10-El Capitan Appraisal.pdf

1110 N. Florida Avenue, Suite 110 Tampa, FL 33602 813.223.9111 DohringAhern.com

APPRAISAL | BROKERAGE

APPRAISAL REPORT

Assignment 6 Bray Road & El Capitan A 4.48 Acre Residential Development Site 6799 El Capitan Drive Tampa, Florida 33634

Prepared For:

Facilities Management & Real Estate Services Department 601 East Kennedy Boulevard Tampa, Florida 33602

Requested By:

Mr. John Menard Real Estate Appraiser Real Estate Division

As Of:

April 23, 2024

A P P R A I S A L | B R O K E R A G E

Street View of Subject Property

Aerial View of Subject Property

TABLE OF CONTENTS

Introduction 1

Summary of Salient Facts and Conclusions 1 Purpose of the Appraisal 1 Intended Use/Client and Intended User(s) 1 Competency of the Appraisers 2 Interest Appraised 2 Effective Date of Value 2 Date of Report 2 Scope of Work 2 Inspection 4 Methodology 4

Site Description 4

Zoning 6

Flood Information 6 Utilities 6 Ownership and Subject Property History 6 Taxes and Assessments 6

Neighborhood Description 6

Economic Drivers 11

COVID-19 12

Highest and Best Use 13

Physically Possible 14 Legally Permissible 16 Subject Survey 17 Financially Feasible/Maximally Productive 18 Market Position of Subject 19

It is our opinion that the highest and best use of the subject property is considered single family development. A typical buyer would be a local or regional home builder. With the highest and best use identified, we can proceed with our valuation. 20

Valuation 21

Sales Comparison Approach 21

Land Sales Adjustment Grid 32 Land Comparables Map 33 Land Sales Analysis 34

“As Is” Market Value via Sales Comparison

Approach 35

Summary and Reconciliation 36

Certification 37

Assumptions 39

Definitions 42

Addenda 45

Subject Photos 45 Area Map 52 Neighborhood Map 53 Plat Map 54 Aerial Map 55 Zoning Map 56 Land Use Map 57 Flood Map 58 Wetland Map 59 Property Appraiser’s Record 60 Tax Roll 62 Engagement Letter 69 Qualifications 72

Brenda Dohring Hicks, MAI

CEO |Cert Gen RZ385

Jeff Hicks, MAI

President | Cert Gen RZ754

1110 N. Florida Avenue, Ste 110

813.223.9111

DohringAhern.com

June 18, 2024

Mr. John Menard Real Estate Appraiser Real Estate Division Facilities Management & Real Estate Services Department 601 East Kennedy Boulevard

Re: Assignment 6 Bray Road & El Capitan A 4.48 Acre Residential Development Site 6799 El Capitan Drive

Tampa, Florida 33634

Dear Mr. Menard:

Thank you for the opportunity to provide appraisal services. Based on our agreement with you, we have performed an appraisal and reported our findings in this Appraisal Report format. This report is intended to comply with the reporting requirements under Standards Rule 2.2 of the Uniform Standards of Professional Appraisal Practice (USPAP).

The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated below. Dohring Ahern is not responsible for unauthorized use of this report.

The subject property is located in the southwest quadrant of El Capitan Drive and Bonita Vista Drive in Tampa, Hillsborough County. The single parcel valuation comprises approximately 4.48 gross acres of vacant residential land with existing water, sewer, electric, roadways, and drainage to the “pad ready” lots.

The property is zoned RSC 9 “Residential Single Family Conventional 9” by Hillsborough County. The future land use is Residential 6 “Residential 6”.

It is our understanding the property is in the process of being platted into 17 development lots. As requested, we have assumed through an extraordinary assumption this has been completed as well as the installation of a water line. The subject parcel is owned by Hillsborough County.

This report is the result of the appraiser and client concurring on the appropriate valuation methods based on the subject property specifics resulting in a credible value opinion. The scope of the appraisal is addressed on the following pages, while the definition of Market Value is found at the end of this report. The following table summarizes our relevant data and value conclusions.

Dohring Ahern

Introduction

Summary of Salient Facts and Conclusions

Property Address 6799 El Capitan Drive Tampa, Florida 33634

Property Tax Identification Number(s) U-01-29-17-0EF-000000-00005.0

Owner(s) of Record Hillsborough County

Date of the Report June 18, 2024

Effective Date of the Appraisal April 23, 2024

Property Rights Appraised Fee Simple Interest

Land Area 195,134 square feet, 4.48 acres

Zoning The property is zoned RSC 9 “Residential SF Conventional 9” by Hillsborough County. The property has a Residential 6 “Residential 6” future land use.

Extraordinary Assumptions 17 platted single family lot are approved and new water line.

Hypothetical Conditions None

Highest and Best Use As Vacant Single family homes

Est. Exposure Time & Marketing Period 12 months

“As Is” Market Value Conclusions Assignment 6 17 Units

Cost Approach n/a

Sales Comparison Approach $1,735,000

Income Approach n/a

Final Value Conclusion $1,735,000

Purpose of the Appraisal

The purpose of this appraisal is to estimate the “As Is” Market Value of the fee simple interest of the subject.

