APPRAISAL REPORT
Prepared For:
Daniel A. Rosemond CRA Director/Deputy City Manager City of Hallandale Beach 400 S Federal Hwy Room 124 Hallandale Beach, FL 33009
Property Appraised:
605 N Dixie Hwy Hallandale Beach, FL 33009
Date of Valuation:
October 16, 2013
Date of Appraisal:
October 24, 2013
Prepared by:
L. B. Slater and Company, Inc. 603 N Federal Highway Suite 1 Hollywood, Florida 33020
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants October 24, 2013
Dear Mr. Rosemond:
As requested, we’ve inspected and appraised the one-story building located at 605 N Dixie Hwy, Hallandale Beach, FL 33009 for the purpose of estimating the current market value. We understand the intended use of this report is to assist with an internal decision for the City of Hallandale Beach. Based on the data gathered and analyzed by the appraiser, current market conditions suggest the market value of the fee simple interest as of October 16, 2013 is:
Six Hundred Fifty Six Thousand Dollars or $ 656,000
This transmittal letter is followed by our certification and with a Summary Appraisal Report, our PDF file 13678 containing 42 pages. The report further describes the subject property and contains the reasoning and pertinent data leading to the estimated value.
Additional Certification required in the new edition of USPAP regarding a revision of Standard 2 that requires all appraisal reports to include a certification statement to disclose any services regarding the subject property performed by the appraiser within the 3 years prior to the assignment. That disclosure to the client at the time of the assignment was added in the last edition of USPAP. The new edition of USPAP now requires the appraiser to disclose whether or not any such prior services were provided as an additional certification statement. Thus: "I have performed one service, as an appraiser, regarding the subject property of this report within the three year period immediately preceding acceptance of this assignment."
Respectfully submitted, L. B. SLATER & COMPANY, INC.
Murdo Mackenzie State-Certified General Real Estate Appraiser RZ2779 FL
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants CERTIFICATION I hereby certify that to the best of my knowledge and belief, and except as otherwise noted in this appraisal report:
The statements of fact contained in this appraisal report are believed to be true and correct.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, unbiased, professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved.
This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
Neither the appraisal assignment nor our compensation is contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.
My analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice.
The following person(s) signing this report has made a personal inspection of the subject property on October 16, 2013. Murdo Mackenzie
No person, unless so stated, provided significant professional assistance to the person signing this report.
L.B. SLATER & COMPANY, INC.
Murdo Mackenzie State-Certified General Real Estate Appraiser RZ2779 FL
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants TABLE OF CONTENTS
C O N D I T I O N S O F THE A P P R A I S A L ...... 1
S U M M A R Y O F S A L I E N T F A C T S A N D C O N C L U S I O N S ...... 4
I N T E N D E D U S E O F T H E R E P O R T...... 5
P U R P O S E OF T H E A P P R A I S A L...... …..6
S C O P E O F T H E A P P R A I S A L………………………………………………………… …………………...7
P R O P E R T Y R I G H T S A P P R A I S E D ...... 7
P R O P E R T Y I D E N T I F I C A T I O N ...... 8 O W N E R S H I P ...... 8 P R O P E R T Y H I S T O R Y ...... 8
LOCATION MAP……………………………………………………………………………………………………. 9 REGIONAL ANALYSIS ...... 10 NEIGHBORHOOD ANALYSIS ...... 10
S I T E D A T A ...... 11
PLAT MAP……………………………………………………………………………………………………………12
Z O N I N G ...... 13
D E S C R I P T I O N O F T H E I M P R O V E M E N T S ...... 14 S U B J E C T P H O T O G R A P H S & SKETCH ...... 15
H I G H E S T A N D B E S T U S E ...... 20
D I S C U S S I O N O F T H E A P P R A I S A L P R O C E S S ...... 22
SALES COMPARISON A P P R O A C H ...... 23
INCOME APPROACH…...…………………………………………………………………………………………..32
R E C O N C I L I A T I O N A N D V A L U E C O N C L U S I O N ...... 35
R E S U M E & L I C E N S E………………………………………………………………………………………..36
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 1 CONDITIONS OF THE APPRAISAL:
GENERAL UNDERLYING ASSUMPTIONS
Legal Matters:
The legal description used in this report is assumed to be correct, but it may not necessarily have been confirmed by survey. No responsibility is assumed in connection with a survey or for encroachments or overlapping or other discrepancies that might be revealed thereby. Any sketches included in the report are only for the purpose of aiding the reader in visualizing the property and are not necessarily a result of a survey.
No responsibility is assumed for an opinion of legal nature, such as to ownership of the property or condition of title.
The appraisers assume the title to the property to be marketable; that, unless stated to the contrary, the property is appraised as an unencumbered fee which is not used in violation of acceptable ordinances, statutes or other governmental regulations.
Unapparent Conditions:
The appraisers assume that there are no hidden or unapparent conditions of the property, subsoil or structures which would render it more or less valuable than otherwise comparable property. The appraisers are not experts in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, waste, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property.
The appraisers assume no responsibility for the studies or analysis which would be required to conclude the presence or absence of such substances or for loss as a result of the presence of such substances. The client is urged to retain an expert in this field, if desired. The value estimate is based on the assumption that the subject property is not so affected.
Information and Data:
Information, estimates, and opinions furnished to the appraisers and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the appraisers can be assumed by the appraisers.
All mortgages, liens, encumbrances, and servitudes have been disregarded unless so specified within the appraisal report. The subject property is appraised as though under responsible ownership and competent management.
Zoning and Licenses:
It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconforming use has been stated, defined and considered in the valuation.
It is assumed that the subject property complies with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the valuation.
It is assumed that the information relating to the location of or existence of public utilities that has been obtained through a verbal inquiry from the appropriate utility authority, or has been ascertained from visual evidence is correct. No warranty has been made regarding the exact location or capacities of public utility systems.
