HomeMy Public PortalAboutResolution No. 23-022 - Declaring Property Identified as Folio 08-2129-005-1621 as surplus propertySponsored by: Interim City Manager
RESOLUTION NO. 23-022
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
OPA-LOCKA, FLORIDA, DECLARING CERTAIN CITY
PROPERTY, IDENTIFIED AS FOLIO NO. 08-2129-005-1621, AS
SURPLUS PROPERTY; AUTHORIZING THE CITY MANAGER TO
DISPOSE OF PROPERTY BY SALE; PROVIDING FOR
INCORPORATION OF RECITALS; PROVIDING FOR AN
EFFECTIVE DATE; PROVIDING FOR INCORPORATION OF
RECITALS; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Opa-Locka ("City") owns certain properties not in use for
a public benefit; and
WHEREAS, Section 274.05, 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, the Interim City Manager has determined that the property identified
by folio 08-2129-005-1621 should be declared as Surplus Property; and
WHEREAS, on November 7, 2022 the City Manager authorized a property
appraisal, which was provided from GRE Group, Inc. The subject property has been
appraised at Two Hundred Eighty Thousand Dollars ($280,000.00), which is anticipated
to be the approximate amount to be received by the City when this property is
subsequently sold; and
WHEREAS, the subject property is located along the south side of NW 128th Street
between NW 44th Avenue and NW 45th Avenue, in the City. This property is
approximately Fourteen Thousand, Nine Hundred Twenty -Nine Thousand (14,929)
square feet of land which was improved with a non -operational and abandoned
cylindrical concrete structure that may have at one time served as a water treatment
facility (Water Tank); and
WHEREAS, the City Commission finds it is the best interest of the City to direct
the Interim City Manager to declare certain City -owned real property, identified as Folio
No. 08-2129-005-1621, as surplus property.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF OPA LOCKA, FLORIDA:
Section 1. RECITALS ADOPTED.
Resolution No. 23-022
The recitals to the preamble herein are incorporated by reference.
Section 2. AUTHORIZATION
The City Commission of the City of Opa-Locka hereby declares certain City -
owned real property, identified as Folio No. 08-2129-005-1621, as surplus property.
SECTION 3. SCRIVENER'S ERRORS.
Sections of this Resolution may be renumbered or re -lettered and corrections of
typographical errors, which do not affect the intent of this Resolution may be
authorized by the Interim City Manager, following review by the City Attorney,
without need of public hearing, by filing a corrected copy of same with the City
Clerk.
SECTION 4. EFFECTIVE DATE
This Resolution shall take effect upon the adoption and is subject to the approval
of the Governor or Governor's Designee.
PASSED and ADOPTED this 22nd day of February, 23.
TTEST:
1
nna Flores, City Clerk
APPROVED AS TO FORM AND
LEGAL SUF IENCY:
B na• - e Norr's-Weeks, P.A.
Cit y Attorney
Joh .J TT. r, Mayor
Moved by: Commissioner Williams
Seconded by: Vice Mayor Ervin
Resolution No. 23-022
VOTE: 4-0
Commissioner Bass ABSENT
Commissioner Kelley X (Yes) (No)
Commissioner Williams X (Yes) (No)
Vice Mayor Ervin X (Yes) (No)
Mayor Taylor X (Yes) (No)
City of Opa-locka
Agenda Cover Memo
Department
Director:
Gregory D. Gay
Department
Director
Signature:
CM Signature
Resolution
A0.2,144-4,
Ordinance
60- 7
Other
City
Manager:
Darvin E. Williams
Commission
Meeting
Date:
02.22.2023
Item Type:
(EnterXin box)
X
Fiscal
Impact:
(EnterXin box)
Yes
No
Resolution Reading:
(Enter X in box)
1st Reading
2nd Reading
X
X
Public Hearing:
(EnterXin box)
Yes
No
Yes
No
X
Funding
Source:
Account# :
(Enter Fund & Dept)
Ex: N/A
N/A
Advertising Requirement:
(Enter X in box)
Yes
No
X
ILA
Required:
(Enter X in box)
Yes
No
RFP/RFQ/Bid#:
X
Strategic
Plan Related
(Enter X in box)
Yes
No
Strategic Plan Priority
Enhance Organizational
Bus. & Economic Dev
Public Safety
Quality of Education
Qual. of Life & City Image
Communication
Area:
Strategic Plan 04/Strategy:
(list the specific objective/strategy this
item will address)
X
im
.
IN
MI
❑
MI
Sponsor
Name
City Manager
Department: Planning & Community
Development
City Manager
Short Title:
RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OPA-LOCKA,
FLORIDA, DECLARING A CERTAIN PROPERTY AS SURPLUS PROPERTY. THE
PROPERTY IS IDENTIFIED BY FOLIO 08-2129-005-1621; PROVIDING FOR
INCORPORATION OF RECITALS; PROVIDING FOR AN EFFECTIVE DATE.
Staff Summary:
The City administration has determined that the property identified by folio 08-2129-005-1621 should be
declared as Surplus Property.
Background
The subject property is located along the south side of NW 128th Street between NW 44th Avenue and NW 45th
Avenue in the City. This property is approximately 14,929 square feet of land which was improved with a non-
operational and abandoned cylindrical concrete structure that may have at one time served as a water
treatment facility (Water Tank). On November 7, 2022 the City Manager -authorized property appraisal was
provided from GRE Group. The property has been appraised at $280,000 which is anticipated to be the
approximate amount to be received by the City when this property is subsequently sold.
Financial Impact
No financial impact from declaring the property to be surplus.
Proposed Action:
Staff recommends the City Commission to declare the City property with Folio Number 08-2129-005-1621 to
be declared to be Surplus Property.
Attachment:
Property Appraisal
GCE
VALUATIONS) CONSULTING I TAX APPEALS
APPRAISAL REPORT
OF
Industrial Land
45XX NW 128th Street (address not assigned)
Opa-Locka, FL 33054
Folio No. 08-2129-005-1621
GRE Group, Inc. File No. 22-09015
AS OF:
OCTOBER 7TH, 2022
PREPARED FOR:
DARVIN E. WILLIAMS, JD, MBA, MPH
INTERIM CITY MANAGER
CITY OF OPA-LOCKA
780 FISHERMAN STREET, 4th FLOOR
OPA-LOCKA, FL 33054
PREPARED BY:
GRE Group, Inc.
4345 SW 72nd Avenue, Suite B
Miami, FL 33155
TELEPHONE 305-595-4485
FACSIMILE 888-559-7220
Email: admin@thegregroup.com
GqE
VALUATIONS I CONSULTING I TAX APPEALS
November 7th, 2022
Darvin E. Williams, JD, MBA, MPH
Interim City Manager
City of Opa-Locka
780 Fisherman Street, 4th Floor
Opa-Locka, FL 33054
Re: Industrial Land
45xx NW 128th Street (address not assigned)
Opa-Locka, FL 33054
Folio No. 08-2129-005-1621
GRE Group, Inc. File No. 22-09015
Dear Mr. Williams:
In accordance with your request and authorization, we have prepared this Appraisal Report of the
following described property:
45xx NW 128th Street (address not assigned)
Opa-Locka, FL 33054
Folio No. 08-2129-005-1621
The intended use of the appraisal is to estimate the subject property As -Is market value of the fee
simple interest as of October 7th, 2022, for the client's use in an internal asset management decision
making matter. No other intended use(s) noted. The report is not to be used in any public offering
and may not be used in whole or in part for any marketing of the property.
The subject property is located along the south side of NW 128th Street between NW 44th and NW
45th Avenues in the City of Opa-Locka, Miami -Dade County, FL.
The site consists of 14,929 square feet of land currently improved with a non -operational and
abandoned cylindrical concrete structure that may have at one time served as a water treatment
facility (Water Tank). The subject site is level and at grade, rectangular in shape, and is zoned I-
3, Liberal Industrial District by the city of Opa-Locka. Note: The site improvements contribute no
value to the property, therefore, to arrive at the As Is market value, the land value is estimated
with the demolition cost deducted.
The subject property is subject to extraordinary assumptions which are as follows:
• As of the effective date of this report the subject property has no public access to NW 128th
Street as the adjoining north parcel has fenced the property and it is encroaching making
the subject lot a land -locked parcel. According to the City of Opa Locka, the site has access
via a 10' easement, from the site to the north; therefore, this report is based on the
extraordinary assumption that the site has street access along NW 128th Street.