Intended Use/Client and Intended User(s)

The intended use of this report is for valuation purposes. It is our understanding that the intended user and client of the report is Hillsborough County, the only intended user of this report. Use of this report by Third-Parties and other unintended users is not permitted.

This report must be used in its entirety. Reliance on any portion of the report independent of others may lead the reader to erroneous conclusions regarding the property values. Dissemination of any or all of the report is strictly prohibited for any marketing efforts, print or any electronic means. The definition of Market Value relied upon is included before the Addenda.

Competency of the Appraisers

The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision in USPAP.

The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment. The appraisers have previously provided consultation and value estimates for properties similar to the subject in Florida.

Interest Appraised

Fee Simple Interest is absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.

Effective Date of Value

April 23, 2024

Date of Report

June 18, 2024

Scope of Work

Scope of work is the most critical decision an appraiser will make in performing an assignment. Solving an appraisal problem involves three steps:

1. Identifying the problem

2. Determining the solution (or scope of work)

3. Applying the solution

None of the three steps can be omitted, and each must be performed in order. To analyze the problem, the appraiser identifies seven key assignment elements: (1) client, (2) intended users in addition to the client, (3) intended use, (4) objective of the appraisal, or type of value and its definition, (5) effective date, (6) property characteristics that are relevant to the assignment such as the interest to be valued and physical and legal characteristics), and (7) assignment conditions such as hypothetical conditions, extraordinary assumptions, and other requirements. These elements provide the framework for the assignment and allow the appraiser to identify the problem to be solved.

The second step is to determine the scope of work to solve the problem. Scope of work encompasses all aspects of the valuation process, including which approaches to value will be used; how much data is to be gathered, from what sources, from which geographic area, and over what time period; the extent of the data verification process; and the extent of property inspection, if any. The scope of work decision is appropriate when it allows the appraiser to arrive at credible assignment results and is consistent with the expectations of similar clients and the work that would be performed by the appraiser’s peers in a similar situation.

Source: Appraisal of Real Estate

Source: Stephanie Coleman, Scope of Work (Chicago: Appraisal Institute)

Inspection

Jeff Hicks has inspected the property and general neighborhood. Dohring Ahern, Inc.'s professionals are not engineers and are not competent to judge matters of an engineering nature, nor has Dohring Ahern, Inc.

retained independent structural, mechanical, electrical, or civil engineers in connection with the report. As such, Dohring Ahern, Inc. makes no representations relative to the condition of the improvements, if any exist. Unless otherwise noted in the report, no problems were brought to the attention of Dohring Ahern, Inc.'s professionals by ownership or management.

Unless otherwise noted, Dohring Ahern, Inc.'s professionals inspected less than 100% of the entire interior and exterior portions of the improvements. If questions regarding engineering studies are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon.

Data Research

We collected factual information about the subject property and the surrounding market. Our research may include Crexi, LoopNet, MLS and to some degree the Hillsborough County Property Appraiser’s Office. We generally researched three years from the date of our valuation including reviewing any relevant current listings. We confirmed that information with various sources such as buyers, sellers and brokers.

Methodology

In this instance, we have used one of the three traditional approaches to value, the Sales Comparison Approach. The Cost and Income Approaches are not typically used to estimate value for vacant land. The Sales Comparison Approach provided sales of similar multifamily land as the subject in which to estimate Market Value.

Site Description

The subject property is located in the southwest quadrant of El Capitan Drive and Bonita Vista Drive in Tampa, Hillsborough County. Along the property segment, El Capitan Drive is a two lane, undivided, neighborhood feeder road.

Based on a Boundary, Topographic and Tree Survey prepared by Survtech Solutions, Inc., the subject site is long irregular flag shaped comprising 195,134 square feet or 4.48 gross acres. The Hillsborough County Property Appraiser’s website indicates one acre identified as “lowlands” but is not located within wetland area but is located in a flood zone.

There is a paved road that extends south off El Capitan Drive that extends towards the site’s western boundary. The site, along a cul-de-sac, reflects vacant grassy area with some natural on site tree coverage.

Stormwater work has been completed. On site retention is likely to be at the southern end of the site.

Google Aerial

Zoning

The property is zoned RSC 9 “Residential SF Conventional 9” by Hillsborough County. The property has a Residential 6 “Residential 6” future land use.

Flood Information

The subject site is generally at road grade. Per FEMA Map No., 12057C0331J dated July 10, 2021, the property is situated in Flood Zone AE. Flood hazard insurance is required for buildings situated in this zone.

Utilities

Water service is provided by the city of Tampa. Sewer service is provided by Hillsborough County.

Phone service to the general area is provided by Frontier Communications. Police and fire services are provided by Hillsborough County. Electricity service is provided by Tampa Electric.

Ownership and Subject Property History

According to the Hillsborough County Property Appraiser’s Office, the current owner of record is Hillsborough County. The property is identified as U-01-29-17-0EF-000000-00005.0, within section 01, township 29 and range 17.

In 2010, Hillsborough County purchased the subject parcel for $371,300 or $8,840 per vacant developed lot. We are not aware that the subject is either under contract to purchase, or actively listed for sale. No sale of the property was noted in a five year sales search.

