HomeMy Public PortalAbout19-9708 Sale of AlleywaysSponsored by: City Manager
RESOLUTION NO.19-9708
A RESOLUTIONOF THE CITY COMMISSION OF THE CITY OF
OPA-LOCKA, FLORIDA, AUTHORIZING THE SALE OF THE
DECLARED SURPLUS ALLEYWAYS BETWEEN THE PARCELS
IDENTIFIED BY FOLIOS: 08-2121-007-2680, 08-2121-007-2690, 08-
2121-007-2630, 08-2121-007-2650, 08-2121-007-2660, 08-2121-007-2670,
08-2121-013-2010 AND 08-2121-013-2020, IN THE B-2 ZONING
DISTRICT, TO TNJ REALTY, LLC TO ALLOW FOR THE
CONSTRUCTION OF A RETAIL CENTER ON THE EIGHT
PARCEL SITE BOUNDED BY SUPERIOR STREET, NW 27TH
AVENUE AND OPA LOCKA BOULEVARD; PROVIDING FOR
INCORPORATION OF RECITALS; CONTAINING A REVERTER
CLAUSE; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Opa-locka owns certain property that is not in use for the
public benefit; and
WHEREAS, Section 166.02(1), Florida Statutes and Resolution 08-7317 grants the
City Commission the authority to declare property that has become inadequate for
public purposes as surplus, and
WHEREAS, it is in the public interest for the City of Opa-locka to sell or
otherwise dispose of this surplus property in a manner to promote the best interests of
the community; and
WHEREAS, the real property, the alleyways, between the parcels identified by
the following folios: 08-2121-007-2680, 08-2121-007-2690, 08-2121-007-2630, 08-2121-007-
2650, 08-2121-007-2660, 08-2121-007-2670, 08-2121-013-2010 and 08-2121-013-2020, of this
Resolution; and
WHEREAS, the Planning & Zoning Board recommended approval of the site
plan for the construction and development of a Retail Center on the Eight Parcel Site
including the alleyways; and
WHEREAS, the City Commission has determined that it is in the best interest of
the City to sell the alleyways between the properties listed as they have been declared
surplus and to dispose of the alleyways for public benefit; and
Resolution No. 19-9708
WHEREAS, The City hereby authorizes the City Manager to sell the alleyways to
TNJ Realty, LLC for the development of the approved Retail Center subject to a reverter
clause if not developed within fifty-four (54) months.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY
COMMISSSION OF THE CITY OF OPA-LOCKA, FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission hereby authorizes the sale of the alleyways to
TNJ Realty, LLC for the development of the retail center as shown in the Site Plan
presented to the Planning & Zoning Board. In the event the retail center is not
developed within fifty-four (54) months from the date of the sale, the property (alleys)
will revert back to the ownership of the City of Opa-locka with no monies being due to
Owner/ Developer.
Section 3. The City Commission directs the Manager to dispose of the surplus
property in a contract form to be acceptable to the City Attorney.
Section 4. This Resolution shall take effect immediately upon adoption and
review by the State of Florida.
PASSED and ADOPTED this 9th day of October, 2019.
Matthew A. Pigatt, Mayor
Jo
TEST:
a Flores, City Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
B rna ette Norris -Weeks, P.A.
City Attorney
Resolution No. 19-9708
Moved by: Commissioner Kelley
Seconded by: Commissioner Bass
VOTE: 4-0
Commissioner Bass YES
Commissioner Burke YES
Commissioner Kelley YES
Vice -Mayor Davis ABSENT
Mayor Pigatt YES
City of Opa-Locka
Agenda Cover Memo
Department Director:
Gregory Gay
Department Director
Si . ature•
Finance Director:
FD Signature:
De artment
City Manager:
Newall J. Daughtrey
CM Signature:
Commission Meeting
Date:
10-09-19
Item Type:
(EnterX in box)
Resolution
t 'n,nce
the
X
Fiscal Impact:
(EnterX in box)
Yes
No
Ordinance/Resolution Reading:
(EnterX in box)
Is, Reading
2nd
Reading
X
X
X
Public Hearing:
(EnterX in box)
Yes
No
Yes
No
X
X
Funding Source:
Account# :
(Enter Fund
& Dept)
Ex:
Advertising Requirement:
(EnterX in box)
Yes
No
X
Contract/P.O. Required:
(EnterX in box)
Yes
No
RFP/RFQ/Bi#: N/A
x
Strategic Plan Related
(Enter X in box)
Yes
No
Strategic Plan Priority Area:
Enhance Organizational •
Bus. & Economic Dev
Public Safety •
Quality of Education •
Qual. of Life & City Image•Commercial
Communcation M
Strategic Plan
Obj./Strategy: (list the specific
objective/strategy this item will
address)
Retail Services
X
Sponsor Name
City
Manager
Department: Planning & Community
Development
City Manager
Short Tittle:
A Resolution of the City Commission of the City of Opa-locks, Florida, authorizing the sale of the
declared surplus alleyways between the parcels identified by folios: 08-2121-007-2680, 08-2121-
007-2690, 08-2121-007-2630, 08-2121-007-2650, 08-2121-007-2660, 08-2121-007-2670, 08-
2121-013-2010 and 08-2121-013-2020, in the B-2 zoning district, to allow for the construction of
a Retail Center on the Eight Parcel Site bounded by Superior Street, NW 27th Avenue and Opa
Locka Boulevard for TNJ Realty, LLC. Providing for an effective date.
Resolution-TNJ Realty, LLC —Declare Surplus 10-8-19
TNJ Realty, LLC, through their Project Manager, William J. Green, Jr. J.D. presented three
requests to Planning & Community Development Department Staff to be forwarded to the
Planning & Zoning Board for their review and approval recommendation. The first request was
for review and approval recommendation to vacate the alleys that are located between the parcels
bounded by Superior Street, NW 27th Avenue and opa-locks Boulevard for the Construction of a
retail center on the Properties identified on the site plan. The second request was for site plan
review and approval recommendation to construct a a retail center on the eight parcel site
bounded by Superior Street, NW 27th Avenue and opa-locka Boulevard on the pracels identified
on the site plan in the B-2 zoning district. The third request was for review and approval
recommendation of the development agreement governing the site plan at the site identified by
the aforementioned folios in the B-2 zoning district in accordance with the City Zoning Code,
Ordinance 15-31.
TNJ Realty, LLC's proposal to develop this site requires that the City Owned alleyways must be
declared surplus to allow the purchase of the alleyways to develop the site as displayed in the
site plan. The Planning and Zoning Board has reviewed this request and has recommended its
site plan approval to develop the site. City Staff has determined that the alleyways identified in
the site plan should be declared surplus and therefore authorize the City Manager to dispose of
the alleyways for the public benefit. Section 166.02(1), Florida Statutes and Resolution 08-7317
grants the City Commission the authority to declare property that has become inadequate for
public purposes as surplus property and to authorize the sale of the properties.
Background
• According to Miami -Dade County Property Appraiser's website, the legal descriptions for this retail
development site are as follows:
08-2121-007-2680
21 52 41 .30 AC OPA LOCKA PLAT NO 3 PB 31-14 TRACT D LESS NWL75 FT & LESS
EBFT FOR RD BLK 148 LOT SIZE 9383 SQUARE FEET OR 22688-4884-83 0904 2 (2)
08-2121-007-2690
21 52 41 .17AC OPA LOCKA PLAT NO 3 PB 31-14 NWL75 FT OF TRACT D BLK 148 LOT
SIZE IRREGULAR OR 22688-4881 83 0904 2 (2)
08-2121-007-2630
21 52 41 OPA LOCKA PLAT NO 3 PB 31-14 SELY125FT OF TRACT A /AKALOTS 3 THRU
7/&LOT 8 BLK 148 LOT SIZE 150.000 X 100 OR 14120-1478 0589 1 COC 21483-0647 07
2003 1
08-2121-013-2010
Resolution-TNJ Realty, LLC —Declare Surplus 10-8-19
21 52 41 OPA LOCKA PLAT NO 3 REV PB 70-98 LOT 1 BLK 148 LOT SIZE 6088 SQUARE
FEET OR 19233-0521 0500 4 COC 26308-2612 11 2001 6
08-2121-013-2020
21 52 41 OPA LOCKA PLAT NO 3 REV PB 70-98 LOT 2 BLK 148 LOT SIZE IRREGULAR
OR 16472-4561 0894 2 (2)
08-2121-007-2650
21 52 41 .23 AC OPA LOCKA PLAT NO 3 PB 31-14 N100 FT OF TR C & LESS E8FT FOR
RD BLK 148 LOT SIZE IRREGULAR OR 16472-4561 0894 2 (2)
08-2121-007-2660
21 52 41 PB 31-14 OPA LOCKA PLAT NO 3 S50FT OF N150FT OF TR C LESS E8FTW OF
NE CORNER OF TR C W PARR TO N/L 79.37FT ELY79.38FT NO 85FT TO POB BLK 148
LOT SIZE 50.850 X 92 OR 13492-0023 1187 1
08-2121-007-2670
21 52 41 PB 31-14 OPA LOCKA PLAT NO 3 TRACT C LESS N150FT & LESS E8FT FOR
RD & LESS BEG 150FTS & 8FT1N OF NE COR TR C W PARR TO N/L 79.38FT NO 85FT TO
POB BLK 148 LOT SIZE 42.490 X 88 COC 24727-3420 05 2005 1
• The proposed project consists of the assemblage of eight parcels, listed above, from
four different owners and includes all of the alleys that are between those properties for
the development of approximately an 80,000 square foot site. The applicant intends to
place a triple net lease user or users on this location and the applicant has enlisted the
NAI Miami, a member of the NAI Global Network to assist with the leasing of retail
space. NAI has been notified of interest from franchisees for Kentucky Fried Chicken,
Popeyes Fried Chicken, Checkers, Tire Kingdom and Dunkin Donuts.
• The three properties owned by Carlos Fernandez are located at the South and East
sections of this site and are identified by folios, 08-2121-007-2680, 08-2121-007-2690
and 0-2121-007-2630. According to the Purchase Agreement TNJ Realty will close on
this property at the end of April 2019.
• Two parcels are owned by Shaid Sheikh and Rafia Sheikh are located on the North and
North West sections of this site and are identified by folios 08-2121-007-2650 and 08-
2121-013-2020. According to the Purchase Agreement TNJ Realty will close on this
property at the end of April 2019.
• According to the applicant, one of the properties is a single family home owned by
Millicient Howell and identified by folio 08-2121-013-2010 and this site is located at the
Southwest corner of this site. TNJ Realty will close on this property at the end of April
2019.
Resolution-TNJ Realty, LLC —Declare Surplus 10-8-19
" T h e f i n a l t w o p a r c e l s a r e o w n e d b y N e w B e g i n n i n g s o f S o u t h F l o r i d a , I n c . a n d a r e
i d e n t i f i e d b y f o l i o s 0 8 - 2 1 2 1 - 0 0 7 - 2 6 6 0 a n d 0 8 - 2 1 2 1 - 0 0 7 - 2 6 7 0 . T h i s e n t i t y f i l e d
b a n k r u p t c y i n 2 0 1 6 . T h e b a n k r u p t c y h a s b e e n d i s m i s s e d a n d T N J i s c u r r e n t l y i n
c o n t r a c t w i t h N e w B e g i n n i n g s t o p u r c h a s e t h e s e p r o p e r t i e s . T N J w i l l c l o s e o n t h e s e
p r o p e r t i e s i n m i d - A u g u s t .
"
T h e d e v e l o p m e n t o f t h i s s i t e , a c c o r d i n g t o t h e s i t e p l a n , w i l l i n c l u d e t h e d e m o l i t i o n o f t h e
b u i l d i n g s o n s i x o f t h e e i g h t p a r c e l s o f t h e s i t e a n d t h e i n c l u s i o n o f t h e a l l e y s i f t h e C i t y
a p p r o v e s t h e a l l e y v a c a t i o n . T h e a l l e y s w i t h i n t h i s d e v e l o p m e n t s i t e i s e s t i m a t e d t o b e
a p p r o x i m a t e l y 8 , 9 4 0 s q u a r e f e e t . T h e r e q u e s t f o r a l l e y w a y v a c a t i o n w a s p r e s e n t e d t o
t h e P l a n n i n g & Z o n i n g B o a r d o n J u n e 4 , 2 0 1 9 a s p a r t o f t h e r e d e v e l o p m e n t o f t h i s s i t e
a l o n g w i t h t h e s i t e p l a n a n d t h e d e v e l o p m e n t a g r e e m e n t . T h e r e q u i r e m e n t s o f
O r d i n a n c e 1 4 - 0 2 , w h i c h p r o v i d e s a p r o c e s s f o r v a c a t i n g s t r e e t s a n d a l l e y s , m u s t b e
c o m p l e t e d b e f o r e t h e a p p r o v a l o f t h e s i t e p l a n a n d d e v e l o p m e n t a g r e e m e n t a s t h e
v a c a t e d a l l e y s w o u l d b e a p a r t o f t h e b u i l d a b l e a r e a o f t h e p r o j e c t a s s h o w n o n t h e s i t e
p l a n .
A c c o r d i n g t o t h e s i t e p l a n t h i s n e w d e v e l o p m e n t w o u l d p r o v i d e t w o r e t a i l s p a c e s o f 3 , 5 0 0 s q u a r e f e e t
a n d 4 , 4 8 5 s q u a r e f e e t r e s p e c t i v e l y a n d t w o r e s t a u r a n t s o f 2 , 2 3 7 s q u a r e f e e t a n d 2 , 9 6 5 s q u a r e f e e t
r e s p e c t i v e l y . T h e r e t a i l u s e s w o u l d o c c u p y t h e p e r i m e t e r o f t h e s i t e w i t h t h e p a r k i n g a n d c i r c u l a t i o n
b e i n g o n t h e i n t e r i o r o f t h e s i t e . A c c o r d i n g t o t h e s i t e p l a n , a l l o f t h e C i t y z o n i n g r e q u i r e m e n t s w o u l d b e
i n c o m p l i a n c e , s p e c i f i c a l l y f o r s e t b a c k s , b u i l d i n g h e i g h t s , p a r k i n g a n d l a n d s c a p i n g r e q u i r e m e n t s .
