a restricted appraisal report of a one story, cbs, … · j8c0689 palm beach appraisers &...

A RESTRICTED APPRAISAL REPORT

OF

A ONE STORY, CBS, OWNER USER

OFFICE/WAREHOUSE BUILDING CONTAINING 2,850 SQUARE FEET

OF GROSS BUILDING AREA SITUATED ON A 6,750 SF SITE

LOCATED AT

2060 INDIAN ROAD,

IN THE UNINCORPORATED AREA OF THE CITY OF

WEST PALM BEACH, PALM BEACH COUNTY,

FLORIDA 33409

PREPARED FOR

PAWS 2 HELP INC OWNER

2060 INDIAN ROAD WEST PALM BEACH, FL 33409

AS OF

OCTOBER 18, 2018

PREPARED BY

PALM BEACH APPRAISERS & CONSULTANTS EIN 55-0884094

MARC S. BERTRAND

STATE CERTIFIED GENERAL REAL ESTATE APPRAISER #RZ3221

PALM BEACH APPRAISERS & CONSULTANTS

Main Office: 1300 N. Congress Avenue West Palm Beach, Florida 33409 PH: (561) 689-8608 FAX: (561) 684-8709

November 13, 2018 Paws 2 Help Inc. Owner 2060 Indian Road West Palm Beach, FL 33409 Re: File No. J8C0689 Dear Owner: In accordance with your request, we have made an inspection, analysis, and a restricted appraisal report of the following:

A one-story, CBS, office/warehouse building containing approximately 2,850 square feet of gross building area situated on a 6,750 SF site located at 2060 Indian Road, in the unincorporated area of the City of West Palm Beach, Palm Beach County, Florida 33409.

As a result of our investigation and analysis of the information outlined in the report, we hereby submit the market value of the Fee Simple Estate of the Subject Property, as of October 18, 2018, is as follows:

THREE HUNDRED SEVENTY FIVE THOUSAND DOLLARS

$375,000 .

PALM BEACH APPRAISERS & CONSULTANTS

Page 2 This is a restricted appraisal report of the Subject Property utilizing the Sales Comparison Approach to value. This report is intended to comply with Federal reporting standards and the standards and reporting requirements of Financial Institutions Reform Recovery and Enforcement Act (FIRREA), and the Uniform Standards of Professional Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. This report is for the client’s use only. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated within this report. The appraiser is not responsible for unauthorized use of this report. The appraiser’s opinions and conclusions set forth in the report may not be understood properly without additional information in the appraisers’ work file. Sincerely,

Marc S. Bertrand State Certified General Real Estate Appraiser #RZ3221

J8C0689 PALM BEACH APPRAISERS & CONSULTANTS

SPECIAL LIMITING CONDITIONS

1. An environmental survey has not been provided for the Subject Property.

Our value estimate contained herein assumes no significant contamination to the Subject Site.

2. A floor plan was not provided to the appraiser. A survey was not

provided. The indicated site size was taken from the Palm Beach County Appraisers records. The building size was based on calculations from measurements taken by the appraiser at the time of our inspection. The Palm Beach County Property Appraisers website indicated the Subject improvements totaled 2,850 square feet and this was verified by an on site measurement. If a survey becomes available with building and site sizes which differ from the sizes used in this report, we reserve the right to amend our appraisal.

3. The appraiser has inspected the Subject site and the interior and exterior

of the Subject building. No visible problems or concerns with the building or site were apparent to the appraiser. However, the appraiser is not a qualified engineer or building inspector and has inspected only those areas, which were readily accessible. The appraiser has assumed that the building is structurally sound and no environmental concerns exist with the building or site such as toxic mold or subsurface contamination. Should any structural or environmental problems exist, our value conclusion would be subject to review and revision.

4. The property has not been inspected for environmental contamination, such as underground storage tanks, drums of unknown contents, evidence of waste disposal such as sludge, paints chemical residues, oil spillage, asbestos, etc. No environmental contamination is known to exist by the appraiser. The appraiser was not provided with an environmental survey of the Subject site. If such contamination were found to be present, the values stated herein would be subject to review and modification

The Extraordinary Assumptions / Hypothetical Conditions / Special Limiting Conditions listed above could affect our assignment results.