Taxes and Assessments

The current just market assessment for the property is $294,630. There are no taxes paid by the county.

Neighborhood Description

The neighborhood analysis provides the link between factors which influence the area as a whole and those which influence a particular property. The reason we analyze the neighborhood in the appraisal process is to determine how the four forces affecting value; social, economic, government and environmental, influence property values in the specific area in which the subject is located.

The stages of a neighborhood are generally described as follows.

➢ Growth - A period in which the neighborhood gains public favor and acceptance;

➢ Stability - A period of equilibrium without market gains or losses;

➢ Decline - A period of diminishing demand;

➢ Revitalization - A period of renewal, modernization and increasing demand.

The subject is located in zip code 33634, which generally encompasses the subject neighborhood of Town & Country. The following tables summarize the demographics in zip code 33634.

Zip Code Boundaries

Source: STDB

The table on the following page summarizes demographics in a one-mile radius of the subject property. Population within the radius is 13,993. The median age is 36.4 and the median household income is $59,467. There are 749 businesses and 8,678 employees in the radius. White Collar employment is 59.2%, Blue Collar is 23.6%, and Services round out the remaining 17.1%. The unemployment rate in the radius is 4.4%.

The neighborhood is delineated as Linebaugh Avenue to the north, Sheldon Road to the west, Hillsborough Avenue to the south and Anderson Road to the east. The subject neighborhood is generally described as an industrial area north of Tampa International Airport. The subject is located in zip code 33634.

Much of the impetus for neighborhood expansion is the completion of the Veteran’s Expressway, a road which extends from the Westshore Business District by Tampa International Airport and terminating in Hernando County. The following table shows the path of the Veteran’s Expressway through the subject neighborhood and beyond.

In addition, the completion of the 1.2 million square foot Westfield Shoppingtown Citrus Park has also had a notable impact on the subject neighborhood. This mall’s lead tenants, Macy’s, Sears, Dillard’s and J.C.

Penney, plus its 100% occupancy attests to the desirability of this regional mall. Urban Shopping Centers built the 124-store mall in 1999 on a 144-acre site.

On the west side of Anderson Road south of Linebaugh Avenue is a 24-screen AMC Veteran’s movie theater reflecting their larger prototype buildings. There are outparcels to the theatre including Tampa Joe’s, Pal Campo Restaurant Tampa (the subject), Mamajuana Café Tampa, Kuchi Sushi & Hibachi, Cold Stone Creamery and a Starbucks Coffee. Across the street is a relatively new Holiday Inn Express.

Much of the Town ‘n Country development south of Hillsborough Avenue has been driven by growth in the Westshore area, located southeast of Town ‘n Country, and the expansion of Tampa International Airport. Due to the area being largely built-out, most of the newer development has centered around multifamily projects, such as Arbors at Branch Creek, Marina Point, Summerchase and Audubon Village on Memorial Highway.

There is a variety of more modest professional office space, primarily along the major arterials. The neighborhood also supports a moderate amount of medical office space, most of it proximate to Town ‘n Country Hospital on Webb Road. Office development in the Town ‘n Country area is generally modest and along the commercial thoroughfares with the more substantial suburban Class A and B space proximate to Tampa International Airport and the Westshore business district.

Vision Properties, the developer of Renaissance Center, expanded this office park located on the east side of Henderson Boulevard north of Waters Avenue. The park will have seven buildings comprising a total of 840,000 square feet square feet situated on a 69.6 acre parcel. Centene Corporation who own WellCare Health Plans, who will occupy Renaissance Center 7, a 118,808 square foot building currently under construction. Center 8 and 9, each to comprise 220,000 square feet, are planned for 2021.

Procacci Development Corp. built a 42,282 square foot single story office building located on Hoover Boulevard north of Tampa International Airport. The Tampa field office of the U.S. Citizenship and Immigration Services occupies the building. An additional 7,520 square foot ancillary building was also built on a 6.5 acre site.

Mainsail Suites Hotel expanded its 360-room hotel on West Hillsborough Avenue with a relatively new conference center. The $11.0 million center comprises 8,000 square feet of meeting space and a 6,000 square foot patio. The facility accommodates about 350 people for a conference and about 500 people for a wedding or banquet. Additionally, the hotel rooms were renovated at a cost of $4.0 million.

New development in the subject neighborhood includes a self-service storage facility on W. Waters Avenue west of Wilsky Boulevard. Across the street on the south side of Waters Avenue is an office park developed by Waterford Construction. On the east side of Sheldon Road south of Waters Avenue is a new retail shopping center, Chevron convenience store and Wendy’s fast food restaurant.

The subject neighborhood is considered stable with no significant evidence of expansion or decline. This area of north Tampa remains a viable industrial area with convenience to transportation arterials, namely the Veteran’s Expressway, as well as proximity to Tampa International Airport. The dynamics of the subject neighborhood are expected to remain positive into the future.

Our neighborhood description, also called an area of influence, is defined as a group of complimentary land uses. Districts are a type of market area characterized by homogeneous property uses. In broader terms, the market area can encompass one or more neighborhoods and districts or both. A market area reflects similar properties that effectively compete with the subject property. The foregoing residential sales trends and demographic data provide a snapshot of the neighborhood. Please refer to the Highest and Best Use section of this report for subject-specific market trends.

