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5890 SW 69 ST_1984 PROPERTY APPRAISERS Miami-Dade My Home Page 1 of 1 x My Home - W_ N MIAMI•DADE Show Me: Property information Legend Search By - r u4 ' Property S w fiat Select item �igr - z- �" x Boundary .H Selected Property ® Text only = Property Appraiser Tax Estimator. s Street Property Appraiser Tax �' t114i � `�� Highway Z' Comparison Miami-Dade •� ;' County Summary Details: a �� -? =r�'�°'� > Water Folio No.: 09-4025-028-2070 �y Pro ert : 5890 SW 69 ST t r t Qfi N Mailing CITY OF SOUTH MIAMI ' ddress: _- 54rY it1TH S7i �� 6130 SUNSET DR SOUTH W p �g MIAMI FL � � w 33143-5040 ��;, 6 '"' Property Information: - Prima Zone: 7000 INDUSTRIAL CLUC: 0040 MUNICIPAL Beds/Baths: 0/0 SW t4SF ST..,,.._ i�+*aW'7157 Sr Floors: 1 Living Units: 0 d'Sq Footage: 1,896 Lot Size: 131,050 SO FT ,m ear Built: 1971 OWNSITE OF Aerial Photography-2009 0 129 ft Legal LARKINS PB 2-105 Description: LOTS 7-8-9&30 THRU 35 BLK 16 LOT SIZE 225.000 X 138 Assessment Information: My Home I Property Information I Property Taxes Year: 2011 1 2010 1 1 My Neighborhood I Property Appraiser Land Value: $1,552,50 1,552,50 Home I Using Our Site I Phone Directory I Privacy I Disclaimer Building Value: $100,270 $101,555 Market Value: $1,652,77 1,654,055 Assessed Value: $1,652,7701$1,654,05 Taxable Value Information: If you experience technical difficulties with the Property Information application, Year: 2011 2010 or wish to send us your comments,questions or suggestions —Applied Applied please email us at Webmaster. Taxing Authority:, Exemption/ Exemption/ Taxable Taxable Value: Value: $1,652,770/ $1,654,055/ Miami-Dade Regional: � $0 m 2002 Miami-Dade County. $1,652,770/ $1,654,055/ All rights reserved. ounty: $0 $0 <.Cy. $1,652,770/ $1,654,055/ $0 $0 School Board: $1,652,7701 $1,654,055/ $o $o Additional Information: Click here to see more information for this ro erty Community Development District Community Redevelopment Area Empowerment Zone Enterprise Zone Zoning Land Use Urban Development Boundary F oning on-Ad Valorem Assessments nvironmental Considerations http://gisims2.miamidade.gov/mvhome/propmap-asp 12/15/2011 M_iami-Dade.My Home Page 1 of 1 My Home - .. _ MIAMI DADE m�a Show Me: Property information , � t Legend _ti Search B3 r3.i3 �� l a f' i Prope a33 rar Select Item ' Bound ry a 3�m 33 � 1k Selected Property Search Results: No match found forAddress:5889 Sw i 1 13 dMi 70 ST Street Other possible matches: I31� Click on Folio to select property. t - X13. �3� 311n � ` yam' Highway ' 3 n31n3 ,3r I33 " Miami-Dade Folio:0940250000951v 333 3 County 5 Owner:MIAMI-DADE COUNTY 1�� .�i r�� ,�'" Water 3 33 � Address:5870 SW 70 STS Folio:0940250282070 3I 6 Owner:CITY OF SOUTH MIAMI � �� I III ` 3' 1�+- F- Address:5890 SW 69 ST �� 3 r, i)7 G n� 33; pf aq. 1 Aerial Photography-2009 0 30761 ft My Home I Property Information I Property Taxes I My Neighborhood I Property Appraiser Home I Using Our Site I Phone Directory I Privacy I Disclaimer If you experience technical difficulties with the Property Information application, or wish to send us your comments,questions or suggestions please email us at Webmaster. Web Site ©2002 Miami-Dade County. All rights reserved. httpJ/gisims2.miamidade.gov/myhome/propmap.asp 12/15/2011 N , 1 A .PPit AI8 L O F 7° SOUTH MIAMI INSPSCT10X ST .k, A N.- D A VACANT I NOtTS :T It I A L PAQCgy ' • s r 1.� :�%Z` i.�''. t t> is PROPERTY LOCATION Southwest 7 0th Street, South Mimi and Southwest 75th Avenue, Miami f Dade County, '•F2orida ` OWNa < i T ' u axe b.by" �-•`'-�'ti o-�,,�"ya"""k`F� '`�n- .. - - t.r _ .dam'�,�•u c�,,,, "'w� „�jssr3 �;.. 1 AMW A&WftCA C•(IAAfMMr . RA APPRAISALS. INC. February 21, 1984 Mr. David Smith city of South Miami Department of Planning and Zoning I 6130 Sunset Drive South Miami, Florida 33143 Re: Appraisal of Four Acres of vacant industrial land and a vacant vehicle inspection station in South Miami _ Dear Mr. Smith: I As you have requested, we have completed an investigation'. and analysis of the above referenced property in order-_- _to. . i.est-coats the Market Value of the fee simple title. , . A Market Value estimate reflects the aast-probable "sell ng ce- of the subject property. Usually, a..propetty yhic? Pis to U listed for sale is offered at a hi `her sale rice. 9 Price han °the 'expected y.- p This . practice al both buyers and sellers- to' negotiate the actual price. Thus appraisal represents a Market Value estimate only. The subject properties consist of a vacated vehicle inspection station located on 31,013 square feet of commerpially zoned land and four acres of vacant industrially zoned land. The ,properties are legally described in the following report. Attached is a 70 page appraisal report which describes the . methodology utilized for our value estimate. -This report includes an executive summary for your convenience. ' Please note .. that it is a part of the appraisal, -and is to-be used, only fin conjunction with the full report. This report is aleq subject, to the assumptions and limiting conditions contained )ier iii n.. 5.x .. • 1 v zap{- r` 2 42 zgs 1C sue`. y '1 1� u�� .9UffE 11c , 33100 ;?7.4 !"§" 4ry..t.•'}-'�° .�',J i'..,"'-'`�:�".i �f i Mr. David Smith city of South Miami Department of Planning and Zoning February 21, 1984 Page 2. As a result of our investigation and analyses, it is our opinion ' that as of January 16, 1984, the Market Value of the inspection station property vast SIX HUNDRED TMM THOUSAND DOLLARS *6� 20,.000 the Market Value of the vacant industrial land yeast r ONE MILLION TWO HUNDRED SIXTY FI THOUSAND DOLLARS ` i 1, ; 0 Respectfully submitte onn i jPpra ser Vilee Presiden,V, Manages• • - Yv . _ _ .. -r: _is ... iQ• 4 _ -► Sir ear'�ri2yst�4+ a � t t TABLE OF CONTENTS Letter of Transmittal • • • • • • • • s • • • • • • • • • • • • • • • • • • • • • • • • • • ii Table of Contents • • • • • • • • • • • • • ♦ • • • • • • • • • • • •• • • • • • • • • • • • • iv Photographs of Subject Property v ; Location Map . . . . . . . . . . . . . . . . . . . . • • • • • • • • • • • • • • • at * • • • • . • xi Executive Summary • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • xii Underlying Assumptions and Limiting Conditions xiv , INTRODUCTION Objective of Appraisal 2 Property Rights Appraised 2 Ownership . .. :. . . . .. . .. . . . . . . . . . .. . . . .. ... . . . .. . . . . • 0 2 Market Valve .Defined . . . . . . . . . . • . . • . . . . .. .. . . . . . . . . . . 2 Property Identification • • • s• : • • • • • • • • .• •. ..• •. . . • i • i 3 Date of Valuation . . . • • . • . 4 LOCATION ANALYSIS-'. - . County and City Data . . . . .: . . .. :.. • . ., .:... . . ., . : : . " 6 o _. .. Neigh� 1 ®od','Analysis of_Co ��cciai::si.ta_� :. ;s .. ;�.�.•.�___: 10 Neighborhood Analysis of - Industrial S to DESCRIPTION .O�' ; ,$ROPRRTY - �--site I set"i`ption Inspectl n -Station. . .. . . . . . ... . . . . 16 Improvements Description 16 Boning 17 Real Estate -Tax 'Data . . . • � . .. . . •. . . : .. ...... . . . . : . . . . ` 17 site Description — Industrial Land 19 Zoning . . . . . . .-:: . . . . . .'. . . . ..i� .. . . . . . . ... : . . . .. . . . . . . 19 Real Zstat6 :.- Data .. .. . . . . . .. . . . . ....... : ... .'.:. . . . 20 HIGHEST AND BEST.=._DSE . Inspect . . ::. . ^. . :. . •'. ... . . . .. . . . . . 22 Industrial'la►nd. . • be * • • • • . • • . • . • . • • • • •!. .. . . . . . . i . . . . 25 VALUATION - . Appraisal Methodology .. . . . . . . . . . . . . . . . .. . . . . .. . . . . . . 27 The Sales .Coiparison Approach : 28 Reconciliatlon and Pinal 'V61tlon •ua 49 CERTIFICATION OF THE APPRAISERS1 : . . . . . ... ... ..... . . . . . 52 y 'x xL r f QUALIFICATIONS OF TH$ PRISfU a. i +»t ..a •• i# 54 ' ADDENDA Legal flea trt`'of City 16f q �- Z08sit3g.;-��l �1SC @$ ,� •.i .. �s . e �4s• � _ 60 Dade ' ?.."' s` } •�c t rl +� +ri 9 rs i �t�r F t #i �tM r� 4 3 y rg a A RANK AArRerACcoApA n PHOTOGRAPHS OF THE SUBJECT pROPERTY ` INSPECTION STATION mi Fln• F !tom _ '� _ f •- e�'�► � �,b� '�sc.L. _ mss.., � � �n-k' ` x ,...off T- �- 5 n'�� „K ��.. J,y,.r,• �,x� Ff,�,•e�..+,�y,fi. 3,s,N`�"r _r.^ FN'.. k w'`.�'�•�� ..-.5., 's �Fs"OY C'% S2..+o-:�' dFx.�{t �` } :K 7i",m FF•". .FV "Jr c3`2 i Look i-ng Nor d s 2 s Iry� .> ta- *..'i`" _..W X T� ti yam• i- � Wu ✓lam•^'"' r - �1i� ��` - �•1� �-t+e i63',.p _ `vt...__.. -tom. Y� ..� ': ^Y�'.yL-dam '•�2�•:y _+S,L - ,,;, -,a� c�'_�"�"�-`�=2:�-.#'_.ff°'6 fir `,e -`sr —^�`la'�w`"r`,• ,�:;�.n*a;, r,. I M -IV ra '' At g�Y � PHOTOGRAPHS OF THE SUBJECT PROPERTY �. INSPECTION STATIO�i, r M . �1 y��°k'.`� +Y, � sue' _. •1'��`:•^ � '��`' -'�3 � !- U0 S. l.. ®th `6treet - 3' k,4 % •T'•" S 3.')... ` - -. Z?� Yd .r c Y ' RBAMG/WAEEtlCAC�a1l/r f Y€ i p `'', ,,, 0 OUR erg, ��.�. .• � � i•. a� .,c a.�• +� a. ROM i ,fit Y f q �-- ✓ � F4'� ,Ay._f"�9 A.'iT ' "vim--�..,y✓'-`.,r�,�s° .. �t �c'r 7a _ -r x-r-k-�r- rt��. a� �d•< . per'='�4'9f a {b- 5+�.. 4 � •�_- �.+r`- _� J �,.- ' AP Rv i z f k. 4 Aq CTRZA�i ��'.•��T,`�� Efo� ._� , � ate-,- '~�`'�-� y�•s�. -�..� „t � .-�" -.�:. Location Map •'s""�" o t t R coo t t •� - N w V• j N t A M A j • ` �• w .s.� '�' °ter • M A • ! J h.•� • Lake r _o ,nom V..*too ;' A M j •�,• w M•logo rux Joe a t A C x two IF * - B�eeid�Ir•d erot v.b.,,. MOP6900 � a �..• cow& "e fed C o •t a •.r _ • 'J°^ god two god Now w•. 1Vi •�^' sow We- Av we.+ .�• C-r BA APPRAISALS. INC. EXECUTIVE SUMMARY The purpose of this analysis is to estimate the Market Value of the fee simple title of two properties owned by the City of South Miami. The first property is the old and vacated vehicle inspection station located in the City of South Miami, and the second property is four acres of vacant, industrially zoned land located west of .the City in Dade County. The vehicle inspection station on S.W. 70th Street is located across the street from the new South Miami Station for Metrorail, a new form of public transportation in Dade County. Construction on the new station, parking garage, and a new office building is now nearing completion. Other land uses in the area consist of small warehouses east of the subject 'property; a U.S. Post Office, and small commercial and office uses to the west of the subject property. Due to the new Metrorail, the neighborhood is beginning . to change in nature to take advantage of. the new transportation center. This property is :zoned C-2, Downtown Commercial District, by the City of South Miami. The site contains approximately 31,013 square feet, more or less. A small commercial use would be appropriate for the site considering its near proximity to the l Metrorail station. However, the existing improvements, consisting of ..a very small concrete block building with traffic lanes, testing equipment, and ' 'a large roof structure, would require extensive renovation ivorder to be converted into an appropriate useable structure. We believe it would be more economical to demolish the structure and build a new building. Therefore, the value of the property is fully contained in the land value. The industrially zoned parcel of vacant land is located east of the Palmetto Expressway and south of Bird Road in an industrial ' area. The site contains about four acres of undeveloped, uncleared land. The predominant land use in this area is multi-tenant. waehousing. : et• there is an and c of new r condominium grid rental warehouse .space available n e area. The subject �-,p— party is zoned IU-2, Industrial -- Heavy Manufacturing `,;.;,Thia zoning permits a variety of industrial uses, inciudint rehouses. highs sod, besr Use of to -Y reY #�e e ` er �' ie�i t 8xis Ong n. �te8u to .a normal vacancy`2evelp The valuation -of #bSt,. properties- requires consideration of three traditional approac�e.s to value: the Sales Comparison Approach, the Coqt Appron'c ; and the Income Approach: Because the subject properties are either vacant land or. improved with structures RM xii - BA APPRAISALS. INC. A PANKAFA we A COMPAW Which should be demolished, and because the theproperties Pichuis no income, neither the Cost Approach applicable to the ivaluationt.of the land. Only the Sales Comparison. Approach The Sales Comparison Approach is based on the principle of substitution whereby a prudent purchaser would pay no more for a