E8C0393 PALM BEACH APPRAISERS & CONSULTANTS

CERTIFICATION We hereby certify that 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 the property that is the

Subject of this report, and we have no personal interest or bias with respect to the parties involved.

4. I have no bias with respect to the property that is the subject of this report

or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing

or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon

the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

7. The reported analyses, opinions, and conclusions were developed and

this review report has been prepared, in conformity with the requirements of the Code of Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice.

8. The use of this report is subject to the requirements of the Appraisal

Institute relating to review by its duly authorized representatives. 9. Marc S. Bertrand has made a personal inspection of the property that is

the subject of this report. 10. No one provided significant professional assistance other than the

person(s) signing this report. 11. Our analyses, opinions, or conclusions that were developed in this report

have been prepared in conformity with the requirements of the State of Florida for the State Certified Appraisers.

E8C0393 PALM BEACH APPRAISERS & CONSULTANTS

CERTIFICATION (CONT'D) 12. The use of this report is subject to the requirements of the State of Florida

relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission.

13. I, Marc S. Bertrand, have not performed services, as an appraiser

regarding the property that is the subject of this report within the three year period immediately preceding acceptance of this assignment

Marc S. Bertrand State Certified General Real Estate Appraiser #RZ3221


7

TYPICAL VIEW OF SUBJECT PROPERTY FACING NE

TYPICAL VIEW OF SIDE SUBJECT PROPERTY


8

TYPICAL VIEW OF OFFICE AREA

TYPICAL VIEW OF OFFICE AREA


9

TYPICAL VIEW WAREHOUSE

VIEW OF PRIVATE OFFICE AREA


10

BATHROOM

ADDITIONAL BATHROOM VIEW


11

VIEW OF EASTERN EXPOSURE

VIEW OF SOUTHERN EXPOSURE


12

VIEW OF INDIAN ROAD FACING NORTH

VIEW OF INDIAN ROAD FACING SOUTH


13

RESTRICTED APPRAISAL REPORT This is a restricted appraisal report which is intended to comply with the reporting requirements set forth under Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. As such, it presents no discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is stated herein and/or retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated within this report. The appraiser is not responsible for unauthorized use of this report. The Subject has been physically inspected by the appraiser and photographs are provided herein. The appraiser has also inspected the comparable properties utilized in valuation of the Subject. PARCEL REFERENCE: File #J8C0689

CLIENT: Paws 2 Help Inc. Owner 2060 Indian Road West Palm Beach, FL 33409

APPRAISER: Marc S. Bertrand State Certified General Real Estate

Appraiser #RZ3221 Palm Beach Appraisers & Consultants

1300 N. Congress Avenue, Suite B West Palm Beach, FL 33408 SUBJECT PROPERTY OWNER: Paws 2 Help Inc

2060 Indian Road West Palm Beach, FL 33409


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REAL ESTATE APPRAISED: Property Location: The Subject Property is located on the east side of Indian Road approximately 240 feet north of Okeechobee Boulevard in the unincorporated area of the City of West Palm Beach, Palm Beach County, Florida.

Legal Description:

Folio # 00-42-43-24-00-000-5045

Source: Palm Beach County Public Records (warranty deed).

INTENDED USE AND USER OF REPORT: The intended use of this appraisal is to determine a

probable selling price.

The intended user of this report is the Paws 2 Help Inc. The client has not advised us of any intended subsequent users of this report.

PURPOSE OF THE APPRAISAL: The purpose of this restricted appraisal is to provide

an opinion of the Fee Simple estate of the Subject Property, as of the effective date of the valuation.

INTEREST APPRAISED: The property rights appraised are the unencumbered Fee Simple estate of the Subject Property.

Fee Simple: Fee Simple, which is defined as “An

absolute fee; a fee without limitation to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power, and taxation. An inheritable estate.