Economic Drivers

Per Q2 2024 National Economic Outlook prepared by PNC: “The U.S. economy added a strong 275,000 jobs in February, according to a survey of employers from the Bureau of Labor Statistics. However, there were big downward revisions to job growth in January and February of a combined 167,000. Over the past three months job growth has averaged 265,000, well above the pre-pandemic pace. The private sector added 223,000 jobs in February, up from 177,000 in January.

The unemployment rate rose to 3.9% in February from 3.7% in the previous three months. The unemployment rate has been below 4% for more than two straight years, the longest-such stretch since the late 1960s. Average hourly earnings rose just 0.1% in February from January, and wage growth in January was revised lower, to 0.5% from 0.6%; there was also a downward revision to wage growth in December. On a year-over-year basis average hourly earnings were up 4.3% in February, down from 4.4% in January (after revisions). Softening wage growth is contributing to a slowing in inflation.

In late 2022 PNC incorporated a near-term recession into its baseline US economic forecast. This recession call was based on an aggressive tightening in monetary policy in 2022 and into 2023 as the Federal Reserve raised the fed funds rate in an effort to slow economic growth and push back against the highest inflation in 40 years. But instead of recession the economy strengthened in the second half of 2023, and real GDP ended last year up 3.1% from the end of 2022. The labor market was also very strong, with average monthly job growth of 250,000 in 2023, well above the pre-pandemic pace, and an unemployment rate of below 4%. And inflation slowed throughout 2023 even as economic growth accelerated, although it remains somewhat above the Federal Reserve’s 2% objective.

Job growth will slow somewhat this year as economic growth softens, and the unemployment rate will gradually increase to above 4% by the end of this year. But this is still historically low, and the US economy should avoid recession. With softer wage growth as the unemployment rate rises and weaker growth in rents, inflation should slow to the Federal Reserve’s 2% objective by early 2025.

Tampa Bay ranks well with other cities in Florida relative to composite Index, grocery items, housing, utilities, transportation, health care and goods and services. Moreover, the Tampa market continues to be competitive in a MSA comparison and relatively affordable from a cost of living index perspective.”

COVID-19

A highly virulent pandemic of respiratory disease caused by the novel Coronavirus (abbreviated COVID-

19) evolved into a global presence in Q1 2020. COVID-19 can cause mild to severe illness with persons 65 and older most severely impacted. Florida single vaccination rate is 69.15%, slightly less than the US in general.

With the vaccine and boosters available nationwide for some time, a more hopeful attitude is emerging. Offices, restaurants and general socializing have generally normalized. More recently, subsequent variants have resulted in increased infections but not deaths. Hospitalizations continue with the unvaccinated. Schools are open with masking rules in Florida gone.

The majority of the market data in this report took place after the start of pandemic. Therefore, the impact of COVID on the subject, if any, is inherently addressed by the market data.

Highest and Best Use

According to the Dictionary of Real Estate Appraisal, highest and best use is defined as: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible and that results in the highest value. The four criteria the highest and best use must meet are physically possible, legally permissible, financially feasible and maximally productive.

Alternatively, the probable use of land or improved property, specific with respect to the user and timing of the use, that is adequately supported and results in the highest present value.

Source: The Appraisal of Real Estate 15th Edition

When a site is improved, we must recognize that the highest and best use may differ from the existing use; however, the existing use will continue, unless and until, land value (at its highest and best use) exceeds the total value of the property in its present use. The definition of highest and best use recognizes the contribution of a specific use to the community or to individual property owners.

The determination of highest and best use results from the appraiser's judgment and analytical skill; i.e., determination of highest and best use is an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use is the premise upon which value is based. In the context of investment value, "most profitable use" is another alternative term but the degree of risk must be considered.

The highest and best use concept requires an analysis of the subject as if it were vacant and also as improved to determine if the land is more valuable as vacant than the property as improved. There are four criteria that must be met. The highest and best use must be 1) physically possible; 2) legally permissible; 3) financially feasible; and, 4) maximally productive. These criteria are generally considered sequentially and the analysis may indicate more than one use.

Source: Stephanie Coleman, Scope of Work (Chicago: Appraisal Institute)

Physically Possible

The subject property is located in the southwest quadrant of El Capitan Drive and Bonita Vista Drive in Tampa, Hillsborough County. The irregular flag shaped subject site comprises 4.48 gross acres.

The subject site, given its size and configuration, is well suited for a variety of single family and townhome development. All utilities are available to the property, further promoting its potential.

Average daily traffic is the total volume passing a point or segment of a roadway facility, in both directions, during a 24-hour period. A reported 9,700 cars per day pass along George Road nearby the subject. A detailed traffic count map of the submarket is presented on the following page.

Traffic Count Map

Source: STDB

Legally Permissible

The site is zoned RSC-9, “Residential Single-family”, by Hillsborough County. Uses allowable in this district include single-family, schools, daycares and churches. The following summarizes the restrictions of this zone.