property than the cost of acquiring an equally desirable substitute. . We found eight sales of similar commercial land in the South Miami area, and four sales After similar the Bird Road industrial area. square foot unit prices, we concluded that the commercial parcel unit value was $20.00 per square frosquare t and that this industrial parcel unit value was $7.25 per most reli when many sales - :occurre between them. Based on the information contained in vacatedsinspectiontstation opinion that the Mar f property as of January 16, 1984 wast SIX HUNDRED TWENTY THOUSAND DOLLARS ($620,000) i Based on the information - contained in this report, it is our . opinion that the Market Value, of the vacant industrial land as of January 16, • 1984 wa!s a f S - ONE MILLION TWO HUNDRED SIXTY FIVE THOUSAND DOLLARS [ ($1, 265,000) f This Executive repbrtSummary whichtfollowsread only in conjunction with the appraisal f i, f xi i i BA APPRAISALS. INC. UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS Title to the land is good and marketable. The property is appraised as though under competent management, in responsible ownership, and free and clear of all encumbrances and liens other than those mentioned in this report. The information supplied by others was assumed to be correct. J There are no hidden or undisclosed sub-soil conditions. No consideration has been given to oil or mineral rights, if outstanding. No responsibility is assumed by the appraisers for legal 'matters, nor is any opinion on the title rendered. The appraisers by reason of this report, are not to be required to give testimony in court with reference to the property appraised, unless arrangements have been previously made. The appraisers have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or identified survey of the property included in this report is only for the purpose of assisting the reader to visualize the property. The appraisal covers the property as described in this report, ' and the areas and ,dimensions as shown are assumed to be correct. The distribution of the total valuation in this report between land an improvements applies only under the reported highest and best use of of the property. The allocationg of value for land and improvements gust not be used in conjunction with any other appraisal and are invalid if so used. Mr. Victor J. Connor, Jr. is a Member of the American Institute of Real Estate Appraisers of the National Association of Realtors. The Bylaws and Regulations of the Institute require each Member and Candidate to control the use and distribution of each appraisal report signed by such Member or 'Candidate. Therefore, except as agreed, the party for whom this .appraisal report was prepared may distribute copies of this appraisal report, in its entiretl , to such third parties as may be. selected by , the party for whom this appraisal report was preparedi however, selected portions of this appraisal report shall not be given to third parties -without the prior. written consent of the signatories of this appraisal report. . Further, neither all or any part of this appraisal shall be disseminated to the general public by the use of advertising media,. public i relations media, news media, sales media or other 'media `for public communication without the prior written consent of the signatories of this appraisal report. xiv BA APPRAISALS. INC. t t i R. '•` INTRODUCTION Obiective of the Appraisal The objective of this appraisal is to estimate the market value of the fee simple title of two parcels of land owned by the City of South Miami . The first parcel is a vacated car inspection station located within the City of South Miami, while the second parcel is a vacant tract of industrially zoned land in Dade County located near Bird Road and the Palmetto Expressway. This appraisal does not include the value of the chattels (non-real property) on the inspection station property. Property Rights Appraised The subject properties are appraised as fee simple estates. A fee simple estate is the most absolute estate in real property. The opener has the right to use and to dispose of the property in any lawful manner subject only to the limitations of eminent domain, escheat,. police power, taxation, and private deed restrictions. ,e Ownership The subject properties are owned by .the City Of South Miami. ' Market Value Defined Market Value is defined ass probable most The � p price in terms of money which a property should bring in a competitive and open market under all :. .conditions requisite to a fair sale, the -buyer and sel=ler, each acting prudently, knowledgeably, and assuming: .;'the price is not affected by undue j stimulus. Implicit in this definition is the '. consummat ion _qf,.,a sale as of the spec i f i ed date and the passant' of title" from seller to buyer under conditions whereby:: : 1) Buyer 'and seller are typically motivated. 2) Both' ppairties are well informed or well advised and eacl%,.act 'fg in what they consider their own best i interest 4 i 2 BA APPRAISALS. INC. 3) A reasonable time is allowed for exposure in the opt. market. 4) Payment is made in cash or its equivalent. ! 5) Financing, if any, is on terms generally available in the community at the specified date and typical for the property .type in its locale. 6) The price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. "1 Identification of the Subject Properties The two properties are located approximately four miles apart. The vacated automobile inspection station is located within the � City of South Miami near the new Metrorail Station. The property lies between S.W. 69th Street and S.W. 70th Street west of South Dixie Highway (U.S. 1) , east of S.W. 59th. Place, and north ,of Sunset Drive. The site is legally described as: Lots 7 - 9 inclusive, and Dots 30 - 35 inclusive, Block 16, Realty Securities Corporation's 'Townsite of Larkins, according to the plat thereof recorded in Plat Book w, Page 105, of the Public Records of Dade County, Florida. The site contains 31,013 square felt, more - or less. The second parcel is a tract of vacant industrial land consisting of about four acres. This tract isvlocated between 4599 and 4795 S.W. 75th Avenue. This location is just east of the Palmetto Expressway (S.R. 826) and south of Bird Road. Although the property is owned by the City of South Miami, it is located northwest of the city in the jurisdiction of Dade County, A long legal description more accurately describes -the location of the property. Due to its length, this description is contained in the Addenda to this report . 1 . 4 1 • Real Estate Aapraisal Terminologw; Edited by Byrl Ai. Boyce. Ph.d-4- Ballinger Publishing Co. ; Cambridge, Mass. t 1981;. P9. ,101. 3 BA APPRAISALS. INC. A HANKAMI RK A C(MWO 1' ' Date of Valuation «fie effective date of valuation is January 16, 1984. The property was inspected on this date by Jennifer L. Smith, Appraiser. The property was also inspected on January 27, 1984 by Victor J. Connor, Jr. , MAI, SREA. 4 BA APPRAISALS. INC. M; ..... •. •I'IMIfV4M t i L O C A T I O N A L ANA L Y S I S _ _ 1 1 i1 d fi - 5 BA APPRAISALS. INC. V■ ' LOCATIONAL ANALYSIS COUNTY AND AREA DATA The subject properties are located in the City of South Miami and in southwest Dade County, Florida. Both of these locations are considered to be part of the Miami Standard Metropolitan Statistical Area (SMSA) which is defined as all of Dade County. The County covers a land area of 2, 042 square miles on the southeastern tip of the Florida peninsula. Dade County is the most populous county in Florida. Between 1970 and 1980, net migration accounted for nearly 90 percent of the County's growth.2 Annual growth rates during the last decade averaged more than two percent per year. =Although this is one of the lowest percentage population changes in the state, it is the second largest increase in absolute numbers. The largest increase in population occurred in Broward County, located immediately north of Dade County. The Dade County percentage 'inerease is expected to decrease slightly during the next decade, but the County Atal should remain the largest , county in terms of total population. South Miami, however, decreased in population during this period. The table below show the City and County population statistics (excluding refugees) : Area 1980 1970 Annual Growth Dade County 1,625,781 1, 267, 792 2.52% Miami . 346,865 334,859 0.35% South Miami 10,884 11, 780 . _7.71% Unincorporated 800, 346 537, 293 4.07%- Source: Unit s States Bureau of Census. The Dade County area attracts many different kinds of people 'due to its warm climate, beaches, boating, ' and tourist attractions.. Florida County Comparisons 1981, State of Florida Division 0 onomic Development. 8A APPRAISALS. INC. i The major tourist season is during the winter months, from la:. fall to mid spring. Miami Beach is famous for its large resort hotels which line the Atlantic coast . South Florida attracts many elderly persons moving to the sun belt for retirement. The entire urban area maintains 'a large Hispanic population, which hag led to a substantial increase in international trade between the Caribbean and South American countries. The county offers advanced educational facilities through seven universities and colleges, including Florida International University, the University of Miami, and Miami-Dade Community College. Overall, the Miami-Dade metro area offers a variety of i lifestyles and a high quality of living. i Although the economic base of Dade County was built on the tourist industry, the region's economic activities have begun to diversify. International trade has become especially important dug to Miami 's close proximity to Latin and South America. The value of exported goods increased from $1 billion in the last decade.3 At least 90 percentipf these exports were shipped to Latin America. The Port of Miami, the Miami International Airport, and Miami 's Free Trade Zone provide the essential transportation network for this industry. Expansion of the international trade with Latin and South American nations is significantly affecting Miami ' s development as an international banking center. The banking industry is the largest user of office space in the greater Miami area. The largest growth percentage in office space use has. occurred among the International Agency Banks and the Edge Act Banks (banks Miami, Florida, . Windsor Publications, Inc. with. the Miami Board of Realtors, Woodland Hills, California, 1983. BA APPRAISALS. INC. A SANKMU WC A COMPANY authorized to handle only international transactions) , In . addition, domestic banks are undertaking large expansions in the { area. i The Dade County Industrial Development Authority' conducts an active campaign to attract new light industry to the area. Already, manufacturing represents an important source of jobs in the County. The most important sector is the garment industry, although other sectors include the production of medical devices, optical goods, electronics, and data processing. q other important industries in the County include real estate, building construction, and agriculture. In addition, nearly 200 corporations have offices in the . Coral Gables area. . These corporations include Exxon, General Electric, Goodyear, DuPont, Shell Oil, and Dow Chemical. Other corporations such as Ryder Systems, Burger King, Levitz, Eastern Airlines, and Air Florida, . maintain their corporate headquarters in Dade County. } The mild climate and the aquaL�c attributes of South Florida provided the City of Miami with its original economic base of tourism. However, a diversification of this base is occurring as new business and industries enter the Miami market. A unique location on the peninsular tip of Florida near major foreign markets contributes to the City's growth as a center of International trade and finance. The boom in international trade is expected to continue in the long-run, developing Miami into a truly international city. "International Banking, Miami 's No. 1 Industry", Richard H. Neve, Office Guide to Miami, Vol. 1. No. 1, Spring 1983: Coral Gab e = pg.. 1 . r - BA APPRAISALS. INC. A SkWA C RICA CC7 GWO 1. � Tarns Ate° �� 1/Z�� l�l!1!.