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CONDITIONS OF THE APPRAISAL (Cont.):
GENERAL UNDERLYING ASSUMPTIONS (CONT.)
It is assumed that all licenses, consents or other legislative or administrative authority from local, state or national governmental or private entity or organization have been, or can be, obtained or renewed for any use on which the value estimate contained in the valuation report is based.
Flood Insurance Zone
The Flood Insurance Zone has been obtained from the Flood Insurance Rate Map published by the Federal Emergency Management Agency. The map number and effective date from which the flood zone information was taken is indicated in the appraisal. In some cases, the subject property is located close to the boundary of two different flood zones and it is not possible to determine within which zone the subject property is located. In such a case, the most hazardous zone will be indicated. If there is any question, the appraisers urge that an elevation survey be obtained from a professional land surveyor to determine exactly what flood hazard exists.
GENERAL LIMITING CONDITIONS
The appraisers will not be required to give testimony or appear in court due to preparing the appraisal with reference to the subject property in question, unless prior arrangements have been made.
Possession of the report does not carry with it the right of publication. Out-of-context quoting from or partial reprinting of this appraisal report is not authorized. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of media for public communication without the prior written consent of the appraisers signing this appraisal report.
The authentic copies of this report include a cover that reveals L.B. Slater & Company Inc. name and our file number. Any copy that does not have this seal or original signatures of the appraisers is unauthorized and may have been altered, and is considered invalid.
Disclosure of the contents of this report is governed by the By-Laws and Regulations of the Appraisal Institute. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers or the firm with which they are connected, or any reference to the Appraisal Institute or to the appraisal designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media or any other public means of communication without the prior written consent and approval of the author.
The distribution of the total valuation in this report, between land and improvements, is applicable only as a part of the whole property. The land value, or the separate value of the improvements, must not be used in conjunction with any other appraisal or estimate and is invalid if so used.
This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under the Uniform Standards of Professional Practice.
The estimate of market value applies to the date specified in the report. Market value of real estate is affected by many related and unrelated economic conditions, local and national, which might necessarily affect the future market value of the subject property. The appraiser, therefore, assumes no liability for an unforeseen precipitous change in the economy.
No environmental or concurrency impact studies were either required or made in conjunction with this appraisal report. The appraisers, thereby, reserve the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental or concurrency impact studies, research or investigation.
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CONDITIONS OF THE APPRAISAL (Cont.):
GENERAL LIMITING CONDITIONS (CONT.)
The Americans with Disabilities Act ("ADA") became effective January 26, 1992. The appraisers have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraisers have no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered.
An appraisal related to an estate in land that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest plus the value of all other fractional interests may or may not equal the value of the entire fee simple estate considered as a whole.
The appraisal report related to a geographical portion of a larger parcel is applied only to such geographical portion and should not be considered as applying with equal validity to other portions of the larger parcel or tract. The value of such geographical portions plus the value of all other geographical portions may or may not equal the value of the entire parcel or tract considered as an entity.
The appraisal is subject to any proposed improvements or additions being completed as set forth in the plans, specifications, and representations referred to in the report, and all work being performed in a good and workmanlike manner. The appraisal is further subject to the proposed improvements or additions being constructed in accordance with the regulations of the local, county, and state authorities. The plans, specifications, and representations referred to are an integral part of the appraisal report when new construction or new additions, renovations, refurbishing, or remodeling applies.
If this appraisal is used for mortgage loan purposes, the appraisers invite attention to the fact that (1) the equity cash requirements of the sponsor have not been analyzed, (2) the loan ratio has not been suggested, and (3) the amortization method and term have not been suggested.
The intended use of this report is not for use in conjunction with a syndication of real property. This report cannot be used for said purposes and, therefore, any use of this report relating to syndication activities is strictly prohibited and unauthorized. If such an unauthorized use of this report takes place, it is understood and agreed that L.B. Slater & Company. has no liability to the client and/or third parties.
Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing General Underlying Assumptions and General Limiting Conditions. The appraisers' duties, pursuant to the employment to make the appraisal, are complete upon delivery and acceptance of the appraisal report. However, any corrections or errors should be called to the attention of the appraisers within 60 days of the delivery of the report.
One or more of the appraisers identified herein are certified under Florida Statute 475.501. Accordingly, the certification contained herin is amended to include the following:
The analyses, opinions, or conclusions were developed and this report has been prepared in the conformity with the requirements of the State of Florida for state certified appraisers.
The use of the 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.
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SUMMARY OF SALIENT FACTS AND CONCLUSTIONS
Property Address: 605 N Dixie Hwy Hallandale Beach, FL 33009
Property Type: Commercial
Purpose of Assignment: Opinion of market value
Intended Use of Report Aid in an internal decision
Property Rights Appraised: Fee simple estate
Property Use: Auto body repair
Legal Description: Lengthy see page 8
Folio Number: 51-42-22-07-0180
Lot Size: 33,750 SF total (survey)
Building Sizes: Approximately 5,250+/- SF (adjusted)
Year Built 1950/estimated effective age 30 years
Zoning: B-G, Business General (Foster Road Overlay District)
Census Tract: 1004.000
Flood Zone: Zone X, FEMA map # 12011C0316F, dated 08/18/1992
Highest and Best Use: “As Is”
Date of Inspection: October 16, 2013
Date of Valuation: October 16, 2013
Date of Report: October 24, 2013
Opinions of Value Cost Approach Considered, but not used Sales Comparison Approach $656,000 Income Approach $660,000
Final Valuation: $656,000
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INTENDED USE OF THE REPORT
This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only summary 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 retained in the appraiser's file. The depth of discussion contained in the report is specific to the needs of the client and fit for the intended use stated below. The appraiser is not responsible for unauthorized use of this report. We understand the intended use of this report is to assist with an internal decision by our client.