RSC-9 Residential Single Family Conventional Zoning Requirements

Minimum Lot Area 5,000

Minimum Lot Width 50’

Front Yard Building Setback 20’

Side Building Setback 5’

Rear Yard Setbacks 20’

Maximum Floor Area Ratio NA

Maximum Building Height 35’

Maximum Density Units/Acre 9

Maximum Building Coverage 40%

Maximum Impervious Surface NA

The property has a Residential 6 “Residential 6” future land use.

Per the client, the El Capitan property is in the process of being platted into 17 development lots. As part of the platting process, Hillsborough County is paying the city of Tampa to install a new water line onto the site. As requested, we have made an extraordinary assumption of the foregoing.

A total of 17 single family lots reflects a density of 3.6 units per gross acre, considered within the range for the subject market area. Please refer to the Boundary, Topographic and Tree Survey prepared by Survtech Solutions, Inc.

Subject Survey

Financially Feasible/Maximally Productive

Those uses which are financially feasible and that use which is maximally productive are generally closely related. Any use that results in a net return to the land after satisfying the return to the improvements is considered to be financially feasible; however, that use which returns the maximum dollars to the land is considered the use which is maximally productive.

Those uses which are financially feasible and that use which is maximally productive are generally closely related. Any use that results in a net return to the land after satisfying the return to the improvements is considered to be financially feasible; however, that use which returns the maximum dollars to the land is considered the use which is maximally productive.

According to a March 2024 single family survey by Florida Realtors, there were 1,272 closed sales in March 2024 reflecting a 17.8% decrease from March 2023. The median sale price increased 4.3% to $427,748. The total dollar volume of single family sales in Hillsborough County decreased 8.9% to $715.2 million.

The median time to contract decreased to 29 days as did the median time to sale of 69 days. There are 1,512 new pending sales representing an 8.0% decrease and 1,806 new listings reflecting a 7.7% increase. The pending inventory reflects 2,029 homes with a 3,419 home inventory of active listings. There is a 2.7 month supply of single family inventory.

Market Position of Subject

To determine the market position of the subject, we have conducted a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). Identifying aspects of the subject under these four categories provides qualitative insights on the market position of the subject relative to its competitive set and provides additional context for the selection of comparables and adjustments.

Strengths

• Urban infill location with proximity to the Veterans Expressway and Tampa International Airport.

• Pad ready lots with water, sewer, electric, streets, drainage onsite.

• Private cul-de-sac.

Weaknesses

• Not located in an Opportunity Zone.

Opportunities

• Demand for affordable housing units within the Town & Country submarket.

• Lack of newer construction within the submarket.

Threats

• Existing/established single family product within the submarket.

It is our opinion that the highest and best use of the subject property is considered single family development. A typical buyer would be a local or regional home builder. With the highest and best use identified, we can proceed with our valuation.

Valuation

Sales Comparison Approach

Direct Sales Comparison is a valuation technique in which the value estimate is predicated on prices paid in actual market transactions. In this process, comparison is made between properties having a satisfactory degree of similarity to the subject.

We have presented transactions involving residential lots on the following pages. A land adjustment grid and comparable map are presented thereafter.

Land Sale No. 1

Property Identification Record ID 10453 Property Type Residential Address SWQ Pittsfield Avenue & Timberlan Street, Tampa, Hillsborough

County, Florida 33624 Location Northwest Tampa Tax ID 019237-0100 Latitude, Longitude N28.059513, W82.529843

Sale Data Grantor Thomas S. Hemby Grantee In God We Trust Investments, LLC Sale Date May, 2024 Deed Book/Page 2006370379 Financing Cash to Seller Verification Steven Koleno, Beycome of Florida, LLC; 804-656-5007, June, 2024; Confirmed by Alan Mills

Sale Price $115,000

Land Data Zoning RSC 9

Land Size Information Gross Land Size 0.115 Acres or 5,000 SF

Indicators Sale Price/Gross Acre $1,001,880 Sale Price/Gross SF $23.00

Land Sale No. 1 (Cont.)

Remarks This property is located in the southwest quadrant of Pittsfield Avenue & Timberlan Street in Tampa. The property reflects approximately 0.12 gross acres. The vacant residential lot, zoned RSC-9 "Residential Single Family Conventional 9", sold in May 2024 for $115,000. The seller was Thomas S. Hemby of Tampa. The buyer was In God We Trust Investments, LLC of Tampa. No other sale was noted in the past three years.

Land Sale No. 2

Record ID 10456 Property Type Residential Address SWQ Holyoke Avenue & Salem Street, Tampa, Hillsborough

County, Florida 33624 Location Northwest Tampa Tax ID 019341-0000 Latitude, Longitude N28.063007, W82.532850

Sale Data Grantor Mario Felix Cordova Grantee Erika Estrada Sale Date October, 2023 Deed Book/Page 2023464625 Financing Cash to Seller Verification Jenny Guillen, EXP Realty, LLC; 407-947-0273, June, 2024;

Confirmed by Alan Mills

Sale Price $89,000

Land Data Zoning RSC 9

Land Size Information Gross Land Size 0.115 Acres or 5,000 SF

Indicators Sale Price/Gross Acre $775,368 Sale Price/Gross SF $17.80

Land Sale No. 2 (Cont.)

This property is located in the southwest quadrant of Holyoke Avenue & Salem Street in Tampa.