■ " -.A, � , Vista FA Ak err �T! °s R ��•• ,.�...r. r� Nis F"Imp iN ig s � 5 w [TIN! MIA INE Ifs ..Ili Lih � °= ► WWI , PW "qi 1 a,a !. � NEIGHBORHOOD ANALYSIS The two subject properties are located in two distinctly different' neighborhoods. Therefore, each neighborhood is discussed separately below. ' Parcel_ One -- The Inspection Station ` The vacated automobile inspection station is located within the ! boundaries of the City of South Miami . South Miami borders a 1 portion of the west edge of the City of Coral Gables, which in turn is located south and west of the City of Miami . South Dixie Highway (U.S. 1) , which runs north and south along- the _ eastern coast of Florida, bisects the southeastern corner of y S outh Miami . The subject property is located in a neighborhood which is centered around the intersection of U.S. 1 and Sunset Drive. This neighborhood is in a period of transitional change due to the new Metrorail project being constructed parallel to U.S. 1. 0 A Metrorail Station was just Completed at the intersection of U.S. 1 and Sunset Drive, ' and a new parking garage is under -� construction behind the station. In addition, a new multi-story v office building and parking garage is under construction just west of the Metrorail parking garage. These same type of land �. use changes are occurring near new stations all along the southern route of the Metrorail. Another major influence on the subject neighborhood is the South Miami Hospital which -is located one block south of Sunset Drive. Several medical office buildings are scattered in the neighborhood, however most of these are located.- a few blocks west or south of the subject property. Another ' hospital, the Larkin Hospital is located about three blocks, west of the subject property north of Sunset Drive. Properties to the east of the subject site and ,rest of-�U.S 1 consist of small light industrial uses, while proerties_to the n WXU west are commercial uses. This division is the result of zonir, designations by the City of South Miami . The area one block north of the subject property changes in nature to low income multifamily housing. This change in use puts the subject property on the northern edge of the subject neighborhood. The inspection station is located on the north side of S.W. 70th Street across from the Metrorail parking garage site. The property on the west side of the subject property is a U.S. Post Office, while the property on the east side is the Sunset Truck and Van shop. The City property extends north to S.W. 69th Streets this portion of the property is where automobiles exited from the inspection station. A body shop, a roofing company, and small warehousing are located along S.W. 69th Street. Parcel Two --_Vacant Land The parcel of vacant land is not located in the City. of South Miamit it is located in the western portion of the 9 reater Miami area and is under the jurisdiction of Dade County. The neighborhood is an area of industrially zoned -land. on the south side of Bird Road between the Palmetto Expressway (S.R. 826) and S.W. 72nd Avenue. The predominant zoning in 414 area is IU-1 and IU-2, light manufacturing and heavy manufacturing. Consequently, the major land use in the neighborhood is warehousing. A trend toward condominium warehouse space is very noticeable as indicated by the many signs advertising available new space. The neighborhood has easy access to the South Florida freewa Y system on the nearby Palmetto Expressway. ,, This route connects i the Florida Turnpike and Interstate 95 in NoA-ii- Miami -to U.S. 1 s in South Miami. Both the Turnpike and Intertate. . 95 run north and south along the Florida peninsula. The Palmetto Expressway 4 _ 11 BA APPRAISALS. INC. M . t also connects to the Dolphin Expressway (S.R. 836) . Th. highway runs east and west in central Miawit it is a major access route to the Metro-Dade International Airport. Rail transportation is also available as the Seaboard Coast Railroad (SCL RR) tracks form the southern boundary of the neighborhood. Several industrial operations do have spurs to the railroad. Land uses on surrounding properties include commercial business uses along Bird- Road, the large Dade County Tropical Park on the west side of the Palmetto Expressway, and: single family housing. The area' just south of the subject neighborhood consists of several upper-niddle- 'income condominium projects followed by middle income single family housing in the City of South Miami . The subject neighborhood is nearly fully developed, however there is land available for --industrial development on the east side of S.W. 72nd Avenue. At four acres, the subject property appears to be one of the largest vacant tracts available in the area. The subject property is surrounded by multi-.tenant warehouse uses. These warehouses consist of both new and old buildings, and both rental and condominium ownership, buildings. The City of -South Miami also owns the property next to the subject on the south side. This parcel is the City's Public Works Department. Rinker Cement Conpaisy operates .a plant behind the Public Works Department on S.W. 74th Avenue. Condominium warehouses are also being developed along S.W. 74t Avenue. The neighborhood is an 'established light'.industrial, area. There is adequate major road access for this type of use, f ,The 'area 'ia a- } nearly fully developed, although there `.is still rooia four . some new development,, eepeciall � In the eastern portioncroe'a S.W. 72nd Avenue. The: predominant land; use is multi=tenant 1.2 - 9A APPRAISALS, INC. t3■ A RA4ic M,a wr,rC#.#M W warehousing# and there appears to be a fairly large amount vacant warehousing space available. Most of this space, however, consists Of just completed units which are now being absorbed into the market. E 1 :S 3 x Y • 13-'\ BA APKLMSAL5: INC. A RANKAM PKA COMMWY } k . � . � � : . >// .. . . ƒ � � n-, . . . \ . . >�« \ P R O P E R T Y D E S C R I P T I 0 N � } \ . 2 �\. . \ �z � > �C \ �\ / ® 14 \ BA ARPM|SAL\ |NC\ A__enCOMPANY I �X♦ t t s ••w '�•• • +' tf 1 ♦ Ow top of 40 f IL fa IL lit 4 Its 6.1 • � _-� _ � —•tom is ;' � • { r� � • :(�''�•� • � •� t • . trt:rtp;� '.,t s s.t s't i t �•',s s{:ta. : � �1 • �s li110 t W � _ • • i . 16 t •- f t i JIL t# _ s i } PROPERTY DESCRIPTION j Parcel One Inspection Station Site Description. The vacated inspection station site in the City of South Miami consists of nine lots, each measuring approximately 25' x 1381 . Six lots front on S.W. 70th Street, and three lots front on S.W. 69th street. Total area as estimated from a site survey is 31,013 square feet, more or less. A plat is shown on the facing page.; b The site is level and has little vegetation except for a few trees and grass near the entrance on S.W. 69th Street. Improvements on. the site consist of concrete paving, the inspection station building, and 5 foot high chain link fencing. All utilities including . electricity, water, public sewage, and telephone service are available to the property. Access to the, property is obtained off S.W. 70th Street and S.W. R 69th Street. S.W. 70th Street�sis a 30 foot wide asphalt two lane road, while S.W. 69th Street is a 20. foot wide asphalt two lane road. v Improvements Description. The inspection station building is located on the north three lots fronting on S.W. 69th Street. The concrete block building contains approximately 278 square feet. It has a concrete floor covered with vinyl asbestos tile and a stucco ceiling and exterior walls. A 76 square foot light machine storage zoom is.located about 22 feet in front of the main building, and a 43 'square foot compressor room is located in the northwest corner of the property near the exit. Both of these structures are constructed of concrete block. Two 12'fooic wide concrete traffic lanes run on either side of the main structure. These 'traffic lanes are about 193 feet in - . 16 BA APPRAISALS. INC. A SMMAWNCA COMMW length. Testing equipment such as a headlight adjuster, a brake 1 pound meter# and a hydraulic lift are built into or next to each traffic lane. This entire complex is covered by a concrete roof structure which is supported by stucco covered concrete columns. Another traffic lane is located on the extreme eastern end of the property. The rear portion of the site consists only of a S-shaped dirt drive which was used as a waiting area for the cars to be tested. zoning. The subject property is zoned C-2, Downtown Commercial District, by the City of South Miami. This designation permits all uses permitted in the CO and C-1 districts in addition to other commercial uses which are listed in the Addenda. Among the permitted uses are a bus or taxi terminal and, as a special use under the C-1 District, a service station provided that the proposed use meets 13 requirements and is approved in a public hearing. A copy of the CO, C-11 and C-2 district regulations is contained in the Addenda. Real Estate Tax Data. Becau*6 the property is owned by a municipal government, no taxes have been assessed for the property. However, a private purchaser would have to pay real estate taxes. Therefore, we have estimated' the real estate taxes based upon the most recent tax millage rate applicable to the site. The millage rate for 1983 was 20.774. Assuming an assessed value of $620,000, the real estate taxes would be $12,880 ( .020774 x $463,000) . No clear, pattern of actual tax rates to selling price ratios could be obtained from the '' tax 1 rolls to check on these figures since .most of the land sales `in the area were improved with single family residences which are scheduled to be demolished. r 17 i BA APPRAISA , INC. _ A BAWAW MCA cowprwr SKETCH Off" URVE Ar Jec toc 40 y .so• �r • l ' Parcel Two -- Vacant Land Site Description. The vacant industrial parcel has frontage on two roadet the east boundary has 281.10 feet of frontage on S.W. 75th Avenue, while the west boundary has 304.32 feet of frontage on S.W. 74th Avenue. The north boundary is 619.15 feet, and the south boundary is 632.47 feet. The entire property contains four acres, more or less, however, the property could be easily divided into two pieces. A survey sketch is shown on the facing page. The site is at street grade. It -is basically level, although the terrain is rough since most of the area has not been cleared. The site is overgrown with vegetation.- including Australian Pines, tall grasses, bushes, etc. Approximately one-quarter of the property, that portion fronting--bih S.W: 74t?i Avenue, is cleared and currently holds. several piles of junk.. _ Both roads which provide access to . the property are two 14ne asphalt paved streets. ' Them are no curbs or gutters. .The property is fenced with chain link fencing along the roadways. Access is obtained through the City of South Miami Public Works Department next door. Utilities, includ m* 4g electricity and G , telephone service, are available but are not hooked-up. According to the Dade County Water . and Sewer Department, there is no public sewer service in the area, but a private company does provide some service. Zoning. The site is coned under the jurisdiction of. Dade County'•.- as Industrial, heavy Manufacturing District (IU-2). All uses permitted in the IU-1 District are also permitted in the District. Additional uses include rocks and sand yards, cementY and clay products, soap manufacturing, railroad shops., sriis, , . petroleum products storage, and dynamite storage;. A ;Y�e complete description of the uses permitted in both the ii I 1 IU-2 districts is contained in the Addenda. . ; 19 - , t3A APPRAtSAtS, ttC `° A Rm&AwswA ftv.~ Real Fstate Tax Data. Because the property is owned by a municipal government, no taxes have been assessed for thy. property. However, a private purchaser would have to pay real estate taxes. Therefore, we have estimated the real estate taxes based upon the most recent tax village rate applicable to the site. The village rate for 1983 was 18.069. This rate is usually applied to the assessed value Qf the property. Florida .law requires that properties be assessed at 100• of market value. However, the chart below shows that properties in the area which have sold recently have been assessed at _ approximately 50% of the sale price. - Also, taxes average at one percent of the sale price. O.R. Sale Taxes to Assessaent .to Number Date Sale Price Sale;.price 11747 10 3-8 "MOW-- 11673-1202 1-83 6 11695-1951 2-83 •00956 .52930 11697-0542 2-83 •00876 .!4 @47 6 %00846 .,4�6g24 11784-0301 5-83 .01004 .55565 Taxes based on a full 1001 valuation assessment (assuming a $1, 265,000 sale , rice) would be $22857 p ($1!