CLIENT: Daniel A. Rosemond CRA Director/Deputy City Manager City of Hallandale Beach 400 South Federal Highway Room 124 Hallandale Beach, FL 33009
APPRAISER: Murdo Mackenzie State-Certified General Real Estate Appraiser RZ2779 FL
SUBJECT: One-story freestanding auto body shop located at 605 N Dixie Hwy Hallandale Beach, FL 33009
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PURPOSE OF APPRAISAL
The purpose of this appraisal is to provide the appraiser’s best estimate of the market value of the subject real property as of the effective date of this report. MARKET VALUE is defined by the federal financial institutions regulatory agencies as follows:
Market Value
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 specific date and the passing of title from the seller to buyer under conditions whereby:
a. buyer and seller are typically motivated; b. both parties are well informed or well advised, and each acting in what they consider their best interests; c. a reasonable time is allowed for exposure in the open market; d. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and e. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.0
Value As Is
The value of specific ownership rights to an identified parcel of real estate as of the effective date of the appraisal; relates to what physically exists and is legally permissible and excludes all assumptions concerning hypothetical market conditions or possible rezoning (2)
1 Uniform Standards of Professional Appraisal Practice, 2001 Edition (Washington D. C.: Appraisal Standards Board, 2001 and, The Dictionary of Real Estate Appraisal, Third Edition (Chicago: Appraisal Institute, 1993), p. 222-223.
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SCOPE OF APPRAISAL
In preparing this appraisal, the Appraiser(s) *Inspected the subject property *Gathered information on comparable sales and rentals *Confirmed and analyzed the data and applied the Sales Comparison and Income Approaches to value.
The scope of the appraisal requires compliance with the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board of the Appraisal Foundation and the Appraisal Institute. The standards require binding requirements and specific guidelines that deal with the procedures to be followed in developing an appraisal, analysis, or opinion. These uniform standards set the requirements to communicate the appraiser's analyses, opinions and conclusions in a manner that will be meaningful and not misleading in the marketplace.
A narrative appraisal report on the subject property has been prepared. The subject property data such as size, location, quality and zoning are considered and presented in this report. Market data from the past two years for North Dade and Broward Counties were considered for sales.
The appraisers lack the knowledge and experience with respect to the detection and measurement of hazardous substances. Therefore this assignment does not cover the presence or absence of such substances as discussed in the General Underlying Assumptions section. However any visual or obviously known hazardous substances affecting the property will be reported and an indication of its impact on value will be discussed.
The documentation necessary to arrive at the value may be located in the appraisal report or in the appraisers files. The market data has been collected, analyzed, and confirmed when possible.
To develop the opinion of value, the Appraiser(s) performed a complete appraisal process as per the Scope of Work and as defined by the Uniform Standards of Professional Appraisal Practice.
PROPERTY RIGHTS APPRAISED
This appraisal is for the "Fee Simple Title" of all the rights to ownership in the subject property that represents the market value of the real estate. "Fee Simple Title" is defined in The Dictionary of Real Estate Appraisal, Fourth Edition, American Institute of Real Estate Appraisers, 2002 as:
“A title that signifies ownership of all the rights in a parcel of real property subject only to limitations of the four powers of government”
The appraisers have not been provided any lease information and have made an extraordinary assumption that this appraisal is to value fee simple ownership.
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PROPERTY IDENTIFICATION
Legal Description per BCPA:
GEO M PHIPPENS SUB IN 22-51-42 1-71 D LOT 1,2 LESS E 10 FOR RD R/W ,3, 4 LESS E 10 FOR RD R/W;6 LESS E 10 FOR RD R/W BLK 6G
Ownership per BCPA:
We have not been provided with an authoritative title report to ascertain current ownership. However, the public record lists title in the names of Arlene Konig & Shimon Kapeta. Mailing address: 605 N Dixie Hwy. Hallandale Beach, FL 33009.
Subject’s Sales/Listing History:
The public records indicate the previous sale/transaction of the subject was November 2004 for $650,000 (WD) purchased by the current owner. According to the MLS, the subject was listed for sale on February 28, 2011 asking $900,000 and has been on the market 1205 days. The asking price was later reduced to its current price of $850,000. The subject is also listed for rent asking $10,000 per month for the past 288 days.
Marketing Time:
Typical marketing times for properties like the subject may take up to twelve months.
Real Estate Taxes and Assessment for 2013:
2013 Improvement: $97,960 Land: $371,530 Total Assessment: $469,490 Real Estate Taxes: $10,041
Census Tract: 1004.00
Effective Date of Value: October 16, 2013
Date of Report: October 24, 2013
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LOCATION MAP
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REGIONAL ANALYSIS:
Broward County
The population of Broward County, according to the U.S Census was 1,787,656 as of April 2006, an increase of some 150,000 since April 2001. However, this estimate is considerably lower than growth patterns during the previous decade, estimated at 29.3%. Over the past three years property values in the South Florida market have rapidly declined, mainly due to rising taxes and insurance costs coupled with strict lending practices and uncertainties in the market place. Fears of the national recession stemmed from the housing debacle and the current administration in Washington has been aggressively addressing these concerns.
Source: U.S. Census Bureau, 2006 American Community Survey
The City of Hallandale
The City of Hallandale is largely built-out and the increase in population is due to in-fill. The city’s eastern boundary is the beach of the Atlantic Ocean, which provides an amenity for residents and tourists. The city is in a central location with respect to employment opportunities and major transportation hubs. Downtown Miami is 20 minutes to the south and downtown Fort Lauderdale is 30 minutes to the north.