The property reflects approximately 0.12 gross acres. The vacant residential lot, zoned RSC-9 "Residential Single Family Conventional 9", sold in October 2023 for $89,000. The seller was Mario Felix Cordova of Tampa. The buyer was Erika Estrada of Tampa. No other sale was noted in the past three years.

Land Sale No. 3

Record ID 10455 Property Type Residential Address SWQ Pittsfield Avenue & Timberlan Street, Tampa, Hillsborough

County, Florida 33624 Location Northwest Tampa Tax ID 019236-1000 Latitude, Longitude N28.059263, W82.529434

Sale Data Grantor Richard Kaminsky Grantee FKL Properties, Inc.

Sale Date August, 2023 Deed Book/Page 2023387213 Financing Cash to Sellers Verification Amir Parajuli, People's Choice Realty, LLC; 813-893-4745, June, 2024; Confirmed by Alan Mills

Sale Price $90,000

Land Data Zoning RSC 9

Land Size Information Gross Land Size 0.115 Acres or 5,000 SF

Indicators Sale Price/Gross Acre $784,080

Land Sale No. 3 (Cont.)

Sale Price/Gross SF $18.00

This property is located in the southwest quadrant of Pittsfield Avenue & Timberlan Street in Tampa. The property reflects approximately 0.12 gross acres. The vacant residential lot, zoned RSC-9 "Residential Single Family Conventional 9", sold in August 2023 for $90,000. The seller was Richard Kaminsky of Tampa. The buyer was FKL Properties, Inc. of Tampa. No other sale was noted in the past three years.

Land Sale No. 4

Record ID 10452 Property Type Residential Address NEQ Exter Way & Carlyle Road, Tampa, Hillsborough County, Florida 33615 Location Northwest Tax ID 009962-1000 Latitude, Longitude N27.985388, W82.560823

Sale Data Grantor Chlaneca, LLC Grantee Ceren Construction Corp.

Sale Date May, 2023 Deed Book/Page 2023209330 Financing Cash to Seller Verification Hilary Provost, Brandywine Homes USA; 813-720-0809, June, 2024; Confirmed by Alan Mills

Sale Price $120,000

Land Data Zoning RSC 9

Land Size Information Gross Land Size 0.163 Acres or 7,080 SF

Land Sale No. 4 (Cont.)

Sale Price/Gross Acre $738,305 Sale Price/Gross SF $16.95

This property is located in the northeast quadrant of Exter Way & Carlyle Road in Tampa. The property reflects approximately 0.16 gross acres. The vacant residential lot, zoned RSC-9 "Residential Single Family Conventional 9", sold in May 2023 for $120,000. The seller was Chlaneca, LLC of Tampa. The buyer was Ceren Construction Corp. of Tampa. No other sale was noted in the past three years.

Land Sale No. 5

Record ID 10454 Property Type Residential Address NWQ North Grady Avenue & West Hanna Avenue, Tampa, Hillsborough County, Florida 33614 Location Northwest Tampa Tax ID 030104-0000 Latitude, Longitude N28.004080, W82.509520

Sale Data Grantor FHP Holdings, LLC Grantee Alavi 2020, LLC Sale Date January, 2023 Deed Book/Page 2023008243 Financing Cash to Seller Verification Luis Pereiro, Pineywoods Realty, LLC; 813-775-5139, May, 2024;

Confirmed by Alan Mills

Sale Price $95,000

Land Data Zoning RSC 9

Land Size Information Gross Land Size 0.140 Acres or 6,100 SF

Land Sale No. 5 (Cont.)

Sale Price/Gross Acre $678,393 Sale Price/Gross SF $15.57

This property is located in the northwest quadrant of North Grady Avenue & West Hanna Avenue in Tampa. The property reflects approximately 0.14 gross acres. The vacant residential lot, zoned RSC-9 "Residential Single Family Conventional 9", sold in January 2023 for $95,000. The seller was FHP Holdings, LLC of Tampa. The buyer was Alavi 2020, LLC of Tampa. No other sale was noted in the past three years.

Land Sales Summary and Adjustment Grid

Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5

Location: 6799 El Capitan

Drive

SWQ Pittsfield Ave

& Timberland St

SWQ Holyoke

Avenue & Salem

Street

SWQ Pittsfield

Avenue & Timberlan

Street

NEQ Exter Way &

Carlyle Road

NWQ North Grady

Ave & W Hanna

Avenue

Submarket: Town & Country Northwest Tampa Northwest Tampa Northwest Tampa Rocky Point West Tampa

O.R. Book/Page: 2006370379 2023464625 2023387213 2023209330 2023008243 Seller: Thomas Hemby Mario Felix

Cordova

Richard Kaminsky Chlaneca, LLC FHP Holdings, LLC

Buyer: In God We Trust

Inv, LLC

Erika Estrada FKL Properties, Inc. Ceren Construction

Corp.