Source: The dictionary of Real Estate Appraisal, Appraisal Institute


15

EFFECTIVE DATE OF VALUE: October 18, 2018 DATE OF THE REPORT: November 20, 2018 DATE OF INSPECTION: October 18, 2018 ESTIMATED MARKETING EXPOSURE / TIME: 10 to 12 Months FIVE YEAR SALES HISTORY: A search of Palm Beach County public records

revealed no sale transactions involving the Subject Property within the last five years. The last recorded transaction was a transfer in the amount of $183,000 in June 2012. The Subject is not known to be under contract or listed for sale.


16

DEFINITION OF MARKET VALUE The regulatory required market value definition is: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is consummation of a sale as of a specified date and 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 each 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.

Source: *Uniform Standards of Professional Appraisal Practice, Page I-7 *Federal Reserve System, 12 CFR Parts 208 and 225, Sec. 225.62 *Office of the Comptroller of the Currency, 12 CFR Part 34, Sec. 34.42 *FDIC, 12 CFR Part 323, Sec. 323.2 *Office of Thrift Supervision, 12 CFR Part 564, Sec. 564.2 *NCUA, 12 CFR Part 722, Sec. 722.2 *RTC, 12 CFR Part 1608, Sec. 1608.2 *FIRREA, Title XI


17

SCOPE OF APPRAISAL Per the Appraisal Institute, a Restricted Appraisal Report is intended to comply with the reporting requirements set forth under Standards Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. As such, it presents no discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting documentation concerning the data, reasoning, and analyses is stated herein and/or retained in the appraiser's file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated within this report. The appraiser is not responsible for unauthorized use of this report. The purpose of the appraisal is to provide an opinion of the Market Value of the Subject is for a probable sales price. This report will provide an opinion of the Fee Simple market value of the Subject Property (Effective Date of Value: October 18, 2018) and will contain a chart summarizing the applicable sales. In preparing this report, the appraiser personally inspected the Subject Property and the sales comparables. All sale data was verified with an interested party such as the buyer, seller, real estate agent or closing attorney. The search for data was concentrated primarily in the Subject's immediate area and if limited data in this area was found, the search was expanded to other areas considered to be similar. Our opinion of the Market Value will be derived by considering the three standard approaches to value that are summarized as follows: COST APPROACH - The Cost Approach has been considered but will not be utilized because the Subject Property consists of an owner user office/warehouse building constructed in 1964. Estimating depreciation on a 54 year old building would be difficult and make this approach an un-reliable indicator of value. In addition, given the effects of the past years recession on industrial real estate values, developing a property similar to the Subject would not likely be feasible making this approach not a reliable indication of value. For these reasons, the Cost Approach, although considered, has not been used in valuing the Subject. SALES COMPARISON APPROACH - A process of analyzing sales of similar recently sold properties in order to derive an indication of the most probable sales price of the property being appraised.


18

SCOPE (CONT’D) INCOME APPROACH – That procedure in appraisal analysis, which converts anticipated benefits (dollar income or amenities) to be derived from the ownership of property into a value estimate. The Subject is owner occupied. Properties similar to the Subject are typically owner occupied and not purchased based on the income potential. Therefore, this approach was not considered relevant and was not utilized. Completing this assignment, the appraiser has engaged in original research. Data has been gathered from various sources, including public records, area brokers, appraisers, property owners, and published sources. Additionally, we have used original research performed in preparation of other appraisals by this office which is considered to be appropriate for the Subject Property. The product of this research and analysis is the valuation conclusion contained herein.