Neighborhood Analysis
The subject property is located on the west side of N Dixie Hwy in the City of Hallandale Beach. Dixie Hwy is a four-lane road heading southbound from Dania Beach to the north into Dade County to the south. The subject parcel is zoned B-G Business General, which is a legal conforming use of the site as is (commercial). The surrounding land uses are predominantly residential, however properties abutting Dixie Hwy qualify for commercial and/or light industrial uses. The subject’s immediate area along this corridor is nearly fully developed, but a small number of vacant lots remain for new and competing development. The housing stock for the area was generally constructed in the 1950-1960’s and the surrounding residential uses are established. The residential neighborhoods to North and South of the subject are predominately one story single family and multi family dwellings and the multifamily housing stock is slightly newer (1970’s). The neighborhoods are lower to middle income families and the average single-family home sells between $34,000 and $140,000 with a median sale price of $79,000. Foreclosures and abandoned properties are a factor in this market area.
Conclusion
There are currently a number of unfavorable aspects to the local economy that affect the subject’s market area. First, the population of South Florida has stalled or even declined due to rising housing expenses and older people seeking other states for their retirement plans. Second, we’ve observed a steady decline in commercial rental rates over the past two years mainly due to pricing pressures and weak demand for space. However, the residential market has showed better signs of recovery over the past year. Property values are rising and vacancies rates remain relatively low, but the US economy is relatively “anemic” with just a 2% annual growth rate and steady unemployment above 7%.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 11 SITE DATA
The size and dimensions of the subject property were taken from plat maps and the survey provided.
Location: West side of N Dixie Hwy & NW 6th Street
Site Area: 33,750 SF (Survey)
Shape: L-Shaped/Corner Lot
Frontage: Typical for properties abutting Dixie Hwy
Site Access: Adequate ingress & egress via N Dixie Hwy & NW 1st Ave (rear)
Parking: Ample spaces on site
Land to Building ratio: 10.32:1, Coverage: 10%
Drainage: Appears Adequate
Topography: Appears level and at street grade from observation
Utilities: Electric, water, sewer, telephone – typical for market
Easements/Restrictions: Typical utility exists
Street Improvements: Asphalt paved, three lanes, one-way direction common for area.
Soil/Subsoil: No soil-boring test or engineering reports were submitted to the appraiser. Normal bearing capacities assumed.
Soil Condition: This appraisal is based on the assumption that there has been no soil contamination. We know of no environmental study on the subject.
Flood Zone: Zone X, FEMA Map #12011C0316 F Dated August 18, 1992
Functional Adequacy: The subject sites have adequate size and shapes permitting functional development of the site if vacant. The site has good frontage along N Dixie Hwy and adequate access.
Exposure: Good along N Dixie Hwy
Site Improvements: Asphalt and concrete paving, landscaped buffer near property lines, concrete block wall and chain link fencing. All in average condition overall.
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PLAT MAP
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ZONING
Generally, zoning looks to the future as a result of planning. Its purpose is to promote and maintain a degree of homogeneity in the use of real estate within the confines of a given geographic, political subdivision.
The Appraisal Institute, in its book, "Appraisal Terminology and Handbook," Revised Edition, has defined zoning as:
"The public regulation of the character and intensity of the use of real estate through employment of police power. This is accomplished by the establishment of districts or areas in each of which uniform restrictions relating to improvements, structure heights, areas, bulk, density of population and other limitations are imposed upon the use and development of private property."
The subject property lies within the jurisdiction of City of Hallandale Beach, and is classified under the zoning code as B-G Business General District. According to the client and the Web site http://www.municode.com which contains current zoning for the City of Hallandale Beach, the purpose of the B-G, Business General District, is to provide suitable sites for the development of general business activities of an office, retail and service nature in centralized locations consistent with the city's comprehensive land use plan.
Retail and service establishments are currently a permitted use of the B-G zoning. For a full list of the permitted uses consult The City of Hallandale Beach zoning or online at www.municode.com .
As can be seen below & verified on-line, below is a summary for the subject:
Developmental Regulations (Foster Road Overlay District)
Minimum lot size: 6,000 SF for corner parcels Minimum lot width: 60 feet for corner parcels Minimum lot size: 5,000 SF for interior parcels Minimum lot width: 50 FT for interior parcels Maximum height: 30 ft Minimum Landscape: 15% Yard Setbacks: Minimum Front: 2 ft Maximum Front: 10 ft Side Street: 10 ft Rear: 10ft or 20 ft (from residential district boundary)
Exceptions. Lots platted at a depth of 150 feet or less prior to November 21, 1978, shall have a minimum front yard setback of 25 feet
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DESCRIPTION OF IMPROVEMENTS
The subject is improved with a one-story 1,860 square foot CBS building constructed in 1950. The building has exhausted its theoretical economic life of 50 years and has an actual age of 60 years. However, the structure was maintained and remains standing, therefore its estimated remaining economic life is approximately 30+/- years at this time.
The building has two attached porches totaling approximately 3,400 square feet and currently serves as an auto body shop (Signature Auto) and has a long history as this use (formerly Midtown Collision). The parking is asphalt paved and marked with ample spaces onsite. The pavement was in average condition at the time of inspection with no severe cracks visible or potholes observed. The remainder of the property is improved with a landscaped buffer consisting of grasses and a concrete block wall used to secure the perimeter.
The building consists of two areas. The front portion includes a reception area, several small offices, two bathrooms and storage room. The rear portion consists of a large exposed, but sheltered work area. This area has outside entrances or may also be accessed from the main building. The current build-out appears well suited for a light industrial and/or manufacturing use with ample storage space onsite.
The inspection revealed signs of normal wear/tear with some updates. Evidence of roof leaks was not observed, however the subject was not inspected during or directly after heavy rainfall. A portion of the rear building’s roof is a steel joist with a 3”+/- tecktem plank structural system with a flat built up membrane roofing system. The tecktem planks have an excellent insulating quality and normally 2 to 3 feet wide by 8 to 12 feet long with tung and groove edges in which clips are inserted and fastened to the steel bar joists, excellent hold down qualities. The front portion has a flat built up tar and gravel roof, which are common materials for this style of building.