Alavi 2020, LLC

Date of Sale: May, 2024 October, 2023 August, 2023 May, 2023 January, 2023

Sale Price: $115,000 $89,000 $90,000 $120,000 $95,000

No of Units: 17 1 1 1 1 1

Site Size (Acres): 4.48 0.11 0.11 0.11 0.16 0.14

Unadjusted Price/Unit: $115,000 $89,000 $90,000 $120,000 $95,000

Adjustments

Rights Transferred: Fee simple Fee simple Fee simple Fee simple Fee simple

Financial Considerations: Market Market Market Market Market

Conditions of Sale: Arm's Length Arm's Length Arm's Length Arm's Length Arm's Length

Market Conditions - Time: Stable Stable Stable Stable Stable

Time Adj. Cash Equiv. Price/Unit: $115,000 $89,000 $90,000 $120,000 $95,000

Location: Average Similar Similar Similar Similar Similar

Site Size (Gross Acres): 4.48 0.12 0.12 0.12 0.16 0.14

Zoning: RSC-9 RSC 9 RSC 9 RSC 9 RSC 9 RSC 9

Utilities: All Available Inferior Inferior Inferior Similar Inferior 10% 10% 10% 5%

Net Adjustments: 10% 10% 10% 0% 5%

Adjusted Price/Unit: $126,500 $97,900 $99,000 $120,000 $99,750 Land Sales Adjustment Grid

Land Comparables Map

Land Sales Analysis

The preceding sales were confirmed to offer the best indication of value of the subject site via the Sales Comparison Approach. A number of sales were examined, and in the final analysis they were narrowed to the five most comparable transactions. We have researched sales specifically residential sites in the general subject market area.

There are several units of comparison generally employed in the analysis of residential land. In this instance, the market dictates the most appropriate index is price per unit. The adjustment categories include location, site size, zoning and utilities.

All of the transactions were financed at market terms by third party financial institutions; hence, no adjustments for financing were required. If atypical financing were involved in the transaction, the appraiser would determine if those terms had a quantifiable effect on the sale price necessitating an adjustment.

Each transaction was confirmed to be arm's length between willing buyers and sellers; therefore, no adjustments for abnormal conditions of sale were necessary. However, if a listing is included in the analysis, a downward adjustment is considered to reflect a typical cushion for negotiations. Nonetheless, the amount of adjustment, if any, would depend on the asking price as it relates to the market at that time. Some transactions might include a bank sale sometimes referred to as "short sale". An adjustment will be made if warranted based on confirmation of that transaction.

Adjustments for time and price trends attempt to quantify changes in market conditions between the date of each sale and the date of the appraisal, based on current market conditions and available properties. All of the transactions are relatively timely, taking place from January 2023 to May 2024.

Adjustment for this category would be based on any quantifiable appreciation or depreciation, typically identified through paired sales analysis.

Adjustments for location typically are associated with the general demographics of the area and property specific influences such as traffic counts, ingress/egress, proximity to linkages such as interstates and overall characteristics of an area.

Site size is an adjustment in which comparables site size is compared to the subject. Depending on the market segment, variation in site size can have effect up to a point on the price per square foot index.

Typically, if a comparable site is larger than the subject site, an upward adjustment is applied to reflect economies of scale. Conversely, if a comparable site is smaller than the subject site, a downward adjustment was applied. This category can also include adjustments for parcels that may have off-site retention and reflect a fully buildable lot.

Zoning is an important consideration in land sales analysis as it specifies the development potential of a given parcel. In this category, the comparables’ zoning classification relative to allowable uses, building setbacks and other restrictions are compared to the subject. Generally speaking, zoning classifications that allow more uses and flexible development are superior.

The availability of municipal services, specifically water and sewer, is an important attribute to a typical site. The adjustment would be applied if the comparable has a different availability of municipal services as the subject. This is especially true for parcels that may need to have municipal lines extended to the property at a cost.

In this instance, an upward adjustment was made for Comparable 5’s inferior location in West Tampa as compared to the subject. The comparables reflect similar lot sizes as to that estimated for the subject.

The comps, as well as the subject, have the same zoning and the availability of utilities.

We made upward adjustments to Comparables 1, 2 and 3 since they are on well and septic and a slightly less upward adjustment to Comparable 5 which is on septic.

After adjustments, sales range between $97,900 and $126,500 per lot, with a mean of $108,630 per lot. Based on the relative merits of each sale, but placing greater emphasis on Comparable 4 due to its proximity and larger lot size (commensurate with the subject’s average lot size); we have concluded to value of the subject individually at $120,000 per lot.

As a general cross check to value, single family lots typically represent 25% of the total package(lot and home). Based on our final value conclusion of $120,000 per lot would reflect a single family home package of $480,000, supported by sales in the subject market area.

We estimated a bulk discount of all 17 lots between 10% to 20%, or in this instance 15% of the individual lot value or $102,000 per lot. This estimate is based on the current median sale price, median time to contract/sale and declining pending inventory of single family homes as discussed in the Highest and Best Use section. Our math is as follows:

17 Residential Lots x $102,000/Lot = $1,734,000

“As Is” Market Value via Sales Comparison Approach Rd. $1,735,000

Summary and Reconciliation

Market Value Conclusions Assignment 6 17 Units

Cost Approach n/a

Sales Comparison Approach $1,735,000

Income Approach n/a

Final Value Conclusion $1,735,000

The subject property is located in the southwest quadrant of El Capitan Drive and Bonita Vista Drive in Tampa, Hillsborough County. The single parcel valuation comprises approximately 4.48 gross acres of vacant residential land with existing water, sewer, electric, roadways, and drainage to the “pad ready” lots.