S t a f f h a s r e c o m m e n d e d a p p r o v a l o f t h i s R e q u e s t .
A t t a c h m e n t :
A l l e y w a y A p p r a i s a l
T N J P e t i t i o n a n d C o m p e n s a t i o n O f f e r
R e s o l u t i o n 0 8 - 7 3 1 7
D R A F T R e s o l u t i o n -
R e s o l u t i o n - T N J R e a l t y , L L C D e c l a r e S u r p l u s 1 0 - 8 - 1 9
A RESOLUTIONOF THE CITY COMMISSION OF THE CITY OF
OPA-LOCKA, FLORIDA, AUTHORIZING THE SALE OF THE
DECLARED SURPLUS ALLEYWAYS BETWEEN THE PARCELS
IDENTIFIED BY FOLIOS: 08-2121-007-2680, 08-2121-007-2690, 08-
2121-007-2630, 08-2121-007-2650, 08-2121-007-2660, 08-2121-007-2670,
08-2121-013-2010 and 08-2121-013-2020, IN THE B-2 ZONING
DISTIRICT, TO TNJ REALTY, LLC TO ALLOW FOR THE
CONSTRUCTION OF A RETAIL CENTER ON THE EIGHT
PARCEL SITE BOUNDED BY SUPERIOR STREET, NW 27Tn
AVENUE AND OPA LOCKA BOULEVARD; AUTHORIZING THE
CITY MANAGER TO DISPOSE OF THE PROPERTY BY SALE;
PROVIDING FOR INCORPORATION OF RECITALS;
CONTAINING A REVERTER CLAUSE; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the City of Opa-locka owns certain property that is not in use for the
public benefit; and
WHEREAS, Section 166.02(1), Florida Statutes and Resolution 08-7317 grants the
City Commission the authority to declare property that has become inadequate for public
purposes as surplus, and
WHEREAS, it is in the public interest for the City of Opa-locka to sell or otherwise
dispose of this surplus property in a manner to promote the best interests of the
community; and
WHEREAS, the real property, the alleyways, between the parcels identified by the
following folios: 08-2121-007-2680, 08-2121-007-2690, 08-2121-007-2630, 08-2121-007-2650,
08-2121-007-2660, 08-2121-007-2670, 08-2121-013-2010 and 08-2121-013-2020, of this
Resolution; and
WHEREAS, the Planning & Zoning Board recommended approval of the site plan
for the construction and development of a Retail Center on the Eight Parcel Site including
the alleyways; and
WHEREAS, the City Commission has determined that it is in the best interest of
the City to sell the alleyways between the properties listed as they have been declared
surplus and to dispose of the alleyways for public benefit; and
WHEREAS, The City hereby authorizes the City Manager to sell the alleyways to
TNJ Realty, LLC for the development of the approved Retail Center subject to a reverter
if not developed within sixty (60) months.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSSION
OF THE CITY OF OPA-LOCKA, FLORIDA:
Section 1. The recitals to the preamble herein are incorporated by reference.
Section 2. The City Commission hereby authorizes the sale of the alleyways to
TNJ Realty, LLC for the development of the retail center as shown in the Site Plan
presented to the Planning & Zoning Board. In the event the retail center is not developed
within sixty (60) months from the date of the sale, the property (alleys) will revert back
to the ownership of the City of Opa-locka.
Section 3. The City Commission directs the Manager to dispose of the surplus
property referenced herein in a manner consistent with the policy directives of Resolution
08-7317.
Section 4. This Resolution shall take effect immediately upon adoption and
review by the State of Florida.
PASSED and ADOPTED this day of 2019.
Matthew A. Pigatt, Mayor
ATTEST:
Joanna Flores, City Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
Burnadette Norris -Weeks, P.A.
City Attorney
Moved by:
Seconded by:
VOTE:
Commissioner Bass (Yes) (No)
Commissioner Burke (Yes) (No)
Commissioner Kelley (Yes) (No)
Vice -Mayor Davis (Yes) (No)
Mayor Pigatt (Yes) (No)
EXHIBIT A
Property Identification
The subject property, located at NW 27 Avenue & Superior Street, Opa Locka, FL 33054, is a public alley and does not have a legal description. The
property is identified on the survey below as the area marked public alley:
QUALIFICATIONS OF THE APPRAISER
Jeff Michael
300 SW 12 Avenue, Suite 3
Miami, Florida 33130
Telephone (786) 348-8999 - Fax (305) 285-2524
WORK HISTORY:
2014 to Present Special Magistrate, Property Tax Appeals, Miami -Dade County Value
Adjustment Board
2001 TO Present Commercial Real Estate Appraiser
2000 TO 2001 Assistant Commercial Loan Underwriter, Skymar Capital
Corporation
1999 TO 2000 Residential Mortgage Loan Processor, Wells Fargo Bank
PERSONAL: Engaged full time in real estate since 1999. Resident of Miami -Dade
County, Florida since 2000.
LICENSES HELD
IN THE STATE OF
FL: State -Certified General Real Estate Appraiser (to 11-30-2020)
Real Estate Sales Associate (to 3-31-2019)
EDUCATION: 1992-1996, University of Oregon - Small Business & Entrepreneurship
Appraisal Institute Course 550 - Advanced Applications
Appraisal Institute Course 540 - Report Writing & Valuation Analysis
Appraisal Institute Course 530 - Advanced Sales Comparison Approach and
Income Approach
Appraisal Institute Course 520 - Highest and Best Use and Market Analysis
Appraisal Institute Course 510 - Advanced Income Capitalization
AB -I Fundamentals of Real Estate Appraisal
AB -II Appraising Residential and Income Properties
AB-IIB Income Capitalization Techniques
15 Hour USPAP National Course
2002-2014 Continuing Education
Page I 1
APPRAISAL REPORT
File: 31976
Prepared for:
TNJ Realty LLC
Mr. William J Green Jr.
22578 SW 132 Avenue
Miramar, FL 33027
MIAMI APPRAISAL
Solutions
Vacant Land Property Appraisal Report
As of: August 24, 2019
Address: NW 27 Avenue & Superior Street
Opa Locka, FL 33054
Prepared by:
Jeff Michael;
State Certified General Real Estate Appraiser
RZ-3042
Miami Appraisal Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999
September 3, 2019
TNJ Realty LLC
Mr. William J Green Jr.
22578 SW 132 Avenue
Miramar, FL 33027
MIAMI APPRAISAL
Solutions
RE: Appraisal Report #31976
Vacant Land property appraisal report for property located at
NW 27 Avenue & Superior Street, Opa Locka, FL
Dear Mr. Green:
As requested, I have prepared an appraisal of the property referenced above, per the terms agreed
upon in the Letter of Engagement. The appraisal develops an opinion of the market value of the Fee
Simple estate in the above referenced real property as of August 24, 2019 on an "As Is" basis. The
opinion of value reported below is qualified by certain assumptions, limiting conditions,
certifications, and definitions, which are set forth in the report.
In order to carry out this assignment, a market study of real estate activity in the vicinity of the
subject property has been conducted. This investigation included the collection and analysis of
sales, offerings, and other developments which have occurred in the area in the recent past. The
sources of this data included the Miami -Dade County records, our own data bank, other real estate
brokers and appraisers, and knowledgeable individuals active in the area.
This appraisal has been completed in accordance with (a) all Federal banking regulations
(primarily OCC Regulation 12 CFR Part 34, FDIC Regulation 12 CFR Part 323 and Title XI of the
Financial Institution Reform, Recovery Enforcement Act of 1989 ("FIRREA"), and (b) the Uniform
Standards of Professional Appraisal Practices and Conduct ("USPAP") as promulgated by the
Appraisal Standards Board of the Appraisal Foundation.
The subject is a public alley with a total area of 8,739 SF. The shape of the property is irregular and
has frontage on 27 Avenue & Superior Street. Visibility and access are rated as average.
Topography of the site is mostly level. Zoning is B-2 - Business District, Opa Locka. Flood zone is "X",
as identified by Panel #12086C0303L, dated September 11, 2009.
MIAMI SolutiAPPonsRAISAL
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 2
APPRAISAL SERVICES PROVIDED TO:
PARTIAL LIST
Ocean Bank
Total Bank
Banco Popular, NA
Union Credit Bank
Intercredit Bank
US Century Bank
Best Meridian Insurance Company
Starfund, LLC
BankAtlantic
Eastern National Bank
First Bank of Miami
One United Bank
Regions Bank
City of Miami
City of North Miami
Halpern & Associates
APPRAISAL ASSIGNMENTS
Assignments have included the appraisal of: Single family residential dwellings, duplexes, apartment
buildings, shopping centers, office buildings, warehouses, condo conversions of offices, warehouses
and apartment buildings, vacant land, acreage, subdivisions developments and special use properties
such as gas stations, schools, libraries, churches, self storage facilities, etc.
Testimony as expert witness, in both bankruptcy and divorce courts of Miami -Dade & Broward
County, Florida.
Assignments have been completed throughout the State of Florida (Duval, Orange, Lee, Osceola, Polk,
St. Lucie, Palm Beach, Charlotte, Collier, Sarasota, Miami -Dade, Broward & Monroe Counties).
Jeff Michael
State Certified General Appraiser RZ 3042
Page 12
The Market Value of the Fee Simple interest of the subject property in "as is" condition, as of August
24, 2019, is estimated to be:
FIFTY TWO THOUSAND DOLLARS
This letter of transmittal and the pages t a follow constitute our report, including the data and
analyses utilized in forming an opinion of value. Should you have any questions concerning this
report, please do not hesitate to call our office.
Respectfully submitted,
Jeff Michael
State -Certified General Real Estate Appraiser
RZ 3042
M1AMSoI lutiAPPonsRAISAL
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 3
TABLE OF CONTENTS
INTRODUCTION 5
SUMMARY OF SALIENT FACTS AND CONCLUSIONS 5
VALUATION SUMMARY 6
EFFECTIVE DATE OF THE APPRAISAL/DATE OF THE REPORT 7
PURPOSE OF THE APPRAISAL 7
INTENDED USE OF THE APPRAISAL 7
MARKET VALUE DEFINED 7
PROPERTY INTERESTS APPRAISED 8
PROPERTY IDENTIFICATION 8
SALES HISTORY 9
LISTING/CONTRACT INFORMATION 9
EXTRAORDINARY ASSUMPTIONS 9
HYPOTHETICAL CONDITIONS 9
SCOPE OF THE APPRAISAL 10
FACTUAL DESCRIPTIONS 12
NEIGHBORHOOD DESCRIPTION 12
NEIGHBORHOOD MAP 16
SITE ANALYSIS 17
CONCLUSION 18
ZONING AND FLOOD MAPS 19
SURVEY 20
SUBJECT PHOTOGRAPHS 23
REAL ESTATE TAX INFORMATION 24
ZONING 24
HIGHEST AND BEST USE ANALYSIS 25
SALES COMPARISON APPROACH TO VALUE 27
SALES LOCATION MAP 32
IMPROVED SALES ANALYSIS 33
SUMMARY OF IMPROVED SALES WITH ADJUSTMENTS 34
VALUE CONCLUSION 35
CERTIFICATION OF VALUE 37
ASSUMPTIONS AND LIMITING CONDITIONS 38
QUALIFICATIONS OF THE APPRAISER 40
MIAMI-DADE COUNTY DATA 42
Ar —_
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 4
NW 27 Avenue & Superior Street, Opa Locka
File 31976
INTRODUCTION
Summary of Salient Facts and Conclusions
Client:
Purpose of the Appraisal:
Intended Use of the Appraisal:
Property:
Folio:
TNJ Realty LLC
The purpose of this appraisal is to provide an
opinion of the market value of the Fee Simple
interest of the subject, in "as is" condition.
This appraisal is intended for the use of our client,
TNJ Realty LLC, to assist with acquisition of the
subject property.
Vacant Land located at NW 27 Avenue & Superior
Street, Opa Locka, FL 33054
N/A - Public Alley
Legal Description: The subject is a public alley and does not have a
legal description.
Effective Date of Appraisal: August 24, 2019
Property Rights Appraised: Fee Simple estate
Land Size: 8,739 SF
Overall Conditions: Average
Zoning: B-2 - Business District, Opa Locka
Highest and Best Use as Vacant: The Highest and Best Use of the subject would be
to incorporate with adjacent parcels so as to
facilitate development.
Assessment Data: The subject is public property and is not assessed.
Flood Zone: Flood zone is "X", as identified by Panel #
12086C0303L, dated September 11, 2009.
Exposure Period: Estimated at more or less 12 months
Marketing Time: Estimated at more or less 12 months
-� -
M1AM1 lutiAPPRonAISALs So
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 5
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Extraordinary Assumptions:
Hypothetical Conditions:
Valuation Summary
None
None
The Market Value of the Fee Simple interest of the subject property in "as is" condition, as of August
24, 2019, is estimated to be:
MIAMI APPRAISAL
Solutions
FIFTY TWO THOUSAND DOLLARS
$52,000
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 6
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Effective Date of the Appraisal/Date of the Report
The subject property has been inspected on various occasions throughout the process of preparing
an appraisal report. A physical inspection of the site was conducted on, and the effective date the
appraisal is August 24, 2019.
Purpose of the Appraisal
The purpose of this appraisal is to provide a market value opinion of the Fee Simple estate of the
subject property, in "as is" condition.