4345 SW 72ND AVENUE, SUITE B
MIAMI, FLORIDA 33155
PHONE: 305-595-4485 • FAX: 888-559-7220
Darvin E. Williams, Interim City Manager
November 7th, 2021
Page 2
• The subject is improved with a cylindrical concrete structure (water tank) and GRE Group
was not provided with demolition cost estimates; GRE Group are not demolition cost
experts; thus we utilized Marshall Valuation Services. Therefore, this report is based on the
extraordinary assumption that MVS is accurate and recommends interested parties hire a
demolition cost expert to further validate demolition cost estimates.
The above extraordinary assumptions, if found to be false or different in any way, could
alter the opinions and/or conclusions of value, herein. The reader is strongly advised to
be very familiar with the assumptions and how they could affect value.
The appraisal report that follows further describes the subject property and sets forth the most
pertinent data assembled, the techniques employed and the reasoning leading to the findings and
conclusions. This report has been prepared in accordance with the Uniform Standards of
Professional Appraisal Practice, the requirements of the Code of Professional Ethics and Standards
of Professional Appraisal Practice of the Appraisal Institute.
Accordingly, this report contains summary discussions of the data, reasoning, and analyses that
are used in the appraisal process whereas supporting documentation has been retained in our file.
The depth of discussion contained in this report is specific to the needs of the client and the intended
use herein stated.
Unless otherwise indicated, we have performed no services, as appraisers or in any other capacity,
regarding the property that is the subject of this report within the three-year period immediately
preceding acceptance of this assignment.
Based on the valuation analysis in the accompanying report, and subject to the definitions,
assumptions, and limiting conditions expressed in the report, our opinion of value is as follows:
VALUE CONCLUSION
Appraisal Interest Value
Premise Appraised Date of Value Conclusion
As Is Market Value Fee Simple October 7, 2022 $280,000
4345 SW 72ND AVENUE, SUITE B
MIAMI, FLORIDA 33155
PHONE: 305-595-4485 • FAx: 888-559-7220
Darvin E. Williams, Interim City Manager
November 7th, 2021
Page 3
Thank you for this opportunity to be of service. If we can be of any further assistance, please feel
free to contact us.
Respectfully submitted,
GRE Group, Inc.
Carlos D. Gobel, MBA, SRA
Executive Director
Cert Gen RZ3904
Phone: 305.595.4485
Fax: 888.559.7220
Email: cgobel@thegregroup.com
4345 SW 72N° AVENUE, SUITE B
MIAMI, FLORIDA 33155
PHONE: 305-595-4485 • FAX: 888-559-7220
CERTIFICATION 45xx NW 128"' Street, Opa-Locka, FL
CERTIFICATION
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is
the subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
5. Our compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined opinion or direction in opinion that favors the cause of the
client, the amount of the value opinion, if any, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this report.
6. This assignment was not based upon a requested minimum valuation, a specific valuation,
or the approval of a loan.
7. Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal
Foundation and the requirements of the Code of Professional Ethics and the Standards of
Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the
State of Florida relating to review by its duly authorized representatives.
8. The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
9. Carlos D. Gobel, SRA has not performed any services, as an appraiser or in any other
capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding the acceptance of this assignment.
10. Carlos D. Gobel, SRA has completed the requirements of the continuing education program
of the Appraisal Institute and the State of Florida.
11. Carlos D. Gobel, SRA made a personal interior and exterior inspection of the property that
is the subject of this report.
Carlos D. Gobel, MBA, SRA
Cert Gen RZ3904
GE
SUBJECT PHOTOGRAPHS
45xx NW 128th Street, Opa-Locka, FL
AERIAL PHOTOGRAPH
GE
ii
SUBJECT PHOTOGRAPHS
45xx NW 128th Street, Opa-Locka, FL
SUBJECT PHOTOGRAPHS
PHOTOGRAPH OF THE SUBJECT SITE
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EXECUTIVE SUMMARY 45xx NW 128th Street, Opa-Locka, FL
EXECUTIVE SUMMARY
Property Name City of Opa-Locka Industrial Land
45xx NW 128th Street
Address
Opa-Locka, FL 33054
Property Type Industrial Land
Owner of Record City of Opa-Locka
Tax ID 08-2129-005-1621
Adjusted Building Area (SF) N/A
Land Area (SF) 0.34 acres; 14,929 SF +/-
Year Built N/A
Zoning Designation I-3, Industrial District
Effective Date of the Appraisal October 7th, 2022
Date of the Report November 7th, 2022
VALUE CONCLUSION
Appraisal Interest Value
Premise Appraised Date of Value Conclusion
As Is Market Value Fee Simple October 7, 2022 $280,000
GE
iv
TABLE OF CONTENTS 45xx NW 128`h Street, Opa-Locka, FL
TABLE OF CONTENTS
CERTIFICATION i
SUBJECT PHOTOGRAPHS ii
EXECUTIVE SUMMARY i ii
TABLE OF CONTENTS iv
INTRODUCTION 6
SCOPE OF WORK 9
NEIGHBORHOOD ANALYSIS 11
SITE DESCRIPTION 15
ZONING 17
REAL ESTATE ASSESSMENT & TAX ANALYSIS 19
TYPICAL BUYER 21
HIGHEST & BEST USE ANALYSIS
VALUATION METHODOLOGY
SALES COMPARISON APPROACH
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS
ADDENDA
EXHIBIT A — ADDITIONAL PHOTOGRAPHS
EXHIBIT B — SUBJECT PROPERTY DATA
EXHIBIT C — QUALIFICATIONS
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26
37
NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
INTRODUCTION
IDENTIFICATION OF PROPERTY
The subject property is located along the south side of NW 128th Street between NW 44th and
NW 45th Avenues in the City of Opa-Locka, Miami -Dade County, FL. It consists of 14,929
square feet of land, currently is improved with a non -operational and abandoned water tank,
and, as per the client's request, the valuation is of the land as though vacant.
An aerial location map of the subject property is shown below.
GE
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NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
LEGAL DESCRIPTION
The subject's legal description is as follows:
Lots 54 & 55, Block 5 Less the north 130 feet and Lots 1 & 2, Block 6 less the north 130 feet
of MIAMI DADE INDUSTRIAL PARKT PART TWO, according to the Plat thereof, as recorded in
Plat Book 86 at Page 74, of the Public Reocrds of Miami -Dade County, Florida
ASSESSORS PARCEL NUMBER
The Miami -Dade County Tax Assessor's parcel number is as follows:
08-2129-005-1621
OWNER OF RECORD
City of Opa-Locka
777 Sharazad Boulevard
Opa-Locka, FL 33054
HISTORY OF TITLE
There have been no recorded sales of the subject property in the past five years.
The only recorded transaction for the subject property is a warranty deed dated September
13th, 1974 whereby "Miami -Dade Industrial Park" (grantor) transferred ownership of the
parcel to the "City of Opa Locka" (grantee).
As of the effective date, to the best of our knowledge the subject properties is not being
marketed for sale; however, the intended use is for an internal matter as it relates to the
potential sale of the property, however no additional information was provided.
TYPE OF VALUE, PROPERTY RIGHTS AND EFFECTIVE DATE
The purpose of the appraisal is to develop an estimate of the market value as is of the fee
simple interest in the subject property (land) as of the effective date of the appraisal, October
7th, 2022. The date of the report is November 7th, 2022. The appraisal is valid only as of the
stated effective date.
GgLE
7
NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
INTENDED USE AND USER OF THE REPORT
The appraisal report is intended for the exclusive use of the City of Opa Locak (client). The
intended use of this appraisal report is use for an internal asset management decision making
matter. No other intended user(s) or use(s) are noted. No party or parties other than the
client may use or rely on the information, opinions, and conclusions contained in this report.
APPLICABLE REQUIREMENTS
This appraisal is intended to conform to the requirements of the following:
• Uniform Standards of Professional Appraisal Practice (USPAP);
• Code of Professional Ethics and Standards of Professional Appraisal Practice of the
Appraisal Institute;
• Applicable state appraisal regulations;
PRIOR SERVICES
USPAP requires appraisers to disclose to the client any services they have provided in
connection with the subject property in the prior three years, including valuation, consulting,
property management, brokerage, or any other services. We have not performed any services
in connection with the subject properties within the three-year period immediately preceding
the acceptance of this assignment, either as an appraiser or in any other capacity.
PROPERTY RIGHTS
The property rights considered represent the fee simple estate which is defined as absolute
ownership unencumbered by any other interest or estate, subject only to the limitations
imposed by the governmental powers of taxation, eminent domain, police power and escheat.
Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010.
GE
8
NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
SCOPE OF WORK
The scope of the appraisal report consists of the extent and degree of research that is
conducted, data that is gathered and analysis that is applied in order to develop credible
market -based findings for the subject property. The appraisal problem herein is to estimate
the market value of the fee simple interest of the subject property (land only). The only
approach to value applied in this appraisal is the sales comparison approach as neither the
cost approach nor an income approach are typically considered by purchase of land.
APPROACHES TO VALUE
Approach
Cost Approach
Sales Comparison Approach
Income Capitalization Approach
Applicability to Subject
Not Applicable
Applicable
Not Applicable
Use in Assignment
Not Utilized
Utilized
Not Utilized
PROPERTY INSPECTION
With regard to this assignment, GRE Group, Inc. inspected the subject property on October
7th, 2022. Additional information for this report was gathered from data available through public
records, multiple listing or commercial listing services, on -site observations, and discussion with
project managers and/or administrative assistants.
In addition, we also inspected the surrounding neighborhood to assess the environment in
which the property is located, and municipal records were researched for information on
ownership, real estate assessment, taxes, and zoning regulations. City, county and/or state
departments, and agencies were consulted when it was necessary to obtain information
relevant to the subject property.
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NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
DEFINITIONS
In developing our report, we used the following definitions:
Marketability Analysis
Marketability Analysis is a process for examining the productive attributes of a
specific property, its demand and supply, and its geographic area. Marketability
Analysis (often referred to erroneously as market analysis) is an essential part of the
highest and best use conclusion for every valuation appraisal.
Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010.
Market Analysis
Market Analysis is a process for examining the demand for and supply of a property
type, and the geographic market area for that property type.
Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010.
Market Value
Market Value is defined 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."1
The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, 2010.
1 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237,
Page 77472
GqE
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NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
NEIGHBORHOOD ANALYSIS
General Neighborhood Data
Location: Urban
Built Up: 80% to 90%
Growth Rate: No growth
Property Values: Current market for all product types is in
fluctuation, with industrial, data centers, multi-
family and certain medical uses considered to be
the least affected; some types of retail, office and
land being mid -range affected and some types of
retail, office and land, as well as hospitality and
restaurants being the most affected.
Demand/Supply: In balance currently, with potential for increased
vacancy in the short term
Present Land Use: Industrial
Change in Present Land Use: Not likely
Predominant Use: Industrial
Property Compatibility: Average
General Appearance of Properties: Poor to average
Appeal to Market: Average
Adjacent Uses
East: Warehouse
West: Warehouse
South: Warehouse
North: Vacant land
Linkages Distance Access
Public Transportation: Within a few blocks Very good
Employment Centers: One to two miles Above average
Expressway Access: One to two miles Good
Miami International Airport: Seven to ten miles Average
Opa-locka Airport One to two miles Very good
GE
11
NEIGHBORHOOD ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
Land Use
The area is suburban in character and approximately 80% - 90% developed. In the immediate
vicinity of the subject, land uses include a mix of commercial and residential uses. Other land
use characteristics are summarized on the following page:
SURROUNDING AREA LAND USES
Character of Area
Predominant Age of Improvements
Present Land Use
Property Compatibility
Predominant Quality and Condition
Approximate Percent Developed
Infrastructure/Planning
Predominant Location of Undeveloped
Land
Prevailing Direction of Growth
Suburban
1940's to present
Commercial & Industrial
Average
Range from Below average to
Average
80% - 90%
Adequate
Limited vacant available in -fill
sites.
West
SURROUNDING AREA ATTRIBUTE RATINGS
Highway Access
Demand Generators
Convenience to Support Services
Convenience to Public
Transportation
Employment Stability
Police and Fire Protection
Property Compatibility
General Appearance of Properties
Appeal to Market
Barriers to Competitive Entry
Price/Value Trend
Average
Good
Average
Average
Average
Average
Average
Average
Good
Average
Fair
GE
12
SITE DESCRIPTION 45xx NW 128th Street, Opa-Locka, FL
SITE DESCRIPTION
The subject site is rectangular and has total area of the parcel is 14,929 square feet (0.34±
acres) with a depth of 142 feet and a width of 105 feet, with a 10' easement access along the
south side of NW 128th Street. The following chart summarizes pertinent details regarding
the subject site.
The following chart summarizes pertinent details regarding the subject sites.
Site Data
Physical Description
Address
Tax ID
Net Site Area
Excess Land Area
Gross Site Area
Shape:
Frontage
Additional frontage
Access
Drainage:
Topography
Soil & Subsoil
Utilities
Water
Sewer
Electricity
Telephone
45XX NW 128th Street, Opa-Locka
08-2129-005-1621
14,929 square feet
14,929 square feet
Rectangle
10 feet along NW 128th Street
105 feet along the south side of the site adjacent to canal
South side of NW 128th Street
Abutting storm sewer
Level and at Street Grade
Assumed Adequate
City of Opa-Locka
City of Opa-Locka
FP & L
Various carriers
EASEMENTS AND ENCROACHMENTS
Based on our personal inspection and review of the recorded plat, the property does appear
to be adversely affected by an encroachment which would impair its marketability or value by
the adjoining north parcel which has fenced the property and it is encroaching the subject
property by restricting access via the aforementioned 10' easement. A title policy for the
property has not been provided for the preparation of this appraisal report. Therefore, it is
recommended that the client/reader obtain a current title policy outlining all easements and
encroachments on the property, if any, prior to making a business decision.
GE
13
SITE DESCRIPTION 45xx NW 128th Street, Opa-Locka, FL
ENVIRONMENTAL HAZARDS
We were not provided with a Phase 1 Environmental Site Assessment (ESA), or any other
environmental or physical condition reports. The findings and conclusions rendered in this
report are predicated on the assumption that there are no hazardous materials or
underground storage tanks on or in the property that would cause a loss in value. The
existence of hazardous materials or underground storage tanks could have a material effect
on the value of the property. Evidence of hazardous waste or toxic materials was not visible
based upon our physical inspection; however, GRE Group, Inc. is not qualified to detect the
existence of potentially hazardous material or underground storage tanks which may be
present on or near the site.
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ZONING 45xx NW 128th Street, Opa-Locka, FL
DESCRIPTION OF IMPROVEMENTS AND DEMOLITION COST
Currently the site is improved with a cylindrical concrete structure that may have at one time
served as a water treatment facility (Water Tank). These improvements are estimated to be
approximately 6,362 square feet (based on 90 feet diameter) and are to be demolished. GRE
Group, Inc. was not provided with any demolition cost; therefore, demolition cost have been
estimated and based on Marshall Valuation Service.
The cost estimated from Marshall Valuation Service includes the cost of labor, materials,
supervision, contractor's profit and overhead, architect's plans and specifications, sales taxes,
and insurance. Not included are escrow fees, legal fees, property taxes, demolition, storm
drains, or rough grading. Additionally, discounts or bonuses paid for financing, costs of land
planning or preliminary concept and layout for large developments, and interest or tax on the
land are not included.
The building replacement cost was estimated by utilizing the calculator method of Marshall
Valuation Service, a continuously updated compendium of building costs. Following is a
breakdown of those cost estimates.
Buidiing Foundation, concrete, wall
Basic Cost per Square Foot
Refined Cost per Square Foot
Multipliers:
Time
Building Height
Estimated Cost per Square Foot
Section/Page Date $/Sq.Ft.
66/10 12/2021 $16.15
99/3 8/2022
11/18
7/2022
$16.15
1.10
1.07
$19.01
Estimated Cost per Square Foot (Rounded) $19.00
These improvements are estimated to be approximately 6,362 square feet, therefore cost to
demolish is estimated at $120,000 rounded. This will be deducted from each valuation
scenario as a one -line item.
GE
15
ZONING 45xx NW 128th Street, Opa-Locka, FL
ZONING
Zoning regulates land uses and related matters. Zoning has a direct effect on the health,
safety, comfort and convenience of all the people in the community, because it has a direct
effect on traffic and parking, congestion, slum prevention, general community and
neighborhood appearance, community revenues, expenditures and property values.
The purpose of planning and zoning include the following:
- To conserve the value of the land, buildings and resources. To protect the character and
maintain the stability of residential, agricultural, business and industrial areas, and to promote
the orderly development of such areas.