Although the buildings are considered functionally obsolete for today’s standards and require some investment to return to a more “marketable” appeal, they are not considered to be teardown candidates at this time.
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SUBJECT PHOTOGRAPHS
Front View
Rear View L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 16
SUBJECT PHOTOGRAPHS (con’t)
Street View
Aerial View L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 17
SUBJECT PHOTOGRAPHS (con’t)
Rear Storage Yard
Covered Work Area
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SUBJECT PHOTOGRAPHS (con’t)
Spray Booth
Reception Area/Office
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L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 20 HIGHEST AND BEST USE
A valuation concept that can be applied to either the land or improvements. It normally is used to mean that use of a parcel of land (without regard to any improvements upon it) that will bring the greatest net return to the land over a given period of time. The concept of highest and best use can also be applied to a property that has some improvements upon it that have a remaining economic life. In this context, highest and best use can refer to that use of the existing improvements which is most profitable to the owner. It is possible to have two different highest and best uses for the same property, one for the land ignoring the improvements, and another that recognizes the presence of the improvements.
Inherent in reaching any conclusion as to highest and best use of a property is the consideration of the many principles related to valuation. The Principle of Anticipation is predicated on the foundation that value is created by the anticipation of future benefits. It is not based on historical costs but on what current market participants believe the future benefits to the purchaser will be.
The Principle of Conformity addresses itself to the issue that property achieves its optimum value when the use to which it is put, and the design and layout of any structure situated on the land, blends well with its environs.
The use need not be the same as all surrounding properties, but it must be homogeneous with those uses. All of these factors must be considered in arriving at a conclusion as to the Highest and Best Use of a property.
The purpose of this appraisal is to estimate market value. The highest and best use analysis identifies the most profitable, competitive uses to which the property can be put. Therefore, the highest and best use of a property is a critical factor of market value.
Definition
Highest and best use may be defined as:
"the reasonably, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value."1
The highest and best use of land as vacant assumes that a parcel of land is vacant. The focus of the analyses is what type of building or other improvement should be constructed on the land and when. Interim use and potential future highest and best use must be addressed, when relevant.
The highest and best use of a property as improved focuses on the current use of the property and what return it can be expected to produce for each dollar of capital invested.
"The Highest and Best Use of both land as though vacant and property as improved must meet four criteria. The Highest and Best Use must be
1. Legally permissible; 2. Physically possible; 3. Financially feasible; 4. Maximally productive2
1 The Appraisal of Real Estate, 12th Edition. The Appraisal Institute. Page 275.
2 The Appraisal of Real Estate, 12th Edition. The Appraisal Institute. Page 280.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 21
HIGHEST AND BEST USE (CONT.)
Legally Permissible Factors that may preclude possible uses of a site include: private restrictions, zoning, building codes, historic district controls and environmental regulations. The subject is zoned B-G per the City of Hallandale Beach, which allows for commercial development of the site. The site is 33,750 square feet and platted therefore the development of a commercial building is possible, if vacant. The existing structure is a legal conforming use and remains the highest and best use of the land. Although the subject has measurable elements of physical deterioration and functional obsolescence, as do most structures this age, the current use remains the highest and best use for this location at this time.
Physically Possible The factors that are pertinent to physically possible uses of the site include the size, shape, topography, exposure, access, frontage, orientation, depth, the availability of public utilities, and surrounding properties. The highest and best use of a property as improved also depends on building size, design, layout (site plan), age and condition. If vacant, a new commercial building would be its highest and best use of the site. It would contain one building at least 2,000 square feet, the minimum size permitted under the B-G zoning district. The building would be concrete block construction with a poured concrete floor, pitched roof and attractive facade. It would be set back on the site allowing for adequate parking to maximize the permitted land to building ratio under this zoning. All physical deterioration would be eliminated in a new building, and its functional layout and design would be consistent with modern buildings of this type.
Financially Feasible The focus of this criteria is to analyze all uses which meet the first two criteria and analyze them further to determine which are likely to produce an income, or return, equal to or greater than the amount needed to satisfy operating expenses, financial obligations, and capital amortization. The subject “as is” is currently a legal conforming use of the site. The existing improvements require minimal renovation and/or remodeling to remain competitive in the local market. However, the surrounding area is in transition and more modern style properties containing superior features are replacing these older ones. These newer structures are usually larger in size and more architecturally compatible per market expectations.
Maximally Productive The maximally productive use of the property is that use which should have the highest rate of return on the investment. In order to identify a specific use, which would result in the highest net return to the land, a feasibility analysis would have to be conducted. This however is beyond the scope of this appraisal assignment
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 22
DISCUSSION OF THE APPRAISAL PROCESS
There are three traditional approaches to the valuation of real estate:
The first is the Cost Approach. In this approach, the cost to develop a site is compared with the value of the existing property or similarly improved property. The appraiser estimates the cost to construct a reproduction of, or replacement for, the existing structure and site improvements (including direct costs, indirect costs, and an appropriate entrepreneurial profit), and then deducts all accrued depreciation in the property being appraised from the reproduction or replacement cost of the structure as of the effective appraisal date. When the value of the site is added to this figure, the result is an indication of value of the fee simple interest in the property.
The second is the Sales Comparison Approach, a process in which a market value estimate is derived by analyzing the market for similar properties and comparing these properties to the subject property. Data is analyzed from properties that have recently sold, are listed for sale, or are under contract (i.e., recently drawn up purchase offers accompanied by a cash or equivalent deposit). A major premise of the Sales Comparison Approach is that the market value of a property is directly related to the prices of comparable, competitive properties. The comparative analysis performed in the approach focuses on similarities and differences among properties and transactions that affect value. These may include differences in the property rights appraised, the motivations of buyers and sellers, financing terms, market conditions at time of sale, size, location, physical features, and, if the properties produce income, economic characteristics.