Intended Use of the Appraisal
This appraisal is intended for the use of our client, TNJ Realty LLC, to assist with acquisition of the
subject property.
Market Value Defined
Market value, as used in this appraisal report, is defined by the Appraisal Foundation, as:
The most probable price which a property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably,
and assuming the price is not affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the passing of title from seller to buyer under
conditions whereby:
(1) Buyer and seller are typically motivated;
(2) Both parties are well informed or well advised, and acting in what they consider their own
best interests;
(3) A reasonable time is allowed for exposure in the open market;
(4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
(5) The price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale.
M1AMI SoluAPPRAISAL
tions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 7
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Property Interests Appraised
Fee simple estate may be defined as the largest possible estate in real property. It is also known as
an absolute estate because a person in possession has no restrictions or limitations upon his
ownership, except that imposed by the State. For instance: imposition of taxes, public safety
regulations and purchase by the State for public use. Title to this estate may be acquired: by deed,
will, inheritance, adverse possession and may also be granted by the Court.
Lease fee interest, or landlord's interest. This is the type of ownership interest held by a landlord
with the rights of use and occupancy transferred by the lease to others and is different from the fee
simple estate, in which the person in possession has no restrictions or limitations upon his
ownership, except that imposed by the State.
The rights of the landlord, lessor or lease fee owner are specified by contract terms contained
within the lease (collection of rent, repossess the property upon expiration of lease, and transfer or
sale of property among others) and are different from the rights of tenant, lessee (to use, occupy,
improve, or sublease during a certain term and conditions).
Leasehold interest, this is the type of interest held by a lessee (renter of tenant) through a lease
transferring the rights of use and occupancy for a stated term under certain conditions.
The property is vacant land.
The interest appraised is the Fee Simple interest.
Property Identification
The subject property, located at NW 27 Avenue & Superior Street, Opa Locka, FL 33054, is a public
alley and does not have a legal description. The property is identified on the survey below as the
area marked public alley:
MIAMI APPonsRAISAL
Soluti
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 8
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Sales History
No recorded sales prior three years
Listing/Contract Information
The subject is not currently advertised for sale on the Multiple Listing Service or Loopnet Services.
Extraordinary Assumptions
The report is not based on any Extraordinary Assumptions.
Hypothetical Conditions
The report is not based on any Hypothetical Conditions.
M1AMSoluti1 APPRonsAISAL
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 9
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Scope of the Appraisal
In determining the market value of the subject, the following approaches were utilized:
Cost Approach - No
Sales Comparison Approach - Yes
Income Approach - No
As a part of the valuation process, the appraiser inspected the subject and surrounding properties,
the neighborhood and the comparables. The highest and best uses were analyzed and determined
for the subject both as vacant and as improved.
A search for comparable land sales was made based upon, but not limited to the following search
criteria: 1) Similarly located land within the general area. 2) Date of sale within the past three years
and 3) Similar potential use. The most comparable sales were then selected from those
transactions which met these criteria.
The Cost Approach is based upon the premise that a prudent buyer will pay no more for a property
than it would cost to reproduce or replace a substitute property with the same utility. The Cost
Approach is a method in which the value of a property is developed by 1) estimating the
replacement or reproduction cost new of the subject improvements, 2) deducting the estimated
depreciation from all sources, and 3) adding this depreciated reproduction or replacement cost of
the improvements to the site value. The site value is based upon a vacant site's being used to its
highest and best use. Generally speaking, the site value is estimated by the Sales Comparison
Approach. Replacement or reproduction cost new can be derived from reliable cost manuals or
from interviews with reputable local contractors. Depreciation can be from physical, functional, or
economic causes. Depreciation can be observed from rent loss or based upon a cost -to -cure. In all
cases, information concerning depreciation is developed from the market by observing comparable
properties.
The Sales Comparison Approach relies heavily upon the principle of substitution. Recent sales of
similar properties are gathered, and a meaningful unit of comparison is developed. Then, a
comparative analysis between the sales and the subject involves consideration for differences in
location, time, terms of sale, and physical characteristics. The reliability of the Sales Comparison
Approach depends, to a large extent, upon the degree of comparability between the sales and the
subject. The major strengths of this approach include the reflection of actual market transactions
and the fact that common denominators are fairly easily determined. The potential weaknesses of
this approach arise from the fact that the data is historical and ideal comparables are usually very
difficult to obtain.
The Income Approach to value is predicated upon the relationship between income and value.
Although all of the appraisal principles are involved in this approach, the principle of anticipation is
particularly applicable. This appraisal technique converts anticipated annual net income into an
indication of value. This process is called capitalization, and it involves multiplying the annual net
income by a factor or dividing it by a rate that weighs such considerations as risk, time, return on
investment, and return of investment. The appropriateness of this rate or factor is critical, and
there are a number of techniques by which it may be developed. The net income attributable to the
subject property is estimated by subtracting vacancy, collection losses, and expenses from the
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 10
NW 27 Avenue & Superior Street, Opa Locka
File 31976
property's annual potential gross income. All of these figures are derived from market comparison
of properties similar to the subject. The reliability of the Income Approach depends upon the
reliability of income and expense estimates, the duration of the net annual income, the
capitalization rate or factor used, and the method of capitalization. The weakness of this approach
lies in the estimation of income and expenses and the fact that not all properties are suitable for this
approach. The strength of this approach is its reflection of typical investor considerations as they
analyze income -producing properties.
The applicability and reliability of each approach is considered in the determination of the final
value estimate. This process is discussed in the reconciliation and final value estimate.
The subject is vacant land, and the Direct Sales Comparison Approach is applied.
M1AMolei1 APPRonsAISAL
S
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 11
NW 27 Avenue & Superior Street, Opa Locka
File 31976
FACTUAL DESCRIPTIONS
Neighborhood Description
A neighborhood can be defined as: "A portion of a larger community, or an entire community in
which there is a homogeneous grouping of inhabitants, buildings, or business enterprises.
Inhabitants of a neighborhood usually have a more than casual community interest and a similarity
of economic level or cultural background. Neighborhood boundaries may consist of well-defined
natural or man made barriers or they may be more or less well defined by a distinct change in land
use or in the character of the inhabitants.
Neighborhoods may be devoted to such uses as residential, commercial, industrial, agricultural,
cultural, and civic activities, or a mixture of these uses. Analysis of the neighborhood in which a
particular property is located, is important due to the fact that the various economic, social political,
and physical forces which affect the neighborhood also directly influence the individual properties
within it. An analysis of these various factors as they affect value of the subject property is
presented in the following discussion.
Neighborhood boundaries are NW 135 Stree to the south, NW 155 Street to the north, Douglas Road
to the west and NW 17 Avenue to the east.
This is a mixed use area, with commercial development along main area thoroughfares. The area is
+/-85% developed.
No unfavorable conditions that could impact marketability were observed during neighborhood
inspection.
Demographic information is presented on the pages that follow.
MIAMI APPRAISAL
Solvlions
300 SW 12 Ave, #3 Miami, FL 33130 786-348-8999 12
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Subject Property
DEMOGRAPHICS
13920 NW 27th Ave
P
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Population
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SubJeeteroporty- 1, 3. 5, 151'I1ie l2acllus 1t! MI6'. Drive
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1 Mlle 3 Mlles 5 Mlles 10 Mlles 10 Min_ Drive
18,148 144-,888 560,276 1,938,079 131:798
5 Yr Growth 2.7% 2.8% 3.4% 4.5% 2.6%
Median Age 34 37 38 40 37
5 Yr Forecast 36 ' 38 39 41 38
White 7 Black 1 Hispanic 33% r 65".% 137% 42% 156 % 7 44`X, 52% 145%: 51% 69% 7 27% 1 59% 35 % r 62w4138%
5 Yr Forecast 35% 163`k, 7 40% 43`In 154 °S 146% 53% 144% 7 52% 79% 7 26%1 61°6 37% 1 61% 140',i
Employment 6,434 45,839 171,635 899,869 57,796
Buying Power .31392M £1.58 S6.46 S29.88 31.58
5 Yr Growth 4.5% 3.7% 4.2% 5.B% 4,943
College Graduates 8.6% 111% 13.7 ti, 22.6'% 15.6'.•1:
Household
Households 6,071 42,172 173,847 698,154 38,754
5 Yr Growth 2.6% 2.7% 3:3% 4.3% 2.5%
Median Househcad Income 322.929 S35.433 S36,578 S42,700 337,548
5 Yr Forecast 323.336 ' 535.774 S36,865 $43,303 $38.426
Average Household Income 335,355 S47,166 S49,973 S63,016 348,817
5 Yr Forecast $38.229 S47,750 S50,57 7 $64,079 349,730
% High Income (475k) 14`:6 18`ti 20% 28% 19%
Housing
Median Home Value 3174.339 3191.334 S204,385 $243.814 3209.933
Median Year Built 1969 1963 1969 1978 1961
Owner/Renter Occupied 39% ? 61'% 61% 139% 55% 7 45`e 52°: 7 48% 60% 1 40%
- `L-
M1AMSoluti1 APPRAISAL
ons
Copyrighted report licensed to Miami Appraisal Solutons - 686623.
• CoStar -
9/3/2019
Page 4
300 SW 12 Ave, #3 i Miami, FL 33130 786-348-8999 13
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Subject Property
TRAFFIC COUNTS
13920 NW 27th Ave
Opa-locka
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Collection Street
0 NW 27th Ave
0 136 St
CO NW 135th St
CO NW 135th St
0 NW 27th Ave
Cross Street -Direction Traffic Volume Count Year Dist from Subject
NW 139th St - N 53,794 2018 0.13 mi
NW 139th St - N 16,005 2018 0.15 mi
NW 26th Ct - W 15.727 2018 . 0.17 mi
NW 28th Ave - E 24A29 2018 0.23 mi
NW 132nd St - S 50,282 2018 0.27 mi
MIAtAcirjrttISAL
Copyngnlea report licensed to Miami Appraisal Solutions - 68E623
ie,k! CoStar
9/3/2019
Page 5
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 14
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Income & Spending Demographics
13920 NW 27th Ave
1 Mlle 3 Mlles 5 Mlles 10 Min. Drive
2919 Households by Hit Income 6,072 42,172 173,846 38,754
•125,000 3,236 53.29% 15,694 37.21 % 62.857 36.16% 14,025 36.19%
$25,000 - $50,000 1,578 25.99% 11,957 28.35% 48,331 27.80% 10,727 27.68%
$50,000 - $75,000 418 6.88% 6,814 16.16% 27,463 15.80% 6,648 17.15%
_ _ _
$75,000 - $100,000 501 8.25% 3,927 9.31% 16.687 9.60% 3,508 9.05%
$100.000 - $125.000 147 2.42% 1,787 4.24% 7,905 4.55% 1.672 4.319'°
$125.000 - $150,000 70 1.15% 806 1.91 % 4A09 2.540/n 893 2.30%
$150.000 - $200.000 91 1.50% 783 1.86% 3,708 2.13°% 877 2.26%
$200.000+ 31 0.51 % 404 . 0.96 % 2,486 1.43° , 403 1.04%
2019 Avg Household income 535,355 $47.166 549,973 $48,817
2019 Med Household Income 522,929 535.433 536,578 $37,5.48
1 Mlle 3 Mlles 5 Mlles 10 Min. Drive
Total Specified Consumer Spending 598.210 5861.0M 53.56 5781.7M
Total Apparel 58.5M 8.68'% $66.1M 7.68% $264.2M 7.47% 560.1M 7.69%
Women's Apparel $3.2M 3.27% 525.2M 2.939/° 5102.4M 2.90°1° $22.8M 2.92%
Men's Apparel $1.6M 1.65% 513.4M 1.5594, $53.7N1 1.52°'° $12.2h1 1.56'fo
Girl's Apparel 5738.3K 0.75°,4 $_5.3_ M 0.61% $20.5M 0.58%
- 54.8M 0.62%
Bo 's Apparel 5503.7K 0.51% 53.6M 0.41°$13.9M 0.391S3.3M 0.42%
Infant Apparel 5444.2K 0.45°% $3.2M 0.37°% $12.5M 0.35% 52.9M 0.37%
Footwear $2.0M 2.05% 515.5M 1.8094, $61.210 1.73% $14.1 M 1.80%
Total Entertainment 8 Hobbles 57.5M 7.60'% $61.3M 7.12% $252.6M 7.15% 51i6.0141 14.84%
Entertainment $1.2M 1.21% S10.2M 1.18% $42.0M 1.19% 59.3M 1.19%
Audio & Visual Equipment/Service $4.5M 4.61% 535.1M 4.08% $143.7M 4.06% $32.5M 4.16%
Reading Materials 5150.3K 0.15% $1.6M 0.18% $6.8M 0.19% 51.4M 0.18%
Pets, Toys, & Hobbies $1.6M 1.62% 514.5M 1.68% $60.2M 1.70% $13.2M 1.68%
Personal Items $7.6M 7.70% 564.0M 7.44% 5258.4M 7.31% $59.6M 7.62%
Total Food and Alcohol 530.7M 31.25`.4 $254.4M 29.54% 51.113 29.74% $230.1111 29.43%
Food At Home $19.9M 20.31% $162.4M . 18.86% 5654.7M 18.52% $146.9M 18.80'Y.