-', 265,000 . x .018069). But based on the analysis above, we believe that a more realistic assessment would be about $12,650 t51,265,000 x .01) . 20 - - BA /1PP�A15AL5, i�C, A RAMC A m-WA CnUPAM/ 1 H I GHEST AND SES. T U S S. v i 3 f BA At'Pt2AtSAl.S. Cl ` HIGHEST AND BEST USE ANALYSIS A site is always valued under its highest and best use. Highest and best use of land is often defined as: That reasonable and probable use that supports the highest present value, as defined, as of the effective date of the appraisal. Alternatively, the use, from among reasonably probable and legal alternative uses, found to be physically possible appropriate) financially feasible, and which results in highest land value.2 Highest and best use analysis usually consists of two separate studies. The first considers the most profitable use of the site as if vacant, while the second considers the existing improvements. If the highest and best use of the vacant .site is not the same as the - existing use, then the existing use should be changed only if the increase in profit from the new use exceeds the. cost of demolishing or altering the ":.existing improvements. Otherwise,' the � ighest and . -best use of the site remains as the existing use. Parcel One -- The Inspection Station y v This parcel is located in an area where land uses are changing as a result of the new Metrorail Station. A good example of this change in uses is the office building and and, parking garage projects located on -the corner of Sunset Drive and S.W. 57th Court. These type of uses take addantage of the .number of people expected to commute to -w rk on the Metroral Those cammutin9 downtown need' a - place to park their cars at she station, while others will want to work in offices convenent ' o 4 2. Real Estate A raisal Terse nol '. Revised s Adaiti ed to by Byrl . �I. Boycet m r e. Miss, n Publishing Co., Fire t Prfntfrig- 1981s` pp2€i=22� � .id ' �t �, zc - r :}SR4 �i�°°#. _:;•:fix.�� 22 x ° _ 14PPRA15�-15, iNC. w9�xM�r�auGoe�nr i, Metrorail stations so that they will be near the most economic, source of transportation.' All the land surrounding these stations should be in high demand considering the limited amount of space available with such a close proximity to the 'Metrorail. The highest and best use of Parcel one as if vacant would be some type of small commercial use which would serve disembarking passengers. Such uses could include - a parking lot, a service station, a terminal for secondary transportation sources such as a bus or taxi service, offices, or small shops such as a drycleanei:s. The highest and best use of the site as improved cannot be the current use. Vehicle inspection stations are no longer necessary in the State of Florida due to a change in State laws. In fact, the South Miami inspection station has not been used for anything since the law was: changed. This site, the is a good example of improved properties with a changing highest and best use. v The structures on .the property were designed specifically for an inspection station use. The roof. structure covering the other improvements has a high ceiling height. Evew if the sides of the roof structure were walled in, the jceiling height"would be functionally obsolete for most of the Pluses we deem acceptable for this site. Also, the resulting building would house a smaller building (the former office space) within a building. The entire setup is not one which is normally found in -the market. Most other inspection stations around the state consist of warehouse type buildings which are more easily converted into alternate uses. According to the Acting Director 'of the Department _ of ^` Moto Vehicles in Tallahassee, the agency has- not kept track of the. �3 g - F N Y t _ r 1 BA APPRA1�AiS tl�tC. ABAW_AAWWACt MPAW former inspection stations. One inspection station in cora. Gables is now used for state drivers license testing, but again this building is not similar to the subject building. The inspection station in Gainesville, Florida was a Butler type ;;• warehouse building. Part of this building is used for an ambulance service, and part of it is vacant. A Butler building, however, is :much more adaptable to other type of uses than the subject improvements. In order to convert the the use of the site into any of the potential uses listed above which would utilize the existing structures on the property, extensive renovation would have to be undertaken. Potential uses which would not require extensive renovation would probably not be allowed under the C-2 zoning regulations. Therefore, we believe it would be more economical to demolish the existing building. In accordance with this belief, we have allocated no value to the improvements. Also, the property does contain some chattels (the headlight adjuster, the brake pound meter, and the hydraulic lift) . The value -of. this equipment is not esiimated since only the market value of the real estate is estimated in this report. Therefore -we have estimated the entire value of the property as land value. 24 BA APPRAISALS, iNC Q Parcel Two -- -The Vacant Land The four acres of vacant land is located in an established Industrial area. The surrounding properties consist mainly of warehouse space, both rental and condominium space. The subject property is zoned IU-2 Industrial, Heavy Manufacturing. This zoning category along with the IU-1 (Industrial, Light Manufacturing) are the predominant zoning categories in the subject neighborhood. Therefore, an industrial use, especially a warehouse use, would be compatible with surrounding land uses. This type of use would also be a legal use of the site. Although no soil- tests -have been made, the land appears to be similar to other land in the area and therefore we assume it is physically possible to construct a warehouse facility on the site. Water, electrical service, and telephone service are r available to the site, and there is a good chance that sewer lines can be hooked-up. The availability of these services is essential for the development of the land! If the highest and best use !sf the site is to develop it into multi-tenant warehouses, then there must be a sufficient demand for these spaces to generate an income stream great enough to Justify construction costs. There are alr'ead'y quite a number of these type of spaces which have just beenlcompleted or are under construction. A€ter the market absorbs some of this excess space, then the subject property may be ready to develop. But now, the highest and best use of the subject site is its present use--to hold the land for future development as warehouse space. =tom- BA APPRAISALS. INC. S �r 1 V A L U A T I Oi►1 f s - BA APPRAeSe4L5 A SANCA%*ItlCA Cok*%M VALUATION APPRAISAL METHODOLOGY Appraisal methodology is the orderly program in which the data used to estimate the value of the subject property are acquired, classified, analysed, and presented. The appraisal methodology applied to any specific property or property type must emulate the thinking of the most probable class of purchaser. The basic tenet of the three classic appraisal approaches is the principle of substitution which affirms that a prudent purchaser has three alternate courses of action available: either to buy a vacant site and build a similar property (Cost Approach) ; to acquire an equally desirable existing property offering comparable utility (Sales Comparison Approach) ; or to acquire a substitute income stream of comparable quality, quantity, and durability (Income Approach) . For vacant land, the only applicable approach is the Sales Comparison Approach. - In the Sales Comparison Approach, the appraiser .gathers data on sales of comparable properties and analyses the nature and' contrition of 11 each sale making logical adjustments for dissimilar characteristics. Typically, a common unit price denominator is found. For vacant industrial land, this unit price is usually the price per,, acre or price per square foot. In this market, we found the price per square foot to be most representative of property values. The Sales Comparison Approach provides a good indication of value when sales of similar properties have occurred recently. 27, 13A APPRAISALS. INC. A SAmKAA{RK A Cf A71NY t" The Sales Comparison �1mr_ o�ch This approach involves a direct comparison of the property being appraised to similar large size properties that have sold in the same or similar markets. The underlying theory of this approach is based on the concept that the prudent purchaser will pay no more for a property than for a substitute property of comparable utility. During the course of our investigation and analysis, we conducted . a search for recent sales of Vacant commercial and industrial land. We found several sales of similar land which are - summarized on the following pages, _ with the commercial parcel in South Miami discussed first followed by the industrial parcel in Dade County. Each one of the commercial parcels was located in the City of South Miami and was zoned for a commercial or office at the time of sal , while each of the industrial parcels was purchased for industrial development and was zoned IU-1 or IU-2 at the time of purchase. ' f • • v v y?:' 28 8 A APPRAISALS. INC. Comparable Land Sale No. One Grantors C.B. Kniskern, Jr. , et al. Grantees Bold Commercial and Industrial Investments Date of Sales January 7, 1982 Locations 6150 Sunset Drive Legal Descriptions Lot 16 and the east. 10' of Lot 15 and the west 15' of the east 25' of Lot l5= Poinciana Parks Plat Book 41, Page 41 Zonings CO, Commercial-Office District Deed References Book 11315, Page 1873. Selling Prices $179,060 Sizes 8,917.5 square feet Price Per Square Foots $20.07 Comments& This parcel is located directly on Sunset Drive about three bloOks west of the subject property. y A resals occurred on this property eight months after the original sale (see sale Number Two). The original date of sale (December 23, 1981) was altered by a corrective deed contained in Q.R. Book 11523, Page 1735. 1 t BA APPRAISALS INC. A" Mq we A Cf*A Wr ConParable Land Sale No. Two Grantors Sold Commercial and Industrial Investments Grantees Marvin A. Marcus, Inc. ,Tr. and Susie Firestone, Tr. Date of Sales August 3, 1982 Locations 6150 Sunset Drive Legal Descriptions Lot 16 and the east 10' of Lot 15 and the west 15' of the east 25' of Lot 15; Poinciana Parks Plat' Book 41, Page 41 3onings CO, Commercial-Office District Deed References � : Book 11521, Page 1356 Selling Prices $225,000 Sizes 8,917.5 square feet Price Per Square Foots $25.23 Comments: This sale is 'a resale of Sale Number One. The ., property is now being improved with a multi-stoty office building. v i II J i i BA APPRAISALS. INC. M A PAMCM4f RICA CCAWANY Cospyaara►ble Land Sale No. Three Grantors Mark and Helena Thaddeus Grantees Stortforo NV c/o Murai et ale. Date of Sales July 1981 Locations Northwest corner of Sunset Drive and S. N. 59th Place ., Legal Descriptions Commercial Larkins Subdivision= Lots It 2 and 3 and the 10 foot alley lying north and adjacent thereto Block 2, and Tract 2 per P.B. 38, Page 5, and 10 foot alley lying west thereto. Zonings C 2-R, Downtown Commercial Restricted Deed References Book 11167] Page 1678 Selling Price: $830,100 Sizes 27,894 square feet Price Per Square Foot: $29.76 Comments: , T?is. property is located one block south of the subject property on Sunset Drive. It is now being improved with a multi-story office building. 31 _ BA APPRAISALS INC. ABAWAWOCAGOMMW • CMparable Land Sale No Four Grantors Arbor Square Enterprises Grantee: Willy A. Bermello, Tr. Date of Sale: March 1981 Locations Southeast corner of S.W. 73rd Street (Ed Corley Drive) and-S.W. 57th Court, east of South Dixie °t. Highway Legal Description: Lots 70, 71, 72, 73, and 74 less the west 5 feet for roads; W. A. .Larkin Subdivision Zonings C-2, Downtown Commercial District Deed References Book 11056, Page 1689 Selling Prices $830,000 s - Size: 39,097 square feet. Price Per Square Foots $21023 . 