19

NEIGHBORHOOD MAP


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AREA/NEIGHBORHOOD ANALYSIS

The Subject Property is located within the unincorporated area of the City of West Palm Beach, Palm Beach County. West Palm Beach is the county seat of Palm Beach County and is also considered to be the business center of the county. As a result, the city is the largest municipality in Palm Beach County and contains a high percentage of commercial and governmental properties. The population of the City of West Palm Beach is estimated at approximately 110,396 as of 2017. The city limits extend approximately eight miles north to south. The east/west boundary extends westerly one to two miles wide from the Intracoastal Waterway to basically the I-95 corridor in the south end and to Military Trail in the north end with the exception of a large area north of Okeechobee Boulevard and west of Florida’s Turnpike including the Water Catchment Area. The neighboring municipalities are the City of Riviera Beach on the north and the City of Lake Worth on the south. To the west lie the unincorporated areas of Palm Beach County. The major road system through the city consists of the north/south arteries of Flagler Drive, located along the Intracoastal Waterway; Quadrille Boulevard, Dixie Highway (U.S. Highway #1) and South Olive Avenue, which are located in the easterly area of the city; and Tamarind Avenue and Australian Avenue located in the westerly portion. Major east/west arteries are 45th Street in the northerly area; Palm Beach Lakes Boulevard and Okeechobee Boulevard in the central area; and Belvedere Road, Southern and Forest Hill Boulevard serving the southern areas. Okeechobee Boulevard provides access to interstate 95 and Florida’s Turnpike to the west of the downtown area, and to the town of Palm Beach to the east. It was recently improved and widened from Tamarind Avenue to Dixie Highway, and is the unofficial “gateway” to downtown West Palm Beach. The Florida East Coast (FEC) and Seaboard Coastline (SCL) Railways are also located in the city. The Palm Beach International Airport (PBIA) is located just west of the city limits. Public transportation is provided by the County and serves all areas within the city.

The Subject is located west of the Central Business District (CBD) of downtown West Palm Beach. The CBD contains a wide variety of property types, but is dominated by older commercial structures in the core of the downtown area. Newer office buildings are located along Flagler Drive and Australian Avenue, facing the two lakes that border downtown. Numerous government and public buildings have also shaped the development of downtown. Some of the major county and city facilities are located east of Dixie Highway. These buildings include the Palm Beach County Governmental Center and the West Palm Beach City Hall. The Palm Beach County Judicial Center is located on the west side of Dixie Highway north of Banyan Street (1st Street). This center contains 870,000 square feet and is the largest court facility in Florida.


21

AREA/NEIGHBORHOOD (CONT'D) Federal and State Government office buildings are located to the west of the Judicial Center just west of Georgia Avenue. These buildings include the Federal Courthouse and several state agency buildings. The Palm Beach Outlet Mall totals 1.5 million square feet of retail space from high-end fashion retailers such as Neiman Marcus’ Last Call and Sak’s Fifth Avenue. Outlet malls have become a draw for tourists and for local residents. The economic impact has been projected to add over $860,000 of net fiscal benefit to the City of West Palm Beach after deducting the costs of city provided services. Over 1,500 full time jobs were created upon the completion of this project in 2015. There are a number of public elementary, middle schools, and two public senior high schools located in the city. Three major hospitals are also located in the city including Good Samaritan Hospital, St. Mary's Hospital and the Columbia Healthcare. Industrial Use Industrial areas within the city consist of primarily older, light industrial districts including: West of Interstate 95 and south of Okeechobee Road, along the Old Okeechobee Road corridor Georgia Avenue corridor generally south of Southern Boulevard (southern area), The southwest quadrant of Interstate 95 and Belvedere Road (central areas), 25th Street at the FEC Railway (northern areas). Airport Industrial Park, located north of and adjacent to the Palm Beach International Airport, and Northpoint at 45th Street and I-95 are two of the newer office/industrial areas. The Subject area benefits from easy I-95 access, in proximity to the downtown West Palm Beach area and proximity to the Town of Palm Beach make these industrial areas around the city an attractive area for contractors and tradesman. The land use character of the Subject’s immediate neighborhood is predominantly older, office/industrial uses located on Scott and Indian Road with intense commercial uses located just south along Okeechobee Boulevard. The typical buildings within the immediate neighborhood are older, one-story CBS or metal office warehouses with a mix of both multi-tenant and owner/user buildings. The Habitat center condo is located directly east of the Subject.