Food Away From Home $9.4M 9.60% 580.7M 9.37% 5345.014A 9.76%, $73.2M 9.36%
Alcoholic Beverages $1.3M 1.34% 511.3M 1.31 % $51.4M 1.45% $10.0M 1.28%
Total Household 512.5M 12.69% $113.1M 13.13% 3464.9M 13.15% $102.30.4 13.08.'4
House Maintenance & Repair $2.3M 2.35% 525.6M 2.98% $97.1M 2.75% $23.0M 2.95%
Household Equip & Furnishings $5.5M 5.6594, 546.1M 5.35% 5192.4M 5.44°h, $41.4M 5.30%
Household Operations $3.91v1 3.95% 533.6M 3.90°% 5139.8M 3.95% $30.610 3.91%
Housing Costs 5722.9K 0.74% $7.8M 0.90% $35.6M 1.01 % 57.2M 0.93%,
-"�t
M1AM1 APlutiPonsRAISAL
So
Copyngnted report licensed to Miami Appraisal Solutions - 686623
•
tom; CoStar
9/3/2019
Page t
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 15
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Neighborhood Map
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MIAMI APPRAISAL
Solutions
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300 SW 12 Ave, #3 'Miami, FL 33130
786-348-8999
16
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Site Analysis
Location: NW 27 Avenue & Superior Street
Opa Locka, FL 33054
Assessor's Parcel Number: None - Public Alley
Land Area: 8,739 SF Size as per Public Records.
Shape: Irregular
Road Frontage: ±20' along 27 Avenue and 20' along Superior
Street.
Access: The subject property is accessed by 27 Avenue &
Superior Street.
Visibility: Visibility from surrounding development is rated
as average.
Terrain: Mostly level.
Utilities: All utilities appear to be available.
Adjacent Properties:
Flood Plain:
Drainage:
Landscaping:
M1AMolutio1 APPRAnsISAL
S
The subject is part of a corridor of commercial
development running along both sides of NW 27
Avenue.
Flood zone is "X", as identified by Panel
#12086C0303L, dated September 11, 2009.
Drainage appears to be Adequate, although an
inspection was not made during a heavy rain
period.
None.
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 17
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Easements/Encumbrances:
Zoning/Restrictions:
Environmental Regulations:
Parking:
Conclusion
Inspection did not reveal any easements that
could affect marketability. In the performance of
this appraisal, we did not find, nor were we made
aware of an easements or encroachments (other
than standard utility easements) that would have
an adverse effect on the subject. We suggest that a
legal opinion be obtained to ensure that no
adverse easements or encroachements exist.
B-2 - Business District, Opa Locka
No hazardous materials were observed during
inspection of the subject property. We have no
knowledge of the existence of such materials on or
in the property. We recommend the employment
of a qualified environmental firm to detect any
environmental problems which might exist, as we
are not qualified in this area of expertise.
The property is vacant land
Review of the above findings indicates that overall characteristics of the site are average and
similar to most sites in the area. No unfavorable conditions affecting marketability were observed.
M1AM1 lutiAPPonRAsISAL
So
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 18
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Zoning and Flood Maps
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MIAMI APPRAISAL
Solutions
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300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 19
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Survey
"COMMUNITY GARDENS"
(R 8:31 PG 5)
DADE COUNTY.'
TRACT "A"
FOLIO NO.
:.08-2122-011 .0320
MIAMI APPRAISAL
Solutions
' "COMMUNITY . GARDENS
(Pa 31 7 PG _.5), .
"q RADE COUNTY
TRACT `"or .
Z: I
� I FOLIO NO.
n 08-2122-011-0480
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300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 20
NW 27 Avenue & Superior Street, Opa Locka
File 31976
M1AMI APPRAISAL
Solutions
N.W. 27t
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08=2122=011-
300 SW 12 Ave, #3 1 Miami, FL 33130
786-348-8999 21
NW 27 Avenue & Superior Street, Opa Locka
File 31976
MIAMI APPRAISAL
Solutions
89.1 ' •
'J 60,60 . i •' .
t :55" pqy `"
COMMERGAL 8unaNG=- U
N:13720-13730 .
85.30
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 22
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Subject Photographs
View From 27 Avenue
Facing East
MIAMolutionsI APPRAISAL
S
View From Superior Street
Street View
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 23
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Real Estate Tax Information
The subject is a public alley, and is not assessed or taxed.
The land assessment of surrounding parcels is presented in the table below:
Address
Land Size
Land Assessment
Land Assessment/SF
13720 NW 27 Avenue
3,739
$ 41,129
$ 11.00
13730 NW 27 Avenue
4,678
$ 51,458
$ 11.00
1340 Superior Street
9,200
$ 101,200
$ 11.00
1350 Superior Street
8,144
$ 89,584
$ 11.00
Zoning
The subject is zoned B-2 - Business District, Opa Locka. This is a district which permits a wide
range of commercial uses. A copy of the pertinent zoning code is retained in file.
M1AM1 AutiPPRonAISAL
Sols
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 24
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Highest and Best Use Analysis
Four criteria are examined in order to determine the highest and best use of the subject property.
The criteria and their applicability to the subject, both "as vacant" and "as improved" are as follows:
Legally Permissible: a legally permissible use is determined primarily by current zoning
regulations. However, other considerations such as long-term leases, deed restrictions, and
environmental regulations may preclude some possible highest and best use.
Physically Possible: the size, shape and topography affect the uses to which land may be
developed. The utility of a parcel is dependent on its frontage and depth. Sites with
irregular shapes may be more expensive to develop, and topography or subsoil conditions
may make utilization too costly or restrictive. Highest and best use as improved also
depends on physical characteristics such as condition and utility.
Financially Feasible: the use of the property is analyzed to make a determination as to the
likelihood that the property is capable of producing a return which is greater than the
combined income needed to satisfy operation expenses, debt service, and capital
amortization. Any use that is expected to produce a positive return is classified as
financially feasible.
Maximally Productive: the use that provides the highest rate of return among financially
feasible uses is the highest and best use. The use of the land must yield a profitable net
return, and the quantity of land devoted to any specific use must be limited to that quantity
which will yield a maximum return to each owner.
Highest and Best Use as Vacant
Legally Permissible
With the subject site being vacant and available for use, the current zoning would be the legal
restraint on what improvements could be placed on the site. Subject site is zoned B-2 - Business
District, Opa Locka, which permits a wide variety of commercial uses.
Physically Possible
The size and shape of the subject does not permit development. The utilities serving the subject site
are adequate for many uses. The property visibility from the street is average, accessibility is
average. The subject site physical aspects do not impose apparent physical limitations on
development for the legally permissible uses. The current use as a public alley is physically
possible.
Financially Feasible
Financially feasible refers to legal uses which are physically possible and have a sufficient demand
to produce a positive return. Once the physically possible and legally permissible potential land
uses have been determined, the next step in estimating the highest and best use is to determine
which uses are economically feasible. Development as is is not physically possible and therefore not
financially feasible.
M1AM1 APPRA
onsISAL
Soluti
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 25
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Maximally Productive
Among the physically possible, legally permissible and financially feasible uses, the maximally
productive use of the site represents the Highest and Best Use. Based on the above criteria, the
maximally productive use of the site would be to combine the site with adjacent properties so as to
facilitate development.
—_-
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 26
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Sales Comparison Approach to Value
The Sales Comparison Approach draws heavily upon the principle of substitution. In essence, this
principle states that a prudent purchaser will pay no more for any particular property than it would
cost him to acquire an equally desirable alternate property. This approach consists of the
comparison of similar property, which has recently sold or is currently being offered for sale. This
comparison process involves making adjustments between the subject property and the
comparable properties on an item -by -item basis. The factors considered in the comparison include
date of sale, conditions of the sale (including financial terms), and physical characteristics. The
subject property is the standard, and the adjustments are made to the sale price of the comparable
property in order to arrive at an indication of value for the subject.
The weakness of this approach includes the fact that there may be inadequate data in the
marketplace to justify its use, the fact that it is based upon historical data rather than future
expectations, and the fact that the conditions of comparability may not closely conform to the
subject property. Its strength lies in the fact that it reflects actual market behavior of typical
purchasers under current market conditions. In short, the reliability of this approach depends
upon the comparability of the comparable properties, verification of sales data, the conditions
under which the property is sold, and the date of the sale. This approach is applicable to both
vacant and improved properties.
In order to estimate the value of the subject property as improved, the Miami -Dade County Deed
Records were searched for recent comparable sales. In addition, real estate brokers were consulted
for information on properties that would be in competition with the subject if it were offered for
sale on the open market.
Of the sales reviewed, based on the above criteria, the following sales represent the best available
from the market to determine the subject's market potential under this valuation approach. While
some are more ideal than others, the appraisers believe that they represent a sufficient sample of
the data reviewed to illustrate a sound market -based conclusion for the subject.
Listed on the following pages are sales used in this analysis.
M1AMo1 APPRAISAL
Slutions
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 27
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Location Data
Location:
Folio No:
Sale Data
Improved Comparable Sale 1
NW 122nd Street & 27 Avenue
Miami, FL
30-2127-011-0200, 30-2127-
010-0120
Sale Price: $385,000
Sale Price/Land SF: $14.65
Date: June 2018
Grantor: The Quin Group Inc
Grantee: Can Community Health Inc
Recorded at: 31041-3011
Financing: No recorded mortgage.
Confirmation Source: Selling agent.
Sales History: No recorded sales prior three
years.
Physical Data
Land Area:
26,288 SF
Property Condition: Average
Zoning: NCUAD
Income & Expense Data
N/A
Comments:
This comparable is the sale of a vacant land development site.
The zoning of this site is NCUAD - North Central Urban Area District, which allows for higher density
development (12 stories) as compared to the subject.
NUAtgAPPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 28
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Location Data
Location:
Folio No:
Sale Data
Sale Price:
Sale Price/Land SF:
Date:
Grantor:
Grantee:
Recorded at:
Financing:
Confirmation Source:
Sales History:
Improved Comparable Sale 2
14060 & 14040 NW 27
Avenue
Opa Locka, FL
08-2121-007-2490 & 2500
$550,000
$26.57
September 2018
Mandy Auto Sale Corp Inc.
Mia On Wheels Corp Inc.
31190-1285
No recorded mortgage.
Public records.
No recorded sales prior three
years.
Physical Data
Bldg. Area:
Land Area:
Year Built:
Property Condition:
Zoning:
Land/Building Ratio:
Income & Expense Data
N/A
2,174 SF
20,700 SF
1946 & 1957
Average
B-2
9.52
Comments:
This comparable is the sale of a auto sales lot located near
used as sales and administrative offices.
This property was purchased by the owner of an adjacent
motivation and induced the buyer to play a higher price.
the subject. This site has 2 small improvements,
property, which may have provided additional
A-
M1AMolutiI APPRonsAISAL
S
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 29
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Location Data
Location:
Folio No:
Sale Data
Sale Price:
Sale Price/Land SF:
Date:
Grantor:
Grantee:
Recorded at:
Financing:
Confirmation Source:
Sales History:
Improved Comparable Sale 3
14880 NW 27th Avenue
Opa Locka, FL
08-2121-002-0520 & 0510
$240,000
$14.67
July 2018
CW2 Funding Llc Trs
De La Paz Estate Llc
31085-4431
No recorded mortgage.
Selling agent.
The property sold for
$185,000 in February 2016.
Physical Data
Bldg. Area:
Land Area:
Property Condition:
Zoning:
Land/Building Ratio:
Income & Expense Data
N/A
961 SF
16,355 SF
Average
R-1
17.01
Comments:
This comparable is the sale of a site near the subject. The property is improved with a small building, built
out for office use.
_a_
MIAM1 APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 30
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Location Data
Location:
Folio No:
Sale Data
Sale Price:
Sale Price/Land SF:
Date:
Grantor:
Grantee:
Recorded at:
Financing:
Confirmation Source:
Sales History:
Improved Comparable Sale 4
NW 22nd Avenue
Opa Locka, FL
08-2122-025-0270
$450,000
$10.58
October 2017
Yunior Antonio Taveras
Castillo
Miami Opa Locka Business
Park Llc
30743-1956
No recorded mortgage.
Selling agent.
No recorded sales prior three
years.
Physical Data
Land Area:
Property Condition:
Zoning:
Income & Expense Data
N/A
42,531 SF
Average
B-2
Comments:
This comparable is the sale of a development site located near the subject.
M1AMo1 APPRonsAISAL
Sluti
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 31
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Sales Location Map
r . Miami Gardens
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cuiis
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Sale 4
NW 22nd Ave
Opa-Locke, FL 33064
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Opa•Locke, F1.33054
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-- — iwu 121 �t 'St
M1AM10APPRAISAL
Slutions
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 32
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Improved Sales Analysis
Extraction of Adjustments
Property Rights - The transaction price of a sale is always based on the real property interest
conveyed. In this instance, the subject property is leased, and we are appraising the Fee Simple
interest. No adjustments are warranted.
Conditions of Sale - Adjustments made for conditions of sale usually reflect atypical motivations of
the buyer and seller at the time of conveyance. Based upon the research performed, it is believed
that all of the comparable sales involved regular arms -length transactions without the presence of
duress or adverse market influence. As such, no adjustments were warranted.
Financing Terms - Prices paid in acquiring property may differ due to the financing involved, if any.
No adjustments are warranted for financing terms.
Market Conditions/Time - Market conditions may change between the time of sale of a comparable
property and the date of the appraisal of the subject property. Changed market conditions often
result from various causes, such as inflation, changing demand, and changing supply. Time itself is
not the cause for the adjustment. No adjustments are warranted for Market Conditions/Time.
Location - Location considerations include such factors as proximity to surrounding land use plus
accessibility to supporting development and transportation routes. Sale 4 is located on NW 22
Avenue, an inferior location, upward adjustment is warranted.
Size - The subject is 8,739 SF in size. No adjustments are warranted for size.
Zoning - The subject is zoned B-2 - Business District. Sale 1 has superior zoning, downward
adjustment is warranted.
Utilities - The subject has adequate access to utilities. No adjustments are warranted for utilities.
Clearing/Fill - The subject is cleared and filled. No adjustments are warranted.