Elements of comparison are tested against market evidence to determine which elements are sensitive to change and how they affect value.
The third is the Income Capitalization Approach. Income-producing real estate is typically purchased as an investment, and from an investor's point of view, earning power is the critical element affecting property value. One basic investment premise is that the higher the earnings the higher the value. An investor who purchases income-producing real estate is essentially trading present dollars for the right to receive future dollars. The Income Capitalization Approach to value consists of methods, techniques and mathematical procedures that an appraiser uses to analyze a property's capacity to generate benefits (i.e., usually the monetary benefits of income and reversion), and convert these benefits into an indication of present value.
All three approaches to value were considered for this assignment. The Sales Comparison and Income Approaches were deemed the most appropriate techniques to value the subject and these are commonly applied when appraising commercial buildings. Although considered, The Cost Approach was not applicable due to the difficulty in estimating accrued depreciation for a structure this age.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 23 SALES COMPARISON APPROACH
The Sales Comparison Approach, traditionally referred to as the market approach, is the most direct approach to estimating value. In this approach, sales of similar properties in the market are analyzed and compared with the subject property. After thorough analysis, appropriate units of comparison are selected that are commonly utilized in the subject property's market; then these units of comparison are used to arrive at a valid indication of value.
The Sales Comparison Approach assumes that the market will determine a price for the subject property in the same manner it determines prices of similar properties in the market place. This assumption conforms to the definition of market value and is based on the principle of substitution in real estate appraising which states that typical buyers will not normally purchase a property at a higher price than that of similar sales available in the market.
The Sales Comparison Approach has the greatest validity when there are a sufficient number of comparable properties very similar to the subject property to develop a valid, reliable value conclusion. The appraisers utilized sales of comparable properties in the subject’s market area that were believed to be viable alternatives and indicative of the market. These have been presented in the grid on the next page and discussed on the pages that follow.
The analysis included a thorough search of the MLS, Appraisal Files and www.BCPA.net. The original criteria for the search included sales of auto body shops over the past two years located in Broward County. Unfortunately, there were few to consider and it was necessary to expand the search to include other auto use properties similar in physical characteristics and location as our subject.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 24
SALES COMPARISON APPROACH (Cont.)
Subject Sale 1 Sale 2 Sale 3 Sale 4 605 N Dixie 721 SW 2nd 1181 NW 1128 N 709 N Dixie Hwy Street Ft. 61st Ave Federal Hwy Hallandale Lauderdale Sunrise Hwy Hwd Hallandale Sale Date N/a May 2013 Dec 2012 Nov 2012 Active +Biz Price N/a $335,000 $188,000 $500,000 $750,000 Building 5,250 SF 2,640 SF 1,856 SF 6,000 SF 4,850 SF SF Design One story One story One story One story One story Lot Size/SF 33,750 20,060 19,572 21,273 13,753 Year Built 1950 1945 1968 1941/86 1966 Use Auto body Auto repair Auto repair Auto/mixed Auto body Price per N/a $126.89 $101.29 $83.22 $154.64 SF
Financing N/a Seller Fin Cash (REO) Seller Fin Cash Equiv Market N/a 0% 0% 0% 0% Conditions Price/SF N/a $126.89 $101.29 $83.22 $154.64 Location Average -15% 15% 0% 0% Lot Size/SF 33,750 5% 5% 5% 0% Condition Average 10% 0% 0% 0% Zoning B-G RMM-25 B-3 C-2 B-G Overall Average Similar Inferior Inferior Similar
Adjusted N/a $126.89 $121.55 $87.38 $154.64 Price/SF
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 25
SALES COMPARISON APPROACH (Cont.)
Comments on Comparable Sales: All of the comparables are located in the subject’s market area of Broward County and are similar in commercial use. Curbside inspections and aerial photographs were included below.
Sale #1 is a one story attached building located approximately 8.8 miles directly north of our subject near downtown Fort Lauderdale. The property was formerly used as an auto repair shop and had been purchased by the Free Bethlehem Baptist Church, located next door, for additional parking. The sale price was $335,000 and it closed in May 2013. As an auto repair shop the use was legal non- conforming under the RMM-25 zoning. According to the listing agent, the transaction was arms-length and financed by the seller. It is unknown whether the buyer has any future interest with the old building at this time. Sale (1) was asking $390,000 and had been on the market for 132 days. This sale was adjusted downward for its superior location and upward for inferior condition and smaller lot size. According to the tax roll, no other arms-length transactions were recorded within the past three years
Sale #2 is a bank owned one story freestanding auto repair shop located approximately 11.32 miles northwest of our subject in the City of Sunrise. The property was listed in the MLS asking $199,000 and sold for $200,000 cash in December 2012 after 24 days on the market. The lot size and building are smaller than our subject and the location is somewhat inferior, however the transaction was arms- length. Note: the agent said the seller contributed 6% towards closing costs. According to the tax roll, no other arms-length transactions were recorded within the past three years. Sale (2) was adjusted upward for its inferior location and smaller lot size.
Sale #3 was the subject of a previous appraisal assignment. The 6,000+/- SF building was constructed in two phases (1945 & 1986). The property originally served as the auto service center for the former Hollywood Ford Dealership located next door. Although the address reads 1128 N Federal Hwy, Sale (3) actually fronts Garfield Street, a two lane residential side street with minimal frontage on Federal Highway (see aerial image). Sale (3) is considered a viable alternative to our subject as a portion of the rear of the building has an exposed overhang work area like our subject. Sale (3) was purchased in November 2012 for $500,000 and the arms-length transaction was financed by the seller. According to the tax roll, no other arms-length transactions were recorded within the past three years. Sale (2) was adjusted upward for its smaller lot size.