- To guide and accomplish a coordinated, adjusted and harmonious development, which, in
addition to the purposes set forth above, will contribute to the efficiency and economy in the
process of development.
- To prevent overcrowding of land and undue concentration of population.
Zoning should group compatible uses, and separate incompatible uses. Planning and zoning
should establish an orderly land use pattern related to transportation facilities, utilities, and
other public facilities and services, and to the physical suitability of the land for the intended
purposes.
Zoning assures an appropriate balance between lands developed or intended for development
for various purposes, and protects reserved land so that it may be used for the most logical
purpose. Grouping activities having similar needs in such a manner so as to maximize
efficiency and minimize friction protects land values and amenity and reduces costs for
services.
The subject property is zoned I-3, Liberal Industrial Districty by the city of Opa Locka, FL.
This zoning district allows for a wide range of land uses including research, assembly,
fabrication, manufacturing, repair, service, retail, entertainment, and places of assembly. For
a detailed listing of allowable uses and restrictions, refer to the zoning code of the city of Opa
Locka, FL.
G-
16
ZONING
45xx NW 128th Street, Opa-Locka, FL
City of Opa-locka
Official Zoning Map
G
Legend
® B -O (Business Office) - 1-3 (Liberal Industrial)
- B-1 (Commercial Neighborhood) - 1-4 (Lib. Ind., Storage and Salvage)
- B-2 (Commercial Liberal) - Civic
- B-3 (Commercial Intensive) - Park
I-1 (Light Industrial) F-1 R-1 (Single Family Residential)
1-2 (Industrial Planned) O R-2 (Two Family Residential)
17
ASSESSMENT & TAX ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
REAL ESTATE ASSESSMENT & TAX ANALYSIS
Real estate in Florida is assessed at 100% of the assessor's estimated "Just Value". Just
Value has been equated to market value less the "costs of sale" - closing costs, commissions,
doc stamps, etc. - and any exemptions such as homestead, widow, disability or agricultural
exemptions. Although the State of Florida requires real estate to be assessed at 100% of
Just Value, in reality the ratio of the assessed value to sale price is generally below 100%.
The assessments are effective as of January 1 of each year and are payable by March 31 of
the following year. For example, 2022 taxes are assessed as of January 1, 2022 but due by
March 31 of 2023. The Miami -Dade County Commission, in conjunction with local
municipalities, sets the millage rate for the given year by August or September of that year.
Tax bills are mailed by October or November and provide for a 4% discount if paid by the end
of November, 3% if paid by December, 2% if paid by January and 1% if paid by the end of
February. Otherwise tax bills are to be paid in full by the end of March and are delinquent
after March 31. The subject's market value, assessed value, and taxes are summarized below,
and do not include any furniture, fixtures and equipment.
Folio# Address Land Value Building Value Extra Feature Assesed Value Market Vale Taxes
08-2129-005-1621 45XX NW 128th St $298,580 $0.00 $0.00 $238,444 $298,580 $0.00
The Miami -Dade Property Appraiser re -assesses real estate within the county on an annual
basis using the sales comparison, cost, and income approaches to value as applicable. In the
process, significant emphasis is placed on any recent arm's length sales of a property under
review for re -assessment.
18
ASSESSMENT & TAX ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
For 2021, the total assessment for the subject is listed in the table above, with corresponding
total gross tax burdens also indicated. Note: The subject property is owned by the City of
Opa Locka and is not subject to taxes. If sold to an individual or a for-profit entity, taxes
would be required to be paid. Given the market value of $400,000; based on Florida Statutes
with a 15% reduction for cost of sale, the assessment would be $340,000 with a real estate
tax of $8,325.
Folio Sq. Ft.
Address
Millage Rate 2022 24.4843
Site Area 14,929
Market Value $298,580 $20
85 % Market Value $253,793 $17
Estimated Taxes $8,325 $0.56
Discount Taxes $7,992 $0.54
Gam'
19
MARKETING AND EXPOSURE TIME 45xx NW 128th Street, Opa-Locka, FL
Marketing Time
Marketing Time is the time it takes an interest in real property to sell on the market
subsequent to the date of the appraisal. Reasonable marketing time is an estimate of the
amount of time it might take to sell an interest in real property as its estimated market value
during the period immediately after the effective date of the appraisal; the anticipated time
required to expose the property to a pool of prospective purchasers and to allow appropriate
time for negotiation, the exercise of due diligence and the consummation of a sale at a price
supportable by concurrent market conditions. Marketing time for the subject property is
expected to be three to nine months.
Exposure Time
Exposure Time is defined as the estimated length of time the property interest being appraised
would have been offered on the market prior to the hypothetical consummation of a sale at
market value on the effective date of the appraisal; a retrospective estimate based on an
analysis of past events assuming a competitive and open market. The concept of reasonable
exposure encompasses not only sufficient and reasonable time but also adequate, sufficient
and reasonable effort. Exposure time is different for various types of real estate, and value
ranges and under various market conditions. Exposure time the subject property is believed
to be between three to nine months.
Typical Buyer
The subject is herein considered as vacant land. A typical purchaser of the property would be
a business owner to construct a location for their operations in the future. Neither rental rates,
nor sales prices are strong enough to justify the cost of land acquisition and construction costs
to make building for investment purposes feasible.
GE
20
HIGHEST & BEST USE ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
HIGHEST & BEST USE ANALYSIS
An understanding of market behavior is essential to the concept of highest and best use.
Analyzing the highest and best use of a property may require detailed study. In many
appraisals, however, the nature of the assignment sets limits on the extent of analysis to be
undertaken, and the characteristics of property restricts the number of alternative uses to be
considered.
Highest and best use may be defined as: "The reasonably probable and legal use of vacant
land or an improved property, which is feasible, possible, appropriately supported, financially
feasible and that results in the highest value."
The highest and best use of a specific parcel of land is not determined through subjective
analysis by property owner, developer or appraiser; rather, the competitive forces within the
market where the property is located shape highest and best use.
Therefore, analysis and interpretations of highest and best use is an economic study of market
forces focused on the subject property.
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
Gam'
21
HIGHEST & BEST USE ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
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
The zoning on the subject property is I-3, Liberal Industrial District by the city of Opa-Locka,
Florida. This zoning allows for a wide range of land uses including research, assembly,
fabrication, manufacturing, repair, service, retail, entertainment, and places of assembly. The
subject property is located in a predominately industrial area. Most uses are single tenant,
owner user industrial product. Neither rental rates, nor sales prices are strong enough to
justify the cost of land acquisition and construction costs to make building for investment
purposes feasible. Therefore. the highest and best use is to remain vacant until such time as
rental rates and/or sale prices increase enough to justify new construction of industrial
product.
Highest and Best Use as Improved
The subject property is being considered vacant land; therefore, an analysis of the highest
and best use as improved is not applicable.
G=-
22
VALUATION ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
VALUATION METHODOLOGY
Appraisers usually consider three approaches to estimating the market value of real property.
These are the cost approach, sales comparison approach and the income capitalization
approach.
The cost approach is based on the principle of substitution which states that an informed
purchaser would not pay more for a property than the cost of reproducing a property with the
same utility. The cost approach can often yield reliable estimates of value for new
construction. This approach entails estimating the cost of producing the improvements,
deducting an estimate of depreciation, then adding the value of the site as if vacant. To this
value an entrepreneurial incentive is added to arrive at the estimated value by the cost
approach.
The sales comparison approach is based on the principle of substitution which suggests
that, within competitive markets, similar products will realize similar prices. Inherent in this
concept is the premise that a purchaser would not pay more for a property than the cost to
acquire another property with the same amenities and utility.
The income capitalization approach is based on the concept that value is created by the
expectations of future benefits and higher earnings should result in higher values. Income
producing real estate is purchased for the right to receive future income. The income
capitalization approach consists of methods to analyze a property's capacity to generate
income, and a reversion, and convert these monetary benefits into an estimate of value.
Reconciliation of the various indications into a conclusion of value is based on an evaluation
of the quantity and quality of available data in each approach and the applicability of each
approach to the property type.
GE
23
VALUATION ANALYSIS 45xx NW 128th Street, Opa-Locka, FL
The only approach to value applied in this appraisal is the sales comparison approach as
neither the cost approach nor an income approach are typically considered by purchase of
land.