Buildable - The subject property, due to it's shape, is not buildable. All of the comparables are
suitable for development. Downward adjustment is warranted. While it is not possible to quantify
the size of this adjustment from the comparable sales, as none of the sales are sales of non buildable
sites, the adjustment should be significant. Downward adjustment in the range of +/-50% is
applied.
Improvements - The subject property is a vacant site. Sales 2 & 3 are improved sites, downward
adjustment is warranted.
-rtt-
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 33
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Summary of Improved Sales with Adjustments
Comp No.
Subject
1
2
3
4
Address
NW 27 Avenue &
Superior Street
NW 27 Ave &
NW 122nd
Street
14060 & 14040
NW 27 Avenue
14880 NW
27th Avenue
NW 22nd
Avenue
City
Opa Locka
Miami
Opa Locka
Opa Locka
Opa Locka
Date of Sale
---
06/18
09/18
07/18
10/17
Sale Price
---
$385,000
$550,000
$240,000
$450,000
Bldg. Size (SF)
---
2,174
961
---
Land Area (SF)
8,739
26,288
20,700
16,355
42,531
SP/Land SF
---
$14.65
$26.57
$14.67
$10.58
Property Rights
---
Fee Simple
Fee Simple
Fee Simple
Fee Simple
Financing
---
None
None
None
None
Conditions of Sale
---
Typical
Bought by
owner of
adjacent
property
Typical
Typical
Zoning
B-2
NCUAD
B-2
B-2
B-2
Qualitative Adjustments
Conditions of Sale
-
Financing Terms
Months Elapsed
14
11
13
22
Market
Conditions/Time
Location
+
Qualitative Analysis
NW 27 Ave
Comparable
Comparable
Comparable
Inferior
Size
Qualitative Analysis
8,739 SF
Comparable
Comparable
Comparable
Comparable
Zoning
-
Qualitative Analysis
B-2
Superior
Comparable
Comparable
Comparable
Utilities
Qualitative Analysis
Available
Comparable
Comparable
Comparable
Comparable
Clearing/Fill
Qualitative Analysis
Cleared & Filled
Comparable
Comparable
Comparable
Comparable
Buildable
-
-
-
-
Qualitative Analysis
Not Buildable
Superior
Superior
Superior
Superior
Improvements
-
-
Qualitative Analysis
No Improvements
Comparable
Superior
Superior
Comparable
Total Net Adjustments
-
-
-
-
MIAMolutiI APPonsRAISAL
S
300 SW 12 Ave, #3 Miami, FL 33130 786-348-8999 34
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Value Conclusion
Sale 1 is the sale of a development site that sold for $14.65/SF. Downward adjustment is warranted
for zoning. The subject is not a buildable site, while this site can be developed, downward
adjustment is warranted. The subject should sell for a lower price per SF than the amount indicated
by this sale.
Sale 2 is the sale of an auto sales property that sold for $26.57/SF. Downward adjustment is
warranted for conditions of sale, as the buyer of the property owned the adjacent parcel, which may
have provided atypical motivation. Downward adjustment is warranted for improvement
contribution, as this property has 2 small office buildings. The subject is not a buildable site, while
this site can be developed, downward adjustment is warranted. The subject should sell for a lower
price per SF than the amount indicated by this sale.
Sale 3 is the sale of a commercial building that sold for $14.67/SF. Downward adjustment is
warranted for improvement contribution. The subject is not a buildable site, while this site can be
developed, downward adjustment is warranted. The subject should sell for a lower price per SF
than the amount indicated by this sale.
Sale 4 is the sale of a development site that sold for $10.58/SF. Upward adjustment is warranted for
location. The subject is not a buildable site, while this site can be developed, downward adjustment
is warranted. The subject should sell for a lower price per SF than the amount indicated by this sale.
Sale 2 has the most improvements, was purchased by the owner of an adjacent property, and may
have included business value. This sale requires the most adjustment and is therefore given least
weight in selection of a final value.
The grid summarizes the adjustments made to each sale. It is the appraiser's opinion after
reviewing these sales and consideration of current market conditions; the subject property has a
Fee Simple value of approximately $6.00 per square foot of land area. The results of this analysis
indicate that the subject has an overall Fee Simple value of $52,000 (Rd).
IMPROVED SALES ANALYSIS
Qualitative Analysis
Sale No.
Price/SF Net Adjustment
Sale 2
$26.57
-
Sale 3
$14.67
-
Sale 1
$14.65
-
Sale 4
$10.58
-
Subject
---
___
Concluded Value
Concluded Price/SF
Land Size
Value
$6.00
x
8,739 =
$52,000
.111
MIAMolutionsI APPRAISAL
S
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 35
NW 27 Avenue & Superior Street, Opa Locka
File 31976
MARKET VALUE ESTIMATE
Indicated Value by Sales Comparison: $52,000
_.(L111_
M1AMoI APe iPonRAsISAL
Sl
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 36
NW 27 Avenue & Superior Street, Opa Locka
File 31976
CERTIFICATION OF VALUE
THE APPRAISER/S HEREBY CERTIFIES/Y:
1. That he/they have no undisclosed interest in the subject property and the object of this appraisal,
either past, present or contemplated. That his/their employment and compensation for rendering
his/their opinion in this report is/are not contingent upon the value found, nor upon anything else
other than the delivery of this report for the predetermined fee.
2. That to the best of his/their knowledge and belief, everything contained in this report is true, that
no important facts have been overlooked or withheld from the report and that no one provided
significant real property appraisal assistance to the person/s signing this certification.
3. The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and they are his/their personal, impartial, and unbiased professional
analyses, opinions, and conclusions.
4. That the appraisal has been made and the report rendered strictly in accordance with guidelines
established by the Uniform Standards of Professional Appraisal Practice promulgated by the
Appraisal Standards Board of the Appraisal Foundation; and Title XI of the Federal Financial
Institution Reform Act of 1989. The use of this report is subject to the requirements of the State of
Florida relating to review by the Real Estate Appraisal Sub -committee of the Florida Real Estate
Commission.
5. That the estimated value of the property described herein is as defined elsewhere in this report
and that the contract for the appraisal of said premises is fulfilled by the signer/s hereto upon the
delivery of this appraisal duly executed.
6. The signor of the report has personally inspected the subject property.
7. The signors of this report have performed no services, appraisal or otherwise, related to the
subject property in the three years preceding acceptance of this assignment.
8. The appraisal is of the date specified in this report, and only covers the premises described, NW
27 Avenue & Superior Street, Opa Locka, FL 33054.
The Market Value of the Fee Simple interest of the subject property in "as is" condition, as of August
24, 2019, is estimated to be:
FIFTY TWO THOUSAND DOLLARS
44/
Jeff Michael
State -Certified General Real Estate Appraiser
RZ 3042
MIAMI APPRAISAL
Solutions
$52,000
300 SW 12 Ave, #3 1 Miami, FL 33130 786-348-8999 37
NW 27 Avenue & Superior Street, Opa Locka
File 31976
ASSUMPTIONS AND LIMITING CONDITIONS
I/we assume no responsibility for matters legal in nature, nor do I/we render any opinion as to the
title, which is assumed to be marketable. The property is appraised as though under responsible
ownership.
The sketch in this report is included to assist the reader in visualizing the property, and I/we
assume no responsibility for its accuracy. I/we have made no survey of the property and no
responsibility is assumed for this matter.
I/we are not required to give testimony or appear in court because of having made this appraisal
with reference to the property in question, unless previous arrangements have been made
therefore.
The distribution of the total valuation in this report between land and improvements applies only
under the existing program of utilization. The separate valuations for land and building must not
be used in conjunction with any other appraisal and are invalid if so used.
I/we assume that there are no hidden or unapparent conditions of the property, subsoil or
structures, which would render it more or less valuable. I/we assume no responsibility for such
conditions or for engineering, which might be required to discover such factors.
Information, estimates and opinions furnished to me/us and contained in this report were obtained
from sources considered reliable and believed to be true and correct. However, no responsibility for
accuracy can be assumed by me/us.
Neither all nor any part of the contents of this report, or copy thereof, shall be used for any purpose
by any but the client without the previous written consent of the appraiser/s and/or of the client;
nor shall it be conveyed by any, including the client, to the public through advertising, public
relations, news, sales or other media, without the written consent and approval of the authors,
particularly as to valuation conclusions, the identity of the appraisers, or a firm or firms with which
he is connected, or any reference to any professional society or institute or any initialed
designations conferred upon the appraisers.
Both legal descriptions and dimensions are taken from sources deemed authoritative; however, no
responsibility is assumed.
A survey, by a licensed surveyor or engineer, is recommended.
Value is reported in Dollars on the basis of the national economy prevailing on the date of the
appraisal. The appraisal is of the date specified and covers only the described premises. The
appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the
approval of a loan.
The reader is reminded that when the replacement cost estimate is developed in the report, it is a
fair assumption, but nevertheless an assumption which could very well be an over or under
estimate since the appraiser is not an expert in construction and should only be used as a guide to
any decision. A general contractor or architect should be consulted for an expert opinion.
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 38
NW 27 Avenue & Superior Street, Opa Locka
File 31976
To the best of my/our knowledge and believe, the appraisal complies with the guidelines
established by the Uniform Standards of Professional Appraisal Practice promulgated by the
Appraisal Standards Board of the Appraisal Foundation; and Title XI of the Federal Financial
Institution Reform Act of 1989.
The principal signatory of this appraisal is a State Certified General Appraiser in the State of Florida
and has completed all continuing education requirements for certification until November 2020.
All other persons signing this appraisal are properly registered with the DBPR Board of Real Estate
in Florida and have completed all continuing education requirements through November 2020.
ENVIRONMENTAL DISCLAIMER: Routine inspection of and inquires about the subject property did
not develop any information that indicated any apparent significant hazardous substances or
detrimental environmental conditions which would affect the property negatively. This
notwithstanding, the value estimated in this report is based on the assumption that the property is
not negatively affected by the existence of hazardous substances or detrimental environmental
conditions. It is possible that tests and inspections made by a qualified hazardous substance and
environmental expert would reveal the existence of hazardous materials and environmental
conditions on or around the property that would negatively affect its value.
Clearly observable, possible hazardous conditions within the neighborhood, or proximity to the
subject property, are addressed in the body of this report. Possible hazardous conditions include
stored chemicals, wastes, storage tanks and materials potentially containing asbestos or PCBs. Any
market indicated penalties or premiums would be dealt with in the market data analysis.
The American with Disabilities Act (ADA) became effective January 26, 1992. We have not made a
specific compliance survey analysis to determine whether or not property is in compliance with act
requirements. It is possible that a compliance survey report could reveal that the property in not in
compliance with some of the requirements. If so, this could have a negative effect upon the value.
Since we have no direct evidence relating to this issue, we did not consider possible noncompliance
with the requirements of the ADA in estimating the value of the property.
M1AMI APPonsRAISAL
Soluti
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 39
NW 27 Avenue & Superior Street, Opa Locka
File 31976
QUALIFICATIONS OF THE APPRAISER
Jeff Michael
2700 NE 135 Street, #6
Miami, Florida 33181
Telephone (786) 348-8999
WORK HISTORY:
2014 to Present Special Magistrate, Property Tax Appeals, Miami -Dade County Value
Adjustment Board
2001 TO Present Commercial Real Estate Appraiser
2000 TO 2001 Assistant Commercial Loan Underwriter, Skymar Capital
Corporation
1999 TO 2000 Residential Mortgage Loan Processor, Wells Fargo Bank
PERSONAL: Engaged full time in real estate since 1999. Resident of Miami -Dade
County, Florida since 2000.
LICENSES HELD
IN THE STATE OF
FL:
State -Certified General Real Estate Appraiser (to 11-30-2020)
Real Estate Sales Associate (to 3-31-2019)
EDUCATION: 1992-1996, University of Oregon - Small Business & Entrepreneurship
Appraisal Institute Course 550 - Advanced Applications
Appraisal Institute Course 540 - Report Writing & Valuation Analysis
Appraisal Institute Course 530 - Advanced Sales Comparison Approach and
Income Approach
Appraisal Institute Course 520 - Highest and Best Use and Market Analysis
Appraisal Institute Course 510 - Advanced Income Capitalization
AB -I Fundamentals of Real Estate Appraisal
AB -II Appraising Residential and Income Properties
AB-IIB Income Capitalization Techniques
15 Hour USPAP National Course
2002-2014 Continuing Education
MIAfvtI lA�fiPPonRAsISAL
So
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 40
NW 27 Avenue & Superior Street, Opa Locka
File 31976
APPRAISAL SERVICES PROVIDED TO:
PARTIAL LIST
Ocean Bank
Total Bank
Banco Popular, NA
Best Meridian Insurance Company
Starfund, LLC
Bank Atlantic
Union Credit Bank
Intercredit Bank
US Century Bank
Eastern National Bank
First Bank of Miami
One United Bank
Regions Bank
City of Miami
City of North Miami
Halpern & Associates
APPRAISAL ASSIGNMENTS
Assignments have included the appraisal of: Single family residential dwellings, duplexes,
apartment buildings, shopping centers, office buildings, warehouses, condo conversions of offices,
warehouses and apartment buildings, vacant land, acreage, subdivisions developments and special
use properties such as gas stations, schools, libraries, churches, self storage facilities, etc.
Testimony as expert witness, in both bankruptcy and divorce courts of Miami -Dade & Broward
County, Florida.
Assignments have been completed throughout the State of Florida (Duval, Orange, Lee, Osceola,
Polk, St. Lucie, Palm Beach, Charlotte, Collier, Sarasota, Miami -Dade, Broward & Monroe Counties).
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 41
NW 27 Avenue & Superior Street, Opa Locka
File 31976
MIAMI-DADE COUNTY DATA
Miami -Dade County, Florida is located in the southeast portion of Florida's east coast and is the
southernmost county situated on Florida's mainland. The county has 35 municipalities, including
Miami, the county seat (second-largest city in Florida); Hialeah (sixth -largest city); Miami Beach;
Coral Gables; Key Biscayne, South Miami, Pinecrest, Aventura and Homestead.