1 Comments: Th s parcel; is located about _ 8 b ocks east of the subject. property on the east side -" of South Dixie Highway. It is, now being offered for sale at $2,000,000, or $51.15 per square foot. t a, 1 _ 32 _ BA APPRAISALS. INC. Comparable Land. Sale No. Five - Grantors Mark' B. Hurwitz Grantees Melvin Levinson et sl. r Date of Sales September 22, 1982 Locations South of Sunset Drive at 7331-41 S.W. 63rd Avenue. Legal Descriptions Lot 9 and the north one-half of Lot 10; Beaver Homesiteol Plat Book 41, Page 69 zonings Ro, Residential-Office District Deed References Book 11567, Page 0001 Selling Prices 11500000 Size: 9,000 square feet Price Per Square Foots $16.67 Comments: This parcel is located about five blocks west of the subject property- • anf about one block south of Sunset Drive. It consists of vacated single family residences. Lots just north of these lots were also v single family residences. These houses are , being demolished for medical office building construction'. J_ 33 BA APMISA{.5,INC. R BANCM4'ttl(A COAWAItY l Comparable Land Sale No. Six-A r-. • Grantors Stephen D. Pearson Grantees Michael A. Jullie Date of Sales February 15, 1983 Locations South of Sunset Drive at 7245 S.W. 63rd Avenue Legal Descriptions Lots 5 and 6; Beaver Homesites; Plat Book41, Page 69 Zoning: . RO, Residential-Office District Deed Reference: Book 11702, Page 1533 Selling Prices $225,,000 * ': - Sizes 12,000 square feet . . Price Per Square Foots $18.75 Comparable Land Sale No. Six-B Grantors Rayford and Attie Vernon Grantees Michael A. Jullis Date of Sales February 23, 1983 Locations South of Sunset Drive at 7325 S.W. 63rd Avenue Legal Descriptions Lots 7 and 8; Beaver Homesites; Plat Book 41, Page '69 Zonings RO, Residential-Office District Deed References Book 21707, Page 2268 Selling Prices $2110500 Sizes 12,000 square feet 4 Price Per Square Foots $17.63 v� Comments: See next page 34 BA A'PRAMI S� CNiC. A 9AW.AARMCA Ca wow i Combined Data for =blage Sale I Combined Selling Prices $436, 500 Combined Areas 24,000 square feet Combined Price Per Square Foot: *18.19 Comments: This parcel is located about five blocks west of the subject property _ and about one block south of Sunset Drive. It consists of vacated single family residences which are being demolished for medical office building construction. These two i transactions amount to an assemblage sale which should be evaluated es' one transaction. v • v • 35 BA APPRAISALS, 1.NC. Comparable Land Sale No. Seven Grantors Raulson and Company, Inc. r Grantees Medical Condo Enterprises Date of Sales August 24, 1983 Locations 6140 S.W. 70th Street Legal Descriptions Lots It 2, and 3; Block 2; Larkin Center; Plat Book 27, Page 67 Sonings C2-R; Restricted Downtown Commercial District Deed References Book . 11889, Page 2707 Selling Prices $175,000 Sizes 7,020 square feet i i ' Price Per Square Foot: $24.93 Comments: This parcel is located at the southeast corner of S.W. 61st Court and S.W. 70th Street, about three bltcks west of the subject property. It is - the site of the future Larkin Professional Plaza and is located near the Larkin Hospital. P 36 BA APPRAISALS. INC. Comparable Land Sale No. Right y Grantors Melvin R. Levinson, et al. Grantees First Professional Converters, Inc. Date of Sale: October 10, 1983 Location: South of Sunset Drive at 7331-41 S.W. 63rd Avenue. Legal Descriptions Lots 9, 10, and lls Beaver Homesites; Plat Book 41, - Page 69 Zoning: RO, Residential-Office District Deed References Book 11935; Page 1855 Selling Prices $504,800 Size: 18,000 square feet t Price Per Square Foot: $28.04 Comments: This parcel is located about five, blocks west of the subject property and about one block south of Sunset JKive. The property is a partial resale of Sale Number Five. Y BA APPRAISALS. INC. A HAwAwwricA Co~ LV owl ■�tt��,��rrt� �,.�.ANilr �t '�"`1, 1, ir+■rtit'*�!ry�—is.. .,t,,.y�., -� ._ Im fill few", - a - '^?►� '-1; �1 �• ,•� -�1'1i - 7rrrrs -' t'ti'7rlr'7 wRr�-' 1,. f ��'•�� ? BMW- Tur V r �a � - 6 N k4 y non �n -r rm awn. ruff - I�1 2AP C _ A- W,i F Sales Comparison Approach Summary i Commercial Parcel. The eight sales of comparable vacant commercial parcels are summarized in the following chart according to date of sales Sale size Price • ... _ X81 Price S uare Feet per S.F. 6830,-1-00— 27,894 29. 6 4 3/81 8300000 39,097 21.23 1 1/82 179,000 8,917 20.07 2 8/82 2250000 8,917 25.23 - 5 9/82 1500000 91000 16.67 6 2/83 436,500 - 24,000- 18.19 7 8/83 175,000 7,020 24.93 8 10/83 504,800 18,000 . 28.04 The indicated price price per square foot applicable to the subject property ranges from $16.10 per square foot to $29.76 per square foot. This range is quite wide, and therefore the t differences . between the parcels must be examined to find the unit value most applicable to Jhe subject property. The dates of sale on all of the comparable transactions range from .1981 to 1983. The 1981 sales are shown because they .��►�' represent _ land areas most similar in size to the subject property. Most of the more recent sales are considerably smaller than the subject's size. Size, or land area is an important consideration in estimating value because smaller parcels usually sell for a higher unit price than larger parcels. This indicates that downward adjustments in the sale prices are -necessary for smaller size properties. The 1981 sales are also shown due to the close proximity -f' Sale Number Three to the subject property. Although this sale occurred in the subject neighborhood, the very high price ($29.76) resulted due to a better location directly on Sunset 39 BA APPRAISALS. INC. Drive and to buyer anticipation of increasing property values as Metrorail nears completion. Sale Number Four, which also occurred in 1981, is located in a better neighborhood. However, the parcel is not located on a major road near the Metrorail Station and thus the sale price is lower. Land Sale Number Two is a more recent sale which occurred in 1982. This parcel is now being improved with a multi-story office building. The site is located directly on Sunset Drive which, as previously stated, is a better location than the subject property. This sale is a resale of .Sale Number One. The remaining sales are all located near a hospital. These sites are planned for use as medical office buildings. Typically,Y. a premium is paid to be near a hospital due to the advantages for physicians and . others employed in the medical profession. Except for Sale Number Six, these-sales are all much smaller than the subject parcel. However, these sales are also toned under a more restrictive zoning district than the subject. These two influences#bf sine and zoning tend to cancel the effects of each other in terms of value. Sale Number Six is the most recent most comparable sale in terms of size when the entire assemblage is considered. This transaction sold at an average price of $18.19 per square foot. A downward adjustment is necessary due to the "hospital location" previously discussed, but an upward adjustment for an improvetent' in market conditions over time in the past eleven months is. also necessarl. The most comparable sale in terms- of location and date of transaction is Sale dumber Seven. This sale is located just three blocks west o. the subject property, but it also is s located next. to a hospital in a medical area. This sale was also improved with a single family house when it .sold. TEe . 40 -. BA APMISALS. INC. A RA%mAk*RrA fcn..Awv K ' house -is to be demolished. . Downward adjustments must be applied to account for the hospital location and for the much smaller size of the parcel (7,020 square feet) . Because the sale is only five aonths old, the adjustments for market conditions are small. Although most of the comparable - .sales were improved with residences when purchased, the properties were purchased for the land value only= the houses will be demolished. Demolition costs for small residences are usually minimal, and thus do not significantly affect the purchase price allocated to the land. The two most comparable sales in terms of date of transaction and size or location are Sales Number Six and Seven. These sales indicate that the subject sale price should be greater than $1 8.19 (due to an increase in they sale price .for'.maket conditions which is greater than -the decrease for hospital location) and less than $24.93 (due to a decrease in the ? rtco P for size and proximity to a hospital) . Because the aubject . ` property is located dh the.Aring.e of the neighborhood near„Tan industrial area and low income housing, iwe estimate the value_ fn the lower portion of the range. The subject property ' is not located in a -medical area, and so the value would not reflect the medical influences of the other sales. The Metrorail Station has had a positive effect on property values in the area, and a conclusion within the above stated range does represent a substantial increase from the $9.00-and $6.00,equere u. foot prices seen a few years ago. =1 Therefore, taking alf of the above information into account,-, :>,rwe A z believe the value of the subject commercial land is- $20.00 'per square foot. The total value is $62q,260 ($20.00 x 31,013. Tr 8.1F.), ors.$620,000 rounded. BA APPRAISALS INC. ARv*A4.k1('Af!IAO W s Comparable Land Sale No. Nine Grantors Original World Wide Ltd. , Inc. Grantees Joseph W. Rcres Date of Sale: March 1983 Locations Located on S. W. 74th Avenue South Of S.W. 42nd. Street Legal Descriptions The west one-half of the southwest one-quarter of the northeast ' one-quarter of the northwest one-quarter of Section 23-54-40 less the north 49.63 feet and the west 25 feet thereof. Zonings IU-1, Industrial sight Manufacturing Deed References Book 11745, Page $39 Selling Prices $1, 253,000 Sizes 4.186 acres; 182, 342 square feet Price per Acres $299, 331 Price Per Square Foots $6.87 Comments: This parcel is located almost s directly behind the subject` - - property. It is cur`rently '`being improved with rental Oireh,6,i 42 BA APPRAISALS. INC. A RNac M.0 rWA C(WMNV S tearable Land Sale No. Ten Grantor: Fransulyn, Inc. Grantees Gateway Group, Inc. Date of Sale: May 1983 Location: West end of S.W. 42nd, Terrace, Legal Descriptions Lots 2, 3, Block l;.-of Bird Brown Industrial - Pg. 96 Subdivision, p.B. 69, Zoning: IU-2, Industrial -- Heavy Manufacturing Deed Reference: Book 11784, Page 301 I Selling Price: ' $308,000 Sizes 40, 269 square feet, .92 acres, t Price per Acres $333-, 171 Price Per Square Foot: $7.65 -- C6umentss This parcel is located about two blocks east of the sub ect f . , parcel. Itsais now improved with the Bird Industrial Condominiums. ;a 43 ApPpA`SA! BA 5� INC_: `• A�►�GM�RK-AC06pl1tfl� Comparable Land Sale No, Eleven Grantors Juan M. Quintana Grantees Reuben Trane Date of Sales February 1983 Locations Southeast corner of S.W. 47th Street and S.W. 72nd Avenue Legal Descriptions Lot 1, Block 2 of South Milan Warehouses P.B. 118, Pg. 44 Zonings IU-1, Industrial -- Light Manufacturing Deed References Book 11697, Page 542 Selling Prices $255,000 Sire: 24,102 square feet, .55 acres Price per Acres $460,866 Price Per Square Poot.s $10.58 Comments: This parcel 18 .1-oc6ted directly on tbaP east side of S.W. 72nd . . Avenue about 5 blocks east of the subject property. :This site is much smaller than . thlY subject site; it also has a better location on a more heavily traveled road. 44 ( . BA.APMISAM INC s V A WwuAw rr A rfVA'4 V Comparable Land Sale No Twelve Grantor: Cooper Oldsmobile Grantee: William P. Cooper 1 } Date of Sale: January 1983 Location: On S.W. 71st Avenue between S.W. 44th Street and S.. W. 47th Street Legal Description: Long legal. A portion of the southwest quarter of the northeast quarter of Section 23, Township 54, Range 40 Zoning: IU-28 Industrial -- Heavy . _ _ Manufacturing Deed Reference: Book 11673, Page 1202 Selling Price: $232,000 Size: .805 acres, 35,066 square feet Price per Acres $288,199 Price Per Square Foots $6.62 Comments: Although this sale does not appear to be an arms length transaction, the purchase price is in line with unit selling +prices of other properties in the area. This site is located east of S.W. 72nd. Avenue, about 6 blocks east of the subject property. The property is now being !improved with a Butler type warehouse building. 