The methodology employed in this assignment is summarized as follows:
APPROACHES TO VALUE
Approach
Cost Approach
Sales Comparison Approach
Income Capitalization Approach
Applicability to Subject
Not Applicable
Applicable
Not Applicable
Use in Assignment
Not Utilized
Utilized
Not Utilized
Gam'
24
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
SALES COMPARISON APPROACH
The sales comparison approach is the process in which a market value estimate is derived by
analyzing the sales of similar properties and comparing these to the subject. Estimates of
market rent, cost, depreciation and other value parameters may be derived in the other
approaches to value using comparative techniques. Often these elements are also analyzed
in the sales comparison approach to determine adjustments to be made to the sale prices of
comparable properties. The comparative techniques of analysis applied in the sales
comparison approach are fundamental to the valuation process. A major premise of the sales
comparison approach is that the market value of a property is directly related to the prices of
comparable and competitive properties.
The comparative analysis performed in the market sales comparison approach focuses on
similarities and differences among the properties and transactions that affect value. These
may include differences in property rights appraised, motivations of buyers and sellers,
financing terms, market conditions at time of sale, size, location, physical features and,
economic characteristics. Elements of comparison are tested against market evidence to
determine which are sensitive to change and how they affect value.
Relationship to Appraisal Principles
The concept of anticipation and change, together with the principles of supply and demand,
substitutions, balance, and externalities, are basic to the sales comparison approach. Guided
by these principles, an appraiser attempts to consider all issues relevant to the valuation
problem in a manner that is consistent and reflects local market expectations.
Applicability and Limitations
The market sales comparison approach is applicable to all types of real estate when there are
sufficient, recent and reliable transactions to indicate value patterns or trends in the market.
For property types that are bought and sold regularly, this approach often provides a reliable
indication of market value.
25
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
To ensure the reliability of value conclusions derived by applying the approach, the appraiser
must verify the market data obtained and fully understand the behavioral characteristics of
the buyers and sellers involved in property transactions. Incorrect assumptions and
conclusions may result if the appraiser relies on cold statistical data without regard for the
motivation of the parties to the transactions. Similarly, errors can result if the characteristics
of the databases, anticipated income and expense schedules, or potential changes in use are
not considered.
The sales comparison approach is a significant and essential part of the valuation process,
even when its reliability is limited. In situations where the dissimilarities in factors affecting
property value cannot be properly determined or quantified the sales comparison approach
may still provide a probable range of value that can support a primary value indication derived
from the application of one of the other approaches. Furthermore, data needed to apply the
other approaches (e.g., overall capitalization rates for the income approach or depreciation
estimates for the cost approach) are often obtained in the comparative process.
In order to estimate the Market Value of the subject property via the Sales Comparison
Approach, the appraiser has gathered, verified and analyzed several sales within the subject's
market area.
GE
26
SALES COMPARISON APPROACH
45xx NW 128th Street, Opa-Locka, FL
VACANT LAND SALES GRID
Following is a grid of the comparable sale properties used for comparison to the subject
property.
No. Sale Date Address / Folio
Zoning
OR Book/Page
Sale Price Sq. Ft.
$ Sq.Ft.
1
23xx NW 150th Street
Jan -21 08-2122-025-0130
I-2
32271/2583
$750,000 35,000
$21
2
14800 NW 24th Court
Mar -21 08-2122-025-0500 and 0510
I-2
32387/1381
$1,160,000 54,000
$21
3
147xx NW 24th Court
Feb -22 08-2122-025-0501
1-2
33073/1667
$755,000 26,000
$29
4
34xx NW 154th Terrace
Nov -21 34-2116-014-0100
I-1
32866/1855
$325,000 12,470
$26
5
13030 NW 30th Avenue
Oct -20 08-2128-002-0070 & 0080
I-2
32011/3280
$650,000 20,117
$32
6
2950-2990 NW 132nd Terrce
Jul -20 08-2128-004-0340, 0350
I-2
32026/2048
$2,985,000 148,974
$20
45xx NW 128th Street
Subject 08-2129-005-1621
I-3
14,929
Minimum
Maximum
Average
Median
$20
$32
$25
$24
GE
27
SALES COMPARISON APPROACH
45xx NW 128th Street, Opa-Locka, FL
Miami -Opal
Locka
Executive
Airport
__
_dry. Miami Waterspor tss
Ccrripiex
Amelia ,
Earhart Park
VACANT LAND SALES MAP
Mwisiyiiui CUWdIU
Pace High fool
5
3
NA 151st St
4
I?
Opa-locka
Ov-
American Trucking
C
•
111
7
NW 127th St
'
28
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
COMPARABLE IMPROVED SALES
COMPARABLE SALE No. 1
Property Address: 23xx NW 150th Street, Opa-Locka, FL 33054
Property Folio No.: 08-2122-025-0130
Sale Price: $750,000
Land Size: 35,000 SF
Price per SF: $21
ORB/Page: 32271/2583
Sale Date: January 2021
Buyer: Samanez Group, LLC
Seller: Adolfo Holdings, Inc
Financing Terms: Cash to Seller; no other financing information was available
Comments:
This sale of a of a single parcel forming a rectangular shaped site. It is located along the south
side of NW 150th Street, just west of NW 22nd Court within the city of Opa-locka, Miami -
Dade County, FL. The site consists of 35,000 square feet (0.80 acres) and appears to be at
grade level, with some asphalt fill.
Aerial
GE
29
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
COMPARABLE IMPROVED SALES
COMPARABLE SALE No. 2
Property Address: 14800 NW 24th Court, Opa-Locka, FL 33054
Property Folio No.: 08-2122-025-0500 & 0510
Sale Price: $1,160,000
Land Size: 54,000 SF
Price per SF: $21
ORB/Page: 32387/1381
Sale Date: March 2021
Buyer: LDM Florida, LLC
Seller: Optimal International Investment, LLC
Financing Terms: Cash to Seller; no other financing information was available
Comments:
This is the sale of two adjacent industrial parcels located along the west side of NW 24th Court
between NW 147th and NW 149th Street in the city of Opa-Locka. The site was purchase for
use of storage of trailers
Aerial
G
30
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
COMPARABLE IMPROVED SALES
COMPARABLE SALE No. 3
Property Address: 147xx NW 24th Court, Opa-Locka, FL 33054
Property Folio No.: 08-2122-025-0501
Sale Price: $755,000
Land Size: 26,000 SF
Price per SF: $29
ORB/Page: 33073-1677
Sale Date: February 2022
Buyer: SF Investment Properties, LLC
Seller: Manuel Sanchez
Financing Terms: Cash to Seller; no other financing information was available
Comments:
This is the sale of a single industrial parcel located along the west side of NW 24th Court
between NW 147th and NW 149th Street in the city of Opa-Locka. The site was listed for
$780,000 for four seven months prior to contract.
Aerial
GE
41,1
31
SALES COMPARISON APPROACH 45xx NW 128t Street, Opa-Locka, FL
COMPARABLE IMPROVED SALES
COMPARABLE SALE No. 4
Property Address: 34xx NW 154th Terrace, Miami Gardens, FL 33054
Property Folio No.: 34-2116-014-0100
Sale Price: $325,000
Land Size: 12,470 SF
Price per SF: $26
ORB/Page: 32866/1855
Sale Date: November 2021
Buyer: MJK Land Investment, LLC
Seller: KDN Land Investment, LLC
Financing Terms: Cash to Seller; no other financing information was available
Comments:
This is the sale of a single industrial parcel located along the north side on NW 154th Terrace
just east of the Opa-Locka airport between NW 34th and NW 37th Avenues in the city of Miami
Gardens. The site was listed for $325,000 for two months prior to contract.
Aerial
GE
32
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
COMPARABLE IMPROVED SALES
COMPARABLE SALE No. 5
Property Address: 13030 NW 30th Avenue, Opa-Locka, FL 33054
Property Folio No.: 08-2128-002-0070 & 0080
Sale Price: $650,000
Land Size: 20,117 SF
Price per SF: $32
ORB/Page: 32011/3280 and 32175/22
Sale Date: October 2020
Buyer: R & D Electric Properties, LLC
Seller: Yogh Tacury and Carlos Cabrera
Financing Terms: Cash to Seller; no other financing information was available
Comments:
This is the sale of two adjacent industrial parcels between two sellers and one buyer in the
city of Opa-locka. More specifically, the parcels are located at the northwest corner of the
intersection of NW 30th Avenue and NW 130th Street. The parcels were being used as storage
yards at the time of sale. The total listing price for the parcels was $700,000 or $34.80 per
square foot. The listing broker stated that the buyer intends to use the sites for the storage
of his construction company equipment.