Conclusion The Subject’s immediate neighborhood is an older established area with industrial and commercial properties. The Subject’s location will continue to be attractive over the long term due to its central location in the county, its proximity to the West Palm Beach business district and Interstate 95, and its proximity to the Palm Beach International Airport.


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OVERHEAD VIEWS


23

PLAT MAP


24

SITE DESCRIPTION AND SITE IMPROVEMENTS Size and Shape: A survey was not provided to the appraiser. The site rectangular shaped with approximately 50 feet of width and approximately 135 feet of depth. The indicated site size as indicated in the Palm Beach County Public Records is 6,750 +/- SF. Site Improvements:

The site is partially asphalt paved. Parking areas are available on the south side of the property. Parking is available for 7 + autos. There is one access point into the site from the east side of Indian Road. The landscaped areas are minimal and in average condition. Some overgrown vegetation was noted in the front of the property. This site has a land to building ratio of 2:37 to 1, which is typical for the area. Location and Accessibility: The Subject is located on the on the east side of Indian Road approximately 240 +/- feet north of Okeechobee Road. Indian Road is a two-lane secondary roadway which can be accessed from Okeechobee Boulevard to the south. Okeechobee Boulevard is a primary eight lane east/westroadway in the Subject area. Okeechobee Boulevard has access to all of the primary north/south transportation arteries (Florida Turnpike and I-95). Topography and Drainage

The Subject Site is generally level to above road grade. Drainage appeared to be adequate with public drainage in place. Easements and Encroachments:

A survey was not provided to the appraisers. Based on visual inspection, no adverse easements or encroachments are known. However, a current survey would have to be reviewed to determine if any adverse easements or encroachments exist. Utilities:

Palm Beach County provides water, sewer, police, and garbage services. Florida Power & Light provides electric service. Communication services are provided by private contractors.


25

SITE DESCRIPTION (CONT’D) Zoning:

The Subject is zoned CG, General Commercial District under the zoning codes of Palm Beach County. The Subject is a legal non-conforming property based the current zoning regulations. Flood Zone: The Subject site is located within Flood Zone “X“ as indicated by Community Panel Map 12099 C 578F, dated October 5, 2017. This Flood Zone classification typically does not require federal flood insurance. Census Tract: The Subject Property is located in Palm Beach County Census Tract 19.17 as indicated by the Bureau of the Census. Assessed Valuation and Taxes: The Subject Property was assessed for 2018 taxes as follows:

Property Control #: 00-42-43-24-00-000-5045 Land Value: $ 70,200

Improvements: $ 186,420

Total Value: $ 256,620 ($90.04/SF)

2018 Tax: $ 610

According to the Palm Beach County Tax Collector, the 2017 property taxes for the Subject total $610. The 2017 real estate taxes have been paid and no delinquent taxes noted for prior years. The current assessment appears low based on our final value conclusion.


26

BUILDING IMPROVEMENTS The Subject Property is improved with a CBS, office/warehouse building totaling approximately 2,850 square feet. There is approximately 50% of finished office space and 50% warehouse space. Clear ceiling heights in the warehouse area is approximately 9 feet. The Subject has good access to Okeechobee Boulevard to the south. The Subject improvements were originally built in 1964 and are considered to be in average condition. Office/warehouse Building

The building measures approximately 2,850 square feet and is CBS construction with a painted stucco textured finish. The doors and windows are glass/glass block. The roof is assumed to be flat with a built up membrane. There is approximately 1,425 SF of office area. Typical finished office space consists of vinyl laminate, ceramic tile, carpeting, painted drywall walls, 2’ x 4’ acoustic tile ceilings, inset fluorescent lighting and window/wall air conditioning. There is a reception area, storage and a bathroom with a shower. The office build out is considered to be average in quality and condition. The owner has been using this location for storage and the interior needs some cleaning. The warehouse areas have smooth concrete floors, painted concrete ceilings, exposed CBS, walls and smooth concrete floors. The office area are is conditioned. Clear ceiling heights in the warehouse areas are approximately 8-9 feet. There is one metal overhead doors on the side of the building. The overall layout is functional and well suited for owner user or owner/user purposes. Construction features and quality are considered average and the overall property condition is average.