Comparable #4 is a one-story auto body and repair shop located one block north of our subject in Hallandale Beach. The building is most similar in size and use as our subject, but the lot is less than ½ in size. Comparable (4) is currently listed for sale in the MLS asking $750,000 or $154.64 per square foot and this price includes an established 20+ year business value. According to the tax roll, no other arms-length transactions were recorded within the past three years. Comparable (4) was not adjusted, as it has not sold however it is somewhat inferior to our subject due to its much smaller lot size.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 26
SALES COMPARISON APPROACH CONCLUSION
The range of comparables above was from a low of $83.22 to a high of $128.89 per square foot of building area, unadjusted. After adjustments, the range was narrowed from $87.38 to $126.89 per square foot. Most emphasis was placed on Comp (1) as this sale is most similar overall when compared to our subject. Comp (4) is currently listed for sale and reflects the asking price of similar product for a typical buyer, but this property has been on/off the market for the past several years suggesting it is overpriced. In addition, the $750,000 asking price includes a business value. Comps (2) & (3) are inferior to our subject and represent the lower end of the range of values.
One would expect a final sale price of the subject to be significantly lower than its most recent listing price of $850,000 due to negotiation and the list to sale price ratios of recent commercial sales in this market area. However, the subject is clearly superior to most of the sales in terms of lot size and location (good frontage along N Dixie Hwy). Therefore, in comparison with Sale (1) the most recent sale used, the estimated value of the subject at $125 per square foot appears reasonable.
Therefore, the estimate of market value is:
Price per square foot (5,250 SF X $125) = $656,250
SALES COMPARISION APPROACH
Total = $656,000 (rounded)
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 27 COMPARABLE SALE PHOTOGRAPH ADDENDUM
Comparable Sale (1) 721 SW 2nd Street Ft. Lauderdale
Comparable Sale (1) Aerial
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 28
COMPARABLE SALE PHOTOGRAPH ADDENDUM (Cont.)
Comparable Sale (2) 1181 NW 61st Avenue Sunrise
Comparable Sale (2) Aerial
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 29
COMPARABLE SALE PHOTOGRAPH ADDENDUM (Cont.)
Comparable Sale (3) 1128 N Federal Hwy Hollywood (Rear overhang)
Comparable Sale (3) Aerial
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 30 COMPARABLE SALE PHOTOGRAPH ADDENDUM (Cont.)
Comparable Listing (4) 709 N Dixie Hwy Hallandale Beach
Comparable Sale (4) Aerial (includes vacant rear lot)
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 31 COMPARABLE SALE MAP
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 32
INCOME CAPITALIZATION APPROACH:
The Income Capitalization Approach includes a set of procedures through which a value indication for the subject property is derived by converting anticipated benefits into property value. This conversion is accomplished by either:
1. Direct Capitalization – “A method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step - either by dividing the income estimate by an appropriate income rate or by an appropriate factor.”3
Direct Capitalization is market-oriented; an appraiser analyses the market evidence and values property by inferring the assumptions of typical investors. Direct Capitalization does not explicitly differentiate between return on and return of capital, because investor assumptions are not specified. However, it is implied that the selected conversion rate will satisfy a typical investor and that the prospects for future monetary benefits, over and above the original investment, are sufficiently attractive.
2. Yield Capitalization – “A method used to convert future benefits into present value by discounting each future benefit at an appropriate yield rate or by developing an overall rate that explicitly reflects the investment's income pattern, value change and yield rate.”3
Like Direct Capitalization, Yield Capitalization should reflect market behavior. The method is profit or yield oriented simulating typical investor assumptions with formulas that calculate the present value of expected benefits assuming specified profit or yield requirements.
POTENTIAL GROSS INCOME
The subject property is owner occupied. Since the subject is owner occupied and not leased on an income bases, Direct Capitalization will be used here. Direct capitalization involves estimating the market rents for the subject to arrive at a gross potential income. Then a vacancy factor and expenses are subtracted to arrive at a net operating income (NOI). The NOI is then divided by a capitalization rate to estimate market value. A capitalization rate can either be applied to current income or projected income. In this appraisal the cap rate is applied to anticipated income.
SUBJECT & COMPARABLE RENTS
We surveyed similar commercial space within the subject’s market area for the past 24 months as of the effective date of this report. Four rentals were used. The complete listings for each have been retained in the appraiser's workfile. Brief descriptions of each are noted below:
3 The Appraisal of Real Estate, 12th Edition. The Appraisal Institute, Pages 419 and 420.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 33
1. 2218 N Dixie Hwy, Hollywood - 1,500 SF Body Shop with spray booth situated on a 15,000 SF lot. Available for lease @ $2,500 per month or $20.00 SF.
2. 238 S Dixie Hwy E, Pompano Beach - 3,920 SF Auto use warehouse with office. Leased 7/13 @ $3,000 per month or $9.18 SF.
3. 5690 Johnson Street, Hollywood - 1,500 SF Auto repair shop situated on 24,500 SF lot. Leased 3/12 @ $1,800 per month or $14.40 SF.
4. 500 N Federal Hwy, Hallandale - 8,170 SF Auto dealer situated on 24,289 SF lot. Zoned B-G like subject. Leased 10/12 @ $14.00 SF.
We feel a rental rate of $14.00 per square foot is appropriate for the subject.
POTENTIAL GROSS INCOME:
We’ve reconstructed an operating income statement to estimate the subject’s potential gross income. The calculations are presented below. The two building areas have been combined below.
5,250 SF x $ 14.00 SF = $73,500
Vacancy & Collection Loss According to the 2 Quarter 2013 Newmark Grubb Knight Frank and Broward County Industrial Market report, the vacancy rate for industrial properties in Southeast Broward County is 5.3%. Therefore we will use a vacancy rate of 5.0% for the subject property.