Aerial
G-
4�I�RtyyR.p.l49%t4a.St lYt d. tkl
11.1 4v0,10.
33
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
COMPARABLE IMPROVED SALES
COMPARABLE SALE No. 6
Property Address: 2950-2990 NW 132nd Terrace, Opa-Locka, FL 33054
Property Folio No.: 08-2128-004-0340 & 0350
Sale Price: $2,985,000
Land Size: 148,974 SF
Price per SF: $20
ORB/Page: 32026/2048 & 32062/4962
Sale Date: July 2020
Buyer: Rock & Dirt Construction Equipment Rental, LLC
Seller: Clarence Chine and Five Star Investment Properties, LLC
Financing Terms: Cash to Seller; no other financing information was available
Comments:
This is the sale of two adjacent parcels between two sellers to a single buyer. The parcels are
located in the city of Opa-locka. More specifically, they are located along the east side of NW
31st Avenue between NW 131st Street and NW 132nd Terrace. The parcels were being used
as storage yards at the time of sale. The total listing price for the parcels was $3,150,000 or
$21.14 per square foot. The buyer purchased the land to build the future headquarters for
Rock & Dirt Construction Equipment Rentals, their company.
Aerial
GE
34
SALES COMPARISON APPROACH 45xx NW 128th Street, Opa-Locka, FL
ADJUSTMENT GRID
Below is a grid which illustrates qualitative adjustments used to compare the comparable
sales to the subject property. Percentage adjustments were not utilized. To utilize percentage
adjustments, it would be necessary to pair (compare) sales to extract value differences. This
is difficult as there is normally insufficient data to provide pairings for all value differences.
Below is a grid which illustrates the adjustments made. A plus (+) sign indicates the unit of
comparison of the sale must be adjusted upward as that characteristic is inferior to the
subject. A minus (-) sign indicates the unit of comparison of the sale must be adjusted
downward since the characteristic is superior to the subject. An equal (=) sign indicates the
sale characteristic is comparable to the subject property.
Sale No. 1 2 3 4 5 6
Price per Sq. Ft. $21 $21 $29 $26 $32 $20
Market Condition + + = + + +
Location = = = = -
Size + + + = = ++
Shape = = = = = =
Zoning - - - - -
Overall Adjustments + + = = +
GE
35
RECONCILIATION OF VALUE 45xx NW 128th Street, Opa-Locka, FL
ESTIMATED MARKET VALUE BY DIRECT SALES COMPARISON APPROACH
The comparable sales utilized were the most recent and similar type properties available at
the time of inspection. When selecting comparables most emphasis was placed on location,
intended use, zoning, and overall market appeal. An extensive market analysis was conducted
and analyzed in order to select properties deemed comparable to the subject that have sold
in the recent past, that a prudent buyer would consider as comparisons to the subject. The
appraiser has analyzed all relevant and non -relevant factors a prudent buyer would consider
in the purchase of the subject property.
The comparables presented provide a good indication of the subject's current market value
for their similar characteristics to subject, while reflecting the actions of buyers and sellers in
the market place. The sales reflect a range of $20 to $32 per square foot with an average of
$25 per square foot and a median at $24 per square foot.
Once the comparable indicated prices are adjusted for differences, Sale 5 (at $32 per square
foot) was considered superior and required downward adjustments. Sales 1, 2, and 6 (ranging
from $20 to $21 per square foot) were considered inferior and required upward adjustments;
while Sales 3 and 4 (at $26 and $29 per square foot) were considered to have offsetting
adjustments.
After considering the sales data available and the factors influencing value described, it is
concluded that the subject land has a value, as if vacant, of $27 per square foot. The
estimated land value equals 14,929 square feet times $27 per square foot, equal to $400,000
(rounded).
As previously stated, to arrive at the As Is value, deducted is the demolition costs estimated
at $120,000 (see page 15). Thus, the subject's As Is value is $280,000 (rounded)
G
36
RECONCILIATION OF VALUE 45xx NW 128th Street, Opa-Locka, FL
RECONCILIATION OF VALUE
COST APPROACH
The cost approach is most reliable for newer properties that have no significant amount of
accrued depreciation. As previously discussed, the Cost Approach is judged to be inapplicable
and is not utilized.
SALES COMPARISON APPROACH
The sales comparison approach is most reliable in an active market when an adequate
quantity and quality of comparable sales data are available. In addition, it is typically the
most relevant method for owner -user properties, because it directly considers the prices of
alternative properties with similar utility for which potential buyers would be competing. There
is a reasonably active market for comparable properties, and this approach most closely
reflects buyer behavior.
INCOME CAPIALIZATION APPROACH
The income capitalization approach is usually given greatest weight when evaluating
investment properties. The value indication from the income capitalization approach is
supported by market data regarding income, expenses and required rates of return.
The income capitalization approach was not estimated as it is not reliable, nor applicable for
this type product.
Based on the preceding valuation analysis and subject to the definitions, assumptions, and
limiting conditions expressed in the report, our value opinion follows:
VALUE CONCLUSION
Appraisal Interest Value
Premise Appraised Date of Value Conclusion
As Is Market Value Fee Simple
October 7, 2022 $280,000
GE
37
ASSUMPTIONS & LIMITING CONDITIONS 45xx NW 128th Street, Opa-Locka, FL
UNDERLYING ASSUMPTIONS AND LIMITING CONDITIONS
In conducting this appraisal, the following assumptions and limiting conditions have been
made:
1. The appraisers assume no responsibility for legal matters affecting the subject property or the
title thereto; nor do we render any opinion as to the title, which is assumed to be good and
marketable. The market analysis also assumes the property has no private deed restrictions,
limiting the use of the subject property in any way.
2. The property is assumed to be free and clear of any or all liens, encumbrances, encroachments,
easements and restrictions, unless otherwise stated.
3. GRE Group, Inc. assumes the subject property will be under responsible, prudent and competent
management and ownership; neither inefficient or super -efficient.
4. It is assumed that the property is in compliance with all applicable building, environmental,
zoning and other federal, state and local laws, regulations and codes.
5. No physical survey was made especially for this market analysis report. All plats of record and
information obtained are assumed to be true and correct. Any plats or sketches included in this
report are not surveys and should not be relied upon as such. They are included to aid the
reader in visualizing the property.
6. Load bearing capacity of subsoil is assumed to be adequate for the present or proposed
utilization but no borings or engineering studies have been made especially for this market
analysis and the conclusion could be affected by such information.
7. All statements of fact related to the analyses, opinions and conclusions contained in this report
are true and correct to the best of the appraiser's knowledge and belief. The appraiser may rely
upon the information and materials provided by the Client as accurate, true and correct.
8. The information on which this appraisal is based has been obtained from sources normally used
by the GRE Group, Inc. that are considered to be reliable, but it is in no sense guaranteed.
9. This assignment does not include testimony for courts, other authoritative bodies or
organizations. If we are requested to provide testimony pursuant to any legal or other
proceedings, an additional fee will be charged on a hourly basis at our then prevailing rate plus
expenses, if any. The hourly billings will include preparation (excluding the appraisal report),
waiting and travel time and all meetings and activities related to the proceeding.
10. Unless noted otherwise, no evidence of termites, dry rot, faulty wiring, faulty plumbing or other
hidden physical conditions detrimental to value was discovered at the time of inspection. Unless
stated otherwise, the property is assumed to be structurally sound and the systems and
components that are part of the property are assumed to be in good working order.
11. It is assumed that all required licenses, certificates of occupancy, permits, consents, or other
legislative or administrative authority from any local, state or national governmental or private
entity or organization have been or can be obtained or renewed for any use in which the value
estimates contained in this report are based, in a timely manner and without unusual cost;
unless otherwise stated.
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ASSUMPTIONS & LIMITING CONDITIONS 45xx NW 128th Street, Opa-Locka, FL
12. The appraiser makes no representation or warranties as to the adequacy or condition of
appliances, electrical systems, plumbing and heating, air conditioning, presence of insulation,
adequacy or condition of structural systems or any other subsystem within the property. The
appraisers assume no responsibility for any costs incurred to discover or correct any deficiencies
present in the property.
13. All furnishings, equipment and business operations, except as specifically stated and typically
considered as part of real property, were excluded from consideration. Unless stated otherwise
we considered the real property only. Any existing or proposed improvements, on or off -site,
as well as any alterations or repairs considered, are assumed to be completed in a good
workmanlike manner. Any estimate of Market Value is as of the date indicated; based upon the
information, conditions and projected levels of operation.