45 BA APPRAISAL, tNC. A W-AC0+rnwr �A i n, r"r. ors�u i rs wr r+�-^•r �-�.. ■■ _?.� w.� �` �'f'7 �rv'� � �,. /� r.�i eg rr AO �� r �.` 'l.11 t,• r Sri. -W lob IN - -� ! ►i-- �• �r • _ .�.» Lim _ y4 �/' t r t ► .tinr r•_ ■)ter*• S 1-10 �rte' ^��,. R► rs -i.,. �'1i -�,-±-- .. ' l kvy, 7 ,s 9t �7� ITT - �\� .�! � ti.w." 7S ,�1: � •Y "li'-� u�1 SJ'�3S lf7 3:'..`�v,1�'�{ir'L ".�`,L RO MWE POW # rwy ru Is vim MWL *51 C- W� �; aw Aff- 4wgpff 5% Industrial Parcel. The four sales of comparable vacant ' f industrial parcels are summarised in the following chartE Sale Size Price • No. Date Price S uare Feet Per S.F. 2 1/83 232,000 35,,066-- 6 6.62 11 2/83 255,000 24, 102 10. 58 9 . 3/83 1, 253,000 182, 342 6.87 10 5/83 3330171 40, 269 7.65 The indicated price price per square foot applicable to the subject property ranges from $6.62 per square foot to $10.58 per square foot. These indications are. unadjusted, therefore the differences between the parcels must be examined to find the unit value most applicable to the subject property. Sales number twelve, eleven, and ten are all much smaller in size than the subject property. Because smaller parcels usually sell for more on a unit basis than larger properties, a downward adjustment must be applied to these sale prices. However, ..the subject property could easily be sold as two smaller parcels, thus . minimizing the amount of this downward size adjustment. Another downward adjustment must be applied., to sale number eleven to account for its better locatio"n. Sale eleven is located on a corner lot on S.W. 72nd Avenue. S.W. 72nd Avenue is a more heavily traveled road than the roads fronting the subject .property' and thus the property has more visibility and somewhat easier access to major streets. A Finally, an upward adjustment is applied to the sale prices to compensate for an improvement in market conditions since the date the. sale6 occurred. This general increase in unit selling prices over the past year is shown in the above chart which -lists the sales in order according to the date the transaction, occurred. BA APPRAISALS, INC. APANX *WAC0MPMV ir1'�i2\C:4d, The *most comparable sale to the subject property is sale number . nine. This parcel has a similar size and location to the subject parcel, thus requiring an adjustment only for market conditions. The second most comparable sale is sale number ten. This sale is smaller than the subject property, but has a similar location and has the same zoning designation. It is also the most recent sale and requires the least amount of adjustment for market conditions. In fact, the adjustment for size and the adjustment for market conditions counteract one another to a large degree. Taking all of the above information into consideration, we believe the value of the subject should be greater than $6.87 per square foot as indicated by sale number five, but less than $7.65 per square foot as indicated by the smaller parcel of sale number six. We estimate the value at the higher end of -the range at $7.25 per square foot. The value of the entire four acre site, therefore, is $1,263, 240, or $1,265,000 rounded. v 48 BA APPRAISALS. INC A RANK AMrrorA rc*AP%kwv RECONCILIATION VALUATION BY SALES COMPARISON APPROACH VACATED INSPECTION STATION. . . . . . 620,000 VACANT INDUSTRIAL LAND, . . . . . o . . . . . . . . . . ... . . .$1* 265,000 Because only one approach, the Sales Comparison Approach, is- used to estimate the value of the two subject properties, there Is no need to reconcile the value indications of other approaches. It should be noted, however, that appraising is not { a science where exact qualities and quantities are measureable. Any method or approaches used serve only as a tool or indicator to guide the appraiser in the final :estimation of property value. Three traditional approaches are usually used in estimating property value. These approaches are the Cost Approach, the Sales Comparison Approach, and*khe Income Approach. In the case - of the two subject properties, only the Sales Compariion g Approach is applicable. The industrial parcel consists of vacant land with no structures on the parcel: We have stated our belief that the improvements on the commercial parcel have no value. Therefore, the Cost Approach, which is based on the reproduction cost of improvements plus land value as estimated by the Sales Comparison Approach, cannot be utilised. Also, `the i subject property does not produce an income stream, thus invalidating the use of the Income Approach. t - s , The Sales Comparison Approach is applicable to the valuation`>of almost all real estate. The application of this approach produces a value estimate of the sub ect j property by c0_"ririg S It wit'ti similar properties of the same type and class whic�i..have y 163.1 Y f 1 3 t f3A APPRAfSAL.S�lNC A 9kW AW KKw Ct*APAnn recently sold or are offered for sale in the same or similar areas. Eight sales of vacant commercial land and four sales of vacant industrial land were found in the subject neighborhoods. These sales were evaluated on a price per square foot basis. Secause the Sales Comparison Approach provides a direct comparison of properties, we believe it provides a good indication in estimating the value of the subject properties. Therefore, it is our opinion that the Market Value of the vacated inspection station site as of January 16, 1984 was: SIX HUNDRED TWENTY THOUSAND DOLLARS ($620, 000) And, it is our opinion that the Market Value of the vacant industrial site as of January 16, 1984 was: ONE MILLION TWO HUNDRED SIXTY FIVE THOUSAND DOLLARS ($1,265,000) ; I t i r ,F 1 t 50 BA APPRAISALS. INC. A BAWA%*RKA cDFIPAMr C E R T I F I C A T I O N Yv 1 Ffq :sOv, Ests i t t t _per p.p�pk'�J��c.A �`y ... - 11 B✓�MCMR lGr A CiMPA r Certification of the Appraisers The undersigned do hereby certify that, except as otherwise ' noted in this appraisal reports 1) We have inspected the subject property. 2) We have no present or contemplated future interest in the -real estate that is the subject of this appraisal report. 3) We have no personal interest or bias with respect to the subject matter of this appraisal report or . the parties involved, and our fee for the preparation of -this report is not in any sense contingent upon the valuation reported, nor contingent upon anything but the delivery of this report. _ 4) To the best of our knowledge and belief, the statements of fact contained in this.:report, upon . whicb:.... .the analyses, opinions and conclusions expressed herein-.are ' based, are true and correct. i 5) This report sets forth all of - the assumpkions` and limiting conditions affecting the ana-lyses, opinions' and conclusions contained in this. repor.t._ 6) This report has been made in conforty with subject to the requf ements of the Cole :of .$thins and Standards of Professional practice of rthe;American Institute of Real Estate Appraisers of the:�-Rational Association of Realtors and the Society , of Real"$State Appraisers. .r 7) No one other than the undersigned prepared _ the analyses, conclusions, and opinions concerning real estate that are set forth in this appraisal report. This appraisal report is invalid unless all signature pagesR'bear the official seal of Victor J. Connor, Jr. MAI. (Cer.tficaite .`" No. 5873) . f t rt /' �, /I • 16 • enn er Smith,, pra ser c o M.A. . - - ✓. �' t 4 .v0. Vice .Pre dent' tis,j , S 9 %h i k � 52 r ! i B/l A M INC;, TWA QUALIFI ^CATI0V v� tJ s rat + s`• 53 �A'AF'PE�ttS�Ot.S► Ili^ . - �$M/GA�EfOCA COMPANY Fw QUALIFICATIONS OF JENNIFER L. SMITH Experience Jennifer L. Smith holds the position of Appraiser with the Miami, Florida office of BA Appraisals, Inc. , a BankAmerica Company. She was formerly a Staff Appraiser at the Florida Department of Transportation, District IV (November, 1981 to June, 1983) . Professional Licenses Licensed Real Estate Salesman, State of Florida, September, 1982. Education Master of Arts in Business Administration, University of Florida, Gainesville, Florida. Major: Real Estate. Minor: Urban and Regional Planning. - Bachelor of Science in Business Administration, University` of. . Florida, Gainesville, Florida. Major: Real Estate.` Appraisal Education Society of Real Estate Apprais rs: Course 1-01, Introduction to Appraising Real Propert , = 1977 Course 2010 Principles of Income Property Appraising, 1979 Seminar on application of Market Extraction, 1979 Seminar on Tax Considerations in Real Estate Transactions, 1980 v Seminar on Basic •Money Market and Economic Analysis, 1982 Seminar on Residential Construction Facts, 1981 American Institute of. Real Estate Appraisers: Course IA-1, Real Estate Appraisal Principles, 1982 Course 1A--2, Basic Valuation Procedures, 1982 Course 1B-1, Capitalization `Theory a Techniques .Fart I, 1981 Course 18-2, Capitalization :Theory '& Techniques -Part II,1981 Course 2.-1, Case -Studies in Real Estate Valuation, 1982 x Course 2-2, Valuation' Analysis and Report -Writing, °1982 Course ° ., 4, Litigation; Valuation, 1981 Course 7, Industrial .Valuation, 1982 Aff32iatioiissx Rho Epsilon National Real -Estate Fraternity . President`t�ni.ve.rsity of Flori'Aa"Chapter :1980 81 Beta Gamma Sigma - National '-Business Honorary, ;&ince°1984, Omicron Delta Kappa Honorary, 1977 Awards American Institute of Real Estate Appraisera8chokash `p,F 1980,81 y First -Federal of Mid-Florida Scholarship, 1911;-78." .v<., 54 BA APMAISALS. INC. . A RAW A\-$1r4 rM-WV t?UALIFICATIONS OF VICTOR J. CONNOR JR. MAX SREA Experience Victor J. Connor, Jr. is Vice President and Manager of Miami, Florida Office of BA Appraisals, g the Company. During the course of his real estateca a BankAmerica he has appraised various types of residentialaiand cancer, producing properties.e' sta ar Valuation assignments have included not. only the more standard forms of investment such -:as commercial, Industrial, office and apartment buildings, but also specsalty uses such as a number of resort timeaharin hotels, restaurants, medical office buildings - and ousel a Of worship. Formerly Vice President of First Mutual Savings Association of Pensacola, Florida and President of Gulf Coast Realty-Group, Inc. . its Real Estate Activities Subsidiary 1983). Prior to that, Vice President of LoyolauFederal Savings and Loan Association of Baltimore, Maryland and a Vice President Of Bay State Appraisal Corp. , its appraisal subsidiary - June 1979). Y (May 1976 Professional Memberships American Institute of Real Estate raiaLrs MAX - Member of the Ap raisal Institute Designation (Certificate Number 58 3)8 1978. "The American Institute of Real Estate Appraisers conducts a voluntary program of continuing professional. education for its designated members. members who meet the minimum MAI and RM this are awarded periodic educational certification. Program "I an certified under this program through December 31, 1986." . Society -of Real Estate Appraiser: SRA Senior -Residential .Appraiser Designation, 1976 SRPA - Senior Real Propert SREA - Senior Real Estate AAnalystiDesig stion, 191 1978 Board 76 Direct ors Washington, D. C. , Metro Area Chapter No 29t, 2976-79 p First President Northwest Florida Chapter No. 215x 1981- 82 ' _:4 fir. -�•- BA APPRAISALS 11`tC. A RANK Mx Wf A ff'OAP^wv Education and Background Master of Science Degree Real Estate i Urban Development Planning American University, Washington, D. C. 1976 Graduate Certificate Housing .