ESTIMATION OF EFFECTIVE GROSS INCOME Based on the above estimates the subject property’s projected annual potential income is as follows:
Potential Rental Income: $73,500 Less Vacancy & Losses: $ -3,675 (5%) Effective Gross Income: $69,825
Estimation of Expenses The reader of this report should note that not all the competitive properties reported all expenses; however, we have used the expenses typical of the market as a benchmark from which to develop our pro-forma for the subject.
Taxes The real estate taxes for the subject were $10,041 total based on year 2012. This is typically an expense paid by the owner.
Insurance Insurance $5,000 (owner provided)
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 34
Legal Accounting & Legal has been estimated at $750.
Maintenance Maintenance fees are approximately 3% of the effective gross income
Management Management fees are approximately 2% of the effective gross income, typical for this market. However, properties such as the subject are most often owner managed.
Reserves for Replacements Reserves and replacements were estimated at 3% of the effective gross income.
CAPITALITIZATION RATE
A capitalization rate (cap rate) can be estimated in several ways. Theoretically, the best technique is to calculate the cap rate from recent sales, however none of the listing agents shared these figures for the comparables used in this assignment. Therefore, we relied upon published sources.
The 2nd Quarter 2013 Survey of Emerging Market Conditions provided by the Bergstrom Center for and Real Estate Studies reports capitalization rates of 6.88% for industrial buildings in Broward County, down from 6.99% in the 1 Quarter of 2013 and down from 7.04% in the 4 Quarter of 2012. Local rates for small warehouses typically changing hands at 6.0-8.5% capitalization rates. The subject property is an auto body shop. Financing and refinancing has become very difficult for purchasers and property owners respectively. We therefore feel that an overall capitalization rate of 7.5% is applicable for this type of property with the minimum risk involved.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 35
RECONSTRUCTED OPERATING STATEMENT
POTENTIAL GROSS (PROJECTED) $73,500
LESS VACANCY 5% -3,675
EFF. GROSS INCOME $69,825
FIXED EXPENSES TAXES $10,041 INSURANCE $5,000
VARIABLE EXPENSES MAINTENANCE $2,100 MANAGEMENT Owner RESERVES (3% EGI) $2,100 LEGAL/ACCOUNTING $750 LICENSING FEES $350
TOTAL EXPENSES (29% EGI) $20,341
NET OPERATING INCOME $49,484
CAPITALIZATION RATE 7.5% ESTIMATED VALUE $659,786
INCOME APPROACH $660,000 (rounded)
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 36
RECONCILIATION AND FINAL ESTIMATE OF VALUE
In the reconciliation the estimates of value from the two approaches used are compared and then reviewed for the quantity and quality of data.
The two estimates of value are:
Cost Approach $Considered, but not used Sales Comparison Approach $656,000 Income Approach $660,000
Most emphasis is being placed on the sales comparison approach to value given the fact that the subject is an owner user property and was not purchased for its income potential. The income approach was given secondary consideration and lends some support to the estimate of value. The Cost approach was not used due to the difficulty in estimating accrued depreciation for a building this age.
Therefore, the estimated market value of the fee simple interest of the subject is $656,000 as of October 16, 2013.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 37
Murdo Mackenzie Chief Appraiser, L.B. Slater & Company Inc. (2000-present)
Professional Licenses:
*State-Certified General Appraiser; RZ2779, State of Florida *Licensed Real Estate Sales Associate (inactive), State of Florida
Brief Educational History:
*Graduate of Florida International University, B.S. Hospitality Management
*Gold Coast School of Real Estate:
Course AB-1FREAB Licensed Residential Appraisal Course Course AB-2 FREAB Certified Residential Appraisal Course II Course AB-2B FREAB Certified Residential Appraisal Course on Depreciation, Supply and Demand Analysis Course AB-3 FREAB Certified General Appraisal Course Appraisal Procedures & Principles, USPAP
Real Estate Courses FREC Salesperson pre-licensing FREC Salesperson post-licensing
*South Florida Chapter of the Appraisal Institute:
Convincing Residential Appraisals & DCF Valuations.
*Institute for Real Estate Studies:
Florida Law Update for Appraisers, National USPAP update, FNMA Forms Update.
*Council of Residential Specialists:
Creating Wealth Residential Real Estate Investments
*Bert Rogers Schools:
Appraisal Principles, Real Estate, Mortgages, & Law, The Sales Comparison Approach (2006)
Florida Real Estate Appraisal License Law, Communicating the Appraisal, Fannie Mae Forms Update, Manufactured Housing (2008) Neighborhood Analysis, 7-Hour National USPAP Update and Roles & Rules of Supervisors and Trainees (2008)
*Appraisal Education from Mckissock:
Appraisal Law, The Cost Approach, Roles & Rules of the Supervisor, The Dirty Dozen, National USPAP Update (2012)
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants 38
* This appraiser has met the continuing education requirements for the State of Florida and is also FHA approved.
Over the past 13 years I have completed 2000+ assignments including residential and commercial property types. As the chief appraiser, my responsibilities also include reviewing files, managing daily operations of the appraisal department and ensuring client needs are completely satisfied. Some of these include the Cities of Hollywood and Hallandale Beach, in addition to many banks, lenders, mortgage companies, attorneys and accountants. I have also been sworn in as an expert witness in Dade, Broward and Palm Beach County Courts involving divorce and litigation cases.
Types of properties appraised:
Residential – high/mid/low-rise condominiums, town houses, villas, mobile homes, waterfront estates, mansion quality houses, garden style apartments, co-ops, small income properties and vacant land.
Commercial – office buildings, office condominiums, retail stores, mixed use properties, service stations, restaurants, auto repair shops, warehouses, apartment buildings, motels, hotels, strip centers and vacant land.
Industrial – warehouses, heavy use storage facilities, warehouse condominiums and vacant land.
Agricultural – vacant land
Special Purpose – Meeting halls, clubs, Places of worship, funeral homes, government buildings, bus stops and vacant land.
L.B. Slater & Company Inc. 13678 Real Estate Appraisers & Consultants