The Atlantic Ocean is the eastern boundary of the county and is accessible via four causeways in the
city proper. Miami -Dade County is Florida's largest county and the eight most populous in the US,
with an estimated population, as of the 2015 American Community Survey, of 2,693,117 persons
7.9% higher than 2010 US census, making it the most populous county in Florida (13.4% of the
state population), and the 7th largest county in the US. The urban area is home to 5.5 million, which
is the 4th largest in the country, and the metro area is home to a slightly higher number of 5.56
million, which is the 8th largest in the country.
As per 2015 American Community Survey, 2016 density for Miami -Dade county was 1,423 people
per square mile compared to 1,315 people per square mile in 2010. The population density within
the urban area is 5,896 people per square mile as per 2010 census. Approximately 420 square miles
(excludes bay and coastal water) of the County are within the urbanized area, while the total county
land area currently covers a total of 2,420 square miles (1,921 square miles of land and 499 square
miles of water) and is bound by Biscayne Bay and the Atlantic Ocean to the east, Everglades
National Park to the west, the Florida Keys to the south, and Broward County to the north.
Miami -Dade County is the only metropolitan area in the United States that borders two national
parks: Biscayne National Park and Everglades National Park. The Greater Miami area is the center
for international commerce in the southeastern United States and its proximity to the Caribbean,
Mexico, and Central and South America makes it a natural center of trade to and from North
America.
Miami -Dade County is one of the nation's largest international financial centers, serving individuals,
businesses and governmental institutions. In addition, the international background of many of its
residents is an essential labor force characteristic for multi -national companies which must operate
across language and cultural differences. Miami -Dade County has the largest concentration of
domestic and international banks on the east coast south of New York City.
The 2015 data shows that 1.4 million county residents were foreign -born. This represented 52.7%
of the county's population. In 2006 the share was 50.3% and in 2010, 52%. Throughout the entire
period, 2006 to 2015, about 93% of the foreign -born population was from Latin America. Because
of its high Hispanic and Latino population, almost two thirds of the population speaks Spanish as
their mother tongue. Census data from 2010 shows that 63.8% of people in Miami -Dade speak
Spanish as their primary language, 28.1% speak English and 4.2% speak French Creole.
In 2011, there were 13 Edge Act banks throughout the United States; four of those institutions were
located in the County. Edge Act Banks are federally chartered organizations offering a wide range of
banking services, but limited to international transactions only. The favorable geographic location
of the County, a well -trained labor force and the favorable transportation infrastructure have
allowed the economic base of the County to expand by attracting many national and international
firms doing business in Latin America , the Caribbean, the United States and the rest of the world.
Among these corporations with world and /or national headquarters in the County are: Burger
King Corporation, Royal Caribbean Cruises. Ltd., and Lennar Corporation. Those corporations with
M1AM1SolutiAPPonRAISAL
s
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 42
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Latin American regional headquarters include: FedEx Corporation, Kraft Foods International, AIG
Latin America, and HBO Latin America Media Services.
The Greater Miami area is also a leading center for tourism in the State. Miami ranks one for
international flights with 21.4 million internaitonal passengers, 47% of all passengers. It is also the
principal port of entry in the State for international air travellers.
Miami -Dade County enjoys an excellent geographic location allowing it to serve as a gateway to the
Caribbean and Latin America. Furthermore, while a tourist destination in itself, it is also within a
day's drive to some of Florida's major tourist destination cities, as shown in the following table:
City Miles From Miami
Fort Lauderdale 25
West Palm Beach 74
Key West 160
Orlando 232
Clearwater 286
Tampa 309
Tallahassee 484
Source: Rand McNally Florida Mileage Chart
The growth in business relations between Latin America and Miami -Dade County has been
accompanied by major increase in tourism from Latin America. Latin American tourists who enjoy
shopping in the United States represent a major demand segment in the Miami -Dade County's
lodging and retail markets.
_z_
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 43
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Population
The following tables are compiled from several published studies regarding the Miami -Dade
population. Total 2015population of Miami -Dade County at 2,693,117 This represents a 1.1%
increase from a year earlier and a 12.1% increase from 2006.
Population and percent Change by Age Groups;
2006 to 2015
85 yes: rs + - _ --- 27_9"4
75 to 8.4 yea rs
65 to 74 yea rs
60 to 64 years
55 to 59 years
4.5 to 54 years
35 to 44 years
25 to 34 years
20 to 24 years
15 to 19 you rs
10 to 14 yea rs
5 to 9 years
Under 5 years
15.5%
31.2'
4.2
27.1%
19,7%
0.6%
5.6%
-7.8
-7,D
2.,'Y%
-3.di'%
ac c1,Occi 20 c; roc o
Data `churce; US Ce(psrls Bureau' .gI S I-Vetir Estimates, 2(.106 - 1015,
2006
■ 2015
300,000 40 0, 0i'li;
Hispanic & Non -Hispanic Population
2006 & 2015
Data 5oajrre: US Census Bureau AC5 1-year Estimates, 006 - 2015.
M1AM1 l�fioAPPRAISAL
Sons
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 44
1, :b0 13, 395 1.20(3,551 41 %412
200b 2. CU -/ 0tlL•
u L.:cltki Aimer1�ca
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Population
16 yrs
Civilian
Labor Force
Employed
0
Percent Change: 2010-2015
.
fkottr Source_ VS Census Bureau CS 1-yeof Estionotes, 20.10& 2015.
1
1
Foreign -born Population by World Region of Birth
th
And the Share a the Total Population Foreign, Born
mezzo 1,210,S2 1,�21.42B 1e35"53 1,,�75'7"
1,244.005
P r �� W
'2079 2010 21311 2012 2013 2011
IM Asia i_5r_n.er m0- Share t'oreign Born
Dorm. Source: US rerlsrA ii r era EL% i 71(7 s; .201,16 - yCl'.0 `.-
-`t
M1AM1SolAPutiPonsRAISAL
2
300 SW 12 Ave, #3 I Miami, FL 33130
786-348-8999 45
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Fort Bend County, Texas
Harris County
Five -Year Population Growth
B
Maricopa County
0
Riverside County
i
San Diego County
Miami -Dade County (5.4%) ranks 45th out of 137
Counties with at least 500,000 residents. The
average of all large counties = 4.3%.
0
Orange County
Los Angeles County
111
11
Counties with 500,000+ residents (First,, last and 10 largest counties showing).
Data Source: 2011-2015 American Community Survey 1-year Estimates.
Cook County
au.
Wayne County, Michigan
Miami -Dade County Selected Demographic Characteristics
September, 2016
2015 2014 I 2013 2012 1 2011
2014-15 I 2010-15
% change % change
5Dt AND AGE
Total population
Male
Female
Under 5 years
S to 9 years
10 to 14 years
15 to 19 years
20 to 24years
25 to 34 years
35 to 44 years
45 to 54 years
55 to 59 years
60 to 64.years
65 to 74 years
75 to 94 years
85 years and over
Median age (years)
18 years and over
21 years and over
62 years and over
65 years and over
18 years and over
Male
Female
65 years and over
Male
Female
M1AM1 APPRAISAL
Solutions
2,693,117 2,662,874 2,617,176 2,591,035 2454,766
1,305,293 1,293,441 1,272,121 1,258.234 1,241,806
1,3870824 1,369,433 1,345,055 1,332,801 1,312,960
157,887 155,429 154597 152,871 151.906
149,574 147,290 146,492 153,743 148,329
150,803 152,793 152,142 144,382 148.653
156,490 156,262 157,230 160.492 167,042
177,364 184,983 185,189 187,972 185,101
384,040 377.157 367,125 359,985 350,767
377361 377,114 374,366 374,167 374,357
400,141 397,109 389,567 386,626 379,466
165,434 162,142 162,306 154,287 152,775
152,990 147,882 137,057 139,860 132,240
223,974 214.935 207A00 199552 191,418
138,576 129,163 129,162 123,555 120522
57,983 60,615 54343 53,543 52,190
39.8 39.3 39.0 38.6 38.6
2,140,283 2,114,318 2371,718 2,045,613 2307.749
2,041,690 2,011AS3 1,970,289 1,943,219 1,895348
508,399 492,220 470,092 454,255 440,694
420,533 404,713 391,105 376,650 364,130
2,140,283 2,114,318 2,071,718 2,045.613 2,007,749
1322,303 1,012,691 992,989 979,712 961,790
1.117,980 1,101,627 1,078,729 1365301 1345,959
420,533 404,713 391,105 376,650 364,130
174,737 168,802 163,089 157,906 151,776
245,796 235.911 228,016 218,744 212,354
1.1% 75%
0.9% 7.6%
1.3% 7.4%
1.6% 5.2%
1.6% 2.4%
-1.3% -1.0%
0.1% -6.8%
-4.1% -0.4%
1.8% 12.6%
0.2% 1.4%
0.8% 8.7%
2.0% 12.5%
3.5% 20.2%
4.2% 18.3%
7.3% 13.9%
-4.3% 323%
1.3% 3.9%
1.2% 92%
1.5% 10.2%
3.3% 17.6%
3.9% 18.5%
1.2% 92%
0.9% 9.5%
13% 9.0%
3.9% 18.5%
3.5% 18.3%
4.2% 18.7%
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 46
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Employment/Economic Indicator
The Miami market is comprised of three counties (Palm Beach, Broward, and MiamiDade) and
spans over 3,100 square miles. The Miami market is made up of the state's three most populous
counties with a total estimated population of over six million making it is the eighth largest
metropolitan area in the country. Tourism, financial services and logistics continue to be major
economic drivers for the region, which is projected to experience an average population growth of
1.2% over the coming years. This growing population means a growing labor force and a large
concentration of consumers to attract businesses. Supplementing this growth is Port Miami, the
world's busiest cruise port, which contributes over $28 billion annually while creating over
200,000 jobs. Last year total real estate sales volume was nearly $19 billion supported by robust
sales of retail and multifamily assets.
As per Florida Gulf Coast University, the seasonally -adjusted regional unemployment rate of Florida
declined from 4.5 percent in March 2017 to 4.4 percent in April, as a result of a 3.7 percent decline
in the number of persons unemployed. Compared to April 2016, employment has increased 2.1
percent, unemployment has decreased 10.9 percent, and the unemployment rate has dropped by
0.6 points.
The Miami -Dade unemployment rate was a healthy 5.0 percent at the end of April 17, down from
5.4 percent the prior year. Look for Miami's strong economy to last into 2017, even if growth occurs
at a slower pace than is being seen now. Labor force and employment growth in Miami -Dade
greatly exceeded the national growth from 2010 to 2016. The county's working -age population
grew 8.8% while the civilian labor force grew 9.1% in 2015. The national working- age population
grew 5.1%, and the labor force grew just 3%. And, employment grew 17.3% between 2010 and
2016 compared to just 5.3% nationwide.
(ok)
10
5
Population
Growth Rate (2016-2021)
Unemployed Labor Supply
Median Income
Net Migration, 2010-2013
% Millenials (age 20 to 35)
2,638,787
5.4%
#3 in Southeast
#13 in Southeast
97,541
#2 in Southeast
Baby Boomers (age 55 yo 70)
of Adults with 4-yr Degrees
$44,622
#15 in Southeast
99,848
#2 in Southeast
21.4%
#5 in Southeast
16.7%
19.2%
# 13 in Southeast
# 13 in Southeast
Source: CBRE Research, Q4 2016.
Rankings based on position relative to all other Southeast U.S. metros in this report.
MIAMISolAPPRAISAL
utions
Moving forward the Miami market
is projected to experience an
annual 1.7% average job growth
rate. This rate lags behind the
growth projected other Florida
markets, but faster than most
markets in the Southeast.
The professional and business
services is projected to continue on
this path of accelerated growth
along with the construction sector
that is expected to experience the
greatest average annual growth of
all sectors. With the ubiquitous
cranes that dot the South Florida
landscape it is easy to see why the
construction sector continues to
lead the charge.
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 47
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Unemployment rates for the Miami area,
selected area counties, and the nation
Unemployment rates
United States
Miami Area
Broward Co.
Miami -made Co.
Palm Beach Co.
0.0 2.0 4.0 6.0
QApir=16 aApr-17
Source: U.S. ai s, Local Area Unemployment Statistics.
Average weekly wages for all industries by county
Miami area, 3rd quarter 2016
(U.S. = $1,027; Area = $971)
Palm Beach;
$973
1
8roward i
$95.1 I
I
Miami -Dade
$983
Source: U.S. BLS, quarterly Census of Employment and Wages.
Over -the -year changes in employment on nonfarm payrolls and employment by major industry sector
12-month percent changes in employment
Percent
45
4.0
35
3.0
25
2.0
41.
15 • +r ♦ter/N.
1.0
05
Miami area ----United states
0.0
Apr-14 Apr-15 Apr-16 Apr-17
Source: U.S. BLS, Current Employment Statistics.
M1AM1 APPonsRAISAL
Soluti
Miami area employment Apr_
(numbers in thousands) 2017
Total nonfarm
Mining and logging
Construction
Manufacturing
Trade, transportation, and utilities
Information
Rnanciai activities
Professional and business services
Education and health services
Leisure and hospitality
Other services
Government
2,6475
0.7
125.1
BRA
599.5
48.9
174.5
4343
396.2
335.0
128.9
316.0
Change from Apr.
2016 to A. r. 2017
Number Percent
60.7
0.0
4.7
0_9
10.4
-0_3
-1.4
13.7
14.6
3.9
5_9
2.3
0.0
3.9
1.0
1.8
-0.6
-0.B
33
3.8
25
3.1
1.9
source: US BLS, Current EmploymentStaUstirs.