& Urban Development American University-Washington, D. C. - 1975 Bachelor of Science Degree Meteorology, New York State Maritime College-Bronx, New York 1964 Weather Forecaster in U.S. Air Force, 1964-65 Pilot in U,S. Air Force, 1966-71 Engaged in Real Estate Appraising since 1971 Real Estate Courses Completed American Institute of Real Estate A raisers: - Basic Princip es, Methods 6 Techn ques, May 1972 I8 - Capitalization Theory i Techniques, September 1972 ,l; II Urban Properties, May 1973 �` IV - Condemnation, September 1973 VI - Investment Analysis, November 1974 VIII - Single Family Residential Appraisal, October 1975 Applied .Appraisal Techniques Workshop, June 1980 Standards of Professional Pradtice, June 1982 Society of Real Estate Appraisers Narrative Report Seminar on Income Producing Properties, April 1974 Condominium Appraising Seminar, October 1977 Course 301 - Special Applications of Appraising Analysis, March 1978 Real Estate Securities and Syndication Education National Associat.lon- of Securities Dea ers: Series 22 - Direct Participation Program Representative=' 1981 Series 39 --Direct Participation Programm Princi_palt-=,1981 _ Series 63 --' Uniform Securities Agent State Law Examinationt 1982 ` American Society of Farm Managers and Rural Appraisers Rural Appraisal Course, July 1973 - Professional Licenses Licensed Real Estate Broker in the State of Florida Licensed Real Estate Broker in the State of Maryland.. (Znactfvej . - 56 Kim BA APPRAISALS. INC. t i� f t 1 a. ADDEND - v F. t a c f 57 ^ Y*k BA APPRAISALSL lNC. A8VAAW s LWAL DESCRIPTION i A portion of the Northwest % of Section 23, Township 54 South, Range 40 East and snore particularly described as follows, Comence at the Northeast corner of the South h of the Southeast of: the Northwest % of said Section 23; thence run North 89030'30" West along the :North line of the Southeast forthwest of the Southwest Of: the Of said Section 23 for a distance of *ZS--feet to ,the -Point of Beginning; thence run South 0041'20" hest along. a line 25 .g®et. lest and parallel to the East , line of the southwest t of the Northwest ; of said Section 23 for a distance of 213.43 feet; tie�c;e run South 10 3 .• 29" East for a distance of 68. o - 06 feet j the run'North t parallel to the South, lifie :of-the Northwest of said`Secti Z3":for, a a-,distance of 632'.47 feet; thane run .North* 0043.15" East' sl 25 feet East and a l, rte parallel to the Wei line of the East west % of the' I ',of, the; South- k of said Section 23 fora distance of, .281.10 feet; thence run South 89030.30' East along the North line of -the `South- east % of the Southwest % of the Northwest % of said Section 23 for a distance' of 619.15 feet to the point of Beginning; lying and beiaig in Dade County, Florida; and containing 4.0 Acres, more or less. For City of South Miami No. 337-41 July 30 1974 • 58 = BA APPRAISALS INC. 7 _ E : �. ., ..,••, < •.�., . - �',, • &CALF.- P86/004 .,� �„, •' '. ter• �.� . . tt' s... . . •; _. , M' .-5w moo.- .ST .��Ro RoAO� 'd i • r, �� ► r�M n tl 't. � 4 •�, ••� ° • ♦ , • �•t� ' -.: is � � ,� � h� r �tz. - .,f♦ s s. ri r v Or llmvr �. S. �♦. . r �.�'.•}f•• .�• _ .. ' . • ,. .��+ '.c. •t- :fay -. .. . 59 �. -'�Otis,•� •�' ,'r•• � .. :+� �. •.�• � - t ::. . .. ..•r' Bid tecwbowr ,...� . S•12�1 Pur COMMERCX&L OFFICE o� DISTRICT i; ice Purpose of t in a�ia�a this dfstrtct to to 5.11_2 vs -. ively intennia land bus s ermit uses perinttted centrally to office space will All uses ca tied manner. needs Broadcast Perml t tied in the .. Clin ing studio RO Districts • or oPtica 1 laboratory; . �P2elescent hOm medical, dents . Eo Ymen t of e t Loan f assn Tice or agency Offtc cistion Stock bt businegs or agency Travel ag*era ge office 1 cy g c241 01 pta Uses pei tted J: tern I d , or t it is 9ani2atio that no str�n a site o or Private that o th adjacent e is less t less than ue j provided not ere b more han fi Mae fI hea create ad adequate to restrictive f ty (s0) f) acre. feet COMM bbl held b. t rafflcr as and egress 1141 distr- •02 peer i ty of the propoounci 1 'tO ae a� and Which ;j c t, h wl Of not 11 home; Provi Bed use with rmine the c Public Premi at tw ntY-f ha i n �0 d000 to a t .i t ie 1 the neighbOrhd front`of" - tha t no (25) Q,ff st a feet° tied on .a si • Of the Park - reef that it to the _mai main stir n9 shall Parkin has at that al struct ucture a be loci 9 Spaces comple 1 ambu.lan ure and and the s ted be on the t tejy`a ces an the s t at een t that the nclOged d equi teat of or the he ft� Mains strut prrient s a co s#de Ingress.any side tructurc ture' w�en ha 11 be ho er lot and tot line shall be not in -a used '� cQnditi egrea that at Iea actual Cod ons„ s whit these st for use, Matt I: and t h wi I I' sham ty f4 Propose tO dcte. that Pub; nO� crea be ad' 0) feet d use wi h fnc the over h�ring b e advers to the neighb°hodd omPa t IN'li t by the fFie: •7S Y of the r ?,„ 1 00 (Continued) .03 Eating establlsRgnent, including a restaurant, cafeteria, or coffee Shop; provided that there be adequate ingress and egress which will not create adverse traffic conditions, that a public billty of the hearing be he i d by the Commi s s f on to determine the overall c _ proposed use with the neighborhood, and that ioipati have only inside or patio service. Those operations up, drive-in, quick service, or fast-food, natur ch serve e of a walk- , whi food in disposable or plastic containers �re not permitted. .04 Church, temple, synagogue, or sieilar house of norshi ro vided that it is on a site of not less than two (2) acres, that no structure is less than one hundred (100) feet from an adjacent more restrictive residential district, that there be adequate ingress and egress which will not create adverse traffic conditions, and that a Commission to determine the overall �c hearing be held by LAe: posed 'use with the neighborhood, ompatibility of the-pro- .05 school, public or private; ingress, egress, and loading area ewhich affil cote adequate traffic conditions, and that a Public Nearin' be teeld ,#verse Commission to determine the overall c gg y = Posed use with the neighbor--hood. anpatibili,ty bf :the biro- 5-11.4 ._ Access_ o ��es Pera�itted M office building way inclu �'certain accesso�, os A coffee shop,: wssvi� barti�• ry. es such:as club or loon shoe. beauty shop, private- : 9e. P dad that the buildin !' -contains 's' gr® s " floor area of at least fifteen thousand that all accessory uses shall be in US 9- 0) square feet, of the building, that all accessorycusestaretorte�to pr mus to the employees within, that no external features shall. be ly permitted to advertise accessory uses, and that.not'aiore than twenty (20) percent of the gross floor area of the building shall be devoted to accessory uses. .02 An office building of at ?east three (3) or more height .may include residential accommodations 'on ttie �es fn, p� 4.11-5 too floor. District Reoutations - -$ .01 Minimum lot site shall be -as -follows; Area - 109000 square feet •� Frontage - 'l00 feet erised 12/15/81 - Ord. x'29-.81-1123 ` X 61 IRA APPRAISALS:INC: 1 = CO (Continued) S-11-S .01 Minimum yard setbacks shall be as follows: (Cont) Front - 20 feet i Rear - 1S feet Side - 15 feet each Side (corner) - 20 feet Side (adjacent to residential district) - 25 feet .02 No building shall exceed six (6) stories or sixty- five feet in--height, whichever is less, except for floors used for off-street parking and service area purposes, in which case said floors may excluded from the height limitation. In no instance, shall any structure exceed eight• (a) stories or eighty-five feet in height, whichever is less. .03 Pervious space shall be provided on the tot&l - site area equal to not less then the following formula, , ,::Ssid. .. space shall be unencumbered by structures ®rNvff-street parking areas, and shall be landscaped and' well A4 inta+►►ined with grass, trees and shrubbery. Meight of Pervious,'Area Building Pereent) 1 .story 20 2 stories 22 .a. 3 stories 24 4 stories 26 5 stories 28 6 or more stories 30 .04 All proposed developments shall be accompanied by an overall site plan, as defined in Article XI, reflecting all significant as of the development. Properties adjacent to the ro p posed development shall be -taken _fnto consideration and a reasonable -portion Of these areas Bhall a lso be reflected on the site plan.m � y� .05 Pervious space shall be provided equal .to at least twent .� y (20) percent of..the total site areax said space sha 11, be -unencemtbered street" by. structures or off- �x� s ..�perking ; areas, and shill be landscaped and Drell 1"1Atalnea wfxh grass, ;trees, 'and shrubb f e .06 ms s$ No vehicular access shall be permitted r ce `a tinge fa lly to of a butting ny , duplexo nt resfdentiali zoned Y property. r A 62 BA APPRAISAS.VINC. 13 HEIt HBORIMD CQA'WRCBAL DISTRICT 5-12-1 pu, r Y The primary purpose of this district is to provide for the basic retail and personal service needs of nearby residential neighborhoods in compatible and convenient wanner. 5-12-2 Uses Permitted All' use$ permitted in the "RA" District Beauty or barber shop Drug# pharmacy or' sundry store Filet processing substation Florist Food store (convenience type only) Gift shop Laundromat or dry cleaning substation Newstand Shoe repair .shop Tobacco shop S-12-3 Speeial Vaea Permitted .. _ .01 Service stationt provided that the following vis ions..ere adhered -to: Pte- 4 a. All structures = bAll be designed in a wanner that is compatible with the overall envron- Rental and larchitectural design goals of the community. b. All new and used merchandise shall be stored and displayed within the main structure except Aires* ,.accessories and lubrication items which are "intained in? ovabYe or one losablet'cab net c. so used or discaided`out emotive parts or equipment.°or, pe r.manently ,disabled or'_wr®eked vehicles ii►dil , e located Ovits"de the wain -structure except within an enclosed trash, •� a tore ge area. „a t ry d. i4a jor icepa5ir of,f engine overhauling or. trams • 'ion repair,_;painting, body and repair, and tirt xoatppinq ie not gaef . 4. Revised S • ;1u r 1 BA 63 INC. /lPt'RAi.SALS. A FSMIK/1bd bCACf1MPAM1r C-1 (continued) as The rental of heavy equipment and the sale* or ` rental of merchandise not related to the motoring Public* other than as specified herein, is excluded. f. The storage of up to five (5) single axle luggage trailers of the "U-Haul" type is' per- metted, provided that said trailers shall be backed up against 'a six (6) foot high wall, and located not less than twenty (20) feet from any sidewalk, pedestrian walk or public or private thoroughfare. g. Trash shall be stored in a4as shielded from public view. Storage trash containers. ®hall be enclosed and covered. h. Any lights, provided to illuminate or advertise... . the. -service station, shall be installed and maintained in a- manner so as to not create all undue glare on adjacent properties. f. Structures shall pot occupy more thin thirty (30) percent of the total" lot area. , j. Driveways shall bid permitted at the intersections of primary and secondary arterials.providing."': rovidi ng that construction of driveway entrances shall not be within the curb return, but shall' be at feast ,five (S) feet beyond the end of the curb return (curb radius plus five (5) feet) , and at all intersections, whenever Possible, combined drive- ways servicing both service station and adjacent uses, shall be designated and provided. g k: Planter areas'. nd tree wells shall be,.constructed sad equipped,with rrigat.ion fa cil ties 'arid iandscape8`.prior to final buil8ing i�speetiofi. Not Mesa than ten "It- - : rcent of.the service , station site shall be landscaped, A landscap#,ng .t p[a shall be- submitted, and eut�3ect to of xthe Punning" Sird. r 1 l x eneves the use abuts e residential: dWriot, there shall be arected along the pi�opert� # $ a wall five (5} ,poet`#.b beeight. r x - 1 -+, .r..,' �f� ski W. , �c Mo Aege�ate ingress ana egress `shahl be' mid r wall riot create,.adv r p � ` e Be t�ca ff i-o tlo Lh�Px,, ,r ttF' - n. A public heari`�g shill"beheld it tl�e�oi�cil t_b determine the overall compatibility of the use with ..—...,•+art+— --�+�..+. W 2 � , 0 Hi 11C uedJ s - 5-12-3• ' .OZ Dairy products store, including walk-up and drive-in facilities: provided that there be adequate ingress and egress which will not create adverse traffic conditions, and that a public hearing be held by the Council to determine the overall compatibility of the neighborhood. .03 Eating establishment, includi or coffee shop; 9 a restiy�rant, cafeteria p provided that there be adequate ingress and egress which will not create adverse traffic conditions that a public hearing be held by the Council to determine the overall compatibility of the proposed use with the neighborhood, and that it have only inside or patio service. Those operations *of a walk-up* services "or fast food nature, which see food i �. quick disposable or, plastic containers are not .permitted. .04 Used clothing store; provided that a public heari `' ng is held by the Council -to determine the :overall-= - compatibility of the use with the neighborhood. 