14. No consideration has been given to any possible effects on value that may be caused by
environmental restrictions placed on this property by federal, state, city or county governments
or any of their agencies in regards to pollutants or annoyances of any kind. No responsibility
has been assumed for any of these matters.
15. The existence of potentially hazardous materials used in construction or maintenance of the
building (such as the presence of urea formaldehyde foam insulation or asbestos, etc.), and the
existence of toxic waste(s) which may or may not be present on the property have not been
considered. The value estimates are subject to modification in the event any such potentially
hazardous materials are detected on the property by a qualified expert.
16. GRE Group, Inc. may have reviewed available flood maps and noted in the appraisal report
whether the subject property is located in an identified Special Flood Hazard Area. We are not
qualified to detect such areas and therefore do not guarantee such determinations. The
presence of flood plain areas and/or wetlands may affect the value of the property, and the
value conclusion is predicated on the assumption that wetlands are non-existent or minimal,
unless otherwise stated.
17. Unless noted otherwise, it is assumed that there are no mineral deposit or subsurface rights of
value involved in this appraisal, whether they be gas liquid or solid. Nor are the rights associated
with extraction or exploration of such elements considered in this appraisal unless otherwise
stated. In addition, it is also assumed that there are no air or development rights of value that
have been or may be transferred unless otherwise stated.
18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding
any discussion of possible readily achievable barrier removal construction items in this report,
GRE Group, Inc. has not made a specific compliance survey and analysis of this property to
determine whether it is in conformance with the various detailed requirements of the ADA. It
is possible that a compliance survey of the property together with a detailed analysis of the
requirements of the ADA could reveal that the property is not in compliance with one or more
of the requirements of the ADA. If so, this fact could have a negative effect on the value
estimated herein. Since GRE Group, Inc. has no specific information relating to this issue, nor
GRE Group, Inc. qualified to make such an assessment, the effect of any possible non-
compliance with the requirements of the ADA was not considered in estimating the value of the
subject property.
19. GRE Group, Inc. accepts no responsibility for considerations requiring expertise in other fields.
Such considerations include, but are not limited to, legal descriptions and other legal matters
such as legal title, geologic considerations such as soils and seismic stability, and civil,
mechanical, electrical, structural and other engineering and environmental matters.
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39
ASSUMPTIONS & LIMITING CONDITIONS 45xx NW 128th Street, Opa-Locka, FL
20. It is expressly acknowledged that in any action which may be brought against GRE Group, Inc.
or their respective officers, owners, managers, directors, agents, subcontractors or employees
(the "GRE Group Inc. Parties") arising out of, relating to, or in any way pertaining to this
engagement, the appraisal reports, or any estimates or information contained therein, the GRE
Group Inc. Parties shall not be responsible or liable for incidental or consequential damages or
losses, unless the appraisal was fraudulent or prepared with gross negligence. It is further
acknowledged that the collective liability of the GRE Group Inc. Parties in any such action shall
not exceed the fees paid for the preparation of the market analysis report unless the market
analysis report was fraudulent or prepared with gross negligence. Finally, it is acknowledged
that the fees charged herein are in reliance upon the foregoing limitations of liability.
21. Economic projections in this report assume a level economy and the value stated is in United
States currency as of the effective date of the market analysis. This market analysis is based
on market conditions existing as of the date of this report.
22. Cash flows, if included in the analysis, are forecasts of estimated future operating characteristics
based on the information and assumptions contained within the report. Our projections of
income, expenses and economic conditions should not be regarded as predictions of the future.
Rather, they are estimates of current market expectations of future income and expenses. The
achievement of the financial projections may be affected by fluctuating and/or unforeseen
economic conditions and are dependent upon other future events that cannot be guaranteed.
Actual results may vary from the projections developed herein. We do not warrant these
forecasts will occur. Projections may be affected by circumstances beyond our current realm of
knowledge or control.
23. This report may not be duplicated in whole or in part without the specific written consent of GRE
Group, Inc. nor may this report or any derivative copies be transmitted to third parties without
written consent, which we reserve the right to deny. However duplication for the internal use
of the client -addressee and/or transmission to attorneys, accountants, and/or advisors of the
client -addressee is permitted. Transmission to of the report to any court, governmental
authority, or regulatory agency having jurisdiction over the party/parties for whom this market
analysis report was prepared is also permitted.
24. The value estimate provided in the report applies to the entire property and any pro ration or
division of the title into fractional interests will invalidate the value estimate, unless such pro
ration or division of interests has been set forth in the report.
25. The distribution of the total valuation in this report between land and improvements applies only
under the existing program of utilization. Component values for land and/or buildings are not
intended to be used in conjunction with any other property or appraisal and are invalid if so
used.
26. Neither all nor any part of the contents of this report (especially any conclusions as to value,
the identity of the appraiser or firm with which the appraiser is connected) shall be disseminated
to the public through advertising, public relations, news, sales or other media without prior
written consent and approval of its contents shall not be published, in whole or in part, in any
public document without the express written consent of the appraiser and GRE Group, Inc.. Any
third party, not covered by the exemptions herein, who may possess this report, is advised that
they should rely on their own independently secured advice for any decision in connection with
this property. GRE Group, Inc. shall have no accountability or responsibility to any such third
party.
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40
ASSUMPTIONS & LIMITING CONDITIONS 45xx NW 128th Street, Opa-Locka, FL
27. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting
Conditions and special assumptions set forth in this report. It is the responsibility of the Client,
or client's designees, to read in full, comprehend and thus become aware of the aforementioned
contingencies and limiting conditions.
28. The Client will hold the appraiser harmless from any claims, expenses, judgments or other items
or costs arising as a result of 1) this appraisal being used for purposes other than as intended;
2) the Client or his agents failure to provide a complete copy to any third party or 3) the Client
or his agents providing incomplete or inaccurate appraisal results to others. In the event
litigation is necessary, the prevailing party shall be entitled to recover from the other, reasonable
attorney fees and costs.
29. This report is for the sole use of the Client; however, the Client may provide complete final
copies of the report in its entirety (but not component parts) to third parties who may review
the report in connection with its intended use. The appraiser is not required to explain market
analysis results other than to respond to routine and customary questions of the Client.
30. Unless stated otherwise, nothing contained in the report should be construed to represent any
direct or indirect recommendation to buy, sell, or hold the subject property based on the value
reported. Such decisions involve substantial investment strategy considerations and due
diligence beyond the scope of this appraisal.
31. Disclosure of the contents of this market analysis is governed by the Bylaws and Regulations of
the professional organizations with which the appraisers are affiliated.
32. The conclusion(s) contained in this report are subject to these and to any other conditions or
assumptions (extraordinary and/or hypothetical) that may be set forth in the body of this report
but which may have been omitted from this list of Assumptions and Limiting Conditions.
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41
ADDENDA 45xx NW 128th Street, Opa-Locka, FL
ADDENDA
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.1..,.0.,1 11 1, ,
ADDENDA - EXHIBIT A 45xx NW 128th Street, Opa-Locka, FL
EXHIBIT A - ADDITIONAL PHOTOGRAPHS
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VAWA110.11CONNAIM11... MT."
Subject Property
ADDENDA - EXHIBITS 45xx NW 128`h Street, Opa-Locka, FL
EXHIBIT B - PROPERTY INFORMATION
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ADDENDA - EXHIBIT B
45xx NW 128th Street, Opa-Locka, FL
OFFICE OF THE PROPERTY APPRAISER
Summary Report
Property Information
Folio:
06 2129 005 1u_'
Properly mimes:
Owner
CITY or OPA LOCKA
Mailing Address 777
SIIARAZAD BLVD
ORALOCKA, rL 32054 6'521
PA Primary Zone
7400 INDUSTRIAL INDUSTRIAL P
Primary Land Uee
8C00 VACANT GOVERNMENTAL .
VACANT LAND GOVERNMENTAL
Beta ! Bats/ Hair
010?0
Floors
0
Living Unite
0
Actual Area
0 Sii_rl
Living Ansa
0 Sn_rt
Adjusted Area
0 Sinn
Lot Size
14,929 Sq.rt
Year Built
0
Assessment Information
'Yur
2022
2021
2020
Land'Jalue
52911.580
5296.560
5223,936
Bunning Value
50
50
50
XF value
SO
SO
SO
Market Value
5299,580
5296,506
5223,935
ASeecied Villa
5236.444
5218,788
5197,032
Benefits Information
Oern0t
Tpp_
2022
2021
2020
Non -Homestead
Cap
A.sus:rnenl
RL\luctilrl
560,138
561,612
526,6,3
Municipal
E.xunipliun
5239.441
5210.766
5127.0652
Nate. Not all IrenefiL are al:plic;hb:.: , II Taxable V.luns li_e. CM Ay. Shcuu!