The property is zoned RSC 9 “Residential Single Family Conventional 9” by Hillsborough County. The future land use is Residential 6 “Residential 6”.

It is our understanding the property is in the process of being platted into 17 development lots. As requested, we have assumed through an extraordinary assumption this has been completed as well as the installation of a water line. The subject parcel is owned by Hillsborough County.

In conclusion, we have placed all emphasis on the Sales Comparison Approach to value. Therefore, we have determined the following value opinion as of April 23, 2024 as follows:

“As Is” Fee Simple Interest Market Value

(Based on Extraordinary Assumption of 17 Single Family Lots and Water Line Installed)

ONE MILLION SEVEN HUNDRED THIRTY FIVE THOUSAND DOLLARS

($1,735,000)

Following is the Certification, Assumptions, subject photographs and other information related to the appraisal. The above value opinion is based on a 12-month marketing and exposure period. We appreciate the opportunity to provide this appraisal service. Should you have any questions about the appraisal report or the methodology applied, please feel free to give us a call.

Respectfully submitted, DOHRING AHERN, INC.

President Cert Gen RZ754

Certification

We certify that, to the best of our knowledge and belief:

The statements of fact contained in this report are true and correct.

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.

We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

The signatories of this appraisal report nor Dohring Ahern have been sued by a regulatory agency or financial Institution for fraud or negligence involving an appraisal report.

Compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in 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.

Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

Jeff Hicks has made a personal inspection of the property that is the subject of this report.

No one provided significant real property appraisal assistance to the persons signing this certification.

Our analyses, opinions, and conclusions have been developed, and this report has been prepared, in compliance with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of The Appraisal Foundation, and in accordance with the appraisal-related mandates within Title XI of the Federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989

(FIRREA). This report was also prepared in conformance with the State of Florida Standards for Certified General Real Estate Appraisers.

We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value.

It is our opinion that the subject does not include any enhancement in value as a result of any natural, cultural, recreational or scientific influences retrospective or prospective.

We have extensive experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP.

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

As of the date of this report, Jeff Hicks, MAI and Brenda Dohring Hicks, MAI have completed the continuing education program for Designated Members of the Appraisal Institute.

We have not relied on the work of others if we have a reasonable doubt that the work is credible.

We have performed no services as an appraiser, or in any capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

The market value of the property described herein, as of April 23, 2024, is certified to be the following:

“As Is” Fee Simple Interest Market Value

(Based on Extraordinary Assumption of 17 Single Family Lots and Water Line Installed)

ONE MILLION SEVEN HUNDRED THIRTY FIVE THOUSAND DOLLARS

($1,735,000)

Certified by, DOHRING AHERN, INC.

President Cert Gen RZ754

Assumptions

1. This is an appraisal report presented in an Appraisal Report format which is intended to comply with the reporting requirements set forth under Standard Rule 2-2 of the Uniform Standards of Professional Appraisal Practice. It is understood between the parties that the scope of the assignment is limited and we relied on information obtained from the Public Records of Hillsborough County, published data sources and discussions with market professionals such as investors and brokers relative to the subject’s income performance and physical composition. Dohring Ahern is not responsible for unauthorized use of this report.

2. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties which are identified as the subject of the report, are clear and marketable and there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value including but not limited to liens, easements, restrictions, and encumbrances. Dohring Ahern, Inc. has not examined title and makes no representations relative to the condition thereof.

3. Unless otherwise specifically noted in the body of the report, the legal description furnished is assumed to be correct. Any abbreviations or discrepancies relative to the legal would be identified.

4. It is assumed that surveys and/or plats furnished to, or acquired by, the appraiser and used in the making of this report are correct. Dohring Ahern, Inc. has not made a land survey or caused one to be made unless identified in the report and therefore, assumes no responsibility for accuracy of same.

5. It is assumed any improvements have been, or will be, constructed according to approved architectural plans and specifications in conformance with recommendations contained in or based on any soil report(s). Unless otherwise noted, Dohring Ahern, Inc. has not retained independent engineer(s) or architect(s) in connection with the report and therefore, makes no representations relative to conformance with approved architectural plans, specifications, or recommendations contained in or based on any soil(s) report.

6. It is assumed that all factual data furnished by the client, property owner, owner's representative, or persons designated by the client or owner are accurate and correct unless otherwise specifically noted in the report. I do not guarantee the correctness of such data, although as far as is reasonably possible, the data has been checked and is believed to be correct. Information and data referred to in this paragraph may include but is not limited to information relative to the subject of the report regarding numerical street addresses, lot and block numbers, assessor’s parcel numbers, land dimensions, square footage area of land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, budgets, historic operating expenses, and related data. Information obtained regarding demographics, comparable verification, and data of a general sense is assumed factual as confirmed and the source(s) reliable. Any material error in the gathered data could have substantial impact on the conclusions reported; as a result, Dohring Ahern, Inc. reserves a right to amend conclusions reported if made aware of such an error.

7. Unless otherwise noted in the body of the report, it is assumed…