3-22-4 District Regulations .01 Minimum lot site sWl be as follows= Area - .-1050.0 square feet Frontage - 7s feet •02 No building shall exceed two (2) letories or twent -fi .(25) feet in height, whichever is less, y ve .03 Minimum yard setbacks shall be as- followss Front - 2s' feet Rear. - 20 feet Side (interior) - .none Side (corner or adjacent residential district); 2p feet All proposed development shall be ac companied b overall site, plan, as defined in Artitta XI, refl®cti all significant as r �9 pects of the developseen$:, propaxtes adjacent, to proposed development shall° ba as consideration and a reasonable portio� t�to of ego' '., ohall also be reflected on the site plan 6 Ba psis �r :x At WacAfa WI A(I*.U'MIY Cpl (continued) � �,�..._.�.�.......,._;. - - 1*-12-4 .OS Pervious open space shall be provided ual fifteen (15) � to at least percent of the total site area= said space shall be unencumbered by structures or off-street Parking areas, and shall be landscaped and well Maintained . with grass, trees and shrubbery. i d • 66 BA APPRAISALS. I 4 5-13 "C-2" DOWNTOWN COMMERCIAL DISTRICT 5-13-1 Purpose The purpose of this district is to delineate a compact and centrally located area where commercial uses of a retail and service nature may be developed in an intensive pedestrian-oriented manner. 5-13-2 Uses Permitted. All uses permitted in the "C0" and "C-1" Districts Antique or curio shop Automobile 'parking lot or garage bakery Bar or lounge Bicycle sales and s•eivice Book or stationery store Due or taxi terminal Business machine sales and service Carpeting or flooring sales Ceramic and glassware store Clothing store (nev only Cosmetics store Department or dry good store Fabric or drapery shop Food. store ~ Fraternal organization ;r private club Furniture Gift or card shop Gift redemption center Hardware store Health studio, reducing salon or massage parlor Robby shop Hotel or motel Household appliance store Interior Decorator Jewelry store Leather goods store Lighting fixtures Liquor store Luggage shop Messenger service Music, record or tape store Office supplies Paint or wallpaper sales Photo shop Picture framing ' ' � '�&, ,�i�_. Pet sales or' grooming School R P v t a o el o r a n 67 MA APPRAISALS.`fNC. tj C-2 (Continued) 5-13-2 i . Sewing center or seamstress `• (Cont) Shoe repair _ Shoe store Sporting goods Tailor Television sales and service Theater or cinema Variety store Watch sales and service 5-13-3 SQecial Uses Permitted .01 Satin 9 esta blishment# such as a restaurant, cafeteria, delicatessen, confectionery that the use has-only insieoorri cream parlor; provided walk-up or drive-in service. Patio service and no .02 i Dry cleaning plants provided that it is located arterial and is no closer then one. hundred (100) feet on an to any residential district. -. .03 i Residential accomodations• provided that they are only on the top floor of structures of taro {2) or more stories in height, s .04 Dressed poultry, meat of sea food store. 5"13-4 District Revulations .01 Minimum lot size shall be as follows: * Area - 5,000 square feet Frontage - 50 feet .02 Minimum yard setbacks shall be as fold Front Ground floor only ws Rear y 10 feet Side 1S I.feet Side-corner, 'ground floorNone only (all other floors 1.0 feet no setbackky .03 No build�nq `shall exceed six 6 Y t Sator�:es (65} feet 'in hei ht �• �� _ Yrfive•-- floors a-re. used for�offi' eet ,pagkiris� except ,where E' w me°: ,r,. purposes, in which case said f2aors and service area the height lfmitotion., � Y � �coli�ed Prot In no A_ in shall: anitYUCtu=e exceed eight stories or- eighty °five 8S Y whichever is less. ) feet inheilit, " 6 4 61C APPRAISALS tNC N 33-W1.3 ZONING 183-262 toll a period of twelve (12) months, within which time the applicant must tale complete Plans for building:PeTmit. (Ord. No. 79-97. 1 1. 11-2D-79) ARTICLE XXX.IU-S INDUBTRIAL,,IIBAVy MANUFACTURING DISTRICTO Be$. 89-262. Uses per=itteAL No land, body of water or structure shali be used .or - permitted to be used and no structure shall be hereafter constructed. reconstructed or structurally altered, m4in- tamed or moved in any IU-2 district, which is designed, arranged or intended to be used for any Purpose, unless Otherwise provided herein,except for one(1)of the follow* eESes: (1).Every use Permittedln 1U-2 district, - (2) hock and sand yam. (3) Cement and clay products. such as Concrete-` oAn. Pfie.etc. (4) Soap manufacturing,v♦getad byproducts,only, (b) Raihoad shops, (6) 8aw►miUa, (7) Petroleum Products storage tank not exceeding 30,- 000-gallon capacity or a,group of such tanks with an aggregate capacity Dot io excess of thirty thousand (30.000)gallons. (8) Petroleu® products~atornge tank with a capacity of over ntZsirty tha�rsaa�d; 0,000) gallons or a Troup of such tanks witb. QTY regate "Pocky to excess of thirty the (30,W). gallons if .approved after public �.cif placed below the surface of the ..e. or ice a 1116;4 , fight at sateseaces.-�r�d-�rb� ova Eo 1U &Wk-uj f =i-ftlf); fam+.lal1;and bedsu In tU dWricle,I Wj 1(W .135 !� 33-1I(j); 1 �.11m,Now b 1012.8 69 BA APPRAiSAt k INC. r r 0 i e f 33'2ft DADE COUNTY CODS , 133-263.1 DynoWte storage. � (Ord. No. 67.19. � 24(A) 10-22-67; ' �+.s Ord.Nos 68-87, 11.6-4-68; Ord. No. 68-51. eteeuab ow f�° ! ju �wtlse . A. U. Bet. 83.163. Loa ' file W [�ddddstrisl Mae; building; of prokna m � a � � tanks; tesldentW ta) No 'establishment or Industrial district, however, shag be located with!]' three undred feet - Of say RU,EU,or>3V-1 district,except after a public hearing. (b) At all nmufacturing establishments or tebuilding, Proc��• Packaging, storage or repair places an.1U-2 district,all materials and products permitted 3n � ��g, rebd�ildlldg Processing, be stored and or renova ng PSCU ing..storing operations shall be carried on entirely within an enclosed building or eoafined and completely"closed with. sin owwalla not leas than 6 feet in height, excepting on docln, boat akipm, and the lik >y frowup on the Water aw be op., ►here necessary W a sliall petrokeum stqPge tanks be located t}Qser than M* feet to a Vesldential building, (d) No residentfal Uses will be permitted, except man's or taretakees quarters used in eonnectionwith Indus. frisk sae on the Premises Concerned. (Ord. No. 57•I8 24 (8�9j 22.57;Ord. No. 68-3,# 8, 2.6 8; Ord. No. 69§-51,2, Sea. 33-283,1, ldlialmym landscaped open s a 6°leenbelts,trees,n�aisteaance. P �' (a) landscaped open Space. A minia�a ' percent of the net lot aces of the site shall be developed ' la0sj landscaped open space;provided al- site that abuts tee 'fir'that a n industri- P ptY shill id*utWIY soned or developed lir provide fifteen(15)percent of the net W area Pod open space. Said landsc&pd ibclu& entrance festures, greenbelts et open 41� may aetive,rs anon crest, .and �Nher Paved p4nive and epee+at trAUnd level. Water ahnikar open bodies may be wed as Past of �1+a rte.!as . - 1012.10 76 � BA APPRAISALS, INC._ of South MiCV1 INTER-OFFICE MEMORANDUM TO: W.E. Godwin DATE: February 9, 1984 City Manager i FROM: David Smith SUBJECT: Property Appraisal s On this date I spoke to Jennifer Smith of B.A. Appraisal and verbally gave her recent sales of property of the same nature of the inspection station site. She advised me that she would review these and get back to the City as soon as possible. ,got Of South MiA@ INTER—OFFICE MEMORANDUM TO: W.E. Godwin DATE: February 7,. 1984 City Manager PROM: David Smith v SUBJECT: property Appraisal After review .of the appraisal submitted to the City of South Miami per contract, by B.A. Appraisals, Inc. I advised Mr. Vic Connor of same., that in that they chose the "Sales Comparison" approach we would not be able to accept the appraisal of the inspection station site due to the fact that all sales comparisons were those transacted in 1981. I advised Mr. Conner that I would verbally advise him of recent land transactions so that he could re-submit his appraisal with more current and realistic land values. r4r BA APPRAISALS, INC. A BANKAMERICA COMPANY VICTOR J.CONNOR,JR.,M.A.I.,S.R.E.A. Vice President Manager November 21, 1983 Mr. David Smith City of South Miami Department of Planning and Zoning 6130 Sunset Drive South Miami , Florida 33143 Re: 1. Two-to-Four acres of vacant industrial land located east of the Palmetto Expressway and south of Bird Road. 2. A former license inspection station located next to the South Miami Post Office. Dear Mr. Smith: As we discussed last week, we propose to prepare a fully documented appraisal report on the above referenced properties. The objective of our investigation and analysis will be to estimate the market value of the fee simple estate of the land and existing improvements . Our appraisal will be made in accordance with the requirements of the Code of Professional Ethics and Standards of Professional Conduct of The American Institute of Real Estate Appraisers of The National Association of Realtors. We propose to deliver three (3) copies of our report within two to three weeks after receiving your acceptance. Both properties will be included in one report. v Our fee for this appraisal is $2, 500, all of which will be due upon delivery .of the report. This fee quote is good through Dauv*xAxarxX3a:y,x 3x January 13, 1984. If this proposal meets with your satisfaction, please sign the acceptance below and return one copy to us. '000 BRICKELL AVENUE,SUITE 1108 • MIAMI,FLORIDA 33101 • TEL:(305)377-7780 Ps O: Box 01-1070 Mr. David Smith city of South -Miami Department of Planning and Zoning November 21, 1983 Page 2 If you have any further questions concerning the terms and conditions of the assignment, please feel free to call me. We look forward to completing the assignment to your satisfaction. R s ectfully eubmi/tted, Ade x, ; nor K7L"y I SREA Pres t and Man g r Vice � . VJC:cll Y Accepted this day of �34 L/g"Qz 1988 by: I 1000 BRICKELL AVENUE,SUITE 1108 • MIAMI,FLORIDA 33131 • TEL.(305)377-7780 . � City of South Miami "° 15283 A. MW� 6130 Sunset Drive, South Miami, Florida 33143 r'T REQUISITION DATE January 5. 1884 }� VENDORS BA Appraisals, Inc. , 1000 Brickell Avenue, Suite 1108 Miami, Florida 33101 CONFIRMATION (YES OR NO) DELIVER REQUIRED FOR DEPARTMENT I To DELIVERY DATE INFORMATION TO BE FURNISHED BY DEPARTMENT FOR PURCHASING AGENT ITEM QUANTITY DESCRIPTION AND SPECIFICATIONS ACCOUNT UNIT TOTAL COST NO'S TO BE CHARGED PRICE Apprailal report (three copies) of the 2,500.00 properties listed: A a 1) Two to four acres of vacant industrial land located east of the �Jf/0 Palmetto Expressway and south of Bird Road. 2) A former license inspection station located nex*f to the South Miami Post Office. . TOTAL ., 2,500.00 y� t PURCHASE TERMS DISCOUNT ORDER NO. I HEREBY CERTIFY THAT THE A80VE MATERIAL, EQUIP- CODING OF AC TS APPROVED PURCHASES AS ABOVE APPROVED nNO ISSUANCE Of MENT, OR SERVICE IS ESSENTIAL AND A PROPER REQUEST / i� PURCHASE ORDER AUTHORIZED.' AGAINST THE CODES CHARGED. , SUFFICIENCY OF APPROPRI -}ON°9A'L NCES VERIFIED (EXCEPT AS OTHER 1 "NOTED.) HEAD OF DEPARTMENT FINANCE DEPARTMENT CITY MANAGER OS 150-4 REV. 6-2-82 RESOLUTION NO.---88--83-5058 A RESOLUTION OF THE CITY OF SOUTH MIAMI , FLORIDA, AUTHORIZING THE CITY MANAGER TO EXPEND UP TO THE SUM OF TWENTY-FIVE HUNDRED DOLLARS ($2,500.00) . FOR AN APPRAISAL OF CITY PROPERTY LOCATED AT PUBLIC WORKS SITE AND AUTO INSPECTION SITE; SAID FUNDS TO BE EXPENDED FROM NON-DEPARTMENTAL GENERAL CONTINGENCY FUND 2100-5510. BE IT RESOLVED BY THE MAYOR AND THE CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA: i Section 1. That the City Manager be, and he is hereby authorized to expend up to the sum of $2,500.00 for an appraisal of City property lcoated at public works site and auto inspection site; said funds to be expended from Non -Departmental General Contingency Fund 2100-r 5510. PASSED AND ADOPTED this 6th day of December, 1983. APPROVED: ATTEST: vzma/m, MAYOR -(CITY_ CLE i