Dmard, City. Regiunatl.
Short Legal Description
MIAMI DADE INDUSTRIAL PARK SEC 2
PO ae 74
S120rTOrLOTS 54&65BLK5&
S 130rT or LOTS 1 6 2 ilL9C 6
LOT SIZE 14929 SO FT
Suncraun'd Orr 113, 2022
Taxable Value Information
2322 2021 2020
County
Exemption '':alto
5220,144
5213,7641
5197.062
T.rx.aWu 1r,luL
50
50
50
School Board
Exemption Value
5293560
5240,500
5223,935
Taxable Value
SO
50
50
City
Exemption Value
52'31..144
52'4. 'F. i!
5197,062
Taxable Value
c;;
:.
56
Regional
Exemption Value
:2 . .-11
5213,769
5197,062
Taxable Value
=,.
s0
Si)
Sales Information
Previous Sale
Price
OR Oath Page
Oualikatiari De:mriatiari
166,'0111974
569,230
00300 00003
Sales withal are g�alirinJ
The 01fke nit 1vc Pralxriy ,1crlra::Lr is cumrudly milting and '.udauny alC Ilai rdl. This oral wlke: troy roc rellu:1 lv_ rnuel iJRL•11l infnnrrld u •:rl Pearl!! The P1eywny Iva:aimxs
and ',kiwi Dade County assures ru Ii:dliftF,see: full dscarner and L6orAgrixrnent atitre `,/ayvy,nrn1nlidmyavnfOiar. ern:rams,
Verdun:
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ADDENDA - EXHIBIT C 45xx NW 128`" Street, Opa-Locka, FL
EXHIBIT C - QUALIFICATIONS
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,N.,1.„«,111,14G„N., ,
ADDENDA - EXHIBIT C
45xx NW 128t Street, Opa-Locka, FL
VALUATIONS I CONSULTING I TAx APPEALS
PROFESSIONAL QUALIFICATIONS
CARLOS D. GOBEL, MBA, SRA
EXPERIENCE
Carlos D. Gobel, SRA, is Executive Director at GRE Group - a real estate valuation and
consulting firm based in Miami, FL that primarily services the South Florida market (Miami -
Dade, Broward, Palm Beach, and Monroe counties). Before founding GRE Group In 2011, Mr.
Gobel was the Residential Director at Integra Realty Resources - Miami/Palm Beach and,
prior to Integra, was Managing Director of Florida Appraisal Services (Miami, FL). In the
more than ten years since its founding, GRE Group has completed over 4,000 assignments,
representing more nearly $7 Billion in South Florida real estate. Mr. Gobel has 19 years of
real estate valuation and consulting experience that Includes valuing vacant land, single
family residences, manufactured homes, condominiums, co-operatives, multi -million dollar
estates, 2 to 4 unit multi -family dwellings, office and apartment buildings, warehouses,
retail centers, and hotels. Mr. Gobel has completed, reviewed, supervised, or consulted on
over 11,000 assignments in his career, representing more than $10 billion in South Florida
real estate. These assignments include appraisals, research and -or analyses for lending
purposes, feasibility studies, tax appeals, divorces, estate planning, investment and land
uses, and expert witness testimony. Mr. Gobel has also served as an appointed Special
Magistrate for Broward County's Valuation Adjustment Board, is currently an appointed
Special Magistrate in Miami -Dade County, and is a past -president of the Appraisal Institute's
South Florida Chapter. Mr. Gobel still serves the South Florida Chapter, is the current
Government Relations Chairperson for Region X of the Appraisal Institute for the State of
Florida, and is an appointed member of the Appraisal Institute's International Relations
Committee (IRC).
Mr. Gobel is a designated member of the Appraisal Institute (SRA), and was invited to
participate in the Institute's annual Leadership Development and Advisory Council (LDAC) in
Washington, DC in '09, '10, and '12, satisfying the AI's three-year commitment to LDAC. He
has served as a guest speaker on topics and issues related to real estate and real estate
valuation on numerous occasions to audiences ranging from a half dozen to more than 200.
Mr. Gobel received his undergraduate degrees (Finance and Real Estate) from Florida
International University (Miami, FL) and his graduate degree (MBA) from the University of
Florida (Gainesville, FL). Mr. Gobel has also been awarded an Executive Certificate in
Leadership and Management from the University of Notre Dame (South Bend, IN) and is a
graduate of the FBI's Citizens Academy.
EDUCATION
• University of Florida: Master of Business Administration (MBA) - 2011
• Florida International University: Bachelor of Business Administration (BBA) -
Finance, Real Estate - 2003
4345 SW 72ND AVENUE, SUITE B • MIAMI, FL 33155
305.595.4485 (TEL) • 888.559.7220 (Fax)
CGOBEL@THEGREGROUP.COM
ADDENDA - EXHIBIT C
45xx NW 128th Street, Opa-Locka, FL
PROFESSIONAL ACTIVITIES AND AFFILIATIONS, PAST AND PRESENT
• Appraisal Institute, Designated Member; Senior Residential Appraiser (SRA)
• Leadership Development & Advisory Council; Appraisal Institute (2009, 2010, 2012)
• American Society of Appraisers
• Coral Gables Chamber of Commerce
• Florida International University Alumni Association
• University of Florida Alumni Association
LICENSES
• Florida, State -Certified General RE Appraiser, RZ3904; Expires November 2022
• FHA Approved Appraiser; FLRD5485
• Florida, Licensed Real Estate Sales Associate, SL3226768; Expires September 2023
PROFESSIONAL DEVELOPMENT
Mr. Gobel has completed numerous continuing and qualifying educational courses in real
estate related studies, including over 600 hours of professional coursework, most of which
have been sponsored by the Appraisal Institute. His specialized education includes:
• ABI Registered Assistant Appraiser
• Residential Report Writing and Case Studies
• ABII Certified Residential Appraiser
• Advanced Residential Applications & Case Studies Part I
• Basic Appraisal Principles
• Residential Site Valuation and Cost Approach
• Basic Appraisal Procedures
• Advanced Residential Report Writing Part II
• Business Practices and Ethics
• Residential Market Analysis and Highest & Best Use
• Professional Guide to the URAR
• Real Estate Finance, Statistics, and Valuation Modeling
• Appraising Manufactured Housing
• Residential Sales Comparison and Income Approaches
• HUD Appraiser FHA Property Training
• General Appraiser Site Valuation & Cost Approach
• National USPAP - Jun '04, Mar '05, Jan '08, Nov '12, Oct '14, Aug '16, Oct '18, Oct '20
• Florida Supervisor / Trainee Roles and Relationships
• Inspecting the Residential "Green House"
• General Appraiser Income Approach Part I
• General Appraiser Sales Comparison Approach
• Income Capitalization
• General Appraiser Report Writing & Case Studies
• General Appraiser Market Analysis & Highest and Best Use
• Florida Appraisal Laws - Jun '04, Mar '05, Mar '08, Nov '12, Oct '14, Aug '16, Nov '18, Oct '20
• General Appraiser Income Approach Part II
• Advanced Income Capitalization
• That's Logistics - The Valuation of Warehouses
• Commercial Appraisal Productivity
• IRS Valuation
• Inspecting the Residential "Green House"
4345 SW 72ND AVENUE, SUITE B • MIAMI, FL 33155
305.595.4485 (TEL) • 888.559.7220 (FAX)
CGOBEL@TNEGREGROUP.COM
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VAILIATIONIIMMATINCIIAN A191.3
ADDENDA - EXHIBIT C
45xx NW 128th Street, Opa-Locka, FL
Ron DeSantis, Governor
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Melanie S. Griffin, Secretary
FLORIDA REAL ESTATE APPRAISAL BD
THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE
PROVISIONS OF CHAPTER 475, FLORIDA STATUTES
f==l
GOBEL, CARLOS D
4345 SW 72 AVE _'�
SUITE B�
MIAMI FL33155
LICENSE NUMBER: 3404
EXPIRATION DATE: NOVEMBER 30, 2024
Always verify licenses online at MyFloridaLicense.com
Do not alter this document in any form.
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This is your license. It is unlawful for anyone other than the licensee to use this document.
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