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 48
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Over -the -year change in the prices paid by urban
consumers for selected categories
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
12-manth percent change in CPt-tl, Apra 2017
■Miami area
Qu.S. city average
1.13
2.2
0.1 o.s
Ai Items Food Energy
Source: U.S. BLS, Consumer Prkc Index.
12.1
111
9.3
I
Average annual spending and percent distribution for
selected categories
Miami area average annual expenditures 2014-15
Sconce: US. BLS, Consumer Expenditure Surrey.
Over -the -year changes in the selling prices received by
producers for selected industries nationwide
Percent
8.0 ,
6.0
4.0
2.0
0.0
12-month percent changes in PRI
'1 toff{`�
-2.0 tom; �„ {
%
-4.0 --- • General freight trucking
Hospitals
Hotels and motels, except casino hotels
-6.0
Apr-14
Apr-15 Apr-16
Source: U.S. BLS, Producer Price Index.
Apr-17
Average hourly wage for selected occupations
Qccupatlon
Total, all occupations
Accountants and auditors
Registered nurses
Cargo and freight agents
Reservation and transportation ticket
agents and travel Clerks
Construction laborers
Receptionists and infOrM ttian clerks
Wars and waitresses
Retail salespersons
Security guards
Maids and housekeeping cleaners
Cooks, fast food
Miami area
$22.19
34.15
32.69
20.68
16.73
14.74
14.14
12.88
12.4E
11.37
10.66
10.56
Source: U.S. BLS, Occupational Employment Statistics, May 2016.
United
States
$23.85
36.89
34.70
21.27
18.29
18.22
14.00
11.73
13.07
14.29
11.46
9.89
Employer costs per hour worked for wages and Over -the -year changes in wages and salaries
selected employee benefits by geographic division
Private industry, December
2016
Total compensation
Wages and salamis
Total benefits
Paid leave
Vatatibn
SUppieldieraid pay
intairante
Retirement and mimes.
Le: •II required: benefits
South ,atlantic
(1)
$30.90
21.81
9.09
2.23
1.15
0.83
2.44
1.28
2.31
United
States
$32.76
22.83
9.93
2.28
1.17
1.15
2.63
1.31
2.56
(11 South Atlantic includes DC, BE, F4 GA, Ma, NC, SC, VA, and Wv.
swine: u.'S. am Employer Gusts for Ernpilayee Compensation.
Solutions
Percent
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0 - -
IVlar-lA
i2-month percent changes in ECI
%
;
fifiranii area - - - - United. States
f►+lar15
source: us. BLS, Employment Cosi: index.
Mar-16 Mar-17
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 49
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Miami - Retail Market
The Miami -Dade County retail market condition did not experience much change the first quarter
2017 compared to last quarter. The vacancy rate went from 3.5% comparered to 3.1% year - on -
year as per CoStar.
Past 7 Quarters
iArecraga Rani.! Rat. iYacutcy Rat.
338 —
S37 —
339 —
$35 —
a $34 —
I. S33 —
332 —
2 531 —
$30 —
329
— 4.0%
— 35%
— 3.0%
— 25%
— 2.0%
— 15%
-_ 1.0%
— 05%
0.0%
Visura:y lama Parbarsnga
As per the latest report of CoStar Retail Market report,
Net absorption was positive 314,361 square feet, and
vacant sublease space decreased by (19,858) square
feet. Quoted rental rates increased from fourth quarter
2016 levels, ending at $37.32 per square foot per year.
A total of 21 retail buildings with 616,386 square feet of
retail space were delivered to the market in the quarter,
with 2,116,507 square feet still under construction at
the end of the quarter.
Source: RealCapital Partner
2015 3q x Vacancy Rates by Building Type 2006-2017
Retail
149tt—
Assets:
Growth in 1
29
`—
retail sales 109f_
has
translated
into—
Pva3 canur—spumy COMM' •—---Cattaral Rant! ShOppltlg Carlin 1,1at1 Total :► utat
extremely
strong
The high -
street retail
segment, in particular, has seen massive rent growth in recent years as more institutional owners
enter the scene, purchasing buildings from historically local owners.
The Average quoted asking rental rates in the Miami -Dade County retail market is up over previous
quarter levels and Year -over -Year quarter. At the ended the first quarter 2017, quoted rents are at
$37.32 per square foot per year, a 6.2% increase in rental rates in the current quarter, and a
14.09% increase from first quarter last year.
During the first quarter 2017, 21 buildings totaling 616,386 square feet were completed in the
Miami -Dade County retail market. A total of 1,488,312 square feet of retail space has been built in
Miami -Dade County, over the past four quarters.
demand for
retail space. CR. 1
2006 lq 2007 lq MOB 1q 2009 lq 2010 ]q 2011 lq 2012 lq 2013 lq 2014 lq 2015 lq 2016 lq
Scts-rn Pruporty.
Percent of All Vacant Space by Building Type
General Retail
Shopping Ce
Mill
Power Cente
1‘41A Specialty Cente
The Shopping Center market in Miami -Dade
County currently consists of 1401 projects
with 46,832,711 square feet of retail space in
2,105 buildings. After absorbing 163,406
square feet and delivering 67,592 square feet
in the current quarter, the Shopping Center
sector saw the vacancy rate go from 3.6% at
the end of the fourth quarter 2016 to 3.4%
this quarter. Rental rates ended the first
0?6
:aurrn. t•m{rrty*
10%
30% 41:1X
, FL 33130 786-348-8999 50
NW 27 Avenue & Superior Street, Opa Locka
File 31976
quarter 2017 at $28.06 per square foot have trended up from $26.03 per square foot a year ago, a
whopping 21.8%. Net absorption in the Shopping Center sector has totaled 449,315 square feet
over the past four quarters.
The Power Center average vacancy rate was 1.6% in the first quarter 2017, with no net absorption
and no new deliveries during the quarter. In first quarter 2016, the vacancy rate was 0.5%. Over the
past four quarters, Power Centers have absorbed a cumulative (38,190) sq. ft. of space and
delivered no space.
The General Retail sector of the market, which includes all freestanding retail buildings, except
those contained within a center, reported a vacancy rate of 3.0% at the end of first quarter 2017.
SHOPPING CENTER MARKET STATISTICS
Market
Aventura
Existing Inventory
VACANCY
YTD Net
Absorption
12,706
YTD
Deliveries
0
Under
Const SF
0
Quoted
Rates
$38.37
# Blds
22
Total RBA
Direct SF
Total SF
67,482
Vac %
3.6%
1,855,745
67,482
Biscayne Corridor
15
543,021
25,367
25,367
4.7%
(2,189)
0
0
$26.72
Brickell
6
159,464
6,830
6,830
4.3%
0
0
0
$102.51
Coconut Grove
22
511,921
7,077
7,077
1.4%
113
0
0
$61.28
Coral Gables
54
395,517
3,311
3,311
0.8%
(1,946)
0
0
$40.97
Coral Way
49
477,824
9,426
9,426
2.1%
(1,226)
0
0
$27.01
Downtown Miami
4
120,988
10,000
10,000
8.3%
0
0
0
$65.00
Kendall
152
9,705,763
328,176
339,493
3.5%
1,659
0
0
$31.43
Medley/Hialeah
172
5,561,740
214,667
214,667
3.9%
21,947
4,195
0
$23.63
Miami
167
2,321,311
133,701
136,201
5.9%
29,391
27,500
0
$24.02
Miami Airport
151
6,321,909
147,881
148,901
2.4%
6,422
0
9,566
$27.85
Miami Beach
29
531,758
24,427
24,427
4.6%
(3,483)
0
0
$54.58
Miami Lakes
39
Z725,024
79,338
79,338
2.9%
24,402
11,718
12,015
$23.48
Miami -Dade Central County
38
1,062,500
50,970
50,971
4.8%
19,852
0
0
$17.52
Northeast Dade
253
5,720,248
156,406
164,085
2.9%
29,794
0
0
$30.04
Outlying Miami -Dade County
5
208,831
9,281
9,281
4.4%
5,872
0
0
$28.07
South Dade
98
4,494,865
156,975
161,475
3.6%
(13,002)
0
74,083
$22.28
West Miami
Total
125
1,401
4,148,482
46,832,711
126,072
1,557,388
131,949
1,590,281
3.2%
3.4%
33,074
163,406
24,179
67,592
0
95,664
$27.04
$28.06
M1AMoluti1 APPonRAsISAL
S
300 SW 12 Ave, #3 'Miami, FL 33130 786-348-8999 51
NW 27 Avenue & Superior Street, Opa Locka
File 31976
GENERAL RETAIL MARKET STATISTICS
Market
Aventura
Existing
Inventory
VACANCY
YTD Net
Absorption
0
YTD
Deliveries
0
Under
Const SF
21,485
Quoted
Rates
$0.00
# Blds
52
Total RBA
823,639
Direct SF
0
Total SF
0
Vac %
0.0%
Biscayne Corridor
203
1,751,322
90,333
90,333
52%
(5,746)
0
42,075
$48.14
Brickell
59
1,009,999
10,583
10,583
1.0%
3,760
0
50,000
$95.51
Coconut Grove
122
901,541
45,219
50,175
5.6%
(10,364)
0
6,626
$43.80
Coral Gables
323
2203,547
39,710
39,710
1.8%
(5,029)
0
34,000
$39.96
Coral Way
287
1,753,490
46,928
46,928
2.7%
3,792
0
19,292
$31.78
Downtown Miami
130
2,419,999
266,318
266,318
11.0%
13,551
0
158,064
$30.11
Kendall
519
5,428,415
138,638
138,838
2.6%
(4,912)
0
58,769
$35.72
Medley/Hialeah
679
5,705,268
45,640
45,640
0.8%
17,338
0
31,128
$26.82
Miami
2,226
11,840,242
716,204
725,628
6.1%
9,627
79,648
132,958
$49.20
Miami Airport
454
5,334,524
27,254
27,254
0.6%
10,498
3,075
91,868
$41.51
Miami Beach
521
5,276,021
197,412
199,112
3.8%
92,743
79,964
47,991
$60.94
Miami Lakes
112
2,060,397
7,665
7,665
0.4%
43,996
43,996
0
$19.07
Miami -Dade Central County
385
1,522,745
24,996
24,996
1.6%
3,296
4,682
13,835
$20.48
Northeast Dade
810
5,557,431
70,775
72,375
1.3%
20,974
4,786
346,627
$28.26
Outlying Miami -Dade County
15
97,235
0
0
0.0%
0
0
0
$0.00
South Dade
641
5,431,527
5,431,527
72,659
1.3%
4,374
2,381
5,952
$15.52
West Miami
Total
421
7,959
2,231,607
60,878,044
2,231,607
1,817,320
16,986
1,835,200
0.8%
3.0%
(6,237)
191,621.
0
237,794
15,683
1,076,091
$34.14
$42.66
TOTAL RETAIL MARKET STATISTICS
Market
Aventura
Existing
Inventory
VACANCY
YTD Net
Absorption
10,506
YTD
Deliveries
0
Under
Const SF
21,485
Quoted
Rates
$38.37
# Blds
123
Total RBA
6,420,546
Direct SF
69,684
Total SF
69,682
Vac %
1.1%
Biscayne Corridor
222
2,294,343
115,700
115,700
5.0%
(7,935)
0
42,075
$44.16
Brickell
67
1,674,463
318,304
318,304
19.0%
3,760
0
50,000
$96.43
Coconut Grove
148
1,613,145
68,785
73,741
4.6%
(7,333)
0
6,626
$46.89
Coral Gables
380
3,645,535
45,449
45,449
1.2%
(8,703)
0
34,000
$40.03
Coral Way
339
2,442,586
60,833
60,833
2.5%
2,556
19,292
19,030
$30.71
Downtown Miami
142
2,754,425
276,318
276,318
10.0%
13551
0
608,064
$32.18
Kendall
863
18,835,787
485,524
497,041
2.6%
5,823
0
58,769
$33.00
Medley/Hialeah
953
12,867,261
276,905
276,905
22%
40,793
15,195
310,889
$38.77
Miami
2,424
14,648,729
899,44.5
911,369
6.2%
30258
107,148
132,958
$46.60
Miami Airport
729
16,029,531
479,509
574,731
3.6%
17,555
303,075
233,435
$31A3
Miami Beach
613
7,495,537
356,669
361,369
4.8%
57,416
79,964
130,981
$66.15
Miami Lakes
187
4,785,421
87,003
87,003
1.8%
68,368
55,684
12,015
$23.03
Miami -Dade Central County
444
3,051,989
78,867
78,867
26%
20,248
4,682
13,835
$18.50
Northeast Dade
1,154
11,959,148
266,172
275,451
2.3%
50,768
4,786
346,627
$29.47
Outlying Miami -Dade County
25
306,066
9,281
9,281
3.0%
5,872
0
0
$28.07
South Dade
838
11,512,622
295,927
300,427
2.6%
(15,939)
2,381
80,035
$19.88
West Miami
Total
620
10,271
6,380,089
128,717,223
143,058
148,935
2.3%
3.5%
26,837
314,361
24,179
616,386
15,683
2,116,507
$28.05
$37.32
4,333,431
4,481,406
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 Miami, FL 33130 786-348-8999 52
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Outlook:
According to CBRE "Growth in population, jobs, income and tourism drove a 34% increase in
Miami -Dade County retail sales from 2010 and 2015, and additional growth of 23% is expected by
the end of 2020."
Total Market Absorption and Deliveries
Net Absorption (MSF)
2.0
1.5
1.0
0.5
0.0
2013 2014
■ Net Absorntion
Asking Rate ($ PSF NNN)
35
32
29
26
2015 2016 2017 2018
2013 2014 2015 2016
sum Asking Rate (L)
i Availability (R)
Miami has witnessed strong demand for
retail space. The Miami market boasts with
an extremely low vacancy rate of 2.2% in 4Q
2016, as well as on one of the fastest increase
of rent growth of 6.6% year on year for 2016.