27

HIGHEST AND BEST USE Highest and Best Use is defined by The Appraisal Institute in the publication Real Estate Appraisal Terminology as follows (abbreviated): A proper analysis of the Highest and Best Use of a site is to examine each segment of the definition.

Highest and Best Use: That reasonable and probable use that will

support the present value as of the effective date of the appraisal.

Alternatively, that use, from among the reasonable, probable, and legal

alternative uses, found to be physically possible, appropriately supported,

financially feasible, and which results in the highest land value.

AS VACANT

Our conclusion, as vacant, is to land bank the site until market conditions improve to the point that new development would be considered financially feasible or develop for an owner user industrial related use.

AS IMPROVED After considering potential uses for the Subject site, we conclude that currently, the existing improvements, a one-story office/warehouse building represent the Highest and Best Use for the site “as improved”. The improvements make a positive contribution to the site for the foreseeable future. The improvements on the Subject site are considered to represent the Highest and Best Use of the site “as improved”.


28

VALUATION METHODS In estimating the market value of the Subject Property, three Approaches to Value - Cost, Sales Comparison, and Income - were considered but as discussed in the Scope of the Appraisal only the Sales Comparison Approach was considered to be relevant. The applicable approach is defined as follows: SALES COMPARISON APPROACH - Traditionally, an appraisal procedure in which the market value estimate is predicated upon prices paid in actual market transactions and current listings, the former fixing the lower limit of value in a static or advancing market (price wise), and fixing the higher limit of value in a declining market; and the latter fixing the higher limit in any market. It is a process of analyzing sales of similar recently sold properties in order to derive an indication of the most probable sales price of the property being appraised. The reliability of this technique is dependent upon (a) the availability of comparable sales data, (b) the verification of the sales data, (c) the degree of comparability or extent of adjustment necessary for time differences, and (d) the absence of non-typical conditions affecting the sale price. (FROM: Real Estate Appraisal Terminology, The Appraisal Institute)


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SALE #1


30

SALE #2


31

SALE #3


32

SALE #4


33

SALE #5


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SALES COMPARISON ANALYSIS To estimate the market value of the Subject Property via the Sales Comparison Approach, a sales search was conducted to locate and analyze sales data and compare it to the Subject via appropriate units of comparison. These sales along with one listing were analyzed on a price per square foot of unit area as is the typical method of comparison in the market. The Sales Comparison Approach is based upon the principle of substitution, which states that a prudent purchaser would pay no more for a property than the cost of acquiring a substitute property on the open market. Substitution may assume purchase of an existing property, with equal utility, or of acquiring an investment which will produce an income stream of similar size with similar risk, as the Subject Property. Adjustments are made to the sales and listing to account for physical or economic differences as compared to the Subject Property. An adjusted sales price indication is derived from each comparable analyzed. These are then weighted according to their relative comparability and then applied to the Subject Property to indicate a value. A search of the Palm Beach County Public Records, local sales publications, and discussions with other brokers and appraisers produced the following information for analysis.


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VALUE CONCLUSION The sales chosen for analysis are considered to be the best available. Consideration will be given to any differences between the Subject and the comparables to the extent that such factors, in the opinion of the appraiser, affect value. The comparable sales used to estimate the value of the Subject Property are shown on the facing chart. The comparables were analyzed on a price per square foot of gross building area. This unit of comparison best interpreted the available data. In analyzing the Subject relative to the comparables, consideration was given to differences in date of sale, financing, location, size, age/condition, quality/finish, and land to building ratio/parking. After considering the relevant differences between the comparables and the Subject, our opinion of the retrospective Market Value of the Subject Property via the Sales Comparison Approach, as of October 18, 2018, is as follows:

2,850 SF X $132.00/SF = $376,200

THREE HUNDRED SEVENTY FIVE THOUSAND DOLLARS

$375,000 (ROUNDED)


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SALES GRID


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a restricted appraisal report of a one story, cbs, … · j8c0689 palm beach appraisers &...

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