Jersey
Staff Appraiser, July 1988 - December 1990
"
Master of Science, Computer Science
Rensselear Polytechnic Institute, Troy, New York
Bachelor of Arts, Cum Laude, Computer Science
New York University, New York, New York
State Certified General Real Estate Appraiser -
State of Florida Certification Number RZ 0001557
Real Estate Salesman - State of Florida
Appraisals - Vacant land, warehouse facilities, shopping centers,
office buildings, rental and condominium apartment buildings, hotel
facilities and special-purpose properties including parking garages,
A,C,L.F" service stations, audio/video production studios,
restaurants, marinas, automobile dealerships, and yacht repair/
manufacturing facilities,
Partial interests, Land Leases and Air Rights,
Consulting - Economic research, market and feasibility analysis
pertaining to commercial and multi-family residential developments,
condominium conversions and land acquisitions.
J,B, ALHALE & ASSOCIATES, INC.
Real Estate Appraisers and Consultants
3121 Commodore Plaza, Suite 200 . Coconut Grove, Florida 33133
- 55 -
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