The gap between the demand and supply is
expected to increase further. Most of the
tenants will prefer downtown.
Local Market Forecast
Availability Rate (%)
_6
2017 2018
Local Market Forecast
EA Forecast
Source: CBRE Resecrrch, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.
Trade, Transportation, 8 Utilities
Other Services
Total Govemment
Prof. and Bus. Services
Leisure and Hospitality
Construction
Manufacturing
Information
Finandal Activities
(2,500) 0
2,500 5,000
Source_ U.S. Department of Labor, Bureau of Labor Statistics, March 2017.
MIAMI APPRAISAL
Solutions
5
4
3
300 SW 12 Ave, #3 1 Miami, FL 33130 786-348-8999 53
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Housing Market:
Economic Overview
Foreign investors have driven home prices out of whack with local incomes. In the year between
August 2015 and July 2016, foreign nationals spent $6.2 billion on South Florida residential real
estate, according to the Miami Association of Realtors. That's 39 percent of total home spending in
the region. International sales (units) accounted for 24 percent of members' closed sales and 39
percent of members' dollar volume of residential sales. Venezuela, Argentina, Brazil, Colombia, and
Canada accounted for 51 percent of members' international sales (units) and 49 percent of
international dollar volume.
JOB GROWTH IN THOUSANDS LAST S MONTHS BY INDUSTRY
Education and Health Services
Trade, Transportation and Utilities
Transportation, Warehouse, Utilities
Other Services
Government
Leisure and Hospitality
Manufacturing
Retail Trade
Wholesale Trade
Information
-2.0
DEMOGRAPHIC TRENDS
Demographic Category
Population
Households
Median Household income
Labor Force
Unemployment
POPULATION GROWTH
IA%
1.2%
1.0°,0
0.8-%
0.6°fo
0. %
0.2'%
0.0'.
1U-Yr
1-Yr
00
rest_
0
2.3
1.8
1.7
2.0
4.0
Seaon'LI"d)b ." EMPLOYMENT BY INDUSTRY
6.0
8.0
Curt. Jobs Cunt OmaN 10.1V Oman Foment Omaar
mosYYWbY Jobs to tlebo US Ur. U.S. hobo US
lealuladoitg 41 0.41 -0.1% 0.3% -22% -1.3% -02% -1.0%
Trade. Transportation and Mies 295 1.35 1A% 0.7% 1.0% 0.4% 0.6% 0.6%
RBfal Trade 149 1.17 1.0% OA% 1.5% 0.3% 0.6% 0.7%
Financial Adlvlies 78 1.16 -1.0% 22% 02% 0.0% 0.9% 0.6%
Govemmal 141 0.79 1.7% 0.7% -0.6% 0.1% 0.7% 0.7%
Natural Resources. M6ig and Construction 43 0.71 -10% 2.4% -22% -12% 4.8% 1.9%
Education and Health Sonars 184 1.00 4.5% 2.3% 2.3% 22% 1A% 1.3%
Prdaasional and Business Services 170 1.03 2.7% 3.2% 1.6% 1A% 1.7% 1.514
Intorno. 19 0.87 02% -12% -1.0% -0.9% 0.3% 0.1%
Lomas and HeollaRy 141 1.11 -02% 1.7% 3.3% 1.7% 11% 1.3%
Other Services 55 1.21 4.0% 1.014 2.0% 0.4% 0.8% 0.3%
Total Fmploysmnt - 1,188 1.00 - 1.7% 1.5% 1.0%. OA8% 1.2% 0.8%
Source' Moody's Maly.
Current Level Current Growth 10-Year Growth Forecast Growth
Metro U.S. Metro U.S. Metro U.S. Metro U.S.
2,750 324,950 1.3% 0.7% 1.3% 0.896 1 _4% 0.7%
980 125,118 1.6% 1.2% 1.5% 0_9% 1.7% 1.1%
$46,146 $58,196 3.4% 2.6% 0.4% 1.6% 3.8% 3_2%
1,358 160,201 2.0% 0.6% 1.1% 0.556 1.5% 0_7%
5.3% 4.5°% 5.4% 4.8% 7.3% 7_0% 3.6% 4.7%
Source: Moody's Analytics
LABOR FORCE GROWTH
2_0%
1 .5%
1.0�r�
0.5°%
0 _ 0 nrn
INCOME GROWTH
4.0=,.
3.0 `Y.
2.0 %
1.0%
0.0
1U-Yr
1-Yr
Fa rc.t_
In 2016, sales volume witnessed a downward trend due to hostility and volatility driven by Brexit
and the US presidential election resulting buyers to pause. Miami's real estate market experienced
the first wave of a slowdown in condo sales at the start of 2016.
As for this year's first quarter, Maimi home sales volume in both mainland and its barrier islands
have entered 2017 with more stability then was experienced by 2016, according to a newly
released market report from Douglas Elliman.
_ _
MIAtAoluAtionsPPRAISAL
S
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 54
NW 27 Avenue & Superior Street, Opa Locka
File 31976
MEDIAN SALES PRICE auANn COASTAL NIAINLAND NUMBER OF SALES MEDIAN SALES PRICE MIANII IWACI-I/BARRIER ISLANDS
5350,000 6,000 $500,000
$300,000 5.000 $450,000
$250,000 t f 4,000 $400,000
•� i 6 a 1
$200000.t € € �� 3,000 $350,000
$150000 i 2,000
st , ii
$100'000 1014 2014 3014 4014 1015 2015 3015 4015 1016 2016 3016 4016 1017 1."
$300,000
NUMBER OF SALES
2,000
1,600
1,200
800
400
$250,000 1014 2014 3014 4014 1015 2015 3015 4015 10 16 2016 3016 4016 1017 0
Source: Elimon Report, 1Q 2017
The Miami mainland housing market saw an inventory decline along with mixed picture with
12.5% price increase and overall sales decline of 2.7%. Listing of inventory of single family and
condo markets combined fell 19.9% to 10,186. Even the overall absorption rate defined as the
number of months to sell all condo and single-family inventory at the current rate of sales, fell 17%
to 8.8 months from 10.6 months in the prior year quarter, reflecting an improvement in real estate
market sentiment compared to last year for Miami mainland.
Miami Coastal Mainland Matrix 1 Q-2017 %A (am) 4Q-2016 %A (YR) 1 Q-2016
Average Sales Price $405,266 4.3% $388,695 0.3% $404,020
Average Price Per Sq Ft
$239 4.4% $229 -2.0% $244
Median Sales Price
$292,500 2.6% $285,000 12.5% $260,000
Number of Sales (Closed)
3,487 -1.6% 3,542 -2.7% 3,583
Days on Market (From Last List Date)
81 9.5% 74 6.6% 76
Listing Discount (From Last List Price) 5.6%
5.7% 5.6%
Listing Inventory (active)
10,186 -5.1% 10,738 -19.9% 12,716
Absorption Period (Months)
8.8 -3.3% 9.1 -17.0% 10.6
Trends In the mainland Miami hoti5ina market
Although Miami Island market showed stability, the contrast is visible from the mainland market.
As median sales prices in the barrier Islands market, overall, dipped nearly 2.5 percent year -over -
year to $385,000 but the number of sales has jumped whopping 22.9% compared to last quarter.
The overall inventory listing has increased by 5.7% year -over -year, majorly driven by Condo
inventory rise 8.1% to 5,469.
Miami Beach/Barrier Islands Matrix 1 Q-2017 %A (aTr) 4Q-2016 %A (Yn) 1 Q-2016
Average Sales Price
$999,241 15.4% $865,603 10.4% $905,252
Average Price per Sq Ft
$668 6.7% $626 5.4% $634
Median Sales Price
$385, 000 -2.5% $395,000 -5.8% $408, 750
Number of Sales (Closed)
815 22.9% 663 0.6% 810
Days on Market (From Last List Date)
143 13.9% 125 47.3% 97
Listing Discount (From Last List Price) 12.1 % 9.2% 8.8%
Listing Inventory (Active)
6,166 2.5% 6,016 6.4% 5,797
Absorption Period (Months)
MIAMISolutiAPPonsRAISAL
22.7 -16.6% 27.2 5.7% 21.5
300 SW 12 Ave, #3 Miami, FL 33130 786-348-8999 66
NW 27 Avenue & Superior Street, Opa Locka
File 31976
TrF�n�i�; to !Me Vliarni burner island', inurlcer
Foreclosure:
The median sales price of a non -distressed home was $235,000. The median sales price of
a foreclosure home was $185,650, or 21% lower than non -distressed home sales. In April 2017, the
number of properties that received a foreclosure filing in Miami -Dade County, FL was 5%
higher than the previous month and 35% lower than the same time last year. In 2017 foreclosure
activity has slowed down compared to last year. An Increase of foreclosures puts pressure on non
distressed asset prices as well, as distressed assets are sold at less than current market price resulting
in decline of overall home prices.
MEDIAN LIST PRICE
S399.900
Total number of foreclosures
Fon?.doairr_ Activity'
2,000
MEDIAN SALES PRICE
2350irl10.
MEDIAN FORECLOSURE SALES PRICE
S185: 5 f
1 ,1, $3,000 } vs Mar 2016 * $5,850 } vs Mar 2016
® Total Foreclosures
1,500
1,000 —
500--
2000
1500
—1000
—500
Jul'16 Sep'16 Nov'16 Jan'17 Mai'17 May17
Source: Realtytrac
In recent years, the Miami has become one of the world's least affordable cities. The job centers are
largely in the downtown central business district, which is where all of the high -end luxury housing
is being built. There isn't even a supply there to begin with, which means that young professionals
are having to live further out
Percentage of Units by area
® Miami -Dade s{{; Florida L! National
0.12
0,10-
0.08-
0,06-
0.04-
0.02-
0 0.00-,-
0.10 i
100%
90%
90%
70%
60%
SOX
40%
30%
20%
10%
0
Rent:
M1AM1 APPRAISAL
Solutions
Miami -Dade
Florida
Where do renters live in the 20 largest U.S. metros?
Households renting in the wbutbs t_; Households renting in the city
National
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 56
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Since January 2011 till May 2017, One and two bedroom units rent grew by 48% and 76%,
respectively, and the average apartment rent over the prior 6 months in Miami has decreased by
$133 (-6%). One bedroom units have decreased by $119 (-6.4%) and two bedroom apartments
have decreased by $119 (-4.8%) as per Rentjungle.
3,000
2,250
1,500
750
0
-- All Beds - 1 Beds - 2 Beds
Source: Rentjungle
The most expensive Miami neighbourhood to rent apartments is North Coconut Grove of $ 2,534
per month and the cheapest rent apartments is in Model City of $ 907 per month.
Miami Average Rent By Neighborhood
North Coconut Grove
Coral Way
Downtown
Upper Eastside
Wynwood
West Flagler
South Coconut Grove
Allapattah
Flagami
Little Haiti
Little Havana
Overtown
Model City
Source: Rentjungle
MIAMI APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 57
NW 27 Avenue & Superior Street, Opa Locka
File 31976
Miami - Office Market
Overview:
Increasing population, job growth and low unemployment are among the major economic factors
leading to an improving economy in Miami -Dade. Miami is located between the Florida Everglades
and Biscayne Bay, which prevent urban expansion, and competition for development sites leading
to significant supply constraints.
The Miami -Dade market started 2017 on an
encouraging note with all key economic indicators in
positive territory. According to the Bureau of Labor
Statistics, Miami -Dade County had an unemployment
rate of 5.5% at the close of the first quarter, which is
10 basis points (bps) down year -over -year on an
additional 22,300 new jobs created, a 1.9% percent
increase over the year. The Federal Reserve is
considering plans to increase rates twice more in
2017 as per street analyst, however, it depends on
how the national economy responds in the coming
months.
Source: Cushman
MIAMI-DADE OFFICE
Economic Indicators
Miami -Dade Employment
Miami -Dade Unemployment
U.S. Unemployment
Q1 17
1.17 Mil
5.5%
4.8%
12•Month
Forecast
Market Indicators (overall, All Classes)
Vacancy
Net Absorption (sf)
Under Construction (sf)
Average Asking Rent'
Q116 Q117 12•Month
Forecast
13.7% 12.5% -
(55,827) 305.005
539,799k 1.301.120k _
$35.92 $37.21
Wakefield
The office market continued to tighten with some sub markets experiencing significant increase in
asking rents on limited availabilities. Direct vacancy declined to 12.5% in Q1 2017, a reduction of
120 bps year -over -year, declining for 22 consecutive quarters, comfortably lower than the
historical average of 15.8%.
Overall Net Absorption/Overall Asking Rent
4-QTR TRAILING AVERAGE
300,000
250,000
200,000
150,000
100,000
50,000
0
2012
2013 2014
2015
i- $45.00
1 $41.00
$37.00
$33.00
$29.00
$25.00
2016 2017
Vacancy Rate
20.0%
15.0%
10.0%
5.0%
0.0%
oti� otitk oti� Otis Oti1
i�
Direct ■Sublet
Net Absorption, MSF Asking Rent, $ PSF
Source: Cushman Wakefield Source: aysinyoung
Although vacancy rate is lowering it still slightly below the overall US vacancy rate of 13% in Q1, so
Maimi is still a balance office market. Improving demand and low levels of new supply have been
key in driving down vacancy.
Leasing:
While sufficient available supply in Miami's core office submarkets has been characterized by lofty
asking rates and reduced concessions, Miami -Dade County's pace of total office leasing activity
M1AMI APPRAISAL
Solutions
300 SW 12 Ave, #3 I Miami, FL 33130 786-348-8999 58